Federal Spotlight: Ex-Im action stalled while board awaits new directors
February 23, 2017
The Export-Import Bank successfully secured a long-term reauthorization in 2015, but the agency has not been able to take action on major transactions because it lacks a quorum for its Board of Directors.
All five board seats are currently open and require confirmation by the Senate. Without a quorum, the agency is not able to review and approve transactions over $10 million. Lawmakers have indicated that President Trump has expressed a commitment to nominating members for the Ex-Im Bank Board of Directors.
The National Association of Manufacturers this week urged manufacturing advocates to support prompt action on the nominations once they’re brought forward.
“With every passing day, businesses in the United States are missing out on new business opportunities overseas, to the detriment of local economies and American jobs,” Amy Rawlings of NAM said in a statement. “As soon as the president announces his Ex-Im Bank Board nominations, I hope you will take action to help ensure the Senate Banking Committee moves swiftly to move those to a floor vote."