Bank Authorized to Use More of Its Earnings While Still Remaining Self-funding
FOR IMMEDIATE RELEASE January 17, 2014
Phil Cogan or Daniel Reilly, (202) 565-3200
WASHINGTON, DC --- The head of the Export-Import Bank of the United States (Ex-Im Bank) Fred P. Hochberg today praised Congressional action that authorizes the Bank to use more of the fees the Bank collects from customers to back its mission of helping create and sustain American jobs through exports.
“By increasing our appropriation Congress will allow us to serve more U.S. exporters, so these entrepreneurs can increase their foreign sales and support more American jobs,” Hochberg said. “Both Congress and President Obama recognize the importance of Ex-Im's support of U.S. exports and the vital role that we play in the continued growth of our economy.”
He noted that Ex-Im Bank each year receives a “net-zero” appropriation from Congress, and that it pays for all Bank operations from the fees that it collects. Last fiscal year the Bank earned more than $1 billion above the cost of all operations, including the payment of claims, while supporting 205,000 American jobs. The surplus earnings were transmitted to the Treasury to help offset the deficit.
Also during Fiscal Year 2013 the Bank supported a record 3,413 small-business transactions and authorized an all-time high number of 188 transactions supporting U.S. exports to sub-Saharan Africa.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains 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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions-- or 89 percent--for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.