In 1934, the United States emerged from the devastation of the Great Depression. Despite empty streets, massive unemployment and shuttered factories, President Franklin D. Roosevelt dared to dream of a different future. President Roosevelt boldly led the country into uncharted territory by betting the nation’s full faith and credit on U.S. businesses and American workers. He envisioned an America not drowning in despair but rising once again, propelled by the engine of its ingenuity. As a result, the Export-Import Bank of the United States, or EXIM, was born as a bold experiment to jump-start the nation’s beleaguered industrial sector.
EXIM took on the challenge of creating a way for American exporters to access desperately needed capital to revive American exports and usher in a new era of prosperity. Roosevelt’s Marshall Plan became a beacon of hope for a continent broken and fractured. It held within it the seeds of something new something uniquely American.
This year, we celebrate the 90
th anniversary of EXIM. In recognition of this significant milestone, we reflect on the foundation built since EXIM’s inception and how the Biden-Harris administration’s support continues to strengthen American competitiveness. By equipping American businesses with the financing tools necessary to compete for global sales, EXIM levels the playing field for U.S. goods and services going up against foreign competition in overseas markets. As a result, American companies can create more well-paying jobs for our country’s citizens.
Destined to nurture innovation from the start, EXIM financed early commercial jets, nuclear power plants and the satellites that would one day connect humanity across the globe. We stood on the frontlines of the Cold War, supporting American businesses against Soviet aggression. In the aftermath, EXIM once again became a bridge, helping former communist nations transition to democracies powered by market forces.
EXIM continued to navigate the turbulence of trade wars and financial crises, emerging stronger and with a renewed commitment to our core mission of supporting American jobs and powering American exports.
In communities nationwide, the continued benefits of this innovative approach to recovery are evident. Statistics show Arizona clearly benefits from global engagement, typically reporting 3 billion dollars in exports from 72 total exporters. The 72 exporters include 57 small businesses, 7 minority-owned, 10 women-owned, 3 focused on renewable energy and 7 environmentally beneficial businesses. Top industries for exports in Arizona include professional, scientific and technical services, merchant wholesalers, durable goods and support activities for transportation.
Looking forward to the next chapter of EXIM’s journey, we will honor our legacy as we move into the future by championing sustainability as the driving force behind a new era of green growth, financing projects that combat climate change and build a more resilient planet. EXIM will continue to embrace innovation as the financial catalyst for American leadership in emerging technologies, from artificial intelligence to clean energy to biotechnology. With the support of the Biden-Harris administration, we will continue empowering small businesses as an unwavering advocate for America’s entrepreneurs, providing them with the tools and resources to compete on the global stage. We will remain a bridge between American businesses and international partners, forging alliances that promote shared prosperity and security.
EXIM will continue to dream of a future where American ingenuity lights the way. A future where small businesses rise to become global giants under the supportive policies of the Biden-Harris administration and where partnerships forged by EXIM bind the world together in shared prosperity.
Reta Jo Lewis is EXIM president and chair of the Board of Directors.
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