Good People,
I am very optimistic for better prospects with a resourceful deliberations for "Africa Forward" with firm resolutions from US/Africa bilateral ties
at African Leadership Forum Summit.
Good Africans, let us all Pray for a successful win win Summit that shall
bring and formalize good relations between Africa and USA ties moving forward. What is needed to succeed, is ways of engagement in doing business differently from avoiding paying of taxes, commit to controlling corruption and reliance to handouts. The new approach must strategize on Public Institutions Functionability that provides regulatory for Checks and Balances in Transparency and Accountability. It must offer security and in honoring the paying of taxes and encouraging project innovations for employment expansion with job creations which creates opportunities for Progressive Social Welfare growth and sustainability.
This will be a sure way to success.
Presently, Africa is invaded by Aliens engaging in the scramble for Land Grabbing wiyh illegal occupation of public land rendering people into slaves and homeless. As a result, this has turned Africa into bloody civil wars by politically organized terrorist gangscontinnually killing mercilessly and are exterminating people with careless raping of women and turning the African Society into slavery with extreme poverty..........expecting the few rich to feed the whole society trickling down. This is unacceptable.
It is high time African Diaspora most definately begin to engage positively and progressively in matters of US/Africa Partnership for Development doing business differently............which is why, this summit shall open new ways for opportunity for Africa/USA ties and engagement moving forward.
Cheers everybody!!!
Judy Miriga
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA
http://socioeconomicforum50.blogspot.com
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BySahil KapurPublished June 24, 2014, 4:16 PM EDT 6704 views
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The incoming House majority leader, Kevin McCarthy, is seeking to appease Republican hardliners by supporting the removal of funding from the Export-Import Bank Photograph: J Scott Applewhite/AP
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA
http://socioeconomicforum50.blogspot.com
----- Forwarded Message -----
From: MELVIN FOOTE <mfoote2420@aol.com>
To: Amina Salum Ali <balamina56@yahoo.com>
Sent: Wednesday, July 30, 2014 1:24 PM
Subject: U.S.-Africa Leaders Summit - Please Post
From: MELVIN FOOTE <mfoote2420@aol.com>
To: Amina Salum Ali <balamina56@yahoo.com>
Sent: Wednesday, July 30, 2014 1:24 PM
Subject: U.S.-Africa Leaders Summit - Please Post
FYI
Here's a different take on next week's U.S.-Africa Leaders Summit from Africa Strictly Business:
New York's premiere Black professionals & small business magazine
CEO, AfricaStrictlyBusiness.com39 Broadway, Suite 2430
New York, NY 10006
Tel.: 212-962-3791, Ext. 205
E-mail: rmclymont@tnj.com
Web site: www.tnj.com; www.africastrictlybusiness.com
========================
Export-Import Bank Reauthorization Debate Splitting Republicans
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Export-Import Bank Reauthorization Debate Splitting Rep... Congressional Republicans appear divided by the debate over the Export-Import Bank of the U.S. | |||||||
IBTimes - Sat, 06/28/2014 - 20:19
Pressure appears to be building within the Republican Party to reauthorize the Export-Import Bank rather than letting it expire Sept. 30, The Hill reported.
Reps. John Campbell (R-Calif.) and Stephen Fincher (R-Tenn.) are both working on legislation that would reform the official U.S. export credit agency, which helps finance the export of goods and services to international markets.
Government auditors say the Ex-Im actually makes money for taxpayers, leveling the playing field for U.S. companies in countries that subsidize their industries.
But in an op-ed piece for Investors Daily, Lawrence Kudlow noted in arguing against reauthorization 60 percent of Ex-Im money goes to 10 giant corporations including Boeing, General Electric, Caterpillar and Bechtel. And even the 20 percent left over goes to companies with 500 to 1,500 workers.
Delta Airlines estimates Ex-Im loans to foreign airlines to buy Boeing planes have cost Delta 2,500 domestic jobs.
The Tea Party has been highly critical of the agency, calling it the height of crony capitalism but the U.S. Chamber of Commerce and other business groups are fighting to save the Ex-Im Bank, the Washington Post reported.
Rep. Jeb Hensarling (R-Texas), who is opposed to reauthorization, said the Ex-Im does nothing to foster free enterprise.
"For the sake of our republic, our movement had best unmask the imposters and come down clearly on the side of free enterprise," he said in a recent speech at the Heritage Foundation.
The bank's authorization coincidentally expires the same day Congress will need to act on a continuing resolution to keep the government open.
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GOP Divisions Emerge In First Major Battle Of The Post-Cantor Era
AP Photo / J. Scott Applewhite
House and Senate Republicans appear divided on whether to keep the Export-Import Bank alive in the wake of House Majority Leader Eric Cantor's defeat. The emerging battle has pit the conservative wing of the party against the business community, White House and Democrats.
Incoming House Majority Leader Kevin McCarthy (R-CA) changed his longstanding position on Sunday when he came out against reauthorizing the Export-Import Bank once its charter expires on Sept. 30. The trade bank, first established in 1934, assists the sale of U.S. exports with loans, guarantees and other financial products.
House Speaker John Boehner (R-OH) refused to support its reauthorization when asked Tuesday morning. But Senate Minority Leader Mitch McConnell (R-KY) said the issue of whether to reauthorize the Ex-Im Bank should come up for a vote.
"I think we ought to take it up," McConnell told reporters on Tuesday afternoon. "I haven't decided what I'm going to do but I do think it's an issue that's important enough to be debated and voted on in the Senate."
That's an interesting position because Democrats are overwhelmingly supportive of renewing Ex-Im, so they'd need just a handful of Republicans to clear a filibuster. When the issue last came up in 2012, 27 out of 47 Republican senators voted with all Democrats and one independent for the bank, in a deal brokered by Cantor. (McConnell voted against it then.)
Outside conservative advocacy groups including the Club For Growth and Heritage Action have been beating the drum to shut down the trade bank, decrying it as a bastion of corporate welfare and cronyism. Along with McCarthy, incoming House Majority Whip Steve Scalise (R-LA), House Financial Services Chair Jeb Hensarling (R-TX) and House Budget Chair Paul Ryan (R-WI) all want to dissolve the bank. David Brat, the tea party-backed challenger who defeated Cantor, made opposition to corporate welfare a major issue in his campaign.
Senate Majority Leader Harry Reid (D-NV) told reporters Tuesday that the Ex-Im Bank is "so very important" to the U.S. because it's "something that creates jobs." He called on Republicans in the business community to "direct attention to House Republicans."
In a preview of how Democrats intend to attack Republicans on the issue, Sen. Chuck Schumer (D-NY) said in a statement, "The Tea Party is moving the Republican Party so far to the right on important issues like the Export-Import Bank, that the business community is now farther from the Republican Party and closer to Democrats. On issue after issue, from Ex-Im to immigration reform and tax extenders, the Republican leadership in the House is choosing the Tea Party over groups like the Chamber of Commerce that used to be the bedrock of the GOP."
There are is already speculation in the finance community that Democrats may seek to attach Ex-Im reauthorization to a funding bill to keep the federal government open past Sept. 30, which could potentially lead to a shutdown standoff. Reid declined to say Tuesday if he'd consider using government funding as a vehicle to keep the bank alive.
White House spokesman Josh Earnest quoted President Ronald Reagan expressing support for Ex-Im upon making the case for reauthorization, arguing Monday the trade bank aids U.S. companies that create jobs.
Also on Monday, the Chamber of Commerce, usually a strong ally of the Republican party, urged Congress to take up and pass reauthorization of Ex-Im, insisting that it would help the economy. Chamber President Tom Donohue told reporters on a conference call that the group would make its case to McCarthy and other lawmakers.
Asked if he believes shutting down Ex-Im would harm the economy, Boehner replied, "I don't know."
About The Author
Sahil Kapur is TPM's senior congressional reporter and Supreme Court correspondent. His articles have been published in the Huffington Post, The Guardian and The New Republic. Email him at sahil@talkingpointsmemo.com and follow him on Twitter at @sahilkapur.
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Ex-Im Bank: Republican infighting over fate of government-run business lender
Hardliners exploit change of majority leadership to attempt shutdown of bank that provides financing to US exporters
Email- Paul Lewis in Washington
- theguardian.com, Wednesday 25 June 2014 06.00 EDT
- Jump to comments (23)
The incoming House majority leader, Kevin McCarthy, is seeking to appease Republican hardliners by supporting the removal of funding from the Export-Import Bank Photograph: J Scott Applewhite/AP Conservatives in the Republican-controlled US House of Representatives, emboldened by the recent demise of majority leader Eric Cantor, are coalescing around a drive to to defund a state-run bank that boosts the American export market.
In the first legislative test of conservative power in the GOP since Cantor's departure, rightwing Republican factions are seeking to force the closure of the Export-Import Bank of the United Stateswhich has been repeatedly backed with bipartisan congressional support since it was created in 1934.
The move has prompted an immediate retaliation from more moderate, pro-business Republicans, amid signs that the party's House conference is descending once again into an internecine scrap just days after a swift change in the party's leadership resulted in the election of Kevin McCarthy as the party's new majority leader.
McCarthy opted to appease conservatives over the Ex-Im Bank, as it is known, signalling he is willing to see it cease providing loans to US companies after its charter expires at the end of September.
That move, the first major gesture since McCarthy ascended to the second-ranking position in the House, has prompted a frustrated response from congressman Charles Boustany, who is leading a backlash within the party. Boustany, from Louisiana, led a pack of 41 Republicans who wrote to McCarthy this week warning that failing to renew the bank's charter would be tantamount to "unilateral disarmament" in the battle for export business with China and Europe.
"This has become caught up in some of the leadership dynamics," Boustany told the Guardian, speculating that McCarthy may be trying to stave off a challenge to his nascent leadership after November's midterm elections. "I think it is unfortunate that good policy is being held hostage to politics."
Meanwhile the White House and Democrats in Congress are relishing the prospect of a battle over a bank that serves small and medium-sized businesses and, according to its own analysis, has supported more than 1.2 million jobs in the US over the last five years. The bank is self-sustaining and claims that last year it actually returned $1bn to the Treasury.
Democrats in the House on Tuesday introduced a bill that would extend the bank's charter for seven years.
The Ex-Im Bank is effectively an export credit agency that lubricates the US export market with capital and loan guarantees, as well as credit insurance, and as such the economic impacts of its assistance are hotly contested.
There are 59 other equivalent credit agencies that support exports from other major economies around the world, including in Europe and China. Supporters of the US version argue that cutting off the assistance it provides US exporters, which struggle to receive support from private banks, would significantly disadvantage the US economy.
The Ex-Im bank also creates incentives for foreign companies to buy US goods and services; in total around 2% of financing for US exports is conducted through the Ex-Im Bank.
Critics of the bank say that while most of its transactions involve small or medium-sized businesses the bulk of its financing benefits multinational corporations such as Caterpillar, Bechtel, Boeing and General Electric, whose exports are unlikely to be radically affected if the financial assistance is turned off.
On Wednesday the chairman of the Ex-Im Bank, Fred Hochberg, will appear before the powerful House financial services committee, which is divided over whether to renew the bank's authorisation. Several committee members, including the second and third most senior Republican members, are signatories of Boustany's letter, which was addressed to McCarthy and the Republican speaker of the House, John Boehner.
"In a perfect world this type of export financing would not be necessary," said the letter, first obtained by The Hill. "However, failure to reauthorize Ex-Im would amount to unilateral disarmament in the face of other nations' aggressive efforts to help their exporters."
Another signatory, John Campbell of California, is believed to be behind efforts to create a bill that would further reform the Ex-Im Bank but allow it to continue financing the export market.
The committee's staunchly conservative chairman, Jeb Hensarling, who Boehner indicated would be the key figure in determining how the issue proceeds, is one of the most hostile critics of the Ex-Im Bank in the House.
Hensarling briefly flirted with running against McCarthy for the role of majority leader but backed out of the race when McCarthy quickly surfaced as the frontrunner. However even without Hensarling in the race, reauthorisation of the Ex-Im Bank became a significant behind-the-scenes issue during the GOP leadership election.
The bank's reauthorisation was one of the first subjects raised, for example, during a closed-door gathering of GOP members to question candidates standing for majority leader and chief whip prior to last week's elections. Several Republicans, according to sources present in the meeting, wanted assurances that McCarthy would not give floor time to a bill to reauthorise the bank, which critics have labeled "corporate welfare".
Four days later, after winning the majority leader role, McCarthy appeared on Fox News and announced he would be willing to allow the bank's charter to expire. "One of the problems with government is it's going to take hard-earned money so others do things that the private sector can do. That's what Ex-Im Bank does," he said. His comments were immediately welcome by conservatives.
On Tuesday, after hosting a meeting of Republican members, Boehner was less committal over the issue but sounded pessimistic about the bank's future.
"Some people believe we shouldn't have it at all," he told reporters. "Others believe we should reauthorise it with significant reforms. We're going to work out a way through this." He added that survival of the Ex-Im Bank was "a rather controversial subject, especially in light of some of the employees, who were let go, accused of kickbacks and other schemes to pad their own pockets".
Boehner was referring to a Wall Street Journal article reporting how four Ex-Im Bank officials have been suspended or removed in recent months amid allegations of kickbacks and corruption.
Evidence of mismanagement and inefficiency are among the reasons conservatives claim to want to close at the 80-year-old bank, even though when Congress last renewed the charter in 2012 it insisted on a raft of reforms that appear to have been fully implemented.
The issue dividing Republicans is primarily ideological, revealing a deep rift between free-market purists in the party and those who believe government should continue a limited role in supporting business.
Diane Katz, a research fellow at the Heritage Foundation, who has written extensively about the bank and is one of its chief intellectual opponents, said management issues were secondary to a more fundamental view about the appropriate limitations of government.
"Philosophically, even if the bank operated angelically, even if it was perfect, even if it in fact did return a surplus to the US Treasury, it is not the proper role of government to be financing business deals," she said.
Heritage and Club for Growth are among a coterie of Washington-DC based conservative groups that pushed for the US federal government shutdown last year and have now identified the campaign against the bank's reauthorisation as the next significant battleground.
Katz said the issue chimed with a rejection by Republican grassroots activists of a government they believe has grown too large, encroaching on private enterprise. She conceded that most activists in Republican districts were unlikely to know what the Ex-Im Bank is, then added: "But they'll be really happy to hear that it is gone."
Conservatives are newly confident in the wake of Cantor's departure, which ultimately resulted in the election of Steve Scalise, the rightwing chairman of the Republican Study Committee, to the powerful position of chief whip in the House.
Before Cantor's departure a chief of staff to a Republican congressman, speaking to the Guardian on the condition of anonymity, predicted the Ex-Im Bank issue was likely to reveal the waning power of the likes of Heritage and Club for Growth, which had tried and failed to get a succession of Tea Party-aligned candidates to win in Republican primaries this season.
In the wake of Cantor's shock defeat to a virtually unknown Tea Party-backed professor earlier this month, the power dynamics in the House appear to have been jolted rightwards and conservative groups are keen to flex their muscle. McCarthy, for example, backed reauthorising the bank in 2012 and has yet to explicitly explain why his position has since changed.
He is facing stiff opposition from both the Chamber of Commerce and the National Association of Manufacturers, two hugely influential lobbying outfits in Republican circles, which are throwing their might behind the concerted effort to reauthorise the bank.
The NAM president and CEO, Jay Timmons, promised a "full-court press" on Capitol Hill, both in the House and Senate, to keep the bank alive, and has recruited Dick Gephardt, the former Democratic majority leader of the House, and Haley Barbour, a former governor of Mississippi, to lead the charge. Members of Congress have begun receiving calls from a whole range of business lobbyists and potential campaign donors urging them to support the bank.
Speaking on conference call to reporters, Tom Donohue, who runs the Chamber of Commerce, pointed out that 112 out of the current crop of House Republicans voted for reauthorising the bank two years ago. Donohue said his organisation would, like Heritage and Club for Growth, make reauthorisation a key issue.
He made a series of veiled threats about Republicans who could be vulnerable in their district in November's midterm elections, which he noted would take place just over a month after the bank's charter is due to expire. "This is not gonna be done just in Washington," he said of the effort to lobby Republican lawmakers. "This is gonna be done back at home where they live."
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H
ouse Financial Services Committee Hearing| Federal Information & News Dispatch, Inc. |
Good morning, Chairman Hensarling, Ranking Member Waters, and distinguished members of this Committee.
Thank you for the invitation and opportunity to testify before you about the activities of the Office of Inspector General (OIG) and the programs and operations of the Export-Import Bank (Ex-Im Bank) as it relates to Export-Import Bank oversight and its pending authorization. Before I continue, I would like to thank the Almighty for this opportunity, my family, and the members of the Ex-Im OIG staff for their hard work.
I. Ex-Im Bank
The Ex-Im Bank is the official export credit agency (ECA) of the United States. Ex-Im Bank supports the financing of U.S. goods and services in international markets, turning export opportunities into actual sales that help U.S. companies of all sizes to create and maintain jobs in the United States. Ex-Im Bank has programs to address short, medium, and long-term needs of exporters; assuming the credit and country risks that the private sector is unable or unwilling to accept. Ex-Im Bank also helps U.S. exporters remain competitive by countering the export financing provided by foreign governments on behalf of foreign companies. At the same time, Ex-Im Bank must safeguard taxpayer resources by determining that there is a reasonable likelihood of repayment with respect to each of its transactions.
Ex-Im Bank is experiencing unprecedented growth - achieving three straight years of record authorization levels. Between FYs 2012-2013, Ex-Im Bank authorized over $60 billion in transactions. This is in addition to over $32 billion in FY 2011. Further, Ex-Im Bank's portfolio has increased by 94% since 2008 ($58.4 billion in FY 2008 vs. $113.8 billion in FY 2013). In the current Charter, Ex-Im Bank has authority to approve up to $140 billion in export transactions, subject to meeting certain credit-related performance criteria.
Naturally, this rapid growth in Ex-Im Bank's total portfolio exposure raises concerns as to Ex-Im's ability to manage and monitor this significant portfolio growth. Below in section III, we highlight the OIG's observations of some of the risks and challenges Ex-Im Bank faces and our recommendations for mitigating the issues we have identified.
II. Ex-Im OIG
Ex-Im OIG was statutorily created in 2002 n1 but the Inspector General did not officially take office until August 2007. The OIG has achieved notable success in performing its statutory duties. Specifically, since FY 2008, multiple audit, evaluation and special reports have been issued in the areas of risk management, domestic content, economic impact, IT systems, direct loan program, working capital delegated authority program, medium term program, sponsored travel, and performance metrics. In addition, the office has produced a number of inspection reports examining specific credit transactions approved by Ex-Im Bank. Further, our investigative efforts have resulted in a number of law enforcement actions against parties who have attempted to defraud the Bank, including 71 indictments and informations; 45 convictions; two extraditions; approximately 500 referrals of information to Bank management for enhanced due diligence actions; and over $277 million in court imposed restitution, forfeitures, repayments and cost savings efforts. All of this has been accomplished with a very modest annual budget that started at $1 million and is now approximately $5 million.III. Operational Areas - Risks, Observations and Challenges
In order to manage its growing portfolio and to better meet export credit needs of the American exporters, it is our opinion that Ex-Im Bank and Congress can take steps to address some operational weaknesses and challenges facing the Bank. We believe that addressing these operational weaknesses and challenges would provide Ex-Im Bank with a more efficient and prudent capability to create and maintain jobs in the United States. Some of the most important risks, observations and challenges Ex-Im Bank and Congress should address are:
. Develop a More Comprehensive Risk Management Framework to Manage Portfolio Risk and Monitor Market Trends.
Last year, I testified before this Committee about the need for Ex-Im Bank to enhance its risk management framework. Back then, we stated that Ex-Im Bank should proactively manage the risk of its growing portfolio in line with common practices of commercial and multilateral development banks. Specifically, we recommended that Ex-Im Bank should:
* establish a Risk Officer or create a risk management office with independent reporting requirements to the Chairman;
* assign qualified and experienced staff to that office;
* conduct periodic stress testing on its entire portfolio reflecting different market, industry, and macroeconomic scenarios; and
* actively monitor industry, geographic and obligor exposure levels.
As of today, Ex-Im Bank has taken some steps towards improving its risk management framework, however, opportunities for improvement still exist. For example, Ex-Im Bank established and hired a Chief Risk Officer (CRO) and restructured reporting lines to separate origination functions from risk management functions. However, the position of Chief Risk Officer was established as a non-career appointment and with additional management responsibilities supervising the legal and administrative functions of the Bank, which could dilute the focus of the position on credit risk issues. In addition, Ex-Im Bank has initiated some stress testing of its portfolio utilizing a top-down analysis of the portfolio as well as a bottom-up approach on some obligors. The results of the first stress testing process were conveyed to Congress in the Default Report dated September 30, 2013. The Bank has also established an Enterprise Risk Committee and recently provided documentation on its activities to the OIG. Finally, Ex-Im Bank commenced the use of several qualitative factors in its re-estimate process to account for the impact of such factors in the portfolio. The application of such factors in the re-estimate process commenced in the fall of 2012 and resulted in an upward revision of its loss reserves.
. Inefficient and Ineffective Information Technology (IT) Platform.In 2012, we reported that Ex-Im Bank was using an ineffective, inefficient, and fragmented IT platform and infrastructure composed of several legacy systems and databases. These systems and databases do not effectively and accurately interface with each other - compromising data integrity, creating duplicative information, and creating unreliable files. Further, these systems make data mining and analysis burdensome and time consuming. Since 2012, Ex-Im Bank has engaged in an IT infrastructure modernization effort focused on replacing legacy systems and improving quality and access of its data. We understand that key systems are scheduled to be implemented in the next several months. The OIG will continue to monitor the implementation of the IT modernization system, and we recommend that the Ex-Im Bank and Congress continue monitoring this critical initiative, including provision of necessary funding.
. Human Capital Planning and Resources.
In past Semiannual Reports to Congress, we have identified human capital planning and resources as one of the management challenges Ex-Im Bank is facing. While Ex-Im Bank's portfolio has increased by 117% since FY 2008, its staff has increased at a much slower rate. Ex-Im Bank's portfolio growth strains Ex-Im Bank's resources in both the underwriting and asset monitoring functions. Ex-Im Bank is currently in the process of increasing the staffing levels for the above referenced functions. The OIG will closely monitor these upcoming staff allocations.
. Monitoring of Local Cost Disbursements.
The Organization of Economic Co-operation & Development (OECD) allows Export Credit Agencies (ECAs) to finance up to 30% of the "project-related costs for goods and services incurred in the buyer's country" n2 related to structured and/or project finance transactions. These local cost disbursements may be disbursed in lump sums without any exports directly associated to them. In two recent inspections conducted by the OIG, covering nearly $700 million in local cost disbursements, we noted that Ex-Im Bank relies on certifications made by borrowers and contractors, but has limited ability to verify whether the amounts disbursed to cover local costs are actually used for the intended purpose and comply with Ex-Im Bank's policies and procedures. Given the countries where Ex-Im bank finances projects and the size of these disbursements, we have recommended to Ex-Im Bank management that it reserve rights of inspection in its credit agreements and allocate additional staff to monitor and validate local costs.
. Continue Efforts to Expand Small Business Participation.
The Ex-Im Bank Charter dictates a small business participation goal of 20 percent of the total funding authorized each year. Ex-Im Bank provided record small business financing of around $6 billion in both FY 2011 and FY 2012. In FY 2013, the amount decreased to $5.2 billion. In the last three fiscal years, this financing has not reached the Charter goal of 20%.. Continue Efforts to Expand Renewable Energy Products and to Create Clean Energy Export Opportunities.
Congress has set a renewable energy mandate of ten percent of authorizations every year. Ex-Im Bank has not met this goal, mainly due to the fact that the total renewable energy export market is not yet large enough to achieve this level relative to the total size of Ex-Im Bank's portfolio. Nonetheless, Ex-Im Bank continues to take a proactive approach in developing renewable energy specific products such as Solar Express, as well as reaching out to local companies such as wind and solar manufacturers.
. Improve Corporate Governance, Business Processes and Internal Control Policies and Practices.
One of the consistent observations arising out of audits, evaluations, and investigations conducted by the OIG are weaknesses in governance and internal controls as they relate to business operations. Internal policies providing clear guidance to staff and establishing clear roles and authorities have not been prevalent at Ex-Im Bank. The Bank has made some progress in this area by, for example, creating a more comprehensive Loan, Insurance, and Guarantee Manual. However, these efforts must be sustained to continue improving the corporate governance culture.
IV. Conclusion
Ex-Im Bank has an important role in creating and maintaining jobs by facilitating export financing to American exporters. A 94% increase in export authorization levels since 2008 only supports that role. While Ex-Im Bank continues to provide export credit and financing as part of its export credit agency functions, it should work to improve its practice while it enhances its operational effectiveness and efficiencies.
I have highlighted some of the challengers and weaknesses facing Ex-Im Bank for consideration in the reauthorization process. The OIG will continue to perform its independent oversight role as well as strengthen its efforts in preventing and detecting fraud, waste, and abuse.
Chairman Hensarling, Ranking Member Waters, and members of the Committee, thank you once again for the opportunity to testify before you today. I would be pleased to respond to any questions you may have.
n1 Export-Import Bank Reauthorization Act of 2002, P.L. 107-189, Sec 22 (June 14, 2002).
Read this original document at: http://financialservices.house.gov/UploadedFiles/HHRG-113-BA00-WState-OGratacos-20140625.pdf
| Copyright: | (c) 2010 Federal Information & News Dispatch, Inc. |
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