Export-Import Bank: Background and Legislative Issues
Publication Date: March 2009
Publisher(s): Library of Congress. Congressional Research Service
The Export-Import Bank is the chief U.S. government agency that helps finance American exports.1 With a budget of around $200 million, the Bank finances less than 1% of U.S. exports a year. Eximbank provides 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. In FY2005, Congress appropriated $59.8 million to fund the Bank's subsidy costs and $73.2 million in administrative expenses through HR4818 (P.L. 108-477), the Consolidated Appropriations Act, 2005. For FY2006, the President's budget requests funding of $186.5 million for the Bank's subsidy costs and $73 million for administrative expenses The Bank's authority was renewed through September 2006 when President Bush signed P.L. 107-189 on June 14, 2002. This report will be updated as events warrant.