Senate Banking Committee rejects Trump’s pick to lead Ex-Im Bank

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Reuters reported Tuesday that President Donald Trump’s pick to lead the Export-Import Bank has been rejected.

The committee voted 13-10 against Scott Garrett’s nomination to become the next president of Ex-Im Bank. Garrett, a former Republican congressman from New Jersey’s 5th district, previously led an effort in 2015 to shut down Ex-Im to end a source of “corporate welfare” for giant manufacturers, such as Boeing and General Electric, Lawder reported.  The committee also voted to confirm four other board nominees, including Trump’s pick for Ex-Im’s first vice president, Kimberly Reed.

The confirmations mean that Ex-Im can resume approving loans and guarantees above $10 million, according to the report.

From Reuters:

Confirmation of at least three board members will allow EXIM to resume approval of loans and guarantees above $10 million, returning the United States to export financing for major projects such as commercial aircraft, power turbines and petrochemical plants for the first time since June 2015.

GE in a statement urged quick confirmation of the remaining EXIM nominees and hailed the committee vote as “a milestone for manufacturers across the U.S. whose customers require a fully-functioning EXIM Bank.”

As HousingWire’s Ben Lane previously reported, Garrett served as chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, and used his position to push for housing finance reform. Additionally, Lane reported that Garrett was one of the sponsors of the Protecting American Taxpayers and Homeowners (PATH) Act of 2013, which would have ended the taxpayer-funded bailout of Fannie Mae and Freddie Mac and phased out the enterprises within five years.

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