Richard Shelby: “I acknowledge today, February 12, as the seventieth anniversary of the Export-Import Bank, the principal export credit…”

“I acknowledge today, February 12, as the seventieth anniversary of the Export-Import Bank, the principal export credit agency of the United States. Since 1934, the bank has played a unique role in helping to facilitate U.S. exports, ultimately supporting thousands of jobs. As an independent U.S. Government agency, it assumes credit and country risks that the private sector is unable or unwilling to accept. Eximbank has assisted in financing more than $400 billion in U.S. exports. On average, 85 percent of its transactions directly benefit small businesses which are clearly struggling in today's economy. Historically, the Bank has a loan-loss rate of under 2 percent, which is a respectable record for any financial institution. As the United States has become economically interdependent with a growing number of foreign trade partners, the Bank's role in leveling the playing field for American companies seeking to market their goods and services overseas continues to grow. In turn, Eximbank plays a vital part in enabling U.S. companies, both large and small, to turn export opportunities into concrete sales. Mr. President, I am pleased to make not of Eximbank's important contribution to the U.S. economy and hope the institution continues to honor its mission through the twenty first century.”