Export-Import Bank Reauthorization Act of 2012

Floor Speech

BREAK IN TRANSCRIPT

Mr. GENE GREEN of Texas. Mr. Speaker, I rise in support of our Nation's small businesses and manufacturers, and call on this House to vote in favor of H.R. 2072, the Securing American Jobs Through Exports Act of 2011.

This legislation will reauthorize the Export-Import Bank of the United States, or Ex-Im Bank, for three years and raise its lending authority to $140 billion.

Founded during the Great Depression, the Ex-Im Bank, has served American businesses for nearly 80 years through its financial support of our Nation's exporters--both large and small. The U.S. Chamber of Commerce has found that small businesses make up 87 percent of Ex-Im Bank transactions.

In Fiscal Year 2011, the Ex-Im Bank supported 290,000 export-related American jobs by providing more than $32 billion in financing to more than 3,600 U.S. companies nationwide.

Since 1934, Ex-Im Bank has provided assistance to more than $474 billion of U.S. exports. Over the past five years, the Ex-Im Bank has provided businesses in the 29th District of Texas with over $407 million in export financing alone.

It is important to note that the work of the Bank is done at no cost to the taxpayer. It is self-sustaining and covers all of its operating expenses and loan loss reserves through fees the Bank charges users. In fact, the Bank normally makes a profit and has returned nearly $2 billion to the Treasury since 2008.

During this time of economic uncertainty and growing international competition, it is imperative that Congress pass H.R. 2072 and reauthorize the Ex-Im Bank. To do otherwise would unnecessarily endanger tens of thousands of American jobs.

BREAK IN TRANSCRIPT

Source