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David Hogberg

From:    Kelly, Meredith (Schumer) [Meredith_Kelly@schumer.senate.gov] on behalf of Fallon,Brian (Schumer)
         [Brian_Fallon@schumer.senate.gov]
Sent:    Tuesday, April 17, 2012 12:25 PM
Subject: SCHUMER: EXPECT DEAL ‘SOONER RATHER THAN LATER’ ON EXPORT-IMPORT BANK
FOR IMMEDIATE RELEASE                                Contact: Brian Fallon (Schumer), 202-224-
2939
April 17, 2012

  SCHUMER: EXPECT DEAL ‘SOONER RATHER
   THAN LATER’ ON EXPORT-IMPORT BANK
  In Senate Banking Hearing, Schumer Says Tea Party Effort To Block
            Bank Is Losing Sway With House GOP Leaders

  Bipartisan Negotiations Underway To Extend Bank’s Charter Before
                           May 31 Deadline

Schumer: After Raising Concerns With Ex-Im Bank, Delta Airlines May
                     Be Scaling Back Demands
WASHINGTON, DC—U.S. Senator Charles E. Schumer predicted Tuesday that a bipartisan
deal on the stalled reauthorization of the Export-Import Bank could happen “sooner rather than
later,” signaling a potential breakthrough as a May 31st deadline for renewing the bank’s charter
nears.

In remarks at a hearing of the Senate Banking Committee, Schumer said that House GOP leaders
have approached Democrats to negotiate a solution to the export bank issue. He also revealed
that Delta Airlines—which had previously raised concerns over the bank’s reauthorization—
could be scaling back its demands.

“I am feeling more and more confident that this ill-advised effort to block the Export-Import
Bank has run its course and is about to run out of gas. I think we could have a deal sooner rather
than later,” Schumer said.

“In recent days, Leader Cantor has appeared more eager to negotiate a solution with Democrats
as a way out,” Schumer added. “Also, my office has recently been in touch with Delta, which has
raised concerns with the bank’s renewal previously. At this point, my impression is they are
scaling back their demands so that a resolution may not be far off.”

Last month, Senate Democrats tried to pass the Ex-Im reauthorization as an amendment to the
House-passed IPO bill. But at the last minute, Senate Republicans who had cosponsored the
amendment pulled their support to provide cover for House Republican leaders, and the
amendment failed. Since then, however, Senate Republicans have backpedaled and pledged




4/17/2012
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support for the Ex-Im reauthorization in a letter to Senate Majority Leader Harry Reid. Schumer stated
that the last remaining obstacle in reauthorization is the Tea Party. But, Schumer predicted their
opposition was losing sway with House GOP leaders, as pressure from the business community to pass
the reauthorization has mounted.

A full copy of Senator Schumer’s remarks appears below:

Statement by Senator Charles E. Schumer
Senate Banking Hearing
April 17, 2012

As Prepared For Delivery

Thank you, Mr. Chairman. It has been striking to watch an utter no-brainer of an issue like the
reauthorization of the Export-Import Bank suddenly become a matter of great controversy.

 What began as an ideological thought bubble from far-right, Washington think tanks has suddenly
become a cause célèbre with the Tea Party. Meanwhile, hundreds of thousands of jobs are hanging in the
balance. But I am feeling more and more confident that this ill-advised effort to block the Ex-Im Bank
has run its course and is about to run out of gas. I think we can have a deal sooner rather than later.

For one thing, mainstream Republicans do not want this fight. In fact, they are embarrassed by it. The
Tea Party’s kamikaze attacks on the Ex-Im bank have driven an unwanted wedge between the
Republican Party and the business community.

 As you know, we in the Senate tried last month to pass the Ex-Im reauthorization by attaching it to a
must-pass vehicle. Senator Cantwell offered the Ex-Im measure as a bipartisan amendment to the House
IPO bill. The ranking member was a cosponsor, as was Senator Graham of South Carolina.

We were confident we had 60 votes for the amendment. But then, at the last minute, our Republican
friends pulled their support from it and the amendment went down. They were trying to give cover to the
House Republican leadership. It was not a proud moment.

Almost as soon as the vote was over, many Senate Republicans were already wishing the issue would
come up again. 26 Senate Republicans signed a letter to Leader Reid pledging support for Ex-Im if he
would give them another chance to vote for it.

We can have another vote in the Senate quite easily, but the concern, of course, has been the House.

The Tea Party wants us to bite off our nose to spite our face. Leader Cantor has been trying to ride this
bucking bronco, but he seems to be sensing he’s about to fall off.

In recent days, Leader Cantor has appeared more eager to negotiate a solution with Democrats as a way
out.

Also, my office has recently been in touch with Delta—which has raised concerns with the bank’s
renewal previously. At this point, my impression is they are scaling back their demands so that a
resolution may not be far off.

Our bottom line is to extend the bank’s charter and grow its lending cap like we do in the Senate bill. If




4/17/2012
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there are other reasonable suggestions for modest reforms, like those already added by Senator Shelby,
we can take a look at them.

So, I think we are closer to a resolution than the rhetoric from the other side might lead you to believe.
The other side knows it’s taken this fight too far and in the face of all this pressure from the business
community, they can’t sustain this effort to block the bank much longer.

We are almost a month away from the bank’s charter running out. The Tea Party in the House has
stomped its feet; now it’s time for the adults over there to negotiate a solution that puts this issue behind
us.

Thank you, Mr. Chairman.




4/17/2012

				
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