Senate Tanks Garrett's Ex-Im Bank Nomination

Scott Garrett

Schloegel said with EXIM's extended absence from large-scale export finance, many USA exporters have been unable to compete with China for some major projects in the power and technology sectors.

Scott Garrett, who was a tea-party-aligned Republican congressman from New Jersey until he lost his re-election bid in 2016, has faced intense opposition from the business community ― corporations like General Electric Co. and Boeing ― and many traditional GOP allies, such as the U.S. Chamber of Commerce and the National Association of Manufacturers.

But Scott voted against Garrett.

In 2015, he lambasted the Export-Import Bank as an institution that "embodies the corruption of the free enterprise system". In 2015, Garrett led a conservative effort to abolish the bank. According to the bank, that service "levels the playing field for USA goods and services going up against foreign competition" and supports American jobs.

"We are disappointed that the Senate Banking Committee missed this opportunity to get the Export-Import Bank fully functioning again", said Marc Short, White House director of legislative affairs, in a statement. "At the same time, the NAM is firmly opposed to the nomination..."

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.

Brown said Garrett could not provide "a straight answer" at his confirmation hearing about why he now wanted to lead it. Mike Rounds (S.D.) and Tim Scott (S.C.) - joining with Democrats on the committee to reject the nomination, a rare break from Trump for Republicans.

WASHINGTON-Ahead of scheduled Senate votes on President Trump's nominations to the Export-Import (Ex-Im) Bank, the Information Technology and Innovation Foundation (ITIF), a leading science and tech policy think tank, today called on the administration and Congress to ensure that the bank's leadership is fully committed to fulfilling its mission.

"I believe he's a principled man who simply believes in the abolishment of the bank", Mr. Rounds said.

"In order for USA manufacturers to compete in a global economy, we need a fully functional Ex-Im Bank".

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