EXIM Advisory and Sub-Saharan Africa Advisory Committees Participate in Joint Meeting on Agency’s Mandate to Sustain American Jobs through Increased U.S. Exports
FOR IMMEDIATE RELEASE – September 11, 2019Media Contact Name/Phone: Kristin Rudman (202) 565-3201
Washington, D.C. – The Export-Import Bank of the United States (EXIM) convened meetings of the EXIM Advisory Committee (Advisory Committee) and EXIM Sub-Saharan Africa Advisory Committee (SAAC) today at the agency’s headquarters. All meetings were open to the public.
The Honorable Stevan Pearce, a small business owner and former member of the U.S. House of Representatives and the New Mexico House of Representatives, chairs the Advisory Committee. Daniel Runde, senior vice president and William A. Schreyer Chair in Global Analysis at the Center for Strategic and International Studies, chairs the SAAC.
After observing a moment of silence in observance of 9/11, the two committees held their first-ever joint session on priority topics and updates, including on EXIM’s programs, reforms, re-insurance pilot program, and Congressional reauthorization process as the agency’s charter lapses on September 30.
During a working lunch on the topic of “Economic Security is National Security,” the focus turned to the United States, China, and the competitive global landscape. Participants were SAAC Chairman Runde; Jim Cruse, EXIM senior vice president for the Office of Policy Analysis and International Relations; Larry Goodman, Advisory Committee member and president and founder of the Center for Financial Stability; and Jamal Ware, senior advisor on national security. Over the past 10 years, the world’s official export credit marketplace has changed dramatically and fundamentally. China has prioritized its use of export credit financing as part of its industrial strategy to create an alternative international finance/trade system.
Members of both committees also actively engaged on the importance of supporting small businesses and how the agency is working to fulfill its mission of supporting American jobs by leveling the playing field for U.S. businesses in the competitive global trade environment.
“The Export-Import Bank of the United States is a tool in the economic and strategic toolbox at a time when global competition has never been more intense,” said EXIM Advisory Committee Chair the Honorable Stevan Pearce. “With more than 100 export credit agencies in operation around the world, it is imperative that EXIM be reauthorized to help position American private industry to compete effectively in the global marketplace. This is not only an economic issue, but a national security issue as well. The world loves ‘Made in the USA’ products and that’s how we compete first and foremost, through the full faith and credit of the United States.”
“The Export-Import Bank of the United States’ projects have touched all corners of the globe, including Sub-Saharan Africa, which EXIM has a congressional mandate to serve,” said EXIM Sub-Saharan Africa Advisory Committee Chair Daniel Runde. “It is critical to reauthorize the agency as EXIM plays a key role in supporting economic growth and development in Africa through the export of ‘Made in the USA’ good and services. Countries want to do business with the U.S. and buy from American exporters, which delivers mutual benefits to the United States and our partners in Africa.”
“Re-establishing these Congressionally-mandated advisory committees, which have not convened since 2015, was a top priority for me,” said EXIM President and Chairman Kimberly A. Reed. “I look forward to working with both committees as to how EXIM can better serve American companies and their workers while also protecting the interests of U.S. taxpayers. President Trump asked me to do great things at EXIM and, as we work hard to transform the agency, today’s focus – particularly on the topic of China and competitiveness – was invaluable.”
Stephen Renna, EXIM’s chief banking officer, assessed EXIM’s programs since the nation’s only export credit agency was restored to full financing capacity earlier this year. The U.S. Senate re-established a quorum May 8 when it approved Chairman Reed and two additional members of EXIM’s board of directors, Spencer Bachus III and Judith D. Pryor.
The committee members also received updates from EXIM leaders Lisa Terry, senior vice president and chief ethics officer; David Slade, general counsel; Jim Burrows, senior vice president, Office of Small Business; David Sena, senior vice president, Office of Board Authorized Finance; Ross Branson, senior vice president, Congressional and Intergovernmental Affairs; David Fogel, chief of staff; Lauren Fuller, senior advisor to the chairman; and Mark Klein, regional director.
Following the joint session, the Advisory Committee and the SAAC held separate meetings. The Advisory Committee discussed EXIM’s Annual Report to the U.S. Congress on Global Export Credit Competition (Competitiveness Report), and the SAAC heard an update on President Donald J. Trump’s Prosper Africa(link is external) initiative.
The EXIM Advisory Committee, as required by Congress, advises EXIM on its programs and, in particular, on the extent to which the agency provides competitive financing to support American jobs through exports. The Advisory Committee, composed of 17 members, broadly represents an array of sectors and stakeholder groups, including small business, agriculture, environment, finances, labor, services, and textiles, among others.
The EXIM SAAC, composed of 11 members, was established by Congress to advise the EXIM board of directors on the development and implementation of policies and programs designed to promote EXIM’s engagement in Sub-Saharan Africa.
EXIM’s board of directors appointed members of both committees during the open session of the board meeting on July 31, 2019, following an open nomination process that included an invitation to submit nominations published in the Federal Register on June 21, 2019.