New Dems Applaud Passage of Ex-Im Reauthorization
Washington, DC – Today, Republicans and Democrats worked across to the aisle to successfully bring to the floor and pass legislation to reauthorize the U.S. Export-Import Bank. After clearing a number of procedural hurdles, the bill passed, 313-118. Every Member of the New Democrat Coalition who was present voted to pass the bill.
Members of the New Democrat Coalition have long been vocal supporters of extending the Bank’s charter and helped lead the effort in calling for its reauthorization, praising it as a proven job creator that transfers money to the Treasury for reducing the deficit. The authority for the bank lapsed on July 1st of this year and has since weakened the ability of U.S exporters to do business abroad. Despite a clear majority of the House of Representatives supporting renewal of the Bank’s charter, House Republican leadership had refused to bring reauthorization to the floor until a discharge petition gained enough signatures to force a vote.
“Today’s vote signals an important step in putting sound policy ahead of partisan fighting that weakens our economy,” said Coalition Chairman Ron Kind. “Nearly every developed country has an export bank and this lapse in authority has hurt U.S. workers and manufacturers while undermining our competitive edge in international trade. In FY 2014 alone, Ex-Im supported more than 164,000 jobs and generated a $675 million surplus.”
“Today politics stepped aside, and compromise and cooperation won the day,” said Coalition member Denny Heck (WA-10), who has led Democratic efforts to reauthorize the Bank. “I’ve sat on the House Financial Services Committee for three years demanding that we get this done. Today we showed that no committee chairman can get in the way of the will of the people. The Senate must immediately take up this important legislation. I urge Majority Leader McConnell to listen and respect the numerous, common-sense voices in support of this job-creating tool. The longer we delay and the bank is closed, the more jobs we lose as a result of our inaction. ”
“Today’s vote to renew the Export-Import Bank is a major bipartisan victory for jobs,” said Rep. Rick Larsen (WA-02), co-chair of the New Dem Trade, Critical Infrastructure, and Manufacturing Task Force. “The Bank helps Pacific Northwest businesses of all sizes create jobs here at home by selling their goods overseas. Thousands of workers in Northwest Washington and across the country are counting on Congress to do the right thing and get the Ex-Im Bank reauthorized. While Congress never should have allowed the Ex-Im Bank to expire in the first place, we can keep American open for business by getting the job done now.”
Now, the Senate must take up a measure to renew the Bank’s Charter. Earlier this year, the Senate passed a measure identical to the bill that cleared the House today. Click here to see what New Dems have said about reauthorizing the Bank on social media.
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