John Jovanovic

Subject

Export-Import Bank of the United States > creating and supporting jobs in America

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Now you notice I didn’t say American companies. I said companies building, manufacturing, operating in America. And that’s a key point, because everything that we do comes down to one word: jobs. We want to create jobs in America, support jobs in America.

Subject

Export-Import Bank > four strategic priorities

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And we walked through four key strategic priorities that I was at the time hoping to reorganize the bank around, reorient it. And those are the four strategic priorities that guide our work today.

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Project Vault > strategic reserve for critical raw materials

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Project Vault is, we think, the best example of [supply chain security]. ... The Vault is able to procure and hold and warehouse and handle on their behalf critical raw materials that they elect.

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Project Vault > a strategic reserve

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They make a commitment to the Vault. The Vault is able to procure and hold and warehouse and handle on their behalf critical raw materials that they elect, right, in the quantities they elect, at the grades they elect. They sign up.

Subject

Supply chain security > cooperation with strategic allies

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Fundamentally this is about derisking our supply chain. In order to derisk our supply chain, we have to work with our strategic allies, right? And so it wasn’t by accident that a day and a half after the president announced Project Vault that I sat in a room at the State Department with fifty-five foreign ministers.

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Political perception of the Ex-Im Bank > a 180-degree change

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JOVANOVIC: So, first off, 180-degree change, on both sides of the aisle by the way. So, you know, we’re dealing with a unique set of challenges in America and the world that requires an economic tool like Ex-Im to work in conjunction with the other economic tools.

Subject

The Export-Import Bank > a skinny reauthorization

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And so we are pursuing what we call probably, we got to figure out a better euphemism for it, but it’s a skinny reauthorization, right? Where we’re effectively moving the dates out. We’re ensuring that there’s continuity of work.

Subject

The Export-Import Bank (Ex-Im) > small and medium-sized businesses

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And so 90 percent of what the bank does all day every day is actually work with small, medium-sized businesses. Ninety percent of the transaction volume, right? We just do a lot more of it.

Subject

The Export-Import Bank (Ex-Im) > skinny reauthorization

Quote from Video

And so we are pursuing what we call probably, we got to figure out a better euphemism for it, but it’s a skinny reauthorization, right? Where we’re effectively moving the dates out. We’re ensuring that there’s continuity of work.

Subject

Export-Import Bank > kinetic weaponry

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Am I asking for us to, you know, export kinetic weaponry? No. That’s insane, right? Like, you know, the White House and the State Department and the Pentagon should make those decisions.

Subject

The United States government > Supply Chain Resiliency Initiative

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So we have tools like the Supply Chain Resiliency Initiative, which allows us to help finance projects outside of the United States that pair with the amount of offtake and resources that are coming to America.

Subject

Project Vault > price volatility

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The way in which we effectuate that transaction is you agree to repurchase it from the Vault in ten years at the same price, plus a modest cost of carry which simply, like, covers the cost of operations and handling. And so that’s the way that we flattened the price volatility.

Subject

Project Vault > price volatility

Quote from Video

The way in which we effectuate that transaction is you agree to repurchase it from the Vault in ten years at the same price, plus a modest cost of carry which simply, like, covers the cost of operations and handling. And so that’s the way that we flattened the price volatility.

Subject

U.S. government > Sub-Saharan Africa

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In particular, Sub-Saharan Africa is not just important to us, it’s built into our statute, right? We have an entire advisory committee that I’m convening focused on Africa.

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The United States > catalyze midstream processing and refining

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So, going back to the question of are we trying to catalyze, you know, midstream processing and refining, while trying to do more in America, of course, trying to also get our allies to do more of it so our puzzle pieces come together in a way that, you know, yields supply chain security, absolutely.

Subject

Poland's nuclear energy project > $17.6 billion in debt financing

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We discussed the project which I believe is, if my memory serves me correctly, $17.6 billion worth of debt financing needed to build the first AP1000 in Eastern Europe, where Poland is where it’s meant to be.

Subject

Ex-Im Bank > potential solar and battery technology transactions in the pipeline

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It’s funny, coming back to supply chain security and, you know, ensuring that American companies win all around the world, we have potential transactions in the pipeline in both of those sectors, right? So it’s a key piece.

Subject

Export-Import Bank of the United States > catalyst for private sector capital

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Big misconception about Ex-Im is that it was corporate welfare. Our job is to catalyze more private sector capital, more capital formation in strategic areas that help create and support more jobs in the United States.

Subject

Export-Import Bank of the United States > less than 1 percent

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Except the facts point to a very different reality, which is since the new accounting rules came into effect, since 1992, billions of dollars of debt has been repaid via the U.S. Treasury, recycling our profits, right, at the default rate that is laughably low, below 1 percent.

Subject

Export-Import Bank of the United States > remediation process instead of a 2 percent default cap increase

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But what we’re asking for isn’t to take 2 percent and raise it. We’re simply saying, what happens when you hit 2 percent, right? Don’t change the goalposts, just let’s have a reasonable process in place to help remediate.

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John Jovanovic > Ex-Im default rate legislation

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What we’re asking for isn’t to take 2 percent and raise it. We’re simply saying, what happens when you hit 2 percent, right? Don’t change the goalposts, just let’s have a reasonable process in place to help remediate.

Subject

John Jovanovic > American taxpayer

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It’s that our fiduciary is the everyday taxpayer. It’s not—you know, sure it’s the it’s the really sophisticated, smart, talented people in this room. It’s also the hardworking people outside, who have never heard of Ex-Im, who work very hard, who pay taxes every day, and want to ensure that their money isn’t wasted.