WASHINGTON — A GOP-controlled Senate panel rebuffed President Donald Trump on Tuesday, killing the nomination of his controversial pick to run the Export-Import Bank.

Two Banking Committee Republicans, Tim Scott of South Carolina and Mike Rounds of South Dakota, joined with Democrats to shelve the nomination of former GOP Rep. Scott Garrett of New Jersey to head up the bank, which provides loans, credit insurance and loan guarantees to help foreign buyers purchase U.S. exports.

It has many GOP critics who say it distorts markets and that too much of its help benefits large corporations like Boeing. Some U.S. businesses, including airlines, say the bank effectively subsidizes foreign competitors.

But it has bipartisan support in Congress, including backing from the GOP’s establishment wing, as well as outside Republican allies such as the U.S. Chamber of Commerce.

“We need to both reform the Export-Import Bank and ensure it continues to function as an important tool for American businesses large and small,” said Scott