Ex-Im Bank Alive But Not Well Thanks to Shelby

Sen. Richard Shelby
Sen. Richard Shelby

The Seattle Times reports on continuing problems at the Ex-Im Bank:

Hilliard’s Beer founder Ryan Hilliard was among numerous Washington business owners who breathed a sigh of relief when the Export-Import Bank was reauthorized by Congress in December.

But although the bank reopened, it’s still hobbled by an ongoing political battle. It lacks enough board members to approve transactions larger than $10 million, which affects major exporters such as Boeing, General Electric and Caterpillar….

Senate Banking Chairman Richard Shelby, R-Ala., has not allowed hearings to approve nominees for the Ex-Im Bank board.

[Ex-Im Chairman Fred] Hochberg said the board needs only one more member to have a quorum and start moving a backlog of more than $10 billion worth of $10 million-plus deals. That includes six transactions worth $2.6 billion from state exporters.

The Ex-Im Bank has become an important player in the satellite and launch industries in recent years.

Read the full story.