Export-Import Bank of the United States
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The Export-Import Bank of the United States (Ex-Im Bank, Exim Bank or Eximbank) is the export credit agency of the United States federal government. It is an independent agency established by Congress in 1945 for the purposes of financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk.
There are many other banks around the world called Eximbank, some analogous to the U.S. Ex-Im Bank, and some private commercial banks.
According to the Bank's Website: "The FY 2006 request provides $186.5 million to fund the Bank's program budget and $73.2 million to fund its administrative budget."
Criticism of the Bank
The Bank has come under criticism for favoring special interests ahead of that of the U.S. taxpayer. These interests include that of heavily subsidized corporations such as Boeing or Enron as well as those of well-connected foreign governments and nationals (such as a 1996 $120 million low-interest loan to the China National Nuclear Power Corporation (CNNP).External links
References
- ["Bank Scam: The House of Representatives Keeps Enron on Welfare"]
- Robert Higgs "Against Leviathan: Government Power and a Free Society." Oakland CA: The Independent Institute, 2004
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