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:
“God knows that any man who would seek the presidency of the United States is a fool for his pains. The burden is all but intolerable, and the things that I have to do are just as much as the human spirit can carry.”
—Woodrow Wilson (1856–1924)
“... an adamantine island chained to the shifting bank of the Channel.”
—Christina Stead (1902–1983)
“I thought it altogether proper that I should take a brief furlough from official duties at Washington to mingle with you here to-day as a comrade, because every President of the United States must realize that the strength of the Government, its defence in war, the army that is to muster under its banner when our Nation is assailed, is to be found here in the masses of our people.”
—Benjamin Harrison (1833–1901)
“Canadians look down on the United States and consider it Hell. They are right to do so. Canada is to the United States what, in Dante’s scheme, Limbo is to Hell.”
—Irving Layton (b. 1912)