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

The U.S Export-Import https://exportersforexim.org/files/action_subdomain/19738/bank (ex-im) supports millions of u.s. jobs and helps businesses of all sizes compete in a global economy. the governing board of this critical agency is currently without a quorum and is 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 high value u.s. exports. it is up to the senate banking committee, the chairman of which is alabama’s own u.s. senator richard shelby (r-al), to hold a nomination hearing for the board nominee j. mark mcwatters, who was put forward by the white house in january. ask senator shelby to ensure a quorum by holding a nomination hearing as soon as possible for j. mark mcwatters. 

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. Those kinds of transactions account for approximately two-thirds of all Bank transactions by dollar value. Additionally, the long-term reauthorization approved by Congress in 2015 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