Posted:
July 30, 2015
A provision to reauthorize the U.S. Export-Import Bank failed to achieve a floor vote in the House of Representatives this month as a result of differences between the Senate and House over legislation to authorize funding of surface transportation projects prior to the expiration of the Highway Trust Fund's spending authority on July 31.
Congress is adjourning for summer recess and is not scheduled to reconvene until September.
On July 27, the Senate voted 64-29 to approve an amendment (S.A. 2327) that would reauthorize the Export-Import (Ex-Im) Bank through fiscal year 2019. Senate Amendment 2327 was part of a legislative package that collectively formed a six-year surface transportation authorization bill.
Today, the Senate voted to approve its long-term highway bill with reauthorization of the Ex-Im Bank included.
However, earlier in the week, House Majority Leader Kevin McCarthy (R-CA) told reporters the House of Representatives would not be voting on the Senate's long-term highway bill, which is opposed by House leaders.
Previously, the House had approved and sent to the Senate a five-month surface transportation measure to keep the Highway Trust Fund in operation while both chambers resolved differences on long-term legislation.
The Senate did not take up the five-month measure for consideration.
The House on Wednesday approved a compromise three-month extension for the Highway Trust Fund, which also addresses a budget shortfall in the Department of Veterans Affairs, and adjourned for summer recess.
In preparing the three-month bill for a floor vote, the House Rules Committee by a vote of 6-7 rejected an amendment to reauthorize the Export-Import Bank. Although Ex-Im Bank supporters told the committee there was strong bipartisan support for reauthorization of the bank, some conservatives oppose renewing the bank's charter and a report published by CQ Roll Call cited concerns that including an Ex-Im reauthorization amendment would jeopardize the short-term extension of the Highway Trust Fund.
The Senate today also voted to approve the House's three-month highway bill.
When Congress reconvenes in September, there may be other opportunities for reauthorization of the Ex-Im Bank, including a possible highway bill conference on long-term legislation and a possible continuing resolution to fund the federal government. American Maritime Officers and American Maritime Officers Service will continue working with congressional supporters of the Ex-Im Bank to achieve the renewal of the bank's charter.
The Export-Import Bank assists U.S. businesses large and small by facilitating the purchase of U.S. manufactured goods for export, among other things.
Exports financed with the assistance of the Ex-Im Bank must be shipped on U.S.-flagged commercial vessels, providing a strong source of cargo for the U.S. merchant fleet operating in international trade.
In fiscal year 2013, the Ex-Im Bank helped facilitate more than $37 billion in U.S. export sales, supporting more than 200,000 American jobs. According to a report published by the Ex-Im Coalition, the Ex-Im Bank earned a profit in 2014, covering its expenses and sending $675 million to the U.S. treasury. In the previous fiscal year, the Ex-Im Bank returned approximately $1 billion to the U.S. treasury. The Ex-Im Bank is self-sustaining and does not cost U.S. taxpayers a single dollar.
The bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank has funding to manage its existing portfolio through the end of the fiscal year, and the bank would need to continue to operate in some form for several years to service long-term financing packages already in place.
The cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.
Export-Import Bank reauthorization stalls in standoff over House, Senate highway bills
A provision to reauthorize the U.S. Export-Import Bank failed to achieve a floor vote in the House of Representatives this month as a result of differences between the Senate and House over legislation to authorize funding of surface transportation projects prior to the expiration of the Highway Trust Fund's spending authority on July 31.
Congress is adjourning for summer recess and is not scheduled to reconvene until September.
On July 27, the Senate voted 64-29 to approve an amendment (S.A. 2327) that would reauthorize the Export-Import (Ex-Im) Bank through fiscal year 2019. Senate Amendment 2327 was part of a legislative package that collectively formed a six-year surface transportation authorization bill.
Today, the Senate voted to approve its long-term highway bill with reauthorization of the Ex-Im Bank included.
However, earlier in the week, House Majority Leader Kevin McCarthy (R-CA) told reporters the House of Representatives would not be voting on the Senate's long-term highway bill, which is opposed by House leaders.
Previously, the House had approved and sent to the Senate a five-month surface transportation measure to keep the Highway Trust Fund in operation while both chambers resolved differences on long-term legislation.
The Senate did not take up the five-month measure for consideration.
The House on Wednesday approved a compromise three-month extension for the Highway Trust Fund, which also addresses a budget shortfall in the Department of Veterans Affairs, and adjourned for summer recess.
In preparing the three-month bill for a floor vote, the House Rules Committee by a vote of 6-7 rejected an amendment to reauthorize the Export-Import Bank. Although Ex-Im Bank supporters told the committee there was strong bipartisan support for reauthorization of the bank, some conservatives oppose renewing the bank's charter and a report published by CQ Roll Call cited concerns that including an Ex-Im reauthorization amendment would jeopardize the short-term extension of the Highway Trust Fund.
The Senate today also voted to approve the House's three-month highway bill.
When Congress reconvenes in September, there may be other opportunities for reauthorization of the Ex-Im Bank, including a possible highway bill conference on long-term legislation and a possible continuing resolution to fund the federal government. American Maritime Officers and American Maritime Officers Service will continue working with congressional supporters of the Ex-Im Bank to achieve the renewal of the bank's charter.
The Export-Import Bank assists U.S. businesses large and small by facilitating the purchase of U.S. manufactured goods for export, among other things.
Exports financed with the assistance of the Ex-Im Bank must be shipped on U.S.-flagged commercial vessels, providing a strong source of cargo for the U.S. merchant fleet operating in international trade.
In fiscal year 2013, the Ex-Im Bank helped facilitate more than $37 billion in U.S. export sales, supporting more than 200,000 American jobs. According to a report published by the Ex-Im Coalition, the Ex-Im Bank earned a profit in 2014, covering its expenses and sending $675 million to the U.S. treasury. In the previous fiscal year, the Ex-Im Bank returned approximately $1 billion to the U.S. treasury. The Ex-Im Bank is self-sustaining and does not cost U.S. taxpayers a single dollar.
The bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank has funding to manage its existing portfolio through the end of the fiscal year, and the bank would need to continue to operate in some form for several years to service long-term financing packages already in place.
The cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.