The American Bankers Association and BAFT—the association’s global transaction banking subsidiary—today joined several other trade groups in a letter to members of Congress urging them to support bipartisan legislation granting a 10-year reauthorization to the U.S. Export-Import Bank. The groups noted that it was already approved by the House Financial Services Committee and is supported by President Trump.
In addition to the extension, the bills—H.R. 4863 and S. 2293—would also include a provision to increase the authorization ceiling over seven years to help level the playing field as the number of foreign export credit agencies grows. They would also establish alternative procedures to authorize financing in the event of a quorum lapse, ensuring that the agency’s board can remain fully functional for the duration of the reauthorization.
“Since 2000, the Ex-Im Bank has facilitated nearly $450 billion in exports from thousands of U.S. companies—with more than 90 percent of its transactions directly supporting small businesses—and supported more than 2.5 million American jobs,” the groups wrote. “With uncertainty and growing challenges in the global economy, we urge Congress and the White House to work together and act without delay to secure a long-term reauthorization of the Export-Import Bank.”