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Bush picks Sembler for bank post
By HELEN HUNTLEY © St. Petersburg Times, published February 27, 2001 President Bush on Monday nominated St. Petersburg developer and Republican fundraiser Mel Sembler as president of the Export-Import Bank. The bank is an independent government agency that guarantees loans foreign countries and companies use to buy U.S. goods and services. Sembler, 70, has been building shopping centers in Florida and Tennessee for more than 30 years. The BayWalk development in downtown St. Petersburg is among his company's projects. Sembler has been a heavy hitter in Republican politics for two decades, raising money for Bush's father, George Bush, and for Ronald Reagan. His efforts were rewarded with a four-year tour as ambassador to Australia during the Bush administration. More recently, Sembler has headed the Republican Party's national finance committee. In November, Sembler said he planned to step down from that role to devote more attention to the Sembler Co. and to his wife, Betty, and their grandchildren. Sembler's appointment still must be confirmed by the Senate, and Mrs. Sembler said he would not give any interviews until then. Although the Export-Import Bank has strong support from business groups, international trade may not be as high on the president's priority list as other areas such as education and defense. The Wall Street Journal reported that Bush is expected to propose slashing the bank's $927-million budget by 25 percent. Last fiscal year, the bank authorized $12.6-billion in loans, grants and credit insurance. The U.S. aviation industry, notably Boeing Co., has been one of its largest beneficiaries. In 1988, the bank backed $74-million in loans to Nigeria to buy irrigation and flood-control pumps from a partnership Florida Gov. Jeb Bush formed with David Eller, Broward County's Republican fundraiser. Most of those loans have not been repaid. On Monday, Bush also nominated Hector Barreto to serve as head of the Small Business Administration and R. Glenn Hubbard as a member of the Council of Economic Advisers. Barreto is a Los Angeles securities broker-dealer who was a co-chairman of Bush's California campaign. Hubbard is an economist at Columbia University. - Times staff writer Mary Jacoby contributed to this report. Contact Helen Huntley at huntley@sptimes.com or (727) 893-8230.
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From the Times Business report
From the AP
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