hochberg:. that's correct. when we insure those ads zero through credit insurance, they will then blend 75%, 80%, 90%. so they can blend capital and get their goods overseas. sen. scott: having operations in making sales and 90 countries, not to be able to use a part of those receivables to determine their cash flow would be a crippling impact if they lost that opportunity. mr. hochberg: it totally disables them and impedes their seeking export sales in the job succumb with them. sen. scott: i was invited to dinner from somhohohohohohohohoopportunity for me. tom, will you talk to? those folks briefly thank you very much. ? they suggest major players in the aviation world that are very much in opposition to the xm bank, i wonder some of those players perhaps access something like export financing and other countries. are you aware of any of those folks? mr. hochberg: the regional jets that we all fly on -- all american players are made into countries. they are made in brazil and in canada. i know for a fact that

hochberg will address several of these in his testimony before us today. i think it goes without saying that taxpayers is should not be asked to back stock xm's $110 billion portfolio if the bank cannot adequately manage its risk of loss. much has been said about how xm historically returns money to the taxpayer each year and i'm sure we'll hear that today. this does not take into account losses that could occur based on a variety of factors, including economic uncertainty and xm's disproportionate exposure to several industries geographic areas and large single foreign customers. any discussion of the bank's future i believe must include a serious examination of whether or not xm can substantially improve its accounting for these and other risks. i'm concerned that the reforms that are necessary may simply not be achievable. nevertheless i look forward today to hear mr. hochberg's remarks as the committee takes another hard look at the export-import bank. senator brown. >> thank you, mr. chairman or holding today's hearings and thank you care man hochberg

as fred hochberg, the chairman of ex-im has written ex-im has given $590 billion in loans in guarantees and insurance over its entire history. but chinese institutions, chinese export financing institutions have provided an estimated $670 billion in just the past two years. in other words mr. president china has done more in just two years to support the financing of their exporters that our export-import bank has done in its entire 80-year history and at no cost to the taxpayer. the bottom line is that american jobs are at stake in this debate and if we fail to keep the doors open to the export-import bank, we'll fail a lot of american workers. every year ex-im supports hundreds of thousands of jobs and shut terg it will put them at risk. in fact, as "the wall street journal" reported just this morning, american companies worry that global competition is -- quote -- "so cut-throat that they'd be forced to move manufacturing overseas to ship american manufacturing jobs out of the united states if the ex-im bank does not remain open." at a time when our economy is continuing to gain stea

president hochberg how do you see the role that the ex-im bank place in bolstering u.s.national security and foreign policies of the services that provide u.s. companies? >> well thank you senator menendez and thank you for your support. let's be clear, number one are in our number one priority is u.s. jobs. we are here to support u.s. jobs through financing exports. that said obviously national security and -- security go hand-in-hand. we work with another number of defense contractors that are moving into commercial fields. i scoff is a good example. there are number of them financing but most importantly it's about u.s. jobs but clearly if you have energy security and dimension nuclear is one of the areas that we have been active in commercial banks are reluctant to engage in an certainly reluctant to engage without our insistence on guarantees i think there's a close relationship between those national security interests economic security and jobs. c let me ask another question. china has been particularly aggressive and export financing. as of 2013 it extended over