Share
Line: | Export-Import Bank would enhance job creation and retention — a major goal for counties @NACoTweets |
Using a rarely exercised legislative procedure known as a “discharge petition,” the House has passed legislation to reauthorize the Export-Import (Ex-Im) Bank of the United States. The discharge petition allows legislation to skip the committee process and go straight to the floor if a majority of the House is in favor.
A total of 127 Republicans joined all but one Democrat in the 313 to 118 vote Oct. 27.
The legislation, H.R. 597, would extend the Ex-Im Bank’s authority through 2019. It expired June 30.
“International trade is one of the major industries in Palm Beach County as well as in the State of Florida. This reauthorization would allow our businesses to continue and even expand,” Palm Beach County Commissioner Priscilla Taylor said.
“It would enhance job creation and retention — a major goal in the county,” she added.
The bank provides financing assistance to U.S. businesses to export their products and services overseas. NACo policy supports a long-term reauthorization of the Ex-Im Bank because the bank supports economic development and helps to maintain and create jobs at the local level, especially for small businesses.
NACo has been working with the National Association of Manufacturers and other members of the Ex-Im Bank Coalition to support reauthorization.
The path for Ex-Im Bank reauthorization still remains unclear. Senate Majority Leader Mitch McConnell (R-Ky.) has said he is not willing to bring up the matter to the floor. The Senate did pass a reauthorization of the Ex-Im Bank as part of their highway transportation — MAP-21 reauthorization bill — but the House did not include a comparable provision in its bill.
