Rare move forces Export Import Vote
The Export-Import Bank will get a vote on the House floor, after a rare procedural move gained support Friday from a majority of Congress members.
A bi-partisan group of the Bank's supporter filed a hardly ever used "discharge petition," which essentially forces a vote by freeing the legislation from committee. The Bank,which provides export credit insurance and loan guarantees to foreign buyers, has been in limbo since late June when its charter lapsed.
Previous efforts to revive the bank have failed. However, a bill to reauthorize the bank is now scheduled to happen by the end of October, after 218 House members signed on to the discharge petition.
Signatures include Washington's Representatives Denny Heck (D-10th District), Dan Newhouse (R-4th District), Dave Reichert (R-8th District), Suzan DelBene (D-1st District), Derek Kilmer (D-6th District), Jim McDermott (D-7th District), Rick Larsen (D-2nd District), and Adam Smith (D-9th District).
"I wish it didn't have to come to this," Rep. Heck said during a news conference Friday. "The rarity of a discharge petition is such that it only happens in extreme situations."
"This is a powerful sign that the majority of us are fed up with this political brinksmanship and are committed to bipartisan solutions," continued Heck.
Despite majority support of the petition, critics of the bank continue to call it "corporate welfare."
Republican Congressman Jeb Hensarling of Texas, chair of the Financial Services Committee slammed the discharge petition in a statement Friday, saying "it puts the minority in charge."
"I hope all Republicans, regardless of their stand on this one issue, will recognize that signing a discharge petition sets a very serious, very dangerous precedent for our Republican majority that goes far beyond Ex-Im," said a statement posted on Hensarling's website.
KING 5 has reached out to the office to office of Eastern Washington's Congresswoman Cathy McMorris Rodgers, the number four ranking Republican in the House.
Her name did not appear on the discharge petition, nor did Congresswoman Jaime Herrera Beutler (R-3rd District).
In a previous interview with KING 5 Rep. McMorris Rodgers said Export-Import financing has been an important tool for Washington, as an export dependent state.
"I believe as we move forward, we need to ensure there are some transparency measures, as well some protections for the taxpayers that can be included, and I'm hopeful that those reforms can be included as we move forward with the reauthorization. I have supported reauthorizations in the past, and I'm hopeful we'll get it done," McMorris Rodgers said in August.
Democratic Congressman Denny Heck, who's led efforts to reauthorize the Bank, began sounding the alarms over potential lost business and jobs months ago.
"Now what we're hearing is the real damage is beginning to be done," Heck told KING 5 in late September. "We are unilaterally disarming ourselves in a time and in an age where there is ever increasing global competition
"We've had businesses left and right say the business went away because they could no longer utilize or have access to bank financing. That's why we are going to start losing jobs, we will lose jobs," said Heck.
A roster of Washington companies receiving Export Import Bank financing lists over 70 companies ranging from machine manufacturing to food and beverage. KING 5 has reached out to several different businesses over the past few weeks. Owners say it's too early to know the extent of the impact to Washington's businesses that rely on the bank.
Meanwhile, a vote on reauthorization is expected to happen October 26th. If it passes, the bill would then head to the Senate.
According to the New York Times, an aide to Senate Majority Leader Mitch McConnell said "Mr. McConnell would not consume Senate time on a stand-alone bank bill."