America First at a reformed, smaller, Ex-Im bank

"Instinctively, you would say, 'Isn't that a ridiculous thing?'" President Trump said this week of the Export-Import Bank, which extends taxpayer financing to foreign companies if they buy American goods. "But actually, it's a very good thing," he concluded.

This was a 180-degree turn since candidate Trump called Ex-Im unnecessary "featherbedding" for big exporters who can find their own financing.

Budget chief Mick Mulvaney, himself an Ex-Im opponent, agreed that Ex-Im "will continue to exist." He said Trump will fill out Ex-Im's five-person board, which currently lacks a quorum, returning it to full functionality.

Mulvaney said Trump is set on "putting some people on there who are reformers."

If Trump insists on keeping Ex-Im alive, he needs to make sure his "reformers" institute reforms that have real teeth, taking into account the fact that Ex-Im doesn't boost the economy the way its champions and beneficiaries claim.