Lawmakers strike deal on highway bill to revive U.S. Export-Import bank

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Investing.com -- Negotiators from the U.S. Senate and House of Representatives struck a deal on a five-year, $305 billion federal highway spending bill on Tuesday, which included the revival of the controversial Export-Import Bank.A bipartisan contingent of congressmen, led by Rep. Steny Hoyer (D - Maryland) and Rep. Stephen Fincher (R – Tennessee) worked assiduously over the last several months to reauthorize the bank,its charter expired in September. In October, a bill to resurrect overwhelmingly passed in the House by a 313-118 vote, allowing the bank to write new loans and guarantees for U.S. exports through September, 2019. But the bill still needed approval in the Senate, where it was opposed by Majority Leader Mitch McConnell. The group, however, forced a floor vote by invoking a lightly-used maneuver known as a discharge petition."I think that's a positive victory for jobs and for our economy," Hoyer told reporters on Tuesday. "I'm hopeful that it will move forward.”The bank has drawn severe criticism from a host of Republicans, including Speaker Paul Ryan and House Financial Services Committee Chairman Jeb Hensarling, amid charges of crony capitalism. Opponents argue that the bank helps expand U.S. exports, fosters economic growth and creates jobs."I think there are plenty other ways to expand opportunity in this country, and corporate welfare is not one of them. The biggest beneficiaries of this bank, two-thirds of their money goes to 10 companies. Forty percent goes to one company," Ryan said in a floor statement last month.The transportation bill is aimed at easing congestion and repairing the nation's dilapidated highway and transit system. The measure increases highway spending by 15% and transit funding by nearly 20%.The bill also cuts the dividend the Federal Reserve pays to large banks from six to 1.5%. In addition, the proposed law transfers approximately $50 billion from a capital account at the Fed to the U.S. Treasury Department's general ledger.The bill still needs to pass a final vote in both the House and Senate. It is expected to be passed by the end of the week.