Today, the Senate took a critical first step toward ensuring the U.S. Export-Import Bank can continue its vital work past September 30, the day the Bank’s authorization expires. The bipartisan bill introduced today by Senators Cramer, Sinema, Tillis, Blunt, Graham, Cantwell, Murray and Collins would not only reauthorize the bank, it would also make the Bank even more effective.
The Bank enables American products – the best in the world – to compete on a level playing field. More than 95 foreign export credit agencies around the world tirelessly support their respective country’s businesses, and without the U.S. Export-Import Bank, American exporters are competing with one hand tied behind their backs. Reauthorizing the Bank will show that America stands behind its exporters.
For nearly four years, the Bank was hamstrung without a quorum because of legislative gridlock. Just two months ago, the Senate finally restored the Bank to its full capacity by confirming three highly-qualified nominees to the Board of Directors. The bill introduced today would reauthorize the Bank for ten years, giving the Bank a decade without interruption to review deals that will support American businesses of all sizes in the increasingly competitive global marketplace.
American exporters, big and small, cannot afford for the Bank to halt its important work. We urge both chambers of Congress to pass this critical legislation and reauthorize the U.S. Export-Import Bank before the September 30 deadline.
