{ "id": "R43581", "type": "CRS Report", "typeId": "REPORTS", "number": "R43581", "active": true, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 603470, "date": "2019-08-09", "retrieved": "2019-08-12T22:06:41.077822", "title": "Export-Import Bank: Overview and Reauthorization Issues", "summary": "The Export-Import Bank of the United States (Ex-Im Bank or the Bank)\u2014commonly referred to as the official export credit agency (ECA) of the United States\u2014provides financing and insurance to facilitate the export of U.S. goods and services to support U.S. jobs. Ex-Im Bank, a wholly owned U.S. government corporation, operates pursuant to a renewable statutory charter (Export-Import Bank Act of 1945, as amended; 12 U.S.C. \u00a7635 et seq.), and also abides by international rules on ECA financing under the Organization for Economic Cooperation for Development (OECD). The Bank aims to provide support in two circumstances:\nto fill gaps in the market\u2014when the private sector is unwilling or unable to provide financing for U.S. exports; or \nto counter foreign ECA competition\u2014when U.S. exporters face competition from foreign businesses backed by foreign ECAs. \nThe activities of the Bank are \u201cdemand-driven,\u201d meaning they depend on private sector demand and interest for such government support. Ex-Im Bank charges interest, premia, and other fees for its services. Ex-Im Bank\u2019s rationales and activities are subject to legislative and policy debate. \nIn the 116th Congress, Senate confirmations to positions on the Board of Directors of the Bank restored a quorum of the Board and reinstated the Board\u2019s full authority, including to approve financing transactions above $10 million with repayment terms of seven years or longer, generally for the first time in nearly four years.\nEx-Im Bank\u2019s charter is scheduled to sunset on September 30, 2019, unless Congress takes action. Potential issues for the 116th Congress include whether to reauthorize Ex-Im Bank and, if so, under what terms, as well as Senate consideration of additional Board nominations and congressional consideration of reauthorizing Ex-Im Bank.\nIn deliberating on Ex-Im Bank\u2019s authorization status, potential options for Congress include a \u201cclean\u201d extension of Ex-Im Bank\u2019s sunset date (12 U.S.C. \u00a7635f), an extension with limited or significant changes to the charter, or other options, such as allowing the charter to lapse, terminating the Bank and setting specific parameters for a wind-down of Ex-Im Bank\u2019s functions, or reorganizing its functions in the context of overall U.S. export promotion and financing activities of the federal government. \nPotential issues for Congress include:\nWhat should be the purpose of Ex-Im Bank? What are the economic, foreign competition, and other policy justifications for and against Ex-Im Bank? \nWhat length of time is desirable for an extension of Ex-Im Bank\u2019s charter?\nWhat should be Ex-Im Bank\u2019s exposure cap? \nAre modifications needed to the Board of Director terms, succession rules, or quorum? \nShould the scope of policy criteria for Ex-Im Bank be revisited? \nShould Ex-Im Bank programs, policies, and/or risk management practices be modified? \nIs Ex-Im Bank competitive with foreign ECAs? Do current international rules on export credit financing support U.S. policy goals, or are changes needed?", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R43581", "sha1": "3f42ff567900d03421b053fdee99f7450d886877", "filename": "files/20190809_R43581_3f42ff567900d03421b053fdee99f7450d886877.html", "images": { "/products/Getimages/?directory=R/html/R43581_files&id=/4.png": "files/20190809_R43581_images_3d122a11640efa2c9a229c45f5d605cd26fc4630.png", "/products/Getimages/?directory=R/html/R43581_files&id=/2.png": "files/20190809_R43581_images_e2a6b79996b7787ea8f96ae793ca56a79adeff15.png", "/products/Getimages/?directory=R/html/R43581_files&id=/1.png": "files/20190809_R43581_images_742a2319122f3bd409d0489f88a5dedbd90c189c.png", "/products/Getimages/?directory=R/html/R43581_files&id=/7.png": "files/20190809_R43581_images_b80f6b537860e30318a3e2d476d10dab7e53a0c5.png", "/products/Getimages/?directory=R/html/R43581_files&id=/6.png": "files/20190809_R43581_images_06c1039672e7e678a17dd3f22c0c5f605baed35d.png", "/products/Getimages/?directory=R/html/R43581_files&id=/5.png": "files/20190809_R43581_images_3822984a49c950fc7927921faa0d0d0b2f62c4ce.png", "/products/Getimages/?directory=R/html/R43581_files&id=/3.png": "files/20190809_R43581_images_db6400b558043f79dcddf1238cf041bb24a78055.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R43581", "sha1": "e38cacb676c7d5e1e3fbfc91299750bfc6deeea4", "filename": "files/20190809_R43581_e38cacb676c7d5e1e3fbfc91299750bfc6deeea4.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4763, "name": "Export Policy" } ] }, { "source": "EveryCRSReport.com", "id": 440924, "date": "2015-03-25", "retrieved": "2016-04-06T19:18:58.548633", "title": "Export-Import Bank: Overview and Reauthorization Issues", "summary": "The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned U.S. government corporation, is the official export credit agency (ECA) of the United States. Its mission is to assist in the financing of U.S. exports of goods and services to support U.S. employment. The FY2015 continuing resolution (\u00a7147 of P.L. 113-164) extends its general statutory charter (Export-Import Bank Act of 1945, as amended, 12 U.S.C. \u00a7635 et seq.) through June 30, 2015. The 114th Congress may debate whether to renew Ex-Im Bank\u2019s authority; if so, for how long and under what terms; and if not, other policy alternatives.\nUnder its charter, Ex-Im Bank\u2019s financing must have a \u201creasonable assurance of repayment\u201d and should supplement, and not compete with, private capital, among other requirements. The Bank also abides by international rules for government-backed export credit activity under the Organization for Economic Co-operation and Development (OECD). \nIn FY2014, Ex-Im Bank reported authorizing about $20.5 billion for 3,746 transactions of finance and insurance, to support an estimated $27.5 billion in U.S. exports of goods and services and 164,000 U.S. jobs. Its overall portfolio exposure level in FY2014 was $112 billion\u2014below the $140 billion statutory cap for that year. Ex-Im Bank assesses credit and other risks of proposed transactions, monitors current commitments for risks, and maintains reserves against potential losses. It reported a default rate of 0.175% as of September 2014 (provided quarterly to Congress) and, since 1992, an average recovery rate of 50% for transactions in default.\nEx-Im Bank uses offsetting collections to cover costs of its operations. FY2015 appropriations legislation set an upper limit of $106.3 million for the Bank\u2019s administrative expenses, provided $5.8 million for its Office of Inspector General (OIG), and allowed carryover funds of up to $10 million to remain available until September 30, 2018.\nMembers of Congress hold a range of views on Ex-Im Bank. Proponents assert that the Bank supports U.S. exports by addressing market failures that dampen export levels and helping U.S. exporters compete against foreign companies backed by their governments\u2019 ECAs. Critics oppose the use of taxpayer funds for private benefit, whether for large or small businesses, and contend that the private sector is more efficient in financing exports. The reauthorization issues facing Congress are two-fold. The first issue is whether to renew Ex-Im Bank\u2019s authority. Scenarios include renewal in a \u201cclean\u201d manner or with reforms; a sunset in authority; and a reorganization of its functions. Second, should Congress choose to renew its authority, specific issues include \nFor how long should Ex-Im Bank be reauthorized? \nShould Ex-Im Bank\u2019s exposure cap be adjusted and if so, by what amount? \nWhat revisions should be made to Ex-Im Bank\u2019s policies, if any? \nHow well does the Bank manage the risks associated with its portfolio?\nHow should the United States approach international disciplines to guide government-backed export credit activity?", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R43581", "sha1": "1a7dc68aa74634754c5312d318c5bde4188151a4", "filename": "files/20150325_R43581_1a7dc68aa74634754c5312d318c5bde4188151a4.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R43581", "sha1": "836ccf66959936bfc23e8d6fd2cb1c4487efb54c", "filename": "files/20150325_R43581_836ccf66959936bfc23e8d6fd2cb1c4487efb54c.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2211, "name": "Export Policy" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc332991/", "id": "R43581_2014Jun30", "date": "2014-06-30", "retrieved": "2014-08-27T12:47:05", "title": "Export-Import Bank: Overview and Reauthorization Issues", "summary": "This report provides: (1) a general background of Ex-Im Bank; (2) a discussion of the international context of the Bank; (3) analysis of key issues that Congress may consider in a reauthorization debate; and (4) the congressional outlook on Ex-Im Bank.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20140630_R43581_5fc28874d41f6c9bb15f6e6875ff15a849e35a22.pdf" }, { "format": "HTML", "filename": "files/20140630_R43581_5fc28874d41f6c9bb15f6e6875ff15a849e35a22.html" } ], "topics": [ { "source": "LIV", "id": "Exports", "name": "Exports" }, { "source": "LIV", "id": "Imports", "name": "Imports" }, { "source": "LIV", "id": "Banks and banking", "name": "Banks and banking" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc332966/", "id": "R43581_2014Jun03", "date": "2014-06-03", "retrieved": "2014-08-27T12:47:05", "title": "Export-Import Bank: Overview and Reauthorization Issues", "summary": "This report provides: (1) a general background of Ex-Im Bank; (2) a discussion of the international context of the Bank; (3) analysis of key issues that Congress may consider in a reauthorization debate; and (4) the congressional outlook on Ex-Im Bank.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20140603_R43581_854d614c21d6f7d489986a61f6a9ac6670146670.pdf" }, { "format": "HTML", "filename": "files/20140603_R43581_854d614c21d6f7d489986a61f6a9ac6670146670.html" } ], "topics": [ { "source": "LIV", "id": "Exports", "name": "Exports" }, { "source": "LIV", "id": "Imports", "name": "Imports" }, { "source": "LIV", "id": "Banks and banking", "name": "Banks and banking" } ] } ], "topics": [ "Economic Policy", "Foreign Affairs", "Industry and Trade" ] }