EX-IM BANK/NOMINATIONS/TAXES/TRUMP AS PRESIDENT: “U.S. taxpayers could be on the hook starting next year for operating expenses at the Export-Import Bank, a trade-finance agency that can’t generate enough revenue because its leadership is in limbo due to congressional inaction.
C.J. Hall, the government agency’s acting chairman, who is stepping down Saturday [12-2-17], said in an interview that the bank will likely become a drain on U.S. taxpayers next year if the Senate doesn’t act to fill its board, because it has stopped bringing in enough revenue through the fees it charges to guarantee financing deals for U.S. exporters.
The Senate hasn’t filled empty board seats at the Export-Import Bank due to opposition from Democrats and some Republicans to President Donald Trump’s nominee to lead the agency, Scott Garrett, who has previously said it should be shut down. The Ex-Im Bank needs at least three of its five board seats filled to be able to approve financing for deals of more than $10 million. It currently has two board members and the number will drop to one—Scott Schloegel—after Mr. Hall leaves.
The Export-Import Bank has lacked a quorum for more than two years.”
-Andrew Ackerman and Josh Zumbrun, “Export-Import Bank on Track to Be a Drain on Taxpayers Next Year,” The Wall Street Journal online, Dec. 1, 2017 05:30am