Senate passes Trade Promotion Authority, Yet to take action on Ex-Im Bank
Addressing one of the most important international trade issues in several years, the U.S. Senate recently voted to pass Trade Promotion Authority (TPA), which is now before the House for a vote. Critical to the future of international trade, TPA shapes the principal goals the United States in global negotiations by allowing the President to submit a bill implementing a foreign trade agreement to Congress for an up-or-down vote within a set period of time, without amendments.TPA involves extensive consultations that are designed to improve Congressional input and oversight of trade negotiations and negotiating objectives that reflect core Congressional trade priorities.CLICK HERE for additional information on Trade Promotion Authority. Despite the positive movement on TPA, Congress has yet to make progress on the reauthorization of the U.S. Export-Import Bank (Ex-Im).
For over 80 years, the Ex-Im Bank has served as the official export credit agency of the United States with the mission of backing export financing for U.S. goods and services to international markets. Since 2010, 130 Orange County companies utilized the Ex-Im’s services, resulting in the export of over $3 billion in goods in services. As the Ex-Im’s charter is set to expire on June 30, it is imperative that Congress act soon to provide a multiyear extension for the Ex-Im in order to help U.S. companies remain competitive in the global market. For more information on the Ex-Im Bank and its importance to the U.S. economy, CLICK HERE. For more information on the growing role of international trade in the Orange County economy, CLICK HERE. For more information, contact Matt Petteruto, Vice President, Economic Development.