FOR IMMEDIATE RELEASE May 22, 2015
Office of Communications (202-565-3200)
Washington, DC - Export-Import Bank Chairman and President Fred P. Hochberg issued the following statement in reaction to passage of Trade Promotion Authority:
“This bipartisan vote is a critical step forward to expand opportunity for U.S. exporters and the millions of American workers whose jobs depend on trade. TPA will ensure that the U.S. continues to have a strong voice in writing the rules of the road in global trade at a critical time when more and more American small businesses are joining the ranks of direct exporters. Much like EXIM Bank itself, TPA will be essential to ensuring that the U.S. continues to compete on a level playing field, and that American workers will be able to seize the opportunities made possible by trade.”
ABOUT EX-IM BANK:
EXIM Bank is an independent federal agency that supports 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 and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, EXIM Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.