Export-Import Bank of the United States
|Export-Import Bank of the United States|
|Formed||February 2, 1934|
|Agency executive||Fred P. Hochberg, Chairman and President|
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. From FY 2008 to FY 2012 the Bank sent to the U.S. Treasury $1.6 billion in earnings above the cost of operations and claims. In FY 2013 the Bank sent Treasury just over $1.0 billion.  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 chairman and president is Fred P. Hochberg.
- 1 Export-Import Bank
- 2 Offices throughout the United States
- 3 History
- 4 Historically Significant Transactions
- 5 Authorizations in Fiscal Year 2012 by Country
- 6 Minority and Woman-Owned Business Emphasis
- 7 List of Chairmen and Presidents
- 8 List of Directors
- 9 Products
- 10 Support for the Export-Import Bank
- 11 Criticism
- 12 References
- 13 External links
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
200 West Adams Street
Chicago, IL 60606
Tel: (312) 353-8081
Fax: (312) 353-8098
440 Burroughs Street
Detroit, MI 48202
Tel: (313) 309-4158
Website: Detroit Export Office
100 North 6th Street
Minneapolis, MN 55403
Tel: (612) 348-1213
Website: Minneapolis Export Office
Ted Weiss Federal Building
290 Broadway - 13th floor
New York, NY 10007
Tel: (212) 809-2650
Fax: (212) 809-2687
5835 Blue Lagoon Drive
Miami, FL 33126
Tel: (305) 526-7436
Fax: (305) 526-7435
Website: Miami Regional Export Finance Center
75 Fifth Street Northwest
Atlanta, GA 30308
Tel: (404) 815-1497
Website: Atlanta Export Office
1880 South Dairy Ashford II
Houston, TX 77077
Tel: (281) 721-0465
Fax: (281) 679-0156
McKinney (Dallas), TX
Tel: (214) 660-1341
Orange County, CA
Orange County, CA
Tel: (949) 660-1341
Fax: (949) 660-9553
San Diego, CA
Tel: (858) 467-7035
Fax: (858) 467-7043
USEAC 50 Fremont Street Suite 2450
San Francisco, CA 94105
Tel: (415) 705-2285
Website: San Francisco Field Office
2001 6th Avenue Suite 2600
Seattle, WA 98121
Tel: (206) 728-2264
Website: Seattle Export Office
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 Government Corporation Control Act of 1945 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.
Historically Significant Transactions
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.
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 to 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.
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
|Argentina||Dominican Republic||Indonesia||New Zealand||Sri Lanka|
|Benin||Estonia||Jamaica||Pakistan||Trinidad and Tobago|
|Cameroon||France||Korea, Republic of||Peru||United Arab Emirates|
|Cayman Islands||Germany||Liberia||Poland||United States of America|
|Colombia||Guatemala||Mauritania||Saudi Arabia||Virgin Islands (British)|
|Congo, Democratic Republic of||Honduras||Mexico||Serbia||Zambia|
|Costa Rica||Hong Kong||Monaco||Sierra Leone|
|Czech Republic||Iceland||Morocco||South Africa|
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
- R. Walton Moore, (Chairman) 1934-1941
- George N. Peek, (President) 1934-1935
- R. Walton Moore, (Chairman) 1934-1941
- Warren Lee Pierson, (President) 1936-1945
- Jesse H. Jones, (Chairman) 1941-1943
- Leo T. Crowley, (Chairman) 1943-1945
- William McC. Martin, Jr., (Chairman) 1946-1949
- Herbert E. Gaston, (Chairman) 1949-1953
- Glen E. Edgerton, (Chairman) 1953-1953
- Glen E. Edgerton, (Chairman) 1954-1955
- Lynn U. Strambaugh, (Vice Chairman) 1954-1960
- Samuel C. Waugh, (Chairman) 1955-1961
- Tom Killefer, (Vice Chairman) 1960-1962
- Harold F. Linder, (Chairman) 1961-1968
- Walter C. Sauer, (Vice Chairman) 1962-1976
- Henry Kearns, (Chairman) 1969-1973
- William J. Casey, (Chairman) 1974-1976
- Stephen M. DuBrul, Jr., (Chairman) 1976-1977
- Delio E. Gianturco, (Vice Chairman) 1976-1977
- John L. Moore, Jr., (Chairman) 1977-1981
- H. K. Allen, (Vice Chairman) 1978-1981
- William H. Draper III, (Chairman) 1981-1986
- Charles E. Lord, (Vice Chairman) 1982-1983
- John A. Bohn, Jr., (Vice Chairman) 1984-1986
- John A. Bohn, Jr., (Chairman) 1986-1989
- William F. Ryan, (Vice Chairman) 1986-1989
- John D. Macomber, (Chairman) 1989-1992
- Eugene K. Lawson, (Vice Chairman) 1989-1993
- Rita M Rodriguez, (Acting Chairman) 1993-1993
- Kenneth D. Brody, (Chairman) 1993-1995
- Martin A. Kamarck, (Vice Chairman) 1993-1996
- Martin A. Kamarck, (Chairman) 1996-1997
- Rita M. Rodriguez, (Acting Chairman) 1997-1997
- James A. Harmon, (Chairman) 1997-2001
- Jackie M. Clegg, (Vice Chairman) 1997-2001
- John Robson, (Chairman) 2001-2002
- Eduardo Aguirre, (Vice Chairman) 2001-2003
- Philip Merrill, (Chairman) 2002-2005
- April Foley, (Vice Chairman) 2003-2005
- James H. Lambright, (Chairman) 2005-2009
- Linda M. Conlin, (Vice Chairman 2006-2009)
- Wanda Felton, (Vice Chairman) 2011-2013
- John A. McAdams, (Acting Vice Chairman) 2013
- Fred P. Hochberg, (Chairman) 2009–Present
List of Directors
- William McC. Martin, Jr. 1945-1946
- Clarence E. Gauss 1946-1952
- Wilson L. Townsend 1952-1953
- Hawthorne Arey 1949-1953
- Hawthorne Arey 1954-1961
- George A. Blowers 1954-1961
- Vance Brand 1954-1959
- James S. Bush 1959-1963
- George Docking 1961-1964
- Charles M. Meriwether 1961-1965
- Elizabeth S. May 1964-1969
- Hobart Taylor 1965-1968
- Tom Lilley 1965-1972
- John C. Clark 1969-1976
- R. Alex McCullough 1969-1977
- Mitchell P. Kobelinski 1973-1976
- Margaret W. Kahliff 1976-1982
- Donald E. Stingel 1977-1981
- Thibaut de Saint Phalle 1977-1981
- Richard W. Heldridge 1982-1988
- Rita M. Rodriguez 1982-1999
- James E. Yonge 1982-1984
- Richard H. Hughes 1985-1985
- Simon C. Fireman 1986-1989
- Richard Houseworth 1988-1991
- Constance B. Harriman 1991-1994
- Cecil B. Thompson 1991-1994
- Maria Luisa Haley 1994-1999
- Julie Belaga 1994-1999
- Dan Renberg 1999-2003
- Dorian Vanessa Weaver 1999-2003
- Linda M. Conlin 2004-2006
- J. Joseph Grandmaison 2006-2009
- Bijan R. Kian 2006-2011
- Diane Farrell 2007-2011
- Larry Walther 2011-2013
- Wanda Felton 2011-2013
- Fred P. Hochberg 2009-Present
- Sean Robert Mulvaney 2011-Present
- Patricia M. Loui 2011-Present
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.”
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.
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.
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.
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.
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.
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.”
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.
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.[xiii] 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.
- Export-Import Bank, United States. "The Facts about Ex-Im Bank". Retrieved 7 August 2013.
- , which became Public Law 112-122 on May 30, 2012.
- Export Import Bank, United States. "Ex-Im Bank History". Retrieved 7 August 2013.
- Export-Import Bank, United States. "Export-Import Bank Reathorization of 2012". Retrieved 10 June 2013.
- Export-Import Bank, United States. "The Charter of the Export-Import Bank of the United States". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Charter of the Export-Import Bank of the United States Sec.2(b)(1)(E)(v)". Retrieved 10 June 2013.
- Organisation for Economic Cooperation and Development, United States. "OECD: Better Policies For Better Lives". Retrieved 17 June 2013.
- "The Export-Import Bank of China". English.eximbank.gov.cn. Retrieved 2011-12-27.
- Export-Import Bank, United States. "Regional Export Finance Centers". Retrieved 7 August 2013.
- Wikisource. "Franklin Delano Roosevelt/Executive Orders". Retrieved 10 June 2013.
- "A Reporter's Guide To Ex-Im Bank". Retrieved 2007-11-15.
- Becker, William, McClenahan, William (2003). The Market, the State, and the Export-Import Bank of the United States. New York: Cambridge University Press. pp. 10–40.
- "Records of the Export-Import Bank of the United States (EIBUS)". Retrieved 2007-11-15.
- "Notes to 12 U.S.C. § 635". Retrieved 2007-11-15.
- Export-Import Bank, United States (2008). Annual Report 2008. Washington, D.C. p. 3.
- Jones, Jesse, Angly, Edward (1951). Fifty Billion Dollars: My Thirteen Years with the RFC (1932-1945. New York: MacMillan Company. p. 220.
- Export-Import Bank, United States (1941). Annual Report to Congress 1941. Washington, D.C.
- Export-Import Bank, United States. "Export-Import Bank Annual Reports to Congress, 1936-1961".
- Export-Import Bank, United States. Export-Import Bank of the United States Annual Reports to Congress, 1936-1961.
- Britannica, Encyclopedia. "Burma Road". Retrieved 10 June 2013.
- Export-Import Bank, United States (1946). First Semiannual Report to Congress for the period July-December 1945. Washington, D.C. pp. 48–49.
- Mallory, Walter (4/1939). "The Burma Road". Foreign Affairs. Retrieved 10 June 2013.
- Export-Import Bank, United States (1946). First Semiannual Report to Congress for the period July-December 1945. Washington, D.C. p. 10.
- Export-Import Bank, United States. "Export-Import Bank Act of 1945, P.L. 79-173 STAT 526".
- Export-Import Bank, United States (1949). Seventh Semiannual Report to Congress for the period July-December 1948. Washington, D.C. pp. 32–33.
- Export-Import Bank, United States (1949). Seventh Semiannual Report to Congress for the period July-December 1948. Washington, D.C. p. 2.
- Export-Import Bank, United States. "Press release: EximBank Offers Support for U.S. Exports to the Soviet Union". Export-Import Bank Press Release.
- Export-Import Bank, United States. "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".
- Export-Import Bank, United States. "Minority and Woman-Owned Business Emphasis". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Board of Directors". Retrieved 13 June 2013.
- "Board of Directors". Ex-Im Bank of the U.S. 2011-11-16. Retrieved 2011-12-27.
- Export-Import Bank, United States. "Products: Supply Chain Finance Guarantee Program". Retrieved 7 August 2013.
- Export-Import Bank, United States. [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 "Global Credit Express"]. Retrieved 10 June 2013.
- Export-Import Bank, United States. "Export Credit Insurance". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Working Capital". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Loan Guarantee". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Finance Lease Guarantee". Retrieved 10 June 2013.
- Export-Import Bank, United States. "Direct Loan". Retrieved 10 June 2013.
- Ostermayer, Jeff (3/15/12). "Manufacturers: Export-Import Bank Supports Jobs". National Association of Manufacturers. Retrieved 13 June 2013.
- U.S Chamber of Commerce. "Export-Import Bank: Supporting Small Business in America". Retrieved 13 June 2013.
- Cogan, Phil (27 February 2013). "North Caroline Small Business Grows Sales of Pickles in China, Becomes Ex-Im Bank's 500th 'Express Insurance' Customer". Export-Import Bank of the United States. Retrieved 13 June 2013.
- CBS "60 Minutes". "The Birth of Miss Jenny's Pickles". Retrieved 17 June 2013.
- National Association of Manufacturers (17 April 2012). "Testimony of David Ickert". Retrieved 13 June 2013.
- Export-Import Bank, United States. "Export-Import Bank of the United States Annual Report 2012: Air Tractor Inc.". Retrieved 13 June 2013.
- Landler, Mark (30 May 2012). "Obama Extends the Export-Import Bank". The New York Times. Retrieved 13 June 2013.
- Carney, Timothy (May 31, 2002). "Bank Scam". National Review. Retrieved 2007-12-19.
- Pew Analysis Shows More Than 60 Percent of Export-Import Bank Loan Guarantees Benefited Single Company
- Boeing and Obama sitting in a tree, K-I-S-S-I-N-G
- Export-Import Bank, United States. "Export-Import Bank of the United States Annual Report: FY 2012 Highlights". Retrieved 13 June 2013.
- Carney, Timothy (2011-03-15) John Kerry’s ‘Infrastructure Bank’: A corporate welfare slush fund, Washington Examiner
- Export-Import Bank, United States. "Facts About Ex-Im Bank". Retrieved 13 June 2013.
- Harris, Byron (December 27, 2007). "Drugs tied to $243 million in bogus loans". WFAA-TV. Archived from the original on 2007-12-31. Retrieved 2007-12-28.
- "Climate Change Lawsuit". Retrieved 2009-06-25.
- "Ex-Im Settlement text". Retrieved 2009-06-25.
- Ex-Im Bank Annual Reports, http://www.exim.gov/about/library/reports/annualreports/
- 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
- 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
- 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
- Terrance Samuel, "Its Not Just About Copenhagen," The American Prospect, December 10, 2009, http://prospect.org/article/its-not-just-about-copenhagen-0
- 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
- 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
- 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/
- 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/
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- March 14, 2011 letter to Ex-Im Bank Chairman Fred Hochberg from Physicians for Social Responsibility, http://pacificenvironment.org/downloads/PSR%20Pulmonary.pdf
- Lawsuit Targets $3 Billion in U.S. Funding for Fossil Fuel Project in Australia's Great Barrier Reef, Center for Biological Diversity press release, December 13, 2012, available at http://www.biologicaldiversity.org/news/press_releases/2012/export-import-bank-12-13-2012.html
- Ex-Im Bank home page
- Import Export Forum
- Export-import Bank Meeting Notices and Rule Changes from The Federal Register RSS Feed
- Robert Higgs "Against Leviathan: Government Power and a Free Society." Oakland CA: The Independent Institute, 2004
- The Use of Environmental and Social Criteria in Export Credit Agencies’ Practices, by Markus Knigge et al. Published in 2003 by the Deutsche Gesellschaft fuer Technische Zusammenarbeit - GTZ
- Proposed and finalized federal regulations from the Export-Import Bank of the United States
- US Importers Activity Report