The Senate Banking Committee rejected Scott Garrett, President Donald Trump’s nominee to head the Export-Import Bank. The Wall Street Journal is casting that as “a win for crony capitalism” on the grounds that as a New Jersey Congressman, Garrett had twice voted against renewing the Ex-Im charter.
It’s not the end of the world, though; far from it. Confirming the nomination of a guy who doesn’t like the Ex-Im would have been better, but absent a quorum, which this refusal to confirm extends, the bank is unable to approve financing arrangements over $10 million. This not a bad outcome; Ex-Im is well hamstrung, and that’s a good interim condition.