Trump was ready to get rid of Export-Import Bank — until a CEO explained to him what it actually does
Among the promises Donald Trump made on the campaign trail, the now-president vowed to get rid of the Export-Import Bank calling it “unnecessary,” and saying it was used for “featherbedding” wealthy corporations.
Now, however, Trump has had a change of heart because the CEO of Boeing — which benefits greatly from the bank — pulled him aside and explained how it works, reports the Wall Street Journal.
In a piece explaining how Trump’s policies are either being shaped by business leaders or completely flipped, the Journal claimed that Boeing Co. CEO Dennis Muilenburg met with the president and explained the importance of the Export-Import Bank of the United States, which allows overseas customers to receive government-backed loans in order to purchase U.S. goods.
Following the meeting, and after speaking with several lawmakers who also supported the bank, Trump reversed course, agreeing to fill several spots on the bank’s board which require a presidential nomination.
The report on Trump’s lack of knowledge about the bank follows another report stating the president was given a brief ten-minute history lesson by President Xi of China on the history of the relations between his country and North Korea.
The former businessman-turned-politician also admitted in late February that, “Nobody knew that health care could be so complicated,” before his replacement for the Affordable Care Act collapsed before it could reach the floor of the House for a vote.