Export-Import Bank: Background and Legislative Issues (CRS Report for Congress)
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| Release Date |
Revised April 3, 2012 |
| Report Number |
98-568 |
| Authors |
Shayerah Ilias, Analyst in International Trade and Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The Export-Import Bank (Ex-Im Bank) is the chief U.S. government agency that helps finance American exports of manufactured goods and services with the objective of contributing to the employment of U.S. workers. (For additional information, see the Bank's Internet site: http://www.exim.gov.) With an annual budget of around $200 million, the Bank finances less than 1% of U.S. exports a year. Ex-Im Bank provides loan guarantees, working capital guarantees, and insurance to commercial banks to make trade credits available to U.S. exporters. The Bank also offers direct financing to U.S. exporters on a limited basis, primarily to counter subsidized trade credits offered to foreign exporters by their governments. On December 20, 2006, President Bush signed P.L. 109-438, to reauthorize the Bank's authority through September 30, 2011. Since the FY2008 appropriations, the Ex-Im Bank has been a 'self-sustaining' agency for appropriations purposes. The Bank funds it administrative and program costs through fee income generated from its financing programs. On March 11, 2009, President Obama signed the Omnibus Appropriations Act of 2009 (P.L. 111- 8), which authorized a limit of $41 million on the total amount that the Bank can spend on its loan, guarantees, and insurance programs and a limit of $82 million for the Bank's administrative expenses. In addition, under the legislation, offsetting collections of up to $75 million above the approved spending levels are to be available for use in the following three fiscal years. This report will be updated as events warrant.
