House Passes New Democrat Coalition-Endorsed Export-Import Bank Reauthorization Bill
Today, the House of Representatives passed the New Democrat Coalition-endorsed (NDC) H.R. 4863, The United States Export Finance Agency Act of 2019, reauthorizing and expanding the Export-Import Bank for ten years. As the official national export credit agency, the Agency supports American workers by financing the export of American-made goods from companies nationwide, including those that have trouble accessing private markets for trade financing, like small businesses. The Bank is fundamentally important to supporting American workers, jobs, entrepreneurship, and the U.S. manufacturing economy.
Specifically, the bill increases the Bank’s lending authority from $135 billion to $175 billion and changes the name of the Export-Import Bank to the more-accurate United States Export Finance Agency. The bill also creates new programs to help connect foreign buyers with U.S. exporters and strengthens the Agency’s support for small businesses. Additionally, the bill also addresses concerns about unfair trade competition and our national security by prohibiting the Bank from financing sales to certain bad-actor entities as determined under existing U.S. statue, and promotes a climate-forward global economy through support of renewable energy and technology exports.
NDC Members serve as a key block of Members on the Financial Services Committee. On this bill, NDC Rep. Denny Heck played an important role in striking the right balance to ensure the bank’s reauthorization had business and labor support. The bill garnered support from both sides of the aisle on the House Floor with a final vote of 235-184.
“Reauthorizing the Export-Import Bank is really important for export-dependent states like Washington,” said NDC Chair Derek Kilmer. “It’s an essential tool in the trade toolbox that helps enable American-made products to be sold around the world and supports the growth of our local jobs. On behalf of the New Democrat Coalition, I want to thank Denny Heck for his leadership on this issue and Chairwoman Waters for working with our Coalition to pass a strong Ex-Im reauthorization bill in the House.”
“The reauthorization of the Export-Import Bank will create and protect good-paying American jobs,” said Congressman Denny Heck (WA-10). “That’s why having a robust Bank has been a top priority of mine since I was first elected to Congress. Not only will this reauthorization bill help small businesses compete in global markets, but it will enable the U.S. to continue to be a country that is home to the most advanced manufacturing in the world. I’m proud that the New Democrat Coalition has endorsed this important legislation and will keep fighting to get this signed into law.”
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