President Obama Praises the Export-Import Bank
A call from the President not to slow down recent gains in U.S. exports.
In this weeks radio address President Obama praised the progress made in rebuilding our economy, the nearly 10 million new jobs created in the private sector over the last 53 months, and the rise in products U.S. companies are exporting overseas.
“Nearly six years after the worst financial crisis of our lifetimes, our businesses have added nearly 10 million new jobs over the past 53 months,” said the President. “That’s the longest streak of private-sector job creation in our history. And we’re in a six-month streak with our economy creating at least 200,000 new jobs each month—that’s the first time that’s happened since 1997.”
It’s no secret that the lion’s share of private-sector job growth happens within small business, but in my opinion the big news of the broadcast is the rise in products businesses in the U.S. are selling overseas.
“Over the past five years, we’ve worked hard to open new markets for our businesses, and to help them compete on a level playing field in those markets,” said the President. “And we’ve broken records for exports four years running. Last year our exports supported more than 11 million American jobs—about 1.6 million more than when I took office. They’re good jobs that typically pay about 15% more than the national average. And more small businesses are selling their goods abroad than ever before—nearly 300,000 last year alone.”
The Export-Import Bank of the United States has a mission to assist in financing the export of U.S. goods and services to international markets around the world. The goal is not to compete with private-sector banks, but to fill the gaps in trade financing to help mitigate the risks associated with doing business overseas. In a nutshell, the Export-Import bank is leveling the playing field to help U.S. companies in the same way other governments support exports in other countries. Over the last 80 years the Export-Import Bank has supported more than $567 billion in U.S. Exports.
President Obama used his weekly address to call on small business owners around the country to ask their representatives in Washington to renew the Bank’s charter. Congress has renewed the charter 16 times since it was established. “This time shouldn’t be any different,” he says. “Because the bank works.”
Although the U.S. is the world’s biggest consumer, exports are an important part of any country. I agree that we should be focused on making it easier for U.S. companies, large and small, to sell their goods to overseas markets. I agree with the President when he challenges Congress to “…keep America’s exports growing, and keep America’s recovery going.” Share your opinions with your Congressmen and Senators.