WASHINGTON—If President Barack Obama’s nomination of NCUA Board Member Mark McWatters to serve on the board of the U.S. Export-Import Bank is confirmed by the Senate, McWatters—as he is on the current NCUA board—will be the lone Republican.
Whether another Republican joins McWatters on the EIB board, or if any more directors are added, is uncertain, according to the EIB, which noted that if any more of the five board slots are filled that the decision will come from the White House followed by congressional confirmation.
The current EIB board members are Democrats Chairman Fred Hochberg and Vice Chair Wanda Felton.
An often partisan issue, this past summer some members of the Senate stated their desire to allow the EIB to expire by not reauthorizing the bank’s charter. However, renewal of the 81-year-old institution's charter was included in a five-year, $305-billion federal transportation measure that passed the Senate in December on an 83-16 vote.
The EIB charter has consistently mandated a five-person board, but only three are needed for a quorum. McWatters, if his nomination is approved, would fill one of the vacancies. He still has three years remaining on his NCUA board term.
An EIB spokesperson stated that creating office space for McWatters would follow “the Congressional timeline,” noting that hinges on when and if the Senate confirms McWatters.
McWatters, an attorney, was appointed to the to the NCUA board in August 2014. Previously, he served as the director of graduate programs and as an adjunct professor at the Southern Methodist University (SMU) Dedman School of Law from 2011 to 2014. McWatters was also an adjunct professor at SMU’s Cox School of Business from 2009 to 2014.