Efforts to renew the Export-Import Bank’s charter took a step forward when the House voted 313-118 yesterday to reauthorize the institution. Despite strong support in the House, the vote encountered opposition from key House leaders, including Rep. Jeb Hensarling (R-Texas), who chairs the House Financial Services Committee, which has oversight of Ex-Im. But Ex-Im supporters used a little known procedure, the discharge petition, to bypass committee and bring the bill to the House floor.
Ex-Im reauthorization next heads to the Senate, where its fate remains uncertain. Like the House, the majority of the Senate backs reauthorization but key Republican leaders, Senate Majority Leader Mitch McConnell (R-Ky.) among them, remain opposed.
The House vote was welcomed by aviation manufacturers. “We are relieved that common sense has prevailed and the majority has found a way—even using the unconventional ‘discharge’ process,” said Aerospace Industries Association president and CEO David Melcher. “But the work is not yet done. So far, American companies have lost three space payload orders, billions of dollars in commercial airplane sales are at risk, and several companies are talking about moving operations overseas—all because Ex-Im Bank financing has not been available since July 1.”
“America’s hard-working manufacturing employees deserve nothing less than a fair chance and a level playing field to compete globally,” said GAMA president and CEO Pete Bunce. “Now we need to find a pathway to ensure a reauthorization bill is sent to President Obama for his signature in short order.”