Press Release - Senate Passes Crapo's Ex-Im Reauthorization

Press Release - Senate Passes Crapo's Ex-Im Reauthorization

Legislation gives Export-Import Bank a five-year extension

Legislation that will reauthorize the official export credit agency of the U.S. has cleared the Senate, according to chief sponsor Idaho Senator Mike Crapo, chairman of the Senate Banking Subcommittee on International Trade and Finance that oversees operations of the Export-Import Bank. The Export-Import Bank Reauthorization Act of 2006 (S. 3938) passed as the Senate session wrapped up early Saturday morning; it will now be sent to the House for concurrence.

"While the current Ex-Im system has problems, it provides an important element in global trade competition," Crapo said. "By extending the Bank's programs for five years, American companies of all sizes will have vital and integral support in selling their products and services in foreign markets. At the same time, we need to ensure that the Bank's support for transactions not only helps U.S. exports but does not negatively impact domestic companies."

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