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I am pleased to be able to provide you with an update about the
Since assuming the role of President and Chairman at
I am proud of the 400 employees of
PURPOSE OF EX-IM BANK
COMPREHENSIVE RISK MANAGEMENT AND REVENUE FOR THE TAXPAYERS
Moreover, we are committed to what we call, "Government at the Speed of Business." All 400 of us are committed to giving our exporters and the jobs they support top notch service. Ninety percent of all transactions are completed within 30 days and 98% within 100, larger and more complex transactions do take longer for proper underwriting, including due diligence.
The Bank continues its prudent risk management and is proud of the improvements made during the past few years. In Fiscal Year 2012, the Bank paid
Comprehensive risk management and continuous improvement is what we strive towards and our default rate reflects that. The Bank has made many improvements over the past few years including:
Modernizing credit monitoring
Creating a Special Assets unit to address emerging credit issues
Expanding our pro-active monitoring efforts
Improving our underwriting
Enhancing Reserves with qualitative factors including concentration risk We also have plans to implement additional risk management improvements identified over the past two years from our internal analysis of best practices, outside expert advice, audit recommendations from Bank initiated audits and from our Inspector General.
I want to assure
MEETING REQUIREMENTS OF REAUTHORIZATION
Over the past year
Our Business Plan
Our Small Business Report
Our Content Review
Our Report on Financing of Textiles
Our Quarterly Default Rate Reports
We have added a textile industry representative to our Advisory Committee and complied with the
As part of the reauthorization we also worked in a transparent and cooperative way with GAO. Three reviews were required relating to the Bank's risk framework, the Bank's Business Plan, and the Bank's calculation of jobs supported through exports. In each of these reviews, the Bank agreed with the GAO's recommendations and we have implemented or are in the process of implementing each of them.
A critical component to job growth is small business, for which
To put this in perspective, we have financed more small business in the past four years than in the previous eight years combined.
Another area that we are particularly proud of is our financing to woman and minority owned businesses. In FY2012 we were up 17% from the prior year. In fact, over the past four years we have financed more to woman and minority owned businesses than the Bank did in the previous 16 years combined. (See chart 2)
To address the needs of our small business customers,
And we are not stopping there. In April, we launched a new pilot program called U.S. Global Business Solutions. The program streamlines U.S. government trade-finance products for lenders and exporters. The programs and products will be combined into a single menu of options tailored to the exporter's needs. Working together,
The key to expanding exports is marketing and communicating to small businesses. To increase awareness,
I am proud of our work in sub-Saharan Africa which is home to seven of the ten fastest growing economies in the world. Many countries in the region have developed to the point where they are now eligible for
I want to thank this committee for their work on our reauthorization last year and assure you that
The thousands of businesses that benefit from
n1 This default rate is different than the default rates published in the annual Budget Appendix due to differing definitions. The reported rate in the Budget Appendix reflects projected defaults over the life of the loan while the default rate in this report reflects actual defaults at a particular point in time.
Read this original document at: http://financialservices.house.gov/UploadedFiles/HHRG-113-BA19-WState-BHochberg-20130613.pdf
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