UTC Honors Sen. Graham and Capt. Schubert for support of ExIm Bank and Maritime Industry Leadership

gWashington, D.C. -UTC Overseas recently honored U.S. Senator Lindsey Graham (R-SC) and Capt. William G. Schubert, President of International Trade and Transportation, Inc. and former head of the U.S. Maritime Administration for their outstanding efforts in promotion of the U.S. maritime industry and the recent Congressional re-authorization of the U.S. Export-Import (Ex-Im) Bank. Both men were presented with plaques citing their efforts and expressing the thanks of UTC and American business and commerce.  The presentations took place at a UTC-hosted reception in Washington, D.C. during the Bank’s annual meeting. After the presentations, Senator Graham provided those gathered with an update on the Bank’s status and its work of underwriting loan guarantees for American-exported projects, large and small.  He noted that while some had opposed reauthorization of the 82-year old Bank, its work is vital to American competitiveness and jobs.  “It makes money for taxpayers.  It allows American companies like yours to…compete with overseas companies who have access to capital that you don’t.”  He added tha closing Ex-Im would leave the U.S. at a distinct competitive disadvantage in promoting export sales. Congress finally reapproved the Bank this past summer after a lengthy battle, but Graham explained the struggle is not yet finished.  Bank regulations prohibit Bank loan guarantees over $10 million in size without approval of the Board of Directors.  However, the current Board has three vacancies and without sufficient directors it lacks a quorum to consider such approvals.  Graham stressed the need for Bank supporters to press their elected representatives to act.  He pointed out that President Obama has nominated a Republican candidate for one of the vacancies, but opponents are still blocking action in order to hamper Bank operations and threatening thousands of American jobs linked to those export sales.   UTC Overseas Executive Vice President Marco Poisler said Senator Graham and Capt. Schubert, as President of his trade association, have played leadership roles in the continual effort to support the Bank’s vital work.  “We thought it important that their efforts be recognized and honored by those of us who depend on strong international trade and transport and the vital work of the Bank.  Their continuing efforts in support of the trade, transportation and the maritime industry, including maritime education, has been exemplary.” A video of the awards presentations and Senator Graham’s remarks below: