[Congressional Record Volume 150, Number 20 (Tuesday, February 24, 2004)]
[Extensions of Remarks]
[Page E187]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     CONGRATULATING THE EXPORT-IMPORT BANK ON ITS 70TH ANNIVERSARY

                                 ______
                                 

                         HON. MICHAEL G. OXLEY

                                of ohio

                    in the house of representatives

                       Tuesday, February 24, 2004

  Mr. OXLEY. Mr. Speaker, today I want to help observe a landmark 
anniversary for an institution that sustains the jobs of thousands of 
Americans. February 12, 2004, marked the 70th anniversary of the 
Export-Import Bank, the official export credit agency of the United 
States. The Bank will have a celebration of this anniversary in the 
near future. The Export-Import Bank is an independent U.S. Government 
agency that creates and sustains American jobs by providing direct 
loans to buyers of U.S. exports, guarantees to commercial loans to 
buyers of U.S. products, and insurance products which greatly benefit 
short-term small business sales.
  In an ideal world, export contracts would be won or lost on the basis 
of the cost and quality of the products being sold. However, as long as 
foreign export credit agencies provide concessionary financing to 
companies from their countries, the Export-Import Bank of the United 
States must ``level the playing field'' by protecting American 
exporters. The Export-Import Bank fills the necessary role of creating 
and sustaining American jobs here in the United States, where they are 
sorely needed.
  Since its founding in 1934, the Export-Import Bank has supported over 
$330 billion of U.S. exports from businesses large and small. In FY 
2003, it supported $14.3 billion in exports. Currently, about 85 
percent of Export-Import transactions directly benefit small 
businesses. This amounts to almost 20 percent of the Bank's financings.
  The Export-Import Bank Reauthorization Act was signed into law on 
June 14, 2002 (Public Law No. 107-189). This Act reauthorized the 
Export-Import Bank through 2006 and made other appropriate changes to 
the charter of the Bank. The House Financial Services Committee 
continues to conduct oversight over the implementation of this Act.
  Again, I extend my congratulations to the Export-Import Bank on its 
70th anniversary.

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