[Congressional Record (Bound Edition), Volume 155 (2009), Part 3]
[Senate]
[Page 3797]
[From the U.S. Government Publishing Office, www.gpo.gov]




               75TH ANNIVERSARY OF THE EXPORT IMPORT BANK

  Mr. DODD. Mr. President, I rise today to mark the 75th anniversary of 
the Export-Import Bank of the United States, this country's official 
export credit agency. Its mandate is to create and support jobs here in 
the United States by financing U.S. exports that might otherwise be 
lost because private sector financing is unavailable or to meet the 
competition of foreign governments' export credit agencies that are 
supporting their exporters to secure the deal. Obviously, the work of 
Ex-Im Bank is especially relevant in difficult economic times such as 
we are currently experiencing, because U.S. exports equal U.S. jobs.
  The Export-Import Bank falls under the jurisdiction of the Senate 
Banking, Housing, and Urban Affairs Committee, and I am aware of the 
many positive effects it has had for U.S. manufacturers. In the past 5 
years, it has helped at least 75 companies in 43 communities in 
Connecticut finance over $700 million in exports. These export sales 
create and sustain high-paying manufacturing and other jobs related to 
exports.
  Ex-Im Bank is also accustomed to stepping in when times are hard. It 
was founded on February 12, 1934, in order to help facilitate exports 
during the Great Depression. Since then, it has supported over $400 
billion in U.S. exports that would not have gone forward without it--
exports that support U.S. jobs.
  Just after World War II, Ex-Im Bank became a precursor of the 
Marshall Plan, authorizing over $2 billion for the reconstruction of 
Europe. In more recent times, Ex-Im Bank has stepped in to assist U.S. 
exporters during the Mexican debt crisis of the 1980s and the Asian 
debt crisis of the 1990s.
  Don't confuse this with foreign aid. Ex-Im Bank charges for its 
services and is self-financing, and is therefore not a drain on U.S. 
taxpayers. Ex-Im Bank makes credit judgments on the basis of reasonable 
assurance of repayment, and has a historical default rate under 2 
percent. Over 80 percent of Ex-Im Bank's transactions directly benefit 
small businesses, which are the most effective generators of jobs in 
our economy.
  Over the past 75 years, Ex-Im Bank has responded in difficult times 
to the problems of U.S. exporters. In this time of economic hardship, 
we need government institutions like the Ex-Im Bank to provide strong 
leadership in responding effectively and efficiently to the challenges 
facing U.S. exporters, large and small.
  I am happy to join with leaders from across the political spectrum in 
wishing the Export-Import Bank of the United States well on its 75th 
anniversary.

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