The U.S. House of Representatives unanimously advanced legislation late last month to reopen the federal government's Export-Import Bank, with re-authorization through September 2019.
The bill was co-authored by U.S. Sen. Mark Kirk (R-IL)
“American manufacturers can be confident that the Export-Import Bank has a clear supermajority in the Senate and now the House," Kirk said. "This vote is a great indicator of support, but is not the final hurdle in keeping American jobs in America.”
The Export-Import Bank was created in 1934 by President Franklin Roosevelt to offer financing to foreign customers buying American goods who could otherwise not find financing through conventional lenders. Illinois companies that benefit from doing business through the bank include Boeing, CNH Industrial America, Caterpillar and hundreds of smaller business.
The bank has been closed since its authorization lapsed July 1. The bill now moves back to the Senate for final approval.
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