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POLICY UPDATE: Congress Passes 7-Year EXIM Reauthorization

On December 19, the U.S. Senate passed H.R. 1865, the appropriations act that includes a seven-year reauthorization of the U.S. Export-Import Bank (Division I, Title IV, page 1219). This follows House passage of the legislation on December 17. The White House is expected to sign it into law on December 20, before government funding expires. BAFT President and CEO, Tod Burwell issued a statement commending congressional leaders for including EXIM reauthorization in the year-end government funding legislation.

BAFT actively advocated for a long-term reauthorization over the past year, issuing statements for the record to Congress, joining industry coalition efforts, and meeting with House and Senate members and their staff. Passage of this seven-year reauthorization, the longest ever in EXIM history, is the culmination of steadfast industry advocacy.

Key EXIM extension provisions included in H.R. 1865:

  • Extends EXIM Charter for seven years, through December 31, 2026.
  • Keeps the lending ceiling at $135 billion for the length of the reauthorization
  • Increases the small business target from 25 to 30 percent
  • Sets a 5 percent lending goal for renewable energy, energy efficiency and energy storage technology exports
  • Establishes a Program on China and Transformational Exports that allows EXIM to offer financial products at rates and terms that are competitive with China or other covered countries. Reserves 20 percent of EXIM lending authority for this program and requires various reports
  • Requires reporting on transactions over $25 million involving China
  • Defines alternative procedures during a Board quorum lapse

For more information, please contact Diana Rodriguez, Senior Director, International Policy at drodriguez@baft.org.