Sen. Chris Coons, D-Delaware, joined Sens. Kevin Cramer, R-North Dakota; Krysten Sinema, D-Arizona; Thom Tillis, R-North Carolina; Maria Cantwell, D-Washington; Roy Blunt, R-Missouri; Patty Murray, D-Washington; and Lindsey Graham, R-South Carolina, on July 26 in introducing a new, bipartisan bill to reauthorize the Export-Import Bank for 10 years.
“Delaware businesses rely on the Export-Import Bank to access foreign markets, boost sales, and create good jobs here at home,”said Coons. “The Ex-Im Bank is exactly the kind of tool that American businesses need to compete in an increasingly global economy, and I’m proud to work with both Republican and Democratic colleagues to ensure that Ex-Im can help American businesses for years to come.”
Unless Congress takes action, the Export-Import Bank will expire Sept. 30. This bipartisan bill includes a 10-year extension of the Export-Import Bank’s authority, which would be the longest ever enacted. The legislation provides for a quorum fix to ensure American exporters do not lose out on job-creating deals due to Congressional gridlock. The Bank lost its quorum in mid-2015, rendering it unable to consider major deals or implement necessary reforms to protect taxpayers and modernize its operations. The Senate finally restored a quorum in May 2018. The bipartisan plan also increases the Export-Import Bank’s exposure cap over 7 years to $175 billion, ensuring the bank can help close the trade deficit and compete with countries like China.
The full text of the bill is available at bit.ly/2MgUIju.