Buckhannon native Kimberly Reed was confirmed by the U.S. Senate Wednesday as the president of the Export-Import Bank of the United States. Reed, a graduate of West Virginia Wesleyan College and West Virginia University, will be the first woman and first West Virginian to lead the bank.
Reed is the daughter of Buckhannon attorney Terry Reed and the late Janet Logue Reed.
The EXIM Bank provides financing for American businesses that seek to operate on a global scale, particularly when the risks are too great for private lenders, according to the bank’s website.
In total, the Senate confirmed three nominees of President Donald J. Trump as members of the board of directors Wednesday. The bipartisan votes restore the export credit agency to full financing capacity.
The Senate’s action re-establishes the quorum of three members on EXIM’s board of directors that is needed for the Bank to authorize transactions greater than $10 million. During the more than three years that the board was without a quorum, EXIM has been unable to approve these larger transactions, which prevented the bank from authorizing any long-term financings.
Sen. Joe Manchin supports Reed on the Senate floor.
“This is a great day for U.S. exporters, their workers, and their suppliers across the country,” said Ambassador Jeffrey D. Gerrish, EXIM chairman and president (acting). “EXIM has nearly $40 billion worth of export deals in the pipeline that can move forward in support of hundreds of thousands of American jobs. The Senate’s bipartisan votes today renew opportunities for U.S. exporters to compete on a level playing field in markets and industries where China and other nations are aggressively supporting their exporters.
“With EXIM restored to full functionality, our exporters again have a fighting chance to win export sales on the fair basis of quality and price instead of on the availability of government-backed financing.”
The Senate confirmed the following individuals to serve on EXIM’s board of directors for staggered terms that expire either in January 2021 or in January 2023, respectively.
Kimberly A. Reed of West Virginia was confirmed as president and chairman of the board of directors, with a term expiring in January 2021. Previously, Ms. Reed served in the U.S. Department of the Treasury, where she headed the Community Development Financial Institutions Fund that provides tax credits and financing to institutions investing in economically distressed communities. Most recently, Ms. Reed was president of the International Food Information Council Foundation, a nonprofit that collaborates on global food issues with governments, food and agricultural companies, and health organizations.
Spencer T. Bachus III of Alabama was confirmed as a board member, with a term expiring in January 20, 2023. Previously, Mr. Bachus had been a partner of Bachus and Broom LLC and had served as a member of the U.S. House of Representatives from 1993 to 2015.
Judith DelZoppo Pryor of Ohio was confirmed as a board member, with a term expiring in January 2021. Ms. Pryor has served as vice president, Office of External Affairs, at the Overseas Private Investment Corporation (OPIC), a self-sustaining U.S. government agency that helps American businesses invest in emerging markets.
Senate action is pending with respect to two additional nominees of President Trump for positions on EXIM’s board:
Paul Shmotolokha of Washington State has been nominated to serve as first vice president for the remainder of a four-year term expiring in January 2021. Mr. Shmotolokha presently serves as a senior vice president leading the international division of Alpha Technologies Inc., a global provider of power solutions for the broadband and renewable-energy industries.
Claudia Slacik of New York has been nominated as a board member, with a term expiring in January 2023. Ms. Slacik previously served at EXIM Bank as the chief banking officer and senior vice president from September 2013 to May 2016.