House Passes Ex-Im Bank Reauthorization Bill
The House of Representatives approved a bill May 9 to reauthorize the U.S. Export-Import Bank. The bipartisan legislation would increase the bank's lending limit to $140 billion by 2014. The text of the legislation is (here).
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The legislation would reauthorize the bank's charter, which expires on May 31, 2012, and increase the lending cap of the bank. The Ex-Im bank was expected to hit that lending limit by the end of May. The bill also begins the process of reducing export subsidies for aircraft, addressing a major complaint from airlines that disagreed with the practice. The Senate still needs to act on the legislation. Previous reauthorization legislation hit a snag in the Senate when conservative Republicans voiced opposition to the bank. Consideration by the Senate is scheduled for May 10, 2012.
(See ITT's Online Archives 12032132 for summary of Senate failure to pass Ex-Im Bank reauthorization legislation.)
“The passage of this bipartisan legislation provides much-needed certainty and predictability to U.S. exporters and their workers by extending the Bank’s authority through Fiscal Year 2014 and increasing its portfolio cap to $140 billion," said Fred Hochberg, president of the Ex-Im Bank. "It will provide resources to help meet the President's objective for the Bank's re-authorization which is a key component of his National Export Initiative aimed at doubling exports. We are hopeful that the Senate will expeditiously consider and pass the bill and send it to the President for his signature."