WASHINGTON—The federal Export-Import Bank is showing some signs of life.
More than three months after it expired, House Democrats and Republican backers have united to revive the charter of the small federal agency that helps U.S. companies sell their products overseas, by underwriting financing to foreign customers. The coalition is teaming up to bypass opposition from the tea party and top GOP leaders, including Rep. Kevin McCarthy, the favorite to become the new Speaker.
In a rarely used congressional maneuver, supporters are gathering signatures on a so-called discharge petition that would allow them to force a House vote on legislation.
The bank’s charter expired June 30, and it’s been unable to approve new applications or fulfill its mission of helping overseas buyers purchase U.S. products like airplanes and heavy equipment, which the bank says helps sustain tens of thousands of U.S. manufacturing jobs.
Supporters of the bank have been stymied by opposition from the tea party, a key committee chairman, and McCarthy. Opponents say the bank chiefly helps a few well-connected companies and subsidizes overseas businesses like foreign airlines to give them an unfair advantage over U.S. companies.
But supporters of the bank are guaranteed a floor vote if a majority of the House signs the petition. Such moves are rarely successful, but the bank enjoys support from veteran GOP lawmakers who are frustrated by the refusal of Financial Services Chairman Jeb Hensarling (R-Texas), an opponent of the bank, to bring the matter before his committee.
Speaker John Boehner (R-Ohio) is widely regarded as supporting Ex-Im as he has in the past and doesn’t appear to be doing anything to squelch the petition drive.
“We have a very good chance of making this happen,” Rep. Stephen Fincher (R-Tenn.), who’s leading the petition drive, said Wednesday. “The Speaker has been very clear that he is for Ex-Im Bank. The problem is my chairman ... and he is very opposed.”
Boehner said Wednesday that he still wants the Financial Services Committee to act on the issue; a panel spokesman responded that Hensarling has no intention of doing so.
