Two senior House lawmakers on Tuesday introduced bipartisan legislation that would provide a five-year reauthorization of the Export-Import Bank.

Reps. Gary Miller (R-Calif.), vice chairman of the House Financial Services Committee, and Maxine Waters (D-Calif.), the top Democrat on the panel, teamed up on the House's first bipartisan draft legislation that would provide the bank with a long-term charter while making changes at the agency to reduce risks to taxpayers.

“This legislation contains a responsible set of reforms that we believe will strengthen the Export-Import Bank and lay the groundwork for a bipartisan agreement that extends the bank’s charter over the long term,” Waters said in a statement.

The bill, which Miller and Waters have been working on for several months, is aimed at eliminating abuse and would shift more business to the private sector.

“Congress must give American businesses the certainty they need to compete in the global markets by passing a multi-year reauthorization of the Export-Import Bank," Miller said.

The bank got a nine-month extension — through June — in the continuing resolution Congress cleared last month to keep the government running into the 2015 fiscal year, which began Oct. 1.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) strongly opposes the bank and has pushed for its elimination.

Sens. Joe Manchin (D-W.Va.) and Mark Kirk (R-Ill.) introduced a bipartisan Ex-Im bill in the Senate that has gathered broad support.

The legislation sets out a number of reforms that include:

• An enhanced loan-loss reserve fund that requires the bank to maintain enough resources to cover 95 percent of the losses that could occur under a worst-case scenario. 
  
  
• The creation of a chief risk officer, responsible managing and mitigating the bank’s risk.
  
  
• Anti-fraud and corruption safeguards, which require the bank to assess its programs to employee misconduct, issue supplemental ethics guidelines and provide annual ethics and fraud detection training.
  
  
• Require the bank to publish a business plan within one year, and subsequent business plans every two years through 2019.
  
  
• Increases participation of private sector by encouraging private financial institutions to take on a greater share of risk in the bank’s long-term guarantee program in exchange for a share of the fee paid by the bank’s customers.