House Votes to Reinstate Ex-Im Bank; Senate Vote Next

 House Votes to Reinstate Ex-Im Bank; Senate Vote Next

The U.S. House of Representatives voted to reinstate the charter of the Export-Import Bank.
By a vote of 313 to 118, the House passed H.R. 597, the Reform Exports and Expand the American Economy Act, which reinstates and extends Ex-Im Bank’s charter through 2019. The bank helps give funding to support the export of U.S. goods and services and was considered a major economic help to the nuclear industry. The charter lapsed July 1, 2015.
“The recent vote in the House of Representatives is the latest sign of the broad bipartisan support in Congress for the important role that Ex-Im plays to empower American businesses and their workers to reach new markets, expand exports and support American jobs,” said an Ex-Im Bank spokesperson.
The Senate must now vote on the bill, and majority leader Mitch McConnell, R-Kentucky, opposes it. General Electric (NYSE: GE) said in September that it was sending 500 jobs overseas from the U.S. due to lack of funding from Ex-Im Bank.
Marvin Fertel, CEO and president of the Nuclear Energy Institute, praised the vote and said the Senate needs to make the same decision.
“NEI urges the Senate to join the House and expeditiously approve reauthorization of the Export-Import Bank,” Fertel said. “Every day that passes without the bank being operable hampers the ability of U.S. manufacturers and suppliers to compete and costs hard-working Americans their jobs.”

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