The AFL-CIO, the nation’s largest labor federation, praised the House for voting Tuesday to reauthorize the expired Export-Import bank and urged the Senate to quickly take up the legislation.
“The House has taken an important step to help ensure that American businesses and workers have the opportunity to compete successfully for export opportunities in the global economy,” said AFL-CIO President Richard Trumka. “The Ex-Im Bank’s loans support U.S. jobs through increased exports. Maintaining and increasing exports of American products and services is an important strategy for growing the U.S. economy and creating economic stability.”
He said the Senate should hold a vote at the first opportunity. “Any delay would jeopardize the economic future of thousands of American families,” he said.
The bank provides loans and loan guarantees that make it easier for foreign companies to buy U.S. exports. It’s federal authorization ran out on June 30, largely due to opposition from Republican lawmakers who have deemed the bank an example of crony capitalism. Reviving the bank has been a top priority of the business lobby in Washington.
One of the bank’s main clients is Boeing, many of whose workers are represented by either the International Association of Machinists or the Society of Professional Engineering Employees in Aerospace. Both unions are AFL-CIO members.
In July, Boeing Chairman of the Board Jim McNerney said the aircraft manufacturer was mulling whether to move “key pieces” of its operations abroad if the the bank was not reauthorized.
The House voted 313-118 Tuesday to reauthorize it through Sept. 30, 2019. Senate Majority Leader Mitch McConnell, R-Ky., has said he does not plan to bring up the reauthorization as a stand alone vote on the Senate, and said a more likely way to pass it was as part of a larger highway bill.
