Ex-Im Bank

The purpose of the Export-Import Bank of the United States (Ex-Im Bank) is “to assist in financing the export of U.S. goods and services to international markets.” The Ex-Im Bank provides export financing solutions that fill gaps in trade financing arising when the private sector is unable or unwilling to assume credit and country risks. The Ex-Im Bank also provides export financing that is competitive with the official export financing support offered by other governments to support U.S. exports and the jobs they represent. The Ex-Im Bank provides pre-export financing, export credit insurance, loan guarantees, and direct buyer financing loans. Since its charter in 1945, the Ex-Im Bank has supported more than $400 billion of U.S. exports in over 150 markets, mostly going to developing markets. Congress has mandated that the Ex-Im Bank's financing is conditioned on not competing with the private sector and a reasonable assurance of repayment.

The Export-Import Bank of the United States was chartered under the Export Import Bank Act of 1945 (12 U.S.C. 635) as amended through Public Law 109-438 on December 20, 2006, and other relevant provisions updated on December 27, 2006. The Ex-Im Bank is an independent executive agency and a wholly owned U.S. government corporation. Congress periodically reauthorizes the Ex-Im Bank, as it did in 2006, extending its authority until September 30, 2011.

The Ex-Im Bank's headquarters are in Washington, D.C., supported by seven regional offices around the country. The Ex-Im Bank is structured around 12 functional areas: the Board of Directors, the Office of the President, the Credit and Risk Management Group, the Export Finance Group, the Small Business Group, the Office of the General Counsel, the Office of the Chief Financial Officer, the Office of Policy and Planning, the Office of Resource Management, the Office of Communications, the Office of Congressional Affairs, and the Office of the Inspector General.

The Ex-Im Bank reports under U.S. generally accepted accounting practices applicable to federal agencies with form and content guidance provided by the Office of Management and Budget Circular A-136. The Ex-Im Bank reports its relative efficiency and effectiveness in an annual report to the U.S. Congress on Export Credit Competition, and in the Export-Import Bank of America competitiveness report. It compares its performance to the other G-7 export credit agencies in terms of policy coverage, interest rates, exposure fee rates, and risk premiums. Additionally, the U.S. Congress established an advisory committee to help the Ex-Im Bank gain additional insight from various sectors of the economy and to review Ex-Im Bank policies and programs with respect to competitiveness. The Advisory Committee holds quarterly meetings.

The Ex-Im Bank has two strategic goals. The first strategic goal is to facilitate U.S. exports and their associated jobs, which represent over 11 percent of the U.S. gross domestic product. The second strategic goal is to facilitate U.S. exports by small businesses. The Ex-Im Bank's charter requires than no less than 20 percent of the exports it finances be direct exports by small business concerns (as defined in section 3 of the Small Business Act). In addition to its strategic goals, the Ex-Im Bank is pursuing an initiative targeting sub-Saharan Africa as a priority region for its efforts in support of the African Growth and Opportunity Act. The Ex-Im Bank has identified the top 12 African markets for U.S. exports and is establishing a [Page 634]foundation for credit underwriting and transactions analysis by African financial institutions, as well as promoting the Ex-Im Bank's products, methods, and standards.

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