White House nominates Ex-Im’s Hochberg for second term

His first term would expire in July without the nomination, which was announced Thursday evening. 

{mosads}The bank, created in 1934, provides loan guarantees to foreign companies that want to do business with U.S. exporters. 

Senate Banking Committee Chairman Tim Johnson (D-S.D.), welcomed the nomination, saying that during Hochberg’s tenure, the bank has “set new records in exporting U.S. goods and services and expanded our reach into new international markets, which has helped support more than 250,000 American jobs.”

He said his committee would take up the nomination in a “timely manner.” 

Johnson contributed to last year’s bipartisan compromise to keep the bank operating until 2014 and increased its lending authority.

The nomination also got nods from the Coalition for Employment through Exports (CEE) and the National Association of Manufacturers (NAM). 

“Fred has been a strong and effective leader for the Ex-Im Bank during a time of unprecedented growth and demand for export financing,” said Jay Timmons, NAM’s president and CEO. 

“He recognizes the important role manufacturing plays in our economy and future.”

Last year, the bank provided more than $35.7 billion in financing.

Timmons credited Hochberg for extending the bank’s outreach to small- and medium-sized manufacturers, “enabling them to reach markets that were once unattainable and create more jobs.” 

Last year, 85 percent of the 3,400 companies that worked with the bank were small businesses, Timmons said. 

Small-business financing increased more than 70 percent to $3.3 billion between 2008 and 2012, according to the bank. 

“Under Fred’s tenure, the Export-Import Bank has set new records in support of U.S. exports of goods and services and ensured that the U.S. remains competitive in an increasingly globalized world economy,” said John Hardy, president of CEE. 

“Fred’s leadership and advocacy for small business and innovative U.S. exporters has been integral to increasing U.S. jobs and expanding the global presence of U.S. companies.”