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Manufacturers support Reed to helm Ex-Im Bank

Manufacturers support Reed to helm Ex-Im Bank
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After years in limbo, the Senate Banking Committee is taking a small step to get the Export-Import Bank running at full strength again with the backing of business groups.

The National Association of Manufacturers (NAM) said head of a Thursday morning hearing that it supports the committee’s consideration Kimberly Reed to helm the bank.

NAM said in a letter to committee leaders that it is confident that "Reed will bring to the Ex-Im Bank strong experience in financial management and banking issues."

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"That experience, along with her strong recognition of the importance of the Ex-Im Bank to grow manufacturing and jobs in the United States, will provide much-needed leadership to ensure the Ex-Im Bank operates effectively to advance America’s export success, while ensuring proper fiscal operations at the agency," wrote Linda Dempsey, vice president of international economic affairs for NAM.

Reed was part of a group of nominees easily approved in December to join the Ex-Im Bank's board of directors.

But President TrumpDonald John TrumpTrump alludes to possible 2024 run in White House remarks Trump threatens to veto defense bill over tech liability shield Tiger King's attorney believes they're close to getting pardon from Trump MORE's first nominee — former Republican Rep. Scott GarrettErnest (Scott) Scott GarrettBiz groups take victory lap on Ex-Im Bank Export-Import Bank back to full strength after Senate confirmations Manufacturers support Reed to helm Ex-Im Bank MORE — failed to get through the committee at the time. 

Instead of nominating someone else to run the bank, in April, Trump tapped Jeffrey Gerrish, who also works for the U.S. Trade Representative (USTR), to be acting Ex-Im Bank president.

Finally in June, Trump tapped Reed, a former Treasury Department official in President George W. Bush's administration, for the post. 

The Ex-Im Bank has been without a confirmed chairman since Trump took office last year and has been without a quorum — at least three members of a five-member board — since late 2015.

That has put the 84-year-old bank in financial limbo over the past three years, short too many board members to make loans above $10 million.

Currently, there are nearly $43 billion in deals that are stuck in the pipeline due to the lack of a quorum, Dempsey wrote in the letter to Senate Banking Committee Chairman Mike CrapoMichael (Mike) Dean CrapoMnuchin to put 5B in COVID-19 relief funds beyond successor's reach Democrats accuse Mnuchin of sabotaging economy in dispute with Fed Shelton's Fed nomination on knife's edge amid coronavirus-fueled absences MORE (R-Idaho) and Sen. Sherrod BrownSherrod Campbell BrownRare Mnuchin-Powell spat takes center stage at COVID-19 hearing Biden introduces economic team, vows swift action on struggling economy Biden budget pick sparks battle with GOP Senate MORE (D-Ohio), ranking member on the panel.

Dempsey said Reed "is a superb choice" and the group supports quick action by the panel and the full Senate on her nomination.

There also are several pending nominees to the Ex-Im Bank board — Spencer BachusSpencer Thomas BachusManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Biz groups take victory lap on Ex-Im Bank On The Money: White House files notice of China tariff hikes | Dems cite NYT report in push for Trump tax returns | Trump hits Iran with new sanctions | Trump praises GM for selling shuttered Ohio factory | Ex-Im Bank back at full strength MORE, Claudia Slacik and Judith Pryor — all of whom the committee has already reported out favorably, that could move through the Senate. 

"Vacancies on the Ex-Im board of directors jeopardize the future of these small businesses and the 1.4 million jobs that the agency has supported over the past eight years," Dempsey wrote.