Olson Opposes Export Import Reauthorization

Statement

Rep. Pete Olson (R-TX) today voted in opposition to a bill to reauthorize the Export-Import Bank of the United States through a discharge petition process. The Export-Import Bank was established under President Franklin Roosevelt to improve trade by establishing bank guarantee loans and direct financing at subsidized interest rates to foreign companies so they can purchase products and services from the United States. The bill was brought to the House floor for a vote outside of normal procedure. The bill passed by a vote 313-118.

"Bringing this bill to the floor without the support of a majority of Republicans through a tool designed to empower the party not in power, is a slap in the face to our legislative process," Rep. Olson said. "This discharge petition is an affront to both our committee and legislative process. Taking this route to force a vote on this bill prevents the House from enacting needed reforms to protect the American taxpayer. I opposed this bill in its current form and the process under which it was rammed to the floor."

The discharge petition process eliminated the ability of the House to do its work and establish reforms and proper oversight to properly consider a reauthorization bill that included more comprehensive reforms of the Export Import bank.

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