Representative Stephen Fincher (R-Tenn) has introduced a bill to “reform and reauthorize” the Export-Import Bank. Fincher’s press release states that his measure—Export-Import Bank Reform and Reauthorization Act of 2015—is identical to the Senate’s Ex-Im bill (S. 819) and includes a majority of the “meaningful reforms” outlined in House bill H.R. 597—Reform Exports and Expand the American Economy Act.
Background. The Ex-Im Bank’s authorization expired on June 30, 2015. It continues to service existing loans, guarantees, and insurance policies, as it is funded through FY2015. However, it will be unable to offer new financing unless Congress reauthorizes the charter. Prior to the expiration, Democrats had been trying to force a vote on reauthorization, while Republicans refused, citing waste and fraud in the Bank’s operations .
Fincher’s bill. The Congressman’s measure includes a five-year reauthorization that will “keep American jobs here at home, make the Bank’s practices more accountable, and enhance taxpayer protections by requiring the Bank to become more solvent and self-sufficient.”
“Americans across the country are demanding jobs,” said Fincher. “Instead of listening to their concerns, Congress decided to put thousands of livelihoods in jeopardy by failing to take action to reform and reauthorize the Ex-Im Bank. The Bank provides thousands of jobs to constituents all over our districts, and it’s disheartening to realize that some Members of Congress believe working for their constituents means putting these jobs on the line.”
Fincher states that his bill’s major reforms include:
- strengthening risk management;
- increasing loss reserves;
- increasing small business lending requirements;
- incentivizing an end to government-supported international export subsidies; and
- providing greater anti-corruption safeguards.
For more information about the Export-Import Bank, subscribe to the Banking and Finance Law Daily.
