© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
An error occurred while fetching the data.
Error details: Error: INTERNAL_ERROR for ed253844-d180-8ca3-6e56-8e760228a3aa: {"response":{"errors":[{"message":"INTERNAL_ERROR for ed253844-d180-8ca3-6e56-8e760228a3aa","locations":[{"line":118,"column":9}],"path":["readnext","contents",0,"prettyDate"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/","canonicalUrl":"https://www.treasuryandrisk.com/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/","generatedId":"hee45ejmgj","naturalId":"blogAndPostId/blog/post/411-16936","type":"ARTICLE","postFormat":"","kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"Trump Pick for Export-Import Bank Is Critical of Its Mission","readtime":"3","timeToRead":"3 minute","prettyModified":"","prettyDateTime":"April 17, 2017 at 04:39 AM","needToKnow":[],"byline":" Jennifer Epstein, Bloomberg ","authors":[{"name":"Jennifer Epstein, Bloomberg","description":"","imageLarge":"https://secure.gravatar.com/avatar/f16d6fc2845f417ea0e93a3f2b6cd37d?s=136&d=mm&r=g","webUrl":"/author/profile/jennifer-epstein-bloomberg/"}],"publication":"Treasury and Risk","kicker":"News","kickerNode":[{"name":"News","slug":"news-kicker","uri":"/news/","sectionName":"News"}],"prettyDate":"April 17, 2017","pubDate":"2017-04-17 04:39:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"President names former lawmaker Scott Garrett to run bank.","categories":[{"name":"Corporate Finance","uri":"/corporate-finance/","channelName":"Corporate Finance"},{"name":"Global Markets","uri":"/global-markets/","channelName":"Global Markets"},{"name":"Governance/Regulation & Compliance","uri":"/global-markets/governance-regulation-compliance/","channelName":"Global Markets"},{"name":"Kicker","uri":"///","channelName":"Kicker"},{"name":"News","uri":"/news/","channelName":"Kicker"}],"bodyArray":["<p>President Donald Trump said Friday he'll nominate a criticof the U.S. Export-Import Bank — one who has derided the bank as“corporate welfare” — to run the institution, which has beenoperating under strict lending limits because of a partisan battleover its mission.</p>|<p>Trump, who as a candidate said he didn't think the bank neededto exist, named former New Jersey Rep. Scott Garrett, one of thebiggest recipients of Wall Street donations among House members, tobe the bank's chairman and president. He tapped former Alabama Rep.Spencer Bachus for a seat on the bank's board of directors. Bothpositions require Senate confirmation.</p>|<p>Trump hinted at a shift in his position on Ex-Im during aninterview on April 12. “Actually, it's a very good thing. And itactually makes money; it can make a lot of money,” Trump told theWall Street Journal. “It turns out that, first of all, lots ofsmall companies are really helped, the vendor companies.”</p>|<p>In 2015, Trump told Bloomberg that the bank's role amounted to“featherbedding” for some politicians and companies. Theguarantees loans for international buyers of products from U.S.companies.</p>|<p>Boeing CEO Dennis Muilenburg is said to have helped change thepresident's view of the agency. Boeing is by far the largestbeneficiary of the bank among exporters, to the tune of severalbillion dollars annually, followed by General Electric.</p>|<p>Small-government conservatives shut down the bank in 2015 byblocking its reauthorization. While the bank was revived, itsfive-member board has lacked a quorum, which restricted it fromgranting loans of more than $10 million. Former President BarackObama's late-term nominees were blocked by Senate Republicans,including Sen. Richard Shelby of Alabama.</p>|<p>In Garrett, Trump has chosen a critic of a government agency torun it, similar to his appointment of Scott Pruitt as administratorof the Environmental Protection Agency.</p>|<p>“The Export-Import Bank's long legacy of crony capitalism hashurt the livelihoods and businesses of many Americans who don't getspecial treatment from this misguided government program,” Garrettsaid in a 2015 statement. Conservative groups, including HeritageAction and Americans for Prosperity, oppose the bank for similarreasons.</p>|<p>House Minority Whip Steny Hoyer, a Maryland Democrat, urgedsenators to reject Garrett's nomination because of his paststance.</p><h3 xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">'Act of Sabotage'</h3><p>“In Scott Garrett, the president has nominated someone whohelped lead the charge to shut down the Export-Import Bank inCongress against a super-majority that was in favor of keeping itopen so it could continue creating and supporting American jobs andexports,” Hoyer said in a statement. “If former RepresentativeGarrett is confirmed to lead the Bank, it would be the ultimate actof sabotage.”</p>|<p>Garrett, 57, failed to win re-election in 2016 after seven termsin Congress. He lost the backing of major Wall Street donors aftera report that he'd told fellow Republican lawmakers he wouldn'tgive money to the party's congressional campaign arm because itsupported openly gay candidates.</p>|<p>Bachus, a former chairman of the House Financial ServicesCommittee, has previously supported the Ex-Im bank, sponsoring a2012 law that reauthorized the bank. Bachus retired from Congressin 2015.</p>|<p>Backers of the bank say that most of its lending supports smalland medium-sized businesses.</p>|<p>In fiscal 2014, the bank's last full year of operation, itbacked $27.5 billion in exports — somewhat less than 2% of the U.S.total. This financing supported 164,000 American jobs that year,according to the bank, and about 90% of the bank's deals helpedsmall businesses.</p>|<p>The U.S. Chamber of Commerce has pushed for the bank's lendingpowers to be fully restored, saying that without it, jobs might belost to competitors in China or Russia.</p>|<p><p>Bloomberg News</p>|<p>Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.</p>"],"slides":[]},"articlePackages":[],"youmightlike":[{"uri":"/2024/04/19/how-the-first-fiduciary-duty-lawsuit-for-health-benefits-affects-employers-and-employees-411-31787/","title":"How the First 'Fiduciary Duty' Lawsuit for Health Benefits Affects Employers","byline":"Michael Waterbury & Steve Palma","prettyDate":"April 19, 2024","readtime":"4","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/04/Healthcare-Building-Blocks-Article-202309011223.jpg","width":"620","height":"368"},"summary":"An employee is suing Johnson & Johnson for breaching their fiduciary duty to effectively manage health benefits. This could drive major change in the industry."},{"uri":"/2024/04/18/why-cross-functional-collaboration-between-legal-and-finance-is-critical-411-31777/","title":"Why Cross-Functional Collaboration Between Legal and Finance Is Critical","byline":"Trudy Knockless","prettyDate":"April 18, 2024","readtime":"5","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/04/2014-05-12-Agreement.jpg","width":"1063","height":"683"},"summary":"\"The chief financial officer and the general counsel share a common goal of protecting the company from legal and regulatory issues.\""},{"uri":"/2024/04/15/controversial-new-dol-fiduciary-rule-coming-soon-as-white-house-office-wraps-up-review-411-31755/","title":"Controversial New DOL Fiduciary Rule Coming Soon","byline":"Scott Wooldridge","prettyDate":"April 15, 2024","readtime":"5","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/04/DOL_headquarters-Michael-A.-Scarcella-ALM-Media-dol.jpg","width":"616","height":"372"},"summary":"The OMB has concluded its review of the DOL's new Retirement Security Rule, indicating that the controversial rule will be finalized sometime this spring."},{"uri":"/2024/04/12/the-new-dol-fiduciary-rule-how-it-could-change-your-companys-401k-plan-411-31750/","title":"How the New DOL Fiduciary Rule Could Change Your 401(k)","byline":"Nathan Boxx","prettyDate":"April 12, 2024","readtime":"4","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/04/Profitability-Article-202101081727.jpg","width":"620","height":"372"},"summary":"The DOL's latest iteration, proposed in 2023 and soon to become final, will ensure that investment advisers prioritize clients' best interests when recommending investments."},{"uri":"/2024/03/25/beyond-borders-navigating-global-business-compliance-with-the-fcpa-411-31612/","title":"Beyond Borders: Navigating Global Business Compliance With the FCPA","byline":"Cole Callihan","prettyDate":"March 25, 2024","readtime":"8","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/03/AdobeStock_552800778-767x633-3.jpg","width":"767","height":"633"},"summary":"Companies with any international operations should ensure they have a robust written policy and compliance program focused on anti-bribery and -corruption."},{"uri":"/2024/03/25/no-matter-the-risks-more-employers-are-choosing-self-funded-plans-411-31618/","title":"No Matter the Risks, More Employers Are Choosing Self-funded Plans","byline":"Scott Wooldridge","prettyDate":"March 25, 2024","readtime":"4","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/03/health-trends-driving-employer-costs-in-2024-MI.jpg","width":"620","height":"372"},"summary":"Employers generally lack market power to effectively negotiate lower healthcare prices. They need to critically assess whether self-funding will help their bottom line."}],"readnext":{"contents":[{"uri":"/2024/03/19/technology-excellence-how-alexander-hamilton-award-winners-leveraged-tech-solutions-to-boost-efficiency/","title":"Tech Excellence: How Alexander Hamilton Award Winners Leveraged Tech Solutions to Boost Efficiency","prettyDate":null,"kicker":"Alexander Hamilton Awards","image":{"uri":"","width":"","height":""},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2020/09/21/7-steps-to-create-a-risk-aware-culture/","title":"7 Steps to Create a Risk-Aware Culture","prettyDate":"September 21, 2020","kicker":"Best Practices","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2020/09/2020-09-21-Risk-analysis_616x372.png","width":"0","height":"0"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2021/10/13/understanding-the-cost-of-hedging/","title":"Understanding the Cost of Hedging","prettyDate":"October 13, 2021","kicker":"Best Practices","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2019/10/2019-10-10-Proxy-hedging.png","width":"616","height":"372"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/04/12/the-new-dol-fiduciary-rule-how-it-could-change-your-companys-401k-plan-411-31750/","title":"How the New DOL Fiduciary Rule Could Change Your 401(k)","prettyDate":"April 12, 2024","kicker":"Analysis","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/04/Profitability-Article-202101081727.jpg","width":"620","height":"372"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}},{"uri":"/2024/02/22/key-risk-indicators-a-powerful-tool-in-treasury-risk-management/","title":"Key Risk Indicators: A Powerful Tool in Treasury Risk Management","prettyDate":"February 22, 2024","kicker":"Best Practices","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2022/03/2016-12-14-Risk-umbrella-storm_616x372.png","width":"1200","height":"724"},"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""}}]}},"extensions":{"DateTime":"2024-04-25T19:47:33.452541907","ResponseTime":"171ms","AuthorizedUser":false,"DebuggingData":"Kangaroo","NavServiceResponse":{"message":"Show a wall","action":"show wall","data":"WelcomeWall","placResultsPublic":{"overallContentType":"FreeWithRegContent","userState":"DENYREFERERNOTALLOWED","showWall":"WelcomeWall","userAccess":"0","referrer":"https://www.treasuryandrisk.com/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i?t=e-invoicing","userAccessCookie":null,"productList":"","contentMetaData":"<?xml version='1.0' encoding='UTF-8'?><ARTICLE><TYPE>ARTICLE</TYPE><ID>/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/</ID><SOURCE>Treasury and Risk</SOURCE><PUBLICATION-DATE>2017-04-17</PUBLICATION-DATE><PUBLICATION-NAMES><PUBLICATION-NAME>Treasury and Risk</PUBLICATION-NAME></PUBLICATION-NAMES><PRACTICE-AREAS /><CHANNELSECTIONS><CHANNELSECTION><CHANNEL>Corporate Finance</CHANNEL></CHANNELSECTION><CHANNELSECTION><CHANNEL>Global Markets</CHANNEL></CHANNELSECTION><CHANNELSECTION><CHANNEL></CHANNEL><SECTION>Governance/Regulation & Compliance</SECTION></CHANNELSECTION><CHANNELSECTION><CHANNEL>Kicker</CHANNEL></CHANNELSECTION><CHANNELSECTION><CHANNEL></CHANNEL><SECTION>News</SECTION></CHANNELSECTION></CHANNELSECTIONS><REFERRER>https://www.treasuryandrisk.com/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i?t=e-invoicing</REFERRER></ARTICLE>","decisionEngine":"Templates Cache","rulesFiredString":null,"contentProductCodes":null}}},"status":200,"headers":{}},"request":{"query":"query TreasuryandRisk__view_article_no_sitedir{articleData:\n getContent(naturalId: \"/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/\", site:\"treasuryandrisk.com\") {\n uri\n canonicalUrl\n generatedId\n naturalId\n type\n postFormat\n kickerPresentedBy {\n \t\t label\n \t\t value\n \t\t}\n breadcrumb{\n name\n \t\turi\n }\n presentedBy\n title\n readtime\n timeToRead\n prettyModified\n prettyDateTime\n needToKnow\n byline\n authors {\n name\n description\n imageLarge\n webUrl\n }\n publication\n kicker\n kickerNode {\n name\n slug\n uri\n sectionName\n }\n prettyDate\n prettyDateTime\n pubDate\n modifiedDate\n isDownload\n primaryCategory {\n channelName\n sectionName\n name\n uri\n slug\n channelUri\n }\n tags\n image {\n uri\n width\n height\n alt\n }\n embed1\n embed2\n summary\n categories {\n name\n uri\n channelName\n }\n bodyArray\n slides {\n title\n image\n caption\n height\n width\n }\n\n }\n articlePackages:\n getPackagesForArticle(docId: \"/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/\", limit: 3, publication:\"treasuryandrisk.com\") {\n title \n slug\n type \n summary\n cssFile\n navigations {\n name\n link\n }\n articles {\n title\n kicker\n uri\n image {\n uri\n }\n }\n\n \n }\n youmightlike:\n getYouMayLikeForContent(naturalId: \"/2017/04/17/trump-pick-for-export-import-bank-is-critical-of-i/\", site:\"treasuryandrisk.com\") {\n uri\n title\n byline\n prettyDate\n readtime\n image {\n uri\n width\n height\n }\n summary\n }\n readnext:\n getStatsList(site:\"treasuryandrisk.com\", topic: \"\", limit: 5, timeframe: \"3days\" ) {\n contents {\n uri\n title\n prettyDate\n kicker\n image {\n uri\n width\n height\n }\n primaryCategory {\n name\n uri\n channelName\n channelUri\n }\n }\n\n }\n }"}}
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
eBook
Sponsored by ION Treasury
ERP VS TMS: Why Treasury Needs a Dedicated Solution
Discover three crucial differences between Enterprise Resource Planning (ERP) systems and Treasury Management Systems (TMS), and why a dedicated solution is imperative for effective treasury management.
White Paper
Sponsored by Treasury Intelligence Solutions Inc.
This white paper provides an in-depth analysis of the industry migration to ISO 20022 and its impact on the payments ecosystem. Explore the benefits of this shift, what your treasury needs to do to prepare, and better understand the future of global payments.