Sen. Manchin Releases Draft Ex-Im Reauthorization Bill, Extends Authority Through 2019
Senate Banking Committee member Joe Manchin, D-W.Va., released a draft bill to reauthorize the Export-Import (Ex-Im) Bank for five years that would provide a gradual increase in the credit agency’s lending authority, culminating in a $160 billion authority for fiscal years 2018 and 2019. The measure provides an annual $5 billion increase in lending authority from $145 billion in fiscal year 2015 to $160 billion in fiscal years 2018 and 2019. The legislation would require the Ex-Im Bank to submit a report to Congress and the U.S. Comptroller 180 days after the date of enactment that outlines anticipated growth of the credit agency by industry sector and specific loan terms, while also describing estimated lending risks. The Comptroller would then be required to report to Congress findings on the Ex-Im report. The legislation also would prohibit the credit agency from issuing regulations that preclude financing for coal-fired projects.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
The draft bill release comes in the wake of two Ex-Im reauthorization House bills released in recent weeks. The debate over reauthorization continues to rage on Capitol Hill with many prominent Republicans in opposition (see 14062405). House Democrats formally introduced on June 24 a bill to reauthorize the Export-Import Bank for seven years at a $5 billion annual increase, culminating in a $175 billion mandate in fiscal year 2021 (see 14062519). House Financial Services Subcommittee on Monetary Policy and Trade Chairman John Campbell, R-Calif., released the following day a draft reauthorization measure (here) that would make substantial structural and oversight changes to the bank. That legislation gradually decreases the financial authority delegated to the bank over a three year authorization period, dropping to a $95 billion budget for fiscal year 2017. Campbell released the legislation text “solely for the purpose of discussion,” he said in a press release (here). More than 200 House Democrats, along with at least 40 House Republicans, support reauthorization (see 14062405). That level of support is more than sufficient to pass a reauthorization bill in the House if all those lawmakers vote in favor.
Email ITTNews@warren-news.com for a copy of the bill.