A Senate panel on Tuesday rejected President Trump’s nominee to run the Export-Import Bank.
A Senate panel on Tuesday rejected President Trump’s nominee to run the Export-Import Bank.
Two Republicans on the banking committee, Tim Scott of South Carolina and Mike Rounds of South Dakota, joined Democrats in shelving the nomination of former GOP Rep. Scott Garrett of New Jersey.
The bank provides loans, credit insurance and loan guarantees to help foreign buyers purchase U. S. exports.
Garrett, a tea party Republican who lost his reelection bid in 2016, voted to shutter the bank while in Congress.
GOP tax bill clears House, heads to Senate for vote
His nomination was opposed by several large corporations that benefit from the bank, including Boeing and General Electric.
It has many GOP critics who say it distorts markets and that too much of its help benefits large corporations.
The bank has significant bipartisan support in Congress.
Sen. Sherrod Brown (D-Ohio) described Garrett as “a leader of the effort to slam shut the doors of America’s export financing bank, and he cannot hide his contempt for Ex-Im.”
Top Republicans confident massive tax overhaul will pass Congress
Brown said Garrett could not provide “a straight answer” at his confirmation hearing about why he now wanted to lead it.
With News Wire Services
