July 20, 2018

Ex-Im Bank moves toward full strength after Senate hearing on key nominee

By: Brian Mittge   Comments: 0
Kimberly Reed, the administration's nominee to serve as president of the Export-Import Bank, testifies before the Senate Committee on Banking, Housing and Urban Affairs Committee on Thursday, July 19, 2018. (Photo screen cap courtesy senate.gov)

There was progress this week in the effort to get the Export-Import Bank fully functional.

Kimberly Reed, of West Virginia, the administration's pick to serve as president of the bank, received a confirmation hearing in Washington, D.C. The Senate Committee on Banking, Housing and Urban Affairs Committee posted a video of the hearing. Reed is a former Treasury Department official in President George W. Bush's administration and is a former president of the International Food Information Council Foundation.

The Hill reports that "after years in limbo, the Senate Banking Committee is taking a small step to get the Export-Import Bank running at full strength again with the backing of business groups."

Several other nominees have already been approved by the committee and await full Senate support.

The National Association of Manufacturers said Reed will be an "outstanding" leader of the Ex-Im Bank who believes in its mission and its crucial importance to manufacturing success in America.

"With her experience and expertise at the helm of the Ex-Im Bank, our industry and our country will undoubtedly be more competitive in the global economy," said NAM President Jay Timmons. "Manufacturers need Reed and the other nominees confirmed so we can regain a competitive advantage in the fight for jobs and business."

The 84-year-old Export-Import Bank has been in financial limbo for three years, The Hill reports. Without a quorum of board members, it cannot make loans above $10 million. The pipeline for loans is backed up with more than $40 billion in export deals awaiting the key credit guarantees the Ex-Im Bank can provide.

SpaceNews reports that satellite manufacturers are among those who need the bank's export loan guarantees to ensure a level playing field with foreign competition.

Contact Amy Anderson, AWB government affairs director for federal issues, to learn more about the importance of the Ex-Im Bank, and AWB's long advocacy for this crucial export-supporting institution.