Tell Your Senator to Support a Quorum for Ex-Im Bank’s Board of Directors

The U.S Export-Import Bank (Ex-Im) supports millions of U.S. jobs and helps businesses of all sizes compete in a global economy. The governing Board of Directors for this critical agency is currently without a quorum — and therefore unable to approve certain loan guarantees and other financial services. The Board has only two members right now, so it needs at least one more Director to review and approve financing for certain export transactions. It is up to the Senate Banking Committee to hold a nomination hearing and mark-up for J. Mark McWatters, who was nominated by the White House for the position earlier this year. After the Senate Banking Committee acts on the nomination, it will go to the Senate floor for a vote. Ask your Senator to support a quorum at the Ex-Im Bank.

BACKGROUND:

Ex-Im was reauthorized last year, but the Bank’s Board of Directors remains one member short of the quorum required to approve certain transactions. The Ex-Im Bank’s Board of Directors must have a quorum to act on transactions and policy changes that require Board approval, such as loan guarantees and other financing tools valued in excess of $10 million for medium- and long-term transactions. Additionally, the long-term reauthorization approved in December by a supermajority in Congress contained risk-management provisions that require action or approval from Ex-Im Bank’s Board of Directors in order to be implemented – including the appointment of a Chief Ethics Officer and the establishment of a Risk Management Committee. The agency cannot implement those provisions without a quorum.