Posted:
December 7, 2015
The charter of the U.S. Export-Import Bank was renewed December 4 as President Obama signed into law five-year surface transportation authorization legislation, known as the 'highway bill,' which includes a provision to reauthorize the Export-Import Bank through fiscal year 2019.
The highway bill was produced by a House-Senate conference committee. The conference report containing the Export-Import (Ex-Im) Bank provisions was overwhelmingly approved by both chambers of Congress on December 3.
A portion of 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 late July, the Senate had approved its own six-year highway bill with an amendment included to reauthorize the Ex-Im Bank - that amendment was approved 64-29 in the Senate. The Senate's long-term highway bill was not voted upon in the House.
Separate legislation to reauthorize the Ex-Im Bank had been bottled up for months in the House due to opposition from some influential members. However, in October, a bold effort spearheaded by Congressman Stephen Fincher (R-TN) forced a vote on stand-alone legislation to reauthorize the bank. Rep. Fincher introduced legislation nearly identical to the Senate's reauthorization and reform measure that had been approved with that chamber's long-term highway bill. He then spearheaded a discharge petition that quickly gained bipartisan approval from a majority of House members and ultimately forced a floor vote on the stand-alone Ex-Im Bank bill, which was approved 313-118 on October 27.
The successful drive and overwhelming support for reauthorizing the Ex-Im Bank, the charter of which had expired at the end of June, influenced the decision to include renewal of the bank's charter in the five-year highway bill conference report.
The Export-Import Bank assists U.S. businesses small and large by facilitating the purchase of U.S. manufactured goods for export, among other things.
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. Last year, records show the bank supported 164,000 American private-sector jobs as bank activities helped generate $27.5 billion in U.S. exports. 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.
Export-Import Bank reauthorized through FY 2019
The charter of the U.S. Export-Import Bank was renewed December 4 as President Obama signed into law five-year surface transportation authorization legislation, known as the 'highway bill,' which includes a provision to reauthorize the Export-Import Bank through fiscal year 2019.
The highway bill was produced by a House-Senate conference committee. The conference report containing the Export-Import (Ex-Im) Bank provisions was overwhelmingly approved by both chambers of Congress on December 3.
A portion of 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 late July, the Senate had approved its own six-year highway bill with an amendment included to reauthorize the Ex-Im Bank - that amendment was approved 64-29 in the Senate. The Senate's long-term highway bill was not voted upon in the House.
Separate legislation to reauthorize the Ex-Im Bank had been bottled up for months in the House due to opposition from some influential members. However, in October, a bold effort spearheaded by Congressman Stephen Fincher (R-TN) forced a vote on stand-alone legislation to reauthorize the bank. Rep. Fincher introduced legislation nearly identical to the Senate's reauthorization and reform measure that had been approved with that chamber's long-term highway bill. He then spearheaded a discharge petition that quickly gained bipartisan approval from a majority of House members and ultimately forced a floor vote on the stand-alone Ex-Im Bank bill, which was approved 313-118 on October 27.
The successful drive and overwhelming support for reauthorizing the Ex-Im Bank, the charter of which had expired at the end of June, influenced the decision to include renewal of the bank's charter in the five-year highway bill conference report.
The Export-Import Bank assists U.S. businesses small and large by facilitating the purchase of U.S. manufactured goods for export, among other things.
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. Last year, records show the bank supported 164,000 American private-sector jobs as bank activities helped generate $27.5 billion in U.S. exports. 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.