HUDSON VALLEY- Congressman Mike Lawler (R, NY-17) has introduced legislation aimed at preventing disruptions at the Export-Import Bank of the United States, which helps American companies finance exports and compete in international markets.
The EXIM Bank Continuity in Competitiveness Act, introduced with bipartisan support, would permanently change the bank’s board requirements to allow it to continue operating when vacancies leave the board without a quorum.
Under the legislation, temporary authority would end once a permanent quorum is restored or when a new president takes office.
Lawler said the measure would give American businesses greater certainty and prevent them from being put at a disadvantage when competing with foreign companies supported by their governments.
“American businesses should have every opportunity to compete and win on a level playing field,” Lawler said. He added that the legislation would help ensure the bank can operate “without unnecessary disruptions.”
The proposal has received backing from several business organizations, including the U.S. Chamber of Commerce, National Association of Manufacturers and the Business Council of New York State.
Heather Mulligan, president and CEO of the Business Council of New York, said reliable access to financing is important for New York companies competing in the global marketplace.
The bill also has the support of the Rockland Business Association.
Supporters point to the EXIM Bank’s role in helping U.S. manufacturers, exporters and small businesses secure financing for overseas sales. U.S. Chamber officials said political gridlock and vacancies previously left the bank unable to fully function for nearly four years, resulting in lost opportunities for American exporters.
Lawler’s legislation is intended to provide a permanent solution so the bank can continue operating even when its board lacks a quorum.
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