The U.S. Export-Import (Ex-Im) Bank once again has a quorum on its board so it may resume its business of offering loan services to American exporters and other business customers to promote American-made goods overseas.
The Senate confirmed Kimberly Reed to be the bank’s president and former U.S. Rep Spencer Bachus (R-AL) and Judith DelZoppo Pryor as members of the board of directors on May 8. The bank’s charter calls for a total of five board members, but needs three to conduct transactions of $10 million and greater. The positions have been vacant for more than two years.
The MTD is a strong supporter of the Ex-Im Bank. Since its founding in 1934, all goods funded through the bank must be transported aboard American-crewed, U.S.-flag vessels. In addition, the bank does not cost taxpayers a dime. It actually reduces the national debt by transferring millions of dollars in receipts to the U.S. Treasury.
Conservative critics of the Ex-Im Bank, including the Heritage Foundation and Americans for Prosperity, have tried to kill the institution during this decade. Meanwhile, organizations like the U.S. Chamber of Commerce and National Association of Manufacturers – like the MTD – have openly supported the bank.
However, the bank faces another possible obstacle this fall when its charter comes up for renewal. After 81 years of continuous service, the Ex-Im Bank was forced to reduce its functions in June 2015 when Congress did not renew its charter. Six months later, the charter was renewed but bank opponents blocked efforts to confirm new board members thus cutting its ability to consider new loans.