All members of the San Diego Congressional delegation voted with the majority Tuesday to re-authorize the Export-Import Bank, a development widely sought by the national business community.
The House voted 313-118 to re-authorize the bank, which had not be able to issue new loans since July 1. However, the legislation must still pass in the Senate, where conservative opposition remains strong.
The 81-year-old bank makes loans to help businesses sell products overseas, but was criticized by Tea Party conservatives as an example of “crony capitalism.” When Congress allowed the bank’s authorization to lapse, a number of companies, notably General Electric, announced plans to move jobs outside the United States.
“Congress made an important commitment to supporting jobs and boosting economic growth by voting to reauthorize the Export-Import Bank,” said Jerry Sanders, president and CEO of the San Diego Regional Chamber of Commerce.
The chamber said the bank has supported $2.8 billion in exports by 107 San Diego exporters, 80 percent of which are small businesses.
“The San Diego Regional Chamber applauds our San Diego Congress members Rep. Susan Davis, Rep. Duncan Hunter, Rep. Darrell Issa, Rep. Scott Peters, and Rep. Juan Vargas as well as those members of the California Congressional delegation and members of Congress representing the border for voting to support the re-authorization and the future of San Diego business,” Sanders said.
