By Erik Wasson - 05/04/12 11:40 PM EDT
House Minority Whip Steny Hoyer (D-Md.) late Friday formally unveiled a deal he has struck with House Majority Leader Eric Cantor (R-Va.) to reauthorize the Export-Import Bank, whose charter expires at the end of the month.
The deal is a rare instance of bipartisan cooperation in a highly polarized Congress. The bill, H.R. 2072, will be considered on the House floor under suspension of rules next week, according to Cantor's office. Similar to a Senate Banking Committee-passed bill, the bill has a strong shot of House passage.
Republicans were able to secure language that orders the Treasury secretary to start negotiations wit global trading partners to eventually end export subsidies. Conservatives oppose export subsidies as market distorting, but Ex-Im Bank supporters say that as long as Europe, China, Japan and others back their exports with loan guarantees for foreign buyers, the U.S. can not unilaterally end them.
“I am glad that Democrats and Republicans were able to come together to provide the Export-Import Bank with the tools it needs to assist American exporters and help them compete in the global marketplace,” Hoyer said in a statement. “This will contribute to our economic recovery and lead to the hiring of more workers for middle-class jobs here at home. I hope this measure will be approved in the House and Senate as soon as possible.”
The deal also includes a slew of new reporting requirements for the Bank. These include: reporting not less than quarterly on their overall default rate and implementing corrective plan if defaults exceed 2 percent, abiding by a Government Accountability Office review of procedures, reporting activity to the public and soliciting comment, and requiring that companies that do business with the Bank do not do business with Iran.
Speaker John Boehner (R-Ohio) said the agreement was "necessary to promote American exports."
"I support the agreement, and urge all Members to support it when it is brought to a vote," Boehner said in a statement. "The Majority Leader and Minority Whip deserve great credit for forging this bipartisan agreement on a tough issue for the sake of American jobs.”
The agreement was hailed by the National Association of Manufacturers.
“Today Rep. Cantor and Rep. Hoyer displayed much-needed leadership to bring both parties together to save the Ex-Im Bank and protect nearly 290,000 jobs,” NAM President and CEO Jay Timmons said.
Updated at 8:55 p.m.