By Unknown
Washington, DC - Today, at a House Financial Services Committee hearing examining the potential reauthorization of the Export-Import Bank of the United States, Congressman John Campbell (CA-45), Chairman of the Subcommittee on Monetary Policy and Trade, unveiled what he proposes as a "Third Option" for reauthorizing the bank with significant structural reforms aimed at increasing the Bank's efficiency and effectiveness with the smallest potential risk to the taxpayer.
Before addressing the first panel of witnesses, Campbell announced that he had chaired an informal working group of Members tasked with considering options for reauthorizing the Bank that addressed the many legitimate criticisms leveled against its operations. As a result of this working group's efforts, Campbell presented draft legislation to the Committee which would reauthorize the Bank for three years and implement a series of measures that would, among other things, reduce U.S. taxpayer exposure, improve risk management, and ensure that the Bank remains the lender of last resort. While this draft bill has not yet been formally introduced, Campbell explained he was making it public in order to advance the debate by providing an alternative to either static reauthorization or complete elimination of the Bank.
"In a perfect world, there would be no need for this type of export financing," said Campbell after making his announcement. "However, opting to unilaterally shut the Bank down would not only put many American businesses at an immediate disadvantage overseas, it would result in a shockwave of uncertainty in the marketplace that would dramatically hurt our economy. This third way forward would ensure that the Bank functions in manner that protects the taxpayer and addresses much-needed reforms."