THE BAD: During Trump’s campaign he hinted he would eliminate the Export-Import Bank which guarantees loans for companies that export U. S. products. These guarantees are often essential for our exporters, including small businesses.
THE GOOD: Trump changed his mind and decided not to eliminate the bank.
THE BAD: He just nominated as head of the bank former seven-term NJ CD 5 Republican Representative Scott Garrett who lost a highly contested re-election last year, is an arch-conservative, and a founder of the House’s Freedom Caucus.
THE UGLY: Garrett voted in 2012 and 2015 against renewing the bank. In Congress he called it “a bank that embodies the corruption of the free enterprise system.” How like Trump to nominate someone for an agency which the nominee has wanted demolished. Trump’s explanation: “Actually, it’s a very good thing…It can make a lot of money.” And who knows, maybe it will benefit Trump’s enterprises.
Garrett for some time has been lobbying Trump for a position in the new administration. The nomination, however, may not benefit him as he will need confirmation from the Senate where he has many detractors. Garret blew millions on his failed re-election effort and has only $71,000 Cash On Hand in his campaign account. Out of office he has little opportunity to raise millions more to fund a comeback.
Best case scenario: his nomination is not confirmed and we never hear anything more from him.