[Congressional Record Volume 150, Number 18 (Thursday, February 12, 2004)]
[Senate]
[Page S1277]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           EXPORT-IMPORT BANK

  Mr. SHELBY. Mr. President, I acknowledge today, February 12, as the 
seventieth anniversary of the Export-Import Bank, the principal export 
credit agency of the United States. Since 1934, the bank has played a 
unique role in helping to facilitate U.S. exports, ultimately 
supporting thousands of jobs. As an independent U.S. Government agency, 
it assumes credit and country risks that the private sector is unable 
or unwilling to accept.
  Eximbank has assisted in financing more than $400 billion in U.S. 
exports. On average, 85 percent of its transactions directly benefit 
small businesses which are clearly struggling in today's economy. 
Historically, the Bank has a loan-loss rate of under 2 percent, which 
is a respectable record for any financial institution.
  As the United States has become economically interdependent with a 
growing number of foreign trade partners, the Bank's role in leveling 
the playing field for American companies seeking to market their goods 
and services overseas continues to grow. In turn, Eximbank plays a 
vital part in enabling U.S. companies, both large and small, to turn 
export opportunities into concrete sales.
  Mr. President, I am pleased to make not of Eximbank's important 
contribution to the U.S. economy and hope the institution continues to 
honor its mission through the twenty first century.

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