December 19, 2019
Brown Applauds Reauthorization Of EXIM Bank, TRIA And Extension Of National Flood Insurance Program
Brown’s Leadership Helps Secure Passage of Key Banking Committee Legislative Priorities
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released the following statement on passage of the “Further Consolidated Appropriations Act 2020”, which provides a historic seven year authorization of the Export-Import Bank of the United States (EXIM), a seven year authorization of the Terrorism Risk Insurance Program (TRIA) and extends the National Flood Insurance Program (NFIP) through September 30, 2020. All three legislative victories were priorities for Ranking Member Brown this Congress.
“It took years of fighting right-wing special interests, but Congress has finally ensured that EXIM will continue serving American workers and manufacturers. This is a win for our economy that will allow more American products to be sold around the world and create hundreds of thousands of good-paying jobs,” said Brown. “We have also passed critical protections for American families and small businesses impacted by terrorism and natural disasters. I thank Chairman Crapo, Chairwoman Waters and Ranking Member McHenry for coming to together to work on these important legislative priorities.”
Reauthorization of the Export Import Bank of the United States:
· The EXIM Bank will be reauthorized for 7 years, through December 31, 2026. This provides the longest reauthorization of the Bank’s charter in the history of the Export-Import Bank.
· The bill provides for procedures to establish a temporary board in the absence of a sufficient number of Senate-confirmed Directors of the Bank’s Board to comprise a quorum. Republican opponents hobbled the Bank for nearly 4 years by blocking the confirmation of Directors. During the partial shutdown of EXIM, support for 250,000 jobs vanished.
· EXIM would establish the Program on China and Transformational Exports and set a goal of reserving 20% of its exposure authority to support American exports that compete directly with exports from the People’s Republic of China and certain advanced or innovative technology exports.
· The bill requires EXIM to report to Congress that the Bank has consulted with the Department of State and other appropriate agencies to assess the risk to the national interest of any proposed transactions over $25 million for which EXIM believes the end-user, obligor or lender is an entity of or controlled by the People’s Republic of China.
· EXIM is directed to encourage the participation of a broad range of small business exporters and EXIM’s target threshold of small business financed exports as a percentage of total exports is increased from 25% to 30% beginning January 1, 2021.
· The bill directs EXIM to set a goal of reserving 5% of its exposure authority to support renewable energy, energy efficiency, and energy storage technology exports.
Terrorism Risk Insurance Program Reauthorization Act of 2019:
· Reauthorizes the Terrorism Risk Insurance Program for seven years, through December 31, 2027;
· Requires a new study on the availability and affordability of terrorism risk insurance for places of worship
· Requires a new study on vulnerabilities and potential costs related to cyber terrorism.
National Flood Insurance Program Extension:
· Extends the National Flood Insurance Program's authorization to September 30, 2020.
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