Reta Jo Lewis, President and Chair of the Export-Import Bank of the United States (EXIM), testified today before the Senate Appropriations Subcommittee on State, Foreign Operations, and Related Programs.
Her testimony focused on the Administration’s Fiscal Year 2025 budget request for EXIM, highlighting the agency’s recent achievements and future goals.
Chairman Coons and Ranking Member Graham led the session, during which Lewis expressed gratitude for the committee’s support in passing EXIM’s historic seven-year reauthorization in 2019.
She emphasized EXIM’s critical role in supporting U.S. jobs by financing exports, particularly in cases where private sector financing is unavailable or when leveling the competitive field against foreign governments’ financial support to their exporters.
Lewis reported a significant increase in EXIM’s activities, noting that in FY 2023, the agency authorized nearly $8.8 billion, a 66% rise from FY 2022, supporting an estimated 40,000 jobs across the country.
She attributed this success to the dedication of EXIM’s workforce and a growing demand for the agency’s services.
Highlighting EXIM’s commitment to sub-Saharan Africa, Lewis mentioned that in FY 2023, the agency approved nearly $1.6 billion in authorizations for the region.
This includes significant deals such as the $900 million authorization for solar power plants in Angola, marking EXIM’s largest renewable project to date.
EXIM’s small business authorizations also saw a significant increase, surpassing $2 billion for the first time since FY 2020, reflecting 23% of total authorizations by dollar value and 90% by numeric value.
Lewis outlined the achievements of the China and Transformational Exports Program (CTEP), which saw a nine-fold increase in authorizations since FY 2022, reaching $2.4 billion in FY 2023. This program supports U.S. manufacturers and exporters facing Chinese competition.
In her testimony, Lewis also discussed the Make More in America (MMIA) initiative, which supports domestic manufacturing projects to facilitate exports. Notable transactions include a $4.7 million loan to Aquatech International for facilities in Wisconsin and Pennsylvania, expected to support numerous jobs.
Looking ahead, Lewis detailed EXIM’s FY 2025 budget request, which includes $130.1 million for administrative resources and $15 million for program budget.
This funding aims to support $11.3 billion in new authorizations, projected to support 56,000 U.S. jobs and significant growth in green energy-related transactions.
Lewis also advocated for a default rate cap exemption for nuclear projects and CTEP transactions to allow EXIM to compete more effectively against Chinese financing and support higher-risk technologies and markets.
Finally, Lewis stressed the importance of EXIM’s reauthorization before its charter expires at the end of 2026, noting the negative impact of previous lapses on U.S. manufacturers and the global competitive landscape.
Lewis reaffirmed EXIM’s commitment to supporting American jobs and exports, and she looked forward to working with Congress on the agency’s future initiatives.
