This week, the nomination of Bryce McFerran for the top position at the Export-Import Bank of the United States (EXIM) was withdrawn amid concerns regarding his connections to Russia.
McFerran, who held the title of first deputy president and vice chairman, was initially set to attend a confirmation hearing on Thursday. A spokesperson for EXIM confirmed his withdrawal to The Hill.
His nomination encountered significant criticism from Senator Elizabeth Warren (D-Mass.), who is the leading Democrat on the Senate Banking Committee. Reports indicate that McFerran spent a considerable portion of the last ten years as a senior executive at the Swiss division of Evraz PLC, a steel trading firm co-owned by Russian billionaire Roman Abramovich.
Warren pointed out that McFerran remained employed at Evraz even after the UK placed sanctions on the company. Subsequently, the U.S. also sanctioned several of its subsidiaries.
Additionally, it was reported that McFerran has deep connections to the Kremlin through his wife’s family, who are associated with senior roles in Russian-backed investment funds. Notably, his father-in-law has ties to a close ally of President Vladimir Putin and previously sat in Russia’s upper house of parliament.
Before the withdrawal became public, Warren sent McFerran a letter expressing her concerns about his ties to Evraz. She noted that his choice to work for the company following Russia’s initial invasion of Ukraine raises pressing questions regarding his judgment and loyalty to U.S. national security.
Warren further highlighted concerns regarding the origins of nearly $1 million donated to the Trump 47 Committee, a PAC established to support Donald Trump and other Republican campaigns.
Reports indicated that White House press secretary Khush Desai confirmed McFerran’s withdrawal on October 27. Multiple outlets followed up on the story.
Desai defended McFerran, stating that his previous business activities had undergone thorough investigation by the bipartisan Office of Government Ethics. He criticized media narratives surrounding the situation as “Fake News,” referring to the ongoing discourse about Russian connections.
Although McFerran was appointed as EXIM’s acting chief banking officer in March, he will remain in that position until a permanent successor is found in the coming weeks, according to Desai’s statement.
No comment was provided by the White House when approached for clarification.
