House Financial Services Committee Hearing
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Good morning, Chairman Hensarling, Ranking Member Waters, and distinguished members of this Committee.
Thank you for the invitation and opportunity to testify before you about the activities of the
I.
Naturally, this rapid growth in
II. Ex-Im OIG
Ex-Im OIG was statutorily created in 2002 n1 but the Inspector General did not officially take office until
III. Operational Areas - Risks, Observations and Challenges
In order to manage its growing portfolio and to better meet export credit needs of the American exporters, it is our opinion that
. Develop a More Comprehensive Risk Management Framework to Manage Portfolio Risk and Monitor Market Trends.
Last year, I testified before this Committee about the need for
* establish a Risk Officer or create a risk management office with independent reporting requirements to the Chairman;
* assign qualified and experienced staff to that office;
* conduct periodic stress testing on its entire portfolio reflecting different market, industry, and macroeconomic scenarios; and
* actively monitor industry, geographic and obligor exposure levels.
As of today,
. Inefficient and Ineffective Information Technology (IT) Platform.
In 2012, we reported that
. Human Capital Planning and Resources.
In past Semiannual Reports to
. Monitoring of Local Cost Disbursements.
. Continue Efforts to Expand Small Business Participation.
The Ex-Im Bank Charter dictates a small business participation goal of 20 percent of the total funding authorized each year.
. Continue Efforts to Expand Renewable Energy Products and to Create Clean Energy Export Opportunities.
. Improve Corporate Governance, Business Processes and Internal Control Policies and Practices.
One of the consistent observations arising out of audits, evaluations, and investigations conducted by the
IV. Conclusion
I have highlighted some of the challengers and weaknesses facing
Chairman Hensarling, Ranking Member Waters, and members of the Committee, thank you once again for the opportunity to testify before you today. I would be pleased to respond to any questions you may have.
n1 Export-Import Bank Reauthorization Act of 2002, P.L. 107-189, Sec 22 (
n2 http://www.exim.gov/generalbankpolicies/index.cfm
Read this original document at: http://financialservices.house.gov/UploadedFiles/HHRG-113-BA00-WState-OGratacos-20140625.pdf
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House Financial Services Committee Hearing
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