Posted:
October 28, 2015
In a victory for the U.S. maritime industry, U.S. manufacturing and American workers, the House of Representatives voted Tuesday evening to approve legislation that would reauthorize the U.S. Export-Import Bank into 2019. The bill would need to be approved by the Senate before advancing.
The vote on stand-alone legislation to reauthorize the Export-Import Bank was only made possible by the bold action of Congressman Stephen Fincher (R-TN), who introduced legislation nearly identical to a Senate Export-Import Bank reauthorization bill, then spearheaded a discharge petition that quickly gained bipartisan approval from a majority of House members and ultimately forced a floor vote on the bill.
"It was a team effort and it was a great night for the American worker," Rep. Fincher said. "Making sure we put the American worker first is the answer. At this point in time, it is paramount that we do all that we can to make sure people have jobs. Reauthorizing the Export-Import Bank at no cost to taxpayers will do that. Our bill reforms the bank to correct its problems and puts American workers first. The very strong vote to reauthorize the bank shows we can put politics aside and do what is right. This is all about American jobs."
The Export-Import Bank (Ex-Im Bank) assists U.S. businesses small and large 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.
Legislation to reauthorize the Ex-Im Bank has been bottled up for months in the House due to opposition from some conservative members.
In a statement released earlier this month when they filed the discharge petition, Congressmen Fincher, Adam Kinzinger (R-IL) and Chris Collins (R-NY) said: "This Republican-led petition is a procedure to stand up to Washington's broken system that is killing thousands of American jobs and jeopardizing thousands more. Our constituents expect us to fight for them and get the job done, but Congress has failed to even hold a vote to reform and reauthorize the Ex-Im Bank. We refuse to look any more hardworking Americans in the eye and say, 'you lost your job because Congress refused to hold a vote.' This cannot wait any longer. If we do not get this done for the American people, the only thing our country will be exporting is jobs."
Within hours of its introduction in the House on October 9, the discharge petition drew signatures from a majority of House members. On October 26, the House voted 246-177 on a motion to discharge from committee a rule governing the consideration of the stand-alone Ex-Im bill. This vote, and subsequent procedural votes, released legislation Rep. Fincher had introduced in January (H.R. 597), automatically replaced it with a bill he introduced September 25 (H.R. 3611), and established parameters for debate and a floor vote.
The House voted 313-118 yesterday to approve the bill and reauthorize the Ex-Im Bank.
H.R. 3611 is nearly identical to the Export-Import Bank Reform and Reauthorization Act introduced earlier this year in the Senate by Senators Mark Kirk (R-IL) and Heidi Heitkamp (D-ND). Rep. Fincher is a staunch supporter of the U.S. maritime industry and merchant marine and his legislation would keep intact the U.S.-flag cargo preference requirements associated with exports financed with assistance from the Ex-Im Bank, as does the Senate legislation.
The Senate has already approved the Kirk-Heitkamp bill once this year; however, it was attached to a long-term surface transportation authorization bill that has not been taken up for consideration in the House and is opposed by House leaders.
As a stand-alone bill, the House Ex-Im legislation faces a doubtful future in the Senate. According to a report published by World Trade Online, when asked whether Senate Majority Leader Mitch McConnell (R-KY) would allow the stand-alone House bill to be brought to the floor for a vote, a spokesman responded Sen. McConnell "will not spend a week of floor time on a bill he doesn't support."
The Ex-Im Bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank will need to continue to operate in some form for several years to service long-term financing packages already in place.
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 cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.
Effort spearheaded by Rep. Fincher leads to House approval of bill to reauthorize U.S. Export-Import Bank
In a victory for the U.S. maritime industry, U.S. manufacturing and American workers, the House of Representatives voted Tuesday evening to approve legislation that would reauthorize the U.S. Export-Import Bank into 2019. The bill would need to be approved by the Senate before advancing.
The vote on stand-alone legislation to reauthorize the Export-Import Bank was only made possible by the bold action of Congressman Stephen Fincher (R-TN), who introduced legislation nearly identical to a Senate Export-Import Bank reauthorization bill, then spearheaded a discharge petition that quickly gained bipartisan approval from a majority of House members and ultimately forced a floor vote on the bill.
"It was a team effort and it was a great night for the American worker," Rep. Fincher said. "Making sure we put the American worker first is the answer. At this point in time, it is paramount that we do all that we can to make sure people have jobs. Reauthorizing the Export-Import Bank at no cost to taxpayers will do that. Our bill reforms the bank to correct its problems and puts American workers first. The very strong vote to reauthorize the bank shows we can put politics aside and do what is right. This is all about American jobs."
The Export-Import Bank (Ex-Im Bank) assists U.S. businesses small and large 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.
Legislation to reauthorize the Ex-Im Bank has been bottled up for months in the House due to opposition from some conservative members.
In a statement released earlier this month when they filed the discharge petition, Congressmen Fincher, Adam Kinzinger (R-IL) and Chris Collins (R-NY) said: "This Republican-led petition is a procedure to stand up to Washington's broken system that is killing thousands of American jobs and jeopardizing thousands more. Our constituents expect us to fight for them and get the job done, but Congress has failed to even hold a vote to reform and reauthorize the Ex-Im Bank. We refuse to look any more hardworking Americans in the eye and say, 'you lost your job because Congress refused to hold a vote.' This cannot wait any longer. If we do not get this done for the American people, the only thing our country will be exporting is jobs."
Within hours of its introduction in the House on October 9, the discharge petition drew signatures from a majority of House members. On October 26, the House voted 246-177 on a motion to discharge from committee a rule governing the consideration of the stand-alone Ex-Im bill. This vote, and subsequent procedural votes, released legislation Rep. Fincher had introduced in January (H.R. 597), automatically replaced it with a bill he introduced September 25 (H.R. 3611), and established parameters for debate and a floor vote.
The House voted 313-118 yesterday to approve the bill and reauthorize the Ex-Im Bank.
H.R. 3611 is nearly identical to the Export-Import Bank Reform and Reauthorization Act introduced earlier this year in the Senate by Senators Mark Kirk (R-IL) and Heidi Heitkamp (D-ND). Rep. Fincher is a staunch supporter of the U.S. maritime industry and merchant marine and his legislation would keep intact the U.S.-flag cargo preference requirements associated with exports financed with assistance from the Ex-Im Bank, as does the Senate legislation.
The Senate has already approved the Kirk-Heitkamp bill once this year; however, it was attached to a long-term surface transportation authorization bill that has not been taken up for consideration in the House and is opposed by House leaders.
As a stand-alone bill, the House Ex-Im legislation faces a doubtful future in the Senate. According to a report published by World Trade Online, when asked whether Senate Majority Leader Mitch McConnell (R-KY) would allow the stand-alone House bill to be brought to the floor for a vote, a spokesman responded Sen. McConnell "will not spend a week of floor time on a bill he doesn't support."
The Ex-Im Bank's charter lapsed at the end of June and the bank cannot accept new applications for financing assistance. The Ex-Im Bank will need to continue to operate in some form for several years to service long-term financing packages already in place.
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 cessation of Ex-Im Bank activity would result in a significant loss of cargo for U.S.-flagged commercial vessels.