484-595-0100
U.S. House Approves EXIM Reauthorization; Senate Approval Is the Next Step

U.S. House Approves EXIM Reauthorization; Senate Approval Is the Next Step

EXIM Bank Reauthorization on the Horizon

On Friday, November 15, the U.S. House of Representatives voted to reauthorize the Export-Import Bank of the United States (EXIM) for a 10-year period through 2029.  The House successfully passed H.R. 4863 United States Export Finance Agency Act of 2019 with a vote of 235-184.  In addition to a 10-year reauthorization of the EXIM’s operations and funding, the bill renames EXIM, the “United States Export Finance Agency,” and increases its lending authority from $135 billion to $175 billion over a seven-year period.

The bill is unlikely to be considered in the Senate, as both Senate Majority Leader Mitch McConnell and President Trump have indicated their opposition to the bill.  EXIM appears likely to continue its operations under another temporary budget continuing resolution (CR) to be considered before the current CR ends on November 21, 2019.

Despite broad support for EXIM reauthorization from both political parties, the White House, and a range of economic interests including the U.S. Chamber of Commerce and the AFL-CIO, differences over details of the House bill has divided support for the current reauthorization bill along partisan lines.  A June 2019 compromise draft authored by House Financial Services Committee Chairwoman Maxine Waters (D-California) and Ranking Member Patrick McHenry (R-North Carolina) fell apart in committee with some Republican committee members wanting greater constraints on EXIM financing for projects involving Chinese state-owned corporations, and some Democrat members seeking greater restrictions on financing for fossil-fuel related projects.

The House bill approved on Friday sought to address these concerns but only cleared committee on a partisan 30 – 27 vote, with McHenry and all Republican committee members withdrawing support because of concerns that the bill’s restrictions on China-related financing were not strong enough.  In the final House vote on H.R. 4863, only four Democrats voted no with only 13 Republicans voting yes with the majority.

A bipartisan bill to reauthorize EXIM (S. 2293) has also been introduced in the Senate but has yet to be considered by the Senate Banking Committee.

EXIM resumed full financing capacity in May 2019, when the U.S. Senate confirmed three Trump administration nominees to the EXIM board of directors, and re-established a lapsed quorum that had limited EXIM’s operations since 2015.

 

About EXIM Bank:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the bank’s authorizations has directly supported small businesses. Since 2000, EXIM has provided $14.8 billion to the U.S. Treasury after paying for all of its administrative and program expenses.

About Securitas:

As a certified EXIM broker, Securitas has decades of experience working with U.S. companies seeking to implement and understand EXIM’s guarantees and insurance policies to mitigate risk, finance international trade and achieve export-driven growth.  Because of the firm’s work in helping US companies increase exports and create jobs, Securitas was named EXIM Broker of The Year in 2015.

Securitas is ready to help businesses, particularly SMEs interested in pursuing an export strategy, learn how to access EXIM’s services.

 

 

 

 

Cover to the Guide to IC-DISCGet Your Money-Saving Guide For Exporters

Securitas Partner Matthew Stewart Named to EXIM Bank 2019 Africa Advisory Committee

Securitas Partner Matthew Stewart Named to EXIM Bank 2019 Africa Advisory Committee

FOR IMMEDIATE RELEASE

The Export-Import Bank of the United States (EXIM Bank) yesterday announced the appointment of Securitas Partner Matthew Stewart to its 2019 Sub-Saharan Advisory Committee.  Stewart joins 10 other appointees on the committee, which is tasked with advising the EXIM Board of Directors “on the development and implementation of policies and programs designed to promote EXIM engagement in Sub-Saharan Africa.”  The committee was appointed by the EXIM Board of Directors at the conclusion of yesterday’s EXIM board meeting.

“My fellow EXIM board members and I congratulate the new members of the EXIM Sub-Saharan Africa Advisory Committee.  These advisory committee members bring important perspectives and expertise as we focus on increasing U.S. exports to the region.”

EXIM President and Chair Kimberley A. Reed  

The EXIM Bank is an independent federal agency that promotes and supports U.S. exports by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services.  As EXIM works to boost U.S. trade and investment in Sub-Saharan Africa, Stewart brings valuable experience and expertise to the advisory committee.  A Securitas partner since 2011 Stewart has lead Securitas’ trade support expansion in Africa and the Middle East, with experience in the areas of debt financing, political risk insurance, as well as logistics, negotiation, and regulatory analysis for exporters and buyers.

Prior to joining Securitas, Matt worked over 15 years in commercial banking and has extensive experience in executing due diligence and underwriting credit for middle market clients. Stewart is a graduate of Baylor University with a bachelor’s degree in Business Administration and a double major in Accounting and Economics. He received the Omicron Delta Epsilon honor for Economics in 1996.

 

See also:
EXIM announces Members of the 2019 Africa Advisory Committee

https://www.exim.gov/news/exim-announces-members-2019-sub-saharan-africa-advisory-committee

 

About Securitas Global Risk Solutions

Since 2004, Securitas Global Risk Solutions (“Securitas”) has helped clients across the United States develop solutions to mitigate credit risk to achieve their financial goals.  As a specialty insurance broker focused on developing trade credit and political risk insurance programs, Securitas is focused on finding coverage for difficult credits to protect businesses from unexpected credit losses.  See our Website at https://www.securitasglobal.com/ for more information, or contact us at:

900 West Valley Road

Suite 701

Wayne, PA 19087

Telephone: 484-595-0100

Fax: 484-582-0111

info@securitasglobal.com