U.S. Export-Import Bank Chief Kimberly Reed | October 7, 2020
“We have a new law allows EXIM to help a company match the offer that China is offering a foreign purchaser, and we want the world to pick us.”
Kimberly Reed, President and Chairman of the Export-Import Bank of the United States explains the bank’s role in promoting commerce and leveling the playing field with China on trade, before an October 7, 2020 luncheon meeting of The Economic Club of Florida.
The Export-Import Bank of the United States (EXIM), is a little known part of the Executive Branch of our federal government to most citizens, but one that plays an important role in commerce and our economy. The Bank promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. President and Chairman Kimberly Reed told the Club that EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments.
“And so if it’s China that’s trying to crowd-out the United States, we now have a new law that President Trump signed in December 2019 that basically allows EXIM to help a company match the offer that China is offering a foreign purchaser, and we want the world to pick us.”
EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90% of the total number of the agency’s authorizations has directly supported small businesses. “Last year, we supported the largest deal in EXIM’s history, a $5 billion credit to help with exports to Mozambique, Africa,” said Reed.
EXIM’s new mandate includes helping key industries important to Florida, including bio-medical sciences, wireless communications, and renewable energy. During her address, Reed awarded the “Exporter of the Year” award to a representative from Greenfield World Trade, a Fort Lauderdale commercial foodservice equipment company, for its outstanding contributions to fulfilling EXIM’s mission of supporting American jobs by facilitating U.S. exports.
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