July 14, 2013
On behalf of the American Conservative Union, I urge you to vote against cloture on the nomination of Fred Hochberg for another term as Chairman of the Export-Import Bank. Despite the promises made at the time of the Bank’s reauthorization last year, Fred Hochberg has resisted every effort at reform and the Treasury Department has failed to fulfill the requirements of that authorization as well.
The agency’s own Inspector General has criticized the Export-Import’s Bank poor management and its concentration in airline subsidies, which have accounted for the vast majority of the Bank’s subsidy program in recent years. The IG’s recommendations included stress testing, creating a chief risk officer and giving the Bank’s board more authority. Hochberg resisted these recommendations for eight months, appointing a risk officer only when a House hearings turned up the heat and his term was about to expire.
At the same time, the Treasury Department has ignored the provision in the reauthorization to negotiate with the European Union to reduce and work toward eliminating export subsidies on both sides. Before Hochberg is confirmed for another term, it’s essential that he agree to more reforms and the Treasury Department follows the law and starts negotiations to end worldwide export subsidies which in the U.S. have harmed U.S. companies and helped their competitors abroad.
Please vote “NO” on cloture to confirm Fred Hochberg as Chairman of the Export-Import Bank.
Director of Government Relations
American Conservative Union
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For Immediate Release