Socialist Supreme/Democrat President Franklin D. Roosevelt executive order "arranged" the creation of the Export-Import Bank in 1934 "to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations or the agencies or nationals thereof." The EXIM was made an "independent" federal government agency in 1945. Wikipedia terms it "the official export credit agency (ECA) of the United States federal government", "a wholly owned federal government corporation." In 1968, Congress changed its name to Export-Import Bank of the United States.
Whatever its been called, what the EX-IM is is simply a statist federal government pork scam that uses, what else, taxpayer $$ to enrich the corrupt coffers of foreign and domestic crony capitalists alike. EX-IM's first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. Since its inception, Boeing and General Electric have been its largest beneficiaries from the U.S. taxpayer $$ statist federal government lends to foreign countries to purchase American products. Statist/crony capitalist Congresscritters love the EX-IM because it literally helps them buy lemming votes by bringing the pork back home to local businesses. The Executive branch, which EX-IM is an agency of, uses it to "influence" its oft-times imperialistic foreign policy.
Scott Garrett is a former Republican U.S. Representative from New Jersey; President Trump nominated him to head the now-impotently troubled EX-IM (its Board can't seem to agree on fundamental issues: it hasn't been fully operational since 2014, thus making it a perfect example of bloatedly overwhelmed, statist federal government bureaucracy). As a member of Congress, Garrett often pushed to end the EX-IM, so Trump's nomination of him to head the EX-IM mirrors other Trump nominees who've previously pushed for the disbanding of the very agencies they been appointed to lead, and Trump's seemingly wholesale philosophy of deregulation in total. Keep in statist/crony capitalist mind that every statist/crony capitalist entity in the U.S. fully supports the EX-IM, led by the notoriously statist/crony capitalist U.S. Chamber of Commerce itself.
Today, Tuesday, December 19, 2017, the 12-11 majority-Republican Senate Banking Committee voted 10-13 to outright reject Garrett's nomination to head the EX-IM. Republicans Mike Rounds and Tim Scott joined all their Democrat statist/crony capitalist colleagues in axing Garret. Why? Because they feared Garret would at least weaken their statist/crony capitalist EX-IM, and at worst push again for its full closure.
Here are the 11 socialist/crony capitalist Democrats who joined their two statist/crony capitalist Republican comrades in voting to fully protect their pork scam EX-IM today:
Sherrod Brown (D-OH), Ranking Member
Jack Reed (D-RI)
Robert Menendez (D-NJ)
Jon Tester (D-MT)
Mark R. Warner (D-VA)
Elizabeth Warren (D-MA)
Heidi Heitkamp (D-ND)
Joe Donnelly (D-IN)
Brian Schatz (D-HI)
Chris Van Hollen (D-MD)
Catherine Cortez Masto (D-NV)
Here are the 10 Senators who voted to advance Garrett's nomination for further consideration.
Michael Crapo Chairman (R-ID)
Richard C. Shelby (R-AL)
Patrick J. Toomey (R-PA)
Bob Corker (R-TN)
Dean Heller (R-NV)
Ben Sasse (R-NE)
Tom Cotton (R-AR)
David Perdue (R-GA)
Thom Tillis (R-NC)
John Kennedy (R-LA)
Meanwhile, EX-IM continues wallowing in its bureaucratic misery as effective as the statist/crony capitalist anchor it is around U.S. taxpayer's necks.