CRAPO STATEMENT AT SENATE BANKING HEARING ON EXPORT-IMPORT BANK NOMINATION

WASHINGTON – U.S. Senator Mike Crapo (R-ID), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, today delivered the following remarks during a Banking Committee hearing on the nomination of the Honorable Fred P. Hochberg to be the President of the Export-Import Bank of the United States:

 

"Thank you, Mr. Chairman, for holding today’s hearing on the re-nomination of Mr. Hochberg to head the Export-Import Bank.

 

"Mr. Hochberg is no stranger to the Senate confirmation process.  He was previously confirmed as deputy director of the Small Business Administration in 1998 and as the Chairman and President of the Export-Import Bank in 2009.

 

"This committee has had ample opportunity to get to know Mr. Hochberg in the latter role, as he has appeared before us officially multiple times over the past four years.

 

"Last year’s Ex-Im reauthorization granted both new opportunities and challenges to the Bank’s mission.  I look forward to hearing from Mr. Hochberg about how he intends to respond to the new challenges.

 

"Specifically, what is currently the most substantial obstacle to private-sector financing that Ex-Im is working to overcome?  And, what steps will Mr. Hochberg take to mitigate the tension between the Bank’s support for export transactions and adverse impact to domestic companies?

 

"How will Mr. Hochberg work to address the perception that the Bank is offering so-called “corporate welfare” in the form of subsidies for big business?  And, how will Mr. Hochberg facilitate the financing of small business exports?

 

"Finally, what steps will Mr. Hochberg take to protect taxpayers by prudently managing the risk of Ex-Im’s portfolio, which contains a large volume of recent transactions?

 

"I look forward to Mr. Hochberg’s testimony and his answers to these questions.

 

"Thank you, Mr. Chairman."