$1 Billion in Funds Bank Earned Above Operating Costs is Sent to Treasury
FOR IMMEDIATE RELEASE October 23, 2013
Media Contact: Jamie Radice (202-565-3200)
Washington, DC - The Export-Import Bank of the United States (Ex-Im Bank) today announced it has transferred more than $1 billion ($1056.9 million to be exact) in revenues to the U.S. Treasury's General Fund for fiscal year 2013. This revenue, generated for U.S. taxpayers from fees and services, is what the Bank earned above its operating costs and loan loss reserves.
“From supporting jobs to helping reduce our deficit, the Export-Import Bank is making a difference for our economy and working for the American taxpayer,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “In addition to sustaining hundreds of thousands of American jobs, Ex-Im Bank also generated more than $1 billion dollars for the U.S. Treasury last year alone. These numbers are a testament to the dedication and hard work of Ex-Im Bank's staff and I want to take this opportunity to thank them for their service.
Ex-Im Bank generates revenues for U.S. taxpayers by collecting fees from its customers.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.