[Congressional Record Volume 158, Number 69 (Tuesday, May 15, 2012)]
[Extensions of Remarks]
[Pages E798-E799]
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. HENRY C. ``HANK'' JOHNSON, JR.

                               of georgia

                    in the house of representatives

                         Wednesday, May 9, 2012

  Mr. JOHNSON of Georgia. Mr. Speaker, today I rise in support of H.R. 
2072, the Export-Import Reauthorization Act of 2012.
  Since it was established in 1934, the Ex-Im Bank has helped to 
support American exports by providing loan guarantees, working capital 
guarantees, export credit insurance, and direct loans to American 
companies and foreign businesses that purchase American products.
  The Ex-Im Bank has supported more than $450 billion of U.S. exports 
since its inception.
  Over the last 5 years the Ex-Im bank has supported 11,000 
transactions and $65.5 billion, supporting American jobs and American 
businesses in more than 2,000 communities nationwide.
  Since 2007, in my home state of Georgia, the Ex-Im Bank has supported 
the trading activities of 129 companies, 60 percent of which were small 
businesses--supporting over $2 billion dollars in total export sales.
  In my district over the same time period, the Ex-Im Bank has assisted 
16 companies--including nine small businesses and four minority-owned 
businesses--supporting more than $270 million dollars in total export 
sales.
  John Chihade, Vice President of Chihade International, a small 
business in my district, told my office, quote,

       ``Without the Ex-Im Bank I would not have been able to get 
     the line of credit that I currently have. With the SBA my 
     line of credit was $5 million, but with the support of the 
     Ex-Im Bank I am now up to $7\1/2\ million. This has allowed 
     me to really grow my business. I've gone from 3 employees to 
     42 employees in 4 years.''

  Because of the Ex-Im Bank's support for Mr. Chihade's company, not 
only was he able to sustain his business during the worst economic 
recession in America's history, but he was able to grow his business 
and create jobs.
  In Fiscal Year 2011, the Ex-Im Bank provided $6 billion in financing 
and insurance to American small businesses and has set a goal of 
providing $9 billion annually, adding 5,000 new businesses to its 
portfolio by 2015.
  These 5,000 new businesses will be better able to sell goods in the 
global market place and expand their enterprises, creating jobs and 
opportunity while strengthening and expanding America's global 
commercial reach.
  It's no wonder that the Ex-Im Bank plays such a key role in the 
President's National Export Initiative, a plan to double U.S. exports 
in five years to support 2 million jobs in the United States.
  Our work to reauthorize the Ex-Im Bank is a rare example of effective 
government in this House, and I have to commend my colleagues, the 
Majority Leader and the Minority Whip, for working so hard to make sure 
this key priority of the Obama Administration is passed. My colleagues 
have not only recognized the need to reauthorize the Ex-Im Bank, but 
also the need for improvements to ensure the long term success of the 
Bank.
  The provision that directs the Secretary of the Treasury to look at 
the impact of the Bank's activities on private competition will provide 
the Ex-Im Bank and Congress with the information that is needed to 
ensure that the Bank's lending practices do not unintentionally benefit 
one U.S. industry at the expense of another.
  Also--and I think that most of my Republican colleagues will agree--
the provision that raises the Ex-Im Bank's lending cap by $40 billion 
is critically important to ensuring that the U.S. can continue to 
support American exporters by matching the unfair export financing

[[Page E799]]

activities of foreign nations such as China, and other non-OECD member 
countries.
  Re-authorizing the Ex-Im Bank is a win-win-win.
  It is a win for American workers, American businesses, and for the 
American taxpayers.
  Not one single tax payer dollar will be needed to re-authorize the 
Ex-Im Bank.
  In fact, since 2005, the Ex-Im Bank has generated more than $3.4 
billion in profits that it has returned to the Treasury, including $700 
million in Fiscal Year 2011.
  With a less than 2 percent borrower default rate since its inception, 
the Ex-Im Bank is, and has been, a revenue generator for the American 
taxpayer.
  The Ex-Im Bank is a prime example of government efficiency, and I for 
one am glad that we could come to a bipartisan compromise here in the 
House to re-authorize its charter, and I strongly urge my Senate 
colleagues to do the same.
  Again Mr. Speaker, I support the re-authorization of the Export-
Import Bank and urge my colleagues to support this legislation.

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