The U.S. Senate has put the Export-Import Bank back in full operation by confirming the nominations of Spencer Bachus, Judith DelZoppo and Kimberley Reed to fill open positions on the bank’s Board of Directors. Reed will serve as the board’s president.
The bank, which helps U.S. companies finance purchases by foreign buyers, has been limited to approving deals worth $10 million or less over the past several years by a political deadlock over filling seats. Aerospace companies have said they have lost business as a result.
Aerospace Industries Association President and CEO Eric Fanning praised today’s confirmations in a statement.
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.