CONGRESS PASSES TEMPORARY SPENDING BILL; EX-IM REAUTHORIZED THROUGH JUNE 30
The House Joint Resolution which contains temporary extension of the Export-Import Bank until June 30 is headed to President Obama's desk for consideration after the Senate on Thursday approved the HJR on a vote of 78-22. The House passed the HJR on Wednesday by a vote of 319-108.
The HJR also extended the current fiscal year's federal spending until Dec. 11 and contained war funding against fighters seeking an Islamic state in the Middle East.
The continuing resolution temporarily reauthorizes the Export-Import Bank but long-term authority is needed next year, Business Council of Alabama President and CEO William J. Canary said. "The Ex-Im Bank provides needed financing for overseas transactions for Alabama companies that employ 4,000 people," Canary said.
The bank-support alliance that includes the BCA, the U.S. Chamber of Commerce, and the National Association of Manufacturers, urges businesses to contact their members of Congress to continue the bank. "It is critical to manufacturers and their employees that Congress accelerates its work to put in place a long-term solution as quickly as possible," said NAM President and CEO Jay Timmons.
Lack of long-term reauthorization weakens U.S. global competitiveness and continues to put U.S.-manufactured goods exports and manufacturing growth and jobs at risk, NAM Vice President of International Economic Affairs Linda Dempsey said.
"Until a long-term reauthorization is enacted, U.S. exporters will be forced to operate under a haze of uncertainty that hurts job growth and only bolsters our foreign competitors," Dempsey said.
The NAM is co-chair of the Exporters for Ex-Im Coalition, which represents small, medium, and large Ex-Im Bank users across the country. To read more about the coalition click here, and to take action on the Ex-Im, click here.
The NAM's report "Forfeiting Opportunity," which highlights the massive size and growth of export credit activity around the world and discusses the implications if the Ex-Im Bank is not reauthorized is here.
Alabama's House congressional delegation voted for the HJR but Alabama's two U.S. senators, Richard Shelby, R-Tuscaloosa, and Jeff Sessions, R-Mobile, split their votes. Shelby voted yes and Sessions, no.
"Overall, it is a relatively clean bill that carries forward current levels for discretionary spending and avoids another government shutdown," Shelby said. "The anomalies it does contain are limited in duration and subject to relitigation when we return after the break."
Sessions said he voted no because there was no time to meaningfully review the "massive, catch-all bill" that was rushed through the process. "Incredibly, the Syria authorization has also been included in the larger funding bill instead of as a separate vote, denying members an independent opportunity to evaluate or improve that language," Sessions said. "This is not a process I can support, and therefore I voted no."
The BCA is a part of the broad-based Ex-Im Coalition that seeks long-term authorization of the bank's charter.
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