Reps. Charlie Dent (R-PA) and Frank Lucas (R-OK) introduced legislation that would change the quorum requirement to allow the Export-Import Bank to authorize deals over $10 million.
The Export-Import Bank is the official export credit agency of the United States, facilitating the export of U.S. goods and services. Despite being reauthorized in the 114th Congress by a vote of 313-118 in the U.S. House of Representatives, Dent said the Export-Import Bank is hindered in its ability to provide financing for many investment deals.
Currently, the Board of Directors lacks a sufficient number of directors to reach the necessary quorum to move forward with economic investment deals greater than $10 million. As a result, it is estimated that more than $30 billion in pending deals remain in limbo, Dent said. This bill would change the quorum requirement to allow larger deals.
“It is the overwhelming will of the American people and their representatives in Congress, that the Export-Import Bank be fully operational,” Dent said. “I am pleased to introduce this important legislation that would allow the bank to continue its operations while the Administration and the Senate work through the nominations process. The bank is a critical lifeline for many manufacturers, large and small, in maintaining their competitiveness in international markets and it is past time that its doors are open.”
President Trump has nominated former Congressman Scott Garrett (R-NJ) to lead the bank. The nomination of Garrett is still being debated in Congress and has not yet been confirmed.
“The Export-Import Bank’s ability to generate new markets for American products overseas plays a major role in the success of many small suppliers, subcontractors, and manufacturers that create jobs and foster economic growth in our communities here at home,” Lucas said. “Our bill streamlines the bank’s loan approval process, eliminating artificial barriers created by political gridlock and putting our country’s businesses back on a level global playing field. Failure to take action on this legislation limits the access of American industries to this critical trade tool.”