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. The Bank's first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. 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".
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.
Read more about this topic: Export-Import Bank Of The United States
Famous quotes containing the word history:
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)
“No event in American history is more misunderstood than the Vietnam War. It was misreported then, and it is misremembered now.”
—Richard M. Nixon (b. 1913)
“Look through the whole history of countries professing the Romish religion, and you will uniformly find the leaven of this besetting and accursed principle of action—that the end will sanction any means.”
—Samuel Taylor Coleridge (1772–1834)