Ex-Im Bank fails to get quorum reprieve in stopgap spending bill

The Export-Import Bank failed to win a restoration of its full lending powers as part of a stopgap spending bill released on Tuesday night. 

Advocates for the 82-year-old agency were urging congressional leaders to add a provision to the continuing resolution that would have temporarily lowered a quorum requirement to restore the bank’s ability to approve loans of more than $10 million.

{mosads}The bank now has only two confirmed board members, one short of the three needed to approve larger transactions that are in the pipeline. 

An amendment proposed by Sen. Lindsey Graham (R-S.C.) and Rep. Charlie Dent (R-Pa.) would have allowed the bank to operate for up to three years with only two board members, instead of three.

Senate Banking Committee Chairman Richard Shelby (R-Ala.) had refused to consider either of President Obama’s two nominees for the board.

The bank’s future hinges on how President-elect Donald Trump, who as expressed opposition to the bank, and a Republican Congress, want to proceed. 

Conservative foes of the Ex-Im Bank say it is an example of “corporate cronyism.”

The bank helps U.S. exporters sell their goods overseas by providing loans to foreign buyers.