Ex-Im Bank is the official credit export agency of the United States. Ex-Im Bank supports U.S. exports and the employment of U.S. workers by providing export credit and insurance support to U.S. exporters.
Ex-Im Bank operates under a renewable charter and was established in 1934. Congress is responsible for reauthorizing the Bank, appropriating funds for the Bank, and conducting oversight of the Bank.
Current authorization for Ex-Im Bank is set to expire on September 30, 2014.
The Greater Irving-Las Colinas Chamber of Commerce resolution urges members of the Texas Congressional Delegation to pass legislation reauthorizing Ex-Im Bank before funding expires.
“We urge members of Congress to work together and support reauthorization of Ex-Im Bank promptly and provide the Bank with adequate levels of credit to meet the needs of U.S. exporters,” said Chamber President and CEO, Chris Wallace. “Ex-Im Bank is critically important to small and medium-sized businesses across Texas, accounting for more than $18 billion of exports in our state since 2007,” Wallace stated.
Facts about Ex-Im Bank:
- Since 1990, Ex-Im Bank has returned to the U.S. Treasury $4.9 billion more than it received in appropriations.
- Borrowers have defaulted on less than 2% of all loans backed by the Ex-Im Bank since its inception in 1934.
- Ex-Im Bank is self-sustaining and operates at no cost to the taxpayer.
- Ex-Im Bank supports American jobs – in FY 2012, Ex-Im supported export sales that created or sustained 255,000 U.S. jobs at over 3,400 companies.
- More than 85% of all Ex-Im Bank transactions benefit U.S. small businesses.