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 The 218 representatives, including 42 Republicans, who signed the
so-called "discharge petition" - a procedural maneuver that has been
successful only a handful of times in the past century - effectively
overrules House Financial Services Committee Chairman Jeb
Hensarling.
Hensarling has declined to move legislation on the bank's charter,
which expired on June 30, and said the petition sets a "very
dangerous precedent" for the Republican Party, which is embroiled in
a divisive leadership struggle in the House.
"At a time when our Republican conference is divided, this will
divide it even further," Hensarling said in a statement.
EXIM backers hailed the move as a breakthrough to reopen the bank,
which offers loans, loan guarantees and trade insurance that helps
foreign customers buy U.S.-produced goods and services.
Some Republicans and outside political groups have targeted the bank
as an example of "corporate welfare" for large, wealthy companies
such as Boeing <BA.N>, Caterpillar <CAT.N> and General Electric
<GE.N>. Supporters say it allows U.S. companies to compete overseas,
and produced $675 million in revenue for federal coffers last year.
The bank has been unable to write new business for more than three
months, and several companies have announced the loss of export
contracts due to lack of EXIM financing. GE has agreed to move
manufacturing jobs to France, Canada, Britain, Hungary and China to
gain access to those countries' export finance support.
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Senate Majority Leader Mitch McConnell is among those who oppose
renewing the trade bank, and has already dismissed the idea of
taking up the renewal bill expected to pass on Oct 26.
"The Senate is not going to spend a week on a bill that the leader
doesn’t support," McConnell's spokesman, Don Stewart, said on
Friday.
However, the House EXIM bill would match word-for-word a measure
passed by the Senate in July as an amendment to a long-term
transportation bill. That bill was never taken up by the House, but
the 65 Senate votes it collected indicates that the EXIM provision
could likely be attached to another transportation spending bill
needed by the end of October.
(Reporting By David Lawder and Susan Heavey; Editing by Doina Chiacu
and Grant McCool)
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