Senate committee rejects Trump's nominee to head Export-Import bank

Senate Committee Rejects Trump Nominee After Intense Opposition From Big Business

The bank provides loans, credit insurance and loan guarantees to help foreign buyers purchase US exports.

The Senate Banking Committee voted 10 to 13 on Tuesday against advancing Garrett's nomination to the full Senate, with two Republicans joining with 11 Democrats in opposition. According to the bank, that service "levels the playing field for US goods and services going up against foreign competition" and supports American jobs. In doing so, the Bank levels the playing field for USA goods and services going up against foreign competition in overseas markets, so that American companies can create more good-paying jobs.

The Senate Banking Committee on Tuesday voted down President Donald Trump's pick to lead the beleaguered Export-Import Bank, Scott Garrett, who had stirred controversy over his strong objections to the bank when he served as a Republican congressman. Others, like the conservative Club for Growth, say that it is a mechanism for corporate welfare and creates an uneven playing field, including the Club for Growth.

Mr. Garrett's nomination was already considered to be in trouble when Sen.

Reports leading up to the vote showed that Sen. He said he would support reauthorization of Ex-Im when it comes up in 2019.

"Today's Senate Banking Committee vote on Ex-Im board nominees is a milestone for manufacturers across the USA whose customers require a fully-functioning Ex-Im Bank", said a GE spokesperson. Instead, Garrett said he was no longer in favor of abolishing the bank because Trump is now president, and he simply wants to run it instead.

The rejection could extend a lengthy standoff at the agency, which has left it unable to approve roughly $37 billion in transactions, The Wall Street Journal reported. "Boening is the bank's "largest benefactor" and if the "bank scales back or stops operating, Boeing's largest competitor, European-owned Airbus", will benefit". This would require a distinct change of perspective from Scott Garrett, a current Ex-Im board nominee, who once opined that the Ex-Im Bank "embodies the corruption of the free enterprise system".

"If global customers of tractors, turbines, airplanes or satellites can't get financing from the United States, they'll simply take their business elsewhere to one of the dozens of other countries with similar export-credit assistance", Boeing CEO Dennis Muilenburg said last December.



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