White House chief economic adviser Larry Kudlow, outlining the administration’s strategy for winning reauthorization of the U.S Export-Import Bank, labeled the bank “a national security weapon,” according to Politico Pro.
Kudlow’s comments came during a keynote address at the bank’s annual conference on Thursday.
"You are a financial tool and a national security weapon," Kudlow said. "I want to go head to head with China and others and make sure we can whup them."
He said President Donald Trump is committed to getting the bank reauthorized. The bank’s charter is set to expire at the end of September. But many conservatives see the bank as contrary to free market principles,
The Obama administration had to face a major battle to get the government-run bank reauthorized four years ago.
However, it has been without a fully functioning board for a period of time since the White House has been unable to convince the Senate to approve nominees, Politico Pro noted. Without a full board, the bank can not approve deals worth more than $10 million.
Last month, U.S. Trade Representative Robert Lighthizer said that the lack of a full functioning Export-Import Bank is hurting the U.S. economy.
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