BREAKING: Fred Hochberg to lead U.S. Export-Import Bank
January 9, 2009
BREAKING: The Human Rights Campaign has learned that Fred Hochberg (pictured below), a former Human Rights Campaign board member and current member of HRC's public policy committee, will be named chairman of the Export-Import Bank of the United States.
Here's more on the mission of the Ex-Im Bank from their website:
The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank's mission is to assist in financing the export of U.S. goods and services to international markets.
Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.
Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. We assume credit and country risks that the private sector is unable or unwilling to accept. We also help to level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters.
Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small. On average, 85% of our transactions directly benefit U.S. small businesses.
With more than 70 years of experience, Ex-Im Bank has supported more than $400 billion of U.S. exports, primarily to developing markets worldwide.
Hochberg, who served as head of the Small Business Administration in the Clinton Administration, will succeed James H. Lambright as chairman and president of the Export-Import Bank.
***UPDATE: HRC President Joe Solmonese issued this statement:
The chair of the Export-Import Bank of the United States is an important position in President-elect Obama's economic team. Fred is one of the most highly qualified and experienced public servants in our community and the fact that President-elect Obama has tapped him for such an important economic position speaks well for the LGBT community.