Pro-Trade Trump's Anti-Trade Nominee for Export-Import Bank Fails

Jun 2014
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The Senate Banking Committee on Tuesday rejected President Trump's nominee to lead the Export-Import Bank.

The panel, in a 10-13 vote, declined to advance the nomination of Scott Garrett, a former Republican congressman from New Jersey.

Two Republicans — Sens. Mike Rounds (S.D.) and Tim Scott (S.C.) — joined Democrats in opposing the nominee.

“If there was ever somebody who didn’t belong at the helm of the Ex-Im bank, it was Scott Garrett," said Senate Democratic Leader Charles Schumer (D-N.Y.).


Schumer called on Trump to withdraw Garrett's nomination and choose someone who will "fulfill the mission of the Ex-Im bank."

*Snip*

At his confirmation hearing last month, senators from both parties grilled Garrett over his push to disband the Ex-Im Bank as a member of Congress.

While in the House, Garrett was among the conservatives who persistently tried to shut down the Ex-Im Bank on the grounds that its “crony capitalism distorts the market to help some of America’s biggest companies."

Senators questioned whether his views had changed and asked why he should be allowed to lead the agency now.

Garrett vowed that he would let the bank “continue to fully operate,” but many of the senators were unconvinced.

Sen. Sherrod Brown of Ohio, the top Democrat on the panel, on Tuesday said senators from both parties left that Nov. 1 hearing without any concrete proof that Garrett had actually changed his mind about Ex-Im.

Rounds said he opposed Garrett's nomination “because I believe he’s a principled man who simply believes in the abolishment of the bank.”

*Snip*

Major business groups in Washington, such as the National Association of Manufacturers, waged an aggressive campaign against Garrett, accusing him of harboring an ideological agenda for the agency.

*Snip*

Brown said that there are $37 billion worth of deals in the Ex-Im pipeline more than $10 million. About $8 billion to $10 billion of those could potentially be approved within a month, he said.

Timmons urged the Senate to quickly confirm the other four nominees so the Ex-Im Bank can operate at full strength.

Senate Majority Leader Mitch McConnell's (R-Ky.) office said they had no guidance about whether the Senate would take up the four nominations to the five-member board.

The Ex-Im Bank lends money to foreign buyers to promote U.S. exports, with Boeing and General Electric the two biggest beneficiaries of the financing.

A GE spokesperson said the committee’s vote against Garrett is “a milestone for manufacturers across the U.S. whose customers require a fully functioning Ex-Im Bank.”

*Snip*
Senate panel rejects Trump's nominee to lead Ex-Im Bank | TheHill

I can SORT OF understand Trump's antipathy for HHS, Education and the EPA, etc. But I thought he approved of business? Of manufacturing? I thought he was alarmed about the trade deficit?

Why then, would he nominate a man to run the Export-Import Bank whose stated position as to this bank is that it should be closed? Why put $37 Billion in deals per year and the manufacturing jobs they support in jeopardy?

Your thoughts?