Maloney Statement on Reauthorization of the Export-Import Bank

Statement of Rep. Carolyn B. Maloney Subcommittee on International Monetary Policy and Trade. May 2, 2001
May 2, 2001 Issues: Financial Institutions, Financial Services, International Finance and Monetary Organizations

It is my pleasure to join my colleagues in the effort to reauthorize the Export-Import Bank.

The Export-Import Bank is a unique institution -- a successful government agency that facilitates American business and worker interests by promoting exports to areas of the world that would be closed to U.S. companies without its support.

Primarily through its loan guarantees, insurance and direct lending programs, Bank programs were responsible for approximately two percent of U.S. exports per year. At the same time, the U.S. experienced a trade deficit in 2000 of $369.7 billion on goods and services measured on a Balance-of-Payments basis for the year.

Unfortunately, the Bush Administration has proposed a 25 percent decrease in funding for the Bank in the FY2002 budget. Currently, the Bank funds 2,500 U.S. exporters. In my state of New York the Bank has assisted 385 businesses since October 1995, 95 of which are located in my district. I do not believe the Administration has made a case for their reduction which will severely adversely affect these businesses and their employees.

As we examine the activities of the Bank I look forward to a constructive process that builds on the past success of this institution. I look forward to hearing from the Banks proponents and critics and am open to any proposal the will improve its operations and mission.

 

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