U.S. Sen. Lindsey Graham (R-SC) and a bipartisan group of senators have introduced the Export-Import Bank Reform and Reauthorization Act of 2015 on Monday.
The bill will reauthorize the bank's charter until Sept. 30, 2019. The bank's current authorization will expire on June 30 without congressional action.
Established in 1934, the bank guarantees loans and credit to businesses unable to operate through private lenders.
"I strongly support reauthorization of the Export-Import Bank," Graham said. "For Congress to risk allowing the bank to close is a matter of ideology trumping common sense. Closing the bank right now would amount to unilateral disarmament by the United States and would hang American workers out to dry. It's decisions like these that make Americans extremely frustrated with Washington."
Small and large businesses in South Carolina, Graham said, have benefited from the bank, such as Boeing Co.
"China's export-credit agencies financed more last year than the United States, Germany, Canada and the United Kingdom combined," Graham said. "I refuse to unilaterally surrender American jobs and competitiveness by abolishing an agency which actually makes money for the American taxpayer. Reauthorization of the Ex-Im Bank is one of the most important things we can do for job creation and American business this year."