CEE Commentary

Export-Import Bank of the United States Receives 5 Year Reauthorization

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, which funded a multiyear Highway Bill and reauthorized the Export-Import Bank for a five-year period, through September 30, 2019. The Bank reauthorization passed both Chambers of Congress by a wide margin, an extraordinary turnaround from the struggle involved in earlier efforts to pass the reauthorization. The Senate Kirk-Heitkamp bill language ultimately became the reauthorization language incorporated into the Highway Bill.

We thank those members of Congress who stood up for American jobs by supporting the Export-Import Bank reauthorization through the many months this effort required. On multiple occasions it required real courage to stand up against those opposing the Bank, and yet many on both sides of the aisle stood tall on this issue. We thank you for your commitment to and support of the American worker.

Also, we believe this success could not have been achieved without the ongoing effort of so many small and medium-sized businesses that as exporters and suppliers to other exporters told their stories and successfully conveyed the crucial importance of the Bank to the full spectrum of exporting companies across the country. CEE has had the pleasure of working with many of these companies and we greatly appreciate their commitment to support the Bank in its reauthorization effort.

While the Bank will shortly be back in business for smaller transactions, there remains the critical issue of a fully operational Board, necessary to approve all larger transactions. We strongly urge the Senate to act promptly in approving additional Board nominees to provide a quorum with which the Board can fully perform its duties.