On May 8, the U.S. Senate formally confirmed three of the Trump administration’s nominees to the board of directors of the Export-Import Bank of the United States (EXIM). The nominees include Kimberly A. Reed, confirmed as president and chairman of the board, Spencer T. Bachus III, and Judith DelZoppo Pryor. Two additional nominees remain under consideration by the Senate.
The confirmation establishes a quorum of three members on the EXIM board of directors need for the bank to authorize transactions greater than $10 million. EXIM had been operating since July 2015 without a full quorum and was limited in its ability to approve larger, typically long-term financing deals.
EXIM’s inability to fully conduct larger deals hindered its overall ability to support smaller transactions that typically assist small and medium-sized enterprises (SMEs) and to be self-funding—covering its operations on fees and interest it receives from its beneficiary clients. In fiscal year 2018, EXIM reported $3.4 billion in transactions, down significantly from a high of $35.8 billion in 2015, and also forecast a $492.2 million operating deficit. The Wall Street Journal reports that EXIM’s own internal estimates value the amount of lost transactions since mid-2015 at $21.5 billion. While the restoration of EXIMs full financing capacity is welcome news to businesses seeking to increase American exports, EXIMs legal authorization will lapse on September 30, 2019 if Congress fails to reauthorize it past that date.
The Ex-Im Bank helps support U.S. exports through a range of programs, including guaranteeing loans to foreign buyers, credit insurance and some direct lending to foreign companies. To learn more about the range of products offered by the EXIM Bank, click here.
As a certified EXIM broker, Securitas has years of experience working with U.S. companies seeking to access EXIM’s services to help generate export-driven growth. Offering services such as trade credit insurance and risk insurance, Securitas is able to provide these trade insurance solutions, often at no cost to the exporter, and then works with its customers structure insurance solutions that meet their goals of sustained and secure long-term growth. In 2015, Securitas was named EXIM Broker of The Year.
Securitas is ready to help businesses, particularly SMEs interested in pursuing an export strategy, learn how to access EXIM’s services.
Links to these hearings:
EXIM Bank can get our exporters back in the game: https://bit.ly/2M3qrpY
Corporate Welfare Wins Again in Trump’s Washington: https://nyti.ms/2VW1C3z
Senate Revives Ex-Im Bank: https://on.wsj.com/2WhvhUb
The Senate is making a big mistake as it drags its feet over EXIM Bank confirmations: https://cnb.cx/2uJiAln
As an insurance broker rather than an insurance agent, Securitas Global Risk Solutions is able to apply to multiple carriers to find the best contract, with the most coverage, for the least cost. A carrier’s agent can only advise you as to that carrier’s specific contract. We have a team of experts who are available to you 24/7 to answer any questions or concerns. Additionally, our service comes at no charge to you.
Securitas Global Risk Solutions is pleased to note that it will once again be participating in the 2019 EXIM Conference, to be held at the Omni Shoreham Hotel in Washington, DC from March 28-29, 2019. The annual event showcases the work of the EXIM Bank and brings together over 1000 business leaders, government officials and foreign dignitaries from across the world with an interest in promoting U.S. exports.
The EXIM Bank is an independent and self-sustaining federal agency that provides a range of trade financing solutions – including loan guarantees, working capital guarantees, direct loans, and export credit insurance – to promote the sale of U.S. goods and services to foreign buyers. To learn more about the range of products offered by the EXIM Bank, click here.
The focus of this year’s conference will be the role of trade in promoting national security, as well as highlighting EXIM’s role in assisting American energy and manufacturing sectors. The program will include keynote speeches, panel discussions, as well as ample networking time for participants to discuss best practices, and export opportunities.
As a certified EXIM broker, Securitas assists U.S. exporters to identify, implement and manage the appropriate EXIM export trade credit insurance program to meet their goals of sustained and secure long-term growth. Securitas provides these services at no additional cost to the exporter. In 2015, Securitas was named EXIM Broker of The Year.
Securitas is ready to help businesses, particularly small and medium-sized enterprises (SMEs) interested in pursuing an export strategy and learn how to access EXIM’s export trade credit insurance programs.