While the U.S. Export-Import Bank, which is an important “lender of last resort” for industry, secured a long-term reauthorization in December 2015, the bank still lacks a quorum for its board of directors, leaving the agency unable to review and approve transactions over $10 million.
All five board seats are currently open and will need to be confirmed by the U.S. Senate. The National Association of Manufacturers (NAM) is urging President Trump to take action to support the thousands of manufacturers that turn to the Ex-Im Bank for financing and insurance when the private sector cannot provide comparable tools.
NAM will also be urging members of the Senate Banking Committee to move quickly on consideration of nominees when the president announces them.
NAM is interested in identifying local exporters who plan to grow U.S. jobs if they can secure Ex-Im Bank financing support and in gathering examples of transactions in the pipeline that require bank board approval to move forward. Contact NAM’s Amy Rawlings. More from NAM. 2/22/2017