House Adopts Stevens Amendment to Help Small Businesses Impacted by Retaliatory Tariffs
WASHINGTON – Today, Congresswoman Haley Stevens (MI-11) voted to pass H.R. 4863, a bill to reauthorize the Export-Import Bank, increase its financing capacity, and reform and rename the agency. As the official U.S. export credit agency, the Export-Import Bank provides support to exporters and foreign purchasers of U.S. goods and services through direct loans, guarantees, and insurance. The bill passed the U.S. House of Representatives with bipartisan support.
The House also adopted Congresswoman Stevens’ amendment to H.R. 4863, requiring the bank to emphasize outreach to small businesses in sectors that have been impacted by retaliatory tariffs.The amendment was adopted by an overwhelming 396-27 bipartisan vote.
According to recent reports, Michigan businesses, farmers and manufacturers have faced $589 million in new retaliatory tariffs, which threaten to decrease Michigan exports by as much as 7% this year. The Export-Import Bank has financed approximately $9 million in exports from 12 companies in Michigan’s 11th District so far this year.
“Today, House Democrats led with clear and responsible commitment to economic growth by passing legislation to reauthorize the Export-Import bank,” said Congresswoman Stevens. “For nearly a century, the Export-Import Bank has been a powerful force for creating the good-paying jobs of the future by ensuring that small businesses can compete on a fair global playing field, despite a short-sighted attempt by Republicans to let the bank close in 2015. Today is a great day for small businesses and manufacturers in Michigan who need to expand and compete in foreign markets they would not otherwise be able to access. I am glad the House also voted to adopt my amendment to the reauthorizing legislation, ensuring that the bank would emphasize outreach to small businesses in sectors that have been impacted by retaliatory tariffs.”
In addition to reauthorizing the Export-Import bank through September 30th, 2029, H.R. 4863 would also:
- Raise the annual limit on outstanding export financing to $175 billion from $135 billion by fiscal 2026. It would remain at that level through fiscal 2029.
- Establish alternative procedures to ensure the agency can continue to approve transactions in the absence of a quorum.
- Block support to China’s armed forces and intelligence services and designated individuals and entities on U.S. export control lists.
What They’re Saying:
A healthy Export-Import Bank (Ex-Im Bank) is pivotal to the creation and sustainability of U.S. jobs in manufacturing, as well as increasing U.S. exports, thereby improving the balance of trade between the U.S. and high export countries... H.R. 4863 reauthorizes the Ex-Im Bank for the next ten years and would gradually increase the bank’s lending authority by $40 billion, resulting in an expansion of projects. Although the bill would rename the Ex-Im Bank as the “United States Export Finance Agency,” its intended mission “to assist in financing the export of U.S. goods and services” would remain unchanged. The legislation also includes provisions that reform the Bank’s quorum rules that have severely limited the Bank’s viability in recent years. The creation of U.S. jobs is essential to a strong economy, and with the Bank’s authorizing charter set to expire in November 2019, now is the time to pass this important piece of legislation.
The U.S. Chamber of Commerce strongly supports H.R. 4863, the “United States Export Finance Agency Act of 2019,” which would provide for a long-term reauthorization of the Export-Import Bank (“Ex-Im”). The Chamber will consider including votes on this legislation – including votes on amendments – in our annual How They Voted scorecard… U.S. exporters and the hundreds of thousands of jobs that they support need long-term certainty – simply extending the life of Ex-Im through short-term continuing resolutions is not enough. The Chamber urges you to support H.R. 4863.
National Association of Manufacturers
Manufacturers need long-term certainty that the Ex-Im Bank can keep helping manufacturers secure new sales overseas that support well-paying American jobs. The legislation would help manufacturers in the U.S. compete in the global economy by providing a 10-year reauthorization, increasing the authorization ceiling and ensuring the agency’s board will remain fully functioning. This deserves strong bipartisan support on the House floor. We appreciate the members who support this critical agency and thank them for their vote on this important legislation.
###