On June 4, 2019, American EXIM bank supporters told Congress that the charter of the bank should be termed for at least 10 years. Supporters also appealed that the reauthorization time of the EXIM bank should be increased.
Many of the supporters are asking the government to change the rules so that it will allow EXIM banks to deal in more than $10 million. Back in 2015, Congress had reauthorized the Bank, at that time its charter had lapsed. Congress hadn’t approved the charter until last month to constitute a proper quorum. Since the bank doesn’t have a proper quorum, thus it is literally impossible for it to deal in space programs and deal in satellite launch.
Operations of EXIM Bank has been fully restored but there is a risk that the operations may cease on September 30, 2019. On that day, the charter of the Bank will expire. Back in 2015, EXIM Bank had lost the favor of conservative lawmakers. Commercial lawmakers had accused the Bank that it is causing distortion in the business dealing.
Data which is released by EXIM Bank stated that $36 billion were given by China in 2017 as export credit. The data also revealed that US only made a contribution of $200 million. In one of the exclusive interviews, Roy Kamphausen stated that at present China have several, newly made launch vehicles which are under construction.
While speaking to the press, Steve Stivers said that if US wants to hold its ground at the Trade war then it is very essential to strengthen EXIM Bank’s policies. In her exclusive interview, Linda Dempsey said that it would be very essential to focus on manufacturing units as they will provide impeccable back up for 10 years.
In one of the interviews with the press, Jim Himes stated that without proper quorum American manufacturers would lose competitive edge. During an exclusive meet with the press Bill Huizenga stated that it is nearly impossible to allow EXIM Banks such a long term reauthorization.