House Dems Continue Push for Ex-Im Bank Reauthorization
House Democrats are prioritizing timely reauthorization of the Export-Import bank charter as part of a manufacturing initiative called “Make It In America,” said House Minority Whip Stenny Hoyer, D-Md., and several other lawmakers during an April 9 press conference. Hoyer said he reached out to Majority Leader Eric Cantor, R-Va., to push reauthorization. The bank’s charter expires on Sept. 30, but some House Republicans have prevented reauthorization legislation (see 14021018).
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“Just last year, Ex-Im provided more than 11 billion in support to the manufacturing sector alone. Although the bank’s programs provide essential support to businesses of all sizes, the majority of the bank’s authorizations go to small businesses, which made up 90 percent of total transactions last year,” said House Financial Services ranking member Maxine Waters, D-Calif., at the press conference. “The Democratic party is once again calling on Republicans to end the uncertainty for American businesses and reauthorize the Ex-Im quickly in order to support American jobs and exports.”
Foreign competitors are taking advantage of the uncertainty surrounding reauthorization to win contracts abroad that U.S. companies are eligible for, said Waters. Fife, Washington-based Pexco, a producer of custom plastics, represents one such business, said Rep. Denny Heck, D-Wash., at the press conference. “Recently, a distributor in Denmark placed a $125,000 order with Pexco products and it was the Ex-Im that enabled that to happen … guaranteeing that purchase,” said Heck. “This is a small company in our area with 200 employees. This is not an inconsequential order for them. And it was the Ex-Im that was the reliable intermediary.” House Speaker John Boehner, R-Ohio, in March listed Ex-Im Bank reauthorization as one of the top priorities for 2014 (see 14031813).