The Export Import Bank of the United States

What is the Export-Import Bank of the United States?

The Export-Import Bank of the United States is the official export credit agency of the United States federal government. The Export-Import Bank of the United States was formally established in 1934 by Congress through an executive order. The institution is an independent agency located within the Executive branch and is responsible for financing and insuring foreign purchases of United States goods for those individuals who are unable or unwilling to accept credit risk.

The primary mission of the Export-Import bank of the United States is to create and sustain domestic jobs by financing sales of U.S. exports to international buyers. Through a variety of loan guarantee and insurance programs, which are made available to any American export firm regardless of size, the Export-Import Bank of the United States aids the export of American goods and services.

The financial institution is chartered as a government corporation by the United States Congress; the Charter officials spell out the Bank’s authorities and limitations. Among such rulings is the principle that the Export Import Bank of the United States shall not compete with private sector lenders, but rather provide financing for transactions that would otherwise not take place because the respective commercial lenders would be unable or unwilling to accept the political or financial risks inherent with the deal.

The Export-Import Bank of the United States aims to create and sustain jobs through the implementation of various loan-guarantee and insurance incentives through the administration of several small business programs.

Export-Import Bank of the United States Quick Facts

The following details outline the administration of the Export-Import Bank of the United States:

The Export-Import Bank of the United States was established on February 2 of 1934

The headquarters of the Export-Import Bank of the United States are located in Washington, D.C.

The Export-Import Bank of the United States is responsible for the jurisdiction over the United States Federal Government

The head of the Export-Import Bank of the United States is Fred Hochberg

The Export-Import Bank of the United States operates with roughly 400 employees

What is an Independent Government Agency?

An independent agency of the United States Federal Government is a department or organization that exists outside of the federal executive departments or those headed by a Cabinet secretary. In a more specific sense, the term Independent Government Agency, is used to describe agencies that, while constitutionally operating within the executive branch, are free from presidential authority or control, as a result of the President’s limited membership within the agency.

Independent government agencies are established through separate statutes passed by the United States Congress; each respective statutory grant of authority will define the goals or mission that the agency must work towards, in addition to the substantive areas, if applicable, over which the Independent Agency may have the power of rulemaking. These agency regulations, when enforced, maintain the power of federal law.

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