Industry, Democrats Plead for Quick Action on Ex-Im Renewal
More than 1,000 companies and industry associations pushed lawmakers in a June 3 letter to urgently pass Export-Import Bank reauthorization ahead of the looming June 30 expiration of the credit agency. "Failure to secure a long-term reauthorization of Ex-Im would amount to unilateral disarmament in the face of other governments’ far more aggressive export credit programs, which have provided their own exporters with significant financing support in recent years,” said the letter (here). “If Ex-Im is not reauthorized before June 30, American companies would be put at a unique disadvantage in global markets, resulting immediately in lost sales and lost jobs. U.S. businesses of all sizes would be deprived of a vital financing source at a time when boosting exports is increasingly vital to growing our nation’s economy and jobs.”
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The House Financial Services Committee, led by fierce Ex-Im critic Jeb Hensarling, R-Texas, examined the credit agency in a June 3 hearing. Ranking member Maxine Waters, D-Calif., a strong Ex-Im supporter, touted the credit agency’s merits in remarks during the hearing. “Only 14 legislative days remain until this engine of economic growth shuts down,” said Waters. “With 190 Democrats on record in support of a multi- year extension of the Bank’s charter, and 59 Republicans on a separate reauthorization measure – including five on this very Committee – the facts are unequivocal: a majority of the members of the Financial Services Committee – and of the House of Representatives – support keeping the Export-Import Bank up and running for the long-term.” A group of Democratic senators also held a press conference on June 3 to drum up support for reauthorization.