Letter to the Hon. Mitch McConnell, Senate Majority Leader and the Hon. Charles Schumer, Senate Minority Leader - Call For Action To Restore EXIM
Dear Senator McConnell and Senator Schumer:
As you know, there are currently four qualified nominees up for consideration for the Board of Directors of Export-Import Bank (EXIM). We believe the Senate should move forward expediently in approving these nominees so that EXIM can continue to play the important role it has in past years, supporting U.S. exports and creating and maintaining U.S. jobs.
The importance of EXIM receiving a quorum on its board must also be stressed to members of the Senate who may be considering opposing the confirmation of these four board nominees. EXIM has not had a quorum on its Board of Directors since July 2015, resulting in an inability to approve long-term transactions of over $10 million. This has had a severe impact on the bank's ability to support American exports.
Without a quorum in FY2017, EXIM was only able to authorize $2.4 billion in loans, guarantees and insurance, supporting just 2,412 exporters, 40,000 U.S. jobs, and $7.4 billion in U.S. export sales. This is a sharp decline from FY2014 when EXIM had a quorum and was able to approve $20.5 billion in loans, guarantees and insurance, supporting 3,563 exporters, 165,000 U.S. jobs, and $27.5 billion in U.S. export sales.
The importance of EXIM in the ever-growing international market cannot be understated. This entity allows American companies to compete against the more than 79 nations that maintain export credit agencies to assist their nation's exports, including top exporters like China, Canada, and Mexico.
In addition to helping American manufacturers maintain competitiveness in the international market, EXIM also entices more companies to manufacture in the United States. Without a functioning EXIM, companies may be more inclined to manufacture in countries with an export credit agency.
This is a newly energized America with a desire to grow American jobs and manufacturing. EXIM is another tool we should be using to continue to promote U.S. exports, create American Jobs, and aid U.S. manufacturers in a competitive global marketplace. That is why it is so important that EXIM has a quorum on its Board of Directors, and we respectfully request that the Senate move swiftly to confirm these nominees.