Letter to the Hon. Nancy Pelosi, Speaker of the United States House of Representatives, and the Hon. Kevin McCarthy, Minority Leader of the United States House of Representatives - Republicans Call for Long-Term Reauthorization of Export-Import Bank Supporting American Businesses

Letter

Dear Speaker Pelosi and Leader McCarthy,

We write to express support for a long-term extension of the Export-Import Bank and a quorum fix in the upcoming end of year spending package.

American businesses plan international projects and investments years in advance. Short-term extensions restrict the ability of U.S. exporters to make long-term strategic decisions, hamstring the willingness of American companies to enter into emerging markets, and give foreign competitors an advantage in the world marketplace. A long-term extension will give businesses the certainty they need to increase exports, which creates more jobs here at home.

The Export-Import Bank needs to be fully operational to effectively promote export opportunities and to foster domestic job growth. As you know, the Bank cannot authorize financing of any transaction greater than $10 million without a quorum on the Board of Directors. From July of 2015 until May of 2019, the Bank lacked a quorum and was unable to approve any long‐term export finance transactions. By solving this issue with a temporary Board during a quorum lapse, we will eliminate the potential for an unlevel playing field and bolster U.S. competitiveness in global markets.

We all share a commitment to a fully functional Export-Import Bank. The best path forward for American businesses is to reauthorize the Bank long-term before the end of the year.

Sincerely,