[Congressional Record Volume 158, Number 66 (Thursday, May 10, 2012)]
[Extensions of Remarks]
[Page E764]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2012

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                               speech of

                         HON. LAURA RICHARDSON

                             of california

                    in the house of representatives

                         Wednesday, May 9, 2012

  Ms. RICHARDSON. Mr. Speaker, I rise today in support of H.R. 2072, 
the ``Securing American Jobs Through Exports Act of 2011.'' This 
legislation reauthorizes for three years the charter and lending 
authority of the Export-Import Bank of the United States. In addition, 
the legislation contains several financial reforms that will help 
ensure the ``Ex-Im Bank'' remains fiscally sound so it may continue its 
outstanding record supporting American business increase export sales, 
which is perhaps the best way to preserve and increase high value 
manufacturing and service jobs.
  As the representative of the congressional district that adjoins the 
Ports of Long Beach and Los Angeles, the largest port complex in the 
nation, I know first-hand the important role the Ex-Im Bank plays for 
U.S. exporters, and the thousands of jobs created by increased 
international trade.
  The Ex-Im Bank is the official export credit agency of the United 
States and provides financial assistance for the export of American 
goods and services to international markets. In Fiscal Year 2011 alone 
the Bank supported 290,000 export-related American jobs by providing 
more than $32 billion in financing to facilitate more than $40 billion 
in export sales by more than 3,600 American businesses.
  Since 1934, the Ex-Im Bank has served as the principal government 
agency responsible for aiding the export of American goods and 
services, thereby creating and sustaining U.S. jobs. With its 75 year 
track-record, the Ex-Im Bank is projected to inject $900 million into 
the U.S. Treasury by facilitating the sale abroad of hundreds of 
billions of dollars of American made goods, which in turn will create 
or preserve hundreds of thousands of American jobs. In 2011 alone, the 
Ex-Im Bank facilitated sales supported 290,000 American jobs.
  The United States must stay competitive in the emerging and 
competitive global market. The Ex-Im Bank assists U.S. manufacturers, 
small and large, in selling their products abroad. The Bank facilitates 
financing for foreign buyers who wish to purchase American manufactured 
goods, thus increasing sales, which translates into more good-paying 
American jobs.
  Reauthorization of the Ex-Im Bank's charter will have a positive 
impact on job preservation and creation in the United States, and in 
the 37th Congressional District in California which I represent. My 
district is home to more than a dozen companies that export millions of 
dollars of products annually.
  Mr. Speaker, exporters in my congressional district include a diverse 
group of small and large businesses as well as businesses that are 
minority or women owned. In the aggregate they generate about $100 
million dollars in export sales annually. I ask unanimous consent to 
include in the record a list of local businesses in California's 37th 
Congressional District that have directly benefited from financing by 
the Ex-Im Bank.
  The Ex-Im Bank is self-sustaining and does not cost taxpayers a dime. 
Rather, the money it generates is returned to the U.S. Treasury, nearly 
$2 billion over the past five years, and helps reduce the deficit. 
Moreover, since its inception, less than 2 percent of the Bank's loans 
have ever defaulted, and even in those cases, loss is minimized because 
the borrower's manufactured goods are pledged as part of the collateral 
for the loan.
  Mr. Speaker, exports are increasingly critical to the economic growth 
and job creation, economy and job recovery. The Ex-Im Bank is an 
indispensable tool in the national effort to increase export sales. 
That is why I am a proud and enthusiastic supporter of H.R. 2072, which 
enjoys broad support from business and labor and the Obama 
Administration.
  I urge my colleagues to join me in voting to pass this important 
legislation.

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