Waters Statement on $1 Billion Export-Import Bank Profit
Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, today released the following statement in response to news that the U.S. Export-Import Bank generated a profit of more than $1 billion in fiscal year 2013, which was reported on Wednesday:
“I am very pleased with yesterday’s news that the Export-Import Bank has delivered more than $1 billion in revenue to U.S. taxpayers. I wish to commend the Bank for its fiscal standing and its extraordinary low default rate of 0.25 percent on the loans it has extended.
I am a longstanding supporter of the Bank’s mission and activities, as it sustains hundreds of thousands of jobs and levels the playing field so that American businesses, large and small, can compete successfully in global markets. This is particularly true with regard to American manufacturing.
Its role in keeping America competitive and in helping to preserve and create more than a quarter million U.S. jobs has been lauded by a diverse array of interests, from the U.S. Chamber of Commerce to the AFL-CIO.
Yesterday’s announcement further validates that, in addition to its contributions to the American economy, the Export-Import Bank is self-sustaining.
This kind of success should guarantee Congressional reauthorization of the Export-Import Bank before the end of September, 2014.”