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|formed = February 2, 1934 |formed = February 2, 1934
|headquarters = ]<br>] |headquarters = ]<br>]
|employees = 395 (2006) |employees = 402 (2013)
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|chief1_name = ] |chief1_name = ]
|chief1_position = Chairman and President |chief1_position = Chairman and President
|website = |website =
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The '''Export-Import Bank of the United States''' ('''Ex-Im Bank''') is the official ] of the ]. It was established in 1934 by an ], and made an ] in the Executive branch by ] in 1945, for the purposes of financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept ]. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a two-year term in 2012.<ref name="House Bill 2072">, which became Public Law 112-122 on May 30, 2012.</ref> Its Charter spells out the Bank's authorities and limitations. Among them is the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal. Its current chairman is ]. The '''Export-Import Bank of the United States''' ('''Ex-Im Bank''') is the official ] of the ] and is self-sustaining.<ref>{{cite web|last=Export-Import Bank|first=United States|title=The Facts about Ex-Im Bank|accessdate=10 June 2013}}</ref> It was established in 1934 by an ], and made an ] in the Executive branch by ] in 1945, for the purposes of financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept ]. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three-year term in 2012.<ref name="House Bill 2072">, which became Public Law 112-122 on May 30, 2012.</ref> Its Charter spells out the Bank's authorities and limitations. Among them is the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal. Its current President and Chairman is ].<ref>{{cite web|last=Export Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>


== Export-Import Bank == == Export-Import Bank ==
] ]
The U.S. Export-Import Bank (Ex-Im Bank) is the principal government agency responsible for aiding the export of American goods and services through a variety of loan, guarantee, and insurance programs. Generally, its programs are available to any American export firm regardless of size. Similar banks, or ] (ECAs), are operated by a number of foreign countries. Many ECAs agree to conduct their activities by following a set of common rules and principles through their membership in the ] (OECD); these ECAs are generally in the so-called "developed" countries. The goal is to permit exporters in various countries to compete on the basis of the quality of their goods and services, not on preferential financing terms. Other ECAs, such as the ]<ref>{{cite web|url=http://english.eximbank.gov.cn/ |title=The Export-Import Bank of China |publisher=English.eximbank.gov.cn |date= |accessdate=2011-12-27}}</ref> (in the ]) do not abide by the OECD rules. The Export-Import Bank of the United States (Ex-Im Bank) is the principal government agency responsible for aiding the export of American goods and services through a variety of loan, guarantee, and insurance products. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three year term in 2012.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Export-Import Bank Reathorization of 2012|url=http://www.gpo.gov/fdsys/pkg/PLAW-112publ122/pdf/PLAW-112publ122.pdf|accessdate=10 June 2013}}</ref> The Charter spells out the Bank's authorities and limitations. Among them is the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risk inherent in the deal.<ref>{{cite web|last=Export-Import Bank|first=United States|title=The Charter of the Export-Import Bank of the United States|url=http://www.exim.gov/about/whoweare/charterbylaws/upload/Updated_2012_EXIM_Charter_August_2012_Final.pdf|accessdate=10 June 2013}}</ref> Ex-Im Bank's Charter provides that Ex-Im Bank makes available "not less than 20%" of its lending authority to small businesses.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Charter of the Export-Import Bank of the United States Sec.2(b)(1)(E)(v)|url=http://www.exim.gov/about/whoweare/charterbylaws/upload/Updated_2012_EXIM_Charter_August_2012_Final.pdf|accessdate=10 June 2013}}</ref>
Generally, its products are available to support export sales for any American export firm regardless of size. Similar banks, or ] (ECAs), are operated by 60 foreign countries.<ref>{{cite web|last=Organisation for Economic Cooperation and Development|first=United States|title=OECD: Better Policies For Better Lives|url=http://www.oecd.org/unitedstates/|accessdate=17 June 2013}}</ref> Many ECAs agree to conduct their activities by following a set of common rules and principles through their membership in the (OECD); these ECAs are generally in the so-called "developed" countries. The goal is to permit exporters in various countries to compete on the basis of the quality of their goods and services, not on preferential financing terms. Other ECAs, such as the ]<ref>{{cite web|url=http://english.eximbank.gov.cn/ |title=The Export-Import Bank of China |publisher=English.eximbank.gov.cn |date= |accessdate=2011-12-27}}</ref> (in the ]), Ex-Im Bank of Russia, Brazil, and India, do not abide by the OECD rules.

==Offices throughout the United States==

]

===Midwest<ref>{{cite web|last=Export-Import Bank|first=United States|title=Regional Export Finance Centers|url=http://www.exim.gov/about/contact/regional-export-finance-centers.cfm|accessdate=17 June 2013}}</ref> ===

'''Chicago'''

200 West Adams Street

Suite 2450

Chicago, IL 60606

Tel: (312) 353-8081

Fax: (312) 353-8098

Website:


'''Detroit'''

440 Burroughs Street

Suite 315

Detroit, MI 48202

Tel: (313) 309-4158

Website:


'''Minneapolis'''

100 North 6th Street

Suite 210-C

Minneapolis, MN 55403

Tel: (612) 348-1213

Website:


===Northeast and Mid-Atlantic<ref>{{cite web|last=Export-Import Bank|first=United States|title=Regional Export-Finance Centers|url=http://www.exim.gov/about/contact/regional-export-finance-centers.cfm|accessdate=17 June 2013}}</ref>===

'''New York'''

Ted Weiss Federal Building

290 Broadway - 13th floor

New York, NY 10007

Tel: (212) 809-2650

Fax: (212) 809-2687

Website:

===Southeast<ref>{{cite web|last=Export-Import Bank|first=United States|title=Regional Export Finance Centers|url=http://www.exim.gov/about/contact/regional-export-finance-centers.cfm|accessdate=17 June 2013}}</ref>===

'''Miami'''

5835 Blue Lagoon Drive

Suite 203

Miami, FL 33126

Tel: (305) 526-7436

Fax: (305) 526-7435

Website:

'''Atlanta'''

75 Fifth Street Northwest

Suite 1055

Atlanta, GA 30308

Tel: (404) 815-1497

Website:

===Southwest<ref>{{cite web|last=Export-Import Bank|first=United States|title=Regional Export Finance Centers|url=http://www.exim.gov/about/contact/regional-export-finance-centers.cfm|accessdate=17 June 2013}}</ref>===

'''Houston'''

1880 South Dairy Ashford II

Suite 405

Houston, TX 77077

Tel: (281) 721-0465

Fax: (281) 679-0156

Website:


'''Dallas'''

McKinney (Dallas), TX

Tel: (214) 660-1341

Website:

===Western<ref>{{cite web|last=Export-Import Bank|first=United States|url=http://www.exim.gov/about/contact/regional-export-finance-centers.cfm|accessdate=17 June 2013}}</ref>===

'''Orange County, CA'''

Orange County, CA

Tel: (949) 660-1341

Fax: (949) 660-9553

Website:

'''San Diego'''

San Diego, CA

Tel: (858) 467-7035

Fax: (858) 467-7043

Website:

'''San Francisco'''

USEAC 50 Fremont Street Suite 2450

San Francisco, CA 94105

Tel: (415) 705-2285

Fax:(415) 705-1156

Website:

'''Seattle'''

2001 6th Avenue
Suite 2600

Seattle, WA 98121

Tel: (206) 728-2264

Website:


==History== ==History==
The bank was originally organized as a ] banking corporation by from ] on February 2, 1934, under the name '''Export-Import Bank of Washington'''. The stated goal was "to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations or the agencies or nationals thereof", with the immediate goal of making loans to the ]. The Bank's first transaction was a $3.8 million loan to ] in 1935 for the purchase of U.S. silver ingots.<ref>{{cite web|url=http://www.exim.gov/news/reporter.cfm|title=A Reporter's Guide To Ex-Im Bank|accessdate=2007-11-15}}</ref> Congress continued the bank as a government agency, using a series of laws between 1935 and 1943 to place it under various government departments, before making it an independent agency on July 31, 1945, with the Export-Import Bank Act of 1945. On March 13, 1968, further legislation changed the name to "Export-Import Bank of the United States".<ref name="nara"> The bank was originally organized as a ] banking corporation by from ] on February 2, 1934, under the name '''Export-Import Bank of Washington'''. The stated goal was "to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations or the agencies or nationals thereof", with the immediate goal of making loans to the ]. Roosevelt created a Second Export-Import Bank of Washington with Executive Order 6638 on March 9, 1934, with the specific aim to aid trade with Cuba.<ref>{{cite web|last=Wikisource|title=Franklin Delano Roosevelt/Executive Orders|url=http://en.wikisource.org/Author:Franklin_Delano_Roosevelt/Executive_orders|accessdate=10 June 2013}}</ref> The Bank's first transaction was a $3.8 million loan to ] in 1935 for the purchase of U.S. silver ingots.<ref>{{cite web|url=http://www.exim.gov/news/reporter.cfm|title=A Reporter's Guide To Ex-Im Bank|accessdate=2007-11-15}}</ref> The First and Second Export-Import Banks were combined in 1936 when Congress transferred the obligations of the Second Export-Import Bank to the first.<ref>{{cite book|last=Becker, William|first=McClenahan, William|title=The Market, the State, and the Export-Import Bank of the United States|year=2003|publisher=Cambridge University Press|location=New York|pages=10-40}}</ref> Congress continued the bank as a government agency, using a series of laws between 1935 and 1943 to place it under various government departments, before making it an independent agency on July 31, 1945, with the Export-Import Bank Act of 1945. On March 13, 1968, further legislation changed the name to "Export-Import Bank of the United States".<ref name="nara">
{{cite web|url=http://www.archives.gov/research/guide-fed-records/groups/275.html|title=Records of the Export-Import Bank of the United States (EIBUS)|accessdate=2007-11-15}} {{cite web|url=http://www.archives.gov/research/guide-fed-records/groups/275.html|title=Records of the Export-Import Bank of the United States (EIBUS)|accessdate=2007-11-15}}
</ref><ref name="cornell"> </ref><ref name="cornell">
{{cite web|url=http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000635----000-notes.html|title=Notes to 12 U.S.C. § 635|accessdate=2007-11-15}} {{cite web|url=http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000635----000-notes.html|title=Notes to 12 U.S.C. § 635|accessdate=2007-11-15}}
</ref> The 1945 Charter requires the Bank to be reauthorized by Congress every four to five years. Reauthorizations were approved in 1947, 1951, 1957, 1963, 1968, 1971, 1974, 1978, 1983, 1986, 1992, 1997, 2002, 2006, and 2012. Ex-Im Bank became a self-sustaining (self-funding) agency in 2007.<ref>{{cite book|last=Export-Import Bank|first=United States|title=Annual Report 2008|year=2008|location=Washington, D.C.|page=3}}</ref> Ex-Im Bank approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chamber Manufacturing, The Galion Iron Works, and Thew Shovel to help build the highway.
</ref>

==Historically Significant Transactions==
===Pan-American Highway===

The highway runs from Alaska to Chile through 14 countries with important transportation links to nearly all of continental Latin America. From its inception, the Pan-American Highway was seen as a critical element in improving and solidifying relations and trade throughout the Americas. It was originally conceived as part of FDR’s Good Neighbor Policy. The highway was constructed beginning in 1936 with the last phase complete in 1980.<ref>{{cite book|last=Jones, Jesse|first=Angly, Edward|title=Fifty Billion Dollars: My Thirteen Years with the RFC (1932-1945|year=1951|publisher=MacMillan Company|location=New York|page=220}}</ref>

Ex-Im Bank credits and loans supported construction of the Pan-American Highway in Mexico, Honduras, Guatemala, Nicaragua, El Salvador, Costa Rica, Panama, Colombia, Ecuador, Peru and Chile.<ref>{{cite book|last=Export-Import Bank|first=United States|title=Annual Report to Congress 1941|year=1941|location=Washington, D.C}}</ref> In Paraguay, Argentina, and Bolivia Ex-Im Bank supported construction of highway spurs connected to the Pan-American Highway.<ref>{{cite news|last=Export-Import Bank|first=United States|title=Export-Import Bank Annual Reports to Congress, 1936-1961}}</ref> Ex-Im Bank approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chamber Manufacturing, The Galion Iron Works, and Thew Shovel to help build the highway.<ref>{{cite journal|last=Export-Import Bank|first=United States|title=Export-Import Bank of the United States Annual Reports to Congress, 1936-1961}}</ref>

===Burma Road===

Constructed between 1937 and 1938, the 717-mile Burma Road links Lashio in present-day Myanmar (previously Burma) to Kunming in Yunnan Province, China.<ref>{{cite web|last=Britannica|first=Encyclopedia|title=Burma Road|url=http://www.britannica.com/EBchecked/topic/85526/Burma-Road|accessdate=10 June 2013}}</ref> Construction of the road began in 1937 at the start of the second Sino-Japanese War (1937-1945). With Japan able to control port access in China and most of Southeast Asia, the Chinese built a road that would allow transportation of men and goods from a railhead at Rangoon that had access to Burma’s ports. From 1939-1942 the Burma Road served as a lifeline for military goods and support in the fight against the Axis powers in the Far East.

The $25 million credit approved by Ex-Im Bank in December 1938 was crucial in ensuring that the supply route remained open by providing the transportation vehicles and support materiel to operate the new road and by providing China with purchasing power during WWII. An additional $20 million to the Universal Trading Corporation was approved in 1940.<ref>{{cite book|last=Export-Import Bank|first=United States|title=First Semiannual Report to Congress for the period July-December 1945|year=1946|location=Washington, D.C|page=48-49}}</ref> A 1939 journal article in Foreign Affairs noted that China used part of the $25 million to purchase 2,000 three-ton trucks from Ford, Chrysler, and General Motors.<ref>{{cite news|last=Mallory|first=Walter|title=The Burma Road|url=http://www.foreignaffairs.com/articles/69903/walter-h-mallory/the-burma-road|accessdate=10 June 2013|newspaper=Foreign Affairs|date=4/1939}}</ref>

===Post-WWII Reconstruction and the Marshall Plan===

Ex-Im Bank played a critical role in the years between the end of Lend-Lease (September 1945) and the beginning of the Marshall Plan and the World Bank’s first authorizations (May 1947-1948). At the end of WWII, it was recognized that the U.S. did not have a credit facility capable of handling the demand that would result from the cessation of hostilities. One of the major rationales behind the Export-Import Bank Act of 1945, the basis of Ex-Im’s current charter document, was the necessity to dramatically increase Ex-Im’s lending capacity to adequately respond to Europe’s post-war reconstruction needs. The 1945 Ex-Im Annual Report predicated Ex-Im’s role in the immediate post-WWII period: “the Export-Import Bank was to be the principle source of long-term dollar loans for an extended period of time.” This assertion was based on the lack of interest by private capital in lending to foreign government buyers and delays in ratification of the Articles of Agreement for the International Monetary Fund and the International Bank for Reconstruction and Development.<ref>{{cite book|last=Export-Import Bank|first=United States|title=First Semiannual Report to Congress for the period July-December 1945|year=1946|location=Washington, D.C|page=10}}</ref> The Export-Import Bank Act of 1945 increased lending authority from $750 million to $3.5 billion, almost a fourfold increase to help address these shortfalls.<ref>{{cite news|last=Export-Import Bank|first=United States|title=Export-Import Bank Act of 1945, P.L. 79-173 STAT 526}}</ref>

In 1945 and 1946 credit was offered to France, Denmark, Norway, Belgium, the Netherlands, Turkey, Czechoslovakia, Finland, Italy, Ethiopia, Greece, Poland and Austria to purchase equipment, facilities, and services from the United States. The financing was designed to aid reconstruction of the nations and to repair their import and export capability through the purchase of new machinery, currency exchange, and improvements and repairs to infrastructure and transportation systems.<ref>{{cite book|last=Export-Import Bank|first=United States|title=Seventh Semiannual Report to Congress for the period July-December 1948|year=1949|location=Washington, D.C|page=32-33}}</ref>

When the ] was put into place in 1948, Ex-Im Bank focused its lending on non-Economic Recovery Act nations in North and South America.<ref>{{cite book|last=Export-Import Bank|first=United States|title=Seventh Semiannual Report to Congress for the period July-December 1948|year=1949|location=Washington, D.C|page=2}}</ref>

===First Credits to Post-Soviet Nations===

When the Berlin Wall fell in 1989 and the Soviet Union collapsed in 1991, U.S. companies were able to freely conduct business with Eastern Europe for the first time since the end of WWII. Ex-Im Bank was one of the first financial institutions to provide financing for exports to the Soviet Union, Poland, Czechoslovakia and the newly independent nations that emerged after 1991. In 1990, President George H.W. Bush waived the Jackson-Vanik Amendment, which had officially closed off trade with communist countries since 1975. This waiver opened all Ex-Im Bank guarantee and insurance programs to U.S. companies wanting to do business with the Soviet Union and many other former communist countries.<ref>{{cite news|last=Export-Import Bank|first=United States|title=Press release: EximBank Offers Support for U.S. Exports to the Soviet Union|accessdate=10 June 2013|newspaper=Export-Import Bank Press Release}}</ref>

Ex-Im Bank reopened for business in Czechoslovakia in March 1990. On January 25, 1991, Ex-Im Bank approved the first transaction to Czechoslovakia since 1947. Financed by First Interstate Bank of Los Angeles, CA, the guarantee allowed to purchase computers from a small U.S. company, ] of Massachusetts. Since 1991, Ex-Im Bank has supported exports to 25 of the nations that emerged after the fall of the Iron Curtain.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Export-Import Bank Annual Reports, 2008-2011: Albania, Armenia, Azerbaijan, Bosnia and Herzegovina, Croatia, Czech Republic, Estonia, Germany (Unified), Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovak Republic, Slovenia, Tajikistan, Ukraine, and Uzbekistan|url=http://www.exim.gov/about/library/reports/annualreports/}}</ref>

==Authorizations in Fiscal Year 2012 by Country==

]


{|
|-
| Argentina || Dominican Republic || Indonesia || New Zealand || Sri Lanka
|-
| Australia || Ecuador || Iraq || Nicaragua || Sweden
|-
| Austria || Egypt || Ireland || Niger || Switzerland
|-
| Barbados || El Salvador || Israel || Nigeria || Taiwan
|-
| Belgium || Eritrea || Italy || Norway || Togo
|-
| Benin || Estonia || Jamaica || Pakistan || Trinidad and Tobago
|-
| Bolivia || Ethiopia || Japan || Panama || Turkey
|-
| Brazil || Finland || Jordan || Paraguay || Ukraine
|-
| Cameroon || France || Korea, Republic of || Peru || United Arab Emirates
|-
| Canada || France || Lebanon || Philippines || United Kingdom
|-
| Cayman Islands || Germany || Liberia || Poland || United States of America
|-
| Chile || Ghana || Luxembourg || Portugal || Uruguay
|-
| China || Greece || Madagascar || Russia || Vietnam
|-
| Colombia || Guatemala || Mauritania || Saudi Arabia || Virgin Islands (British)
|-
| Congo, Democratic Republic of || Honduras || Mexico || Serbia || Zambia
|-
| Costa Rica || Hong Kong || Monaco || Sierra Leone
|-
|Cyprus || Hungary || Mongolia || Singapore
|-
| Czech Republic || Iceland || Morocco || South Africa
|-
| Denmark || India || Netherlands || Spain
|}

====

The Export-Import Bank recognizes the importance of minority and woman-owned businesses and has created a business development team that works solely with these businesses. “They provide hands-on guidance to small businesses, woman and minority-owned companies that wish to export and/or learn how to qualify for and access Ex-Im Bank assistance.”<ref>{{cite web|last=Export-Import Bank|first=United States|title=Minority and Woman-Owned Business Emphasis|url=http://www.exim.gov/about/contact/minority-and-women-owned-businesses.cfm|accessdate=10 June 2013}}</ref>

== List of Chairmen and Presidents==

* ], (Chairman) 1934-1941<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (President) 1934-1935<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1934-1941<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (President) 1936-1945<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1941-1943<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1943-1945<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1946-1949<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1949-1953<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1953-1953<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1954-1955<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1954-1960<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1955-1961<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1960-1962<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1961-1968<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1962-1976<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1969-1973<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1974-1976<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1976-1977<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1976-1977<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1977-1981<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1978-1981<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1981-1986<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1982-1983<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1984-1986<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1986-1989<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1986-1989<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1989-1992<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1989-1993<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Acting Chairman) 1993-1993<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1993-1995<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1993-1996<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1996-1997<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Acting Chairman) 1997-1997<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 1997-2001<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 1997-2001<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 2001-2002<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 2001-2003<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 2002-2005<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 2003-2005<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Chairman) 2005-2009<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman 2006-2009)<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Vice Chairman) 2011-2013<ref name="eximabout">{{cite web|last=Export-Import Bank|first=United States|title=Board of Directors|url=http://www.exim.gov/about/whoweare/leadership/boardofdirectors/index.cfm|accessdate=13 June 2013}}</ref><ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ], (Acting Vice Chairman) 2013-Present<ref>{{cite web|last=Export-Import Bank|first=United States|title=History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=7 August 2013}}</ref>
* ], (Chairman) 2009–Present<ref>{{cite web|url=http://www.exim.gov/about/leadership/board.cfm |title=Board of Directors |publisher=Ex-Im Bank of the U.S.|date=2011-11-16 |accessdate=2011-12-27}}</ref><ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>

==List of Directors==

* ] 1945-1946<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1946-1952<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1952-1953<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1949-1953<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1954-1961<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1954-1961<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1954-1959<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1959-1963<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1961-1964<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1961-1965<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1964-1969<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1965-1968<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1965-1972<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1969-1976<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1969-1977<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1973-1976<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1976-1982<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1977-1981<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1977-1981<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1982-1988<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1982-1999<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1982-1984<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1985-1985<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1986-1989<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1988-1991<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1991-1994<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1991-1994<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1994-1999<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1994-1999<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1999-2003<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 1999-2003<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2004-2006<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2006-2009<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2006-2011<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2007-2011<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2011-2013<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2011-2013<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2009-Present<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2011-Present<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>
* ] 2011-Present<ref>{{cite web|last=Export-Import Bank|first=United States|title=Ex-Im Bank History|url=http://www.exim.gov/about/whoweare/history.cfm|accessdate=17 June 2013}}</ref>

====

======

This product is designed to increase capital for U.S. businesses. The Supply Chain Finance Guarantee product is offered to lenders and benefits U.S. exporters and their suppliers through accounts receivable financing. "It is designed to inject liquidity in the marketplace and provide suppliers, particularly small businesses, with access to capital faster and at a lower cost."<ref>{{cite web|last=Export-Import Bank|first=United States|title=Products: Supply Chain Finance Guarantee Program|url=http://www.exim.gov/products/supply-chain-finance-guarantee-program.cfm|accessdate=10 June 2013}}</ref> This allows for the supplier to receive a better rate according to the credit of the exporter. Additionally, the exporter has additional working capital funding that is not considered debt. Furthermore, the Ex-Im Bank guarantee, “is provided directly to the lender. Ex-Im Bank provides a 90% guarantee of an eligible invoice while the lender bears 10% risk. This arrangement allows the lender to efficiently maintain their relationships directly with the exporters and suppliers without Ex-Im Bank involvement.”<ref>{{cite web|last=Export-Import Bank|first=United States|title=Products: Supply Chain Finance Guarantee Program|url=http://www.exim.gov/products/supply-chain-finance-guarantee-program.cfm|accessdate=10 June 2013}}</ref>

======

A newly created product that offers “short-term working capital loans directly to creditworthy small business exporters." A revolving line of credit up to $500,000 is offered to exporters for either 6 or 12 month time periods. Benefits include: fixed-rate financing at a relatively low interest cost, it does not require a dedicated borrowing base or monthly reporting requirements, and offers streamlined processing and quick turn-around on loan applications. There are certain requirements to be eligible for this program.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Global Credit Express|url=A revolving line of credit up to $500,000 is offered to exporters for either 6 or 12 month time periods. Benefits include: fixed-rate financing at a relatively low interest cost, it does not require a dedicated borrowing base or monthly reporting requirements, and offers streamlined processing and quick turn-around on loan applications|accessdate=10 June 2013}}</ref>

======

Ex-Im Banks export credit insurance allows U.S. based companies to increase their export sales by limiting their international risk, offering credit to the international buyers, and enabling the U.S. company to access working capital funds. Benefits include a decreased risk of not being paid back, enables the exporter to extend competitive credit terms to buyers, increased ability and confidence to export to new markets, and an increase in cash flow. The most important aspect of the export credit insurance is that exporters can feel more secure making transactions in foreign countries due to a reduction in international risk, allowing them to increase their exports and ultimately, their profits. The Export-Import bank has the ability to work in most markets but there are a select few that Ex-Im is unable to do business in. For clients who are exporting environmentally beneficial products Ex-Im provides increased support through the Environmental Exports Program created by the bank.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Export Credit Insurance|url=http://www.exim.gov/products/exportcreditinsurance/index.cfm|accessdate=10 June 2013}}</ref>

======

The Working Capital Guarantee product helps provide exporters with a solid, dependable capital base that provides financial security to expand exports. The working capital guarantee encourages commercial lenders to make working capital loans by providing them with 90% backing guarantee, which decreases their risk. Ex-Im Bank has lending partners who are Delegated Authority Lenders and these lenders can expedite the loan process by evaluating a company's eligibility against Ex-Im requirements. Through this process Ex-Im can offer its guarantee before the transaction with the lender begins. Some of the benefits of the Working Capital Guarantee product include: fulfills export sales orders, expands access to financing, and encourages lenders to grant exporter loans.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Working Capital|url=http://www.exim.gov/products/workingcapital/|accessdate=10 June 2013}}</ref>

======

The Export-Import Bank’s Loan Guarantee for foreign buyers allows the exporter to secure competitive financing for their international buyer. Term financing is offered generally up to 10 years and local costs can be covered up to 30%. With the Ex-Im Bank guarantee, international buyers get competitive term financing – that may previously have been unavailable from lenders. This can benefit a business because it provides more security when entering an emerging market, there are no limits to the transaction size, and decreases the risk of a transaction with a specific buyer. There are certain eligibility requirements for this product: Ex-Im will only finance U.S. content of a transaction, products must be shipped to a foreign buyer from the U.S, Ex-Im is unable to finance transactions involving military or defense products. See the specific for further eligibility requirements for Loan Guarantee for Foreign Buyers and detailed cost information.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Loan Guarantee|url=http://www.exim.gov/products/loanguarantee/|accessdate=10 June 2013}}</ref>

======

Ex-Im Bank provides competitive medium-term financing as installment loans as well as financing that is structured as finance leases. Finance leases are provided because certain foreign buyers prefer financing in this format rather than traditional loan installments. These loans go to foreign buyers in both the public and private sector to creditworthy buyers. This product provides flexible financing options and repayment terms, allows foreign lessees to obtain finance leases from lessors, transaction coverage up to $10 million, and coverage of up to 85% of the transaction amount or the of the U.S content portion. Generally, lease financing is provided to U.S. capital equipment and related services. Other products that may receive financing are refurbished equipment, software, certain baking and legal fees, and certain local costs and expenses. In order to qualify for medium-term financing there are minimum credit standards that must be met. If some of the standards are not met it is possible to use guarantors and or other credit enhancements.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Finance Lease Guarantee|url=http://www.exim.gov/products/finance-lease-guarantee.cfm|accessdate=10 June 2013}}</ref>

======


Ex-Im’s Direct Loan provides competitive financing to creditworthy foreign buyers in both the public and private sector. Fixed-rate financing is offered for up to 12 years and for renewable energy products, 18 years. Additionally, local costs can financed up to 30%. This is a beneficial product because there is no transaction size limit, coverage for 100% of the commercial and political risks involved with the transaction, coverage of up to 30% of local costs, and financing of ancillary services and fees. These loans are generally used to finance U.S. capital equipment and services. In addition, there are other requirements that an applicant must meet in order to be eligible for Ex-Im’s Direct Loan.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Direct Loan|url=http://www.exim.gov/products/direct-loan.cfm|accessdate=10 June 2013}}</ref>
Roosevelt created a '''Second Export-Import Bank of Washington''' with Executive Order 6638 on March 9, 1934, with the specific aim to aid trade with Cuba, and it was dissolved in 1936 with its obligations transferred to the first bank.<ref name="nara"/>


==Support for the Export-Import Bank==
=== List of Chairmen, Presidents and Directors ===
* ], (Chairman) 1934-1941<ref name="exim75list">{{cite web|url=http://www.exim.gov/75th/top_lists.cfm |title=75 Years of Ex-Im Bank History: Top 10 Lists |publisher= Ex-Im Bank of the U.S.|date=2008-09-30 |accessdate=2011-12-27}}</ref>
* ], (President) 1936-1945
* ], (Director) 1949-1953; 1954–1961
* ] 1954
* ], (Director) 1954-1961<ref name="exim75list"/>
* ], (Chairman) 1961-1968
* ], (Vice Chairman) 1962-1976
* ], (Director) 1965-1972
* ], (Director) 1969-1976
* ], (Director) 1969-1977
* ] 1977-2001
* ], (Vice Chairman) 1981<ref>{{cite news|url=http://query.nytimes.com/gst/fullpage.html?res=9F0CE2DE133EF930A25752C0A965958260 |title=Charles Lord, 64, Dies; An Investment Banker |newspaper=The New York Times |date=1993-01-13 |accessdate=2011-12-27}}</ref>
* ], (Director) (1982–1999)
* ], (Vice Chairman) 2001
* ] 2001
* ], (Chairman) 2002
* ], (Vice Chairman) 2003
* ] 2003-2007
* ], (Chairman) 2009–Present<ref>{{cite web|url=http://www.exim.gov/about/leadership/board.cfm |title=Board of Directors |publisher=Ex-Im Bank of the U.S.|date=2011-11-16 |accessdate=2011-12-27}}</ref>


The bank is especially focused on trying to help small and medium size businesses expand their exporting capabilities. CEO and President of the National Association of Manufacturers, Jay Timmons stated: "The Ex-Im Bank plays a critical role in manufacturer's ability to export to new markets and keep up with growing global competition. The Bank supports nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. The numbers tell the real story. More than 85% of all Ex-Im transactions directly benefit small business exporters - the economic engine that powers our economy and job creation."<ref>{{cite news|last=Ostermayer|first=Jeff|title=Manufacturers: Export-Import Bank Supports Jobs|url=http://www.nam.org/Communications/Articles/2012/03/Manufacturers-Export-Import-Bank-Supports-Jobs.aspx|accessdate=13 June 2013|newspaper=National Association of Manufacturers|date=3/15/12}}</ref>
==Small business programs==
The Export-Import Bank of the United States focuses much of its energy and resources to providing support to U.S. small businesses for export of U.S. made products. There are no transactions, in terms of dollars, that are too small for the Ex-Im Bank to consider. Programs aimed at this sector include Export Credit Insurance, and Working Capital Guarantee programs. From October 2005 through September 2006 the Ex-Im Bank authorized $3.2 billion in financing directly to U.S. small businesses.{{Citation needed|date=November 2007}}


Additionally, in a report compiled by the U.S. Chamber of Commerce, Oscar Ramirez, the President of a small business offering various products to the petroleum industry, gave his support for the Export-Import Bank: “We find the Ex-Im Bank very useful. The commercial banks will not lend us $1.7 million without the Ex-Im loan guarantee, and without the line of credit we would not be in business. All receivables are foreign and no commercial bank will lend against those receivables. We export tanks, dispensers, and signage for gas stations in Latin America, the Caribbean and Africa. We employ 35 people – but couldn’t do it without the Bank.”<ref>{{cite web|last=U.S Chamber of Commerce|title=Export-Import Bank: Supporting Small Business in America|url=http://www.uschamber.com/sites/default/files/international/files/Ex%20Im%20Bank%20Stories.pdf|accessdate=13 June 2013}}</ref>
===Export Credit Insurance===
Export Credit Insurance from Export-Import Bank of the United States provides insurance policies to U.S. companies and banks to mitigate risks of non-collection from foreign buyers and borrowers. Risks covered include default due to commercial reasons, such as buyer insolvency and cash-flow problems, as well as political risks such as war, civil unrest and currency flow restrictions.{{Citation needed|date=November 2007}}


Jenny Fulton, the owner of Miss Jenny's Pickles, a small North Carolina food manufacturer, used Ex-Im's export-credit insurance to export her pickles to China. After only 3 years of business, Fulton and her business partner have expanded their business to 1,000 stores in the U.S. and 40 stores in China. By putting more emphasis on exporting in China she expects her export sales to increase by 400%. She comments that: "Ex-Im Bank's export-credit insurance enables us to offer terms to our foreign buyers, so they don't have to pay for the whole order at once...Our export sales have permitted us to hire our first full-time employee and four part-time employees, and with the new orders from China supports by Ex-Im's Express Insurance we hope to turn those part-time jobs into full-timers by the end of the year."<ref>{{cite news|last=Cogan|first=Phil|title=North Caroline Small Business Grows Sales of Pickles in China, Becomes Ex-Im Bank's 500th 'Express Insurance' Customer|url=http://www.exim.gov/newsandevents/releases/2013/North-Carolina-Small-Business-Grows-Sales-of-Pickles-in-China-Becomes-Ex-Im-Banks-500th-Express-Insurance-Customer.cfm|accessdate=13 June 2013|newspaper=Export-Import Bank of the United States|date=27 February 2013}}</ref> Fulton's story was featured on a .<ref>{{cite web|last=CBS "60 Minutes"|title=The Birth of Miss Jenny's Pickles|url=http://www.cbsnews.com/video/watch/?id=50134053n|accessdate=17 June 2013}}</ref>
Export Credit Insurance policies can be issued to companies directly exporting, or to banks lending to foreign buyers. Export-Import Bank of the United States has a special insurance program for small businesses, with no premium minimum, and a pay-as-you-go premium structure. This is often the most affordable trade credit insurance available for new and small exporters.{{Citation needed|date=November 2007}}


Vice President of Finance from Air Tractor, David Ickert, has said that Air Tractor believes that, “the Export-Import Bank is essential to exports of U.S. products. For instance, in FY2011, Ex-Im was involved with 3,751 transactions that supported nearly $42 billion in exports from more than 3,600 U.S. companies. Of those transactions, 3,247 – 87% - were with small-business exporters. All of those transactions added up to $6 billion in Ex-Im financing in FY2011. The Ex-Im Bank Pays for itself (through the fees it charges to foreign buyers) and – above and beyond that – returns money to the U.S. treasury. From 2006 to 2010, Ex-Im Bank returned $3.4 billion to the Treasury. Ex-Im has maintained its incredibly low default rate (1.5%) through the recession and through several years of record growth.”<ref>{{cite news|last=National Association of Manufacturers|title=Testimony of David Ickert|url=http://www.nam.org/~/media/B752C9FE6E0C44B3B886CC40F4FBCCC9/Ickert_Senate_Banking_Committee_Testimony.pdf|accessdate=13 June 2013|date=17 April 2012}}</ref> In addition, on behalf of Air Tractor, Ickert said: “Exports have definitely meant jobs in this rural part of Texas, and Ex-Im Bank has helped us provide the export financing to increase our exports and break into new markets.”<ref>{{cite web|last=Export-Import Bank|first=United States|title=Export-Import Bank of the United States Annual Report 2012: Air Tractor Inc.|url=http://www.exim.gov/about/library/reports/annualreports/2007/upload/Air-Tractor.pdf|accessdate=13 June 2013}}</ref>
===Working Capital Guarantee===
The Working Capital Guarantee program provides loan guarantees to banks willing to lend to exporting companies. The loan guarantee is secured against foreign accounts receivable, and against work in process and finished goods inventory destined for export.{{Citation needed|date=November 2007}}


President Obama said, during the Bank’s reauthorization battle in May, 2012, that the Export-Import Bank plays a very important role in reaching his goal of doubling exports over 5 years. At the reauthorization ceremony President Obama stated: “We’re helping thousands of businesses sell more of their products and services overseas, in the process, we’re helping them create jobs here at home. And we’re doing it at no extra cost to the taxpayer.”<ref>{{cite news|last=Landler|first=Mark|title=Obama Extends the Export-Import Bank|url=http://www.nytimes.com/2012/05/31/business/obama-signs-extension-of-export-import-bank.html|accessdate=13 June 2013|newspaper=The New York Times|date=30 May 2012}}</ref>
== Types of loans ==
The Ex-Im Bank provides two types of loans: direct loans to foreign buyers of American exports and intermediary loans to responsible parties, such as foreign government lending agencies which relend to foreign buyers of capital goods and related services (for example, a maintenance contract for a jet passenger plane). Both programs cover up to 85 percent of the value of the exported goods and services, with repayment terms of one year or more.{{Citation needed|date=November 2007}}


==Criticism == ==Criticism ==
The Bank has come under criticism for allegedly favoring special interests ahead of that of the U.S. taxpayer. These interests include that of heavily subsidized corporations such as ] or ] as well as those of well-connected foreign governments and nationals (such as a 1996 $120 million low-interest loan to the ] (CNNP)).<ref>{{cite web|url=http://www.nationalreview.com/comment/comment-carney053102.asp|last=Carney|first=Timothy|title=Bank Scam|date=May 31, 2002|publisher=National Review|accessdate=2007-12-19}}</ref> The majority of loan guarantees over 2007 and 2008 went to companies purchasing ] aircraft.<ref></ref> In 2012, the Bank's loan guarantees became even more skewed, with 82 percent of them going to Boeing customers. <ref></ref> The Bank has come under criticism for allegedly favoring special interests ahead of that of the U.S. taxpayer. These interests include that of heavily subsidized corporations such as ] or ] as well as those of well-connected foreign governments and nationals (such as a 1996 $120 million low-interest loan to the ] (CNNP)).<ref>{{cite web|url=http://www.nationalreview.com/comment/comment-carney053102.asp|last=Carney|first=Timothy|title=Bank Scam|date=May 31, 2002|publisher=National Review|accessdate=2007-12-19}}</ref> 65% of loan guarantees over 2007 and 2008 went to companies purchasing ] aircraft.<ref></ref> In 2012, the Bank's loan guarantees became even more skewed, with 82 percent of them going to Boeing customers. <ref></ref>


However, the current congressional mandate for the Export-Import Bank of the United States is to focus on small business support.<ref name="House Bill 2072"/> However, the congressional mandate for the Export-Import Bank of the United States calls for the Bank to focus on small business support.<ref name="House Bill 2072"/> The Bank strictly follows its Congressional mandate to support small businesses and in Fiscal Year 2012 88% of the total number of transactions went to small businesses.<ref>{{cite web|last=Export-Import Bank|first=United States|title=Export-Import Bank of the United States Annual Report: FY 2012 Highlights|url=http://www.exim.gov/about/library/reports/annualreports/2012/highlights.html|accessdate=13 June 2013}}</ref>


Timothy Carney of the '']'' has written that the Bank:<ref>Carney, Timothy (2011-03-15) , ''Washington Examiner''</ref> Timothy Carney of the '']'' has written that the Bank:<ref>Carney, Timothy (2011-03-15) , ''Washington Examiner''</ref>
Line 75: Line 410:
epitomizes ]. It also is a prime example of unaccountability. The agency is independent of any ] department, and it hands out loans and loan guarantees basically at its own discretion. Congress typically gives Ex-Im lengthy reauthorizations, thus minimizing congressional oversight. In recent years, Ex-Im was moved off-budget, meaning it funds itself with the repayments from old loans and the fees from new ones. So it’s kind of like ] was, before its exposure became real and the taxpayers had to ]. epitomizes ]. It also is a prime example of unaccountability. The agency is independent of any ] department, and it hands out loans and loan guarantees basically at its own discretion. Congress typically gives Ex-Im lengthy reauthorizations, thus minimizing congressional oversight. In recent years, Ex-Im was moved off-budget, meaning it funds itself with the repayments from old loans and the fees from new ones. So it’s kind of like ] was, before its exposure became real and the taxpayers had to ].
</blockquote> </blockquote>
Despite Carney’s claims that the Ex-Im Bank is supporting corporate welfare, others would argue otherwise and the Bank directly responds to these types of accusations on their website stating that they are: “Far from being “corporate welfare”, the companies that receive Ex-Im Bank support pay fees as they would in the private sector. Those fees have paid for all Bank operations and payment of claims. Because the Bank’s loan loss rate has since 1934 been below two percent, Ex-Im earns more than cost of operations and costs of bad loans, so it actually earns a profit for U.S. taxpayers, $1.9 billion in the last five years.”<ref name="eximfacts">{{cite web|last=Export-Import Bank|first=United States|title=Facts About Ex-Im Bank|url=http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm|accessdate=13 June 2013}}</ref> The Bank does not hand out loans freely, it is demand driven. Any company can approach Ex-Im for financing and each application is thoroughly analyzed before authorization is given for a loan. Additionally, they also refute Carney’s claim that the Bank is similar to Fannie Mae and believe that: “Comparing the Bank to Freddie Mac is misleading to say the least. Ex-Im Bank’s portfolio is spread across over 170 countries and dozens of industries. U.S. taxpayers “own” the Bank – it has no shareholders, and the employees are not eligible for extravagant bonuses. As proof of Ex-Im’s low risk operations, during its 78-year history the Bank’s loan loss rate has remained below 2%. In fact, for the first half of Fiscal year 2012, the Bank earned interest and fees totaling $548 million compared to $18 million paid in claims.”<ref name="eximfacts" />


In 2007, WFAA-TV in Dallas revealed that the Ex-Im Bank had given at least $243 million in fraudulent loans to companies doing business with Mexico, including giving loans to companies with no verifiable address and individuals who were known associates of the Sinaloa and Juarez drug trafficking cartels.<ref>{{cite web|title=Drugs tied to $243 million in bogus loans|url=http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa071227_mo_bankdrugs.5adabe14.html|publisher=WFAA-TV|date=December 27, 2007|first=Byron|last=Harris|accessdate=2007-12-28 |archiveurl = http://web.archive.org/web/20071231015132/http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa071227_mo_bankdrugs.5adabe14.html <!-- Bot retrieved archive --> |archivedate = 2007-12-31}}</ref> In 2007, WFAA-TV in Dallas reported that the Ex-Im Bank had given at least $243 million in fraudulent loans to companies doing business with Mexico, including giving loans to companies with no verifiable address and individuals who were known associates of the Sinaloa and Juarez drug trafficking cartels.<ref>{{cite web|title=Drugs tied to $243 million in bogus loans|url=http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa071227_mo_bankdrugs.5adabe14.html|publisher=WFAA-TV|date=December 27, 2007|first=Byron|last=Harris|accessdate=2007-12-28 |archiveurl = http://web.archive.org/web/20071231015132/http://www.wfaa.com/sharedcontent/dws/wfaa/localnews/news8/stories/wfaa071227_mo_bankdrugs.5adabe14.html <!-- Bot retrieved archive --> |archivedate = 2007-12-31}}</ref> The Bank has responded to this claim by stating: "This allegation was made in 2007, without substantiating evidence, in a television news report. It was investigated by law enforcement authorities and has never been substantiated."<ref name="eximfacts" />


In February 2009, the Ex-Im Bank settled a seven-year-long legal proceeding brought by Friends of the Earth, other NGOs, and various American cities. The plaintiffs claimed that the Ex-Im Bank and the Overseas Private Investment Corporation (OPIC) provided financial assistance to oil and other fossil fuel projects without first evaluating the projects' global warming impacts. In 2005, the plaintiffs were granted legal standing to sue these federal bodies. The landmark decision is the first time that a federal court has specifically granted legal standing for a lawsuit exclusively challenging the federal government's failure to evaluate the impacts of its actions on the Earth's climate and U.S. citizens.<ref>{{cite web|title=Climate Change Lawsuit|url=http://www.foe.org/climate/climatelawsuit/index.htm|accessdate=2009-06-25}}</ref> In its settlement agreement, the Ex-Im Bank agrees to evaluate the carbon dioxide emissions as part of its determination for qualification for a project.<ref>{{cite web|title=Ex-Im Settlement text|url=http://www.foe.org/pdf/Ex-Im_Settlement.pdf|accessdate=2009-06-25}}</ref> However, Ex-Im Bank fossil fuel financing and associated greenhouse gas emissions grew swiftly after the settlement agreement, coinciding with Chairman Hochberg's tenure. Between 2009 and 2012, Ex-Im Bank fossil fuel financing grew from $2.56 billion to nearly $10 billion.<ref>Ex-Im Bank Annual Reports, http://www.exim.gov/about/library/reports/annualreports/</ref><ref>Fact Sheet: U.S. Export-Import Bank's Fossil Fuel and Renewable Energy Financing, Pacific Environment, http://pacificenvironment.org/downloads/FACT%20SHEET:%20ExIm%20Bank%20fossil%20fuel%20financing.pdf</ref> In February 2009, the Ex-Im Bank settled a seven-year-long legal proceeding brought by Friends of the Earth, other NGOs, and various American cities. The plaintiffs claimed that the Ex-Im Bank and the Overseas Private Investment Corporation (OPIC) provided financial assistance to oil and other fossil fuel projects without first evaluating the projects' global warming impacts. In 2005, the plaintiffs were granted legal standing to sue these federal bodies. The landmark decision is the first time that a federal court has specifically granted legal standing for a lawsuit exclusively challenging the federal government's failure to evaluate the impacts of its actions on the Earth's climate and U.S. citizens.<ref>{{cite web|title=Climate Change Lawsuit|url=http://www.foe.org/climate/climatelawsuit/index.htm|accessdate=2009-06-25}}</ref> In its settlement agreement, the Ex-Im Bank agrees to evaluate the carbon dioxide emissions as part of its determination for qualification for a project.<ref>{{cite web|title=Ex-Im Settlement text|url=http://www.foe.org/pdf/Ex-Im_Settlement.pdf|accessdate=2009-06-25}}</ref> However, Ex-Im Bank fossil fuel financing and associated greenhouse gas emissions grew swiftly after the settlement agreement, coinciding with Chairman Hochberg's tenure. Between 2009 and 2012, Ex-Im Bank fossil fuel financing grew from $2.56 billion to nearly $10 billion.<ref>Ex-Im Bank Annual Reports, http://www.exim.gov/about/library/reports/annualreports/</ref><ref>Fact Sheet: U.S. Export-Import Bank's Fossil Fuel and Renewable Energy Financing, Pacific Environment, http://pacificenvironment.org/downloads/FACT%20SHEET:%20ExIm%20Bank%20fossil%20fuel%20financing.pdf</ref>


Environmental groups say that under the Obama Administration the Ex-Im Bank is on a "fossil fuel binge," which “makes a mockery” of President Obama’s stated commitment to phase out fossil fuel subsidies.<ref>Drajem, Mark, Obama's Trade Goal Fights his Clean-Energy Plan, Bloomberg, March 11, 2010, available at http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azsyfkxGOAkY </ref><ref>McCabe, Jess, "Ex-Im Urged to End Fossil Fuel Binge, Support Renewables," Environmental Finance, August 12, 2010, available at http://www.environmental-finance.com/news/view/1275"/www.environmental-finance.com/news/view/1275</ref> In December, 2009, Ex-Im Bank Directors approved $3 billion dollars in financing for the ExxonMobil-led Papua New Guinea Liquid Gas project in December, 2009, just as President Obama flew to climate change negotiations in Copenhagen. <ref>Terrance Samuel, "Its Not Just About Copenhagen," The American Prospect, December 10, 2009, http://prospect.org/article/its-not-just-about-copenhagen-0 </ref> The project has reportedly sparked violence and in April, 2012, the Papua New Guinea government called in troops to quell opposition from villagers after a landslide linked to a quarry that had been used by the project killed an estimated 25 people.<ref>Work on LNG Project Resumes in PNG’s Hella, locals confused over troop deployment, http://www.rnzi.com/pages/news.php?op=read&id=68001 </ref><ref>Further Updates on Tumbi Landslide from RNZI, LNG Watch, Papua New Guinea, available at http://lngwatchpng.blogspot.com/2012/03/further-updates-on-tumbi-landslide-from.html </ref> Environmental groups say that under the Obama Administration the Ex-Im Bank is on a "fossil fuel binge," which “makes a mockery” of President Obama’s stated commitment to phase out fossil fuel subsidies.<ref>Drajem, Mark, Obama's Trade Goal Fights his Clean-Energy Plan, Bloomberg, March 11, 2010, available at http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azsyfkxGOAkY </ref><ref>McCabe, Jess, "Ex-Im Urged to End Fossil Fuel Binge, Support Renewables," Environmental Finance, August 12, 2010, available at http://www.environmental-finance.com/news/view/1275"/www.environmental-finance.com/news/view/1275</ref> In December, 2009, Ex-Im Bank Directors approved $3 billion in financing for the ExxonMobil-led Papua New Guinea Liquid Gas project in December, 2009, just as President Obama flew to climate change negotiations in Copenhagen. <ref>Terrance Samuel, "Its Not Just About Copenhagen," The American Prospect, December 10, 2009, http://prospect.org/article/its-not-just-about-copenhagen-0 </ref> The project has reportedly sparked violence and in April, 2012, the Papua New Guinea government called in troops to quell opposition from villagers after a landslide linked to a quarry that had been used by the project killed an estimated 25 people.<ref>Work on LNG Project Resumes in PNG’s Hella, locals confused over troop deployment, http://www.rnzi.com/pages/news.php?op=read&id=68001 </ref><ref>Further Updates on Tumbi Landslide from RNZI, LNG Watch, Papua New Guinea, available at http://lngwatchpng.blogspot.com/2012/03/further-updates-on-tumbi-landslide-from.html </ref>


In 2010, environmental groups criticized the Ex-Im Bank Directors for approving $917 million in financing for the 3,960 megawatt Sasan coal fired power plant in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision the agency’s Chairman, Fred Hochberg and Board of Directors "caved in" to political pressure from Wisconsin politicians.<ref>Export-Import Bank, Summary of Minutes of Meeting of Board of Directors, Item # 2, June 24, 2011, available at http://www.exim.gov/article.cfm/B3B56631-911C-50EC-098514F87797E0AC/ </ref> <ref>Export-Import Bank, Summary of Minutes of Meeting of Board of Directors, Item # 7, October 21, 2010, available at http://www.exim.gov/article.cfm/1D82DCA5-F618-8500-B1E268D85B90C44C/ </ref><ref>Jess McCabe, "U.S. Ex-Im Flip-Flops on Giant Indian Coal Project," Environmental Finance, July 1, 2010, available at http://www.environmental-finance.com/news/view/1215"com/news/view/1215 </ref><ref>Andrew Bast, "Its Not Easy Being Green," Newsweek, July 16, 2010, available at http://www.thedailybeast.com/newsweek/2010/07/16/it-s-not-easy-being-green.html </ref><ref>U.S. Taxpayer-Funded Bank, Under Pressure from Obama Administration, Gives Green Light to Giant Dirty Coal Plant in India, Michelle Chan, Friends of the Earth, Huffington Post, July 15, 2010, available at http://www.huffingtonpost.com/michelle-chan/us-taxpayer-funded-bank-u_b_648174.html </ref> In 2011, several environmental groups protested at Export-Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $805 million in financing for the 4,800 megawatt Kusile coal fired power plant in South Africa,<ref>Protestors: Why Lock the World into a Coal Powered Future, Compass, Sierra Club, available at http://sierraclub.typepad.com/compass/2011/01/protesters-why-lock-the-world-into-a-coal-powered-future.html </ref> which environmental groups say is the largest carbon emitting project in the agency's history, which will not alleviate poverty but will emit excessive local air pollution which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases.<ref>South African Coal Plant Wins U.S. Backing Over Environmentalist Protests", Bloomberg, April 14, 2011. http://www.bloomberg.com/news/2011-04-14/south-african-coal-plant-wins-u-s-backing-over-environmentalist-protests.html </ref><ref>Your Tax Dollars at Work: A Giant Coal Plant in South Africa, Mother Jones, December 9, 2009, available at http://motherjones.com/environment/2011/12/south-africa-coal-kusile-durban-climate</ref><ref>U.S. Ex-Im Bank Finances Largest Carbon Emitting Project in its History, Friends of the Earth, et.al., http://www.foe.org/news/archives/2011-04-us-ex-im-bank-finances-largest-carbon-emitting-proje</ref><ref>March 14, 2011 letter to Ex-Im Bank Chairman Fred Hochberg from Physicians for Social Responsibility, http://pacificenvironment.org/downloads/PSR%20Pulmonary.pdf</ref> In 2010, environmental groups criticized the Ex-Im Bank Directors for approving $917 million in financing for the 3,960 megawatt Sasan coal fired power plant in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision the agency’s Chairman, Fred Hochberg and Board of Directors "caved in" to political pressure from Wisconsin politicians.<ref>Export-Import Bank, Summary of Minutes of Meeting of Board of Directors, Item # 2, June 24, 2011, available at http://www.exim.gov/article.cfm/B3B56631-911C-50EC-098514F87797E0AC/ </ref> <ref>Export-Import Bank, Summary of Minutes of Meeting of Board of Directors, Item # 7, October 21, 2010, available at http://www.exim.gov/article.cfm/1D82DCA5-F618-8500-B1E268D85B90C44C/ </ref><ref>Jess McCabe, "U.S. Ex-Im Flip-Flops on Giant Indian Coal Project," Environmental Finance, July 1, 2010, available at http://www.environmental-finance.com/news/view/1215"com/news/view/1215 </ref><ref>Andrew Bast, "Its Not Easy Being Green," Newsweek, July 16, 2010, available at http://www.thedailybeast.com/newsweek/2010/07/16/it-s-not-easy-being-green.html </ref><ref>U.S. Taxpayer-Funded Bank, Under Pressure from Obama Administration, Gives Green Light to Giant Dirty Coal Plant in India, Michelle Chan, Friends of the Earth, Huffington Post, July 15, 2010, available at http://www.huffingtonpost.com/michelle-chan/us-taxpayer-funded-bank-u_b_648174.html </ref> In 2011, several environmental groups protested at Export-Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $805 million in financing for the 4,800 megawatt Kusile coal fired power plant in South Africa,<ref>Protestors: Why Lock the World into a Coal Powered Future, Compass, Sierra Club, available at http://sierraclub.typepad.com/compass/2011/01/protesters-why-lock-the-world-into-a-coal-powered-future.html </ref> which environmental groups say is the largest carbon emitting project in the agency's history, which will not alleviate poverty but will emit excessive local air pollution which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases.<ref>South African Coal Plant Wins U.S. Backing Over Environmentalist Protests", Bloomberg, April 14, 2011. http://www.bloomberg.com/news/2011-04-14/south-african-coal-plant-wins-u-s-backing-over-environmentalist-protests.html </ref><ref>Your Tax Dollars at Work: A Giant Coal Plant in South Africa, Mother Jones, December 9, 2009, available at http://motherjones.com/environment/2011/12/south-africa-coal-kusile-durban-climate</ref><ref>U.S. Ex-Im Bank Finances Largest Carbon Emitting Project in its History, Friends of the Earth, et.al., http://www.foe.org/news/archives/2011-04-us-ex-im-bank-finances-largest-carbon-emitting-proje</ref><ref>March 14, 2011 letter to Ex-Im Bank Chairman Fred Hochberg from Physicians for Social Responsibility, http://pacificenvironment.org/downloads/PSR%20Pulmonary.pdf</ref>

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Export-Import Bank of the United States
Agency overview
FormedFebruary 2, 1934
HeadquartersLafayette Building
Washington, D.C.
Employees402 (2013)
Agency executive
Websitewww.exim.gov

The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States federal government and is self-sustaining. It was established in 1934 by an executive order, and made an independent agency in the Executive branch by Congress in 1945, for the purposes of financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three-year term in 2012. Its Charter spells out the Bank's authorities and limitations. Among them is the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal. Its current President and Chairman is Fred P. Hochberg.

Export-Import Bank

US exports in 2006

The Export-Import Bank of the United States (Ex-Im Bank) is the principal government agency responsible for aiding the export of American goods and services through a variety of loan, guarantee, and insurance products. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three year term in 2012. The Charter spells out the Bank's authorities and limitations. Among them is the principle that Ex-Im Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not take place because commercial lenders are either unable or unwilling to accept the political or commercial risk inherent in the deal. Ex-Im Bank's Charter provides that Ex-Im Bank makes available "not less than 20%" of its lending authority to small businesses. Generally, its products are available to support export sales for any American export firm regardless of size. Similar banks, or export credit agencies (ECAs), are operated by 60 foreign countries. Many ECAs agree to conduct their activities by following a set of common rules and principles through their membership in the Organization for Economic Cooperation and Development (OECD); these ECAs are generally in the so-called "developed" countries. The goal is to permit exporters in various countries to compete on the basis of the quality of their goods and services, not on preferential financing terms. Other ECAs, such as the China Exim Bank (in the People's Republic of China), Ex-Im Bank of Russia, Brazil, and India, do not abide by the OECD rules.

Offices throughout the United States

Export-Import Bank of the United States Regional Export Centers

Midwest

Chicago

200 West Adams Street

Suite 2450

Chicago, IL 60606

Tel: (312) 353-8081

Fax: (312) 353-8098

Website: Chicago Regional Export Finance Center


Detroit

440 Burroughs Street

Suite 315

Detroit, MI 48202

Tel: (313) 309-4158

Website: Detroit Export Office


Minneapolis

100 North 6th Street

Suite 210-C

Minneapolis, MN 55403

Tel: (612) 348-1213

Website: Minneapolis Export Office


Northeast and Mid-Atlantic

New York

Ted Weiss Federal Building

290 Broadway - 13th floor

New York, NY 10007

Tel: (212) 809-2650

Fax: (212) 809-2687

Website: New York Regional Export Finance Center

Southeast

Miami

5835 Blue Lagoon Drive

Suite 203

Miami, FL 33126

Tel: (305) 526-7436

Fax: (305) 526-7435

Website: Miami Regional Export Finance Center

Atlanta

75 Fifth Street Northwest

Suite 1055

Atlanta, GA 30308

Tel: (404) 815-1497

Website: Atlanta Export Office

Southwest

Houston

1880 South Dairy Ashford II

Suite 405

Houston, TX 77077

Tel: (281) 721-0465

Fax: (281) 679-0156

Website: Houston Regional Export Finance Center


Dallas

McKinney (Dallas), TX

Tel: (214) 660-1341

Website: North Texas Branch Regional Export Finance Center

Western

Orange County, CA

Orange County, CA

Tel: (949) 660-1341

Fax: (949) 660-9553

Website: Orange County, CA Regional Export Finance Center

San Diego

San Diego, CA

Tel: (858) 467-7035

Fax: (858) 467-7043

Website: San Diego Regional Export Finance Center

San Francisco

USEAC 50 Fremont Street Suite 2450

San Francisco, CA 94105

Tel: (415) 705-2285

Fax:(415) 705-1156

Website: San Fransisco Field Office

Seattle

2001 6th Avenue Suite 2600

Seattle, WA 98121

Tel: (206) 728-2264

Website: Seattle Export Office

History

The bank was originally organized as a District of Columbia banking corporation by Executive Order 6581 from Franklin D. Roosevelt on February 2, 1934, under the name Export-Import Bank of Washington. The stated goal was "to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations or the agencies or nationals thereof", with the immediate goal of making loans to the Soviet Union. Roosevelt created a Second Export-Import Bank of Washington with Executive Order 6638 on March 9, 1934, with the specific aim to aid trade with Cuba. The Bank's first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. The First and Second Export-Import Banks were combined in 1936 when Congress transferred the obligations of the Second Export-Import Bank to the first. Congress continued the bank as a government agency, using a series of laws between 1935 and 1943 to place it under various government departments, before making it an independent agency on July 31, 1945, with the Export-Import Bank Act of 1945. On March 13, 1968, further legislation changed the name to "Export-Import Bank of the United States". The 1945 Charter requires the Bank to be reauthorized by Congress every four to five years. Reauthorizations were approved in 1947, 1951, 1957, 1963, 1968, 1971, 1974, 1978, 1983, 1986, 1992, 1997, 2002, 2006, and 2012. Ex-Im Bank became a self-sustaining (self-funding) agency in 2007. Ex-Im Bank approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chamber Manufacturing, The Galion Iron Works, and Thew Shovel to help build the highway.

Historically Significant Transactions

Pan-American Highway

The highway runs from Alaska to Chile through 14 countries with important transportation links to nearly all of continental Latin America. From its inception, the Pan-American Highway was seen as a critical element in improving and solidifying relations and trade throughout the Americas. It was originally conceived as part of FDR’s Good Neighbor Policy. The highway was constructed beginning in 1936 with the last phase complete in 1980.

Ex-Im Bank credits and loans supported construction of the Pan-American Highway in Mexico, Honduras, Guatemala, Nicaragua, El Salvador, Costa Rica, Panama, Colombia, Ecuador, Peru and Chile. In Paraguay, Argentina, and Bolivia Ex-Im Bank supported construction of highway spurs connected to the Pan-American Highway. Ex-Im Bank approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chamber Manufacturing, The Galion Iron Works, and Thew Shovel to help build the highway.

Burma Road

Constructed between 1937 and 1938, the 717-mile Burma Road links Lashio in present-day Myanmar (previously Burma) to Kunming in Yunnan Province, China. Construction of the road began in 1937 at the start of the second Sino-Japanese War (1937-1945). With Japan able to control port access in China and most of Southeast Asia, the Chinese built a road that would allow transportation of men and goods from a railhead at Rangoon that had access to Burma’s ports. From 1939-1942 the Burma Road served as a lifeline for military goods and support in the fight against the Axis powers in the Far East.

The $25 million credit approved by Ex-Im Bank in December 1938 was crucial in ensuring that the supply route remained open by providing the transportation vehicles and support materiel to operate the new road and by providing China with purchasing power during WWII. An additional $20 million to the Universal Trading Corporation was approved in 1940. A 1939 journal article in Foreign Affairs noted that China used part of the $25 million to purchase 2,000 three-ton trucks from Ford, Chrysler, and General Motors.

Post-WWII Reconstruction and the Marshall Plan

Ex-Im Bank played a critical role in the years between the end of Lend-Lease (September 1945) and the beginning of the Marshall Plan and the World Bank’s first authorizations (May 1947-1948). At the end of WWII, it was recognized that the U.S. did not have a credit facility capable of handling the demand that would result from the cessation of hostilities. One of the major rationales behind the Export-Import Bank Act of 1945, the basis of Ex-Im’s current charter document, was the necessity to dramatically increase Ex-Im’s lending capacity to adequately respond to Europe’s post-war reconstruction needs. The 1945 Ex-Im Annual Report predicated Ex-Im’s role in the immediate post-WWII period: “the Export-Import Bank was to be the principle source of long-term dollar loans for an extended period of time.” This assertion was based on the lack of interest by private capital in lending to foreign government buyers and delays in ratification of the Articles of Agreement for the International Monetary Fund and the International Bank for Reconstruction and Development. The Export-Import Bank Act of 1945 increased lending authority from $750 million to $3.5 billion, almost a fourfold increase to help address these shortfalls.

In 1945 and 1946 credit was offered to France, Denmark, Norway, Belgium, the Netherlands, Turkey, Czechoslovakia, Finland, Italy, Ethiopia, Greece, Poland and Austria to purchase equipment, facilities, and services from the United States. The financing was designed to aid reconstruction of the nations and to repair their import and export capability through the purchase of new machinery, currency exchange, and improvements and repairs to infrastructure and transportation systems.

When the Marshall Plan was put into place in 1948, Ex-Im Bank focused its lending on non-Economic Recovery Act nations in North and South America.

First Credits to Post-Soviet Nations

When the Berlin Wall fell in 1989 and the Soviet Union collapsed in 1991, U.S. companies were able to freely conduct business with Eastern Europe for the first time since the end of WWII. Ex-Im Bank was one of the first financial institutions to provide financing for exports to the Soviet Union, Poland, Czechoslovakia and the newly independent nations that emerged after 1991. In 1990, President George H.W. Bush waived the Jackson-Vanik Amendment, which had officially closed off trade with communist countries since 1975. This waiver opened all Ex-Im Bank guarantee and insurance programs to U.S. companies wanting to do business with the Soviet Union and many other former communist countries.

Ex-Im Bank reopened for business in Czechoslovakia in March 1990. On January 25, 1991, Ex-Im Bank approved the first transaction to Czechoslovakia since 1947. Financed by First Interstate Bank of Los Angeles, CA, the guarantee allowed Tonak Hat Company to purchase computers from a small U.S. company, Digital Equipment Corporation of Massachusetts. Since 1991, Ex-Im Bank has supported exports to 25 of the nations that emerged after the fall of the Iron Curtain.

Authorizations in Fiscal Year 2012 by Country

Export-Import Bank of the United States Fiscal Year 2012 Authorizations


Argentina Dominican Republic Indonesia New Zealand Sri Lanka
Australia Ecuador Iraq Nicaragua Sweden
Austria Egypt Ireland Niger Switzerland
Barbados El Salvador Israel Nigeria Taiwan
Belgium Eritrea Italy Norway Togo
Benin Estonia Jamaica Pakistan Trinidad and Tobago
Bolivia Ethiopia Japan Panama Turkey
Brazil Finland Jordan Paraguay Ukraine
Cameroon France Korea, Republic of Peru United Arab Emirates
Canada France Lebanon Philippines United Kingdom
Cayman Islands Germany Liberia Poland United States of America
Chile Ghana Luxembourg Portugal Uruguay
China Greece Madagascar Russia Vietnam
Colombia Guatemala Mauritania Saudi Arabia Virgin Islands (British)
Congo, Democratic Republic of Honduras Mexico Serbia Zambia
Costa Rica Hong Kong Monaco Sierra Leone
Cyprus Hungary Mongolia Singapore
Czech Republic Iceland Morocco South Africa
Denmark India Netherlands Spain

Minority and Woman-Owned Business Emphasis

The Export-Import Bank recognizes the importance of minority and woman-owned businesses and has created a business development team that works solely with these businesses. “They provide hands-on guidance to small businesses, woman and minority-owned companies that wish to export and/or learn how to qualify for and access Ex-Im Bank assistance.”


List of Chairmen and Presidents

List of Directors

Products

Supply Chain Financing

This product is designed to increase capital for U.S. businesses. The Supply Chain Finance Guarantee product is offered to lenders and benefits U.S. exporters and their suppliers through accounts receivable financing. "It is designed to inject liquidity in the marketplace and provide suppliers, particularly small businesses, with access to capital faster and at a lower cost." This allows for the supplier to receive a better rate according to the credit of the exporter. Additionally, the exporter has additional working capital funding that is not considered debt. Furthermore, the Ex-Im Bank guarantee, “is provided directly to the lender. Ex-Im Bank provides a 90% guarantee of an eligible invoice while the lender bears 10% risk. This arrangement allows the lender to efficiently maintain their relationships directly with the exporters and suppliers without Ex-Im Bank involvement.”

Global Credit Express

A newly created product that offers “short-term working capital loans directly to creditworthy small business exporters." A revolving line of credit up to $500,000 is offered to exporters for either 6 or 12 month time periods. Benefits include: fixed-rate financing at a relatively low interest cost, it does not require a dedicated borrowing base or monthly reporting requirements, and offers streamlined processing and quick turn-around on loan applications. There are certain requirements to be eligible for this program.

Export Credit Insurance

Ex-Im Banks export credit insurance allows U.S. based companies to increase their export sales by limiting their international risk, offering credit to the international buyers, and enabling the U.S. company to access working capital funds. Benefits include a decreased risk of not being paid back, enables the exporter to extend competitive credit terms to buyers, increased ability and confidence to export to new markets, and an increase in cash flow. The most important aspect of the export credit insurance is that exporters can feel more secure making transactions in foreign countries due to a reduction in international risk, allowing them to increase their exports and ultimately, their profits. The Export-Import bank has the ability to work in most markets but there are a select few that Ex-Im is unable to do business in. For clients who are exporting environmentally beneficial products Ex-Im provides increased support through the Environmental Exports Program created by the bank.

Working Capital Loan Guarantee

The Working Capital Guarantee product helps provide exporters with a solid, dependable capital base that provides financial security to expand exports. The working capital guarantee encourages commercial lenders to make working capital loans by providing them with 90% backing guarantee, which decreases their risk. Ex-Im Bank has lending partners who are Delegated Authority Lenders and these lenders can expedite the loan process by evaluating a company's eligibility against Ex-Im requirements. Through this process Ex-Im can offer its guarantee before the transaction with the lender begins. Some of the benefits of the Working Capital Guarantee product include: fulfills export sales orders, expands access to financing, and encourages lenders to grant exporter loans.

Loan Guarantee for Foreign Buyers

The Export-Import Bank’s Loan Guarantee for foreign buyers allows the exporter to secure competitive financing for their international buyer. Term financing is offered generally up to 10 years and local costs can be covered up to 30%. With the Ex-Im Bank guarantee, international buyers get competitive term financing – that may previously have been unavailable from lenders. This can benefit a business because it provides more security when entering an emerging market, there are no limits to the transaction size, and decreases the risk of a transaction with a specific buyer. There are certain eligibility requirements for this product: Ex-Im will only finance U.S. content of a transaction, products must be shipped to a foreign buyer from the U.S, Ex-Im is unable to finance transactions involving military or defense products. See the specific product page for further eligibility requirements for Loan Guarantee for Foreign Buyers and detailed cost information.

Finance Lease Guarantee for Foreign Buyers

Ex-Im Bank provides competitive medium-term financing as installment loans as well as financing that is structured as finance leases. Finance leases are provided because certain foreign buyers prefer financing in this format rather than traditional loan installments. These loans go to foreign buyers in both the public and private sector to creditworthy buyers. This product provides flexible financing options and repayment terms, allows foreign lessees to obtain finance leases from lessors, transaction coverage up to $10 million, and coverage of up to 85% of the transaction amount or the of the U.S content portion. Generally, lease financing is provided to U.S. capital equipment and related services. Other products that may receive financing are refurbished equipment, software, certain baking and legal fees, and certain local costs and expenses. In order to qualify for medium-term financing there are minimum credit standards that must be met. If some of the standards are not met it is possible to use guarantors and or other credit enhancements.

Direct Loan for Foreign Buyers

Ex-Im’s Direct Loan provides competitive financing to creditworthy foreign buyers in both the public and private sector. Fixed-rate financing is offered for up to 12 years and for renewable energy products, 18 years. Additionally, local costs can financed up to 30%. This is a beneficial product because there is no transaction size limit, coverage for 100% of the commercial and political risks involved with the transaction, coverage of up to 30% of local costs, and financing of ancillary services and fees. These loans are generally used to finance U.S. capital equipment and services. In addition, there are other requirements that an applicant must meet in order to be eligible for Ex-Im’s Direct Loan.

Support for the Export-Import Bank

The bank is especially focused on trying to help small and medium size businesses expand their exporting capabilities. CEO and President of the National Association of Manufacturers, Jay Timmons stated: "The Ex-Im Bank plays a critical role in manufacturer's ability to export to new markets and keep up with growing global competition. The Bank supports nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. The numbers tell the real story. More than 85% of all Ex-Im transactions directly benefit small business exporters - the economic engine that powers our economy and job creation."

Additionally, in a report compiled by the U.S. Chamber of Commerce, Oscar Ramirez, the President of a small business offering various products to the petroleum industry, gave his support for the Export-Import Bank: “We find the Ex-Im Bank very useful. The commercial banks will not lend us $1.7 million without the Ex-Im loan guarantee, and without the line of credit we would not be in business. All receivables are foreign and no commercial bank will lend against those receivables. We export tanks, dispensers, and signage for gas stations in Latin America, the Caribbean and Africa. We employ 35 people – but couldn’t do it without the Bank.”

Jenny Fulton, the owner of Miss Jenny's Pickles, a small North Carolina food manufacturer, used Ex-Im's export-credit insurance to export her pickles to China. After only 3 years of business, Fulton and her business partner have expanded their business to 1,000 stores in the U.S. and 40 stores in China. By putting more emphasis on exporting in China she expects her export sales to increase by 400%. She comments that: "Ex-Im Bank's export-credit insurance enables us to offer terms to our foreign buyers, so they don't have to pay for the whole order at once...Our export sales have permitted us to hire our first full-time employee and four part-time employees, and with the new orders from China supports by Ex-Im's Express Insurance we hope to turn those part-time jobs into full-timers by the end of the year." Fulton's story was featured on a segment of the CBS-TV News program "60 Minutes".

Vice President of Finance from Air Tractor, David Ickert, has said that Air Tractor believes that, “the Export-Import Bank is essential to exports of U.S. products. For instance, in FY2011, Ex-Im was involved with 3,751 transactions that supported nearly $42 billion in exports from more than 3,600 U.S. companies. Of those transactions, 3,247 – 87% - were with small-business exporters. All of those transactions added up to $6 billion in Ex-Im financing in FY2011. The Ex-Im Bank Pays for itself (through the fees it charges to foreign buyers) and – above and beyond that – returns money to the U.S. treasury. From 2006 to 2010, Ex-Im Bank returned $3.4 billion to the Treasury. Ex-Im has maintained its incredibly low default rate (1.5%) through the recession and through several years of record growth.” In addition, on behalf of Air Tractor, Ickert said: “Exports have definitely meant jobs in this rural part of Texas, and Ex-Im Bank has helped us provide the export financing to increase our exports and break into new markets.”

President Obama said, during the Bank’s reauthorization battle in May, 2012, that the Export-Import Bank plays a very important role in reaching his goal of doubling exports over 5 years. At the reauthorization ceremony President Obama stated: “We’re helping thousands of businesses sell more of their products and services overseas, in the process, we’re helping them create jobs here at home. And we’re doing it at no extra cost to the taxpayer.”

Criticism

The Bank has come under criticism for allegedly favoring special interests ahead of that of the U.S. taxpayer. These interests include that of heavily subsidized corporations such as Boeing or Enron as well as those of well-connected foreign governments and nationals (such as a 1996 $120 million low-interest loan to the China National Nuclear Power Corporation (CNNP)). 65% of loan guarantees over 2007 and 2008 went to companies purchasing Boeing aircraft. In 2012, the Bank's loan guarantees became even more skewed, with 82 percent of them going to Boeing customers.

However, the congressional mandate for the Export-Import Bank of the United States calls for the Bank to focus on small business support. The Bank strictly follows its Congressional mandate to support small businesses and in Fiscal Year 2012 88% of the total number of transactions went to small businesses.

Timothy Carney of the Washington Examiner has written that the Bank:

epitomizes corporate welfare. It also is a prime example of unaccountability. The agency is independent of any cabinet department, and it hands out loans and loan guarantees basically at its own discretion. Congress typically gives Ex-Im lengthy reauthorizations, thus minimizing congressional oversight. In recent years, Ex-Im was moved off-budget, meaning it funds itself with the repayments from old loans and the fees from new ones. So it’s kind of like Fannie Mae was, before its exposure became real and the taxpayers had to come in and bail it out.

Despite Carney’s claims that the Ex-Im Bank is supporting corporate welfare, others would argue otherwise and the Bank directly responds to these types of accusations on their website stating that they are: “Far from being “corporate welfare”, the companies that receive Ex-Im Bank support pay fees as they would in the private sector. Those fees have paid for all Bank operations and payment of claims. Because the Bank’s loan loss rate has since 1934 been below two percent, Ex-Im earns more than cost of operations and costs of bad loans, so it actually earns a profit for U.S. taxpayers, $1.9 billion in the last five years.” The Bank does not hand out loans freely, it is demand driven. Any company can approach Ex-Im for financing and each application is thoroughly analyzed before authorization is given for a loan. Additionally, they also refute Carney’s claim that the Bank is similar to Fannie Mae and believe that: “Comparing the Bank to Freddie Mac is misleading to say the least. Ex-Im Bank’s portfolio is spread across over 170 countries and dozens of industries. U.S. taxpayers “own” the Bank – it has no shareholders, and the employees are not eligible for extravagant bonuses. As proof of Ex-Im’s low risk operations, during its 78-year history the Bank’s loan loss rate has remained below 2%. In fact, for the first half of Fiscal year 2012, the Bank earned interest and fees totaling $548 million compared to $18 million paid in claims.”

In 2007, WFAA-TV in Dallas reported that the Ex-Im Bank had given at least $243 million in fraudulent loans to companies doing business with Mexico, including giving loans to companies with no verifiable address and individuals who were known associates of the Sinaloa and Juarez drug trafficking cartels. The Bank has responded to this claim by stating: "This allegation was made in 2007, without substantiating evidence, in a television news report. It was investigated by law enforcement authorities and has never been substantiated."

In February 2009, the Ex-Im Bank settled a seven-year-long legal proceeding brought by Friends of the Earth, other NGOs, and various American cities. The plaintiffs claimed that the Ex-Im Bank and the Overseas Private Investment Corporation (OPIC) provided financial assistance to oil and other fossil fuel projects without first evaluating the projects' global warming impacts. In 2005, the plaintiffs were granted legal standing to sue these federal bodies. The landmark decision is the first time that a federal court has specifically granted legal standing for a lawsuit exclusively challenging the federal government's failure to evaluate the impacts of its actions on the Earth's climate and U.S. citizens. In its settlement agreement, the Ex-Im Bank agrees to evaluate the carbon dioxide emissions as part of its determination for qualification for a project. However, Ex-Im Bank fossil fuel financing and associated greenhouse gas emissions grew swiftly after the settlement agreement, coinciding with Chairman Hochberg's tenure. Between 2009 and 2012, Ex-Im Bank fossil fuel financing grew from $2.56 billion to nearly $10 billion.

Environmental groups say that under the Obama Administration the Ex-Im Bank is on a "fossil fuel binge," which “makes a mockery” of President Obama’s stated commitment to phase out fossil fuel subsidies. In December, 2009, Ex-Im Bank Directors approved $3 billion in financing for the ExxonMobil-led Papua New Guinea Liquid Gas project in December, 2009, just as President Obama flew to climate change negotiations in Copenhagen. The project has reportedly sparked violence and in April, 2012, the Papua New Guinea government called in troops to quell opposition from villagers after a landslide linked to a quarry that had been used by the project killed an estimated 25 people.

In 2010, environmental groups criticized the Ex-Im Bank Directors for approving $917 million in financing for the 3,960 megawatt Sasan coal fired power plant in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision the agency’s Chairman, Fred Hochberg and Board of Directors "caved in" to political pressure from Wisconsin politicians. In 2011, several environmental groups protested at Export-Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $805 million in financing for the 4,800 megawatt Kusile coal fired power plant in South Africa, which environmental groups say is the largest carbon emitting project in the agency's history, which will not alleviate poverty but will emit excessive local air pollution which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases.

In 2012 three environmental organizations filed a lawsuit against Chairman Hochberg and the Ex-Im Bank for the agency’s financing of two liquid natural gas projects being constructed inside the Great Barrier Reef World Heritage Area. The lawsuit alleges that Ex-Im Bank financing for the projects violates U.S. environmental and cultural heritage laws.

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