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Statement by Ranking Member Maxine Waters on the Resignation of Export-Import Bank Chairman and President Fred P. Hochberg

“As the Obama Administration comes to a close, we must acknowledge the noble men and women who dedicated themselves to serving this Administration. Fred Hochberg, one of the most distinguished business leaders in our nation’s history, served with distinction, compassion, and a commitment to creating jobs and supporting our economic recovery.

“Over the course of more than 80-years, the Export-Import Bank has successfully fulfilled its mission of creating U.S. jobs by supporting the export of U.S. goods and services. As the longest-serving chairman and president in the history of the Export-Import Bank, President Hochberg has led the Bank in successfully supporting more than 1.4 million American jobs by financing more than $240 billion in American exports, all while operating at zero cost to hardworking U.S. taxpayers. In fact, during his tenure at the Bank, fees charged for Ex-Im’s products and services have generated more than $3.8 billion in revenue that gone to the U.S. Treasury for deficit reduction.

“When the Bank was forced to temporarily close its doors in early 2015, President Hochberg diligently fought for its reauthorization, gaining overwhelming bipartisan support in both the House and Senate, and successfully continuing the Bank’s mission to support job-creating exports. Throughout President Hochberg’s 7-year tenure with the Obama Administration, he has helped push the bank to become more transparent, more efficient and more accountable to the American public.

“On behalf of the Financial Services Committee, we thank you for your public service and unwavering commitment to the success of the American economy. I strongly urge President Hochberg’s successor to continue his legacy and work hard to achieve the necessary quorum on the Bank's board in order to help American businesses, both large and small, compete in the global economy.”


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