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The Senate’s Rejection of Export-Import Bank Critic Shows How Entrenched Crony Capitalism Is in Washington

The following excerpt is from an article that originally appeared on Hit and Run Reason

The Senate Banking Committee voted 10–13 yesterday to reject former New Jersey Rep. Scott Garrett to head the Export-Import Bank, an institution that has become synonymous with corporate welfare. Two Republicans on the committee—Sens. Mike Rounds (R–S.D.) and Tim Scott (R–S.C.)—broke ranks to vote against Garrett, who had called for the bank’s elimination while he was in Congress and who had promised to reform the institution if tapped to lead it.

Scott cited Garrett’s “long history opposing the Ex-Im Bank” in explaining his vote. Scott’s state contains a plant for the aviation giant Boeing, whose customers get some 40 percent of the Export-Import Bank’s financing. The institution is sometimes called “Boeing’s bank.”

In opposing Garrett’s nomination, Scott and Rounds made common cause with their Democratic colleagues.

Sen. Maria Cantwell (D–Wash.)—whose home state also contains major Boeing operations—said in a statement that she “applauds” the banking committee’s rejection of Garret.

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