As American export businesses continue facing uncertainty regarding the Export-Import Bank’s charter, top Democrats on Thursday continued to press the Republican Majority to bring a legislative proposal to renew and reform the agency to a vote.
Financial Services Committee Ranking Member Maxine Waters (D-CA) joined Democratic Whip Steny Hoyer (D-MD), Monetary Policy and Trade Subcommittee Ranking Member Gwen Moore (D-WI) and Rep. Denny Heck (D-WA) to highlight the increasingly vocal support for the Bank on both sides of the aisle. The group criticized the far right’s continued gamesmanship, which threatens to hamper economic progress, destabilize America’s global economic competitiveness, and cost thousands of Americans their jobs.
With just 12 legislative days until the export credit agency shuts down, House Republican leadership has yet to schedule a vote on legislation to reauthorize the Bank. And the stakes are high for businesses that rely on the Bank to level the playing field in the global export market.
“With just 12 legislative days before the Export-Import Bank shuts down, I continue to remain in disbelief that Republicans have pushed us to the precipice of actively damaging our nation’s businesses – and our competitiveness,” said Ranking Member Waters. “It’s time for Speaker Boehner to intervene and bring a measure to keep Ex-Im’s doors open to the House Floor.”
“We know that that the Export-Import Bank sustains good jobs here in America,” said Whip Hoyer. “We also know that a bipartisan majority of Members in the House would vote for a multi-year extension of its charter authority. There is no reason why we should not take that vote immediately. I thank Ranking Member Waters, Ranking Member Moore, and Rep. Heck for their continued efforts to ensure the Bank’s charter does not expire, and I will continue to call on Speaker Boehner and Majority Leader McCarthy to bring a bill to the Floor well before the June 30 deadline.”
"We are mere days away from losing this vital economic engine. Yesterday, 1,053 organizations from across the country pledged their support for the long-term reauthorization of the U.S. Export-Import Bank,” said Ranking Member Moore. “They too understand what’s at stake if Republicans are successful in dismantling this critical financial institution. They don’t want to see American businesses – large and small – put at a significant disadvantage in the global economy, and neither do we."
"The momentum in the House and Senate has begun to shift. More and more representatives from red and blue districts are seeing the significant job loss that could result from this inaction,” said Rep. Heck. “We've got to come together and hold a vote, because American families rely on these paychecks."
During a hearing to discuss its reauthorization on Wednesday, several Financial Services Committee Republicans joined Democrats in urging Chairman Jeb Hensarling (R-TX) to halt ideological attacks on the Bank and commit to putting a reauthorization bill through regular order.
In the House, a Democratic measure to renew and reform the Bank has garnered 190 co-sponsors. Moreover, 60 Republicans have co-sponsored a Republican reauthorization bill led by Rep. Stephen Fincher (R-TN).
The Export-Import Bank will shut down on June 30 unless House Republicans advance reauthorization legislation. Over the last two decades, the Export-Import Bank has created or sustained 1.3 million jobs and delivered nearly $7 billion back to U.S. taxpayers.