Republican senators join Democrats to torpedo Trump's Ex-Im Bank nominee

Scott Garrett.
(Image credit: Chip Somodevilla/Getty Images)

The Senate Banking Committee voted 10-13 on Tuesday to reject President Trump's nominee for head of the Export-Import Bank. Sens. Mike Rounds (R-S.D) and Tim Scott (R-S.C.) joined the block of Democrats in opposition, The Hill reports. The Trump administration's nominee, former New Jersey congressman Scott Garrett, has twice voted to abolish the Ex-Im Bank, claiming it "embodies the corruption of the free enterprise system."

Trump has long been an opponent of the Ex-Im Bank himself, describing it as the "bank of Boeing" while campaigning, NBC News reports. The bank serves to loan money to U.S. companies that export goods and services overseas and is seemingly antithetical to Trump's "America First" policies. Independent Sen. Bernie Sanders (Vt.) also opposes the bank, calling it "corporate welfare." On the other hand, the Ex-Im Bank is essential to Boeing and "if the bank scales back or stops operating, Boeing's largest competitor, European-owned Airbus, will benefit," NBC News writes. General Electric is another major company that has received funds through the bank.

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