[Congressional Record Volume 155, Number 29 (Thursday, February 12, 2009)]
[Extensions of Remarks]
[Page E257]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      THE 75TH ANNIVERSARY OF THE UNITED STATES EXPORT-IMPORT BANK

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                           HON. BARNEY FRANK

                            of massachusetts

                    in the house of representatives

                      Thursday, February 12, 2009

  Mr. FRANK of Massachusetts. Madam Speaker, I rise today to recognize 
the 75th anniversary of the United States Export-Import Bank, chartered 
by Congress in 1934 with the mission of financing U.S. exports in 
support of U.S. jobs. The Ex-Im Bank has been an important tool in our 
effort to preserve and expand American jobs in an era of international 
competition. In an ideal world, there wouldn't be an Ex-Im Bank. But 
given the fact that other countries aggressively provide public 
financing to make their exports more competitive, it would amount to 
unilateral disarmament not to have a strong and active U.S. Export-
Import Bank.
  Ex-Im Bank has played an important role in trade finance as a lender 
of last resort, allowing exports to go forward for projects that would 
otherwise not get support from private lenders. In support of this 
mission in recent years, the Bank has launched efforts to support small 
business exporters, women and minority-owned exporters, and exports in 
support of development projects in Sub-Saharan Africa.
  In the midst of the credit and economic crisis we are now working so 
hard to resolve, it's particularly important that we have the Ex-Im 
Bank in place. With consumers in the U.S. pulling back, exports will 
need to play a leading role in economic recovery. Unfortunately, as in 
all other areas of private credit, trade financing coming from the 
private sector has fallen, and as a result, otherwise viable U.S. 
exports are not able to proceed due to the lack of credit. Ex-Im Bank 
can and should step in to address this financing gap, just as it did at 
the time of its Depression-era founding, during the Mexican debt crisis 
of the early 1980s, and during the Asian crisis of the 1990s. I look 
forward to working with the Bank to ensure that exporters are 
adequately financed during this current crisis.
  Ex-Im Bank has been able to serve its public mission during times of 
crisis and in support of underserved areas of trade finance while 
remaining a good steward of taxpayers' dollars. In its 75 years, the 
Bank has financed over $400 billion in U.S. exports with a loss rate of 
under 2 percent. This is a track record that should be noted and I am 
pleased to do so today.

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