Two lawmakers on a key committee introduced a bipartisan measure to reauthorize the besieged Export-Import Bank for five years.
Rep. Maxine Waters of California, the ranking Democrat on the House Financial Services Committee, joined with the Republican vice chairman of the committee, Gary Miller of California, to introduce legislation Tuesday to extend the bank’s charter for five years while overhauling its business.
After receiving a short-term reauthorization before Congress left for the campaign trail in September, the Export-Import Bank is only authorized through June. The committee’s chairman, Jeb Hensarling, R-Texas, has sought to eliminate the bank, which conservative Republicans view as corporate welfare.
Waters called the reauthorization measure a “balanced compromise,” and said that it would ensure that the bank “is able to sustain American jobs, support our small businesses and bolster the U.S. economy for the next half decade.” The Export-Import Bank supports financing for U.S. businesses’ exports through loans, guarantees and insurance.
In addition to extending its charter, the Waters-Miller bill would require the bank to hold more reserves against losses that could hit taxpayers, establish a permanent chief risk officer, and improve safeguards against fraud and corruption, among other provisions.
“Ranking Member Waters and I have worked hard to craft legislation that prioritizes taxpayer protection and encourages more private-sector commercial bank participation in export financing,” Miller said in a statement accompanying the introduction of the legislation. He is retiring at the end of the year, before congressional action on the bank is likely to take place.
In response to the introduction of the bill, Hensarling said in a statement provided by his office that “[w]ith no further action or consideration expected during this Congress, I look forward to the Bank’s expiration and working with Members to make our exporters more competitive by advancing pro-growth tax, energy, regulatory and liability policies.”
This post was published a 1:15 p.m. and has been updated.
