Underscores How EXIM Supports American Jobs by Facilitating U.S. Exports
FOR IMMEDIATE RELEASE March 4, 2020
Office of Communications (202) 565-3201
Washington, D.C. – President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed today testified before the House Committee on Appropriations Subcommittee on State, Foreign Operations, and Related Programs on the President’s Fiscal Year (FY) 2021 Budget Request for EXIM. Chairman Reed also highlighted EXIM’s historic seven-year reauthorization, support for America’s small business exports, and priorities for the coming year.
“In order to deliver on our mission, my EXIM colleagues and I have been hard at work to advance key priorities that I announced on my first day on the job nearly ten months ago: fully reopening, reforming, and reauthorizing EXIM, thereby providing positive results for America’s workers and businesses, all while protecting the American taxpayer,” said Chairman Reed. “We cannot accomplish this shared goal alone. I am excited to continue working with Congress and our interagency partners, including the U.S. International Development Finance Corporation and United States Trade and Development Agency, in order to do great things on behalf of American workers and the U.S. economy.”
During the hearing, House Appropriations Chairwoman Nita Lowey (D-N.Y.) said, “In FY 2019, nearly 90 percent of EXIM’s transactions supported small businesses. This promotes job creation and global competitiveness for local American businesses. Now that EXIM is reauthorized through 2026, and has a quorum restoring EXIM to its full financing capacity, I am interested in strengthening its ability to ramp up support for U.S. businesses overseas.”
Ranking Member Hal Rogers (R-Ky.) said, “I’m glad to see that another important tool of our economic statecraft, the U.S. Export-Import Bank, has a fully functioning board, at last, and a new long-term authorization, because export credit agency financing is a powerful instrument used by other countries to gain competitiveness for their industry. In the absence of competitive private-sector loans, financing from EXIM is often the critical factor in completing the deal. This is particularly true of smaller U.S. companies who may need assistance with supply chain finance.”
Chairman Reed previously testified before the Senate Committee on Banking, Housing and Urban Affairs in June of 2019.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.