U.S. Congress Fails to Renew EXIM's Charter
On June 28 2015, the United States Congress failed to renew the
charter of the U.S. Export Import Bank (EXIM) for the first time in
81 years.1 As a result, the Bank will be unable to
process applications or engage in new business.2 EXIM is
an independent agency that provides trade financing solutions,
including "export credit insurance, working capital
guarantees, and guarantees of commercial loans to foreign
buyers" in order to "empower exporters of U.S. goods and
services."3
In response to Congress' decision not to renew, the White
House released a Factsheet entitled, "The Export-Import
Bank: Supporting American Exports and American Workers in Every
State Across the Country," which detailed the importance
of EXIM.4 The document claimed that, over the last six
years, EXIM has financed the sale of more than $200 billion USD in
exports and supported over 1.3 million private-sector American
jobs.5
