Export-Import Bank of the United States

The Export–Import Bank of the United States (EXIM) is the official export credit agency (ECA) of the United States federal government. Operating as a wholly owned federal government corporation, the bank "assists in financing and facilitating U.S. exports of goods and services", particularly when private sector lenders are unable or unwilling to provide financing. Its current chairman and president, John Jovanovic took office as chair and president on September 19, 2025. The Export–Import Bank was established in 1934 as the Export-Import Bank of Washington by an executive order of President Franklin D. Roosevelt. Its 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." The bank's first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. In 1945, it was made an independent agency within the executive branch by the United States Congress. Under federal law, the EXIM must be reauthorized by Congress every four to five years. Following a brief lapse in Congressional authorization on July 1, 2015, which prevented the bank from engaging in new business, it was reauthorized through September 2019 via the Fixing America's Surface Transportation Act of December 2015. In December 2019, President Donald Trump signed the Export-Import Bank Extension into law as part of the Further Consolidated Appropriations Act, 2020, which authorized the bank until December 31, 2026. Over its lifetime, the Export-Import Bank has helped finance several historic projects including the Pan-American Highway, the Burma Road, and post-World War II reconstruction. While supporters argue that the bank allows small and medium-sized businesses to participate in the global market, critics allege that it shows favoritism to large corporations and special interests.