Export–Import Bank of the United States
 | |
| Agency overview | |
|---|---|
| Formed | February 2, 1934 (1934-02-02) |
| Headquarters | Lafayette Building Washington, D.C. |
| Employees | 370 (2018) |
| Agency executive |
|
| Website | www.exim.gov |
The Export–Import Bank of the United States (abbreviated as EXIM or the Bank) is the official export credit agency (ECA) of the United States federal government.[1][2] Operating as a wholly owned federal government corporation,[1] the Bank "assists in financing and facilitating U.S. exports of goods and services".[1] Under its charter, the Bank does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not occur because commercial lenders are either unable or unwilling to accept the political or commercial risks inherent in the deal. Its acting chairman and president is Charles J. Hall, awaiting the nomination and confirmation of a replacement for former chairman and president Fred Hochberg.[3][4]
The bank was established in 1934 by an executive order. In 1945, it was made an independent agency in the Executive Branch by Congress. It was last chartered for a three-year term in 2012 and in September 2014 was extended through June 30, 2015.[5][6] Congressional authorization for the bank lapsed as of July 1, 2015. As a result, the bank could not engage in new business, but it continued to manage its existing loan portfolio.[7] Five months later, after the successful employment of the rarely used discharge petition procedure in the House of Representatives, the U.S. Congress reauthorized the bank until September 2019 via the Fixing America's Surface Transportation Act signed into law on December 4, 2015, by President Barack Obama.[8]
The cost and effectiveness of the bank are controversial. While the EXIM projects will earn the U.S. government an average of $1.4 billion per year for the next 10 years, an alternative analysis from the Congressional Budget Office found that the program would lose about $2 billion during the same period, partly due to discrepancies in how credit risk is accounted for. Both conservative and liberal groups have been critical of the bank, and some continue to demand its termination.[9][10]
President Donald Trump, who had been dismissive of the ExIm, made an about-face in April and nominated a new head of ExIm breaking a deadlock that had prevented the Bank from operating since 2014.[11] Trump was one of ExIm's harshest critics. Conservatives call it the 'Bank of Boeing' and an 'epicenter of crony capitalism'. Its supporters such as Boeing and General Electric Co, claim that it facilitates trade worth billions of dollars.[12]
Contents
1 Overview
1.1 Offices
2 History
2.1 Early history (1934–1944)
2.2 Independent agency (1945–present)
3 Projects assisted
3.1 Pan-American Highway
3.2 Burma Road
3.3 Post-WWII reconstruction and the Marshall Plan
3.4 First credits to post-Soviet nations
3.5 First credit to India
4 Support
5 Criticism
5.1 Special Interests-Based Criticism
5.1.1 Boeing
5.2 Budget-based Criticism
5.3 Environment-based Criticism
5.4 Criticism of Green energy-based Financings
6 See also
7 References
8 Further reading
9 External links
Overview
US exports during 2006
Export–Import Bank of the United States Regional Export Centers
The Export–Import Bank of the United States (EXIM) is a government agency that provides a variety of loan, guarantee, and insurance products intended to aid the export of American goods and services. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three-year term in 2012.[13] The Charter details the Bank's authorities and limitations. Among them is the principle that EXIM does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not occur because commercial lenders are either unable or unwilling to accept the political or commercial risk inherent in the deal.[14]
The EXIM's products are intended to assist export sales for any American export company regardless of size. The bank's charter provides that EXIM makes available "not less than 20%" of its lending authority to small businesses although they have often fallen short of the 20% threshold.[15][16] In fiscal year 2013 however, 76% of the value of loans and guarantees went to the top 10 recipients.[17]
Similar banks, known generally as export credit agencies (ECAs), are operated by 60 foreign countries.[18] As the United States is a member of the Organisation for Economic Co-operation and Development (OECD) they conduct their activities by obeying OECD rules and principles. The goal is to permit exporters in various countries to compete on the basis of the quality of their goods and services, not on preferential financing terms. Countries which are not participants of the OECD, such as the China Exim Bank,[19] Ex-Im Bank of Russia, Brazil, and India, do not require their ECAs to follow OECD rules.
Offices
The bank has offices in Chicago, Detroit, Minneapolis, New York, Miami, Atlanta, Houston, McKinney (Dallas), Orange County (California), San Diego, San Francisco and Seattle.
List of EXIM chairmen and presidents |
|---|
|
List of EXIM directors |
|---|
|
History
Early history (1934–1944)
EXIM was organized originally as a District of Columbia banking corporation by Executive Order 6581 from Franklin D. Roosevelt on February 2, 1934, under the name Export–Import Bank of Washington. The 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", with the immediate goal of making loans to the USSR. Roosevelt created a Second Export–Import Bank of Washington with Executive Order 6638 on March 9, 1934, with the specific goal of aiding trade with Cuba.[21] The Bank's first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots.[22] The First and Second Export–Import Banks were combined in 1936 when Congress transferred the obligations of the Second Export–Import Bank to the first.[23] Congress continued the bank as a government agency, using a series of laws between 1935 and 1943 to make it subordinate to various government departments.
Independent agency (1945–present)
Congress made the bank an independent agency on July 31, 1945, with the Export–Import Bank Act of 1945.[24] On March 13, 1968, further legislation changed the name to "Export–Import Bank of the United States".[25][26] EXIM became a self-sustaining (self-funding) agency in 2007, though the loans remain backed by the government.[27]
The Government Corporation Control Act of 1945[28] requires the Bank to be reauthorized by Congress every four to five years. Reauthorizations were approved in 1947, 1951, 1957, 1963, 1968, 1971, 1974, 1978, 1983, 1986, 1992, 1997, 2002, 2006, 2012, 2014, and 2015:
| Bill name | Date signed into law | Bank authorized until |
|---|---|---|
S. 3938 | 20 Dec 2006 | 30 May 2012[29] |
H.R. 2072 | 30 May 2012[29] | 30 Sep 2014[29] |
H.J.Res. 124 | 19 Sep 2014[30][31] | 30 Jun 2015[30] |
| Highway Bill | 04 Dec 2015[32] | 30 Sep 2019[33] |
Projects assisted
Pan-American Highway
The Pan-American Highway runs from Alaska to Chile through 14 countries with important transportation links to nearly all of continental Latin America. The highway was constructed beginning in 1936 with the last phase complete in 1980.[34]
EXIM Bank credits and loans supported construction of the Pan-American Highway in Mexico, Honduras, Guatemala, Nicaragua, El Salvador, Costa Rica, Panama, Colombia, Ecuador, Peru and Chile.[35] In Paraguay, Argentina, and Bolivia EXIM supported construction of highway spurs connected to the Pan-American Highway.[36] EXIM approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chalmers Manufacturing, The Galion Iron Works, and Thew Shovel to help build the highway.[37]
Burma Road
Constructed between 1937 and 1938, the 717-mile Burma Road links Lashio in present-day Myanmar (previously Burma) to Kunming in Yunnan Province, China.[38] Construction of the road began in 1937 at the start of the second Sino-Japanese War (1937–1945). With Japan able to control port access in China and most of Southeast Asia, the Chinese built a road that would allow transportation of men and goods from a railhead at Rangoon that had access to Burma's ports. From 1939 to 1942 the Burma Road served as a lifeline for military goods and support in the fight against the Japanese in the Far East.
The $25 million credit approved by EXIM in December 1938 was crucial in ensuring that the supply route remained open by providing the transportation vehicles and support material to operate the new road and by providing China with purchasing power during WWII. An additional $20 million to the Universal Trading Corporation was approved in 1940.[39] A 1939 journal article in Foreign Affairs noted that China used part of the $25 million to purchase 2,000 three-ton trucks from Ford, Chrysler, and General Motors.[40]
Post-WWII reconstruction and the Marshall Plan
EXIM played a critical role during the years between the end of Lend-Lease (September 1945) and the beginning of the Marshall Plan and the World Bank's first authorizations (May 1947 – 1948). At the end of WWII, it was recognized that the U.S. did not have a credit facility capable of handling the demand that would result from the cessation of hostilities. One of the major rationales behind the Export–Import Bank Act of 1945, the basis of EXIM's current charter document, was the necessity to dramatically increase EXIM's lending capacity to adequately respond to Europe's post-war reconstruction needs. The 1945 EXIM Annual Report predicated EXIM's role in the immediate post-WWII period: "the Export–Import Bank was to be the principal source of long-term dollar loans for an extended period of time." This assertion was based on the lack of interest by private capital in lending to foreign government buyers and delays in ratification of the Articles of Agreement for the International Monetary Fund and the International Bank for Reconstruction and Development.[41] The Export–Import Bank Act of 1945 increased lending authority from $750 million to $3.5 billion, almost a fourfold increase to help address these shortfalls.[42]
In 1945 and 1946 credit was offered to France, Denmark, Norway, Belgium, the Netherlands, Turkey, Czechoslovakia, Finland, Italy, Ethiopia, Greece, Poland and Austria to purchase equipment, facilities, and services from the United States. The financing was designed to aid reconstruction of the nations and to repair their import and export capability through the purchase of new machinery, currency exchange, and improvements and repairs to infrastructure and transportation systems.[43]
When the Marshall Plan was initiated in 1948, EXIM concentrated its lending on non-Economic Recovery Act nations in North and South America.[44]
First credits to post-Soviet nations
When the Berlin Wall fell in 1989 and the USSR was dissolved in 1991, U.S. companies were able to conduct business freely with Eastern Europe for the first time since the end of WWII. EXIM was one of the first financial institutions to provide financing for exports to the former Soviet Union, Poland, Czechoslovakia and the newly independent nations that emerged after 1991. In 1990, President George H.W. Bush waived the Jackson-Vanik Amendment, which had officially blocked normal trade relations with communist countries since 1975. This waiver permitted all E guarantee and insurance programs to U.S. companies wanting to do business with the USSR and several former communist countries.[45]
EXIM resumed business with Czechoslovakia in March 1990. On January 25, 1991, EXIM approved the first transaction to Czechoslovakia since 1947. Financed by First Interstate Bank of Los Angeles, CA, the guarantee allowed Tonak Hat Company[46] to purchase computers from a U.S. company, Digital Equipment Corporation of Massachusetts. Since 1991, EXIM has supported exports to 25 of the nations that emerged after the fall of the Iron Curtain.[47]
First credit to India
After a visit to India in January 2015, President Obama announced that the EXIM will finance $1 billion of exports of 'Made-in-America' products, the U.S. Overseas Private Investment Corporation will lend $1 billion to small- and medium-sized rural enterprises and the U.S. Trade and Development Agency will commit $2 billion for renewable energy. Obama and Modi agreed on issues that had previously stopped U.S. companies from establishing nuclear reactors in India.[48]
Support
Supporters say that the bank emphasizes trying to help small and medium size businesses expand their exporting capabilities. CEO and President of the National Association of Manufacturers, Jay Timmons stated: "The EXIM plays a critical role in manufacturer's ability to export to new markets and keep up with growing global competition. The Bank assists nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. More than 85% of all EXIM transactions directly benefit small business exporters—the economic engine that powers our economy and job creation."[49]
When Obama was campaigning for President in 2008, he stated that the Export–Import Bank had "become little more than a fund for corporate welfare."[50] During the Bank's reauthorization struggle, May 2012, he said that the Export–Import Bank plays a very important role in reaching his goal of doubling exports over 5 years. At the reauthorization ceremony Obama stated: "We're helping thousands of businesses sell more of their products and services overseas, in the process, we're helping them create jobs here at home. And we're doing it at no extra cost to the taxpayer."
[51]
Criticism
Special Interests-Based Criticism
The Bank has been criticized for favoring special interests. These interests have included corporations such as Boeing or Enron as well as foreign governments and nationals, such as a 1996 $120 million low-interest loan to the China National Nuclear Power Corporation (CNNP) supporting the export of US-made technology.[52]
More recently the bank authorized 33.6 million dollars in loans to Abengoa, a Spanish Green energy company on which former Governor Bill Richardson is a member of the board of directors. As of May 2014, Richardson was also listed as a member of the advisory committee of the Export Import Bank.[53]
Boeing
65% of loan guarantees over 2007 and 2008 went to companies purchasing Boeing aircraft.[54] In 2012, the Bank's loan guarantees became even more skewed, with 82 percent of them going to Boeing customers.[55]
However, EXIM supporters note that Boeing is the largest exporter in the United States by dollar value,[56] and must be protected in their capacity as the only remaining comprehensive U.S. commercial aircraft manufacturer. Support of Boeing is seen as particularly critical as Comac, China's state-owned and heavily subsidized commercial aircraft manufacturer, aggressively seeks to leech market share from both Boeing and Airbus. Also important to note, Boeing is not the only US aircraft manufacturer previously supported by EXIM. During the 1930s, 40s, and 50s, EXIM supported other US aviation manufacturers such as the Douglas Aircraft Company, the Consolidated Vultee Aircraft Company (Convair), and the Lockheed Aircraft Corporation,[57] before the firms were driven out of existence by competition or acquisition.
Budget-based Criticism
Critics also purport the existence of "unseen" costs created by the Export–Import Bank's subsidies, including artificially raising the price of new airplanes and potentially adding $2 billion to the deficit over the next decade.[58]
Forbes contributor Doug Bandow wrote in 2014, "The agency piously claims not to provide subsidies since it charges fees and interest, but it exists only to offer business a better credit deal than is available in the marketplace. The Bank uses its ability to borrow at government rates to provide loans, loan guarantees, working capital guarantees, and loan insurance."[59]
If the normal principles of economics or finance are applied, then it is seen by critics as unlikely that the bank has profited and most unlikely that it makes the annual profit that it has stated, because the bank's calculations of profit fail to make proper adjustment for risk.[60][61][62][63][64][65] Best practice in finance and economics, as well as in banking, is to adjust the cost of capital or discount rate to reflect risk,[66] or, equivalently, to use a fair-value estimate. On this basis the criticism is that "This simple approach—which is based on a method outlined in a National Bureau of Economic Research paper by Debbie Lucas of the Massachusetts Institute of Technology—suggests that the EXIM's long-term loan guarantee program actually provides guarantees at a loss for taxpayers, not a profit. Moreover, this analysis reveals that the EXIM's loan guarantees are made at sufficiently generous terms that borrowers receive subsidies of about 1% of the amount borrowed. That translates into a $200 million cost for taxpayers on the $21 billion in loans that the bank will make in 2012."[67]
Environment-based Criticism
In February 2009, the EXIM settled a seven-year-long legal proceeding brought by Friends of the Earth, Greenpeace together with the cities of Boulder, Arcata and Oakland. The plaintiffs said that the EXIM and the Overseas Private Investment Corporation provided financial assistance to oil and other fossil fuel projects without first evaluating the projects' climate change impacts.[68] In 2005, the plaintiffs were granted legal standing to sue. This is considered a landmark decision because it is the first time that a federal court has specifically granted legal standing for a lawsuit exclusively challenging the federal government's failure to evaluate the impacts of its actions on the Earth's climate and U.S. citizens.[69] In its settlement agreement, the EXIM agrees to evaluate the carbon dioxide emissions as part of its determination for qualification for a project.[70][71][72] However, EXIM fossil fuel financing and associated greenhouse gas emissions grew swiftly after the settlement agreement, coinciding with Chairman Hochberg's tenure. Between 2009 and 2012, EXIM fossil fuel financing grew from $2.56 billion to nearly $10 billion.[73][74]
Environmental groups say that the EXIM is currently on a "fossil fuel binge", which "makes a mockery" of President Obama's stated commitment to phase out fossil fuel subsidies.[75][76] In December 2009, EXIM Directors approved $3 billion in financing for the ExxonMobil-led Papua New Guinea Liquid Gas project in December 2009.[77] The project has reportedly caused violence and in April 2012, the Papua New Guinea government ordered in troops to quell opposition from villagers after a landslide linked to a quarry that had been used by the project killed an estimated 25 people.[78][79]
In 2010, environmental groups criticized the EXIM Directors for approving $917 million worth of financing for the 3,960 megawatt coal-fired Sasan Ultra Mega Power Project in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision the agency's Chairman, Fred Hochberg and Board of Directors "caved in" to political pressure from Wisconsin politicians.[80][81][82][83][84] In 2011, several environmental groups protested at Export–Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $805 million in financing for the 4,800 megawatt Kusile coal-fired power plant in South Africa,[85] which environmental groups say is the largest carbon emitting project in the agency's history, which will not alleviate poverty but will emit excessive local air pollution, which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases.[86][87][88][89]
In December 2012, the Center for Biological Diversity, Pacific Environment, and Turtle Island Restoration Network filed a lawsuit against Chairman Hochberg and the EXIM for the agency's financing of Australia Pacific LNG's liquid natural gas projects inside the Great Barrier Reef World Heritage Area. The lawsuit alleged that EXIM financing for the projects violates U.S. environmental and cultural heritage laws.[90] Their amended lawsuit included EXIM's loan for the Australia Pacific LNG project and a $1.8 billion loan for the Queensland Curtis which together totaled $4.8 billion. In March 2016, a California federal judge ruled against the environmentalists arguing that the EXIM financing represented only 10% of the project which is backed by ConocoPhillips, Origin Energy Ltd. and Sinopec and rejecting the loan would not stop the project. The environmentalists appealed the decision.[91]
Criticism of Green energy-based Financings
Conversely the EXIM has also faced scrutiny for pursuing green energy projects. The EXIM provided 10 million dollars of loan guarantees in 2011 to Solyndra, a company that ultimately became bankrupt.[92] However, as any other governmental institution with lending authority, EXIM reserves a portion of fees collected in expectation that a percentage of loans will result in claims.
See also
- CoBank
- List of federal agencies in the United States
- Independent agencies of the United States government
- Title 12 of the Code of Federal Regulations
- List of export credit agencies
References
^ abc Shayerah Ilias Akhtar, David H. Carpenter, Grant A. Driessen, and Julia Taylor (April 13, 2016). Export-Import Bank: Frequently Asked Questions (PDF). Congressional Research Service (Report). p. 72. Retrieved April 21, 2017.CS1 maint: Uses authors parameter (link).mw-parser-output cite.citation{font-style:inherit}.mw-parser-output .citation q{quotes:"""""""'""'"}.mw-parser-output .citation .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .citation .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration{color:#555}.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration span{border-bottom:1px dotted;cursor:help}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center}.mw-parser-output code.cs1-code{color:inherit;background:inherit;border:inherit;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;font-size:100%}.mw-parser-output .cs1-visible-error{font-size:100%}.mw-parser-output .cs1-maint{display:none;color:#33aa33;margin-left:0.3em}.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-right{padding-right:0.2em}
^ "The Facts about EXIM". Export–Import Bank of the United States. Retrieved August 7, 2013.
^ "EXIM History". Export Import Bank of the United States. Retrieved March 18, 2017.
^ abcdefghijklmnopqrstuvwxyzaaabacadaeafagahaiajakalamanaoapaqarasatauavawaxayazbabbbcbdbebfbgbhbibjbkblbmbnbobpbqbrbsbtbubvbwbxbybzcacbcccdcecfcgchcicjckcl "EXIM History". Export Import Bank of the United States. Archived from the original on January 23, 2015. Retrieved August 7, 2013.
^ House Joint Resolution 124, which became Public Law No: 113-164 on September 19, 2014.
^ "Bill Summary & Status, 112th Congress (2011–2012), H.R.2072". Library of Congress. which became Public Law 112-122 on May 30, 2012.
^ Calmes, Jackie (June 30, 2015). "Its Charter Expired, Export–Import Bank Will Keep the Doors Open". The New York Times.
^ Calmes, Jackie (December 7, 2015). "EXIM Is Reopened, but Big Loans Are Stalled". The New York Times.
^ Thomas Fletcher (May 30, 2014). "The Export–Import Bank's Dodgy Accounting". The Daily Caller. Retrieved July 24, 2015.
^ Dayen, David (June 25, 2014). "Wingnuts and liberals' bizarre role reversal: Why Export–Import Bank politics are so perverse". Salon.
^ "In about-face, Trump nominates new head of export bank". Reuters. April 15, 2017. Retrieved April 24, 2017.
^ Robert Reed (February 24, 2017). "Once dismissive of Export-Import Bank, Trump could save 'Bank of Boeing,' helping Illinois businesses". Chicago Tribune. Retrieved April 24, 2017.
^ "Export–Import Bank Reauthorization of 2012" (PDF). Export–Import Bank of the United States. Retrieved June 10, 2013.
^ "The Charter of the Export–Import Bank of the United States" (PDF). Export–Import Bank of the United States. Retrieved June 10, 2013.
^ "Assessing Reform at the Export–Import Bank" (Congressional Hearing). June 13, 2013. Retrieved May 22, 2014.
^ "Charter of the Export–Import Bank of the United States Sec.2(b)(1)(E)(v)" (PDF). Export–Import Bank of the United States. Retrieved June 10, 2013.
^ Veronique De Rugy. "The Biggest Beneficiaries of the EXIM". Mercatus Center. Retrieved May 22, 2013.
^ "OECD: Better Policies For Better Lives". Organisation for Economic Cooperation and Development. Retrieved June 17, 2013.
^ "The Export–Import Bank of China". English.eximbank.gov.cn. Retrieved December 27, 2011.
^ "Board of Directors". Export–Import Bank of the United States. Retrieved June 13, 2013.
^ Wikisource:Author:Franklin Delano Roosevelt/Executive orders
^ "A Reporter's Guide To EXIM". Retrieved November 15, 2007.
^ Becker, William; McClenahan, William (2003). The Market, the State, and the Export–Import Bank of the United States. New York: Cambridge University Press. pp. 10–40.
^ "Public Law 79-173, 79th Congress, H. R. 3771: An Act to provide for increasing the lending authority of the Export–Import Bank of Washington, and for other purposes [Export–Import Bank Act of 1945]".
^
"Records of the Export–Import Bank of the United States (EIBUS)". Retrieved November 15, 2007.
^ "Notes to 12 U.S.C. § 635". Retrieved November 15, 2007.
^ Annual Report 2008. Washington, D.C.: Export–Import Bank of the United States. 2008. p. 3.
^ "Title 31 – Money and Finance, United States Code, 2009 Edition". United States Government Publishing Office.
^ abc Susan Crabtree (30 May 2012). "Obama signs reauthorization of Export–Import Bank despite earlier opposition". The Washington Times. Retrieved 13 Sep 2015.
^ ab Rebecca Shabad (9 Sep 2014). "Obama signs $1 trillion stopgap spending bill with Syria measure". The Hill. Retrieved 13 Sep 2015.
^ "HJ Res.124" (PDF). House of Representatives. Retrieved September 17, 2014.
^ "H.R.22 - FAST Act". Congress.gov.
^ "U.S. Export–Import Bank". BloombergView. Retrieved 9 April 2016.
^ Jones, Jesse; Angly, Edward (1951). Fifty Billion Dollars: My Thirteen Years with the RFC (1932–1945. New York: MacMillan Company. p. 220.
^ Annual Report to Congress 1941. Washington, D.C: Export–Import Bank of the United States. 1941.
^ "Export–Import Bank Annual Reports to Congress, 1936–1961". Export–Import Bank of the United States. Missing or empty|url=(help)
^ "Export–Import Bank of the United States Annual Reports to Congress, 1936–1961". Export–Import Bank of the United States.
^ "Burma Road". Encyclopædia Britannica. Retrieved June 10, 2013.
^ First Semiannual Report to Congress for the period July–December 1945. Washington, D.C: Export–Import Bank of the United States. 1946. pp. 48–49.
^ Mallory, Walter (April 1939). "The Burma Road". Foreign Affairs. Retrieved June 10, 2013.
^ First Semiannual Report to Congress for the period July–December 1945. Washington, D.C: Export–Import Bank of the United States. 1946. p. 10.
^ "Export–Import Bank Act of 1945, P.L. 79-173 STAT 526". Export–Import Bank of the United States.
^ Seventh Semiannual Report to Congress for the period July–December 1948. Washington, D.C: Export–Import Bank of the United States. 1949. pp. 32–33.
^ Seventh Semiannual Report to Congress for the period July–December 1948. Washington, D.C: Export–Import Bank of the United States. 1949. p. 2.
^ "Press release: EximBank Offers Support for U.S. Exports to the Soviet Union". Export–Import Bank Press Release. Export–Import Bank of the United States.
^ Tonak Hat Company
^ "Export–Import Bank Annual Reports, 2008–2011: Albania, Armenia, Azerbaijan, Bosnia and Herzegovina, Croatia, Czech Republic, Estonia, Germany (Unified), Hungary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovak Republic, Slovenia, Tajikistan, Ukraine, and Uzbekistan". Export–Import Bank of the United States.
^ Sanjeev Miglani and Roberta Rampton (January 26, 2015). "Obama ends day of Indian pageantry with $4 billion pledge". Reuters. Retrieved January 27, 2015.
^ Ostermayer, Jeff (March 15, 2012). "Manufacturers: Export–Import Bank Supports Jobs". National Association of Manufacturers. Retrieved June 13, 2013.
^ Goldfarb, Zachary (June 26, 2014). "Candidate Obama, echoing tea party, called EXIM 'little more than a fund for corporate welfare'". Washington Post. Retrieved August 25, 2014.
^ Landler, Mark (May 30, 2012). "Obama Extends the Export–Import Bank". New York Times. Retrieved July 24, 2015.
^ Carney, Timothy (May 31, 2002). "Bank Scam". National Review. Retrieved December 19, 2007.
^ Veronique De Rugy. "EXIM: A Big Double-Dipping Opportunity for Green-Energy Firms". Retrieved May 22, 2014.
^ Pew Analysis Shows More Than 60 Percent of Export–Import Bank Loan Guarantees Benefited Single Company Archived May 5, 2011, at the Wayback Machine
^ Boeing and Obama sitting in a tree, K-I-S-S-I-N-G
^ "Boeing says it's flying high despite recession - USATODAY.com". usatoday30.usatoday.com. Retrieved 2017-10-06.
^ "1959 Twenty-Fifth Anniversary Review, 1934-1959 :: EXIM Annual Reports Collection". www.digitalarchives.exim.gov. Retrieved 2017-10-06.
^ Matthew Mitchell (Mercatus Center) (August 25, 2014). Is the EXIM a Win-Win?. YouTube.
^ Doug Bandow (May 5, 2014). "Close the Export–Import Bank: Cut Federal Liabilities, Kill Corporate Welfare, Promote Free Trade". Forbes.
^ Fama, Eugene and MacBeth, James D. "Risk, Return, and Equilibrium: Empirical Tests", Journal of Political Economy, Vol. 81, No. 3 (May–June 1973), pp. 607–636
^ Fama and French, "Common Risk Factors in the Returns on Stocks and Bonds", Journal of Financial Economics. 33 (1993). 3—56.
^ Scholes, Myron; Williams, Joseph (1977). "Estimating betas from nonsynchronous data". Journal of Financial Economics. 5 (3): 309–327. doi:10.1016/0304-405X(77)90041-1.
^ Bandow, Doug (July 1, 2015). "Close the Export–Import Bank to Cut Federal Liabilities and Promote Economic Fairness". Cato Institute. Retrieved July 2, 2015.
^ Cochrane, J. H. "The risk and return of venture capital". Journal of Financial Economics, Volume 75, Issue 1, January 2005, pp. 3–52
^ Arditti, Fred D. "Risk and the Required Return on Equity". Journal of Financial Economics Vol. 22, No. 1 (Mar. 1967), pp. 19–36
^ Brealey; Myers (2007). Principles of Corporate Finance, 9th Edition. Maidenhead: McGraw Hill. ISBN 978-0073405100.
^ Jason Delisle; Christopher Papagianis (March 29, 2012). "Critics of the Export–Import Bank Have a New Weapon at Their Disposal: Fair-Value Accounting". e21 – Economic Policies for the 21st Century. The Manhattan Institute. Retrieved May 22, 2014.
^ Douglas Starr, "The carbon accountant. Richard Heede pins much of the responsibility for climate change on just 90 companies. Others say that's a cop-out", Science, volume 353, issue 6302, 26 August 2016, pages 858–861.
^ "Climate Change Lawsuit". Retrieved June 25, 2009.
^ "EXIM Settlement text" (PDF). Retrieved June 25, 2009.
^ Litigation related to climate change, IPCC Fourth Assessment Report: Climate Change 2007, Intergovernmental Panel on Climate Change.
^ Order Denying Defendants' Motion for Summary Judgment, in the case of Friends of the earth, Greenpeace, Inc. and City of Boulder Colorado versus Peter Watson (Overseas Private Investment Corporation) and Phillip Lerrill (Export-Import Bank of the United States), No. C 02-4106 JSW, United States District Court for the Northern District of California, 2005.
^ Annual Reports
^ Fact Sheet: U.S. Export–Import Bank's Fossil Fuel and Renewable Energy Financing, Pacific Environment
^ Drajem, Mark (March 11, 2010). "Obama's Trade Goal Fights his Clean-Energy Plan". Bloomberg.
^ McCabe, Jess (August 12, 2010). "EXIM Urged to End Fossil Fuel Binge, Support Renewables". Environmental Finance.
^ Terrance Samuel, "It's Not Just About Copenhagen", The American Prospect, December 10, 2009
^ Work on LNG Project Resumes in PNG's Hella, locals confused over troop deployment
^ "Further Updates on Tumbi Landslide from RNZI". LNG Watch, Papua New Guinea.
^ "Summary of Minutes of Meeting of Board of Directors, Item #2". Export–Import Bank. June 24, 2011.
^ "Summary of Minutes of Meeting of Board of Directors, Item #7". Export–Import Bank. October 21, 2010.
^ Jess McCabe (July 1, 2010). "U.S. EXIM Flip-Flops on Giant Indian Coal Project". Environmental Finance.
^ Andrew Bast (July 16, 2010). "It's Not Easy Being Green". Newsweek.
^ Michelle Chan (July 15, 2010). "U.S. Taxpayer-Funded Bank, Under Pressure from Obama Administration, Gives Green Light to Giant Dirty Coal Plant in India". The Huffington Post.
^ "Protestors: Why Lock the World into a Coal Powered Future". The Sierra Club.
^ "South African Coal Plant Wins U.S. Backing Over Environmentalist Protests", Bloomberg, April 14, 2011.
^ "Your Tax Dollars at Work: A Giant Coal Plant in South Africa". Mother Jones. December 9, 2009.
^ U.S. EXIM Finances Largest Carbon Emitting Project in its History, Friends of the Earth, et al.
^ March 14, 2011, Letter to EXIM Chairman Fred Hochberg from Physicians for Social Responsibility
^ "Lawsuit Targets $3 Billion in U.S. Funding for Fossil Fuel Project in Australia's Great Barrier Reef" (Press release). Center for Biological Diversity. December 13, 2012.
^ Juan Carlos Rodriguez (May 27, 2016), "Enviros Appeal To 9th Circ. In Aussie LNG Loan Suit", Law360, New York, retrieved April 21, 2017
^ Mark Osborne. "Solyndra using EXIM loan guarantees system to support commercial rooftop projects". Retrieved May 22, 2014.
Further reading
- Assessing Reform at the Export–Import Bank: Hearing before the Subcommittee on Monetary Policy and Trade of the Committee on Financial Services, U.S. House of Representatives, One Hundred Thirteenth Congress, First Session, June 13, 2013
Robert Higgs Against Leviathan: Government Power and a Free Society. Oakland, Calif.: The Independent Institute, 2004
The Use of Environmental and Social Criteria in Export Credit Agencies' Practices, by Markus Knigge et al. Published in 2003 by the Deutsche Gesellschaft fuer Technische Zusammenarbeit – GTZ
External links
- Official website
Export–Import Bank in the Federal Register
Authority control  |
|
|---|
