Secretary Lew voices support for Export-Import Bank

India Infoline News Service | Mumbai |

All major exporting countries in the global marketplace have their own export credit agencies, which support their respective countries exports

This week, Secretary Lew has been on Capitol Hill to update Congress on the Annual Report of the Financial Stability Oversight Council.

Speaking yesterday at the House Committee on Financial Services and today at the Senate Banking, Housing and Urban Affairs Committee, Secretary Lew also had the opportunity to discuss the Export-Import Bank (Ex-Im) a critical agency that creates Americans jobs and supports American businesses.

Founded 80 years ago as the official export agency of the United States, the Ex-Im Bank has a crucial role in helping U.S. companies export American goods and services to international markets. Over the last five years, the Ex-Im Bank has supported 1.2 million private-sector American jobs and financed exports with a value exceeding $188 billion.  Last year, 90 percent of the credit transactions facilitated by the Ex-Im Bank were on behalf of American small businesses, with the requirement that each transaction have a positive impact on the U.S. economy.

All major exporting countries in the global marketplace have their own export credit agencies, which support their respective countries exports. With the Ex-Im Banks reauthorization up for a vote in Congress this September, Secretary Lew noted yesterday, it would be wrong for us to unilaterally withdraw from the Ex-Im Bank while other countries are providing export subsidies, putting our manufacturers and exporters at a disadvantage."

Today at the Senate, the Secretary further explained that for American businesses, whether it's a small firm or a large firm, were we to remove the Ex-Im Bank, both access to exports would be reduced and the level playing field would be made much more anti-competitive to the United States.

Whether it's construction equipment or aviation equipment or small manufactured goods, exports are an area of enormous potential for our economy in big firms and small firms, he added. 

The Administration is committed to making sure that American businesses have better access to the 95 percent of the worlds consumers who live beyond our shores. By continuing to support the Ex-Im Bank, we are helping thousands of businesses sell more of their products and services overseas and helping them create jobs here at home.
 

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