Interested in Advising the Secretary of Commerce on Trade Finance Solutions?
I have great news! The U.S. Department of Commerce has announced the renewal of the U.S. Department of Commerce Trade Finance Advisory Council (TFAC). This federal advisory committee advises the Secretary on how to expand access to finance for U.S. exporters and their foreign buyers.
What Does the TFAC Do?
During the last two-year term, which began in 2018, TFAC brought together an expanded number of trade finance professionals and thought leaders and for the first time included, as ex-officio members, representatives from the Export-Import Bank of the United States and the U.S. Small Business Association.
In its renewed term, the TFAC will continue to provide a forum to facilitate discussion among a diverse group of stakeholders so that the council can better perform its advisory work for
the Secretary by obtaining a better understanding of current challenges facing U.S exporters and their foreign buyers in accessing financing and capital.
The TFAC works to advance the Department’s strategic goal of increasing U.S. exports and job creation by reducing the costs, complexities, and risks of exporting. In particular, the Council:
- Evaluates credit conditions and financing challenges faced by U.S. exporters,
- Identifies potential resources for addressing financing gaps,
- Examines how new financial technologies and other innovations could improve the availability and affordability of trade finance solutions,
- Highlights trade finance-related developments in international standard-setting bodies, and
- Addresses other noteworthy concerns raised by Council members and the public.
How Is the TFAC Structured?
The TFAC is comprised of up to 20 members across a balanced and broad range of interests, including representatives from the trade finance industry and the U.S. exporting community, as well as experts from academia and public policy organizations. Each member is appointed by the Secretary of Commerce to serve for a two-year term and members do not receive compensation for their service to the Council.
Except for those Members who are trade finance experts from academia and public policy organizations, TFAC Members express their own views and insights and those of the entity or organization and industry sector they represent. Those Members who serve as experts from academia and public policy organizations are subject to ethical standards applicable to special government employees.
What Are the Criteria for TFAC Membership?
The TFAC is seeking executive-level candidates who will reflect a balanced cross-section of U.S. trade finance users, providers, and experts from private, public, and not-for-profit organizations. We are looking for business representatives from diverse industries, regions, and company sizes—including:
- U.S. exporters of goods and services,
- U.S. commercial banks that provide trade finance products, cross-border payment services, or foreign exchange solutions,
- Non-bank U.S. financial institutions that provide trade finance products, cross-border payment services, or foreign exchange solutions,
- Associations that represent (i) U.S. exporters, and/or (ii) commercial banks or non-bank financial institutions (or other professionals) that facilitate international trade transactions,
- U.S. companies or entities focused on trade-finance-related activities or services;
- U.S. scholars, academic institutions, or public policy organizations with expertise in global business, trade finance, and international banking related subjects, and
- Economic development organizations and other U.S. regional, state, and local governmental and non-governmental organizations whose missions or activities include the analysis, provision, or facilitation of trade finance products/services.
Members will be selected based on their ability to achieve the Council’s objectives, in accordance with applicable Department of Commerce guidelines and in a manner that ensures a variety and balance of views. The Secretary may at his/her discretion reappoint any member to an additional term or terms, provided that the member proves to work effectively on the TFAC, and his/her knowledge and advice is still needed.
When is the Deadline for Membership Applications?
To be considered, applicants must submit the required documentation by 5:00 p.m. EDT, Friday, November 13, 2020, to [email protected].
For full membership criteria and application details, please review the Federal Register notice announcement or the Council’s website at www.trade.gov/TFAC/ .
For additional information, please contact Yuki J. Fujiyama, Trade Finance Specialist, Office of Finance and Insurance Industries, at (202) 482- 3468, or at [email protected].