Search This Blog

Translate

White House.gov Press Office Feed

Tuesday, October 9, 2012

OVER $803 MILLION IN EARNINGS FROM EXPORT-IMPORT BANK

Photo Credit:  Wikimedia.
FROM: U.S. EXPORT-IMPORT BANK

Export-Import Bank Earns Over $803 Million for Taxpayers
During Fiscal Year Just Ended;
October 5, 2012

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.