WASHINGTON — U.S. Senators and Senate Banking Committee members Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ) introduced a bipartisan bill to reauthorize the Export-Import Bank for 10 years. The bank is set to expire on September 30th.
“Many North Dakota businesses utilize the Export-Import Bank to access global markets,” said Cramer. “Reauthorizing the bank, with these reasonable reforms, gives it a chance to implement necessary changes while also offering more American manufacturing firms and small businesses the opportunity to compete on the world stage.”
“The Export-Import Bank is critical for Arizona’s economy because it ensures our businesses can compete, and win, on a level playing field with foreign competitor," said Sinema. “This bipartisan renewal provides certainty to employers across our country, and represents a step away from Congress’s usual short-term crisis management.”
Senators Thom Tillis (R-NC), Maria Cantwell (D-WA), Roy Blunt (R-MO), and Lindsey Graham (R-SC) joined as original cosponsors.
Unless Congress takes action, the Export-Import Bank will expire on September 30th. 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 last May. Cramer and Sinema’s bipartisan plan also increases the Export-Import Bank’s exposure cap over 7 years to $175 billion, ensuring the Bank can help close our trade deficit and compete with countries like China.