House Dems Introduce Legislation to Reauthorization Ex-Im for Seven Years
House Democrats introduced on June 24 a bill to reauthorize the Export-Import Bank for seven years at a $5 billion annual increase, topping off at a $175 billion reauthorization mandate in fiscal year 2021. House Financial Services Committee member Denny Heck, D-Wash., led the introduction, but 200 Democrats co-sponsored the bill. The legislation would authorize the bank from Oct. 1, following its Sept. 30 expiration. Industry officials have recently ramped up pressure to reauthorize the credit agency, and 41 Republicans expressed support for reauthorization in a June 23 letter (see 14062405).
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
The House Financial Services Committee is holding a June 25 hearing on the credit agency. Failure to reauthorize the bank will do “irreparable harm” to the U.S. economy, said the AFL-CIO in another letter to House members. “In a highly-globalized economy filled with foreign firms striving to capture market share held by U.S. firms, often with the assistance of targeted public polices, and often acting through state-owned or state-supported enterprises, the Export-Import Bank helps level the international playing field,” said the letter sent on June 24.
Email ITTNews@warren-news.com for a copy of the legislation and the AFL-CIO letter.