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Washington, D.C. - Fred P. Hochberg, president and chairman of the Export-Import Bank of the U.S. (EXIM), delivered the following remarks at the opening session of EXIM's 2016 Annual Conference today.

The remarks appear as prepared.

Good morning, and welcome to the 2016 Export-Import Bank Annual Conference!

Many of you who have been to my office, know that I have a collection of motivational posters from the 1930s.

Over the years, they've motivated me- So they were a great fit for my office at EXIM Because they motivate me just like my team at the Bank.

Now, I walked onto the EXIM stage seven years ago next month.

The spring of 2009- Credit was freezing,  banks weren't lending, trade was coming to a standstill,  and communities were being devastated. America was losing, on average, more than 700,000 jobs a month. That spring, I had the honor of being appointed by President Obama to lead an agency that was focused on jobs, and jobs alone.

Since then, we have all seen sweeping changes in both our nation's economy and the global economy.

President Obama launched the National Export Initiative from this very stage in 2010.

And today, the United States exports more goods and services than at any other time in our history.

Exports totaled 1.6 trillion dollars in 2009.

Five years later, they topped 2.3 trillion dollars-an all-time high-in spite of strong headwinds.

And those exports mean jobs- good jobs-in fact they have contributed to the longest streak of private sector job growth in our nation's history.

And that is what has made this work so fulfilling.

I have had the opportunity-for seven years- to walk the shop floors and innovation labs where jobs are created.

It's thrilling to see entrepreneurs and business leaders putting people on the job-innovating, creating new products and services, building companies, and EXporting to the world beyond our shores. I've also learned just how competitive it is for you, America's business leaders.

The global economy has rapidly become more complex and more challenging than ever.

And American businesses and workers need more tools- not fewer- to compete and create jobs.

Companies like Darley,in Chippewa Falls, Wisconsin have been innovating and making state-of-the-art fire trucks since 1925.

Every day they face tough competition throughout Sub-Saharan Africa. Exports at Darley directly support 100 jobs-and many more in their supply chain-due to financing from EXIM.

Acrow Bridge is another example facing tough competition from France, Austria, the UK and China. Our financing closed sales in Cameroon and Zambia and supported 200 jobs across three states. 

Then there's AirTractor in Olney, Texas, with a population of 3200, where exports financed by EXIM support 135 jobs-And let me tell you, in Olney, AirTractor is a big business!

EXIM has also supported the sale of innovative locomotives to South Africa-locomotives that haul more freight, use less fuel, cut CO2 emissions, and lower life-cycle costs.

They face relentless competition from China and financing was key to making that sale.

The result: nearly one thousand jobs supported at GE-and even more in their supply chain.

There's FirstSolar, a manufacturer of some of the most innovative thin-film solar modules you'll find anywhere in the world. EXIM was the largest source of renewable financing in India in 2011, and India is ramping up their commitment to solar power.

And that means more jobs here at home.

We even support exports of pickles and ice cream to China, thanks to Jenny's and Bassetts.

There's the Ridge Hospital in Accra, Ghana which provides some of the best medical care in West Africa.

And then there's aerospace and satellites where America is in the lead in terms of technology and innovation and where we face rigorous competition from Germany, France, the UK, Canada, Russia and China. Innovative products need dependable financing solutions. Last year, EXIM financing supported more than 35,000 jobs in aerospace industries.

And since 2009, nearly half a million.

We work with large companies and small ones-all exporting, all innovating, all facing competition and all adding jobs.

In fact, thanks to our small business team, since 2009 we have partnered with more than 5,000 small businesses. Some of them exported for the very first time.

Some of them expanded into new markets. 

And some-as a result of their exporting prowess-are no longer small.

We've also financed more minority and women entrepreneurs under President Obama than the two previous administrations combined.

In total, EXIM Bank has financed nearly $235 billion worth of exports since President Obama took office, one-and-a-half times more than the previous administration.

And those exports- supported more than 1.4 million jobs since 2009-and we're not done yet.

In 2015, we generated more than $430 million for you, the taxpayers.

Since 2009, that number tops $2 billion.

The end of our fiscal year is also a bittersweet day for our Chief Financial Officer-all that cash leaving our account, but going to a good place: you, the taxpayers.

We have also reduced our expenses and today, we run the Bank for 30% less than in 2009.

Let me just repeat that: we did more work in the last seven years than at any other time in the Bank's history, and we did it at a lower cost.

Our default rate-which we report to Congress every 90 days-stands at 0.248 percent.

OR, less than one quarter of one percent.

And together we reauthorized the Bank twice.

Today, we are leaner and better prepared to meet the future needs of US exporters.

Our team is smarter, more knowledgeable, and has greater expertise than at any time in the Bank's 82 year history.

We are public servants-public servants who know the value of your dollar, who have business savvy and financial expertise.

We're here to serve you-our customers, our taxpayers, and our country.

We've launched express insurance and we've tapped into capital markets, finding new

and more effective ways to support U.S. exports and U.S. jobs.

And one thing is for sure: the demands for innovative thinking and innovative solutions in the global economy will only increase in the years to come.

I have full confidence that the EXIM team is ready to meet those challenges.

I'd like to ask all the members of our team that are in the room today to stand and be acknowledged.

Please join me in giving them a round of applause.

In addition, we have worked with a first rate group of directors:

&bul;           Bijan Kian

&bul;           Diane Farrell

&bul;           Sean Mulvaney

&bul;           Pat Loui

&bul;           Larry Walther

&bul;           And John McAdams

All of whom have completed their terms.

That leaves just Vice Chair Felton and me as the sole members of our Board.

Let me also pause for a moment and acknowledge our Vice Chair.

Wanda has been steadfast in her commitment to the Bank. She joined EXIM right out of college. Then, following a successful 30-year career in the private sector, was nominated twice by President Obama to serve as Vice Chair.

She has harnessed her extensive experience in sub-Saharan Africa putting a sharp focus on our work there.

She's been at my side for most of my time here-someone I rely on, and someone I admire.

Please give her a round of applause.

But she and I simply can't do this alone.

No, really, legally, we can't do this alone.

Back in January, President Obama nominated Mark McWatters to join Vice Chair Felton and me so w