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20 December 2017, 12:42 | Bernice Figueroa
Scott Garrett. Joshua Roberts Reuters
"For decades, the Export-Import Bank has served as a job-creating tool for US manufacturers and exporters, helping finance over $138 billion in exports across the country - including support for more than 80 companies in Virginia - and supporting hundreds of thousands of middle class jobs".
Former Rep. Scott Garrett, who once was a member of the House Freedom Caucus, was rejected by the Senate Banking Committee by a vote of 10-13. In doing so, the Bank levels the playing field for US goods and services going up against foreign competition in overseas markets, so that American companies can create more good-paying jobs.
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 created to aid USA exporters seeking financing.
At that time, Scott was able to get Garrett to explain that two things had changed.
The committee approved the four other nominees to serve on the board board - Kimberly Reed, Spencer Bachus, Judith Pryor and Claudia Slacik. "His testimony expressed no regret for his work to close the bank".
Scott said no follow-up correspondence with Garrett since that confirmation hearing has given him given him more confidence that Garrett is prepared for the task. Mike Rounds (R-S.D.) and Tim Scott (R-S.C.) voting against Garrett along with all of the committee's Democrats. If the bank scales back or stops operating, Boeing's largest competitor, European-owned Airbus, will benefit.
Boeing and General Electric are two biggest beneficiaries of financing from the bank.
"If worldwide customers of tractors, turbines, airplanes or satellites can't get financing from the United States, they'll simply take their business elsewhere to one of the dozens of other countries with similar export-credit assistance", Boeing CEO Dennis Muilenburg said last December.
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