Reauthorization of Export-Import Bank through 2019 is now one step away from the President’s desk
WASHINGTON, D.C. –Months after the Export-Import Bank of the United States’ authority lapsed, the House of Representatives voted again to approve the reauthorization of the Export-Import Bank as an amendment to the 5-year, $300 billion highway bill. The bill now heads to the Senate where it is expected to pass.
“Congress will finally green light Ex-Im to go in and to help these companies get their products out of the warehouses and into the hands of global purchasers,” Heck said. “Once the President signs this bill into law, the Export-Import Bank can once again get American goods sold to customers around the world. This is a victory for our export economy, which includes everything from music stands to wide body jets in Washington state. But let’s be clear that this needless delay harmed small businesses mightily for months, and we can never let it happen again.”
"No one has worked harder or more effectively to reopen the Export-Import Bank than Congressman Denny Heck," stated Democratic Whip Steny H. Hoyer. "He has been a tenacious fighter on behalf of American businesses and workers, and I thank him for his tireless efforts to reopen the Bank."
“Pexco is pleased that House and Senate negotiators have finalized an agreement on a five-year surface transportation program bill which includes reauthorization of the Export-Import Bank,” said Peter Speer, Pexco’s Vice President of Sales. Pexco, a company with 150 employees in Fife, Wash., that makes traffic and safety products, has used Ex-Im financing in the past to sell their equipment around the world. “The multi-year bill will provide much-needed stability for the highway market domestically after a decade of short-term extensions. Renewal of the Export-Import Bank will assist our company in exporting innovative, life-saving traffic safety technologies overseas, creating jobs for our factory in Tacoma.”
“The Tacoma-Seattle metro is the 4th highest area in the value of goods exported, and 915,000 jobs in Washington depend on trade ,” said Tom Pierson, President and CEO of Tacoma-Pierce County Chamber. “Ex-Im is vital to keeping our local businesses competitive with other countries’ exporters.”
“The World Trade Center Tacoma is so pleased with the reauthorization of the Export-Import Bank,” said Louis S. Tieman, President and CEO of World Trade Center Tacoma. “Our members utilize Ex-Im Bank to export to foreign markets that are not served by US Banks, and these markets generate revenue and jobs here in Washington. There are new contracts that have been waiting in the wings for reauthorization to come through, so we are anticipating increased export volume for some of our members in the coming months.”
“Last year the Port handled $18.4 billion worth of goods destined for foreign markets. Ex-Im is an essential tool in supporting and growing those exports over time,” said Don Johnson, Port of Tacoma Commissioner. “We applaud Congressman Heck and the Washington state congressional delegation for their leadership in reauthorizing the Ex-Im Bank.”
“The Ex-Im Bank specializes in helping U.S. firms export goods and services and allows them to compete in foreign markets,” said Dr. Chung-Shing Lee, Associate Dean and Professor at the Pacific Lutheran University School of Business. “The reauthorization of The Ex-Im Bank levels the playing field for U.S. firms in a world of international trading distortions.”
In June, Heck publicly promised an “all hands on deck, all the time” effort to get a winning vote in the House to save the Export-Import Bank.
On October 9, more than 40 Republicans joined Heck and 178 Democrats in signing a discharge petition to bring legislation to the House floor to reauthorize the U.S. Export-Import Bank, marking the first successful discharge petition since 2002.
On October 27, in a bipartisan vote of 313-118 and with a historic ‘discharge petition’ maneuver, the House of Representatives successfully passed H.R. 597, the Reform Exports and Expand the American Economy Act, to reauthorize the Export-Import Bank of the United States until 2019.
While H.R. 597 failed to move in the Senate, the same reauthorization text was included in H.R. 22, the DRIVE Act, which passed in the House by a vote of 371 – 54 on November 5.
The Export-Import Bank is the nation’s official export credit agency and a tool that helps companies in Washington state and nationwide sell products overseas and create jobs. Since the bank’s authorization lapsed on June 30, 2015, the bank has been forced to stop its assistance to U.S. exporters -- threatening export deals for more than 100 exporters in Washington state.
In 2014, the Ex-Im Bank supported $27.5 billion in export sales and 164,000 jobs, of which tens of thousands are in Washington state. Small businesses transactions were nearly 90 percent of the total transactions of the Export-Import Bank in 2014.