Democrats lodge U.S. Export-Import Bank survival plan
Reuters
Published Feb 25, 2015 12:03AM ET
Democrats lodge U.S. Export-Import Bank survival plan
WASHINGTON (Reuters) - Democratic lawmakers will unveil a plan on Wednesday to keep the U.S. Export-Import Bank open for another seven years and expand its lending as a clash over the bank's future intensifies.
Legislation backed by Democratic Whip Steny Hoyer and colleagues Maxine Waters, Gwen Moore and Denny Heck would reauthorize Ex-Im, which provides support for U.S. exporters and the buyers of U.S. goods, until 2022 and increase its lending cap by $20 billion.
Prominent Ex-Im opponent Jen Hensarling, a Republican, urged lawmakers to consider closing the bank down in a plea timed to coincide with a major push by the business community to ensure the bank's survival.
More than 600 small to mid-sized exporters, manufacturers and business representatives from 41 states will descend on Capitol Hill on Wednesday to ask for Ex-Im's mandate to be extended past the current June 30 expiry date.
"Bipartisan majorities in both the House of Representatives and the Senate support renewing the Export-Import Bank's charter, and I am confident that Democrats and Republicans will reach consensus to keep the Bank alive," said Waters, the top Democrat on the House Financial Services Committee.
Hensarling, who chairs the committee with jurisdiction over the bank, said Ex-Im used taxpayer funds to help finance select U.S. exports at the expense of others.
"The best way to level the playing field for American exporters and manufacturers is not with taxpayer subsidies, guarantees and politically-driven lending, but instead with more opportunity," he wrote in a letter he will send to fellow lawmakers that was seen by Reuters.
If Congress does not vote to extend the bank's charter, it will close at the end of June. Hensarling and other critics charge that Ex-Im's support for overseas buyers of U.S. goods, such as Boeing Co planes, gives those foreign firms an edge over U.S. competitors.
Republican Stephen Fincher unveiled a bill in January, backed by 57 fellow Republicans, which would give the bank five more years but also cut its lending cap to $130 billion from $140 billion.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.