Congressional Budget Justification, Foreign Operations, Fiscal Year 2004
OFFICE OF THE SECRETARY OF STATE WASHINGTON DC
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The Export-Import Bank of the United States Ex-Im Bank is an independent corporate agency of the United States that was first organized as a District of Columbia banking corporation in 1934. Continuation of Ex-Im Bank as an independent corporate agency of the United States is subject to periodic extensions granted by Congress. Congressional authorization has been extended through September 30, 2006. For FY 2003, the re-authorization increased Ex-Im Banks overall limit on loans, guarantees, arid insurance that can be outstanding at any one time from 80 billion to 85 billion. The limit increases by an additional 5 billion each year through FY 2006. In addition, the re-authorization created an Inspector General for the Ex-Im Bank. The purpose of Ex-Im Bank, as stated in the Export-Import Bank Act as amended, is to facilitate U.S. exports by providing competitive export financing to U.S. exporters that are facing foreign competition for an export sale where the foreign competitor is offering officially supported financing and by providing export financing where the private market is unwilling or unable to offer this financing. All credits approved by Ex-Im Bank must meet the standard of reasonable assurance of repayment. By providing such financing, Ex-Im Bank is helping U.S. exporters to maintain or create U.S. jobs.
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