The Senate Banking Committee rejected Scott Garrett's nominationto be chairman of the U.S. Export-Import Bank, an institution theformer congressman earlier called “corporate welfare” and tried toshut down.

In the 10-13 vote Tuesday, Republican Sens. Mike Rounds of SouthDakota and Tim Scott of South Carolina joined all of thecommittee's Democrats in opposition. Rounds said Garrett's pastefforts to end the institution can't be overlooked at a time whenit needs a solid commitment to improvements.

“He's a principled man who simply believes in the abolishment ofthe bank,” Rounds said.

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