scott garrett

Former Rep. Scott Garrett.

(Express-Times file photo)

WASHINGTON -- President Donald Trump on Friday nominated ex-Rep. Scott Garrett to become president of the Export-Import Bank, an agency the former lawmaker once called "the epitome of crony capitalism."

Garrett and other House Republican conservatives fought the bank, which provides government-backed loans to help U.S. businesses sell their products overseas. Last year, the bank helped support $8 billion in U.S. exports and an estimated 52,000 U.S. jobs, according to its annual report.

Trump filled a second vacancy on the bank board by nominating former Rep. Spencer Bachus (R-Ala.). Both nominations must be ratified by the Senate.

Like Garrett, a founding member of the House Freedom Caucus of conservative lawmakers, Trump opposed the Export-Import Bank during the campaign. But he told the Wall Street Journal earlier in the week that he would support the bank.

Among the biggest beneficiaries of the bank is Boeing Co., which contributed $1 million to Trump's inauguration. Garrett last year criticized Boeing's multimillion-dollar deal to sell its airplanes to Iran after economic sanctions were lifted in exchange for curbs on its nuclear program.

"This agreement between Boeing and the world's largest state sponsor of terrorism is extremely troubling and shows that crony capitalism remains alive and well in Washington," Garrett said in June 2016.

"Not only has Boeing lobbied for years to keep the taxpayer-backed Export Import Bank alive, it now has also used its powerful position to take advantage of the ill-conceived nuclear deal with Iran. This agreement is bad news, not just for taxpayers but for our national security."

Garrett lost his bid for an eighth term to Democrat Josh Gottheimer in New Jersey's 5th Congressional District last November in a bitter, hard-fought race. Gottheimer raised more in campaign donations than any other House candidate ever in the state.

Meanwhile, Garrett was forced on the defensive early following reported remarks that he would not contribute to the House Republicans' fundraising arm because it supported gay candidates. Garrett later said he was referring only to candidates who did not support the Republican platform's opposition to same-sex marriage.

Jonathan D. Salant may be reached at jsalant@njadvancemedia.com. Follow him on Twitter @JDSalant or on Facebook. Find NJ.com Politics on Facebook.