07-31-2023Quote:
The Export-Import Bank is a self-financing, independent government agency that helps to facilitate the sale of American goods overseas and to promote job growth at home. I firmly believe that U.S. goods can compete with any other global competitor's goods on a level playing field. Unfortunately?, our competitors in places such as China and Europe receive substantial assistance from their governments. In most cases, this assistance far outweighs what assistance U.S. businesses receive from the Export-Import Bank. By financing certain goods, I firmly believe the Export-Import Bank helps level the playing field for U.S. exporters to compete in a commercial market where international competitors continue to benefit from aggressive support from their countries' export credit agencies.
In FY2013, 90 percent of the Export-Import Bank's transactions benefited American small businesses. The Bank supported $37.4 billion of U.S. exports across the world, as well as 205,000 American jobs. Over the past five years, the Bank has helped to create and maintain 1.2 American jobs related to U.S. exports. The Export-Import Bank regularly returns money to the U.S. Treasury. In FY2013 alone, the Bank returned $1.1 billion. It is important to note that the default rate on loans backed by the Bank has consistently been less than 2 percent, even during the financial crisis. To fund administrative and program expenses, the Export-Import Bank uses offsetting collections and fees generated from its transactions.
The current authorization for the Export-Import Bank expires on September 30, 2014. The Continuing Resolution, H.J.Res.124, contains a short-term reauthorization of the Export-Import Bank until June 30, 2015. I voted for the resolution to continue funding for the Federal government on September 18, 2014, which passed by a vote of 78-22. While I support this short-term reauthorization of the Bank, I also believe we need certain reforms. These reforms include: easing the environmental requirements placed on those receiving the Bank's financing; ending the Bank's role in subsidizing purchases by foreign government-owned enterprises, including state-owned competitors of U.S. airlines; and directing the Administration to engage other governments to encourage an end to export financing globally. I will keep your thoughts in mind as I work with my colleagues on issues related to international trade that have a direct economic impact on both the state of Georgia and the United States.
Thank you again for contacting me. Please visit my webpage at http://isakson.senate.gov/ for more information on the issues important to you and to sign up for my e-newsletter.
Sincerely,
Johnny Isakson
United States Senator
Does Boeing's Pet Export-Import Bank Matter? - View from the Wing - View from the WingOriginally Posted by Bucking Bar
Thank you for contacting me about reauthorizing the Export-Import Bank of the United States. I appreciate hearing from you and am grateful for the opportunity to respond. The Export-Import Bank is a self-financing, independent government agency that helps to facilitate the sale of American goods overseas and to promote job growth at home. I firmly believe that U.S. goods can compete with any other global competitor's goods on a level playing field. Unfortunately?, our competitors in places such as China and Europe receive substantial assistance from their governments. In most cases, this assistance far outweighs what assistance U.S. businesses receive from the Export-Import Bank. By financing certain goods, I firmly believe the Export-Import Bank helps level the playing field for U.S. exporters to compete in a commercial market where international competitors continue to benefit from aggressive support from their countries' export credit agencies.
In FY2013, 90 percent of the Export-Import Bank's transactions benefited American small businesses. The Bank supported $37.4 billion of U.S. exports across the world, as well as 205,000 American jobs. Over the past five years, the Bank has helped to create and maintain 1.2 American jobs related to U.S. exports. The Export-Import Bank regularly returns money to the U.S. Treasury. In FY2013 alone, the Bank returned $1.1 billion. It is important to note that the default rate on loans backed by the Bank has consistently been less than 2 percent, even during the financial crisis. To fund administrative and program expenses, the Export-Import Bank uses offsetting collections and fees generated from its transactions.
The current authorization for the Export-Import Bank expires on September 30, 2014. The Continuing Resolution, H.J.Res.124, contains a short-term reauthorization of the Export-Import Bank until June 30, 2015. I voted for the resolution to continue funding for the Federal government on September 18, 2014, which passed by a vote of 78-22. While I support this short-term reauthorization of the Bank, I also believe we need certain reforms. These reforms include: easing the environmental requirements placed on those receiving the Bank's financing; ending the Bank's role in subsidizing purchases by foreign government-owned enterprises, including state-owned competitors of U.S. airlines; and directing the Administration to engage other governments to encourage an end to export financing globally. I will keep your thoughts in mind as I work with my colleagues on issues related to international trade that have a direct economic impact on both the state of Georgia and the United States.
Thank you again for contacting me. Please visit my webpage at http://isakson.senate.gov/ for more information on the issues important to you and to sign up for my e-newsletter.
Sincerely,
Johnny Isakson
United States Senator
