President Trump on Friday announced his selection of president and a member of the board of directors for the Export-Import Bank, including one who has a history of opposing the bank.
Scott Garrett was chosen to serve as president of the bank until Jan. 20, 2021. Garrett was a Republican congressman representing New Jersey from 2003 to 2017 and served in the state House from 1992 to 2003. While in Congress, Garrett was on the House committees on the budget and financial services before losing in the 2016 election.
While in Congress, Garrett was on the House budget and financial services committees before losing in the 2016 election. As a conservative member of the financial services committee, Garrett opposed the Export-Import Bank.
Many conservatives want the bank eliminated, calling it an example of “crony capitalism.” Trump during his campaign vowed to close down the bank, a position he reversed himself on this week.
“It turns out that, first of all, lots of small companies are really helped, the vendor companies,” Trump told the Wall Street Journal. “But also, maybe more important, other countries give [assistance]. When other countries give it we lose a tremendous amount of business.”
Former congressman Spencer T. Bachus III also was nominated for a four-year term. A member of Congress from 1993 to 2015, the Alabaman was chairman of the House Financial Services Committee from 2011 to 2013 before retiring the following term. He now works at Bachus and Broom LLC.
