The Export-Import Bank

Washington, DC - In this week’s address, the President highlighted the progress made towards rebuilding our economy, including the creation of nearly 10 million new private sector jobs in the past 53 months and the rise in the number of American exports to an all-time high. That growth is in part thanks to the actions of the U.S. Export-Import Bank, an organization that creates American jobs by helping to take American businesses global.

The charter of the Export-Import Bank is slated to expire next month, unless Members of Congress renew it, as has happened 16 times in the past with support from Democrats and Republicans. The President asked business owners and employees to reach out to their representatives, who are home this month, and let them know how important it is that the Export-Import Bank continue its work so that American businesses can continue to grow.

Remarks of President Barack Obama
Weekly Address
The White House
Saturday, August 23, 2014

Hi, everybody. 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. 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 -- the first time that’s happened since 1997.

Thanks to the decisions we made to rescue and rebuild our economy, and your hard work and resilience, America is leading again. Areas like manufacturing, energy, technology, and autos are all booming. And here’s the thing: we’re selling more goods Made in America to the rest of the world than ever before. American exports are at an all-time high.

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. 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.

We should be doing everything we can to accelerate this progress, not stall it.

One place to start is by supporting something called the U.S. Export-Import Bank. Its sole mission is to create American jobs. That’s it. It helps many American entrepreneurs take that next step and take their small business global. But next month, its charter will expire -- unless Members of Congress do their job and reauthorize it.

Now, past Congresses have done this 16 times, always with support from both parties. Republican and Democratic Presidents have supported the bank, too. This time around shouldn’t be any different. Because the bank works. It’s independent. It pays for itself. But if Congress fails to act, thousands of businesses, large and small, that sell their products abroad will take a completely unnecessary hit.

Small business owners have had to overcome a lot these past several years. We all saw local businesses close their doors during the crisis. And in the past few years, we’ve seen more and more open their doors and do their part to help lead America’s comeback. At the very least, they deserve a Congress that doesn’t stand in the way of their success.

Your members of Congress are home this month. If you’re a small business owner or employee of a large business that depends on financing to tackle new markets and create new jobs, tell them to quit treating your business like it’s expendable, and start treating it for what it is: vital to America’s success. Tell them to do their jobs -- keep America’s exports growing, and keep America’s recovery going.

Thanks, and have a great weekend.

Additional information