Trump Signs Ex-Im Bank Reauthorization

Record Seven-year Term Extension

U.S. President Donald Trump has signed a reauthorized the country’s Export-Import Bank for a historic seven-year term.

The bipartisan legislation was approved by Congress and will extend the bank’s remit to provide competitive and necessary export credit to overseas purchasers of U.S. goods and services.

“I thank President Trump for making history today by signing into law the longest reauthorization of EX-IM in the agency’s 85-year history,” said Kimberly A. Reed, EX-IM Bank president.

US$1.37 Trillion Bill
The new legislation was approved as part of a US$1.37 trillion end-of-year omnibus bill, which funds the U.S. government through September 2020.

“I am honored to work with the President, our administration colleagues, the bipartisan leadership in Congress, and diverse stakeholders as we focus on empowering U.S. businesses and workers to compete and win in the global marketplace,” Reed added.
The Ex-Im Bank acts as the official export credit agency of the U.S. government, and has been criticized in the U.S. Senate by Republicans as providing unwarranted government finance for private exporters such as aerospace firm Boeing.

China Challenges

The unprecedented length of term for the reauthorization is expected to add certainty for U.S. businesses and improve negotiating leverage China. 

“The legislation signed into law by the president also directs EX-IM to focus on the important economic and national security challenges posed by China, which at my direction, EX-IM has prioritized since my confirmation in May,” Reed said.
EX-IM Bank has generated more than US$9 billion for the U.S. Treasury since 1992, and in fiscal year 2019 more than 89 percent of EX-IM’s 2,100-plus transactions directly supported American small businesses.