Waters Floats Ex-Im Reauthorization as Key Senators Rally Support
House Financial Services ranking member Maxine Waters, D-Calif., put forth legislation, HR-1031 (here), on Feb. 24 to reauthorize the Export-Import Bank through 2020, along with two Democratic colleagues on the committee and House Minority Whip Steny Hoyer, D-Md. In total, more than 160 House Democrats have signed on to cosponsor the legislation and the bill should be voted on, said Democrats on the Committee on Financial Services in a press release (here).The credit agency's charter is set to expire on June 30. Many business and trade officials continue to push for long-term reauthorization (see 1502200006), but key Republicans on Capitol Hill haven’t yet indicated they’ll ease up opposition.
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The Promoting U.S. Jobs Through Exports Act of 2015 aims to strengthen the bank through provisions aimed at curbing corruption and opacity in the process, Waters said in a press release (here). The legislation establishes a Chief Risk Officer and calls for U.S. action at the World Trade Organization against countries that violate trade rules on export credit assistance.
Meanwhile, Sens. Mark Kirk, R-Ill., and Joe Manchin, D-W.Va., joined manufacturers on Feb. 25 to champion Ex-Im Bank reauthorization. Those lawmakers expect to introduce legislation soon to extend the credit agency’s charter through 2019, they said in a statement (here). Manchin released draft legislation to extend the bank with that same lifespan in July 2014, as the bank lurched toward expiration (see 14071107). The House and Senate ultimately rallied to extend the bank as part of an appropriations bill in September (see 14092203).