Groups Hail Confirmation of Ex-Im Bank Directors
The following organizations issued statements hailing the confirmation of Kimberly Reed, Judith Delzoppo Pryor and Spencer Bachus to serve on the board of directors for the Export-Import Bank of the United States. Their confirmations are a key step toward reauthorizing the Bank’s operations as soon as possible.
National Association of Manufacturers President and CEO Jay Timmons said:
Now that the Export-Import Bank is on track to be fully functional again, after a four-year hiatus, manufacturers in America can once more reach their full potential and more aggressively compete against China and others. While the agency was sidelined, billions of dollars’ worth of deals were lost to foreign competitors, resulting in tens of thousands of unrealized manufacturing jobs. Thanks to the leadership of President Trump, Leader McConnell and senators on both sides of the aisle, this self-inflicted damage is now over.
This bipartisan victory will be short-lived, however, if Congress does not act swiftly to reauthorize the Ex-Im Bank before the September deadline. For manufacturers, this is a serious threat looming on the horizon. If Congress fails to reauthorize the Ex-Im Bank, lawmakers will be responsible for slowing manufacturing’s growth and handing countries like China a competitive edge. Now is not the time to squander the historic progress we’ve made in recent years.
U.S. Chamber of Commerce Chief Policy Officer Neil Bradley said:
The U.S. Chamber applauds the Senate’s confirmation of three strong nominees — Kimberly Reed, Judith DelZoppo Pryor, and Spencer Bachus — to serve on the board of directors of the U.S. Export-Import Bank (Ex-Im). Their confirmation restores Ex-Im to full functionality and will allow the Bank to get back to its critical mission of supporting U.S. exporters. There is currently a backlog of nearly $40 billion in pending deals awaiting board approval at Ex-Im, and these deals will support thousands of good American jobs. The Chamber also stands ready to work with Congress to secure reauthorization of this important agency before its charter expires in September.
Aerospace Industries Association President and CEO Eric Fanning said:
Today’s confirmation of Kimberley A. Reed as President, and Spencer Bachus III and Judith DelZoppo Pryor as Members of the Export-Import Bank’s Board of Directors, is a long-awaited step towards putting the Bank back in the business of supporting American exporters of all sizes.
The Bank now has the required number of Directors to approve transactions over $10 million, and immediately can begin work to reduce the backlog of $40 billion in deals that have been awaiting approval. This begins to put American exporters on a level playing field with international competition with active support from their domestic export credit agencies.
The next step to send a clear signal that America is serious about competing in the global marketplace is for Congress to begin work on a long-term authorization for the Bank. The Bank’s current authorization expires at the end of the fiscal year, and American exporters will once again be fighting an uphill battle if Congress fails to pass a reauthorization bill.
The Bank is an important tool for American industry, including aerospace companies of all sizes. We look forward to working with Congress and the administration to ensure the Bank has the support it needs to fulfill its critical mission of supporting American exporters.