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Obama re-authorizes EXIM Bank

Published on December 07, 2015

On December 4, President Obama signed the re-authorization of U.S Export Import (EXIM) Bank into law, extending the life of the institution to September 30, 2019. In a letter to customers and stakeholders dated December 4 2015, Fred Hochberg, the chairman and president of EXIM Bank, said:

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... Beginning today, EXIM will be able to restart the work needed to meet its mission of supporting American jobs and equipping American businesses with the tools necessary to compete for global sales. Importantly, the Bank secured a long-term reauthorization that will be in effect until September 30, 2019.

Exporters and their supply chains are critical to the country's economic health. Export focused businesses bring a host of benefits to their communities and local economies, including generally paying higher wages to their employees than non-export businesses.

All of us at EXIM are ready to receive applications for new transactions. Given the expected volume, the efforts required to get our processes back up and running, and the need to apply our comprehensive due diligence requirements to every transaction, we are asking customers and other EXIM stakeholders to be patient while we resume authorized activities. We expect online application systems and exim.gov to be fully operational no later than Tuesday, December 8, and customers can always reach us at 1-800-565-EXIM.

Read the full letter on PRNewswire.