Talking Trade Ep. 86 - Judith Pryor, Export-Import Bank of the United States

Talking Trade

The latest episode of “Talking Trade” features banking insights from Judith Pryor, first vice president and vice chair of the Export-Import Bank of the United States Board of Directors.

EXIM Bank, created in 1934 under President Franklin D. Roosevelt, is celebrating its 90th anniversary this year. The bank acts as the official export credit agency of the U.S. government, providing direct loans, loan guarantees, working capital, supply chain finance guarantees and export credit insurance for U.S. businesses.

“We’re considered sort of the bank of large exporters, right, the high-dollar items, and we do quite a bit,” Pryor said. “In fact, last fiscal year we supported over $8.5 billion in finance throughout the world.”

Still, she notes 80% of its transactions are with American small businesses. As one example, Pryor highlighted Mathews Archery in Sparta, Wis., which the bank has helped export $22 million over the past decade.

“We can guarantee, or lend, up to $135 billion,” she said. “Today, our exposure is around $34 billion, so we have plenty of room to grow.”

The interview explores the role of EXIM Bank in global competitiveness as part of the Organisation for Economic Co-operation and Development, which has dozens of friendly member countries. The OECD provides guidelines so comparable agencies in this framework aren’t undercutting one another in the international marketplace.

“Now China, of course, is not a member of the OECD,” she said. “But in my opinion, we need to lead by example in order to encourage countries who are not members to play by the same rules.”

Pryor also discusses how the OECD is undergoing a “modernization” process, offering more favorable term options for those building solar or wind energy technology developments.

“If it’s clean, if it’s green, certain sectors -- energy storage, energy efficiency, renewable -- let’s lean in and provide longer term limits for those repayment terms,” she said.