The Final State of the Union
This is historical material “frozen in time”. The website is no longer updated and links to external websites and some internal pages may not work.
Summary:
American exports are up. To keep the momentum going, President Obama signs a renewal of the Export-Import Bank. Learn more.
President Barack Obama signs the Export-Import Bill during a ceremony in South Court Auditorium in the Eisenhower Executive Office Building, May 30, 2012. (Official White House Photo by Pete Souza)
Through the course of the past twelve months, U.S. companies exported $2.15 trillion worth of goods.
That figure breaks a record -- it's a 36 percent increase from the level of exports in 2009, and in fact, it's the most we've ever exported in one, 12-month period. Some 9.7 million people went to work because of these exports -- which is itself an increase of 1.2 million export-related jobs since 2009.
And part of the reason for that success has been the Export-Import Bank. The Bank, which is 78 years old, offers assistance to companies around the world that buy American products -- in order to help boost the sale of those goods.
The Bank's charter was set to expire at the end of the month, but with a bipartisan agreement from Congress, the President was able to extend the Bank's mandate through September of 2014.
"By reauthorizing support for the Export-Import Bank, we’re helping thousands of businesses sell more of their products and services overseas," the President said. "And in the process, we’re helping them create jobs here at home."
