In the News

By Kevin Cirilli

House Democrats unveiled a bill on Wednesday that would reauthorize the Export-Import Bank for seven years.

Democratic Reps. Maxine Waters (Calif.), Gwen Moore (Wis.), Denny Heck (Wash.) and Steny Hoyer (Md.), who is the House minority whip.

A Democratic aide working on the bill said that they have received commitments from more than 50 Democratic members to co-sponsor.

“This comprehensive, seven-year renewal seeks to put politics aside and begin the serious work necessary to ensure the Export-Import Bank can continue supporting hundreds of thousands of American jobs,” Waters, the top Democrat on the House Financial Services Committee, said in a statement.

The proposal also includes provisions that would require officials to display environmental assessment reports on the bank website no later than 15 business days after it receives the documents.

Sens. Mark Kirk (R-Ill.) and Joe Manchin (D-W.Va.) will unveil a companion bill later this afternoon at a press conference on Capitol Hill.

Congress must reauthorize the bank before June 30 or it will shut down.

Tea Partyers have denounced the bank as "cronyism" and "corporate welfare" that only helps large corporations. It's unclear whether House Financial Services Committee Chairman Jeb Hensarling (R-Texas), who opposes the bank, will move any type of Ex-Im reauthorization bill through his panel.

Rep. Stephen Fincher (R-Tenn.) and 57 House Republicans are supporting a five-year reauthorization bill.

The Democrats' proposal does not include controversial provisions championed by some lawmakers that would overturn bank regulations limiting financing for projects involving power plants that haven't adopter greener technology standards.

The coal industry favors stripping those provisions, which are included in the Republican proposal.

To view this article online, please click here.