The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States federal government. 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 two-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 is Fred Hochberg.
Read more about Export-Import Bank Of The United States: Export-Import Bank, History, Small Business Programs, Types of Loans, Criticism
Famous quotes containing the words united states, bank, united and/or states:
“The real charm of the United States is that it is the only comic country ever heard of.”
—H.L. (Henry Lewis)
“A mans labour is not only his capital but his life. When it passes it returns never more. To utilise it, to prevent its wasteful squandering, to enable the poor man to bank it up for use hereafter, this surely is one of the most urgent tasks before civilisation.”
—William Booth (18291912)
“All comes united to th admiring eyes;”
—Alexander Pope (16881744)
“The traveler to the United States will do well ... to prepare himself for the class-consciousness of the natives. This differs from the already familiar English version in being more extreme and based more firmly on the conviction that the class to which the speaker belongs is inherently superior to all others.”
—John Kenneth Galbraith (b. 1908)