WASHINGTON—Several House Democrats are urging the Senate to allow a vote to confirm NCUA Board Member Mark McWatters to the board of the Export Import Bank.
NAFCU reported that House Democratic Whip Steny Hoyer (D-NY) joined three other Democrats in making the request to Senate Banking Committee Chairman Richard Shelby (R-AL). House Financial Services Committee Ranking Member Maxine Waters (D-CA), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI), and Rep. Denny Heck (D-WA) joined Hoyer to call for McWatters’ confirmation.
“As you know, absent a quorum on the board, the Bank is unable to approve medium- and long-term transactions worth more than $10 million – precisely the kind of deals where the need to offset foreign export financing support is most pronounced,” stated the letter, according to NAFCU. “Bank transactions that exceed the $10 million threshold directly support thousands of jobs in small- and mid-size companies each year. Many thousands more jobs at smaller U.S. companies that supply larger businesses are also at stake.”
President Barack Obama nominated McWatters to the Export-Import Bank board in January, however, analysts predict the Senate will not move to confirm any nominations during the election year. McWatters has about three years left on his current term at NCUA.