Senate panel rejects Trump's pick to lead Export-Import Bank, a leader in the effort to shut it down
WASHINGTON _ A Senate committee on Tuesday rejected President Donald Trump's nominee to lead the Export-Import Bank, extending the chaos at the embattled agency whose job is to help U.S. companies sell their goods abroad.
Two Republicans joined all Democrats on the Senate Banking Committee in voting against former Rep. Scott Garrett, R-N.J., to be the bank's president.
Garrett had been a vocal critic of the Ex-Im Bank and a leader of a conservative effort that shut the bank down for five months in 2015 by blocking its congressional authorization. He and other bank opponents branded the bank's aid as crony capitalism.
Sen. Heidi Heitkamp, D-N.D., a supporter of the bank, said the vote "sends a clear message that Mr. Garrett lacks the qualifications and commitment" to the bank.
Opened during the Great Depression, the bank helps U.S. companies sell their products overseas by providing loan guarantees to foreign buyers and other assistance for sales of goods manufactured domestically.
Many other countries have similar export-credit agencies. The aid is crucial for projects in developing nations, which often require government-backed financing and scare private banks because of fears of default.
The Ex-Im Bank is backed by business groups and enjoys bipartisan support.
Some conservative lawmakers and groups such as Heritage Action for America strongly oppose the bank. They have said its assistance is corporate welfare that mostly helps large companies.
_Los Angeles Times
