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H.R. 2072 (112th): Export-Import Bank Reauthorization Act of 2012

May 9, 2012 at 2:30 p.m. ET. On Motion to Suspend the Rules and Pass, as Amended in the House.

This was a vote to pass H.R. 2072 (112th) in the House. The federal budget process occurs in two stages: appropriations, which set overall spending limits by agency or program, and authorizations, which direct how federal funds should (or should not) be used. Appropriation and authorization provisions are typically made for single fiscal years. A reauthorization bill like this one renews the authorizations of an expiring law. This vote was taken under a House procedure called “suspension of the rules” which is typically used to pass non-controversial bills. Votes under suspension require a 2/3rds majority. A failed vote under suspension can be taken again.

The Export–Import Bank Reauthorization Act of 2012 amended the Export–Import Bank Act of 1945 to extend the termination of functions of the Export–Import Bank of the United States, which helps financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk and to aid in creating and sustaining jobs in the United States by financing sales of U.S. produced exports to international buyers. The bill was signed into law on May 20, 2012 and moved the termination of the bank's functions date to September 30, 2014.

In addition to placing additional reporting requirements on the bank, it also prohibits the bank from approving any guarantee, insurance, or extension of credit in connection with a borrower or controlling sponsor, or a person that is owned or controlled by such borrower or sponsor, that is subject to petroleum-related sanctions under the Iran Sanctions Act of 1996.

The bank's functions were extended through June 30, 2015 as part of a continuing resolution Congress passed which provided FY2015 appropriations to federal agencies until December 11, 2014.

This summary is from Wikipedia.

Source: Wikipedia

Totals

All Votes R D
Yea 78%
 
 
330
147
 
183
 
Nay 22%
 
 
93
93
 
0
 
Not Voting
 
 
8
1
 
7
 

Passed. 2/3 Required. Source: house.gov.

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