Senate Committee Rejects Trump Nominee After Intense Opposition From Big Business

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The panel voted 10 to 13 against Garrett, a former Republican House lawmaker who has pushed to break up up the agency in the past.

Republicans Mike Rounds of South Dakota and Tim Scott of SC joined all of the Democrats in voting against Garrett.

During his time in Congress, Garrett once called the agency "a bank that embodies the corruption of the free enterprise system".

Two Republicans on the banking committee, Tim Scott of SC and Mike Rounds of South Dakota, joined Democrats in shelving the nomination of former GOP Rep. Scott Garrett of New Jersey. "While I wish him no ill, I believe he's not the right person to be the chairman". "I think that strong desire on his part to see it abolished as an example of crony capitalism would not have worked in the operation of the bank".

"Today's Senate Banking Committee vote on Ex-Im board nominees is a milestone for manufacturers across the USA whose customers require a fully-functioning Ex-Im Bank", said a GE spokesperson.

His nomination was opposed by several large corporations that benefit from the bank, including Boeing and General Electric.

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"Manufacturers are grateful to have an ally in the White House who seeks to ensure that America and its workers are not left behind as foreign governments do all they can to win in the global economy", NAM President and CEO Jay Timmons wrote in an October letter to Senate banking committee leaders.

Mr. Garrett's nomination was already considered to be in trouble when Sen.

At his November confirmation hearing, Ranking Member Sherrod Brown (D-Ohio) said putting Garrett, who has slammed the bank as "corporate welfare", in charge of Ex-Im "would be like putting an arsonist in charge of the fire department".

The bank's lack of quorum since 2015 has prevented it from approving or guaranteeing loans over $10 million. Despite Garrett's previous stance, President Trump nominated him to lead Ex-Im in June. "We will continue to work with the Committee on a path forward", said Marc Short, director of legislative affairs for the White House, in a statement.

Garrett's nomination had many on the committee wary of how well he'd actually serve as head of the Export-Import Bank.

Garrett insisted his opinion of the bank had changed simply because a new president had taken office.