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EXIM 2019 Advisory Committee Reviews EXIM’s Public-Private Reinsurance Program and Potential Reforms to EXIM Policies and Procedures; Convenes Diverse Stakeholders and Experts

FOR IMMEDIATE RELEASE October 31, 2019

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Washington, D.C. – The 2019 Advisory Committee of the Export-Import Bank of the United States (EXIM) met Wednesday to discuss EXIM’s priorities and agenda for reform and to receive input from diverse stakeholders.

The Advisory Committee also reviewed public comments on the agency’s economic impact procedures and proposed guidelines for assessing “additionality,” which is a test EXIM applies to determine whether a transaction likely would not go forward without financing provided by EXIM.

EXIM Advisory Committee Chairman, the Honorable Stevan Pearce, presided over the public meeting. Fifteen Advisory Committee members participated, along with EXIM President and Chairman Kimberly A. Reed and Board Members Spencer Bachus III and Judith D. Pryor.

The Advisory Committee engaged in a constructive conversation about the agency’s leadership on reinsurance through public-private partnerships and analyzed the results of a recent congressionally mandated pilot program, which provides another layer of protection for the American taxpayer. The committee also solicited a range of opinions on EXIM’s economic impact procedures and proposed additionality guidelines. EXIM also sought public comment on these procedures and proposed guidelines between September 10 and October 23, 2019.

Several external stakeholders and experts joined the strategic discussion, including Nicole Austin, senior vice president and director of federal affairs at the Reinsurance Association of America; Joe Monaghan, CEO of public sector partnership at Aon; Tod Burwell, president and CEO of the Bankers Association for Finance and Trade; Veronique de Rugy, senior research fellow at the Mercatus Center at George Mason University; and Linda Dempsey, vice president of international economic affairs policy at the National Association of Manufacturers.

EXIM Panel of Industry Leaders
From left to right: Tod Burwell, president and CEO of the Bankers Association for Finance and Trade; Linda Dempsey, vice president of international economic affairs policy at the National Association of Manufacturers; and Veronique de Rugy, senior research fellow at the Mercatus Center at George Mason University.

“I am fully committed to reforming EXIM, thereby providing positive results for America’s workers and businesses while protecting America’s taxpayers,” said EXIM President and Chairman Kimberly A. Reed. “The EXIM Advisory Committee, as required by Congress, advises the EXIM board on its programs and the extent to which the agency provides competitive financing to support American jobs through exports. The Advisory Committee’s input – which includes a diverse range of perspectives and expertise – is vital to me as we look to transform our agency.”

EXIM Advisory Committee Chairman Stevan Pearce applauded the EXIM team for inviting public comment on the additionality and economic impact procedures.

“EXIM is actively engaged in an agenda that demonstrates its commitment to reform, partnering with private institutions, and looking to the future performance of EXIM,” said Pearce. “EXIM will be stronger because of this effort, which provides yet another reason for Congress to pursue a long-term reauthorization.”

“The work of EXIM has never been more important to grow the U.S. economy and create jobs,” said Joe Monaghan, CEO of public sector partnership at Aon. “EXIM’s groundbreaking risk-transfer transaction in 2018 was a first for a U.S. government credit agency and a resounding success. It further demonstrated the agency’s ability to crowd-in private capital based upon an innovative, collaborative, and transparent approach. Aon’s Public Sector Partnership and the reinsurance market more broadly are excited to continue to expand upon this partnership in full support of EXIM’s important mission and are confident in its proven track record of success.”

“The important and transparent discussions we had today will help guide EXIM as it implements reforms to improve its protections for U.S. exporters and American businesses, and ensures that the agency is only supporting transactions when truly necessary,” said EXIM Board Member Spencer Bachus III.

“A fully operational EXIM is essential for American businesses as they navigate an increasingly complex global marketplace,” said EXIM Board Member Judith D. Pryor. “We heard this repeatedly from EXIM’s Advisory Committee members, including many representing American industry. These suggestions may ultimately help grow U.S. exports and support U. S. jobs.”

EXIM 2019 Advisory Committee Meeting
EXIM 2019 Advisory Committee Meeting to Analyze its Leadership in Reinsurance Through Public-Private Partnerships, and the Agency's Additionality and Economic Impact Procedures on Wednesday, October 30, 2019.

ABOUT EXIM BANK:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.

For more information about EXIM, please visit www.exim.gov.