The United States Senate has confirmed three nominees to the board of the Export Import Bank of the United States. This means that the Board now has a quorum and can approve deals over $10 million. The nominees and their background follow:
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.
Spencer Bachus III of Alabama was sworn in as a board member, with a term expiring in January 20, 2023. Mr. Bachus was a member of the U.S. House of Representatives from 1993 to 2015. He served as both chairman and ranking member of the House Financial Services Committee from 2008 to 2014, during the global financial crisis and its aftermath. Most recently, he was a partner of Bachus and Broom LLC.
Judith DelZoppo 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. (Source: EXIM Bank Press Release)
Two nominees remain to fill the other vacancies. The EXIM Bank’s charter is up for reauthorization this year. The GAC will keep you informed on developments.