U.S. House approves highway bill that revives EXIM bank
By David Morgan WASHINGTON (Reuters) - The U.S. House on Thursday passed a five-year transportation bill that would fund America's roads, bridges and mass-transit systems and also revive the charter of the U.S. Export-Import Bank, which had been allowed to expire in the face of conservative opposition. In a show of Congressional bipartisanship, the House of Representatives voted 359 to 65 to send the $305 billion legislation to the Senate. It is widely expected to be approved and forwarded to the White House for President Barack Obama's signature before a temporary funding measure expires on Friday. All 65 "no" votes came from Republicans, including lawmakers opposed to the EXIM bank measure. As the first long-term U.S. highway bill in a decade, the Fixing America's Surface Transportation Act or FAST Act represents a rare victory for bipartisanship in Congress and comes only a few weeks after Wisconsin Republican Paul Ryan's rise to the House speakership. "It proves to the American people that we can get things done," said House Transportation Committee Chairman Bill Shuster, a Pennsylvania Republican. The legislation returns the EXIM Bank to operation over conservative opposition that allowed its charter to expire on June 30. The agency, which helps U.S. companies with foreign competitors, would have its charter renewed through Sept. 30, 2019, but with a lower lending limit and other reforms. Boeing Co, EXIM's biggest beneficiary, and General Electric Co have warned that the loss of agency support could cause them to move manufacturing jobs out of the United States. Ethiopian Airlines [ETHA.UL] also expressed concern in September about its ability to take delivery on Boeing jets without EXIM support. The new act drew accolades from Republicans for providing $280 billion in funding for infrastructure projects from the Highway Trust Fund without increasing the federal gasoline tax. Democrats cautioned that the modest spending increases would not be enough to fully address the nation's crumbling roads, bridges and rail systems. But to avoid higher taxes, the bill's authors opted for a series of controversial measures including a transfer from the Federal Reserve's surplus funds, an increase in customs fees and a requirement for the Internal Revenue Service to use private tax collection agencies. The measures would leave the Highway Trust Fund with $10 billion at the end of 2020, according to the nonpartisan Congressional Budget Office. A number of add-on provisions in the legislation were the subject of intensive lobbying by the transportation industry and safety advocates. (Reporting by David Morgan; Editing by David Gregorio and Andrew Hay)
