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  July 28th, 2015 | Written by

U.S. Senate Votes to Reauthorize Export-Import Bank

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  • The 64-29 U.S. Senate vote to reauthorize the Export-Import Bank came a month after bank's charter expired.
  • NAM CEO: “It’s critical that Congress restores this important tool for American exports.”
  • The House leadership said they will not take up the Senate bill to reauthorize the Export-Import Bank.

The U.S. Senate voted overwhelmingly yesterday to revive the Export-Import Bank, approving an amendment from Sen. Mark Kirk (R-Ill.) to a highway funding bill that reauthorizes the bank’s charter through the fall of 2019.

The 64-29 vote came almost a month after bank’s charter was allowed to expire.

The National Association of Manufacturers praised the Senate’s passage of the Ex-Im Bank revival legislation. “The Senate moved to restore an essential tool in American products abroad,” said NAM president and CEO Jay Timmons. “With more than 60 export credit agencies enabling our foreign competitors to seize opportunities away from workers, it’s critical that Congress restores this important tool for American exports. Manufacturers urge the House to act without further delay.”

But ExIm supporters don’t have reason to celebrate just yet, as the Republican leadership in the House of Representatives said they will not take up the Senate bill, primarily because of diisagreements on funding of the main transportation measure.

Among presidential candidates, Sen. Ted Cruz (R-Texas) has been leading the charge in the Senate to kill Ex-Im, butting heads with Senate Republican leadership in the process. Sen. Lindsey Graham (R-S.C.) voted in favor of the bank’s reauthorization, while Sen. Marco Rubio (R-Fla.) didn’t vote. Sen. Bernie Sanders (I-Vt.), who is running for the Democratic presidential nomination, voted against reauthorizing the bank’s charter.