FOR IMMEDIATE RELEASE May 14, 2012
Maura Policelli or Phil Cogan (202-565-3200)
Senate passage today of the bipartisan bill to re-authorize the Export-Import Bank sends a strong message to American companies and workers, as well as foreign customers and competitors: the United States stands shoulder to shoulder with our businesses as they sell high-quality goods and services around the globe. The Export-Import Bank Reauthorization Act of 2012 will allow the Bank to continue financing U.S. exports to meet foreign competition and fill the void when commercial funding is unavailable. And the Bank will continue to play a critical role in our economic recovery at no cost to the American taxpayers.
The passage of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012, provides much-needed certainty and predictability to US exporters and their workers by extending the Bank's authority through 2014 and increasing its portfolio cap to $140 billion. It meets the President's objective for the Bank's re-authorization which is a key component of his National Export Initiative.
The most recent data available from the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department shows that the United States exported $186.8 billion in goods and services in March 2012, an all-time high. This report confirms the record progress we are making, despite some tough economic conditions abroad, to meet President Obama's goal of doubling exports by the end of 2014. Ex-Im Bank is contributing to this progress. Last year the Bank set export finance records for the third straight year. Overall authorizations hit $32.7 billion, supporting $40 billion in export sales and 290,000 American jobs at more than 3,600 U.S. companies. More than 85% of these transactions were for small businesses. Ex-Im is on track to meet the growing demand for export financing this fiscal year as well and small business transactions currently account for more than 22% of the Bank's overall authorizations.
Senate passage of today's legislation furthers the President's commitment to strengthening our economy and growing middle class jobs. It is a victory for American companies, workers and taxpayers.