90th Anniversary of the Export-Import Bank of the United States

Floor Speech

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Mr. BROWN. Madam President, I want to recognize an important milestone: the 90th Anniversary of the Export-Import Bank--EXIM--of the United States.

The Export-Import Bank was established by President Franklin D. Roosevelt by Executive order on February 2, 1934, ``to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations.'' Its mission and work are equally as important now as they were back then.

EXIM contributes to our Nation's economic growth by supporting hundreds of thousands of jobs for America's exporters and the workers that make up the supply chains for our exports across the country.

Congress first authorized the EXIM Bank as an independent Agency in 1945, and we have continued to support the Bank's work under its charter ever since. In 2019, Congress recognized the critical role EXIM plays by passing a historic, 7-year reauthorization with bipartisan support. I contributed to that reauthorization legislation as the ranking member of the Banking, Housing, and Urban Affairs, and now, as the chair of that committee, we have continued to support the Bank's work that creates jobs in Ohio and around the Nation.

Under the leadership of Chair Reta Jo Lewis, the first Black woman to lead EXIM, First Vice President Judith Pryor, Board Member Spencer Bachus, and Board Member Owen Herrnstadt, the Export-Import Bank has expanded financing for American exporters. During the last fiscal year, EXIM approved $8.7 billion in transactions, $3.5 billion more than the previous fiscal year. These transactions supported more than 40,000 jobs across our Nation, including many in Ohio.

Small business authorizations in fiscal year 2023 totaled $2.0 billion with 1,339 transactions authorized for the direct benefit of small business exporters.

EXIM also supports American workers in strategic industries. In the 2019 EXIM reauthorization bill, I helped establish the China & Transformational Exports Program, C-TEP. Congress directed EXIM to use the C-TEP program to prioritize financing for American exports in 10 critical areas, such as artificial intelligence, renewable energy and energy storage, wireless communications, and semiconductors. EXIM financing will help American manufacturers and exporters compete against Chinese exports that receive enormous financing from the Chinese Government, and the C-TEP program will help American companies unlock a new generation of jobs and economic growth.

EXIM supports secure and resilient supply chains. EXIM launched its first domestic financing initiative called ``Make More in America.'' By providing new financing for American companies that manufacture goods for export and new financing for their suppliers, we can bring more jobs back to our shores and strengthen our supply chains.

I have visited businesses in Ohio that depend on the Export-Import Bank to sell their products around the world, companies like NeoGraf Solutions in Lakewood, which manufactures graphite-based products used in cars, buses, and batteries, and Crown Battery in Fremont, which designs, manufactures, and distributes batteries, chargers, and accessories for various industries. Both companies rely on EXIM to help them compete in international markets. And in Southwest Ohio, the birthplace of aviation, GE Aerospace's engines are sold in jets around the world with the help of EXIM financing.

For decades, Ohio lived with the consequences of bad trade and tax policy that encouraged corporations to send production overseas in search of ever-lower wages. The Export-Import Bank is critical to bringing those supply chains back home by supporting Ohio manufacturers that want to expand production and exports. EXIM's job is to grow American businesses in the face of competition--often unfair competition--from countries like China.

The Export Import Bank will certainly face challenges in the future. EXIM must continue to manage risks associated with providing financing to projects worldwide, and both the Bank and Congress will need to further examine EXIM's role in monitoring and assessing the impacts of financing to balance the Bank's mission of supporting U.S. jobs through exports with environmental, security, and other policy considerations. EXIM can face these challenges and expand its support of American manufacturing.

I also want to note for all Senators that, since 1992, EXIM has generated more than $8 billion of revenue for the U.S. Treasury.

I applaud the work being done by EXIM's dedicated workforce as they continue to help U.S. companies and U.S. workers not only compete, but win across the global economy.

I congratulate the Agency on its 90th anniversary and look forward to EXIM's future.

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