Market Weekly: Dec 18 Dec 22 2017


Senate panel rejects Trump nominee Scott Garrett to head Ex-Im Bank

With two Republicans breaking ranks, the Senate Banking Committee Tuesday morning rejected President Trump’s nominee to head the Export-Import Bank, amid fears that former Rep. Scott Garrett did not support the mission of the agency designed to aid U.S. exporters seeking financing.

The panel voted 13-10 not to support Mr. Garrett, a New Jersey Republican who served seven terms in the House before retiring in 2017.

Conservatives have long targeted the Ex-Im Bank, saying it amounts to corporate welfare for large corporations such as Boeing. The agency provides guarantees for U.S.-based companies seek to finance export deals where conventional private-sector funding is not available.

Mr. Garrett’s nomination was already considered to be in trouble when Sen. Mike Rounds, a South Dakota Republican who serves on the banking committee, announced last week he would vote against Mr. Trump’s nominee.