Posted:
May 11, 2012
The House of Representatives on Wednesday voted 330-93 to renew the charter of the Export-Import Bank of the United States for three years and to increase the bank's lending capacity gradually to $140 billion.
The Export-Import Bank has since 1934 provided loan guarantees and direct loans to help businesses overseas buy U.S. goods and services. The bank's charter was to have expired last Sept. 30, but it was extended through May 2012 under a continuing budget resolution.
All exported cargoes financed through the Export-Import Bank are by law reserved for U.S.-flagged merchant ships.
"Export-Import Bank transactions and the U.S.-flag cargo preference requirement have resulted recently in significant private capital investment in an expanded U.S.-flagged heavy-lift fleet suited specifically for outsized project cargoes," American Maritime Officers National President Tom Bethel said after the overwhelming vote. "Our union has been the major beneficiary of this U.S. fleet expansion in terms of new seagoing employment and long-term job and benefit security.
"We are encouraged by the size of the winning margin and by the strong bipartisan support shown for Ex-Im Bank in this case," Bethel continued. "We trust the Senate will move quickly and just as decisively on Ex-Im reauthorization."
Majority Leader Eric Cantor (R-VA) and Minority Leader Steny Hoyer (D-MD) crafted the Export-Import Bank reauthorization bill approved in the House.
House approves reauthorization of Export-Import Bank
The House of Representatives on Wednesday voted 330-93 to renew the charter of the Export-Import Bank of the United States for three years and to increase the bank's lending capacity gradually to $140 billion.
The Export-Import Bank has since 1934 provided loan guarantees and direct loans to help businesses overseas buy U.S. goods and services. The bank's charter was to have expired last Sept. 30, but it was extended through May 2012 under a continuing budget resolution.
All exported cargoes financed through the Export-Import Bank are by law reserved for U.S.-flagged merchant ships.
"Export-Import Bank transactions and the U.S.-flag cargo preference requirement have resulted recently in significant private capital investment in an expanded U.S.-flagged heavy-lift fleet suited specifically for outsized project cargoes," American Maritime Officers National President Tom Bethel said after the overwhelming vote. "Our union has been the major beneficiary of this U.S. fleet expansion in terms of new seagoing employment and long-term job and benefit security.
"We are encouraged by the size of the winning margin and by the strong bipartisan support shown for Ex-Im Bank in this case," Bethel continued. "We trust the Senate will move quickly and just as decisively on Ex-Im reauthorization."
Majority Leader Eric Cantor (R-VA) and Minority Leader Steny Hoyer (D-MD) crafted the Export-Import Bank reauthorization bill approved in the House.