[Congressional Record Volume 170, Number 37 (Thursday, February 29, 2024)]
[Senate]
[Pages S1072-S1073]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    90TH ANNIVERSARY OF THE EXPORT-IMPORT BANK OF THE UNITED STATES

  Mr. BROWN. Madam President, I want to recognize an important 
milestone: the 90th Anniversary of the Export-Import Bank--EXIM--of the 
United States.

[[Page S1073]]

  The Export-Import Bank was established by President Franklin D. 
Roosevelt by Executive order on February 2, 1934, ``to aid in financing 
and to facilitate exports and imports and the exchange of commodities 
between the United States and other Nations.'' Its mission and work are 
equally as important now as they were back then.
  EXIM contributes to our Nation's economic growth by supporting 
hundreds of thousands of jobs for America's exporters and the workers 
that make up the supply chains for our exports across the country.
  Congress first authorized the EXIM Bank as an independent Agency in 
1945, and we have continued to support the Bank's work under its 
charter ever since. In 2019, Congress recognized the critical role EXIM 
plays by passing a historic, 7-year reauthorization with bipartisan 
support. I contributed to that reauthorization legislation as the 
ranking member of the Banking, Housing, and Urban Affairs, and now, as 
the chair of that committee, we have continued to support the Bank's 
work that creates jobs in Ohio and around the Nation.
  Under the leadership of Chair Reta Jo Lewis, the first Black woman to 
lead EXIM, First Vice President Judith Pryor, Board Member Spencer 
Bachus, and Board Member Owen Herrnstadt, the Export-Import Bank has 
expanded financing for American exporters. During the last fiscal year, 
EXIM approved $8.7 billion in transactions, $3.5 billion more than the 
previous fiscal year. These transactions supported more than 40,000 
jobs across our Nation, including many in Ohio.
  Small business authorizations in fiscal year 2023 totaled $2.0 
billion with 1,339 transactions authorized for the direct benefit of 
small business exporters.
  EXIM also supports American workers in strategic industries. In the 
2019 EXIM reauthorization bill, I helped establish the China & 
Transformational Exports Program, C-TEP. Congress directed EXIM to use 
the C-TEP program to prioritize financing for American exports in 10 
critical areas, such as artificial intelligence, renewable energy and 
energy storage, wireless communications, and semiconductors. EXIM 
financing will help American manufacturers and exporters compete 
against Chinese exports that receive enormous financing from the 
Chinese Government, and the C-TEP program will help American companies 
unlock a new generation of jobs and economic growth.
  EXIM supports secure and resilient supply chains. EXIM launched its 
first domestic financing initiative called ``Make More in America.'' By 
providing new financing for American companies that manufacture goods 
for export and new financing for their suppliers, we can bring more 
jobs back to our shores and strengthen our supply chains.
  I have visited businesses in Ohio that depend on the Export-Import 
Bank to sell their products around the world, companies like NeoGraf 
Solutions in Lakewood, which manufactures graphite-based products used 
in cars, buses, and batteries, and Crown Battery in Fremont, which 
designs, manufactures, and distributes batteries, chargers, and 
accessories for various industries. Both companies rely on EXIM to help 
them compete in international markets. And in Southwest Ohio, the 
birthplace of aviation, GE Aerospace's engines are sold in jets around 
the world with the help of EXIM financing.
  For decades, Ohio lived with the consequences of bad trade and tax 
policy that encouraged corporations to send production overseas in 
search of ever-lower wages. The Export-Import Bank is critical to 
bringing those supply chains back home by supporting Ohio manufacturers 
that want to expand production and exports. EXIM's job is to grow 
American businesses in the face of competition--often unfair 
competition--from countries like China.
  The Export Import Bank will certainly face challenges in the future. 
EXIM must continue to manage risks associated with providing financing 
to projects worldwide, and both the Bank and Congress will need to 
further examine EXIM's role in monitoring and assessing the impacts of 
financing to balance the Bank's mission of supporting U.S. jobs through 
exports with environmental, security, and other policy considerations. 
EXIM can face these challenges and expand its support of American 
manufacturing.
  I also want to note for all Senators that, since 1992, EXIM has 
generated more than $8 billion of revenue for the U.S. Treasury.
  I applaud the work being done by EXIM's dedicated workforce as they 
continue to help U.S. companies and U.S. workers not only compete, but 
win across the global economy.
  I congratulate the Agency on its 90th anniversary and look forward to 
EXIM's future.

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