Hoyer Calls for a Vote on the Export-Import Bank
With only weeks remaining for Congress to reauthorize the Export-Import Bank, Congressman Steny Hoyer (D-MD), spoke on the House floor urging a vote before the current legislation expires June 30.
The House last reauthorized the Export-Import Bank legislation in 2012 under the leadership of . In 2012, this House came together under the leadership of former Virginia Congressman Eric Cantor, who served as Majority Leader at the time. Mr. Cantor, a Republican, worked with Rep. Hoyer’s office to and passed a bill with a bipartisan vote of 330-93 that reauthorized the Bank and increased its lending authority.
“This should not be and is not a partisan issue,” Rep. Hoyer said on the floor of the House. “Helping small and medium-sized American businesses access new overseas markets and compete on a level playing field is something that Democrats and Republicans have long agreed that Congress ought to do.”
Video is here of Rep. Hoyer’s address and the transcript below:
“That’s why it is deeply concerning to read comments from Majority Leader McCarthy that Congress should ‘wind down’ the Bank and allow its charter to expire. That, in my view, is a minority opinion on the Floor of this House, and it would be a profound mistake. The Export-Import Bank is a critical tool that helps our businesses compete successfully in global markets.
“We’re going to talk about trade, apparently, next week, but what we need to make sure is that we can export goods that are made in America – that we will make in America and that we will sell abroad. The Export-Import Bank facilitates that effort. It is a critical tool that helps businesses compete successfully in global markets.
“Last year alone it supported $27.5 billion in export activity. About 90% of its transactions support thousands of small businesses that otherwise would have difficulty accessing foreign markets. The Ex-Im Bank has supported 1.3 million private sector jobs since our economic recovery began, including 164,000 jobs just last year. And it does all that without costing the taxpayers a single cent. In fact, it brought in $675 million in profits to the Treasury last year and more than $2 billion [Note: The full figure is $7 billion] over the last two decades.
“We cannot afford, Mr. Speaker, to let the Bank expire. But even more than just preventing a lapse, we ought to be providing exporters and potential exporters with certainty by enacting a multi-year reauthorization. With the Export-Import Bank’s future uncertain, businesses that could be reaching new customers abroad have been holding back from making investments in growth that would create more jobs here at home.
“We are going to hear a lot about jobs here at home next week as we debate the fast track authority. This deals with jobs here in America. With the Export-Import Bank’s future uncertain, we are seeing uncertainty in the marketplace. A multi-year extension and an increase in the Bank’s lending authority would give a green light to these businesses that it’s time to invest and expand. We all talk about investing. We all talk about expanding jobs.
“I want to quote: ‘There are thousands of jobs on the line that would disappear …quickly if the Ex-Im Bank were to disappear.’ Let me repeat that for my colleagues: ‘There are thousands of jobs on the line that would disappear pretty quickly if the Ex-Im Bank were to disappear.’ Those are not my words. That’s a quote. They are the words of Speaker John Boehner on April 30 of this year, just a few weeks ago.
“He’s not the only Republican who wants to save the Bank. Representative Stephen Fincher, Republican of Tennessee, has said: ‘A majority of RSC Members support the Bank’s reauthorization.’ [Republican Study Committee] Members being among the most conservative Members of their party in this House. In fact, there are fifty-nine co-sponsors on Mr. Fincher’s bill. They are Republicans.
“All of my party, the last time we reauthorized it and this time, will vote to create jobs in America by voting for the Export-Import Bank. Now, we have 188 members. You don’t have to be much of a mathematician to know if you have 188 and 60, that’s 248. All you need is 218 to pass the bill.
“The Speaker has said he wants to let the House work its will. He said that in 2011 when he became Speaker. He said the House works best when the House can work its will. If we bring the Export-Import Bank bill to the Floor, it will pass, together with 188 Democrats – 180 who have sponsored the seven-year reauthorization bill introduced by Ms. Waters, Ms. Moore, Mr. Heck, and myself. It is clear that a majority of the House supports a long-term reauthorization of the Export-Import Bank.
“Mr. Speaker, we should act. We should act now before we find ourselves at the eleventh hour before the June 30 deadline. Now, we have just seen shutting down the security apparatus to protect America for a couple of days. Let’s not put at risk the economic security of our country.
“Governors of both parties from across the country have written in support of taking action. Business leaders, the Chamber of Commerce, organizations like the National Association of Manufacturers have all asked Congress to reauthorize the Bank. There are now just thirteen legislative days until the deadline by which we must do so.
“Mr. Speaker, I ask our Speaker, I ask our Majority Leader: let the House work its will and vote on a multi-year reauthorization that will restore certainty for thousands of small businesses, help them compete in new markets, support the growth of good jobs here in our country, and contribute to deficit reduction.
“There will be a lot of debate next week about jobs. The Speaker believes that we will lose jobs if we don’t pass the Export-Import Bank reauthorization. Mr. Speaker, Mr. Leader, bring the Export-Import Bank reauthorization bill to the Floor. It will pass. It will be good for America. It will be good for Americans. It will be good for our economy. Pass this bill.”
