Financial Services Subcommittee Holds Hearing on Trade Finance

Financial Services Subcommittee Holds Hearing on Trade Finance .- On September 29, the House Committee on Financial Services, Subcommittee on Oversight and Investigations held a hearing on "Ex-Im Bank Oversight: The Role of Trade Finance in Doubling Exports over Five Years." Fred P. Hochberg , Chairman and President, Export-Import Bank of the United States, was among those who testified. Hochberg said, "As the official export credit agency of the United States, Ex-Im plays a critical role in President Obama's National Export Initiative that seeks to double exports to $3.14 trillion by 2015. The Bank's authorizations are up about 50% across the board, and Ex-Im has seen its direct lending go from an average of about $100 million annually from prior to the crisis to approximately $4.4 billion this year."