Policy

Garrett Does a 180 on Ex-Im Bank

Trump nominee will reverse course on bank, according to prepared remarks

Former New Jersey Rep. Scott Garrett faces a confirmation hearing Wednesday on his nomination to lead the Export-Import Bank. (Bill Clark/CQ Roll Call file photo)

President Donald Trump’s nominee to lead the Export-Import Bank is preparing to make a full reversal of his past opposition to the agency’s continued operation.

Former Rep. Scott Garrett plans to tell senators that he not only opposes winding down the Ex-Im Bank, but that he wants it fully operational going forward under his potential stewardship.

“Let me be crystal clear on this point: If I am confirmed, the Export-Import bank will continue to fully operate, point blank. It will continue to approve the many loans that support our American manufacturers’ ability to export their products,” the New Jersey Republican is set to tell the Senate Banking Committee on Wednesday.

That’s according to prepared testimony obtained by Roll Call ahead of his confirmation hearing, expected to be particularly contentious.

“I know that many of you here fully support the Export Import bank’s mission, and represent constituents and businesses that are directly impacted by the availability of financing from the Bank,” Garrett will say. “So, let me again be clear, and leave no doubt in anyone’s mind; that I commit to and will carry out the President’s vision regarding EXIM: a fully functioning bank.”

Influential business groups, including the National Association of Manufacturers and the U.S. Chamber of Commerce, have called on senators to block Garrett’s confirmation to become head of the Ex-Im Bank, citing his past opposition.

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