As we welcome the New Year, let’s take one last look back on a momentous occasion for EXIM in 2019.
On May 8, 2019, the United States confirmed three nominees as members of the board of directors of the Export-Import Bank of the United States (EXIM). The bipartisan votes restored the export credit agency to full financing capacity.
The Senate’s action re-established the quorum of three members on EXIM’s board of directors that is needed for the Bank to authorize transactions greater than $10 million. During the more than three years that the board was without a quorum, EXIM had been unable to approve these larger transactions.
The Senate confirmed the following individuals to serve on EXIM’s board of directors for staggered terms that expire either in January 2021 or in January 2023, respectively.
Kimberly A. Reed of West Virginia was confirmed as president and chairman of the board of directors, with a term expiring in January 2021. Previously, Ms. Reed served in the U.S. Department of the Treasury, where she headed the Community Development Financial Institutions Fund that provides tax credits and financing to institutions investing in economically distressed communities. Most recently, Ms. Reed was president of the International Food Information Council Foundation, a nonprofit that collaborates on global food issues with governments, food and agricultural companies, and health organizations. Chairman Reed was sworn in on May 9, 2019, at EXIM.
Spencer T. Bachus III of Alabama was confirmed as a board member, with a term expiring in January 20, 2023. Previously, Mr. Bachus had been a partner of Bachus and Broom LLC and had served as a member of the U.S. House of Representatives from 1993 to 2015, where he was both chairman and ranking member of the House Financial Services Committee from 2008 to 2014. Director Bachus was sworn in on May 9, 2019, in Alabama.
Judith D. Pryor of Ohio was confirmed as a board member, with a term expiring in January 2021. Ms. Pryor has served as vice president, Office of External Affairs, at the Overseas Private Investment Corporation (OPIC), a self-sustaining U.S. government agency that helps American businesses invest in emerging markets. Director Pryor was sworn in on May 10, 2019, at EXIM.
Since joining EXIM’s Board, the Directors approved a total of 1,132 small business transactions, totaling $1.24 billion in authorizations and supporting approximately 9,210 American jobs.