A group of House lawmakers are working to extend authorization for the Export-Import Bank for seven years and pump $175 billion into the bank’s export program for companies, Politico reported Tuesday.
Lauren French writes authorization for the bank is scheduled to expire at the end of September.
“Congress must take bipartisan action before the Export-Import Bank’s authorization expires so that we can give certainty to businesses and provide important resources to keep American exporters competitive,” Rep. Steny Hoyer (D-Md.) told Politico.
Rep. Denny Heck (D-Wash.) launched the bill on Tuesday to renew the Export-Import Bank’s authorization, according to the report.
A group of House Republicans expressed their support for the legislation in a letter to Reps. Kevin McCarthy (R-Calif.) and John Boehner (R-Ohio) as the campaign faces opposition among other representatives, the report says.
“Given our nation’s fragile economic recovery, we must continue to promote U.S. exports and create American jobs and not disadvantage U.S. manufacturers in a competitive global marketplace,” the lawmakers wrote.
French writes the Democrats will carry the legislation forward over the summer, with focus on job opportunities that the bill is intended to help generate.