TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
The U.S. Chamber of Commerce strongly supports H.R. 4863, the “United States Export Finance Agency Act of 2019,” which would provide for a long-term reauthorization of the Export-Import Bank (“Ex-Im”). The Chamber will consider including votes on this legislation – including votes on amendments – in our annual How They Voted scorecard.
As the official U.S. export credit agency (“ECA”), Ex-Im’s mission is to support domestic jobs by facilitating the export of goods or services when private sector lenders are unable or unwilling to provide financing. Foreign governments have established 113 ECAs of their own around the world. In 2018, China’s two ECAs alone provided 130 times as much medium- and long-term export credit support as the Ex-Im Bank. Due to the extensive competition in this space, it is vital that Ex-Im be reauthorized to ensure that U.S. businesses and workers are not deprived of a basic tool enjoyed by their competitors in every other country.
H.R. 4863 builds off of S. 2293, the “Export-Import Bank Reauthorization Act of 2019,” which was introduced earlier this year with the bipartisan support of Senators Kevin Cramer and Kyrsten Sinema, and cosponsored by Senators Thom Tillis, Maria Cantwell, Roy Blunt, Patty Murray, Lindsey Graham, Chris Coons, Susan Collins and Maggie Hassan. Both of these pieces of legislation would provide 10 years of much needed certainty, establish an alternative procedure during any future lapses in the board’s quorum, and raise Ex-Im’s lending authority to ensure that it can compete globally.
H.R. 4863 includes several additional provisions, including restrictions that would ensure that Ex-Im financing follows strict new rules to prevent financing for the Chinese army and intelligence services, sanctioned entities, and known violators of anti-bribery and intellectual property laws.
U.S. exporters and the hundreds of thousands of jobs that they support need long-term certainty – simply extending the life of Ex-Im through short-term continuing resolutions is not enough. The Chamber urges you to support H.R. 4863.
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