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."
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
These authorizations supported an estimated $37.4 billion in U.S. export sales, as well as approximately 205,000 American jobs in communities across the country. Small business exporters can learn about how Ex-Im Bank products can empower them to increase foreign sales by clicking here. For more information about Ex-Im, visit www.exim.gov.