Cargo Business Newswire

Thursday, October 16, 2014

House measure introduced to extend Export-Import Bank charter

A bipartisan measure was introduced Tuesday in the U.S. House of Representatives to reauthorize the beleaguered Export-Import Bank for a period of five years.

Rep. Maxine Waters of California, ranking Democrat on the House Financial Services Committee, teamed with the Republican vice chairman of the committee, Gary Miller of California, to introduce legislation that would extend the bank's charter for five years while overhauling its business.

After receiving a short-term reauthorization before Congress recessed in September, the Export-Import Bank is only sanctioned through June 2015.

The Chair of the House Financial Services Committee, Jeb Hensarling (R-Texas) wants to eliminate the bank, which conservative Republicans view as corporate welfare.

The Waters-Miller bill would extend its charter and 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.

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 U.S. business exports through financing loans, guarantees and insurance.

For more of the Washington Examiner story: washingtonexaminer.com

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