Saturday, October 11, 2014

EXPORT-IMPORT BANK TOUTS $675 MILLION GENERATED FOR TAXPAYERS IN 2014

FROM:  U.S. EXPORT-IMPORT BANK 
Ex-Im Bank Announces $675 Million Generated For Taxpayers in FY 2014

Washington, DC – The Export-Import Bank of the United States (Ex-Im Bank) today announced it has transferred $675 million in deficit-reducing receipts to the U.S. Treasury's General Fund for fiscal year 2014. Ex-Im Bank supports U.S. jobs and equips U.S. exporters to compete on a level global playing field by financing the export of American goods and services when the private sector is unable or unwilling to do so. For its insurance, loan guarantee, and loan programs, Ex-Im Bank charges fees and interest, and the amount transferred represents what Ex-Im Bank earned in excess of its operating costs.

Ex-Im Bank is a self-sustaining federal agency, meaning it covers its own congressionally-determined appropriation. Over the last two decades, Ex-Im Bank has generated a surplus of more than $7 billion for U.S. taxpayers.

“The mission of the Export-Import Bank is to support job growth, strengthen communities, and empower U.S. businesses to sell more made-in-America products overseas," said Ex-Im Bank Chairman and President Fred P. Hochberg. “American businesses produce some of the highest quality, most innovative goods and services in the world—that we are able to support them while also helping to reduce the deficit is a bonus for taxpayers, and a testament to the hard work and risk management efforts of Ex-Im Bank’s staff.”

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