Senate panel rejects Trump nominee Scott Garrett to head Ex-Im Bank

Senate panel rejects Trump nominee Scott Garrett to head Ex-Im Bank

Senate panel rejects Trump nominee Scott Garrett to head Ex-Im Bank

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.

The Senate Banking Committee has rejected President Donald Trump's nominee Scott Garrett to run the US Export-Import (EX-IM) Bank after two Republicans defected. "I think they'll work together to make the bank better and more user-friendly to the vast majority of American businesses who need this economic development tool".

The bank provides loans, credit insurance and loan guarantees to help foreign buyers purchase US exports. Those that support the agency argue it creates a level playing field, allowing USA companies to compete with foreign rivals that receive backing from their own governments. Their confirmations would give Ex-Im a quorum for the first time in two years.

A Rounds spokeswoman said on Monday that the South Dakota Republican will vote against Garrett, but vote in favor of nominees for four other EXIM board positions and another nominee to be the agency's inspector general.

The committee vote was 10-13, with Sens.

But Scott voted against Garrett. After the confirmation hearing, Scott and Sen. My role has changed. He said he would support reauthorization of Ex-Im when it comes up in 2019. Despite Garrett's previous stance, President Trump nominated him to lead Ex-Im in June.

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Garrett would not, however, say he regretted or wished to retract past statements he'd made opposing the bank's existence.

But the bank has significant bipartisan support in Congress, including backing from the GOP's establishment wing, as well as outside Republican allies such as the U.S. Chamber of Commerce.

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.

However, the victory seems to be good for General Electric and Boening, both of which led the crusade against Garrett. 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.

"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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