Republicans Call for Long-Term Reauthorization of Export-Import Bank Supporting American Businesses

Dec 06, 2019
Economy
Press

Washington, D.C. – Today, Representative Frank Lucas (OK-03) along with Representatives Steve Stivers (OH-15) and Dan Newhouse (WA-04) led a letter to Speaker Nancy Pelosi and Leader Kevin McCarthy relating to the reauthorization of the United States Export-Import Bank. Joined by 40 other members of the House Republican Conference, Lucas, Stivers, and Newhouse stressed the importance of the U.S. Export-Import Bank to American businesses and expressed support for a long-term reauthorization and quorum fix to the Bank in the upcoming end of year spending package.

“My colleagues and I all share a common commitment; American industries deserve long-term stability and legislative certainty. The long-term reauthorization of the United States Export-Import Bank is vital to the health of American businesses competing in the global market, including those calling Oklahoma home,” said Rep. Lucas. “With a fully operational Bank, the United States and thousands of businesses across our country will have a much-needed economic tool helping level the playing field while increasing market access and creating jobs here at home.”

Rep. Steve Stivers said, “For businesses in Ohio’s 15th District, the Ex-Im Bank is a crucial tool for planning and expanding their operations, in turn creating more jobs and stimulating our local economies.” Stivers continued, “Short-term authorizations are harming our job creators, and we owe them a long-term fix.  I, along with 42 of my colleagues, understand the importance of this program, and House leadership should prioritize its reauthorization and a fix to the quorum problem in any year-end package.”

“The Export-Import Bank has a huge impact on the state of Washington,” said Rep. Newhouse. “From manufacturers like Manhasset Specialty Co. in Yakima to agricultural entities like Valley Grain in Quincy, the Ex-Im Bank helps finance small businesses and keeps our economy thriving. Congress must pass a long-term extension, so we can provide certainty to businesses around the country that create jobs and economic development in our local communities.”

Full text of the letter is available here or below:

November 21, 2019

The Honorable Nancy Pelosi

Speaker of the House

U.S. House of Representatives

Washington, D.C. 20515

The Honorable Kevin McCarthy

Minority Leader

U.S. House of Representatives

Washington, D.C. 20515

Dear Speaker Pelosi and Leader McCarthy,

We write to express support for a long-term extension of the Export-Import Bank and a quorum fix in the upcoming end of year spending package.

American businesses plan international projects and investments years in advance. Short-term extensions restrict the ability of U.S. exporters to make long-term strategic decisions, hamstring the willingness of American companies to enter into emerging markets, and give foreign competitors an advantage in the world marketplace. A long-term extension will give businesses the certainty they need to increase exports, which creates more jobs here at home.

The Export-Import Bank needs to be fully operational to effectively promote export opportunities and to foster domestic job growth. As you know, the Bank cannot authorize financing of any transaction greater than $10 million without a quorum on the Board of Directors. From July of 2015 until May of 2019, the Bank lacked a quorum and was unable to approve any long‐term export finance transactions. By solving this issue with a temporary Board during a quorum lapse, we will eliminate the potential for an unlevel playing field and bolster U.S. competitiveness in global markets.

We all share a commitment to a fully functional Export-Import Bank. The best path forward for American businesses is to reauthorize the Bank long-term before the end of the year.

Sincerely,

###

 

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