6 Nov 2015
Legislation to Renew Ex-Im Bank's Charter Approved in House
The House of Representatives on 27 October voted to renew the currently expired charter of the Export-Import Bank of the United States, the official export agency of the U.S. federal government. The strong, bi-partisan 313-118 vote in favour of the Ex-Im Bank’s renewal showcases the robust support in the House for this agency despite repeated claims by a number of lawmakers that the Bank unfairly intervenes in free markets and subsidises large companies that are perfectly capable of financing their exports through other means.
The legislation is backed by large business associations including the U.S. Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable, as well as the AFL-CIO, but is opposed by several Republicans in key leadership positions including new Speaker of the House Paul Ryan (Republican-Wisconsin), Financial Services Committee Chairman Jeb Hensarling (Republican-Texas) and Rules Committee Chairman Pete Sessions (Republican-Texas). The path for this legislation in the Senate is not clear at this time, however, with Senate Majority Leader Mitch McConnell (Republican-Kentucky) recently indicating that he does not plan to allocate any more floor time to the legislation.