October 11, 2016
Dear Mark:
Thank you for writing to express your support for President Obama’s nominee to the Export-Import (Ex-Im) Bank. I appreciate the time you took to write, and I welcome the opportunity to respond.
As you know, the Ex-Im Bank provides support for the export of U.S. goods and plays an important role in an increasingly globalized economy, where American businesses compete with foreign companies that receive generous subsidies from their home countries.
Congress passed legislation (Public Law 114-91) to extend the Ex-Im Bank’s charter through September 2019. However, the Ex-Im Bank’s Board of Directors currently has three vacancies on its five-member board, which makes it one short of a quorum. Without a quorum, the bank cannot approve transactions over $10 million, making it difficult for businesses to get the financing they need to compete overseas. Since 2011, the Ex-Im Bank has helped finance the export of goods and services for over 800 California companies with a total export value of about $18 billion. The vast majority of these companies are small businesses, a key driver for job creation.
On January 11, 2016, President Obama nominated J. Mark McWatters to be a member of the Ex-Im Bank’s Board of Directors. On April 12, 2016, Senate Majority Leader Mitch McConnell stated that, given the Senate’s recent passage of legislation to extend the Ex-Im Bank’s charter, he was amenable to giving this nomination consideration on the Senate floor. However, Senate Banking Committee Chairman Richard Shelby (R-AL) has stated that he is unwilling to consider Mr. McWatters’ nomination due to his opposition to the Ex-Im Bank.
Please know I appreciate hearing of your support for the President’s nominee to the Ex-Im Bank. While I am not a member of the Senate Banking Committee, I believe the Ex-Im Bank plays an important role in our economy, and I will continue to support its full operations. You may be interested to know that on June 30, 2016, I joined 41 of my colleagues in signing a letter to Senator Shelby urging the Senate Banking Committee to hold a vote on Mr. McWatters’ nomination to the Ex-Im Bank’s Board of Directors.
Once again, thank you for writing. If you have additional questions or concerns, please do not hesitate to contact my Washington, D.C., office at (202) 224-3841 or visit my website at www.feinstein.senate.gov. Best regards.
Sincerely,
Dianne Feinstein
United States Senator
DF:dxm
11
