Statement on Legislation To Reauthorize the Export-Import Bank and the Overseas Private Investment Corporation

Today my administration is transmitting to Congress legislation to reauthorize both the Export-Import Bank of the United States and the Overseas Private Investment Corporation (OPIC). I am also asking that my requests for these agencies and for the U.S. Trade and Development Agency (TDA) be fully funded.

These three specialized agencies play important complementary roles in helping U.S. firms compete for valued export markets. Never in our recent history have exports been more critical to American economic growth and to the creation of high-paying U.S. jobs. Other major trading countries rely heavily on government trade and finance agencies to help their companies compete in the world's fastest growing economies. Because of our efforts over the past 4 years, the United States has signed more than 200 new trade agreements and is once again the world's leading exporter. We need Ex-Im Bank, OPIC, and TDA to help maintain that position and continue to create good jobs for our people.

The appropriations for these agencies are relatively modest, particularly compared to the benefits of increased export growth that ripple throughout the entire U.S. economy. Each of these programs delivers public benefits by expanding U.S. commercial opportunities abroad, helping meet competition from other countries, and broadening the base of U.S. export-oriented businesses. Each has taken steps to streamline its own operations and improve its coordination with other agencies. My administration stands ready to work with Congress on ideas for further improvements that will yield even greater benefits for the American economy.