<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div class=""><i class="">Congratulations to our long-time friend Owen Hernstadt of the Machinists on this appointment. Another great choice by the Biden administration!</i></div><div class=""><br class=""></div><div class=""><br class=""></div><div class=""><div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><b class="">Biden picks Owen Herrnstadt for Ex-Im Board of Directors</b><span style="font-size: 11pt;" class=""> </span></div><div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif;" class="">8/9/2021<o:p class=""></o:p></div><div style="margin: 0in; font-size: 11pt; font-family: Calibri, sans-serif;" class=""><o:p class=""> </o:p></div><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">President Biden on Friday announced his intent to nominate Owen Herrnstadt, chief of staff to the international president and director of trade and globalization at the International Association of Machinists and Aerospace Workers, to serve on the Export-Import Bank board of directors, according to the White House.<o:p class=""></o:p></p><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">In his role as chief of staff for IAM – an AFL-CIO trade union that represents over 200 industries, Herrnstadt assists in running “one of the largest manufacturing and transportation unions in the U.S.,” the White House said in an <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/08/06/president-biden-announces-10-key-nominations/" style="color: rgb(5, 99, 193);" class="">announcement</a>. Herrnstadt develops policy for international trade, economic investment, international labor standards and human rights issues for IAM and has been with the association since 1996.<o:p class=""></o:p></p><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">He is a member of the Council on Foreign Relations, the Independent Mexico Labor Expert Board established by the U.S.-Mexico-Canada Agreement Implementation Act, the Export-Import Bank Federal Advisory Committee and the State Department Federal Advisory Committee on International Economics, the White House said.<o:p class=""></o:p></p><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">He has also served as Co-Chair of the State Department’s Stakeholder Advisory Board on Organization for Economic Cooperation and Development Guidelines, the White House said. Herrnstadt has testified, written articles and made presentations on “labor and employment law, international employment and labor law, corporate social responsibility, trade, manufacturing policy, human rights, and industrial relations in the U.S. and abroad,” according to the White House.<o:p class=""></o:p></p><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">Ex-Im Bank’s Board of Directors consists of three members: Acting Chairman and President James Burrows, Acting First Vice President and Vice Chairman James Cruse and Board Member Spencer Bachus, according to an Ex-Im Bank spokesperson. Biden in July announced his intent to nominate Ex-Im Board Member Judith Pryor as First Vice President and Vice Chairman. Two positions remain open for nominations, the spokesperson said.<o:p class=""></o:p></p><p class="MsoNormal" style="margin: 0in 0in 12pt; font-size: 11pt; font-family: Calibri, sans-serif;">Ex-Im Bank was operating without a quorum from mid-2015 until May 2019. During this time, it was not authorized to issue loans over $10 million, make policies or delegate authority. An appropriations bill <a href="https://insidetrade.com/node/167856" style="color: rgb(5, 99, 193);" class="">passed in 2019</a> allowed presidential Cabinet members to step in and serve on the bank’s board temporarily when it would otherwise lack a quorum.</p></div><br class=""><div class="">
Arthur Stamoulis<br class="">Citizens Trade Campaign<br class="">(202) 494-8826<br class=""><br class=""><br class=""><br class="">
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