WASHINGTON, D.C. - Congressman Charlie Dent (PA-15) and Congressman Frank Lucas (OK-3), along with 30 original co-sponsors, introduced HR 4007 today, legislation that would allow the Export-Import (EXIM) Bank to fully function and return to its important role of spurring economic growth, encouraging the creation of high-paying jobs here in the United States, and bolstering American companies’ ability to do business overseas.
The Export-Import Bank is the official export credit agency of the United States, supporting American jobs by facilitating the export of U.S. goods and services. Despite being reauthorized in the 114th Congress by a vote of 313-118 in the U.S. House of Representatives, the Export-Import Bank is severely hindered in its ability to provide financing for many investment deals. Currently, the Board of Directors lacks a sufficient number of directors to reach the necessary quorum to move forward with economic investment deals greater than $10 million dollars. As a result, it is estimated that more than $30 billion in pending deals remain in limbo.
“It is the overwhelming will of the American people and their representatives in Congress, that the Export-Import Bank be fully operational. I am pleased to introduce this important legislation that would allow the bank to continue its operations while the Administration and the Senate work through the nominations process. The bank is a critical lifeline for many manufacturers, large and small, in maintaining their competitiveness in international markets and it is past time that its doors are open” said Dent.
Congressman Lucas agreed. “The Export-Import Bank’s ability to generate new markets for American products overseas plays a major role in the success of many small suppliers, subcontractors, and manufacturers that create jobs and foster economic growth in our communities here at home,” said Lucas. “Our bill streamlines the Bank’s loan approval process, eliminating artificial barriers created by political gridlock and putting our country’s businesses back on a level global playing field. Failure to take action on this legislation limits the access of American industries to this critical trade tool.”
“The 114th Congress reauthorized EXIM with a large bipartisan vote. I hope that our colleagues on both sides of the aisle in the House will join our effort to help American workers and manufacturers,” Dent concluded.
CONTACT: Shawn Millan (610) 770-3490