Senate Committee Approval of Trump’s Ex-Im Head Could Revive the Bank’s Destructive Past
WASHINGTON – The Senate Banking Committee today voted in favor of the nomination of Kimberly Reed, Trump’s pick to lead the U.S. Export-Import Bank, the U.S. export credit agency. The vote brings the board of the Ex-Im Bank closer to the quorum it needs to resume full business and consider providing billions of dollars in federal subsidies for up to 13 fossil fuel projects abroad.
Prior to it lacking board quorum, the Ex-Im Bank provided an average of almost $6 billion annually to fossil fuel projects from 2013 to 2015 — 60 times the amount the bank spent on clean energy projects.
In response to the vote, Kate DeAngelis, senior international policy analyst at Friends of the Earth, issued the following statement:
The committee’s approval of Reed brings the Ex-Im Bank one step closer to pumping millions of tons of carbon dioxide into our atmosphere. Ex-Im Bank could release billions of dollars in subsidies for fossil fuel projects around the world.
There are serious concerns that Ex-Im under Reed will return to its past practice of supporting projects that damage the global climate, harm community health, violate human rights and hasten corruption. If approved, Ex-Im’s fossil fuel projects will line the pockets of large U.S. corporations like General Electric and Exxon at taxpayers’ expense while destroying our planet.