Maloney joins majority of House of Representatives in procedural move to force vote on Export-Import Bank

Oct 9, 2015
Press Release
With more than half of members signing a discharge petition, House will get floor vote to reauthorize Ex-Im

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY), a senior member of the House Financial Services Committee, joined a majority of the House of Representatives today in a procedural move that would force a vote to extend the charter of the Export-Import Bank. Maloney signed a “discharge petition,” with 218 of her colleagues to require a vote on legislation that would reauthorize the bank. In July, Maloney released a report from the Joint Economic Committee Democrats, showing the bank has supported $217 billion in exports and 1.3 million jobs since 2009. Republican leaders have blocked efforts to extend the charter, allowing the bank to expire on June 30.

“Shutting down the Export-Import Bank makes no sense it all,” said Maloney. “That’s why a majority of the House today signed a discharge petition to finally force the House to have a vote to reauthorize the Export-Import Bank. Ex-Im supports 164,000 jobs across the country and levels the playing field for our companies to compete globally. Last month, General Electric announced it was moving 350 good paying jobs in upstate New York to Canada, all because the bank’s charter expired. Today’s procedural move to force a vote on extending the bank was critically important.”

Background

Over the last century, only 4 discharge petitions have made all the way through to receive final approval and adoption.

As the Ranking Member of the Joint Economic Committee, Rep. Maloney released a JEC Democratic staff report that found that the Export-Import Bank helps levels the playing field for American manufacturers hoping to compete and sell their goods in foreign markets. At absolutely no cost to taxpayers, the Bank directly supported 164,000 American export-related jobs in the last year alone, and has created or sustained 1.3 million private sector jobs since 2009.

The discharge petition calls for a vote on H.Res. 450, a special rule that would reauthorize the Export-Import Bank’s charter for four years and restore certainty to the Bank’s future. The discharge petition will require the House to consider the reauthorization legislation because a majority of Members of the House of Representatives have signed the petition.

On April 21, Maloney testified before the New York City Council Committee on Economic Development during a hearing on the importance of the Bank to New York’s businesses. Local business leaders called on Congress to extend the Bank’s charter because of the significant and positive impact the institution provides to New York’s economy.