WILMINGTON – Yesterday, U.S. Senator Chris Coons (D-Del.) joined Senators Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ), Thom Tillis (R-N.C.), Maria Cantwell (D-W.A.), Roy Blunt (R-M.O.), Patty Murray (D-W.A.), and Lindsey Graham (R-S.C.) in introducing a new a bipartisan bill to reauthorize the Export-Import Bank for 10 years. The bank is set to expire on September 30th.
“Delaware businesses rely on the Export-Import Bank to access foreign markets, boost sales, and create good jobs here at home,”said Senator Coons. “The Ex-Im Bank is exactly the kind of tool that American businesses need to compete in an increasingly global economy, and I’m proud to work with both Republican and Democratic colleagues to ensure that Ex-Im can help American businesses for years to come.”
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. The 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.