Export-Import Bank Reauthorization Passes U.S. House
WASHINGTON, D.C. – Today the House passed H.R. 4863, the United States Export Finance Agency Act of 2019, a bill to reauthorize and expand the Export-Import Bank of the United States for ten years. The bill passed by a vote of 235-184.
As the official national export credit agency, the Bank’s sole purpose is to help finance exports made in Washington state or anywhere in the U.S. Because it fills gaps in private trade financing, the Bank primarily serves small businesses and makers of long-lived capital goods. The Export-Import Bank is fundamentally important to entrepreneurship and the U.S. manufacturing economy.
“Building a stronger Export-Import Bank is one of the main reasons I was honored to become a member of the Financial Services Committee seven years ago,” said Congressman Denny Heck (WA-10). “I want us to be a nation that builds things. I want the most advanced factories in the world, building the most complex goods ever invented, right here in America, owned by American businesses, and filled with American workers. To do that we must have a strong export credit agency, and this bill would ensure that’s finally the case and that it will remain so for the decade to come.”
H.R. 4863, introduced by Financial Services Committee Chair Maxine Waters, increases the Bank’s lending authority from $135 billion to $175 billion; creates new programs to help connect foreign buyers with U.S. exporters; strengthens the Agency’s support for small businesses; and allows the Agency to match the financing terms offered by China’s export credit agency.
In addition, the bill changes the name of the Export-Import Bank to the more accurate United States Export Finance Agency.
Finally, the bill also addresses concerns about unfair trade competition by prohibiting the Agency from financing sales to entities that have violated the Foreign Corrupt Practices Act; have been cited for intellectual property violations by the U.S. Trade Representative; are on the sanctions list; or are otherwise flagged as bad actors by U.S. agencies dealing with foreign commerce.