Statement of Fred P. Hochberg on Ex-Im's Extension
Washington, DC - Ex-Im Bank Chairman and President Fred P. Hochberg issued the following statement regarding Senate passage of a nine-month extension of the Export-Import Bank's charter:
I look forward to working with Congress on the passage of a long-term reauthorization of the Export-Import Bank in order to bring certainty to the hundreds of thousands of Americans whose jobs depend on a level playing field for U.S. goods and services. Businesses don't pursue overseas sales, invest in their operations, or hire new employees on a month-to-month basis. Similarly, quality American goods shouldn't lose out to aggressive foreign competitors because of the Export-Import Bank's still-uncertain future. Overwhelmingly bipartisan majorities in Congress have extended our charter 16 times, and I'm confident that together we can again find a long-term solution. Small businesses and workers in communities across America are counting on it.
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.
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