Newly Reauthorized Export-Import Bank Will Get Ethics Office, Risk Manager
Export-Import Bank officials breathed a sigh of relief when President Obama on Friday signed the independent agency’s reauthorization after months of efforts by Republicans to abolish the bank as “corporate welfare.”
But changes are in the works, among them the bill’s requirements that the bank establish an ethics office and appoint a risk manager.
Bank President and CEO Fred Hochberg on Friday hailed the new law, telling employees, customers and other stakeholders that “beginning today, EXIM will be able to restart the work needed to meet its mission of supporting American jobs and equipping American businesses with the tools necessary to compete for global sales. Importantly, the bank secured a long-term reauthorization that will be in effect until Sept. 30, 2019.”