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Creation and Administration

Feb. 2, 1934

President Franklin D. Roosevelt issues Executive Order No. 6581 creating the Export-Import Bank of Washington.

  • The government-owned corporation operates under the laws of the District of Columbia.
  • Capital stock totals $11 million: $10 million of preferred stock owned by the Reconstruction Finance Corporation and $1 million owned by the Department of State and Department of Commerce.
  • The President issues the Executive Order under the authority of the National Industrial Recovery Act, Reconstruction Finance Corporation Act and the Bank Conservation Act.
  • The agency is positioned under the Reconstruction Finance Corporation.
  • The agency is created to facilitate trade with the USSR.
  • The agency is governed by a Board of Trustees composed of five members.
  • Negotiations for trade with the USSR dissolve and no deals materialize.

Mar. 9, 1934

President Franklin D. Roosevelt issues Executive Order No. 6638 creating the Second Export-Import Bank of Washington.

  • The government-owned corporation operates under the laws of the District of Columbia.
  • Capital stock totals $2.75 million: $2.5 million of preferred stock owned by the Reconstruction Finance Corporation and $250,000 owned by the Department of State and Department of Commerce.
  • The President issues the Executive Order under the authority of the National Industrial Recovery Act, Reconstruction Finance Corporation Act and the Bank Conservation Act.
  • The agency is positioned under the Reconstruction Finance Corporation.
  • The agency is created to facilitate trade with Cuba after a U. S.-friendly government comes into power following a coup.
  • July, 1934 the Bank’s trustees expand the scope of the Bank: Ex-Im Bank can now do business anywhere in the world except the USSR.

Jan. 31, 1935

Congress passes the Reconstruction Finance Corporation Act (PL 74-01).

  • Sec. 9 of the Act extends the operation of both Ex-Im Banks until June 16, 1937.

May 7, 1936

President Franklin D. Roosevelt issues Executive Order No. 7365 that merges the operations of the Second Export-Import Bank into the first.

Jan. 26, 1937

Congress passes amendments to the Reconstruction Finance Corporation Act (PL 75-02).

  • Sec. 9 of the act extends the operation of the Export-Import Bank of Washington to June 30, 1939.

Mar. 4, 1939

Congress passes amendments to the Reconstruction Finance Corporation Act (PL 76-03).

  • Sec. 9 of the Act extends the operation of the Export-Import Bank of Washington to June 30, 1941.
  • Sec. 9 limits Ex-Im Bank's lending authority to $100 million.

Apr. 3, 1939

Congress passes the Reorganization Act of 1939 (RP No. 1, 53 Stat 1423).

  • Sec. 402 (c) repositions the Ex-Im Bank under the newly created Federal Loan Agency.

Mar 2. 1940

Congress passes amendments to the Reconstruction Finance Corporation Act (PL 76-420).

  • Sec. 9 increases the lending authority of Ex-Im Bank to $200 million.
  • Sec. 9 limits to $20 million the allowable aggregate amount of loans outstanding to any one country.
  • The Act prohibits loans to any government in default in the payment of its obligations to the U.S. government on April 13, 1934.

Sep. 26, 1940

Congress passes amendments to the Reconstruction Finance Corporation Act (PL 76-792).

  • Sec. 9 extends the operation of Ex-Im Bank to January 22, 1947.
  • Sec. 9 (1) increases the lending authority of Ex-Im Bank to $700 million.
  • The Act prohibits lending to organizations that are in violation of international law.

Feb. 24, 1942

President Franklin D. Roosevelt issues Executive Order No. 9071 transferring functions of the Federal Loan Agency to the Department of Commerce.

  • Sec. 1 transfers the functions of several agencies, including Ex-Im Bank, to the Department of Commerce.

May 3, 1943

Congress passes the Joint Resolution on the Treaties of Panama of 1903 and 1936 (PL 78-048).

  • Under the treaty, Ex-Im Bank finances $2.5 million of Panama's share of the Chorrera-Rio Hato Highway. 
  • Sec. 3 authorizes the Department of Treasury to pay $2.7 million to the Republic of Panama.
  • Sec. 3 further states that Ex-Im Bank will be paid an amount necessary to liquidate Panama's remaining obligation ending Panama's status as a nation in arrears.

Jul. 17, 1943

President Franklin D. Roosevelt issues Executive Order No. 9361 establishing the Office of Economic Warfare.

  • Sec. 2 transfers the Ex-Im Bank along with the RFC to the Office of Economic Warfare.

Sep. 28, 1943

President Franklin D. Roosevelt issues Executive Order No. 9380 consolidating the offices of Lend-Lease Administration, Foreign Relief and Rehabilitation Operations, Foreign Economic Coordination, and Economic Warfare into the Foreign Economic Administration.

  • Ex-Im Bank, under the Office of Economic Warfare, is transferred to the Foreign Economic Administration.

Jul. 31, 1945

Congress passes the Bretton Woods Agreement Act (PL 79-171).

  • Sec. 4(a) establishes the National Advisory Council on International Monetary and Financial Problems (NAC) in order to coordinate policies and operations of U. S. government agencies involved in foreign loans or other foreign financial, exchange or monetary transactions (including Ex-Im Bank) with the IBRD and IMF.
  • The Ex-Im Bank Chairman is appointed as a member of the NAC.

Jul. 31, 1945

Congress passes the Export-Import Bank Act of 1945 (PL 79-173).

  • The Act establishes the Export-Import Bank of Washington as an independent federal government agency under the Executive branch. 
  • Established a Board of Directors to manage the Bank.

Dec. 6, 1945

Congress passes the Government Corporation Control Act (PL 79-248).

  • Sec. 101 of the Act designates Ex-Im Bank as a “wholly owned government corporation.”
  • Sec. 102 requires government corporations to prepare an annual budget program.
  • The Act also authorizes the GAO to audit financial transactions.
  • Sec. 304(b) requires the termination of these corporations as agencies or instrumentalities of the U.S. government by June 30, 1948, permitting reincorporation before that date.

Dec. 28, 1945

Congress passes an Act to authorize the Export-Import Bank of Washington to extend its operations to include the Phillippine Islands (PL 79-282)
  • Ex-Im Bank's operations are extended to the Phillippines.

 

Appropriations

Jun. 22, 1936

Congress passes the First Deficiency Appropriation Act, 1936 (PL 74-739).

  • The legislation prevents either the Export-Import Bank or the Second Export-Import Bank from incurring obligations for administrative expenses after June 30, 1937 without an annual appropriation.
  • The Act also stipulates that both agencies require a statutory mandate providing authority to operate after June 30, 1937.

Jun. 28, 1937

Congress passes the Independent Offices Appropriation Act, 1938 (PL 75-171).

  • Ex-Im Bank’s administrative expenses are limited to $50,000 for FY 1938.

May 23, 1938

Congress passes the Independent Offices Appropriation Act, 1939 (PL 75-534).

  • Ex-Im Bank’s administrative expenses are limited to $50,000 for FY 1939.

May 2, 1939

Congress passes the Second Deficiency Appropriation Act, 1939 (PL 76-061).

  • Ex-Im Bank’s administrative expenses are increased to $60,000 for FY 1939.

Jun. 30, 1939

Congress passes the Urgent Deficiency and Supplemental Appropriation Act, 1939 and 1940 (PL 76-160).

  • Ex-Im Bank’s administrative expenses increase to $75,000 for FY 1940.

Apr. 6, 1940

Congress passes the First Deficiency Appropriation Act, 1940 (PL 76-447).

  • Ex-Im Bank’s administrative expenses are increased by $10,000 to $85,000 for FY 1940.

Apr. 18, 1940

Congress passes the Independent Offices Appropriations Act, 1941 (PL 76-459).

  • Ex-Im Bank’s administrative expenses are increased to $125,000 for FY 1941.

Apr. 1, 1941

Congress passes the First Deficiency Appropriation Act, 1941 (PL 77-025).

  • Ex-Im Bank’s administrative expenses are increased by $40,000 to $165,000 for FY 1941.

Apr. 5, 1941

Congress passes the Independent Offices Appropriations Act, 1942 (PL 77-028).

  • Ex-Im Bank’s administrative expenses are increased to $220,000 for FY 1942.

Jun. 27, 1942

Congress passes the Independent Offices Appropriation Act, 1943 (PL 77-630).

  • Ex-Im Bank’s administrative expenses are limited to $200,000 for FY 1943.

Oct. 26, 1942

Congress passes the Second Supplemental National Defense Appropriation Act, 1943 (PL 77-763).

  • Ex-Im Bank’s administrative expenses are increased by $60,000 for FY 1943.

Jul. 1, 1943

Congress passes the Departments of State, Justice, and Commerce Appropriations Act, 1944 (PL 78-105).

  • Ex-Im Bank’s administrative expenses are increased to $308,600 for FY 1944.

July 12, 1943

Congress passes the Second Deficiency Appropriation Act, 1943 (PL 78-140).

  • The legislation authorizes the Department of Treasury to pay $2.7 million to the Republic of Panama. Is related to PL78-48, Panama Treaties Act. 

Apr. 1, 1944

Congress passes the First Deficiency Appropriation Act, 1944 (PL 78-279).

  • Ex-Im Bank’s administrative expenses are increased by $7,000 for FY 1944.

Jun. 30, 1944

Congress passes the Foreign Economic Administration Appropriations Act, 1945 (PL 78-382).

  • Ex-Im Bank’s administrative expenses are set at $340,000 for FY 1945.

Dec. 22, 1944

Congress passes the First Supplemental Appropriation Act, 1945 (PL 78-529).

  • The act transfers an aggregate amount of $47,453 to the office of Foreign Economic Administration, including funds from the Export-Import Bank, the Petroleum Reserves Corporation, the Rubber Development Corporation, and the United States Commercial Company. The rest of the funds were transferred from the remaining balance of "Salaries and expenses, Foreign Economic Administration, 1945." The amount of funds to be transferred from Ex-Im Bank is not specified.

Jul. 5, 1945

Congress passes the Second Deficiency Appropriation Act, 1945 (PL 79-132).

  • Ex-Im Bank’s administrative expenses are set at $372,700 for FY 1946.

Dec. 28, 1945

Congress passes the First Deficiency Appropriations Act, 1946 (PL 79-269).

  • Ex-Im Bank’s administrative expenses are increased by $150,000 for FY 1946.