SIA Strongly Applauds U.S. Senate On Ex-Im Bank Board Confirmations And The Restoration Of The Bank’s Full Financing Capacity
Washington, D.C., May 8, 2019 – The Satellite Industry Association (SIA) today applauded the United States Senate on its confirmation of three Presidential nominees as members of the board of directors of the Export-Import Bank of the United States. Kimberly A. Reed of West Virginia was confirmed as president and chairman of the board of directors. Spencer T. Bachus III and Judith DelZoppo Pryor were both confirmed as board members. The bipartisan votes also restore the export credit agency to full financing capacity.
The Senate’s action re-establishes the quorum of three members on Ex-Im Bank’s board of directors that is needed for the Bank to authorize transactions greater than $10 million. Although the Ex-Im Bank charter was reauthorized by lawmakers in late 2015, for over three years it has been virtually closed to the satellite industry as lawmakers have failed to fill the Bank’s vacant board seats and provide the means necessary for Ex-Im Bank to provide credit support for projects in excess of $10 million.
“SIA congratulates Kimberly Reed, Spencer Bachus and Judith DelZoppo Pryor on their Senate confirmations,” said Tom Stroup, President of SIA. “SIA strongly applauds today’s actions by the U.S. Senate which restore the Bank’s financing capabilities. In the global satellite manufacturing market, government-backed Export Credit Agencies provide foreign manufacturers with a competitive advantage when competing with U.S. companies. Today’s action helps level the playing field and permit American satellite manufactures to provide American jobs while reinforcing their market leadership position.”
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 non-profit 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.
About The Satellite Industry Association
SIA is a U.S.-based trade association providing representation of the leading satellite operators, service providers, manufacturers, launch services providers, and ground equipment suppliers. For more than two decades, SIA has advocated on behalf of the U.S. satellite industry on policy, regulatory, and legislative issues affecting the satellite business. For more information, visit www.sia.org.
SIA Executive Members include: AT&T Services, Inc.; The Boeing Company; EchoStar Corporation; Intelsat S.A.; Iridium Communications Inc.; Kratos Defense & Security Solutions; Ligado Networks; Lockheed Martin Corporation; OneWeb; SES Americom, Inc.; Space Exploration Technologies Corp.; Spire Global Inc.; and Viasat, Inc. SIA Associate Members include: ABS US Corp.; Airbus Defense and Space, Inc.; Analytical Graphics, Inc.; Artel, LLC; Blue Origin; Eutelsat America Corp.; ExoAnalytic Solutions; Globalstar, Inc.; Glowlink Communications Technology, Inc.; HawkEye 360; Hughes; Inmarsat, Inc.; Kymeta Corporation; Leonardo DRS; Panasonic Avionics Corporation; Peraton; Planet; Speedcast Government; SSL; Telesat Canada; and XTAR, LLC. SIA Affiliate Members include: The Aerospace Corporation; AQYR Technologies; COMSAT; Envistacom, LLC; Integrasys LLC, Kencast; Newtec; Phasor; RUAG Space; Sheppard Mullin; and Wiley Rein LLP