News

WASHINGTON, D.C. – President Donald J. Trump has designated two Export-Import Bank of the United States (EXIM) senior officials to key leadership positions in acting capacities until the positions are filled by appointment.

• James Cruse, Senior Vice President of Policy Analysis and International Relations, will serve as Acting EXIM President and Chairman of the Board of Directors.
• James Burrows, Acting Chief Banking Officer, will serve as Acting First Vice President and Vice Chairman of the Board of Directors.

President Trump’s appointments, effective immediately, allow Cruse and Burrows to join current EXIM Board Member and former Congressman Spencer Bachus III, thus ensuring the Bank is fully operational and aligned with the Trump Administration’s America First priorities.

Director Bachus, who recently served as EXIM Interim President and Chair, will continue serving his second Senate-confirmed Board of Directors term through January 20, 2027.

Additionally, EXIM congratulates its two new ex officio board members, U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Jamieson Greer, who were confirmed by the U.S. Senate on February 18 and 25, 2025, respectively.

On February 16, 2025, President Trump announced on Truth Social the nomination of John Jovanovic as Chairman of EXIM.

“John will utilize his extensive experience in finance, investments, and business building across the energy, commodities, and critical infrastructure sectors to make America energy and manufacturing dominant again,” noted President Trump. “He will work tirelessly to protect all of the gains from our strong tariff policies, guarantee that our exports receive fair treatment, and always put American companies, and our energy exports, first.”

Former EXIM Chairman Kimberly A. Reed Applauds President Trump’s Actions

Kimberly A. Reed, former EXIM President and Chairman of the Board, praised the appointments, stating:

“Now that a board quorum is in place and ex officio board members U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer are confirmed, EXIM can be used as an important tool in the nation’s toolbox to further President Trump’s economic and national security agenda and usher in a new Golden Age in America. During the first Trump Administration, I worked closely with Jim Cruse and Jim Burrows through some of the most challenging, yet transformative, moments in EXIM’s now 91-year history to deliver on the President’s challenges to us, including giving American workers a level playing field and leading this institution to new heights so that the world will see more products stamped with those four beautiful words: Made in the USA. The outstanding EXIM team understands its statutory mission as set by the U.S. Congress and knows what must be done to advance the President’s agenda and billions of dollars in deal flow supporting thousands of U.S. jobs, both of which will lay a strong foundation for the future leadership of the President’s outstanding EXIM Chairman nominee, John Jovanovic.”

Proven Leadership to Drive EXIM’s Mission Forward

Both Cruse and Burrows have extensive records of service and achievement at EXIM:

• Jim Cruse, now in his 55th year at EXIM, is widely recognized as the “father” of the Bank’s Annual Report to Congress on Global Export Credit Competition, a vital tool in advancing S. trade policy. During the first Trump Administration, he received the EXIM Medal for outstanding contributions to the agency and the nation. His expertise will be critical as EXIM expands its impact in countering unfair global trade practices and strengthening U.S. economic leadership.
• Jim Burrows has been a champion for U.S. small businesses, notably through his efforts overseeing the Office of Small Business. During the height of the COVID-19 pandemic in 2020, he was fundamental in the launch and success of EXIM’s All America Initiative, ensuring that businesses across all 50 states, the District of Columbia, and five U.S. territories could access EXIM’s financing tools and resources. His efforts helped U.S. companies sustain jobs, grow revenues, and navigate global uncertainty, earning him the EXIM Distinguished Service Award during the first Trump Administration.

A New Era for EXIM Under the Trump Administration

Because of President Trump’s actions, EXIM is now fully prepared to expand support for U.S. exporters, bolster domestic manufacturing, and advance energy dominance, all while ensuring that American businesses compete on a level playing field against aggressive foreign competitors.

Additionally, EXIM, working with the White House and across the whole of government, is focused on advancing the United States’ economic and national security objectives through various programs, including EXIM’s China and Transformational Exports Program (CTEP) and its recently launched Supply Chain Resiliency Initiative (SCRI).

Established in 2020, following EXIM’s historic reauthorization, CTEP helps U.S. exporters facing competition from the People’s Republic of China (PRC) in the global marketplace.

Finalized on January 8, 2025, following strong bipartisan urging by the U.S. Congress - including by former U.S. Senator (FL) and current U.S. Secretary of State Marco Rubio, Sen. Mark Warner (VA), and House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party Chairman John Moolenaar (MI-02), Ranking Member Raja Krishnamoorthi (IL-08), and Critical Mineral Policy Working Group Co-Chairs Rep. Rob Wittman (VA-01) and Rep. Kathy Castor (FL-14) - EXIM announced its bold new financing tool, SCRI. SCRI can help secure critical minerals and rare earth element supply chains for U.S. businesses which are vital to protecting and growing U.S. jobs.

EXIM will also continue to protect the taxpayer and historically has generated revenues more than its Congressional appropriations for running the Bank, thus allowing EXIM to make a positive contribution to the federal budget rather than adding to the deficit. Generally, every $1 billion in EXIM lending generates approximately $50 million in excess revenues (through the interest fees EXIM charges the foreign buyer) and EXIM has returned $9.7 billion to the U.S. Department of the Treasury since 1992.

President Trump’s appointments underscore his unwavering commitment to revitalizing U.S. industry, securing American jobs - every $1 billion in EXIM lending supports approximately 4,100 U.S. jobs - positioning the nation for economic success on the global stage, and going forward, keeping America strong.

About EXIM:

The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.