President Donald Trump’s nomination to lead the U.S. Export-Import Bank, Scott Garrett, was rejected by the Senate Banking Committee this week.
Two Republicans, Sens. Tim Scott (R-SC) and Mike Rounds (R-SD) joined all the Democrats on the committee in voting against Garrett, 10-13.
“In order for U.S. manufacturers to compete in a global economy, we need a fully functional Ex-Im Bank,” Sen. Mark Warner (D-VA), a member of the Senate Banking Committee, said. “Without it, U.S. companies are at a major disadvantage against their foreign counterparts. But Rep. Garrett’s long record of attacking and undermining the Export-Import Bank mean that he is not fit to lead it. Today’s bipartisan vote against his nomination is a strong signal to the Trump Administration that it should withdraw this nomination and put forward a qualified nominee who understands the important role the Ex-Im Bank plays in leveling the playing field for U.S. companies overseas.”
Garrett, a former member of the U.S. House of Representatives from New Jersey, has been a critic of the bank.
“For decades, the Export-Import Bank has served as a job-creating tool for U.S. manufacturers and exporters, helping finance over $138 billion in exports across the country – including support for more than 80 companies in Virginia – and supporting hundreds of thousands of middle-class jobs,” Warner said.
The Ex-Im Bank has not had a full board quorum since 2015. Without one, it can only authorize loans under $10 million, which is about 15 percent of the bank’s total business.