McCaskill: It’s ‘critical’ that Congress renew Ex-Im Bank

Sen. Claire McCaskill (D-Mo.) called on Congress to reauthorize the Export-Import Bank when lawmakers return from August recess.

“It’s critical that Congress take bipartisan action this fall to renew the Export-Import Bank’s authorization — and keep this valuable tool,” McCaskill said on Wednesday.

{mosads}Congress must reauthorize the Export-Import Bank by Sept. 30, or else it will shut down.

Republicans are divided over reauthorizing the bank, which provides financing for projects designed to increase U.S. exports. Some conservatives argue the bank is a form of corporate welfare, but Democrats said the program is needed to keep the United States economically competitive with countries that heavily subsidize industries.

“The Export-Import Bank is one of the most important tools available to help Missouri companies create jobs and succeed in the increasingly competitive global market,” McCaskill said.

When lawmakers return from the August recess, the Senate is expected to vote on a five-year extension, but the House hasn’t made plans to act.