The Aerospace Industries Association (AIA) is encouraged that the White House has moved to fill two open slots on the board of directors of the U.S. Export-Import Bank (Ex-Im), but remains concerned that the board is positioned to remain without the quorum required to approve financial transactions exceeding $10 million.

The White House in April announced the intention to nominate former Reps. Scott Garrett (R-New Jersey) and Spencer Bachus (R-Alabama) to fill two positions on the five-member board. Those nominations were formally sent to the Senate on June 20 for confirmation. Of the three other positions, one is vacant, and the terms of the other two—acting chairman and president Charles Hall and acting first vice president and vice chairman Scott Schloegel—are set to expire on July 19.

Kelvin Stroud, director of international affairs for AIA, noted that Senate Banking Committee chairman Mike Crapo (R-Idaho) has committed to confirmation hearings for Ex-Im board nominees. But the White House must either extend the terms of two existing members or fill three more vacancies to reach the quorum that has long been absent, hamstringing large loan approvals.

“This issue is critical to the U.S. aerospace industry because our companies rely on Ex-Im to help manage the risks of financing exports when private sector lending is unavailable,” Stroud said. “In fact, currently Ex-Im has about $30 billion of potential exports waiting to be authorized by the bank.”

Stroud reiterated concerns that international competitors, backed by foreign export credit agencies, “are aggressively pursuing sales to former U.S. customers by offering export financing for their countries’ exports…We would like to see a full quorum at Ex-Im so we can level the playing field.”