Panel nixes Trump Export-Import pick
Two GOP senators join Dems to vote down bank critic
WASHINGTON — A Senate committee on Tuesday rejected President Donald Trump’s nominee to lead the Export-Import Bank, extending the chaos at the embattled agency whose job is to help U.S. companies sell their goods abroad.
Two Republicans joined all Democrats on the Senate banking committee in voting against former Rep. Scott Garrett, R-N.J., to be the bank’s president.
Garrett had been a vocal critic of the Ex-Im Bank and a leader of a conservative effort that shut the bank down for five months in 2015 by blocking its congressional authorization. He and other bank opponents branded the bank’s aid as crony capitalism.
Sen. Heidi Heitkamp, D-N.D., a supporter of the bank, said the vote “sends a clear message that Mr. Garrett lacks the qualifications and commitment” to the bank.
Opened during the Great Depression, the bank helps U.S. companies sell their products overseas by providing loan guarantees to foreign buyers and other assistance for sales of goods manufactured domestically.
The aid is crucial for projects in developing nations.
Some conservative lawmakers and groups such as Heritage Action for America strongly oppose the bank. They have said its assistance is corporate welfare that mostly helps large companies such as Boeing. Co. and General Electric Co. that don’t need the aid.
During his campaign for president, Trump said he didn’t think the bank was needed.
But after taking office, Trump indicated he supported the bank as a way to boost U.S. exports. Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross suggested the bank’s mission should change to focus its aid on small businesses.
This spring, Trump surprisingly nominated Garrett — who lost his re-election bid last year — to fill the bank’s vacant president position and lead a reform effort.
After a contentious nomination hearing last month, Sens. Mike Rounds, R-S.D., and Tim Scott, RS.C., bucked Trump and Senate Republican leaders to join Democrats on Tuesday in opposing Garrett. The nomination was defeated in a 13-10 vote.