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BAFT News and Press Releases

 

BAFT and Financial Services Roundtable Statement on Ex-Im Bank Reauthorization

by Patrick Devilbiss | Jun 02, 2015

By BAFT President and CEO Tod Burwell and
Financial Services Roundtable Executive Director Eric Hoplin

          “As we make clear in our joint statement for the record before the Committee on Banking, Housing and Urban Affairs of the United States Senate today, trade and export finance are crucial drivers for economic growth.  We urge Congress to swiftly reauthorize Ex-Im Bank to ensure the continued availability of valuable financing for U.S. exports and to maintain U.S. competitiveness in the global marketplace.  

          “Many U.S. lenders turn to Ex-Im to add balance sheet capacity, and provide viable financing solutions for their corporate customers.  Smaller lenders are often even more limited in their ability to engage in export financing than larger institutions.  Without Ex-Im Bank programs, commercial banks often could not provide the required financing, resulting in lost sales for their corporate clients and lost jobs for employees at those companies.  It’s clear that the private sector can’t fill the void in export financing for American companies if Ex-Im is not reauthorized.

            “Ex-Im plays a crucial role in boosting U.S. exports and supporting our economy, and there will be a significant unfilled gap in export finance for US businesses if Ex-Im were to cease operations. We strongly urge Congress to reauthorize Ex-Im Bank in advance of the June 30 deadline to ensure the continuation of American competitiveness in international trade and to maintain growth in US jobs.”

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About BAFT
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance. The association website is www.baft.org.

About FSR
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America's economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.