Senate Panel Rejects Trump's Nominee to Lead Ex-Im Bank

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During testimony on November 1, Garrett said that he would keep Ex-Im running if confirmed and support a 2019 reauthorization of the lending agency.

Two Banking Committee Republicans, Tim Scott of SC and Mike Rounds of South Dakota, joined with Democrats to shelve the nomination of former GOP Rep. Scott Garrett of New Jersey to head up the bank, which provides loans, credit insurance and loan guarantees to help foreign buyers purchase US exports. Some U.S. businesses, including airlines, say the bank effectively subsidizes foreign competitors.

The Ex-Im Bank, which provides government-backed loans to US companies that export goods and services overseas, has caused a split among some Republicans. Its backers say the agency allows US companies to compete on equal footing with foreign rivals that receive similar support from their home governments.

"In rejecting the nomination of Scott Garrett to lead the Export-Import Bank of the United States, Senators - both Democrats and Republicans, alike - affirm how damaging his leadership would be to this vital agency", she said in a statement.

That wasn't enough for the two Republican senators who voted against confirmation.

Reports leading up to the vote showed that Sen.

The Trump pick was shelved by the panel
The Trump pick was shelved by the panel

But Scott voted against Garrett.

"My role has changed", Garrett said. First, should he be confirmed as chairman, Garrett said his job would be to support the institution, which he would do. As a representative in Congress (before being voted out of office in 2016), Garrett had suggested that the bank should be completely abolished. "His testimony expressed no regret for his work to close the bank".

Scott said no follow-up correspondence with Garrett since that confirmation hearing has given him given him more confidence that Garrett is prepared for the task.

Tim Scott and Mike Rounds, joined Democrats in voting down Trump's nominee, former GOP congressman Scott Garrett.

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.

"If worldwide 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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