Senate

Dems want Obama to pressure Senate on Export-Import Bank

by Jordain Carney - 02/16/16 7:02 PM ET

Two Senate Democrats are pushing President Obama to urge the Senate to confirm members to the Export-Import Bank board of directors.

“We fought for Ex-Im Bank’s reauthorization so it could continue to level the playing field for U.S. exporters to help them compete and win in the global marketplace. We need a director to be confirmed so Ex-Im Bank’s Board can again approve deals that drive economic growth,” Sens. Patty Murray (D-Wash.) and Maria Cantrell (D-Wash.) wrote in a letter sent Tuesday to the president.

{mosads}They argue that until the Senate confirms a director, the board will be unable to achieve a quorum — the number of members required to approve transactions that exceed $10 million.

Democrats previously tried to get unanimous consent to confirm Patricia Loui-Schmicker to be on the board of directors, but were blocked by Sen. Richard Shelby (R-Ala.), who chairs the Banking Committee. The president withdrew her nomination earlier this year.

Shelby, who is up for reelection in November, has come under fire from Democrats, who argue that he is single-handily stalling banking-related nominees from coming to the floor for a vote.

Outside groups have increased their pressure on senators to confirm a nominee, pointing to the bipartisan support to renew the bank’s charter and arging that inaction will negatively impact American businesses.

The bank’s board currently has three vacancies. President Obama nominated J. Mark McWatters to be a member of the bank’s board of directors last month.

The letter comes after senators battled over the fate of the Export-Import Bank last year. Lawmakers initially let the bank’s charter expire amid pushback from conservatives before reauthorizing it as part of a long-term highway bill.

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