U.S. Reps. Charlie Dent (R-PA) and Frank Lucas (R-OK) introduced a bill on Wednesday to allow the Export-Import (EXIM) Bank to fully operate despite current board of director vacancies that have stymied the bank’s ability to provide financing that supports the U.S. economy.
Congress reauthorized the EXIM Bank in 2014, but its board of directors doesn’t have enough directors to reach a quorum required to consider investment deals totaling more than $10 million. Inability to establish the needed quorum has left an estimated more than $30 billion in deals on the table, the lawmakers said.
The EXIM Bank, the nation’s official export credit agency, offers loans that increase export opportunities for U.S. businesses, encouraging the creation of jobs.
Dent and Lucas introduced the bill, H.R. 4007, to enable the EXIM Bank to fully function until the president and Senate fill the board of director vacancies.
“It is the overwhelming will of the American people and their representatives in Congress, that the Export-Import Bank be fully operational,” Dent said. “I am pleased to introduce this important legislation that would allow the bank to continue its operations while the administration and the Senate work through the nominations process. The bank is a critical lifeline for many manufacturers, large and small, in maintaining their competitiveness in international markets and it is past time that its doors are open.”
The EXIM Bank, Lucas agreed, helps generate new markets for American products and contributes to the successes of small suppliers, subcontractors and manufacturers that create jobs and drive economic growth.
“Our bill streamlines the bank’s loan approval process, eliminating artificial barriers created by political gridlock and putting our country’s businesses back on a level global playing field,” Lucas said. “Failure to take action on this legislation limits the access of American industries to this critical trade tool.”