Garrett, Bachus Nominated For EX-IM Bank Seats

WASHINGTON – President Trump has named two former Republican congressmen to fill the empty seats on the Export-Import Bank’s five-member board. 

One is a more traditional pick: Spencer Bachus is a moderate from Alabama who served as chairman of the influential House Financial Services committee during the Great Recession. But Trump selected former Congressman Scott Garrett for the other seat. A founding member of the Freedom Caucus, Garrett has criticized the Ex-Im Bank as a symbol of Washington's "crony capitalism." 

Garrett, who represented New Jersey's 5th District for seven terms, was defeated in November by Democrat Josh Gottheimer.

During his time in Congress, Garrett said he would favor doing away with the Ex-Im Bank, which makes loans to companies doing business overseas. At a congressional hearing in 2014, he said, "when you mix big corporations and taxpayer-backed guarantees, you get a little something that looks an awful like crony capitalism."

The nominations require Senate confirmation.

Candidate Trump denounced the bank on the campaign trail. However, in a subsequent interview with the Wall Street Journal, President Trump said he was reconsidering his views.

President Obama nominated NCUA Board Member J. Mark McWatters to the Ex-Im Bank board in January 2016 but the Senate Banking Committee never took up the nomination. McWatters is now serving as acting NCUA board chair. 


in Legislative & Political News