For several years, until May 2019, the Export-Import Bank of the
United States (Ex-Im Bank) lacked sufficient directors to field a
quorum for approval of any new commitments for transactions other
than to approve short-term to medium-term transactions (i.e., those
with terms of seven years or less) up to $10 million, which in turn
effectively rendered long-term financings of high value equipment
impossible. (For additional context, see Holland & Knight's
previous alert, "President Trump, the Ex-Im Bank and Aircraft
Finance," Jan. 20, 2017, for an assessment of the Ex-Im
Bank at the start of the Trump Administration.)
However, on May 8, 2019, the U.S. Senate finally confirmed the
necessary three additional directors required to achieve board
quorum, at which point full capacity was restored. Subsequently, in
December 2019, the Ex-Im Bank's authorization was extended
through December 2026, with a statutory limit on lending at any one
time set at $135 billion. It is
