A very interesting article about the recent success of the Export-Import Bank of the US.
October 5, 2012
Export-Import Bank Earns Over $803 Million for Taxpayers during Fiscal Year Just Ended; Since 2008 Bank Operations Net $1.6 Billion to Help Reduce Deficit
WASHINGTON, D.C. — In what promises to be a fourth record-setting year for export finance authorizations and jobs, the Export-Import Bank of the United States (Ex-Im Bank) has announced that in the fiscal year that ended September 30, 2012 the Bank earned for U.S. taxpayers $803.7 million dollars above the cost of all operations. The Bank transferred the funds this week to the U.S. Treasury’s General Fund.
“I’m proud that the Bank is able to contribute to reducing the deficit while at the same time helping create and sustain the jobs of America’s talented export workers,” said Fred P. Hochberg, chairman and president of Ex-Im. “Although we’ve not finished closing the books on Fiscal Year ’12, it looks like we’ll again have another record-setting year. To do that at no cost to taxpayers while earning over $800 million is a testament to Ex-Im’s dedicated staff and the many private and public sector partners that work with us everyday.”
From fiscal years 2008 through 2012 Ex-Im Bank sent a net amount of $1.6 billion to the U.S. Treasury.
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 approved $32.7 billion in total authorizations in FY 2011 — an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales — also an Ex-Im record. Ex-Im Bank’s total authorizations in FY 2011 supported an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.
Chairman Fred P. Hochberg Statement on Senate Passage of HR 2072, the Export-Import Bank Reauthorization Act of 2012
Media Contact: Maura Policelli or Phil Cogan 202-565-3200
“Senate passage today of the bipartisan bill to re-authorize the Export-Import Bank sends a strong message to American companies and workers, as well as foreign customers and competitors: the United States stands shoulder to shoulder with our businesses as they sell high-quality goods and services around the globe. The Export-Import Bank Reauthorization Act of 2012 will allow the Bank to continue financing U.S. exports to meet foreign competition and fill the void when commercial funding is unavailable. And the Bank will continue to play a critical role in our economic recovery at no cost to the American taxpayers.
The passage of H.R. 2072, the Export-Import Bank Reauthorization Act of 2012, provides much-needed certainty and predictability to US exporters and their workers by extending the Bank’s authority through 2014 and increasing its portfolio cap to $140 billion. It meets the President’s objective for the Bank’s re-authorization which is a key component of his National Export Initiative.
The most recent data available from the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department shows that the United States exported $186.8 billion in goods and services in March 2012, an all-time high. This report confirms the record progress we are making, despite some tough economic conditions abroad, to meet President Obama’s goal of doubling exports by the end of 2014. Ex-Im Bank is contributing to this progress. Last year the Bank set export finance records for the third straight year. Overall authorizations hit $32.7 billion, supporting $40 billion in export sales and 290,000 American jobs at more than 3,600 U.S. companies. More than 85% of these transactions were for small businesses. Ex-Im is on track to meet the growing demand for export financing this fiscal year as well and small business transactions currently account for more than 22% of the Bank’s overall authorizations.
Senate passage of today’s legislation furthers the President’s commitment to strengthening our economy and growing middle class jobs. It is a victory for American companies, workers and taxpayers.”
A very interesting article about the recent success of the Export-Import Bank of the US.