Donald Trump nominates critic to serve as President of US Export-Import bank

US President Donald Trump is set to nominate a vocal critic of the US Export-Import Bank to serve as its president. The White House announced late on Friday that Trump plans to nominate Scott Garrett, a former Republican congressman from New Jersey, to serve as president of the credit agency, which helps overseas buyers get financing to purchase US exports.

He'll also nominate Spencer T Bachus III of Alabama, another former House member, to serve as a member of the bank's board of directors. 

Garrett voted against renewing the bank's charter while he was in Congress, denouncing it as "corporate welfare." Trump also used to be against it. But he's now changed his mind, telling The Wall Street Journal earlier this week that he believes it helps US companies gain business.