Senate Advances Kirk Legislation to Reauthorize and Reform Ex-Im Bank

WASHINGTON – U.S. Senator Mark Kirk (R-Ill.) applauded the Senate’s 67-26 vote to invoke cloture on his legislation to reauthorize and reform the Export-Import Bank. A vote on final passage of Kirk Amendment #2327 to the highway bill will be held tomorrow, Monday, July 27th.

“The Kirk-Heitkamp bill to keep the Ex-Im Bank open cleared a major hurdle today, and we are one step closer to keeping American jobs here in America and not lost to countries like China.”

BACKGROUND:

Senator Kirk and Senator Heidi Heitkamp (D-N.D.) introduced the Export-Import Bank Reform and Reauthorization Act (S. 819) earlier this year. In a test vote on the bill in the form of a Kirk amendment to the National Defense Authorization Act, 65 Senators supported reauthorizing Ex-Im, and Senator Kirk worked to get today’s vote in order to reauthorize the Bank, whose charter expired June 30th.  The U.S. Chamber of Commerce and the National Association of Manufacturers are in support of the Kirk-Heitkamp legislation.

Nearly 90 percent of Ex-Im’s transactions each year directly benefit small businesses, and nationwide the bank supports more than 205,000 American jobs, including 47,000 in Illinois. The top Illinois companies supported by Ex-Im are The Boeing Company, CNH Industrial America and Caterpillar. The Export-Import Bank supports 244 Illinois businesses, such as Boeing, and operates with no cost to the taxpayer. In the past three years, the bank has returned nearly $3 billion to the U.S. Treasury. The Congressional Budget Office has estimated that the Kirk-Heitkamp bill would save taxpayers $2.3 billion.