Earlier this week, the U.S. Ex-Im Bank announced that it was transferring more than $1 billion to the U.S. Treasury’s General Fund for FY2013. The Bank transferred the revenue – primarily generated from the fees from its customers for loan guarantees, export credit insurance and other services – after covering its own operating costs and contributing to loan loss reserves. In 2012, Ex-Im Bank’s authorizations supported about $50 billion in U.S. export sales and approximately 255,000 American jobs. The Bank has been consistently profitable since 1992, returning billions of dollars in profits to taxpayers over the years and contributing to federal deficit reduction.
The ability of U.S. companies to export has always been a critical issue for the NAM, and exports are increasingly important to the U.S. economy and to the success of domestic manufacturing. Ex-Im Bank as one of the most important tools the U.S. government has to help grow U.S. exports and jobs, and the only tool that American manufacturers have to counter the approximately $1 trillion in export financing that other governments provide their exporters.