On December 6, the House approved, by voice vote, a bill (S. 3938) to reauthorize the Export-Import Bank through FY2011 after approving an amendment by Rep. Deborah Pryce (R-OH) to include provisions aimed at aiding minority and women-owned businesses. The Senate approved the House amendments by unanimous consent the same day. The president is expected to sign the bill into law.
The reauthorization creates a permanent small business division within the bank to provide outreach to small businesses, as well as to advise them regarding bank programs. The bill also establishes an Office of Financing for “socially and economically disadvantaged small business concerns and small business concerns owned by women.” The Office’s goal would be to enhance the Export-Import Bank’s outreach activities to minority and women-owned businesses, and to increase the total amount of loans, guarantees, and insurance provided to such businesses. The Office also would be required to report to Congress annually on the achievements of performance standards applicable to women-owned and socially and economically disadvantaged small businesses. The House passed a similar version of the bill on July 25 (see The Source, 7/28/06).
Rep. Barbara Lee (D-CA) said, “By creating a new office for socially and disadvantaged small businesses and businesses owned by women, we are responding to a critical and glaring gap in Ex-Im’s [Export-Import Bank] outreach programs. The office builds directly from an amendment that I co-authored in 2001, during the last reauthorization which required Ex-Im to annually report on the number and type of transactions it conducts with minority and women-owned businesses. The inadequate reporting from Ex-Im and their token support for minority outreach has made this new office a necessity…I also want to express my gratitude to Ms. Pryce [R-OH] and Mr. Frank [D-MA] for agreeing to add language to the manager’s amendment which requires the bank president to consider qualified minority and women applicants when filling positions within this new office.”
“This bill firmly establishes congressional intent that the bank should focus its attention on increasing exports by small businesses,” said Rep. Judy Biggert (R-IL). “The bank does a tremendous job of supporting exports by large corporations and will continue to do so. But small businesses often have had a difficult time navigating the intricate and unfamiliar waters of loan guarantees and insurance offered by the bank…In our increasingly competitive global environment, we must ensure that we can provide every advantage and eliminate every obstacle for U.S. businesses to win the sale over foreign competitors. This is a bill that all Members can be proud of and will increase U.S. exports, and thus U.S. employment in a responsible manner.”
