The US Senate confirmed Kimberly Reed as president of the US Export-Import Bank (Ex-Im Bank), along with Spencer Bachus III and Judith DelZoppo Pryor as members of the board of directors.
With their confirmations, the Ex-Im Bank now has the board quorum required to approve loans greater than USD10 million and longer than seven years, something it has not been able to do since 2015.
Marco Poisler, chief operating officer global energy and capital projects at Houston-based project forwarder UTC, has been a staunch supporter of the Ex-Im Bank and has lobbied extensively for its return to full functionality. “Since 2015, a small number of opponents have blocked filling these vacancies. The National Association of Manufacturers (NAM) estimates the USA lost at least USD119 billion in manufacturing output, translating into 80,000 fewer manufacturing jobs in 2016/17 alone as a result,” he said. Read More....