elmendorf, you're now recognized. >> thank you, mr. chairman. ranking member waters and members of the committee, i'm pleased to be here to discuss cbo's estimates of the budgetary costs of the export/import bank's credit programs. i want to emphasize that cbo has not analyzes the operations of the bank or the economic impact of its programs. our analysis has been limbed to the direct effects of the bank on the federal budget. as you may know, cbo uses two different approaches to estimate the budgetary costs of federal credit programs. one approach reflects procedures currently used in the budget under the federal credit reform act of 1990, or fcra. the other approach known as fair value reflects the market value of the government's credit assistance. for fiscal years 2015 to 2024, cbo found that xm bank's six largest credit programs would generate budgetary savings of about $14 billion under fcra accounting, but cost $2 billion under fair value accounting. both estimates are based on xm bank's projections of cash flows for those credit programs

doug elmendorf, director of nonpartisan budget office. we welcome you to the committee. without objection your written statement will be made part of the record after your oral remarks. hopefully all of you have testified before the committee before. you know the lighting system. i will not go into that. you are recognized for your testimony, chairman. pull the microphone. >> chairman, committee members, thank you for inviting me to testify before you as the committee considers our reauthorization and progress that xm bank has made in supporting u.s. jobs through exports. since our last reauthorization just two short years ago, x has supported nearly half a million american jobs while generating nearly $2 billion for the taxpayers. xm bank met all of the reporting requirements set for for reauthorization bill and implemented several of the reforms. at xm bank we're exited to continuous improvement and effective risk management. when i testified before this committee last june i committed to hiring a risk officer full year-round and we complete thad on time. under his lea

doug elmendorf, director of nonpartisan budget office. we welcome you to the committee. without objection your written statement will be made part of the record after your oral remarks. hopefully all of you have testified before the committee before. you know the lighting system. i will not go into that. you are recognized for your testimony, chairman. pull the microphone. >> chairman, committee members, thank you for inviting me to testify before you as the committee considers our reauthorization and progress that xm bank has made in supporting u.s. jobs through exports. since our last reauthorization just two short years ago, x has supported nearly half a million american jobs while generating nearly $2 billion for the taxpayers. xm bank met all of the reporting requirements set for for reauthorization bill and implemented several of the reforms. at xm bank we're exited to continuous improvement and effective risk management. when i testified before this committee last june i committed to hiring a risk officer full year-round and we complete thad on time. under his lea