Today, more than 80 U.S. Senators joined together to confirm Fred Hochberg for a second term as President of the Export-Import Bank. This bipartisan expression of support comes as no surprise as the Bank, under Mr. Hochberg’s leadership, has been a champion of job creation during a period of economic turmoil.
The Ex-Im Bank’s focus on supporting exports has allowed manufacturers in the United States to reach new markets and continue to do what they do best – create jobs, grow the economy, and increase our global competitiveness. Last year alone, the Bank authorized more than $35 billion in financing for U.S. exports, which supported more than 255,000 American jobs and 3,400 U.S. companies, 85% of which were small businesses.
While President Hochberg’s confirmation ensures job creators will continue to have a steady ally at the Ex-Im Bank, the vote more importantly ensures the Bank’s Board of Directors will have the necessary quorum to approve transactions and operate effectively.
The NAM commends the Senate on this important vote and looks forward to working with Ex-Im Bank as it continues working to keep U.S. manufacturers competitive in global markets.