Banking panel rejects Trump nominee to lead Export-Import Bank

Scott Garrett
Scott Garrett. Joshua Roberts Reuters
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20 December, 2017

Garrett, who was a tea-party-aligned Republican congressman from New Jersey until he lost his re-election bid in 2016, faced intense opposition from the business community and many traditional GOP allies, such as the U.S. Chamber of Commerce and the National Association of Manufacturers (NAM).

"In order for USA manufacturers to compete in a global economy, we need a fully functional Ex-Im Bank". That's because Garrett once wanted to shutter the institution that he now is trying to run, and he consistently voted against reauthorizing it.

Some far-right conservatives have voiced opposition to the idea of the bank, including Garrett who suggested in 2015 that it "embodies the corruption of the free enterprise system".

Senator Tim Scott of SC, where Boeing has a final assembly plant for its Dreamliner aircraft, voted against Garrett. Those that support the agency argue it creates a level playing field, allowing USA companies to compete with foreign rivals that receive backing from their own governments. "We will continue to work with the Committee on a path forward", said Marc Short, director of legislative affairs for the White House, in a statement.

Garrett said during the confirmation hearing he would let the bank "continue to fully operate".

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The Senate Banking, Housing and Urban Affairs Committee on Tuesday rejected former Rep. Scott Garrett's nomination to lead the Export-Import Bank, a federal agency that assists in financing and facilitating trade between the US and other nations. But members were skeptical of his claims since he didn't tell the committee that he believed they were wrong when he made them.

"He did not and could not answer the key question posed by several of us - 'What has changed?' Why did he vote repeatedly in 2012 and 2015 to kill the Bank, but now wants to lead it?,'" Brown added.

The U.S. Senate Banking Committee rejected U.S. President Donald Trump's nominee to head the U.S. Export-Import Bank on Tuesday but approved four other board nominees, enough to restore the trade bank's full lending powers upon their confirmation by the full Senate.

"I believe he's a principled man who simply believes in the abolishment of the bank", Mr. Rounds said. "We urge the full Senate to move quickly on behalf of USA workers and companies of all sizes to guarantee the bank can once again operate at full strength".


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