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Exim Bank

The Export-Import Bank of the United States (EXIM) is the official export credit agency of the United States, an independent federal agency chartered to finance U.S. exports by providing loans, loan guarantees, and export credit insurance to American exporters and their foreign buyers, filling gaps where private sector financing is unavailable or insufficient.^[1]^[2] Established in 1934 by executive order of President Franklin D. Roosevelt as the Export-Import Bank of Washington to promote trade amid the Great Depression, EXIM conducted its first transaction in 1935 with a $3.8 million loan to Cuba and became an independent agency in 1945 under the Export-Import Bank Act, which expanded its lending authority to $3.5 billion for postwar reconstruction efforts.^[2] The bank's name was formalized as the Export-Import Bank of the United States in 1968, and its authority requires periodic congressional reauthorization, most recently extended through December 31, 2026, via the Export-Import Bank Extension Act of 2019.^[2]^[3] Over its history, EXIM has financed infrastructure projects such as the Pan-American Highway in the 1940s and the Burma Road in 1938, as well as modern deals including $4.7 billion for the Mozambique LNG project in 2020.^[2] EXIM's operations are backed by the full faith and credit of the U.S. government, enabling it to assume credit and country risks while aiming for repayment assurance and maintaining a low default rate through portfolio monitoring.^[1] In fiscal year 2024, it authorized $8.4 billion in financing, supporting an estimated 38,000 American jobs, with allocations including $3 billion to counter foreign competition, particularly from China, and $2.3 billion for clean energy exports.^[4] Proponents highlight its role in leveling the playing field against foreign export credit agencies that subsidize competitors, thereby bolstering U.S. manufacturing and small business exports in global markets.^[1]^[5] The bank has faced persistent criticism for functioning as corporate welfare, disproportionately benefiting large corporations such as Boeing—which has received billions in support—while distorting markets, raising consumer prices, and exposing taxpayers to default risks without adequate private-sector alternatives.^[6]^[7]^[8] Its 2015 lapse due to congressional inaction, which halted new financing and led to lost U.S. sales opportunities, underscored debates over government intervention in private credit markets, with opponents arguing it enables cronyism and inefficient resource allocation rather than genuine market failures.^[9]^[10] These controversies have fueled reauthorization battles, reflecting broader tensions between export promotion and free-market principles.^[11]^[12]

Establishment and Mandate

Founding in 1934

The Export-Import Bank of Washington was established on February 2, 1934, by President Franklin D. Roosevelt through Executive Order 6581, issued pursuant to authority granted under the National Industrial Recovery Act of June 16, 1933.^[13] The order authorized the creation of a banking corporation under the laws of the District of Columbia, headquartered at 1825 H Street NW in Washington, D.C., with the explicit purpose of aiding in the financing and facilitation of exports and imports, as well as the exchange of commodities between the United States and foreign nations or their nationals or agencies.^[13] This initiative addressed the national economic emergency characterized by widespread unemployment and industrial disorganization during the Great Depression, aiming to promote the free flow of interstate and foreign commerce, reduce joblessness, and rehabilitate American industry by bolstering export activities.^[13]^[2] The bank's initial capital structure consisted of $1,000,000 in common stock (10,000 shares at $100 each) and $10,000,000 in preferred stock (10,000 shares at $1,000 each), with the common stock funded from appropriations under the National Industrial Recovery Act.^[13] Governance was vested in a board of five trustees, initially comprising Secretary of Commerce Daniel C. Roper, Robert F. Kelley (Minister to Ethiopia), Chester C. Davis (National Recovery Administration administrator), Stanley Reed (counsel for the Reconstruction Finance Corporation), and Lynn P. Talley (former executive of the National Recovery Administration).^[13] The Secretaries of State and Commerce were directed to organize the corporation and appoint its officers, ensuring alignment with federal executive priorities.^[13] Although the bank's charter emphasized broad trade facilitation, its founding was particularly motivated by the need to finance U.S. exports to the Soviet Union amid limited private sector engagement due to diplomatic and credit constraints.^[14] Operations commenced shortly after establishment, with the institution opening on February 12, 1934, as part of broader New Deal efforts to stimulate economic recovery through export promotion, though initial Soviet-focused loans ultimately did not proceed as anticipated.^[15]^[2] The bank's creation reflected a governmental response to the collapse in global trade volumes, which had plummeted during the early 1930s, by providing credit mechanisms unavailable from private banks wary of foreign risks.^[2]

Statutory Charter and Core Objectives

The Export-Import Bank of the United States received its statutory charter through the Export-Import Bank Act of 1945 (Public Law 79-173), enacted on July 31, 1945, which transformed the institution from a temporary entity created by executive order into a permanent federal agency with defined powers and functions.^[16] This legislation, codified primarily at 12 U.S.C. §§ 635 et seq., authorized the Bank to conduct general banking operations in support of international trade while operating as a government corporation independent from direct executive branch control.^[17] Subsequent amendments, including the Export-Import Bank Reauthorization Act of 2012 and the 2015 extension, have periodically renewed and refined the charter, with the most recent full reauthorization extending operations through 2026.^[18] The core statutory objectives, as outlined in 12 U.S.C. § 635(a)(1), center on aiding the financing and facilitation of U.S. exports of goods and services, imports, and exchanges of commodities and payments with foreign countries or their nationals, particularly where private financial institutions are unwilling or unable to provide adequate credit on competitive terms.^[17] This mandate emphasizes supplementing, rather than competing with, private sector financing to promote U.S. commercial interests without distorting markets, while ensuring all activities align with the national interest and contribute to a stable international monetary system.^[17] The Bank's programs must prioritize transactions that enhance U.S. export competitiveness, with a focus on filling financing gaps for buyers abroad, thereby supporting domestic employment in export-oriented industries—estimated by the Bank to underpin over 400,000 American jobs annually through its authorizations.^[19] Key operational principles embedded in the charter require the Bank to maintain self-sustainability, deriving revenues primarily from fees, premiums, and interest on its financing activities to minimize reliance on taxpayer appropriations, as stipulated in 12 U.S.C. § 635(i).^[17] Restrictions prohibit direct competition with private lenders, mandating that financing terms not undercut commercial rates unless necessary to match foreign export credit agency support, and impose economic impact analyses to avoid adverse effects on U.S. industries.^[17] These objectives reflect a congressional intent to bolster U.S. trade without subsidizing inefficient exporters, though critics have argued that the Bank's risk tolerance exceeds private norms, potentially leading to selective interventions favoring large corporations.^[20]

Historical Evolution

Pre-World War II Operations (1934–1941)

The Export-Import Bank of Washington commenced operations in February 1934 following President Franklin D. Roosevelt's Executive Order 6581, with an initial mandate to finance and facilitate U.S. exports and imports, particularly through commodity exchanges amid the Great Depression.^[2] The bank's charter prioritized extending credits for trade with the Soviet Union, following U.S. recognition of that government in late 1933, but no such loans were ultimately disbursed due to unfulfilled Soviet commitments for repayment in commodities like furs and lumber.^[21] In March 1934, a Second Export-Import Bank was created specifically to extend credits to Cuba, with its authority broadened in July to encompass all countries except the Soviet Union, reflecting a pivot toward hemispheric trade under the Good Neighbor Policy.^[22] The bank's inaugural transaction occurred in 1935, comprising a $3.8 million loan to Cuba for the purchase of U.S. silver ingots to support Cuban coinage production; this formed part of five similar loans totaling over $20 million extended to Cuba across the next five years for currency-related imports.^[2] Operations remained modest through 1936, focusing on direct credits to foreign governments or importers for U.S. goods, with the Second Bank's functions consolidated into the original entity later that year via congressional authorization, which also increased capitalization and operational flexibility.^[21] By emphasizing purchases tied to American exports, the bank aimed to counteract declining global demand, though its activities were constrained by the era's protectionist trade barriers and limited private financing availability.^[22] From 1938 onward, the bank ventured into development financing, approving its first such loan of $5.5 million to Haiti for agricultural and infrastructural improvements using U.S. equipment and materials.^[22] That year also saw a $22 million credit extended to China to procure American machinery for constructing the Burma Road, an early foray into Asian infrastructure support amid rising geopolitical tensions.^[2] In Latin America, operations intensified: a $25 million credit in 1940 financed the Volta Redonda steel mill in Brazil, marking the bank's initial industrial project and involving U.S. engineering and equipment exports.^[22] Congress raised the lending ceiling to $700 million in 1940 specifically for Latin American exports, enabling broader hemispheric engagement.^[2] By 1941, as war loomed in Europe, the bank authorized its first credits for the Pan-American Highway, funding road construction in Mexico, El Salvador, Honduras, Nicaragua, Costa Rica, and Ecuador with U.S.-sourced materials and machinery to enhance inter-American connectivity and export markets.^[22] These pre-war efforts cumulatively supported over $100 million in U.S. exports through government-backed credits, primarily to Latin American nations, while adhering to neutrality constraints that limited involvement in belligerent trade.^[21] The bank's model of tying financing to domestic purchases proved instrumental in sustaining U.S. manufacturing output during economic stagnation, though critics noted risks of non-repayment from unstable borrowers.^[2]

World War II and Post-War Role (1941–1970)

During World War II, the Export-Import Bank facilitated U.S. exports critical to Allied efforts, including financing for the Burma Road to supply China with war materials starting in the late 1930s and continuing into the early 1940s.^[22] In 1941, amid escalating global conflict, the Bank approved its first credits for the Pan American Highway project across Mexico, El Salvador, Honduras, Nicaragua, Costa Rica, and Ecuador, enhancing hemispheric infrastructure and defense mobility.^[22] These activities supplemented Lend-Lease programs by supporting commercial exports of strategic goods where private financing was insufficient, though the Bank's direct war-related lending remained limited compared to postwar expansion.^[23] The Export-Import Bank Act of 1945 established the institution as an independent federal agency with a lending authority of $3.5 billion, enabling over $2 billion in authorizations for postwar reconstruction across Europe, Asia, and Africa by facilitating U.S. exports for rebuilding infrastructure and economies devastated by the war.^[22] In 1947, the Bank was designated to administer funds under the Marshall Plan, channeling credits to European nations for purchasing American machinery, raw materials, and consumer goods essential to recovery efforts.^[22] Early postwar examples included $3 million in 1946 for seven aircraft exported to Panair do Brasil and $100 million in credits to Israel in 1948, underscoring the Bank's role in stabilizing allies and promoting U.S. trade amid emerging geopolitical tensions.^[22] In the 1950s and 1960s, as the Cold War intensified, the Bank shifted toward financing U.S. exports of strategic materials and infrastructure to counter Soviet influence, including increased lending from 1948 onward for projects in the Philippines, India (with a New Delhi office opened), and Bolivia's tin smelter.^[24] Notable transactions encompassed 1954 financing for U.S. exports to Peru's Toquepala Mine, $105 million in 1957 for 17 Boeing 707 aircraft to Air France, $110 million in 1962 for an aluminum smelter in Ghana, and $55 million for Portugal's Tagus River Bridge that year.^[22] The Bank introduced short-term export credit insurance in 1960 through the Foreign Credit Insurance Agency, broadening support for smaller exporters, and was officially renamed the Export-Import Bank of the United States in 1968.^[22] By 1970, these efforts culminated in the creation of the Private Export Funding Corporation to handle long-term export finance, reflecting the Bank's evolving mandate to bolster U.S. competitiveness in global markets.^[22]

Expansion and Modernization (1970–Present)

In the 1970s, the Export-Import Bank expanded its financing scope to include novel international engagements, such as authorizing $199 million in credits for the Soviet Union in 1973, marking the first such support for a communist bloc economy.^[22] This period also saw the creation of the Private Export Funding Corporation (PEFCO) in 1970, a government-backed entity designed to supplement Exim's long-term export financing by pooling private capital for direct loans to foreign buyers of U.S. goods.^[22] By 1978, Exim aligned with the OECD Arrangement on Officially Supported Export Credits, standardizing medium- and long-term financing terms globally, while introducing tied aid to link concessional financing to U.S. exports in developing markets.^[22] The 1980s and 1990s brought legislative mandates for modernization, including the Trade and Development Enhancement Act of 1983, which established the Tied Aid Credit Program to counter foreign subsidies in infrastructure projects.^[22] In 1985, Congress required Exim to allocate at least 10% of its medium-term financing to small businesses, a threshold later raised to 20% in 2002 and 25% in 2015 to broaden access beyond large corporations.^[22] The Federal Credit Reform Act of 1990 reformed Exim's accounting by requiring recognition of subsidy costs in direct loans and guarantees, shifting from cash-based to accrual-based budgeting to better reflect fiscal impacts.^[25] The Export Enhancement Act of 1992 further modernized operations by mandating environmental impact assessments for financed projects, integrating sustainability into underwriting criteria.^[22] Entering the 21st century, Exim adopted a carbon policy in 2009, offering up to 18-year repayment terms for renewable energy exports to promote U.S. clean technology abroad.^[22] Reauthorization challenges peaked in 2015 when the Bank's charter lapsed for five months due to congressional deadlock, halting new approvals above $10 million and prompting temporary reliance on advisory board functions; Congress revived it via H.R. 22, the Fixing America's Surface Transportation Act, extending authority through September 2019 while raising the small business target and gradually increasing the exposure limit from $100 billion to $140 billion.^[22] In December 2019, President Trump signed a seven-year reauthorization under P.L. 116-94, restoring full board quorum, easing restrictions on large deals, and emphasizing competitiveness against foreign export credit agencies, exemplified by approval of $4.7 billion for the Mozambique LNG project.^[26] ^[22] Post-2019 modernization efforts included renewing the Exim-PEFCO partnership for 25 years in 2020 to enhance private-sector leverage, alongside COVID-19 relief measures like expanded working capital guarantees.^[22] Recent initiatives reflect a pivot toward domestic priorities and strategic sectors, such as the 2023 approval of $900 million for an Angola solar project and the first $4.7 million domestic manufacturing loan under the Make More in America Initiative, aimed at reshoring supply chains and countering geopolitical rivals.^[22] These developments have sustained Exim's role in financing U.S. exports, with annual authorizations exceeding $100 billion in recent years, though debates persist over its net economic value amid private market alternatives.^[5]

Organizational Framework

Governance and Board Structure

The Board of Directors of the Export-Import Bank of the United States (EXIM) consists of five voting members: the President of the Bank, who serves as Chairman; the First Vice President, who serves as Vice Chairman; and three additional Directors.^[27] All members are appointed by the President of the United States with the advice and consent of the Senate, and they serve staggered four-year terms but hold office at the pleasure of the appointing President.^[27] No more than three Directors may belong to the same political party, and at least one must represent the small business community.^[27] In addition, the Secretary of Commerce and the United States Trade Representative serve as ex officio non-voting members.^[3] A quorum for Board action requires the presence of at least three voting members, and decisions are made by a majority vote of the quorum present, excluding any recused or abstaining members from the vote count but including them for quorum purposes.^[3] ^[27] Without a quorum, the Board cannot conduct business, including approving medium- and long-term financing transactions exceeding $10 million, which has historically constrained operations during periods of vacancies.^[28] If the Board lacks a quorum for more than 120 days, a temporary board comprising the United States Trade Representative, the Secretary of the Treasury, and the Secretary of Commerce assumes authority to exercise Board powers.^[27] The Board holds ultimate authority over Bank policy and operations, including adopting bylaws, designating officers and their duties, and approving significant transactions to ensure alignment with EXIM's statutory mandate of supporting U.S. exports without displacing private sector financing.^[27] ^[3] The President, as chief executive officer, exercises general supervisory powers over daily administration but is subject to Board oversight.^[27] Meetings are held regularly or specially as needed, with all Bank business transactable therein.^[3]

Leadership and Key Personnel

The Export-Import Bank of the United States is governed by a Board of Directors consisting of the President and Chairman, the First Vice President (who serves as Vice Chairman), and three other directors appointed by the President with Senate confirmation for terms not exceeding four years, alongside ex officio non-voting members including the Secretary of Commerce and the U.S. Trade Representative. As of October 2025, the board includes confirmed appointees amid ongoing vacancies in two director positions, reflecting the political appointment process that has historically led to quorum challenges and operational delays.^[29] John Jovanovic serves as President and Chairman, having been confirmed by the Senate on September 19, 2025, for a term expiring January 20, 2029.^[30]^[31] A Princeton University graduate with an MBA from the Wharton School of the University of Pennsylvania, Jovanovic previously held roles in finance and public service, including as managing director for the Western Balkans and the Aegean at the U.S. International Development Finance Corporation from September 2021 onward, where he focused on investment strategy in emerging markets.^[32] Nominated by President Trump in February 2025, Jovanovic has committed to aligning EXIM's operations with priorities such as advancing U.S. manufacturing and countering foreign export financing competition.^[33] James G. Burrows Jr. acts as First Vice President and Vice Chairman, a role he assumed following prior acting leadership positions at EXIM, including during periods of board quorum restoration in 2021 and 2025.^[34] Burrows joined the bank in October 2012 as Vice President for Small Business Group and advanced to Senior Vice President in 2013, overseeing programs for export credit to smaller enterprises before expanding into broader operational oversight.^[35] His tenure spans administrations, emphasizing continuity in export finance administration despite political transitions. Spencer Bachus III holds one of the director positions, sworn in for a term through January 2027 after prior service on the board from 2019 to 2023 and re-nomination in 2023.^[36] A former U.S. Congressman from Alabama (R-AL, 1995–2015) who chaired the House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity, Bachus graduated from Auburn University in 1969 and earned a law degree from the University of Alabama in 1973.^[37] He briefly served as interim President and Chair in January 2025 amid leadership transitions, drawing on his congressional experience in trade and financial regulation.^[38] The remaining director seats remain vacant, limiting full board quorum for certain decisions as of October 2025.^[29] Ex officio members include Howard Lutnick as Secretary of Commerce and Jamieson Greer as U.S. Trade Representative, providing cabinet-level input on trade policy alignment.^[29] Among key personnel supporting the board, the Office of Inspector General is led by Parisa Salehi, responsible for independent audits and investigations into agency operations.^[39] Senior Vice Presidents handle specialized functions, including Kenneth M. Tinsley as Chief Risk Officer, overseeing credit and compliance risks; Courtney Chung as Chief Management Officer, managing administrative and operational efficiency; and Sarah Whitten directing the China and Transformational Exports Program, focused on countering subsidized competition from state-backed financing.^[39] Several executive roles, such as General Counsel and Senior Vice President for Small Business, are filled on an acting or interim basis, indicative of recruitment challenges in a politically appointed environment.^[39] This structure ensures executive implementation of board directives while maintaining statutory independence in financing decisions.

Financing Mechanisms

Export Credit Insurance and Guarantees

Export credit insurance from the Export-Import Bank of the United States (EXIM) protects U.S. exporters against nonpayment by foreign buyers, covering both commercial risks (e.g., buyer default or insolvency) and political risks (e.g., currency inconvertibility, expropriation, or armed conflict). Policies reimburse 90-95% of the invoice principal for most transactions, with 98% coverage available for bulk agricultural commodities; a first-loss deductible applies only to individual losses, not aggregated claims. Premiums are risk-based, varying by payment terms—for instance, $0.65 per $100 of exposure for 1-60 day terms and higher for extended periods—assessed using buyer-specific and country risk factors to ensure actuarial soundness.^[40]^[41]^[42] EXIM offers tailored policy types to match exporter needs: multi-buyer insurance covers an entire portfolio of foreign obligors on a non-cancellable basis, enabling open account sales; single-buyer insurance targets specific high-value or risky transactions without requiring portfolio-wide commitment; medium-term policies address capital goods exports with 1-5 year (or up to 10-year) repayment, often combined with buyer financing; and express options, including Direct Express Select for transactions up to $500,000, provide expedited approval for small and medium-sized enterprises. Letter of credit insurance guarantees payment under confirmed letters of credit, offering 95% coverage for private foreign issuing banks and 100% for sovereign entities, thereby reducing reliance on costly private insurance.^[43]^[44]^[45] Complementing insurance, EXIM's export credit guarantees support lender financing for foreign buyers of U.S. goods and services, typically covering 85% of principal and accrued interest with a mandatory 15% cash down payment from the buyer to align incentives and limit exposure. These guarantees, which can extend up to the useful life of financed exports (e.g., 5-15 years for aircraft), indemnify U.S. financial institutions against default, facilitating competitive terms against foreign export credit agencies like those in China or Europe. In cases of 100% financing needs, such as certain structured deals, full principal and interest guarantees may apply, though structured to minimize moral hazard through buyer equity requirements.^[46]^[47]

Direct Loans and Structured Financing

EXIM's direct loans provide fixed-rate debt financing to creditworthy foreign buyers of U.S. goods and services, enabling U.S. exporters to compete against subsidized offers from foreign export credit agencies when private U.S. lenders decline to extend comparable terms due to risk or cost considerations.^[48] These loans cover up to 85 percent of the U.S. export contract value, focusing exclusively on U.S.-manufactured content, with repayment terms extending up to 15 years for most transactions or 22 years for renewable energy equipment.^[19]^[48] EXIM assumes 100 percent of commercial and political default risks, and financing may include up to 50 percent of eligible local costs incurred by the buyer, such as installation or related services, provided they do not exceed specified thresholds relative to the U.S. contract price.^[48] Eligibility for direct loans mandates U.S.-flag shipping for applicable ocean transport, export origination from the United States, and exclusion of military or defense articles, as well as buyers in countries listed on EXIM's limitation schedule due to debt rescheduling or other risks.^[48] There are no minimum or maximum transaction sizes, making the program applicable to deals ranging from small equipment sales to large infrastructure components.^[48] Applications begin with a nonbinding letter of interest, processed within seven days, followed by a formal application after contract signing; preliminary commitments are available for time-sensitive cases.^[48] All transactions undergo economic impact analysis to ensure no adverse effects on U.S. industries and environmental reviews compliant with international standards.^[48] Structured financing encompasses limited recourse project finance and tailored corporate loans to overseas entities, distinct from standard direct loans by emphasizing project-specific cash flows or enhanced collateral over general buyer credit alone.^[49] In limited recourse arrangements, repayment derives primarily from the project's operational revenues—such as long-term off-take contracts generating hard currency—rather than sponsor guarantees, suiting capital-intensive greenfield developments in sectors like power generation, mining, and transportation infrastructure.^[49] These structures allow customized terms, including extended grace periods and repayment schedules aligned with project ramp-up phases, often co-financed with private banks or other export credit agencies to share risks.^[50]^[51] For established foreign companies, structured finance evaluates balance sheet strength, existing assets, and security packages, applied to expansions or asset acquisitions in telecommunications, oil and gas, or manufacturing.^[49] Historical examples include multi-country fiber-optic cable networks, air traffic control systems, and upstream oil and gas ventures, where EXIM's involvement bridges financing gaps in high-risk markets.^[49] No transaction caps apply, and preliminary assessments occur within 45 days, with eligibility tied to U.S. content thresholds and absence of competitive disadvantages to domestic competitors.^[49] In fiscal year 2023, EXIM's authorizations—including direct loans and structured elements—totaled $8.7 billion, supporting an estimated $10.6 billion in U.S. exports, though specific breakdowns for direct loans alone are not publicly itemized annually beyond aggregate exposure metrics.^[52]^[53] Earlier precedents, such as a $102 million direct loan in 2009 for exporting 27 wind turbines to a foreign project, illustrate the program's role in enabling specific high-value deals otherwise unfeasible without official support.^[54]

Working Capital and Supply Chain Programs

The Export-Import Bank of the United States (EXIM) administers the Working Capital Guarantee Program (WCGP), which provides up to a 90% guarantee to commercial lenders on short-term loans to creditworthy U.S. exporters.^[55] This program enables exporters to secure asset-based financing for pre-export working capital needs, such as raw materials, labor, and inventory tied to foreign orders, by allowing lenders to advance funds against export-related accounts receivable (typically up to 90% of eligible value) and inventory (up to 75%, based on quality and liquidity).^[56] Loans under the WCGP generally have maturities of up to one year, with options for renewal, and support exporters facing financing gaps where private credit is insufficient due to the perceived risks of international transactions.^[57] In response to the COVID-19 pandemic, EXIM temporarily expanded the program in 2020 to include broader eligible inventory definitions, increase advance rates, and raise guarantee coverage to 95% for certain transactions, aiming to sustain export activity amid disrupted supply chains.^[58] Complementing the WCGP, EXIM's Supply Chain Finance Guarantee (SCFG) program targets financing within exporters' domestic supply chains by guaranteeing up to 90% of lender advances on accounts receivable from U.S. suppliers to the exporter.^[59] Under SCFG, suppliers can sell their receivables to approved lenders at a discount for immediate cash, with the program requiring that at least 50% of financed suppliers be small businesses to prioritize domestic small enterprise participation.^[59] This structure facilitates timely payments to suppliers, reduces exporter liquidity strain, and encourages onshoring by making U.S.-based sourcing more financially viable compared to foreign alternatives.^[60] Temporary modifications during the 2020-2021 period waived the small business supplier threshold, permitted financing of receivables from sales to foreign affiliates of U.S. exporters, and elevated coverage to 95%, as authorized under the CARES Act to address pandemic-induced disruptions.^[61] Both programs operate through master guarantee agreements with lenders, who assume the initial credit risk while EXIM backs repayment of principal and interest, with fees structured to cover expected losses (typically 0.25% to 2.5% annually, depending on tenor and risk).^[62] In fiscal year 2023, EXIM reduced WCGP fees for small business-focused transactions to enhance accessibility, reflecting efforts to counter foreign export credit competition.^[63] Recent applications include a 2024 board-approved renewal of SCFG support for U.S. Steel Corporation, underscoring the program's role in sustaining large-scale manufacturing supply chains.^[64] These initiatives collectively aim to bridge financing shortfalls estimated at $100-200 billion annually for U.S. exporters, though uptake remains concentrated among repeat users in sectors like aerospace and heavy machinery.^[54]

Economic and Trade Impact

Measured Contributions to Exports and Employment

The Export-Import Bank of the United States (EXIM) reports that its financing authorizations in fiscal year 2024 supported $8.4 billion in U.S. exports through deals including export credit insurance, guarantees, and direct financing.^[4] These activities are estimated to have sustained approximately 38,000 American jobs, with allocations such as $244.6 million under the Make More in America Initiative supporting an additional 750 jobs in domestic manufacturing.^[4] In fiscal year 2023, EXIM's support facilitated $10.6 billion in export sales and around 40,000 jobs nationwide.^[5] EXIM calculates jobs supported using an input-output modeling framework, which traces the economic linkages between financed exports and employment in U.S. industries producing the goods and services.^[65] This methodology, aligned with frameworks used by the U.S. Department of Commerce, estimates direct, indirect, and induced employment effects from export value, assuming that supported exports reflect additional economic activity.^[66] ^[67] The approach has been scrutinized by the Government Accountability Office for limitations in capturing net job creation versus displacement, though it provides a standardized measure of associated employment.^[68] Empirical analyses confirm EXIM's causal role in enabling exports and associated employment. A study exploiting the 2015–2016 EXIM authorization lapse as a natural experiment found that firms reliant on EXIM support experienced an 18% drop in global sales, reduced exports, layoffs, and curtailed investment during the period of unavailable financing.^[69] Another analysis of the same lapse estimated that a $1 reduction in EXIM trade financing led to a $4.50 decline in exports, with dependent firms contracting revenues and employment.^[70] These findings indicate that EXIM fills financing gaps where private markets fall short, particularly against foreign export credit agencies, thereby supporting incremental U.S. exports and jobs that empirical evidence links to its interventions.^[71]

Empirical Evidence on Net Benefits and Costs

Empirical analyses of the Export-Import Bank's (EXIM) net benefits and costs have primarily relied on natural experiments and econometric evaluations of its operations, with mixed but increasingly supportive evidence for positive net effects in targeted high-friction markets. A key study exploiting EXIM's 2015 charter lapse—which halted new authorizations from July 2015 to early 2016—found that the shutdown caused U.S. product exports to decline by 2.45% to 3.14% overall, with steeper drops of 2.08% to 3.10% in riskier, less financially developed destinations where private financing is scarcer.^[70] Affected firms experienced revenue reductions of approximately $4.90 per $1 of foregone EXIM financing, including spillovers to domestic sales (2.8% to 7.5% pass-through), indicating substantial multipliers from supported trade.^[70] On employment, the same lapse analysis revealed a 9.8% contraction in jobs at EXIM-dependent firms, concentrated among financially constrained exporters facing high trade frictions, such as long distances or political risks.^[70] This causal evidence, derived from difference-in-differences and triple-difference regressions comparing treated firms to untreated peers, suggests EXIM addresses genuine market gaps rather than merely displacing private credit, as unsupported firms did not expand to offset losses.^[70] Investment also fell, particularly among high-productivity firms, exacerbating capital misallocation during the lapse, though EXIM's resumption mitigated these distortions for constrained entities.^[70] Costs include implicit subsidies and taxpayer exposure to defaults, with historical estimates from the 1980s placing annual U.S. export credit subsidies at $1.5 billion to $3.5 billion across major economies, often transferring value to foreign borrowers (50% to 100% of subsidies, depending on exporter market power).^[72] EXIM's operations have generated positive returns to the Treasury—$50 million annually in recent years—due to low default rates and fee structures, but critics argue federal budgeting understates opportunity costs and risks by not fully incorporating market-rate discounting.^[70] Net welfare calculations remain debated: while theoretical models predict lending-country losses from resource distortions, the empirical export and job multipliers exceeding unity (e.g., $4.50 in exports per $1 financed) imply positive net benefits in friction-heavy sectors, outweighing subsidies when additionality holds.^[70]^[72] Independent scholarship highlights that benefits accrue narrowly to large firms like Boeing (historically 30%+ of authorizations), potentially at broader efficiency costs, but lapse-induced declines provide direct evidence against claims of pure crowding out.^[73] Overall, causal studies affirm EXIM's role in boosting measurable outputs without corresponding evidence of equivalent private-sector substitution, though long-term net gains hinge on countering foreign competitors like China's export agencies.^[70]

Criticisms and Market Distortions

Cronyism and Corporate Welfare Allegations

Critics, including free-market think tanks such as the Competitive Enterprise Institute and the Heritage Foundation, have accused the Export-Import Bank of the United States of embodying cronyism by channeling taxpayer-backed financing to politically connected large corporations, enabling rent-seeking where firms lobby for government privileges instead of relying on market competition.^[74]^[75] These operations are alleged to constitute corporate welfare, as the bank's $140 billion in annual exposure primarily subsidizes sectors like aviation and energy, benefiting entities capable of private funding while distorting markets by undercutting unsubsidized competitors.^[75] Boeing has been a focal point, receiving approximately 40% of Ex-Im's loan guarantees and 70% of its activities in fiscal year 2014, with aircraft deals accounting for nearly half of the bank's total financing.^[76] This concentration—small businesses garnered just 25% of aid that year—exemplifies how benefits accrue to profitable giants, as Boeing achieved record revenues in 2018 amid reduced Ex-Im support, suggesting the subsidies prop up market share rather than essential export facilitation.^[76]^[74] Cronyism allegations extend to fraud and mismanagement, with 74 cases uncovered between May 2009 and June 2014 among roughly 400 employees, alongside bipartisan political pressure from beneficiary-heavy districts.^[74] Fair-value accounting estimates reveal projected $2 billion losses from 2015 to 2024, shifting default risks to taxpayers despite official profitability claims, while U.S. exports rose $128 billion from 2014 to 2018 as Ex-Im's portfolio contracted by $52 billion, indicating private financing suffices without such interventions.^[74]^[76]

Concentration of Benefits Among Large Firms

Critics of the Export-Import Bank (Ex-Im) contend that its financing disproportionately accrues to large corporations when evaluated by total value authorized, rather than transaction count, undermining claims of broad-based support for American exporters. In fiscal year 2024, small businesses accounted for 86.4% of Ex-Im's transactions but only 19% of the financing value, with the remainder directed toward larger entities through guarantees, insurance, and loans for high-value deals such as aircraft and heavy machinery exports.^[77] ^[65] This disparity persists despite statutory mandates requiring at least 20% of the bank's program budget to target small businesses, highlighting how mega-deals for multinational firms dominate overall exposure.^[78] Major beneficiaries include aerospace giant Boeing, which historically captured up to 40% of Ex-Im authorizations in peak years like 2014, primarily via loan guarantees for wide-body jet sales to foreign airlines.^[79] From 2007 to 2021, an analysis of federal data showed small businesses receiving just $54.8 billion of the $204 billion in total financing, equating to roughly 27% by value, while conglomerates like Boeing and General Electric secured the lion's share through structured financing for capital-intensive exports.^[80] Such concentration is attributed to the scale of transactions viable for large firms, which can leverage Ex-Im's risk mitigation for deals unattainable in private markets, but it raises concerns over subsidizing profitable entities—Boeing reported $78 billion in 2023 revenue—rather than fostering widespread entrepreneurship.^[81] This pattern fuels allegations of market distortion, as Ex-Im's support enables a few dominant players to undercut competitors without equivalent foreign aid, effectively channeling taxpayer-backed subsidies to entrenched incumbents. Empirical reviews, including those from the Mercatus Center, indicate that over 80% of Ex-Im's activity from 2007 to 2014 benefited fewer than 100 companies, many politically connected, while smaller exporters struggle with administrative barriers and limited access to high-value programs.^[82] Proponents counter that large-firm deals generate spillover jobs and exports, yet independent assessments, such as Congressional Research Service reports, affirm the value-based skew without evidence of proportional small-business uplift in aggregate trade volumes.^[77] The result is a de facto corporate welfare mechanism, where benefits accrue unevenly, amplifying advantages for firms already competitive globally.^[83]

Taxpayer Risk and Fiscal Subsidies

The Export-Import Bank of the United States (Ex-Im Bank) finances exports through direct loans, guarantees, and insurance that carry contingent liabilities for U.S. taxpayers, as the federal government ultimately backs any unrecovered losses from defaults or non-performance. This exposure arises primarily from the Bank's medium- and long-term financing programs, where outstanding commitments totaled approximately $115 billion in global export credit activity as of 2024, with U.S. share including taxpayer-supported obligations. Critics, including analyses from the Mercatus Center, argue that such backing distorts private risk assessment by shifting potential losses from lenders to the public fisc, particularly as the Bank assumes risks in high-hazard markets like aviation and energy where private capital often withdraws.^[83]^[77] Ex-Im Bank's reported default rate on its portfolio stood at 0.929% as of March 31, 2025, calculated based on historical data and sourced from the agency's authorized outstanding exposure. While this rate remains below the statutory cap of 2%, the Bank's Office of Inspector General has warned of vulnerabilities to "severe portfolio losses" due to concentrated exposures in sectors like aircraft financing, where recoveries may lag amid geopolitical or economic shocks. A 2022 review by the Government Accountability Office (GAO) highlighted ongoing deficiencies in fraud risk management, noting that despite improvements, the Bank lacks comprehensive controls over third-party intermediaries, potentially amplifying taxpayer exposure in transactions involving opaque foreign buyers. Under baseline forecasts, median projected losses on non-overdue portfolios were estimated at $0.29 billion as of March 2023, with stress scenarios indicating higher potential shortfalls.^[84]^[85]^[86]^[87] Fiscal subsidies embedded in Ex-Im Bank's operations stem from providing export financing at rates below commercial benchmarks, effectively transferring resources from taxpayers to select exporters via an implicit government guarantee that lowers borrowing costs. The Congressional Budget Office (CBO) has consistently estimated that, under fair-value accounting—which incorporates market risk premiums—the Bank's programs generate net budgetary costs rather than the profits reported under Federal Credit Reform Act (FCRA) methodologies. For instance, a 2014 CBO analysis projected lifetime costs of approximately $2 billion for the decade's activities when adjusting for fair-value, contrasting with FCRA's portrayal of surplus. More broadly, CBO's 2025 estimates for federal credit programs, including Ex-Im, indicate that new loans and guarantees would impose $2.4 billion in lifetime costs, reflecting subsidies that crowd out unsubsidized competitors and impose annual net economic burdens of about $3 billion across 189 U.S. industries per Mercatus Center calculations.^[88]^[89]^[83] These subsidies are not offset by fees in a manner that achieves true neutrality, as FCRA discounting understates long-term risks compared to fair-value approaches, leading to understated taxpayer costs by tens of billions over program lifetimes. Proponents cite low historical defaults to claim self-sustainability, but independent assessments, such as those from the National Taxpayers Union, emphasize that mission expansions into domestic content financing further elevate subsidy demands without proportional revenue, effectively functioning as corporate welfare financed by diffuse public funds.^[11]^[90]

Political and Reform Dynamics

Reauthorization Battles and Lapses

The Export-Import Bank's charter mandates congressional reauthorization every four to five years, sparking debates over its necessity amid claims of corporate welfare and market interference versus arguments for countering foreign export subsidies. Opposition has primarily emanated from fiscal conservatives wary of taxpayer-backed financing that disproportionately aids large firms, such as Boeing, which historically received around 40% of authorizations.^[91]^[92] A pivotal battle unfolded in 2014–2015, when a short-term extension lapsed on June 30, 2015, after House Financial Services Committee Chairman Jeb Hensarling blocked markup to demand reforms, citing the Bank's role in picking winners and losers in global trade. This triggered the first full operational lapse in the agency's 80-year history, halting new medium- and long-term financing above $10 million from July 1 to October 9, 2015—a five-month period during which over 195 transactions worth billions in potential U.S. exports were stalled.^[93]^[22] Reauthorization passed the House 313–118 and Senate via reconciliation, with President Obama signing the four-year extension on October 9, 2015, incorporating measures like increased transparency, domestic content requirements, and an advisory committee on cronyism risks.^[94] Post-2015, functionality remained impaired by a board quorum deficit—requiring three of five directors—from July 20, 2015, to May 2019, as Senate delays on nominees prevented approvals for deals exceeding $100 million, effectively creating a de facto lapse despite the active charter.^[78] The charter expired again on September 30, 2019, briefly suspending operations and pipeline deals until temporary extensions and bipartisan legislation culminated in President Trump signing a seven-year renewal on December 20, 2019, the longest ever, with provisions for a China-focused program and automatic temporary board authority during future quorum gaps.^[26]^[95] This extension, through 2026, faced milder resistance, reflecting shifting priorities toward geopolitical competition, though conservative critiques of subsidies persisted.^[78] As of September 2025, the Bank operates with a three-member board, positioning the 119th Congress for potential pre-2026 renewal debates.^[78]

Policy Reforms and Mandate Shifts

The Export-Import Bank of the United States (EXIM) underwent significant mandate adjustments through the Export-Import Bank Reform and Reauthorization Act of 2015, which reauthorized the bank's charter until September 30, 2019, and introduced constraints to prioritize underserved market segments while curbing support for dominant incumbents.^[96] The Act mandated that at least 25% of EXIM's financing authority be allocated to small businesses, up from a prior 10% target, aiming to expand access for exporters with annual revenues under $35 million or fewer than 500 employees.^[97] It also imposed a $100 billion cap on financing for any single large company with over 85% global market share in its manufactured product category—targeting sectors like commercial aircraft—and required EXIM to deny support unless private financing was demonstrably unavailable.^[96] Further reforms in the 2015 Act shifted EXIM's operational guidelines toward greater emphasis on domestic economic benefits, including policies to favor transactions maximizing U.S. content and worker jobs, as well as supply chain vulnerability assessments for financed exports.^[98] The legislation required implementation of environmental and social impact guidelines for high-risk projects, tying approvals to compliance with international standards like those of the OECD, and mandated annual reports on financing tied to human rights concerns.^[99] These changes reflected a mandate evolution from broad export credit supplementation to more conditional support, with EXIM required to develop a "tie-breaker" policy for competitive bids equivalent to foreign export credit agencies, prioritizing U.S. competitiveness only in tied scenarios.^[96] Subsequent mandate refinements occurred in the 2019 reauthorization under the Export Control Reform Act, extending EXIM's authority through December 31, 2026, while addressing operational lapses by establishing a temporary board quorum provision—allowing the U.S. Trade Representative and Treasury Secretary to form a interim board if vacancies persist beyond 120 days.^[95] This Act preserved 2015 small business and market-share limits but added flexibility for strategic financing, such as in renewable energy and critical minerals, without altering core exposure caps set at $140 billion in outstanding obligations.^[3] Overall, these reforms incrementally narrowed EXIM's mandate from unrestricted export promotion—rooted in its 1934 origins as a Depression-era financier—to a more disciplined role emphasizing additionality (financing unavailable from private markets), domestic content, and countering foreign subsidies, though implementation reviews noted uneven progress in areas like supply chain policies by 2019.^[99]

Bipartisan Debates on Role in Free Markets

Critics of the Export-Import Bank (Ex-Im) from both major U.S. political parties have argued that its operations represent government intervention incompatible with free-market principles, primarily by subsidizing exports through taxpayer-backed loans and guarantees that distort resource allocation and crowd out private financing. Conservative opponents, including Senator Ted Cruz (R-TX), contended during the 2015 reauthorization debate that the Bank "kills American jobs" by favoring foreign investments over domestic ones and enabling cronyism, where politically connected large firms like Boeing receive disproportionate benefits at the expense of market competition.^[100]^[101] This view aligns with analyses from free-market organizations asserting that Ex-Im financing substitutes for private credit rather than expanding exports, as evidenced by studies showing no net addition to U.S. trade volumes from its activities.^[102] On the Democratic side, Senator Elizabeth Warren (D-MA) assailed the Bank in June 2015 for routinely failing to meet congressional mandates requiring at least 20% of its authority to support small businesses, instead channeling funds to major corporations and thereby perpetuating corporate welfare under the guise of export promotion.^[103] These bipartisan critiques gained traction during periods of charter lapses, such as from June 2015 to December 2015, when the Bank's expiration—driven by a coalition of libertarian-leaning Republicans and fiscal conservatives—highlighted tensions between ideological commitment to limited government and pragmatic business interests. Heritage Foundation scholars described Ex-Im as "an offense against free market capitalism" for propping up government-favored companies with taxpayer resources, arguing that such interventions create moral hazard by encouraging risky corporate behavior reliant on federal backstops rather than market discipline.^[8] Similarly, Mercatus Center research emphasized that the Bank's privileges undermine market legitimacy by picking winners, with benefits concentrated among a few large exporters while imposing diffuse costs on taxpayers and competitors.^[79] Even as reauthorization efforts proceeded, these arguments underscored a shared skepticism across party lines that Ex-Im's structure incentivizes inefficiency, as private markets could theoretically handle export financing absent foreign distortions—though empirical data on private sector gaps remains contested. Defenders, often from establishment figures in both parties, counter that unilateral adherence to free-market ideals ignores global realities where foreign export credit agencies, particularly China's, provide subsidized financing totaling over $100 billion annually, necessitating Ex-Im's role to maintain U.S. competitiveness without net fiscal cost to the government.^[91]^[104] This perspective framed reauthorizations, such as the 2019 push under President Trump despite conservative opposition from groups like the Club for Growth, as pragmatic responses to "market-distorting" foreign practices rather than endorsements of interventionism.^[104] However, the persistence of debates reveals an underlying bipartisan unease: while Republicans like Cruz prioritize dismantling crony elements to restore market purity, progressive Democrats like Warren demand reforms to redirect benefits toward smaller entities, yet both question whether Ex-Im's selective support aligns with undistorted competition or merely entrenches incumbent advantages. Empirical reviews, including Government Accountability Office reports, have noted limited evidence of private market failures justifying intervention, fueling ongoing scrutiny of the Bank's free-market compatibility.^[105]

Recent Operations and Global Context

Post-2020 Reauthorizations and China Focus

The 2019 reauthorization extended the Export-Import Bank's charter through December 31, 2026, incorporating mandates to address distortions from Chinese state-supported export financing without subsequent reauthorizations as of October 2025.^[106] ^[77] This framework directed the Bank to prioritize countering People's Republic of China (PRC) subsidies via the China and Transformational Exports Program (CTEP), aimed at neutralizing official export credits, tied aid, and blended financing that disadvantage U.S. exporters.^[107] CTEP targets competition in infrastructure, energy, and high-technology sectors where PRC entities like the Export-Import Bank of China provide concessional terms, enabling U.S. firms to offer extended repayment tenors and policy flexibilities otherwise restricted under OECD Arrangement guidelines.^[108] Post-2020 implementation emphasized CTEP's 10 transformational export areas, including semiconductors, biotechnology, and artificial intelligence, to bolster U.S. supply chain leadership against PRC dominance documented in annual competitiveness reports.^[109] In fiscal year 2020, amid pandemic disruptions, the Bank authorized $1.8 billion in medium- and long-term support while launching the Chairman's Council on China Competition to advise on strategic responses, convening its first 2020-2021 meeting in October.^[110] ^[111] These reports highlighted PRC export credit agencies' aggressive activity, tracking over 1,200 projects via dedicated databases to inform U.S. countermeasures.^[112] ^[113] By fiscal year 2023, authorizations surged to $8.7 billion, with $2.4 billion in CTEP-eligible transactions focused on areas like critical minerals to offset PRC influence.^[114] Notable post-2020 efforts include the Single Point of Entry partnership with Export Finance Australia, announced for joint financing of critical mineral projects, allowing streamlined approvals and extended terms to compete directly with PRC-backed supply chains.^[115] This China-centric pivot persisted into 2025, with the Bank's activities screened for economic impact to avoid subsidizing foreign competitors, amid congressional anticipation of 2026 reauthorization debates on sustaining such mandates.^[116] ^[5]

2024–2025 Activities and Board Transitions

In fiscal year 2024, the Export-Import Bank of the United States (EXIM) approved 1,424 transactions totaling $8.4 billion in financing, supporting an estimated $12.4 billion in U.S. exports and 38,000 American jobs.^[77]^[4] Of this, approximately $3 billion targeted competition with China, while $2.3 billion financed clean energy initiatives. Notable approvals included a $1.6 billion guarantee for Angola on July 18, 2024, facilitating U.S. exports in energy infrastructure.^[65] Entering 2025, EXIM's board, facing term expirations for three of its four members on January 20, underwent significant transitions under the incoming Trump administration. President Trump established a board quorum via acting appointments on February 28, 2025, enabling resumed operations for larger transactions after prior constraints.^[117] This new board, comprising Trump appointees, approved a $4.7 billion loan guarantee for the Mozambique LNG project on March 14, 2025, despite environmental criticisms from advocacy groups.^[118] Further approvals included over $350 million in transactions on March 31, 2025—featuring the seventh "Make More in America" initiative—and more than $1 billion on July 11, 2025, supporting domestic manufacturing and exports.^[119]^[120] In June 2025, EXIM considered a $120 million loan for a Greenland rare earths project to diversify supply chains away from China.^[121] John Jovanovic, nominated by President Trump on February 16, 2025, was confirmed by the Senate as EXIM President and Chairman on September 19, 2025, and sworn in shortly thereafter, pledging alignment with administration priorities for American exports.^[30]^[117] EXIM also hosted its 2025 Annual Conference starting April 29, recognizing 12 U.S. exporters for outstanding performance, and planned events like the National Small Business Exporter Summit on October 29, 2025.^[122]^[123] These activities underscored EXIM's focus on strategic financing amid global competition, with fiscal year 2025 projections anticipating self-financing through $328.9 million in excess fees over losses.^[106]

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Export-Import Bank: More Detailed Information about Its Jobs ...
May 23, 2013 · Ex-Im provides loans, guarantees, and insurance to U.S. exporters. One of Ex-Im's primary missions is to support U.S. jobs through exports. In ...Missing: measured contributions<|separator|>
[69]
[PDF] EXIM's Exit: The Real Effects of Trade Financing by Export Credit ...
Firms relying on EXIM support experienced an 18% drop in global sales, reduced exports, layoffs, and curtailed investment after the shutdown.
[70]
[PDF] EXIM's Exit: The Real Effects of Trade Financing by Export Credit ...
A $1 reduction in EXIM trade financing reduces exports by approximately $4.50. EXIM-dependent firms also experience a contraction in total revenues, investment ...
[71]
Does the US EXIM Bank really promote US exports? - Agarwal - 2018
Aug 14, 2017 · This paper investigates the impact of US Export-Import Bank (EXIM) on US exports particularly in the wake of international competition from ...
[72]
[PDF] The Benefits and Costs of Official Export Credit Programs
9.1 Introduction. Governments support export credits in, broadly, two ways: through direct loan and subsidy programs and through insurance and guarantee.
[73]
The Export-Import Bank: What the Scholarship Says
To summarize the theoretical literature: Export subsidies such as those provided by the Ex-Im Bank have broad costs and narrow benefits. The benefits accrue ...
[74]
How the Ex-Im Bank Enables Cronyism and Wastes Taxpayer Money
Sep 9, 2019 · The Export-Import Bank should be closed for a number of reasons, including internal corruption, corporate rent-seeking, and economic ...
[75]
The Export–Import Bank: A Government Outfit Mired in ...
Apr 29, 2014 · The Export–Import Bank is little more than a conduit for corporate welfare beset by unreliable risk management, inefficiency, and cronyism.Missing: allegations | Show results with:allegations
[76]
Kill The Boeing Bank Once and For All | Mercatus Center
Apr 8, 2019 · The leader of the winner's pack was Boeing which would score 70 percent of all Export-Import Bank loan guarantees and 40 percent of all activities.
[77]
Export-Import Bank: Overview and Issues for Congress
Sep 25, 2025 · A wholly owned U.S. government corporation, Ex-Im Bank aims to support U.S. jobs by financing and facilitating U.S. exports, chiefly when (1) ...
[78]
https://crsreports.congress.gov/product/pdf/IF/IF10017
[79]
The Export-Import Bank: Winners and Losers of Government ...
Among the top ten domestic beneficiaries of the Ex-Im Bank is Boeing. At a 40 percent share of total Ex-Im Bank loan authorizations in 2014, Boeing dwarfs ...
[80]
Export-Import Bank 2007-2021 | OpenTheBooks Oversight Report
Jul 24, 2022 · Small businesses, supposedly the intended beneficiary of the Export-Import Bank, received only $54.8 billion of the over $204 billion in ...
[81]
[PDF] Who Benefits from the Export-Import Bank Aid?* - Effi Benmelech
9 Larger firms have, in general, greater ease in obtaining working capital loans, providing trade credit to their customers, and hedging against counterparty ...
[82]
Public Data Suggest Ex-Im Bank Is Not for Everyone | Mercatus Center
The charts show that despite the rhetoric, Ex-Im assistance primarily benefits a handful of large corporations while barely penetrating the demographics that ...
[83]
Should the US Export-Import Bank Be Reauthorized?
That authorization has ended, and Congress once again must consider the facts surrounding the Export-Import Bank's reauthorization. ... | Corporate Welfare ...Missing: empirical | Show results with:empirical
[84]
[PDF] Default Rate Report - EXIM Bank
Mar 31, 2025 · 1 EXIM's default rate as of March 31, 2025, was 0.929 percent as shown in Exhibit 1. Data used to calculate the default rate is sourced from ...
[85]
[PDF] testimony on the us export-import bank
Jun 25, 2014 · First, Ex-Im yields a minuscule influence on US exports. At most, Ex-Im can claim to influence roughly 2 percent of both.<|control11|><|separator|>
[86]
The Bank Needs to Continue to Improve Fraud Risk Management
Jul 19, 2018 · The Export-Import Bank of the United States helps U.S. companies that want to sell to foreign buyers but can't get private financing.
[87]
[PDF] default rate report - EXIM Bank
Mar 31, 2023 · Under the baseline forecast, the median loss amount for the current non-overdue portfolio is $0.29 billion.
[88]
Export-Import Bank Costs Taxpayers $2 Billion a Decade
May 24, 2014 · The Congressional Budget Office reported May 22 that if Ex-Im used proper accounting methods, it would be budgeted as a $2 billion cost to the ...Missing: fiscal | Show results with:fiscal
[89]
Estimates of the Cost of Federal Credit Programs in 2025
Aug 30, 2024 · CBO estimates that new loans and loan guarantees issued in 2025 would cost the federal government $2.4 billion over their lifetime.
[90]
Estimates of the Cost of Federal Credit Programs in 2022
Oct 6, 2021 · For every program that CBO analyzed, the projected fair-value subsidy rate is higher than the projected FCRA subsidy rate—about 4.5 percentage ...
[91]
The fight over the Export-Import Bank, explained - Vox
Jun 30, 2015 · A good summary of the criticisms against the Export-Import Bank can be found in this brief from Cato's Sallie James. “The Ex-Im Bank claims ...
[92]
How Conservatives Lost the Battle Over the Export-Import Bank
Dec 3, 2015 · By refusing to put the reauthorization through committee, Ex-Im opponents tied their own hands, losing the ability to amend the bill and reform ...Missing: lapses | Show results with:lapses
[93]
Hensarling Statement on Expiration of Export-Import Bank's Charter
Jun 25, 2015 · The charter for the Export-Import Bank will expire on June 30, but that expiration will have no impact on Ex-Im's current obligations.Missing: lapses | Show results with:lapses<|separator|>
[94]
The Ex-Im Bank: Back in Business
On December 4, 2015, President Obama signed the FAST Act, containing the text of the bipartisan “Export-Import Bank Reform and Reauthorization Act of 2015,” ...Missing: 1970s 2020s
[95]
The Export-Import Bank Reauthorization - CSIS
Jul 31, 2019 · The reauthorization of ExIm has always been polarizing for lawmakers. There are many who argue that the bank is crucial to U.S. strategic trade ...Missing: history battles
[96]
Export-Import Bank Reform and Reauthorization Act of 2015
This bill amends the Export-Import Bank Act of 1945 to set at $135 billion, for each of FY2015-FY2019, the authorized aggregate amount of loans, guarantees, ...
[97]
Export-Import Bank Reform and Reauthorization Act of 2015
This Act may be cited as the Export-Import Bank Reform and Reauthorization Act of 2015 . (b). Table of contents. The table of contents for this Act is as ...
[98]
[PDF] The Charter of the Export-Import Bank of the United States
12 U.S.C., Chapter 6A, Subchapter I, General Provisions. Charter. Section ... (12 U.S.C. § 635 note). (a) Prohibition on Financing for Persons that Engage ...
[99]
[PDF] EXIM's Implementation of Key Provisions of the 2015 Reform and ...
May 23, 2019 · Our review of the 2015 Reauthorization Act identified 17 provisions, of which the Bank is responsible for 14. The provisions in the Act task ...
[100]
ICYMI: Sen. Cruz: It's Time to Break the Washington Cartel
Jun 24, 2015 · The Export-Import Bank kills American jobs, and often favors foreign investment over American investment. It also has this terrible record of ...
[101]
Sen. Cruz to Senate Leadership: Keep the Export-Import Bank Expired
Jul 21, 2015 · US Sen. Ted Cruz (R-Texas) today called on Senate leadership to prove that there was no corrupt deal to allow the reauthorization of the Export-Import Bank.Missing: free markets
[102]
Trade Under Blockade - Competitive Enterprise Institute
May 27, 2025 · We now have evidence that this argument is false: EXIM does not finance additional exports; instead, it largely substitutes for other forms of ...
[103]
Warren assails Export-Import Bank - The Hill
Jun 2, 2015 · Elizabeth Warren (D-Mass.) accused the Export-Import Bank Tuesday of failing to meet congressional mandates to finance small businesses. Warren ...
[104]
Conservatives challenge Trump's push to resurrect export bank
May 6, 2019 · Conservative groups are clashing with the Trump administration and fellow Republicans in Congress who are seeking to revive the Export-Import Bank.
[105]
[PDF] T-NSIAD-97-215 Export-Import Bank
Since fiscal year 1993, the Eximbank has issued guarantees related to 25 project finance deals totaling $6.4 billion (the estimated value of these projects was ...
[106]
[PDF] FY 2025 Congressional Budget Justification - EXIM Bank
In December 2019, The Export-Import. Bank Extension (P.L. 116-94, Div. I, Title IV) fully reauthorized EXIM through December 31, 2026. The mission of EXIM is ...Missing: October | Show results with:October
[107]
China and Transformational Exports Program Strategic Context ...
The Program's purpose is to directly neutralize export subsidies for competing goods and services financed by official export credit, tied aid, or blended ...Missing: focus | Show results with:focus
[108]
China and Transformational Exports Program (CTEP) - EXIM Bank
The China and Transformational Exports Program (CTEP) is a mandate for EXIM to help US exporters facing competition from the People's Republic of China (PRC).PRC Competition · Comparing CTEP · Critical Minerals · 5G Content PolicyMissing: 2020 activities<|control11|><|separator|>
[109]
https://www.exim.gov/about/special-initiatives/ctep/10-transformational-export-areas
[110]
U.S. EXIM Bank says 2020 financing volume still far below global ...
Jun 30, 2021 · In its annual competition report here to Congress, EXIM said it authorized $1.8 billion in official medium- and long-term export credit support ...
[111]
EXIM Chairman's Council on China Competition Holds First Meeting ...
Oct 18, 2020 · EXIM Chairman's Council on China Competition Holds First Meeting for 2020-2021 ... The meeting was opened by Ambassador Paula Dobriansky, who ...
[112]
[PDF] CY2020 China Database Online Chapter Final.pdf - EXIM Bank
EXIM attempts to verify the validity of the financial terms and conditions of the transactions within the database, refines its methodology, and compares its ...
[113]
Competitiveness Reports | EXIM.GOV
2019 Competitiveness Report Competing for Jobs Through Exports Fact Sheet Additional online only chapters: Chinese ECA Project DatabaseMissing: activities | Show results with:activities
[114]
[PDF] 2023.12.20-exim-report-on-transformational-export-areas.pdf
In Fiscal Year 2023, EXIM authorized more than $8.7 billion in financing, its best performance since reauthorization in 2019. Of those transactions, $2.4.
[115]
https://www.exim.gov/about/special-initiatives/ctep/critical-minerals
[116]
Economic Impact | EXIM.GOV
The requirement to establish procedures to implement Ex-Im Bank's economic impact analysis is set forth in 12 U.S. Code Section 635a-2. [3] Congress defined the ...
[117]
President Trump Strengthens Export-Import Bank of the United ...
Feb 28, 2025 · President Donald J. Trump has designated two Export-Import Bank of the United States (EXIM) senior officials to key leadership positions in acting capacities.
[118]
Trump-Appointed US EXIM Board Approves Controversial $4.7 ...
Mar 14, 2025 · The newly appointed board of the Export-Import Bank of the United States (US EXIM), selected by the Trump administration, has approved a $4.7 billion loan to ...
[119]
Export-Import Bank of the United States Approves More Than $350 ...
Mar 31, 2025 · The first transaction of the day was an $11 million loan for IperionX Technology LLC to support the purchase and installation of industrial ...
[120]
Export-Import Bank of the United States Board of Directors Approves ...
Jul 11, 2025 · The first transactions of the day were three approvals to support the export of aircraft and spare propulsion equipment to Turkish Airlines.
[121]
Exclusive: US Export-Import Bank considers $120 million loan for ...
Jun 15, 2025 · Exclusive: US Export-Import Bank considers $120 million loan for Greenland rare earths project · Loan aims to reduce US reliance on China for ...
[122]
Export-Import Bank of the United States to Host 2025 Annual ...
Apr 4, 2025 · Two-Day Flagship Event Will Highlight Government-To-Business Opportunities as Well as Key Industry and Government Leaders.
[123]
Export-Import Bank of the United States Recognizes Twelve ...
Apr 30, 2025 · Since becoming an EXIM customer in 2011 and exporting since 2000, West Paw has achieved $5.2 million in lifetime volume and $15.3 million in ...Missing: achievements facts