Reform Bill Will Support Job Growth, Minimize Risk,and Enhance Accountability
Washington, D.C. – Congressman Stephen Fincher (R-TN) today made the following statement regarding H.R. 597, The Reform Exports and Expand the American Economy Act, to reform the U.S. Export-Import Bank which was introduced and cosponsored by 58 Members of Congress.
“The U.S. Ex-Im Bank has been a job-creator since its inception, yet it is in dire need of major reforms to ensure its ability to continue creating jobs at no expense to the taxpayer. In reforming the Ex-Im Bank, we’ll make its practices more accountable and transparent than ever before. We’ll also enhance taxpayer protections by requiring the Bank to become more solvent and self-sufficient.”
“People in my District, and across the country, are demanding more economic opportunities and expansion of the job-market. We can meet their demands by taking action now and supporting reforms to the Ex-Im Bank that improve its ability to support jobs and growth in communities across the nation.”
Legislative reforms include:
- Increased capital requirements for loan-loss reserves to protect taxpayers from future defaults;
- Reduced taxpayer exposure from $140 billion to $130 billion;
- Parallel GAAP reporting;
- Making the EX-IM Bank the lender of last resort;
- Increased risk sharing by private sector lenders and exporters;
- Enhanced multilateral negotiations to reign in official export credit from OECD countries as well as non-OECD countries like China;
- A clearly defined a role for the Chief Risk Officer and members of the Board of Directors that provides balance with the Bank’s Chairman;
- Required independent audit of the Bank’s portfolio; and
- Greater anti-corruption safeguards.
Cosponsors Include: Aderholt, Amodei, Barletta, Bost, Boustany, Bucshon, Calvert, Cole, Collins, Comstock, Costello, Cramer, Crawford, Crenshaw, Davis, Dold, Gibbs, Gibson, Graves, Hanna, Harper, Hartzler, Hultgren, Hunter, Johnson, Jolly, Joyce, Katko, Kelly, King, Kinzinger, LoBiondo, Long, Lucas, MacArthur, Marino, Meehan, Mica, Mullin, Newhouse, Pitts, Reed, Reichert, Rice, Rogers, Schock, Shimkus, Shuster, Stefanik, Stivers, Thompson, Tiberi, Turner, Valadao, Wagner, Walorski, and Wilson.