Trump To Nominate Export-Import Bank Opponent To Head Export-Import Bank

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April 15, 2017 11:05 a.m.

President Donald Trump on Friday announced his nomination of former Rep. Scott Garrett (R-NJ), who fiercely opposed to the Export-Import Bank while in Congress, to serve as president of the agency.

Garrett served on the House Financial Services Committee until losing a bitter election last year to Rep. Josh Gottheimer (D-NJ). Garrett, a Freedom Caucus member, was known for hardline views, including anti-gay sentiments that reportedly prompted him to withhold paying his dues to the National Republican Congressional Committee out of concerns they would support gay GOP candidates, according to Politico.

While in Congress, Garrett also advocated for letting the Export-Import Bank’s authorization expire.

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Trump himself was a critic of the Ex-Im Bank, which is the federal government’s export credit agency and has been labeled a form of “corporate welfare” by some conservatives. His views reportedly changed after a meeting with former Boeing Jim McNerney Tuesday, CNBC reported, and he now favors keeping the Ex-Im Bank authorized.

“Actually, it’s a very good thing. And it actually makes money, it could make a lot of money,” Trump told the Wall Street Journal Wednesday. 

In addition to announcing Garrett’s nomination, the White House said Friday that Trump would nominate former Rep. Spencer Bachus (R-AL) to serve on the Export-Import Bank’s board. Bachus chaired the House Financial Services Committee and was a supporter of the agency while in Congress .

Both nominations will require Senate confirmation

 

 

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