Export Import Bank

About Export Import Bank

The Export Import Bank of the United States was established in 1934 by President Roosevelt to finance trade with the Soviet Union. EXIM provides loans, guarantees, and insurance to support US exports. The bank has been politically controversial. Conservatives call it corporate welfare and crony capitalism, pointing to loans benefiting large companies like Boeing and General Electric. Supporters argue that other countries provide similar export financing and that eliminating EXIM would put US exporters at a disadvantage. Congress let EXIMs charter lapse from 2015 to 2019 before reauthorizing it. The bank requires a quorum of board members to approve large transactions, which was blocked for years by Senate opposition.