The National Association of Manufacturers (NAM) wants the Senate to complete as soon as possible the confirmation process for four outstanding Trump administration nominees to the U.S. Export-Import Bank board.
The trade group called the leadership vacuum at the bank dire, especially with the announcement last week that Acting Ex-Im Bank Vice Chairman Scott Schloegel is resigning. Acting Bank Chairman and President Charles Hall resigned in December. With Schloegel’s exit, the Ex-Im Bank will now have none of its five board seats filled.
In December, the Senate Banking Committee favorably reported the nominations of Kimberly Reed, Spencer Bachus, Judith Pryor and Claudia Slacik to Ex-Im Bank board, but the final approval has, so far, been stalled in the full Senate.
In a March 22 letter to Senate leaders, Jay Timmons, NAM’s president and CEO, said the Ex-Im Bank confirmations are “essential to bring the Ex-Im Bank to full functionality.”
He pointed that since mid-2015 the bank’s lack of a quorum on the board has meant that U.S. exporters are unable to secure loans greater than $10 million from the Ex-Im Bank.
“As a result, countries in Europe and beyond have been luring U.S. manufacturers to set up shop overseas to take advantage of foreign export financing because the U.S. system is effectively broken,” Timmons said. “Manufacturers in the United States have lost billions of dollars in deals, and tens of thousands of American workers have lost opportunities for well-paying jobs supported by the exports that the Ex-Im Bank could have helped secure."