United States Export Finance Agency Act of 2019

Floor Speech

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Ms. WATERS. 4863 and to insert extraneous materials thereon.

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Ms. WATERS. Mr. Chairman, I yield myself such time as I may consume.

Mr. Chairman, I rise in strong support of H.R. 4863, the United States Export Finance Agency Act of 2019.

H.R. 4863 reauthorizes and makes key improvements to the job-creating Export-Import Bank. Let me begin by describing why the Ex-Im Bank is so important.

The Ex-Im Bank was established 85 years ago and is the official export credit agency of the United States. Its mission is to promote the export of U.S. goods and services in order to help create and sustain jobs in the United States.

Over the last 10 years, the Ex-Im Bank has supported more than 1.5 million American jobs at no cost to the taxpayer, financed more than $255 billion in U.S. exports, and remitted more than $3.4 billion in deficit-reducing receipts to the Treasury.

In my district, the Ex-Im Bank is currently financing $269 million worth of exports from 13 different exporters, including 10 small businesses.

Ex-Im does not compete with the private sector but, instead, fills in gaps when the private sector lacks the capacity or willingness to provide the financing required by U.S. exporters.

During the financial crisis, the Ex-Im Bank was an important source of financing when private capital was simply unavailable to many businesses. Ex-Im estimates that during fiscal year 2010, in the depths of the financial crisis, it supported 227,000 jobs at more than 3,300 companies.

The Bank also plays a key role in leveling the international playing field by offsetting the financing offered by foreign export credit agencies. The Ex-Im Bank is one of more than 100 export credit agencies around the world that help their home-country exporters compete in the global markets.

If we fail to reauthorize the Bank, American businesses will be harmed, and thousands of jobs will be lost.

Unfortunately, in 2015, the Republican leadership in the House allowed the Bank's charter to expire for the first time in the Bank's history. At that time, a number of countries, including China, celebrated the Bank's closure because of the competitive advantage it gave them over U.S. businesses and workers.

Later, Republicans in the Senate hobbled Ex-Im for 4 years by refusing to confirm board directors, which prevented them from having a quorum. Ex-Im reported that it was unable to approve $40 billion worth of transactions during this period, which would have supported an estimated 250,000 jobs.

H.R. 4863 is intended to renew the confidence of U.S. exporters in the Ex-Im Bank while also sending a message to the world that the U.S. is ready and is prepared to aggressively compete in overseas export markets.

H.R. 4863 reauthorizes the Ex-Im Bank for 10 years and increases the Bank's lending authority from $135 billion to $175 billion. The bill strengthens support for small businesses, which are the engine of growth in our economy, and it creates an Office of Minority and Women Inclusion as well as an Office of Territorial Exporting to support exporters in Guam, Puerto Rico, the Virgin Islands, and other U.S. territories.

The bill also focuses the Bank's attention on protecting the environment by creating an office for renewable energy exports, strengthening the Bank's environmental policies and procedures, and encouraging greater accountability with respect to local communities that could be negatively affected by Bank-supported projects.

Importantly, H.R. 4863 also includes procedures to avoid a lapse in the Board's quorum so that the Bank can maintain its full operational capacity even when the Senate is unable to confirm Board directors.

The bill includes a number of provisions to ensure that Ex-Im financing does not inadvertently support bad actors. For example, the bill prohibits financing for the Chinese military, the Chinese intelligence services, and any other bad actors, including anyone who has criminally violated the Foreign Corrupt Practices Act or has violated U.S. intellectual property laws.

Moreover, H.R. 4863 would require the parties to an Ex-Im transaction to certify that neither they nor any of their subsidiaries engage in activities in violation of U.S.-sanctioned laws.

So, Mr. Chairman, it is imperative that we reauthorize the Ex-Im Bank so that our businesses, U.S. businesses large and small, will have the financing support they need to compete in the global markets while preserving and creating American jobs at home.

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Ms. WATERS. Mr. Chairman, I would just like to remind this body that Mr. McHenry is one of the ones responsible for the nonreauthorization of the Ex-Im Bank before. He didn't support it then, and he doesn't support it now, and he never will because he is opposed to Ex-Im Bank reauthorization, period.

Mr. Chairman, I yield 5 minutes to the gentleman from Washington (Mr. Heck), a key sponsor of this legislation and a major supporter of Ex- Im.

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Ms. WATERS. Mr. Chair, I yield an additional 1 minute to the gentleman.

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Ms. WATERS. Mr. Chair, I would like to remind the House that the gentleman from Michigan (Mr. Huizenga) has 16 total exporters in his district, would support a value of $52 million. I would hope that as he opposes this bill, he is reminded that between 2014 and 2020, his district received substantial support.

Mr. Chair, I yield 2 minutes to the gentleman from Texas (Mr. Green), a strong supporter of the Bank and the chair of the Subcommittee on Oversight and Investigations of the Committee on Financial Services.

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Ms. WATERS. Mr. Chair, I would like to again remind Mr. Barr that between 2014 and 2020, his State received $10 million in total export value.

I would also like to remind this body that he did not support reauthorization in the past. He does not do it now. I don't know if there will ever be a good enough bill to have him and the ranking member support Export-Import.

Mr. Chair, I yield 2 minutes to the gentlewoman from Texas (Ms. Garcia).

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Ms. WATERS. Mr. Chair, this is another Member on the opposite side of the aisle, the gentleman from Arkansas, who, when we were trying to get the Bank up and running, he voted against reauthorization. He is voting against it again today. I don't know what it would take to make these Members who have consistently opposed reauthorization to ever support Ex-Im.

I would like to remind him there are 10 exporters in his district for a total of $43 million--that is a total value of export--between 2014 and 2020.

Mr. Chair, I yield 2 minutes to the gentleman from Arizona (Mr. Stanton).

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Ms. WATERS. Mr. Chair, I am pleased that the gentleman from Arizona just talked about the kind of support he has in his district. Let me remind the House that we have support from the U.S. Chamber of Commerce, Aerospace Industries Association, International Association of Machinists and Aerospace Workers, AFL-CIO, International Federation of Professional and Technical Engineers, National Association of Manufacturers, Boeing, and Air Tractor, Inc. What you have here is business and labor have come together to support this most important bill.

Mr. Chair, I include in the Record letters of support. Chamber of Commerce of the United States of America, Washington, DC, October 28, 2019. Hon. Maxine Waters, Chairwoman, Committee on Financial Services, House of Representatives, Washington, DC. Hon. Patrick McHenry, Ranking Member, Committee on Financial Services, House of Representatives, Washington, DC.

Dear Chairwoman Waters and Ranking Member McHenry: The U.S. Chamber of Commerce thanks the committee for considering legislation to provide for long-term reauthorizations of the Terrorism Risk Insurance Act (``TRIA'') program and the Export-Import Bank of the United States (``Ex-Im''). The Chamber strongly supports the substitute amendment to H.R. 4634, the ``Terrorism Risk Insurance Program Reauthorization Act of 2019.'' The Chamber also strongly supports the ``United States Export Finance Agency Act of 2019,'' and opposes all amendments that are intended to serve as ``poison pills'' which would prevent this legislation from viable consideration on the House floor or in the Senate. H.R. 4634, the ``Terrorism Risk Insurance Program Reauthorization Act of 2019''

Since its initial enactment in 2002, TRlA has served as a vital public-private risk sharing mechanism, ensuring that private terrorism risk insurance coverage remains commercially available and that the U.S. economy would more swiftly recover in the event of a terrorist attack.

The Chamber strongly supports the substitute amendment to H.R. 4634, the ``Terrorism Risk Insurance Program Reauthorization Act of 2019,'' and applauds the leadership of Chairwoman Waters and Ranking Member McHenry in reaching this bipartisan deal which would provide a seven-year reauthorization of this important program while providing for a study on the evolving risks in cyberterrorism and the affordability and availability of TRIA coverage for places of worship. The ``United States Export Finance Agency Act of 2019''

As the official U.S. export credit agency (``ECA''), Ex- lm's mission is to support domestic jobs by facilitating the export of goods or services when private sector lenders are unable or unwilling to provide financing. Foreign governments have established 113 ECAs of their own around the world. In 2018, China's two ECAs alone provided 130 times as much medium- and long-term export credit support as the Ex-Im Bank. Due to the extensive competition in this space, it is vital that Ex-Im be reauthorized to ensure that U.S. businesses and workers are not deprived of a basic tool enjoyed by their competitors in every other country.

The Chamber strongly supports the ``United States Export Finance Agency Act of 2019.'' This legislation builds off of S. 2293, the ``Export-Import Bank Reauthorization Act of 2019,'' which was introduced earlier this year with the bipartisan support of Senators Kevin Cramer and Kyrsten Sinema, and cosponsored by Senators Thom Tillis, Maria Cantwell, Roy Blunt, Patty Murray, Lindsey Graham, Chris Coons, Susan Collins and Maggie Hassan. This legislation would provide exporters with 10 years of much-needed certainty.

In May, the Senate confirmed three of Ex-Im's board members, establishing a quorum for the first time since 2015 and finally making the Bank fully functional after several years of being limited to only supporting transactions less than $10 million. This bill would also establish an alternative procedure during any future lapses in the board's quorum to ensure that Ex-Im can continue to serve its vital role in supporting U.S. jobs.

U.S. exporters and the hundreds of thousands of jobs that they support need long-term certainty--simply extending the life of Ex-Im through short-term continuing resolutions is not enough. The Chamber strongly urges members of the Committee to vote in support of this long-term legislation and urges members to oppose the adoption of any ``poison pill'' amendments that are intended to prevent this legislation from viable consideration on the House floor or in the U.S. Senate.

The Chamber thanks you for your attention on these important issues and looks forward to working with you to ensure long-term reauthorizations of both of these important programs. Sincerely, Neil L. Bradley, Executive Vice President & Chief Policy Officer. ____ U.S. Chamber of Commerce, Congressional & Public Affairs, Washington, DC, November 11, 2019.

To the Members of the U.S. House of Representatives: The U.S. Chamber of Commerce strongly supports H.R. 4863, the ``United States Export Finance Agency Act of 2019,'' which would provide for a long-term reauthorization of the Export- Import Bank (``Ex-Im''). The Chamber will consider including votes on this legislation--including votes on amendments--in our annual How They Voted scorecard.

As the official U.S. export credit agency (``ECA''), Ex- Im's mission is to support domestic jobs by facilitating the export of goods or services when private sector lenders are unable or unwilling to provide financing. Foreign governments have established 113 ECAs of their own around the world. In 2018, China's two ECAs alone provided 130 times as much medium- and long-term export credit support as the Ex-Im Bank. Due to the extensive competition in this space, it is vital that Ex-Im be reauthorized to ensure that U.S. businesses and workers are not deprived of a basic tool enjoyed by their competitors in every other country.

H.R. 4863 builds off of S. 2293, the ``Export-Import Bank Reauthorization Act of 2019,'' which was introduced earlier this year with the bipartisan support of Senators Kevin Cramer and Kyrsten Sinema, and cosponsored by Senators Thom Tillis, Maria Cantwell, Roy Blunt, Patty Murray, Lindsey Graham, Chris Coons, Susan Collins and Maggie Hassan. Both of these pieces of legislation would provide 10 years of much needed certainty, establish an alternative procedure during any future lapses in the board's quorum, and raise Ex-Im's lending authority to ensure that it can compete globally.

H.R. 4863 includes several additional provisions, including restrictions that would ensure that Ex-Im financing follows strict new rules to prevent financing for the Chinese army and intelligence services, sanctioned entities, and known violators of anti-bribery and intellectual property laws.

U.S. exporters and the hundreds of thousands of jobs that they support need long-term certainty--simply extending the life of Ex-Im through short-term continuing resolutions is not enough. The Chamber urges you to support H.R. 4863. Sincerely, Jack Howard. ____ Aerospace Industries Association, Arlington, VA, October 29, 2019. Hon. Maxine Waters, Chairwoman, House Committee on Financial Services, Washington, DC. Hon. Patrick McHenry, Ranking Member, House Committee on Financial Services, Washington, DC.

Dear Chairwoman Waters and Ranking Member McHenry: On behalf of the nearly 340 member companies of the Aerospace Industries Association (AIA), we urge you to reauthorize the Export-Import (Ex-Im) Bank before the November 21 deadline. A fully functioning Ex-Im Bank is vital to aerospace and other industries.

The U.S. aerospace and defense industry supports more than 2.5 million American jobs, thousands of which have been supported by Ex-Im Bank financing solutions that facilitate the export of American goods and services. Moreover, the Bank is essential for businesses of all sizes, as more than 90 percent of the Bank's transactions in FY2019 directly supported American small businesses. This is done at no cost to the U.S. taxpayer. In fact, in 2014 (the last entire year the Bank was fully operational), the Bank paid $1 billion into the U.S. Treasury, generated from the interest paid on loans and the fees from the Bank's foreign customers.

Ultimately, the Ex-Im Bank levels the playing field against foreign competitors in increasingly competitive international markets. Key competing nations view aerospace as critical for their economic growth and security interests and are increasing investments in their respective domestic aerospace industries. These countries are using their export credit agencies (ECAs) to increase foreign sales and thus gain advantage in the market. U.S. industries are up against more than 110 foreign ECAs in an increasingly competitive export market. Without the Bank, we're giving foreign powers the advantage--the Bank is a necessary equalizer.

We overwhelmingly support moving forward with Ex-Im legislation that will pass both the House and Senate. This legislation must include key principles, including long-term reauthorization, an increase in the authorization ceiling, and a quorum fix.

We look forward to working with you on Ex-Im reauthorization and ensuring that our industry remains economically competitive globally. Sincerely, Tim McClees,

Vice President, Legislative Affairs, Aerospace Industries Association. ____ International Association of Machinists and Aerospace Workers, Upper Marlboro, MD, October 28, 2019.

Dear Representative: On behalf of the International Association of Machinists and Aerospace Workers (IAM), the largest aerospace manufacturing union in North America, I strongly urge you as a member of the House Financial Services Committee to support this vital legislation and vote ``Yes'' to advance the United States Export Finance Agency Act of 2019. This legislation would create and sustain U.S. jobs in manufacturing and other strategic industries and improve the balance of trade between the U.S. and high export nations by reauthorizing the Export-Import Bank for the next ten years.

The Export-Import Bank (Ex-Im Bank) is one of the few U.S. institutions that actually supports U.S. exports and jobs by providing vital loan guarantees for the sale of U.S. goods and services to international markets. This legislation would rename the Ex-IM Bank to the United States Export Finance Agency, but its mission would remain the same, ``to assist in financing the export of U.S. goods and services'', enabling ``large and small companies to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.'' With the banks authorizing charter set to expire in November 2019, it is imperative that Congress work expeditiously to pass this Ex- IM Bank reauthorization legislation before the bank's charter lapses.

American jobs depend upon a fully functioning Ex-Im Bank with a fully staffed board of directors to provide vital financing for the export of U.S. made products. Under the Bank's current charter projects which require more than $10 million in financing must be approved by the Ex-IM Bank board of directors. However, the lack of a quorum on the board in recent years has crippled the Ex-Im Bank's ability to support U.S. manufacturers and workers, particularly in the aerospace industry, one of the last sectors in which the U.S. enjoys a positive balance of trade with the rest of the world. According to the bank's most recent annual report, the Ex-Im Bank authorized only $3.3 billion in export credit in FY 2018. This is down from $20 billion in authorized export credit in FY 2014, which was the last year the bank was fully operational with a fully staffed board. Consequently, the bank estimates that it supported a mere 33,000 U.S. jobs in FY 2018, a fraction of the 164,000 American jobs that the bank supported in FY 2014 when it operated with a full quorum. Meanwhile, job producing export projects are being taken by foreign competitors. Our international competitors continue to support their companies through comprehensive industrial policies in addition to robust export financing agencies. China alone has three export credit agencies that dwarf what our Ex-Im Bank provides.

The proposed legislation not only reauthorizes the Ex-IM bank over the next ten years, but it includes important provisions to reform the bank's quorum rules which have severely limited the banks effectiveness in recent years. The bill provides for a process to seat a temporary board if a quorum cannot be reached over a 90 day period. In addition to these needed reforms to the quorum rules, this legislation would gradually increase the Ex-Im Bank's lending authority from $135 billion to $175 billion, allowing the bank to expand its portfolio of projects, increase U.S. exports, create additional U.S. jobs, and drive economic growth.

For all of these reasons, I urge all members of the House Financial Services Committee to support this vitally important legislation and vote ``Yes'' in favor of passage of The United States Export Finance Agency Act of 2019.

For more information, please contact IAM Legislative Director. Thank you, Robert Martinez, Jr., International President. ____ AFL-CIO, Washington, DC, November 13, 2019.

Dear Representative: On behalf of the AFL-CIO, I write to express our strong support for the ``United States Export Finance Agency Act of 2019'' (H.R. 4863) scheduled for floor consideration this week.

A healthy Export-Import Bank (Ex-Im Bank) is pivotal to the creation and sustainability of U.S. jobs in manufacturing, as well as increasing U.S. exports, thereby improving the balance of trade between the U.S. and high export countries.

H.R. 4863 reauthorizes the Ex-Im Bank for the next ten years and would gradually increase the bank's lending authority by $40 billion, resulting in an expansion of projects. Although the bill would rename the Ex-Im Bank as the ``United States Export Finance Agency,'' its intended mission ``to assist in financing the export of U.S. goods and services'' would remain unchanged. The legislation also includes provisions that reform the Bank's quorum rules that have severely limited the Bank's viability in recent years.

The creation of U.S. jobs is essential to a strong economy, and with the Bank's authorizing charter set to expire in later this month, now is the time to pass this important piece of legislation. For the reasons stated above, we urge you to vote for the immediate passage of H.R. 4863. Sincerely, William Samuel, Director, Government Affairs. ____ International Federation of Professional & Technical Engineers, Washington, DC, November 12, 2019.

Dear Representative: As the executive officers of the International Federation of Professional & Technical Engineers (IFPTE), representing upwards of 90,000 workers, we urge you to vote to reauthorize the Export-Import Bank by passing H.R. 4863. ``United States Export Finance Agency Act of 2019.'' This legislation supports American jobs in strategic industries and sectors of the U.S. economy, helps domestic manufacturing compete with manufacturers in high export nations. and takes steps to maintain the Export-Import Bank's (EXIM) operations over the next ten years.

EXIM is a critical tool that promotes U.S. manufacturing exports, from the primary exporter down through the domestic supply chain and requires at least 85% domestic content for full financing support. Among the U.S. workers that have benefited from EXIM are IFPTE members working at Boeing. Spirit AeroSystems. and Triumph Composite Systems. EXIM's financing for commercial airplane exports not only supports high-paying jobs and strategic sectors of the economy but also helps reduce the U.S. trade deficit. and provides financing for diverse industries, including small- and medium-sized business. consumable and durable goods exporters, and services exporters. The ExportImport Bank also results in a reduction of our national debt. as it has proven itself to be a federal agency that added $9.6 billion in revenue to our national budget since 1992.

Emerging national economies have aggressively expanded their export financing agencies and Organization for Economic Cooperation & Development (OECD) nations continue their export credit support, making it critically important for Congress to respond by reauthorizing EXIM before its current authorization expires after November 21. China's two export credit agencies totaled $39 billion in new medium- to long- term export credits in 2018, an amount greater than the next three countries' (Italy, German, and South Korea) combined authorizations. By comparison, EXIM committed just $300 million in medium- to long-term export credits for 2018 with all financial authorizations for the year totaling $3.3 billion. EXIM's financial authorizations have ranked near the bottom of OECD nations and emerging national economies over the last three years due to EXIM lacking a quorum for its Board from mid-2015 to May 2019, leaving it unable to approve transactions exceeding $10 million during that time. The three-year backlog of transactions in the EXIM pipeline totals $40 billion and is estimated by EXIM to support 240,000 jobs.

IFPTE supports this legislation as well as the Senate bill sponsored by Senator Kevin Cramer, S. 2293, because it includes straightforward measures to reform EXIM's quorum rules so that EXIM's ability to support American exports and jobs cannot be limited by political gridlock, reauthorizes EXIM for ten years. and gradually increases EXIM's exposure cap from $135 billion to $175 billion over seven years. These provisions will create stability and room for EXIM's financing ability to grow its portfolio of projects, support U.S. exports and jobs. and drive economic growth.

For these reasons, we urge you to vote for the ``United States Export Finance Agency Act of 2019.'' Thank you for your consideration. Should you have any questions. please feel free to contact either of us or IFPTE legislative representative. Sincerely. Paul Shearon,

President. Matthew Biggs,

Secretary-Treasurer/Legislative Director. ____ National Association of Manufacturers, November 14, 2019.

Dear Representative: Following strong growth and job creation over the past several years, manufacturers in America are now facing global economic headwinds and grappling with uncertainty in trade policy. If this uncertainty is allowed to persist, America will feel the consequences of reduced demand, production and employment in the manufacturing industry. That is why the National Association of Manufacturers urges you to act now to help reverse this trend by supporting H.R. 4863, the United States Export Finance Agency Act, which provides a long-term reauthorization of the U.S. Export-Import Bank that will enable manufacturers to export more of our products, invest more in our communities and hire more American workers.

H.R. 4863 will provide the tools that manufacturers need to compete in the global economy. More than 100 foreign export credit agencies around the world are actively helping their manufacturers win sales and jobs. Failing to reauthorize the bank is akin to unilateral disarmament. The Ex-Im Bank fills the gaps when the private sector is unable or unwilling to finance or provide other tools needed to participate in foreign projects or make export sales. Since 2000, the Ex-Im Bank has facilitated nearly $450 billion in exports from thousands of U.S. companies-with more than 90% of its transactions directly supporting small businesses-and supported more than 2.5 million American jobs.

In the decade following the Great Recession, countries have prioritized exports, leading to a substantial increase in global export credit financing. China is the most aggressive nation, using export credit to expand its influence around the globe. Chinese programs are opaque and unregulated, with estimates that China provided more than $500 billion in export credit in 2018, more support than all G7 export credit agencies combined.

To counter China and remain competitive, manufacturers in the United States need H.R. 4863. It includes a 10-year reauthorization, an increase in the authorization ceiling and measures to ensure that the agency's board of directors will remain fully functioning for the length of the reauthorization. The USEFAA also includes important reforms to prevent the misuse of Ex-Im Bank financing by entities connected to the Chinese People's Liberation Army or other sanctioned entities involved in corruption, intellectual property theft and other activities that threaten U.S. security. At the same time, this legislation will enable manufacturers in the United States to compete with China everywhere, outside and inside China.

The USEFAA is a win for American manufacturing workers. It will level the playing field, help manufacturers win sales and set an example of the values we are proud to represent on the global stage. Manufacturers urge your support for H.R. 4863 and ask that you reject amendments that would undermine this robust reauthorization and the ability of the agency to enable manufacturers to compete effectively around the world. Sincerely, Jay Timmons. ____ The Boeing Company, Arlington, VA, October 28, 2019. Hon. Maxine Waters, Chairwoman, House Committee on Financial Services, Washington, DC.

Dear Chairwoman Waters, The Boeing Company values your commitment to American manufacturing and job growth. As you know well, American workers create some of the best products and services in the world. When we are able to compete on a level playing field, we are able to create good-paying jobs by selling those products around the globe.

We write today to express our strong support for your legislation, the United States Export Finance Agency Act of 2019, which would provide a long-term reauthorization for the Export-Import Bank (Ex-Im).

A full, long-term reauthorization of the Ex-Im Bank is critical to stabilizing and strengthening America's economic capability in this current, unstable global market. Manufacturers and businesses that invest in equipment and other building materials would be greatly empowered by the stability brought by your legislation's 10 year reauthorization of the Ex-Im charter.

We also strongly support the permanent fix to the quorum requirements for larger deals. as well as the increase in cap thresholds, bringing the policies of Ex-Im in line with the modern challenges our American workers and businesses face in the global marketplace today.

During the last eight years, Ex-Im has supported more than 1.4 million U.S. jobs. In 2018 alone, the Ex-Im Bank helped more than 2,100 small businesses export their products. These impressive data points don't include the countless other supply chain companies who do business with larger U.S. exporters who also use Ex-Im financing.

Ex-Im is a tremendous asset to American businesses. We support your leadership in authoring the United States Export Finance Agency Act and urge all members of the House Financial Services Committee to vote in favor of its passage. Sincerely, Tim Keating,

Executive Vice President, Government Operations, The Boeing Company. ____ Air Tractor Inc., Olney, TX, October 28, 2019. Hon. Maxine Waters, Chair, Hon. Patrick McHenry, Ranking Minority Member, House Committee on Financial Services, Washington, DC.

Dear Chairman Waters and Ranking Member McHenry: It is my understanding that your committee will consider mark up tomorrow of which one consideration is reauthorization of the Export-Import Bank (United States Export Finance Agency of 2019). I have communicated to you before on how important the Export-Import Bank (``Ex-Im'') is to Air Tractor, a small business manufacturer and exporter. Ex-Im allows us to create and sustain jobs in rural north Texas. There is no substitute for Ex-Im and its products. Ex-Im is very important to small business and in my opinion, to all exporters large and small. Ex-Im means U.S. jobs.

I would urge swift and bipartisan action tomorrow to advance this legislation as currently proposed. The U.S. needs a robust and long-term reauthorization of Ex-Im.

If you have any questions of me, please contact me. Sincerely, David Ickert, Treasurer and CFO.

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Ms. WATERS. Mr. Chair, I yield 2 minutes to the gentlewoman from Pennsylvania (Ms. Dean).

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Ms. WATERS. Mr. Chair, it is my pleasure to yield 1 minute to the gentleman from Maryland (Mr. Hoyer), the distinguished majority leader and a longtime supporter of Ex-Im.

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Ms. WATERS. Mr. Chair, I yield 2 minutes to the gentleman from Maryland (Mr. Hoyer), the majority leader, to respond to anything he would like to respond to.

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Ms. WATERS. Mr. Chair, I yield an additional 1 minute to the majority leader.

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Ms. WATERS. Mr. Chair, I yield 2 minutes to the gentleman from Washington (Mr. Heck).
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Ms. WATERS. Mr. Chair, I am prepared to close.

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Ms. WATERS. Mr. Chairman, I yield myself such time as I may consume.

Earlier this year when the Ex-Im reauthorization was still in committee, we entered into good-faith negotiations with Ranking Member McHenry. Unfortunately, the China state-owned enterprise provision insisted on by the ranking member came up short and prevented us from reaching broad bipartisan support for the bill.

In fact, his China provision was roundly rejected in seven different votes in committee. This provision was voted down during markup because my colleagues realized that it would do more to harm U.S. exporters and U.S. jobs than help to counter against the very real problems faced by U.S. exporters competing with China.

There are a number of other provisions in Mr. McHenry's bill that are unnecessary, even burdensome, and aimed at diminishing the bank's ability to function. In fact, in many ways, rather than seeking to strengthen and improve the flexibility of the bank to meet the challenges faced by U.S. industry today, the provisions in this bill put forward by the ranking member consistently sought to further constrain the bank with unnecessary and, in many cases, new limits and restrictions.

What the Republicans don't say is that a bipartisan bill in the Senate was introduced that had none of Mr. McHenry's problematic provisions. Then, last week, the President similarly said that he also supported a 10-year clean reauthorization, which is odd since the Republicans claimed he supported Mr. McHenry's hurdles for the Ex-Im Bank.

I continue to believe that this provision will hamper Ex-Im's ability to support U.S. exporters and American jobs.

Let me just wrap this up by saying that this is a significant bill that we have before this House. This is a bill that will correct the harm that has been done to our export agency. This is a bill that will create more jobs.

This is a bill that has the support of the U.S. Chamber of Commerce, GE, Boeing, the AFL-CIO, the International Association of Machinists and Aerospace Workers, the International Brotherhood of Boilermakers, the International Brotherhood of Electrical Workers, the International Federation of Professional and Technical Engineers, the Business Roundtable, and North America's Building Trades Unions.

So, here we have a bill where we have people who oppose each other all the time and have come together because they know that it is in the best interests of our country. They know that they have put us in a position--those who have been voting against reauthorization--of being noncompetitive with China and other countries who like to see us in that weakened position.

This bill is going to bring us out of that weakened position. This is a bill that improves upon our ability to provide export financing. This is a bill that will create jobs.

This is a bill that recognizes that we are not manufacturing at the rate that we should be in this country. And we are not going to be in that position any more.

This is a bill that creates jobs in all of our districts. This is a bill that I would ask my Members to please support, and let's keep America moving forward with the export-import bill.

Mr. Chair, I yield back the balance of my time.

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Ms. WATERS. Mr. Chairman, I demand a recorded vote.

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Ms. WATERS. Mr. Chairman, I thank the gentleman for yielding.

I strongly oppose this amendment. This amendment undermines a carefully crafted compromise on environmental reforms, both in the underlying bill and developed by my good friend from Illinois.

It undermines U.S. leadership on growing more jobs in renewable energy, eliminates accountability at Ex-Im, and ends efforts to have Ex-Im consult with local communities on projects it supports.

I urge all of my colleagues to oppose this amendment.

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Ms. WATERS. Mr. Chairman, I thank the gentleman for yielding, and I thank him for offering this important amendment.

This amendment builds on the important work of the gentleman from New York on combating illegal opioids in this country. It ensures that those who are sanctioned because of their involvement in the illegal trade of opioids do not get access to Ex-Im assistance, including any sanctions imposed pursuant to the Foreign Narcotics Kingpin Designation Act.

I strongly support the gentleman's amendment to strengthen this bill with respect to preventing the illegal trafficking of synthetic opioids and urge all my colleagues to do so.

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Ms. WATERS. Mr. Chairman, I rise in opposition to the amendment.

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Ms. WATERS. Mr. Chairman, this amendment demonstrates a fundamental misunderstanding about what Ex-Im does and whom it benefits.

The beneficiaries of Ex-Im's assistance are U.S. exporters and the American workers they employ. It is in America's interest to have a fully functioning Ex-Im because it allows U.S. companies to compete in the global markets.

Mr. Davidson's amendment would effectively ban using the Ex-Im Bank in China or Mexico to try to put pressure on Governments of Mexico and China to cooperate with the U.S. to stop the trafficking of synthetic opioids.

No one wants to support the trafficking of opioids, but Ex-Im is precisely the wrong agency to use to achieve foreign policy outcomes. If Mexico or China do not cooperate, those countries will not be harmed by this amendment; American companies and workers will be. The Mexican or Chinese Governments will simply buy products from another country that is more than willing to sell them exports.

If the goal is to fight the opioid crisis, we need to support programs like Ex-Im that are going to be creating good, well-paying jobs in every district all over the country and support small businesses that are the drivers of community investment and development.

And if we really want to put pressure on foreign governments to cooperate with the U.S. in preventing the trafficking of opioids, then we need to bolster our sanctions program, which can deny the bad actor to the largest economy in the world.

I understand Mr. Davidson's strongly held desire to do something to address this opioid epidemic and to protect Ex-Im from being improperly accessed by criminal networks trafficking in synthetic opioids. That is why I strongly support Mr. McAdams' and Mr. Rose's amendment to directly cut off Ex-Im financing from those criminal entities that violate sanctions dealing with illegal opioids, including violations of the Foreign Narcotics Kingpin Designation Act. Mr. Rose also has legislation pending that would further broaden those who are sanctioned under U.S. law for illegal opioids.

Mr. Davidson's concerns are understandable, but in practice, this amendment would limit the ability of Ex-Im to support U.S. jobs and small businesses, further exacerbating the conditions that have contributed to this opioid epidemic.

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Ms. WATERS. Mr. Chairman, I yield 1 minute to the gentleman from Washington (Mr. Heck)

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Ms. WATERS. Mr. Chairman, I yield myself the balance of my time.

Mr. Chairman, this misguided amendment is going to hurt American workers and American businesspersons. This is not the way to get at the issue the gentleman from Ohio is concerned about. He should be supporting the McAdams-Rose amendment if he wants to do that.

I urge all my colleagues to vote against this amendment, and I yield back the balance of my time.

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Ms. WATERS. Mr. Chair, I move that the Committee do now rise.

The motion was agreed to.

Accordingly, the Committee rose; and the Speaker pro tempore (Mr. Veasey) having assumed the chair, Mr. Rouda, Acting Chair of the Committee of the Whole House on the state of the Union, reported that that Committee, having had under consideration the bill (H.R. 4863) to promote the competitiveness of the United States, to reform and reauthorize the United States Export Finance Agency, and for other purposes, had come to no resolution thereon.

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