The Satellite Industry Association (SIA) today announced it was encouraged by the nomination of Kimberly Reed as President of the Export Import Bank of the United States (Ex-Im Bank) and it strongly urged the United States Senate to quickly confirm her nomination. The White House recently announced the nomination of Ms. Reed by President Trump to serve as the Ex-Im Bank President for a term expiring January 20, 2021.
Confirmation of Ms. Reed would be a step towards the restoration of a quorum to the Ex-Im Bank board. Such as quorum is required to permit the Bank to provide credit support for projects exceeding $10 million. Although the Ex-Im Bank charter was reauthorized by lawmakers in late 2015, for almost three years it has been virtually closed to the satellite industry as lawmakers have failed to fill the Bank’s vacant board seats and provide the means necessary for Ex-Im Bank to provide credit support for projects in excess of $10 million.
“SIA strongly urges the Senate to confirm the nomination of Kimberly Reed and to take the additional confirmation actions needed to restore the Bank’s financing capabilities,” said Tom Stroup, President of SIA. “In the global satellite manufacturing market, government-backed Export Credit Agencies provide foreign manufacturers with a competitive advantage when competing with U.S. companies. Ex-Im Bank can level the playing field and permit American satellite manufactures to provide American jobs while reinforcing their market leadership position.”
SIA is a U.S.-based trade association providing representation of the leading satellite operators, service providers, manufacturers, launch services providers, and ground equipment suppliers. For more than two decades, SIA has advocated on behalf of the U.S. satellite industry on policy, regulatory, and legislative issues affecting the satellite business.