President Obama Signs Export-Import Bank Reauthorization Act into Law
Washington, D.C. – Surrounded by more than 150 small and medium-sized business owners and other invited guests from across the country, President Obama today signed the Export-Import Bank Reauthorization Act of 2012 into law. Ex-Im Bank Chairman Fred P. Hochberg joined the President at the White House for the signing ceremony.
“Today is a great day for U.S. businesses – both large and small,” said Chairman Hochberg. “By signing this bipartisan bill into law, President Obama has once again demonstrated his strong commitment to America’s business owners, workers, and exporters. The President has been a strong champion of Ex-Im Bank, and thanks to his leadership more U.S. companies are exporting to more countries. With our reauthorization now achieved, the Bank will continue to do what it does best – help our nation’s workers compete globally and support U.S. jobs at no cost to American taxpayers.”
The Export-Import Bank Reauthorization Act of 2012 extends the Bank's authority through 2014 and ultimately increases its portfolio cap to $140 billion. This provides much-needed certainty and predictability to U.S. exporters and their workers.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.