[Congressional Record Volume 157, Number 135 (Tuesday, September 13, 2011)]
[Senate]
[Page S5537]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. JOHNSON of South Dakota:
  S. 1547. A bill to reauthorize the Export-Import Bank of the United 
States, and for other purposes; from the Committee on Banking, Housing, 
and Urban Affairs; placed on the calendar.
  Mr. JOHNSON of South Dakota. Mr. President, I rise today to speak 
about the Export-Import Bank. Earlier today, I filed the Export-Import 
Bank Reauthorization Act of 2011. This legislation was approved 
unanimously by the Committee on Banking, Housing, and Urban Affairs 
last Thursday.
  This legislation will ensure that the Bank remains able to continue 
to provide support for U.S. exporters and workers. The bill extends the 
authorization of the Bank for 4 years, and will increase the Bank's 
lending authority to $140 billion by 2015. It also strengthens 
transparency and accountability at the Bank, seeks to modernize the 
Bank's IT, encourages the Bank to increase projects designed to create 
renewable energies, and provides for greater oversight of the Bank's 
financing and any risks it might have to taxpayers.
  The Bank's current authorization expires on September 30, 2011, and I 
hope that this legislation will pass as soon as possible to ensure that 
the Bank continues to operate.
  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. Following the financial crisis, the 
Bank experienced a dramatic increase in its activities as many 
companies struggled to find financing in the private market. In Fiscal 
Year 2010, the Bank saw a 70 percent increase in authorizations from 
2008. In fact, last year the Bank committed almost $25 billion in 
support of U.S. exports--a record.
  The Bank has been self-funding since 2008, regularly returning 
millions of dollars each year to the Treasury. This is a testament to 
the Bank's leadership under Chairman Fred 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, I am pleased that this 
legislation will help ensure that the Bank is working as efficiently 
and effectively as possible to protect the taxpayers.
  Equally important is the Bank's goal to use exports to help create 
and maintain jobs here at home. This mission, embodied in the Bank's 
Charter, is at the very core of what Congress intended the Bank to do. 
I believe that while the Bank is doing a good job, it can--and must--do 
more. I believe this legislation will help the Bank reach that goal.
  This bill is a bipartisan effort and I thank Senator Shelby for his 
support. In addition, I thank Senator Warner, the Chairman of the 
Subcommittee on Security and International Trade and Finance, Senator 
Bennet and Senator Hagan for their extremely important input into this 
legislation. I urge all my colleagues to support the bill.
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