Export-Import Bank: Overview and Reauthorization Issues

The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned U.S. government corporation, is the official export credit agency (ECA) of the United States. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. Under its cha...

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Bibliographic Details
Published in:Policy File 2015
Main Author: Akhtar, Shayerah Ilias
Format: Report
Language:English
Subjects:
Banking/Finance
Federation of American Scientists
Government
International trade
Online Access:Request full text
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Summary:The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned U.S. government corporation, is the official export credit agency (ECA) of the United States. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. Under its charter, Ex-Im Bank's financing must have a "reasonable assurance of repayment" and should supplement, and not compete with, private capital, among other requirements. The Bank also abides by international rules for government-backed export credit activity under the Organization for Economic Co-operation and Development (OECD). Ex-Im Bank uses offsetting collections to cover costs of its operations. Members of Congress hold a range of views on Ex-Im Bank. Proponents assert that the Bank supports U.S. exports by addressing market failures that dampen export levels and helping U.S. exporters compete against foreign companies backed by their governments' ECAs. Critics oppose the use of taxpayer funds for private benefit, whether for large or small businesses, and contend that the private sector is more efficient in financing exports.