Ex-Im nominee expected to say he will keep bank open

Ex-Im nominee expected to say he will keep bank open
© Greg Nash

President Trump’s nominee to lead the Export-Import Bank is expected to say Wednesday that he will keep the agency open for business.

Scott GarrettErnest (Scott) Scott GarrettManufacturers support Reed to helm Ex-Im Bank Trump taps nominee to lead Export-Import Bank Who has the edge for 2018: Republicans or Democrats? MORE, a former Republican lawmaker from New Jersey, will tell the Senate Banking Committee that despite his record in Congress of trying to shutter the bank he will keep the agency open for business.

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"Let me be crystal clear on this point: If I am confirmed, the Export-Import bank will continue to fully operate, point blank,” he said according to his prepared testimony.

"It will continue to approve the many loans that support our American manufacturers’ ability to export their products,” Garrett will say.

Garrett is expected of face a grilling from senators amid substantial opposition from powerful business groups like the National Association of Manufacturers and the U.S. Chamber of Commerce among dozens of state-level groups.

The business groups, which have launched ad campaigns across the country against the nomination, have repeatedly called on the White House to withdraw Garrett's name from consideration over concerns that he will maintain his criticism of the bank and in turn will work to shut down the agency.

“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,” he 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 Ex-Im: a fully functioning bank.”

Business groups and congressional conservatives have been battling over the bank for more than two years. 

Conservatives argue the bank represents 'crony capitalism' but supporters argue it helps U.S. manufacturers and exporters move their products around the world.