January 28, 2014
WASHINGTON – Today, Senate Banking Committee Chairman Tim Johnson (D-SD) held a hearing titled “Oversight and Reauthorization of the Export-Import Bank of the United States.” The Ex-Im Bank supports billions in exports, creates and supports hundreds of thousands of American jobs and often turns a profit for the taxpayer.
Below is Chairman Johnson’s statement as prepared for delivery:
“I call this hearing to order. Today, the Committee again welcomes the Chairman and President of the Export-Import Bank of the United States, Fred Hochberg. This hearing will continue our ongoing oversight of the Bank’s activities.
“In addition, the Bank’s current authorization expires on September 30, 2014, and it is my goal to work with Ranking Member Crapo and other members of the committee to reauthorize the Bank. Today we will hear from the Chairman his ideas for the reauthorization.
“The Export-Import Bank is the official export credit agency of the United States and it assists in financing the export of U.S. goods and services to international markets. Last year, the Bank supported $37.4 billion in exports and 205,000 U.S. jobs, and sent $1 billion to the Treasury Department.
“The Bank is one of the few federal agencies that actually makes money for the U.S. government and, since 2008, it has been self-funding. This is a testament to the Bank’s leadership under Chairman Hochberg, as well as the good work of the dedicated staff and Board of the Bank.
“All of the Bank’s transactions are backed by the full faith and credit of the United States. Therefore, it is important for this Committee to make sure that the Bank is working as efficiently and effectively as possible to protect the taxpayers.
“Equally important, is the Bank’s objective to use exports to help create and maintain jobs here at home. This mission, spelled out in the Bank’s Charter, is at the very core of what Congress intended for the Bank. I believe that while the Bank is doing a good job, it can—and must—do more in this area.
“Last Congress, the Bank was reauthorized with broad bipartisan support. As we begin work on reauthorization this year, it is important that the Committee hear from the Bank on how it has implemented the reforms in the last reauthorization, what challenges it faces moving forward and what Congress can do to help support the Bank’s efforts to increase U.S. exports and jobs.”