A very interesting article about the recent success of the Export-Import Bank of the US.
October 5, 2012
Export-Import Bank Earns Over $803 Million for Taxpayers during Fiscal Year Just Ended; Since 2008 Bank Operations Net $1.6 Billion to Help Reduce Deficit
WASHINGTON, D.C. — In what promises to be a fourth record-setting year for export finance authorizations and jobs, the Export-Import Bank of the United States (Ex-Im Bank) has announced that in the fiscal year that ended September 30, 2012 the Bank earned for U.S. taxpayers $803.7 million dollars above the cost of all operations. The Bank transferred the funds this week to the U.S. Treasury’s General Fund.
“I’m proud that the Bank is able to contribute to reducing the deficit while at the same time helping create and sustain the jobs of America’s talented export workers,” said Fred P. Hochberg, chairman and president of Ex-Im. “Although we’ve not finished closing the books on Fiscal Year ’12, it looks like we’ll again have another record-setting year. To do that at no cost to taxpayers while earning over $800 million is a testament to Ex-Im’s dedicated staff and the many private and public sector partners that work with us everyday.”
From fiscal years 2008 through 2012 Ex-Im Bank sent a net amount of $1.6 billion to the U.S. Treasury.
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. 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 in FY 2011 supported 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.