In the News

By Vicki Needham

Four House Democrats on Tuesday urged congressional leaders to immediately vote on legislation that would reopen the Export-Import Bank.

Led by Minority Whip Steny Hoyer (Md.), the group sent a letter to Speaker John Boehner (R-Ohio) and Senate Majority Leader Mitch McConnell (R-Ky.) arguing that all sizes of U.S. businesses are feeling the negative effects of the bank’s shutdown, which happened more than two months ago.

“The businesses that were to receive that assistance — as well as many others that already receive assistance from the Bank — lack the certainty they need to remain competitive, expand and create jobs,” wrote Hoyer, Rep. Maxine Waters (Calif.), ranking member of the Financial Services Committee, Rep. Gwen Moore (Wis.), ranking member of the Financial Services Subcommittee on Monetary Policy and Trade, and Rep. Denny Heck (Wash.).

They noted that Boehner has expressed support for the bank and how its closure would lead to U.S. job losses.

"Congress has the responsibility to do all it can to support job creation and economic growth, yet because of the failure of House Republican leadership to schedule debate on legislation to reauthorize the Bank, it has effectively disarmed and hindered American business’ ability to compete on a level playing field overseas," they wrote.

"That’s not responsible governing, and we ought to act swiftly to give American businesses the confidence that Congress has their backs."

Hoyer insisted Friday on the floor that the House has more than 275 votes to support a bill.

The Senate voted 64-29 in July to reopen the Ex-Im Bank.

The Democrats urged Republicans to work with them on whatever path they chose — passing a standalone bill or attaching a reauthorization to other must-pass legislation.

Ex-Im had 116 transactions worth more than $9.3 billion in the pipeline when its charter expired on July 1 because of congressional inaction, the Democrats said.

Earlier on Tuesday, General Electric announced that it is moving 500 jobs overseas — from New York, Texas, South Carolina and Maine to France, Hungary and China.

"Congress left us no choice when it failed to reauthorize the Ex-Im Bank this summer,” said John Rice, GE's vice chairman.

Separately, Rep. Rosa DeLauro (D-Conn.) chided Republican leaders for not bringing a bill to the floor amid job losses.

"Instead of letting Congress vote on legislation to save American jobs, Republican leadership is obsessed with attacking women’s health care and taking us to the brink of another Republican shutdown," she said in a statement.

“This is yet another example of the staggering damage being done to the economy due to the majority’s political intransigence and dysfunction."

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