Import Bank Reauthorization Act of 2012

Floor Speech

Mr. JOHNSON of Georgia. Mr. Speaker, today I rise in support of H.R. 2072, the Export-Import Reauthorization Act of 2012.

Since it was established in 1934, the Ex-Im Bank has helped to support American exports by providing loan guarantees, working capital guarantees, export credit insurance, and direct loans to American companies and foreign businesses that purchase American products.

The Ex-Im Bank has supported more than $450 billion of U.S. exports since its inception.

Over the last 5 years the Ex-Im bank has supported 11,000 transactions and $65.5 billion, supporting American jobs and American businesses in more than 2,000 communities nationwide.

Since 2007, in my home state of Georgia, the Ex-Im Bank has supported the trading activities of 129 companies, 60 percent of which were small businesses--supporting over $2 billion dollars in total export sales.

In my district over the same time period, the Ex-Im Bank has assisted 16 companies--including nine small businesses and four minority-owned businesses--supporting more than $270 million dollars in total export sales.
John Chihade, Vice President of Chihade International, a small business in my district, told my office, quote,

``Without the Ex-Im Bank I would not have been able to get the line of credit that I currently have. With the SBA my line of credit was $5 million, but with the support of the Ex-Im Bank I am now up to $7 1/2 million. This has allowed me to really grow my business. I've gone from 3 employees to 42 employees in 4 years.''

Because of the Ex-Im Bank's support for Mr. Chihade's company, not only was he able to sustain his business during the worst economic recession in America's history, but he was able to grow his business and create jobs.

In Fiscal Year 2011, the Ex-Im Bank provided $6 billion in financing and insurance to American small businesses and has set a goal of providing $9 billion annually, adding 5,000 new businesses to its portfolio by 2015.

These 5,000 new businesses will be better able to sell goods in the global market place and expand their enterprises, creating jobs and opportunity while strengthening and expanding America's global commercial reach.

It's no wonder that the Ex-Im Bank plays such a key role in the President's National Export Initiative, a plan to double U.S. exports in five years to support 2 million jobs in the United States.

Our work to reauthorize the Ex-Im Bank is a rare example of effective government in this House, and I have to commend my colleagues, the Majority Leader and the Minority Whip, for working so hard to make sure this key priority of the Obama Administration is passed. My colleagues have not only recognized the need to reauthorize the Ex-Im Bank, but also the need for improvements to ensure the long term success of the Bank.

The provision that directs the Secretary of the Treasury to look at the impact of the Bank's activities on private competition will provide the Ex-Im Bank and Congress with the information that is needed to ensure that the Bank's lending practices do not unintentionally benefit one U.S. industry at the expense of another.

Also--and I think that most of my Republican colleagues will agree--the provision that raises the Ex-Im Bank's lending cap by $40 billion is critically important to ensuring that the U.S. can continue to support American exporters by matching the unfair export financing activities of foreign nations such as China, and other non-OECD member countries.
Re-authorizing the Ex-Im Bank is a win-win-win.

It is a win for American workers, American businesses, and for the American taxpayers.

Not one single tax payer dollar will be needed to re-authorize the Ex-Im Bank.

In fact, since 2005, the Ex-Im Bank has generated more than $3.4 billion in profits that it has returned to the Treasury, including $700 million in Fiscal Year 2011.

With a less than 2 percent borrower default rate since its inception, the Ex-Im Bank is, and has been, a revenue generator for the American taxpayer.
The Ex-Im Bank is a prime example of government efficiency, and I for one am glad that we could come to a bipartisan compromise here in the House to re-authorize its charter, and I strongly urge my Senate colleagues to do the same.

Again Mr. Speaker, I support the re-authorization of the Export-Import Bank and urge my colleagues to support this legislation.

Source