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

 

 

And you can thank a couple of Republicans for keeping the reformer out.

(From 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.

Thanks guys. I am disappointed that Tim Scott wasn’t able to overcome Boeing’s pressure.

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