The future of the Export-Import Bank (Ex-Im) remains uncertain after Congress allowed the Bank's charter to expire at the end of June 2015. With Speaker of the House John Boehner's (R-OH) announcement last week that he intends to step down, the Bank's supporters expressed a new sense of urgency for renewal efforts. The Speaker is the only one of the top three House Republican leaders who supports Ex-Im. The leading candidate to replace him, Rep. Kevin McCarthy (R-CA), is opposed to an extension. Ex-Im supporters expressed hope that Speaker Boehner will allow a vote on the Bank's charter before he departs at the end of October. "Hopefully the speaker will make this one of his gifts going out," said Rep. Stephen Fincher (R-TN), a leading House backer of renewal. On Friday, Rep. Fincher introduced legislation that would renew Ex-Im for five years, a bill which is identical to one that passed the Senate in July with bipartisan support. The bill would likely have enough bipartisan backing to be reauthorized if brought to the House floor for a vote, despite continued objections of conservatives.
In the past few weeks, General Electric announced that it would be moving hundreds of jobs to factories overseas and Boeing announced the loss of several contracts with customers outside the United States, developments that both companies attributed to the lack of access to Ex-Im financing.