U.S. Export-Import Bank
|On Friday, December 4, 2015, President Obama signed legislation to re-authorize the Export-Import Bank. This action will extend the bank’s charter by five years until 2019.
According to The Hill, the renewal of the 81-year-old institution’s charter was included in a five-year, $305 billion federal transportation measure that passed the Senate late Thursday on an 83-16 vote, only one day ahead of the expiration of the latest short-term funding patch. The House passed the bill earlier in the day on a 359-65 vote.
A California Chamber of Commerce-supported resolution urging Congress to reauthorize the Export-Import Bank of the United States (Ex-Im Bank) is awaiting a vote by the entire Senate. CalChamber, June 18, 2015
| AJR 37 (Muratsuchi-D)
Export-Import Bank 6/24/2014-Chaptered by Secretary of State
Urged Congressional reauthorization of the Export-Import (Ex-Im) Bank, thereby enabling U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.Bill Version: 06/24/2014 Chaptered
The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States. Ex-Im Bank’s mission is to assist in financing the export of U.S. goods and services to international markets.
Ex-Im Bank enables U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.
Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. The Bank assumes credit and country risks that the private sector is unable or unwilling to accept. The Bank also helps to level the playing field for U.S. exporters by matching the financing that other governments provide to their exporters.
Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; and loan guarantees and direct loans (buyer financing). No transaction is too large or too small. In FY 2016, nearly 90 percent of Ex-I’m Bank’s transactions were for American small businesses.
With 80 years of experience, Ex-Im Bank has supported more than $567 billion of U.S. exports, primarily to developing markets worldwide.
The Export-Import Bank has the mission of supporting U.S. jobs through exports. 60 other nations have similar export financing mechanisms.
In addition to supporting U.S. jobs, the Ex-Im Bank is a self-sustaining agency that operates at no net cost to the taxpayers. Ex-Im Bank pays for itself by charging fees or interest to its customers for loans, credit insurance and loan guarantees that they receive.
The U.S. Export-Import Bank has a proven record of success, and the myths questioning its need and effectiveness have no basis in fact. Far from being a burden on the taxpayer, Ex-Im turns a profit for the American taxpayer.
Nor does Ex-Im help only big business. In fact, small businesses account for the majority of Ex- Im’s transactions; further, these small business transaction figures are in addition to the tens of thousands of small and medium-sized businesses that supply goods and services to large exporters.
The California Chamber of Commerce, in keeping with long-standing policy, enthusiastically supports free trade worldwide, expansion of international trade and investment, fair and equitable market access for California products abroad and elimination of disincentives that impede the international competitiveness of California business.
Export-Import Bank Reauthorization
Congress’s Ex-Im Battle Taking a Heavy Toll on American Businesses
J.D. Harrison, U.S. Chamber of Commerce, September 15, 2015
Democrats lodge U.S. Export-Import Bank survival plan
Reuters, February 25, 2015
U.S. Export-Import Bank Reauthorization Fact Sheet
U.S. National District Export Council, February 2014