AIA Welcomes Senate Move on Export-Import Bank Nominees
May 3, 2019
Statement by Aerospace Industries Association President and CEO Eric Fanning on the Senate vote to close debate on the nominees for the Export-Import Bank of the United States
Arlington, Va. — The Export-Import Bank is a critical U.S. government tool for leveling the playing field against foreign competition for American exporters of all sizes. It’s especially valuable for supporting exports in the aerospace industry, providing government-backed loan guarantees when private financing is not available.
Today, the Senate voted to close debate on the nominees to the Bank’s Board of Directors, allowing them to receive a long overdue vote on confirmation. Currently the Bank does not have the required number of Directors to approve transactions over $10 million, resulting in a backlog of $40 billion in deals. Other countries around the world are supporting their industries through their export credit agencies, while the United States is not using this vital tool in our economic toolbox.
Should the nominees be confirmed, the Bank will be fully functional for the first time in four years. By creating quorum for the Bank, we are sending a clear signal that America is serious about competing in the global marketplace.
We strongly urge the Senate to confirm Kimberley A. Reed as President, and Spencer Bachus III and Judith DelZoppo Pryor as Members of the Bank’s Board of Directors.
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