(Washington, DC) – Today, Congresswoman Lizzie Fletcher (TX-07) voted in favor of H.R. 4863, the United States Export Finance Agency Act, which will reauthorize the Export-Import Bank (“EXIM Bank”) for ten years and will increase the agency’s lending authority from $135 billion to $175 billion over a seven-year period, among other improvements. The bill passed the House with bipartisan support, 235 to 184.

As the official national export credit agency, the Export-Import Bank keeps U.S. exports competitive by offsetting the financing offered by foreign export credit agencies to foreign companies that compete against U.S. firms overseas. Over the last ten years, EXIM supported more than 1.5 million American jobs at no cost to the taxpayer, financed more than $255 billion in U.S. exports, and remitted more than $3.4 billion to the Treasury. The Bank is critically important to entrepreneurship and the U.S. manufacturing economy, especially the energy economy in Houston.

“The Export-Import Bank is a critical tool in keeping our exports competitive, benefitting businesses in Texas and across the United States. With the certainty of reauthorization, companies can make long-term business decisions, knowing that the tools of the Bank are available to them,” said Congresswoman Fletcher. “I am proud that we passed this reauthorization today to facilitate a stronger economy with the Export-Import Bank behind us.”

Specifically, the bill increases the Bank’s lending authority from $135 billion to $175 billion, creates new programs to help connect foreign buyers with U.S. exporters, and strengthens the Bank’s support for small businesses. Additionally, the bill addresses concerns about unfair trade competition by prohibiting the Bank from financing sales to entities that have violated the Foreign Corrupt Practices Act, have been cited for intellectual property violations by the U.S. Trade Representative, are on the sanctions list, or are otherwise flagged as bad actors by U.S. agencies dealing with foreign commerce. In particular, the bill denies EXIM financing to the Chinese army and intelligence services. H.R. 4863 has broad support from American companies and workers, including: AFL-CIO, U.S. Chamber of Commerce, and the National Association of Manufacturers.

Congresswoman Fletcher is the co-chair of the New Democrat Coalition Trade Task Force. Houston is the largest export-based metro area in the country. The Port of Houston is the busiest port in terms of foreign tonnage, and the largest container port on the Gulf Coast.