Senate Dems snag GOP co-sponsors for Export-Import Bank effort

Three Senate Republicans have stepped forward to co-sponsor a Senate Democratic effort to reauthorize the Export-Import Bank.

Sens. Lindsey Graham (R-S.C.), Richard Shelby (R-Ala.) and Mark Kirk (R-Ill.) are co-sponsoring legislation that Sen. Maria Cantwell (D-Wash.) is trying to attach to the House-passed JOBS Act.

The amendment extends the Ex-Im Bank through September 2015 and raises its loan limit to $140 billion from $100 billion. The bank's charter runs out in May and it could hit its loan limit after March.

The effort is supported by big business, led by the Chamber of Commerce and Aerospace Industries Association.

Conservative groups oppose the bank as a form of market-distorting corporate welfare. On Thursday, Heritage Action key-voted the bill, saying it will hold a yes vote for the Cantwell-Graham amendment against members in its annual scorecard. Club for Growth is also scoring the vote.

Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Sens. Patty Murray (D-Wash.), Mark Warner (D-Va.), Chuck Schumer (D-N.Y.), Sherrod Brown (D-Ohio), Kay Hagan (D-N.C.), Chris Coons (D-Del.), Daniel Akaka (D-Hawaii), Mary Landrieu (D-La.) and John Kerry (D-Mass.) are also co-sponsoring the amendment.

The Ex-Im Bank plays a major role in the aircraft, nuclear power, chemical, construction and heavy machinery industries.

The legislation is coming for a Senate floor vote on Tuesday and will need 60 votes to pass.

House Majority Leader Eric Cantor (R-Va.) has floated an alternative approach in which the bank would be authorized for one year at $113 billion. His bill would also force the president to seek an end to all export financing through international negotiations.

If the provision is attached to the JOBS Act, it will force the House GOP to take a difficult vote or risk allowing the JOBS Act, a bill which lessens investor regulations for small businesses, to die. 

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