Cantor, Hoyer have tentative deal on Export-Import Bank

House Majority Leader Eric Cantor (R-Va.) and House Minority Whip Steny Hoyer (D-Md.) are poised to unveil a tentative agreement for reauthorizing the Export-Import Bank.

The draft deal extends the life of the bank by three years and raises its overall lending capacity to $140 billion from $100 billion, sources said.

The outlines of the agreement are close to the goals put forward by the White House, the Senate Banking Committee and the U.S. Chamber of Commerce. Opponents of the bank, such as Heritage Action and the Club for Growth, are likely to fight fiercely against it.

The White House had sought a four-year extension, along with a $140 billion loan limit for the bank.

Cantor this spring countered with a one-year bill with a $113 billion limit, and has cited the skepticism of fiscal conservatives about the continued operation of the bank.

Cantor has been able to secure new reporting requirements for Ex-Im in the draft bill, sources said. The requirements are meant to address concerns of domestic companies such as Delta Air Lines that argue the Export-Import Bank unfairly aids foreign competitors.

Earlier proposed language, which would have limited financing specifically for aircraft, is not in the draft bill, sources said.

The Ex-Im Bank provides loan guarantees that enable foreign purchases of U.S. exports. Its biggest customer is Boeing, which has been pushing heavily for the renewal of the bank’s charter before it expires on May 31.

While stakeholders are still reviewing the fine print, sources say a vote in the House next week on the reauthorization bill is likely.

The issue has divided Republicans, including House freshmen, many of whom have been urging reauthorization of the bank. Fiscal conservatives oppose the bank on principle as a needless intervention in the marketplace.

The bank pays for all its operations out of revenue generated by user fees.

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