Your editorial “Running on empty” (Opinion, Sunday) misinterpreted the facts with respect to the Export-Import Bank of the United States (Ex-Im Bank).
Ex-Im Bank is an independent federal agency charged with helping finance exports of U.S. goods and services. In doing so, it helps to level the playing field to meet foreign competition and create and sustain U.S. export-related jobs.
In May of this year, Ex-Im Bank issued a preliminary commitment to provide up to $2 billion to the Brazilian oil company Petrobras to finance sales of goods and services manufactured or provided by U.S. workers. Although in meetings with the company last month we indicated our willingness to consider additional financing, Ex-Im Bank had not already signed a new agreement with a higher amount.
Your assertion that the administration “is using American tax money to guarantee a loan” ignores the fact that Ex-Im Bank is self-sustaining; it does not receive any appropriations from Congress. It operates entirely on the fees that it collects from the beneficiaries of its loans, guarantees and insurance. While its financing is ultimately backed by the full faith and credit of the United States, over the past 15 years Ex-Im Bank has returned to the U.S. Treasury in excess of $4 billion more than the cost of operating the Bank.
At a time when jobs and exports are more important than ever in helping our economy recover, Ex-Im Bank is achieving its mission without burdening the American taxpayer.
FRED P. HOCHBERG
Chairman and President
Export-Import Bank of the United States
Washington
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