Patrick McHenryChairman

Washington, December 17, 2019 -

Today, the House of Representatives passed bipartisan legislation to reauthorize the Export-Import (Ex-Im) Bank, Terrorism Risk Insurance Act (TRIA), and extend the National Flood Insurance Program (NFIP), as part of Fiscal Year 2020 appropriations legislation. The Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement on Republican Committee Members’ priorities included in the bill:

“Financial Services Committee Republicans showed up this year ready to work for the American people. The inclusion of bipartisan agreements in this funding bill to reauthorize the Ex-Im Bank—which includes tough-on-China provisions for export financing for the first time—TRIA, and extend NFIP brings us one step closer to accomplishing that goal.

“Through tough negotiations and bipartisan compromise, Republicans were able to secure critical provisions to ensure the Ex-Im Bank serves its purpose as a tool to advance American competitiveness. For the first time, provisions are included in the deal that require the Bank to first consult with the State Department to ensure the corrupt Chinese Communist Party and Chinese State-Owned Enterprises are not using American taxpayer-backed financing to work against our national interest. Another Republican priority included in the reauthorization will establish a new Program on China and Transformational Exports, which sets a goal to use 20 percent of Ex-Im’s authority to directly compete against Chinese export subsidies around the globe. Republicans also made sure our small businesses are supported by increasing Ex-Im’s small business target from 25 percent to 30 percent, the highest level ever and a critical increase to ensure the competitiveness of our small manufacturers.

“Additionally, we reached a bipartisan agreement to extend the critical TRIA program for an additional seven years. This includes a provision championed by Committee Republicans that requires the Government Accountability Office (GAO) to analyze and address the vulnerabilities and potential cost of the growing threat of cyberterrorism. The NFIP will be extended until September 30, 2020 and Republicans remain committed to finding a bipartisan path to a long-term reauthorization of the program.

“These compromises represent what can be accomplished when Republicans and Democrats work together. While they are far from perfect, they are a productive step toward providing what the American people have asked for—solutions instead of soundbites.”

Background:

• Ranking Member McHenry first called on Chairwoman Waters to hold hearings on Ex-Im Bank, TRIA, and NFIP reauthorization in a January letter outlining Committee Republicans’ priorities.
• Following a June hearing on reauthorization of the Export-Import Bank and extensive negotiations between Chairwoman Waters and Ranking Member McHenry to reach a bipartisan compromise, Democrats walked away from this deal that would:
• Restrict American taxpayer backed financing of the Chinese Communist Party.
• Take meaningful action against China’s rampant human rights abuses, military aggression, and masterplan to dominate the global economy.
• Focus American Ex-Im Bank resources toward the technologies of tomorrow to compete with China’s export credit agencies and protect jobs and workers here at home.
• Committee Democrats instead passed the partisan U.S. Export Finance Agency Act out of the Committee with bipartisan opposition and hastily brought it to the House floor where it again received bipartisan opposition and a veto threat from the President.
• Republicans remained committed to finding a long-term reauthorization compromise and successfully reached a deal between the Chairs and Ranking Members of the Senate Banking Committee and the House Financial Services Committee for a seven-year reauthorization.
• In November, the House passed the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2019, which included Ranking Member McHenry’s provision to require a study and report on cyberterrorism and how the program would react in the aftermath of a largescale cyberattack.
• In June, the Committee unanimously passed bipartisan NFIP reauthorization bills, which included Republican priorities to encourage mitigation, modernize mapping, and protect taxpayer dollars.

Read more about the Republican priorities included in the funding legislation here.