FOR IMMEDIATE RELEASE May 8, 2012
Maura Policelli or Phil Cogan (202-565-3200)
“After months of rigorous debate, the compromise bill to re-authorize the Export-Import Bank (H.R. 2072) overwhelming passed by the House today will allow the Bank to continue supporting U.S. jobs through exports at no cost to the taxpayers. The Bank will continue financing U.S. exports to meet increasing foreign competition and fill the void when commercial financial support is unavailable. This is a no cost jobs bill. Ex-Im Bank export financing currently supports over 1,000 American jobs every working day.
“The passage of this bipartisan legislation provides much-needed certainty and predictability to U.S. exporters and their workers by extending the Bank's authority through Fiscal Year 2014 and increasing its portfolio cap to $140 billion. It will provide resources to help meet the President's objective for the Bank's re-authorization which is a key component of his National Export Initiative aimed at doubling exports. We are hopeful that the Senate will expeditiously consider and pass the bill and send it to the President for his signature.
“H.R. 2072 provides American manufacturers, small businesses, and suppliers continued access to the financing they need to sell their goods and services around the world. As a result, hundreds of thousands of American jobs will be created or sustained.
“During my tenure Ex-Im Bank has focused on improving customer service and reducing processing times in order to increase U.S. exports and create and sustain more jobs. And as Ex-Im Bank's chairman and president, I am proud to have seen the Bank's authorizations increase from $14.4 billion to $32.7 billion. Each of the past three years we have set records in export financing. In fiscal year 2011 Ex-Im transactions supported $40 billion in exports from over 3,600 companies --- over 85% of which are small- and medium-sized businesses --- and an estimated 290,000 American jobs. Ex-Im continues to be a fiscally responsible agency and contributes to reducing our nation's deficit by generating revenue through fees and interest.
“The Administration's support for U.S. exporters has contributed to record export levels, totaling over $2.1 trillion in 2011, 33.5% above the level of exports in 2009 -- representing almost 10 million U.S. jobs. Ex-Im Bank will continue to play a role in supporting the Administration's export initiative to keep America working.”