Dems to Force Vote on Export-Import Bank

House Democrats introduced a discharge petition last week to force a vote on a multi-year reauthorization of the Export-Import Bank. Congressman Steny Hoyer says the reauthorization has bipartisan support.

“I was proud to sign a discharge petition today that would force a vote on the Promoting U.S. Jobs Through Exports Act, which would reform and reauthorize the Export-Import Bank for an additional seven years.  If brought to the Floor, a reauthorization bill would pass with strong bipartisan support.  Allowing the Bank’s charter authority to expire on June 30, as some Republican leaders have called for, would be detrimental to small and medium-sized American businesses seeking to boost exports and compete in foreign markets.

A broad coalition of business groups, including the U.S. Chamber of Commerce and the National Association of Manufacturers, seeks the reauthorization. Conservatives and Tea-Party legislators oppose the bank and opponents claim it only serves big businesses. But the US Chamber has rallied small businesses nationwide to show how small businesses do benefit from the federally backed bank.

Congress must reauthorize the bank by June 30 or it will shut down.

“Over the past twenty-five years, the Bank has enjoyed broad bipartisan support, not only because it helps businesses create private sector jobs in communities across the country, but also because it has returned nearly $7 billion in revenue to the taxpayers,” said Congressman Hoyer. “In order to continue helping American businesses compete on a level playing field with businesses overseas, Congress must take action on a multi-year reauthorization of the Bank without delay.  I will continue to urge my colleagues on both sides of the aisle to support this effort, and I thank Rep. Denny Heck, Ranking Member Maxine Waters, and Ranking Member Gwen Moore for their determined leadership on this issue.”