House Bill Revives Ex-Im Bank Over Conservative Opposition

28 Oct 2015 | Author: | No comments yet »

CommentAmerican businesses praise Ex-Im Bank vote.

WASHINGTON — A strong coalition of establishment-backed Republicans and House Democrats voted overwhelmingly Tuesday to revive the Export-Import Bank, dealing a defeat to tea party conservatives and Speaker-to-be Paul Ryan. Tonight’s vote by the House of Representatives to reauthorise the Export-Import Bank’s charter does not mark the end of the fight for either the bank’s backers or its opponents. Since then, the bank has been unable to approve new applications to fulfill its mission of helping overseas buyers get financing to purchase U.S. exports, such as airplanes and heavy equipment.

Export-Import Bank in a bipartisan effort that overcame opposition from conservatives who have blocked the bank from financing companies’ overseas sales for almost four months. An unusual alliance of a few dozen Republicans and the entirety of the House Democratic Caucus joined to pass the bill after winning a bitterly protested maneuver Monday night to force the House to vote on it.

But a bipartisan move by pro-business Republicans and Democrats to use a rare parliamentary manoeuvre to extract the bank’s fate from the committee where it was being held hostage succeeded on Monday. Passage had already been assured after Republicans had joined most Democrats on Monday in calling up a so-called discharge petition, a rarely effective procedural tool that allows a majority of lawmakers to dislodge legislation that has been held back by party leaders.

We commend the House’s bipartisan passage of a multi-year reauthorization of the Ex-Im Bank, which plays a critical role in supporting the US economy and American jobs. … Since Congress allowed the Bank’s authority to lapse in July, US companies – large and small – have not been able to compete on a level playing field with foreign competitors, which have continued to receive significant financing from export credit agencies around the world. The legislation moves to the Senate, where Majority Leader Mitch McConnell, a Kentucky Republican who opposes the bank, said he won’t allow a vote on the bill. They pushed a vote over the opposition of top House GOP leaders, including Majority Leader Kevin McCarthy of California, Whip Steve Scalise of Louisiana and Financial Services Committee Chairman Jeb Hensarling of Texas. The lapse has also put hundreds of thousands of American jobs at unnecessary risk, which is why we urge the Senate to take action as soon as possible. The House hasn’t acted on the underlying transportation bill to which it was attached, and Senate leaders have said they are unlikely to consider a stand-alone reauthorization measure.

But late Monday the Senate voted 64-29 to add legislation reviving the bank to a sweeping highway bill being considered on the floor. (Jacquelyn Martin, Associated Press) WASHINGTON, D.C. House Minority Whip Steny Hoyer, D-Md., said Tuesday that Democrats want a standalone vote in the Senate. “They’ve already voted for this bill so you think it could be done therefore relatively easily.” Hoyer said “our first option, our first focus is trying to get Sen. Conservative critics said the bank provides too much of its credit assistance to help huge, well-connected corporations, such as Boeing Co., General Electric and Caterpillar Inc.

Congressional GOP leaders have largely opposed the bank, with the exception of outgoing House Speaker John Boehner (R., Ohio) who last month pledged to “clean the barn” of unfinished and divisive legislative business before he submits his resignation at week’s end. McConnell to move this as a free-standing bill,” but he added “there are other ways to do it (and) we’re going to be working to make sure it gets done.” Hoyer suggested the bill could be attached to some other “must-pass” legislation instead of as a standalone measure.

Ex-Im Bank provides critical financing for our customers that helps lock down deals that would otherwise go unrealized – the benefits of these sales opportunities are shared with the thousands of small and medium sized Caterpillar suppliers across the country. We look forward to continuing to work with members of both the Congress and the Administration until we see Ex-Im Bank back in business supporting job creation and economic growth.”

Backers say its loans level the playing field against foreign competitors who get significant help from their own governments, while detractors, including Champaign County GOP Rep. Fundamental tax reform, tort reform and regulatory reform will do more to grow our economy and help small business entrepreneurs than corporate welfare ever could. Lawmakers said the discharge petition, which was last used successfully on campaign-finance legislation in 2002, only added to intraparty tensions that boiled over when Mr.

Boehner announced his resignation last month. “Right now I couldn’t convey to anybody how many elephants in the room and skunks in the garden party there are on so many different issues,” said Rep. The effort shows Americans “that Congress can work together, Democrats and Republicans, to get something done that helps businesses and workers compete and create jobs,” Hoyer said on the House floor Monday. Unfortunately, this could have gone through the committee, this could have been voted on in committee, and it could have come to the floor in what people would consider a more regular order way than this.

However, [it] didn’t have the opportunity.” Hensarling argued that large, well-connected companies like Boeing, General Electric, Bechtel and Caterpillar benefit most from the bank, and over half its financing went to a handful of Fortune 500 companies. House Ways & Means Committee Chairman Paul Ryan – who is likely to be the next House Speaker – said 40 percent of the bank’s loans go to just 20 companies.

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