The U.S. Export-Import (Ex-Im) Bank once again has the abilityto back deals of more than $10 million—for the first time since2015—after the Senate on Wednesday confirmed President DonaldTrump's three nominees.

Senators confirmed Kimberly Reed for president of the bank, andformer Representative Spencer Bachus and Judith DelZoppo Pryor tobe members of the board of directors, providing the quorum neededto approve large deals. The nominees were confirmed despiteobjections from conservative Republicans who say the Ex-Im Bankprovides corporate welfare for wealthy manufacturing and aerospacecompanies such as Boeing Co. and General Electric Co. and for bigbanks, like JPMorgan Chase & Co., that help finance deals.


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The Ex-Im Bank says it has almost $40 billion in pendingtransactions awaiting consideration by the board, which wouldsupport an estimated 230,000 jobs. Created during the GreatDepression, the Ex-Im Bank helps foreign companies buy U.S.products when private banks won't provide independentfinancing.

“Ex-Im has operated to benefit the wealthiest and the mostpolitically connected businesses in America, as well as theiroverseas clients,” Senator Mike Lee, a Utah Republican, saidTuesday on the Senate floor. “It's no coincidence that Ex-Im hasbeen nicknamed 'Boeing's bank' when Ex-Im financing was at itspeak.”

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