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Lambright Named Treasury's Chief Investment Officer for Troubled Asset Relief Program; Retains Position as Ex-Im Bank Chairman

FOR IMMEDIATE RELEASE October 21, 2008

Media Contact Name/Phone: 

Richard Diamond or Phil Cogan: (202) 565-3200

WASHINGTON, D.C. -- The Treasury Department announced today that it had named Export-Import Bank of the United States (Ex-Im Bank) Chairman and President James H. Lambright to serve as Chief Investment Officer for the Troubled Asset Relief Program on an interim basis until the position is filled permanently. Lambright will remain in his position at Ex-Im Bank while providing counsel to Secretary Henry M. Paulson, Jr. and Interim Assistant Secretary for the Office of Financial Stability Neel Kashkari as they develop and implement the program.

The Bank's bipartisan board and top-notch management team will ensure our customers see no change in operations, Lambright said. I will continue to provide leadership and guidance at the Bank while assisting the Treasury Departments critical effort to strengthen public confidence in our financial institutions and restore functioning of our credit markets.

Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide. For more information about Ex-Im Bank visit www.exim.gov.

For more information on the Troubled Asset Relief Program, visit www.ustreas.gov/initiatives/eesa.