Press Release of Senator Crapo
Senate Passes Crapo's Ex-Im Reauthorization
Legislation gives Export-Import Bank a five-year extension
Contact: Susan Wheeler
Washington, DC – Legislation that will reauthorize the official export credit agency of the U.S. has cleared the Senate, according to chief sponsor Idaho Senator Mike Crapo, chairman of the Senate Banking Subcommittee on International Trade and Finance that oversees operations of the Export-Import Bank. The Export-Import Bank Reauthorization Act of 2006 (S. 3938) passed as the Senate session wrapped up early Saturday morning; it will now be sent to the House for concurrence.
“While the current Ex-Im system has problems, it provides an important element in global trade competition,” Crapo said. “By extending the Bank’s programs for five years, American companies of all sizes will have vital and integral support in selling their products and services in foreign markets. At the same time, we need to ensure that the Bank’s support for transactions not only helps U.S. exports but does not negatively impact domestic companies.”
Crapo’s legislation makes the operating and loan process at the Ex-Im Bank more transparent in several ways and involves interested stakeholders throughout the process. Among its provisions:
• Requires the Bank to maintain a list of sensitive areas where export financing is unlikely to be provided. • Requires detailed information to the public regarding the proposed financing at an early stage and in an adequate way so that input can be brought to bear by those who have the expertise on the specific proposal and industries involved. • Establishes protections against circumvention of U.S. trade remedy orders. • Establishes a Small Business Division, headed by a Senior Vice President who will report directly to the Bank President. It also establishes a Small Business Committee, chaired by the Senior Vice President of the Small Business Division. • Requires Ex-Im to authorize banks to process medium-term transactions on behalf of Ex-Im to facilitate the approval of such transactions.