Reauthorized Ex-Im Bank's chairman expects flood of applications

The U.S. Export-Import Bank (Ex-Im Bank) is back in business following its reauthorization late last week, and Ex-Im Bank Chairman Fred Hochberg detailed the return to operations in a statement late last week.

Hochberg said the bank is accepting applications for financing at all levels, including the energy sector, but he said transactions above $10 million require approval from the board of directors.

Because of the closure of the bank, members of this board will need to be confirmed by the U.S. Senate. Transactions over $10 million will be processed once a quorum is reached.

The statement requests patience from stakeholders and clients, as the bank anticipates having a large volume of applications to process as operations return to full service.

Hochberg said exporting companies play a big role in overall U.S. economic performance and health.The bank is now authorized to carry out its services until Sept. 30, 2019.

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