U.S. Rep. John Larson (D-CT) is praising a rare procedural move by the U.S. House of Representatives that appears to help revive the Export-Import Bank. Its charter had expired as of June 30.
The Ex-Im Bank is not processing new applications or engaging in new business since its charter expired. Its services include loans to foreign companies buying American exports, export-credit insurance against foreign companies’ failure to pay, and loan guarantees for U.S. banks providing working capital to exporters to meet foreign orders.
Larson said in a statement, “I commend the 127 brave Republicans who went against the extreme elements of their conference to protect and preserve American jobs. This should at least be an indication for the Senate that the Export-Import Bank will live again as long as it is given a vote.”
According to the Wall Street Journal, supporters believe it is only a matter of time before they can send a reauthorization to the White House. One possibility is that a coming highway-funding measure will include the Ex-Im Bank reauthorization.
“Jobs in Connecticut rely on the Ex-Im Bank, plain and simple. If it doesn’t get reauthorized, then people in Connecticut will be out of work, and I’m sick and tired of Tea Party Republicans playing games with the lives of people in my state. It’s time for the Senate to immediately schedule a vote on this bill,” said U.S. Sen. Christopher Murphy.
Larson added, “I hope this will be a turning point for Congress, and I am … proud to join my colleagues on both sides of the aisle. Supporting our small businesses and manufacturers is neither Democratic nor Republican: it is American.”
