Ex-Im Bank Charter Renewal Moves Ahead in Congress

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Four U.S. senators introduced a bipartisan amendment March 15 to extend the U.S. Export-Import Bank’s lending authority until 2015 and increase its lending limit from $100 million to $140 million.

The amendment was added to the Reopening American Capital Markets to Emerging Growth Companies Act of 2011 (H.R. 3606), which the House of Representatives passed March 8 by a vote of 390-23. The Senate is expected to vote the week of March 19, according to the Senate’s legislative calendar.

U.S. satellite manufacturers are among aerospace firms making increased use of Ex-Im financing to make their products more competitive overseas.

The bank, whose charter expired at the end of 2011, is currently operating under a temporary extension that expires May 31.

U.S. Sens. Maria Cantwell (D-Wash.) and Lindsey Graham (R-S.C.) took the lead on the Ex-Im amendment and were later joined by Sens. Tim Johnson (D-S.D.) and Richard Shelby (R-Ala.), the chairman and ranking member, respectively, of the Senate Banking Committee.

Ten Democrats in addition to Cantwell and Johnson signed on as co-sponsors.

 

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