Post by bot on Sept 10, 2017 21:28:39 GMT -5
Hoyer Joins Letter to Sessions Urging Him to Support Provision Allowing the Export-Import Bank to Resume Full Operations
WASHINGTON, DC – Today, House Democratic Whip Steny H. Hoyer (MD) joined Ranking Member of the Financial Services Committee Maxine Waters (CA-43), Ranking Member of the Monetary Policy and Trade Subcommittee Gwen Moore (WI-04), and Rep. Denny Heck (WA-10) in sending a letter to Rules Committee Chair Pete Sessions (TX-32) urging him to keep an important provision in the omnibus appropriations bill that would allow the Export-Import Bank of the United States to resume full operations and support United States businesses as they compete for large foreign export opportunities that support U.S. jobs.
At this time, the Export-Import Bank doesn’t have a quorum because it has only two of its five Board members in place, limiting the Bank’s ability to approve transactions worth $10 million or more. An amendment offered by Rep. Charlie Dent (PA- 15) would set the quorum for the Bank at however many Board members are confirmed. The amendment was approved on voice vote and would allow the Bank to approve larger transactions. However, Financial Services Committee Chair Jeb Hensarling sent a letter to Chairman Sessions urging him to strip the provision out of the bill.
“The Export-Import Bank is overwhelmingly supported by a bipartisan majority in the House and ought to be able to return to full operations,” said Whip Hoyer. “Given bipartisan opposition to the nomination of Rep. Scott Garrett to lead the Bank, it is unlikely that the Bank’s Board will have a quorum in the near future. However, that shouldn’t prevent the Bank from being fully functional. I strongly urge Chairman Sessions to keep this provision in place so that the Bank can continue to support American businesses that create jobs here at home.”
Text of the letter can be found below. A pdf of the letter with the full list of the signatories can be found here.
September 1, 2017
The Honorable Pete Sessions
Chairman, Committee on Rules
H-312, The Capitol
Washington, DC 20515
Dear Chairman Sessions:
On August 17, 2017 you received correspondence from Chairman Hensarling asking you to expose a provision related to the statutory quorum requirement of the Export-Import Bank. We respectfully ask that you stand with American workers and take no such action on this matter.
Chairman Hensarling’s claim that the Export-Import Bank is controversial is unfounded. The fact is an overwhelming majority of Democrats and Republicans voted in support of reauthorizing the Bank. Moreover, this provision, which temporarily modifies the quorum requirement to allow the Bank to support transactions of all sizes, also enjoys wide-spread support. This language was adopted by the State and Foreign Operations Subcommittee of the Committee on Appropriations by a voice vote. Further, the appropriations bill, as amended, was subsequently adopted by the full Committee on a voice vote. This record hardly suggests that the operations of the Export-Import, and the need for its full functionality, is somehow controversial.
Here are the facts: over the course of the last eight years, the Export-Import Bank financed more than $240 billion in U.S. exports; supported more than 1.4 million American jobs; and remitted more than $3.8 billion in deficit-reducing receipts to the U.S. Treasury. President Trump’s own FY 2018 budget estimated that a fully functional Export-Import Bank would generate $587.7 million in excess funds on behalf of U.S. taxpayers. However, these profits can only be generated if the Bank is able to approve its backlog of large transactions, which require Board approval. This fact directly contradicts Chairman Hensarling’s claim that striking the quorum provision would have “no budgetary effect.”
To further demonstrate the importance of this provision, one only has to look to the nomination of Scott Garrett, who actually is highly controversial. Mr. Garrett, an avowed opponent of the Bank does not have the support necessary to be confirmed, and his stalled nomination could hold up indefinitely the process of filling open Board slots. Before losing his seat in Congress following the outrage over his homophobic views, Mr. Garrett frequently mischaracterized the role of the Bank and helped lead the opposition to its reauthorization. The strong bipartisan opposition in the Senate to Garrett’s nomination means that the Export-Import Bank will likely be without a quorum for the foreseeable future, underscoring the importance of protecting the bipartisan committee-passed Appropriations language. If Chairman Hensarling succeeds in stripping this important provision from the bill, and the Export-Import Bank is forced to operate at a diminished capacity, there will be many losers: America’s domestic manufacturing base, U.S. workers, thousands of small businesses, and the U.S. Treasury.
Speaker Ryan has repeatedly emphasized the importance of letting the House work its will, and we couldn’t agree more. The House’s record of support for a functioning Export-Import Bank is clear, and we ask that you not give license to those who seek to destroy the Export-Import Bank. For these reasons, we urge you to take no action on Chairman Hensarling’s exposure request.
Sincerely,
Maxine Waters
Ranking Member, Financial Services Committee
Steny H. Hoyer
House Democratic Whip
Gwen Moore
Ranking Member, Monetary Policy and Trade Subcommittee
Denny Heck
Member of Congress