WASHINGTON (AP) — The Senate has confirmed a trio of nominees to the Export-Import Bank, reviving a U.S. agency that provides loans and other help to foreign buyers of U.S. exports.
Confirmation of the nominees, including Republicans Kimberly Reed as board president, restores a quorum and permits the bank to process larger transactions to help companies like Boeing and others with export deals.
Congress reauthorized the agency in 2015, but GOP opponents of the bank prevented both President Donald Trump and former President Barack Obama from populating its board, which must approve deals exceeding $10 million.
It has many GOP critics who say it distorts markets and that too much of its help benefits large corporations like Boeing. Some U.S. businesses, including airlines, say the bank effectively subsidizes foreign competitors.
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