This bill would abolish the Export-Import Bank in three years , and reduce the authorities of the Bank in the interim period. The Export-Import Bank was reauthorized in September 2014 for nine months — due to expire on June 30, 2015.
"The official export credit agency of the United States. EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services ... When private sector lenders are unable or unwilling to provide financing, EXIM fills in the gap for American businesses by equipping them with the financing tools necessary to compete for global sales."
Basically, the bank guarantees loans for customers abroad buying U.S.-made goods who otherwise would not take the commercial or political risks.
This bill would keep the Export-Import Bank from accepting new applications 30 days after it passes. One year in, the bank could no longer renew or enter into contracts. At the end of three years, the Bank’s remaining functions would be transferred to the Department of the Treasury — which at that point would be limited to loan repayment and oversight. The Export-Import Bank’s Office of the Inspector General would be abolished along with the Bank, and the Department of the Treasury would also take over ongoing audits, investigations, inspections, and reports.
The Secretary of the Treasury would be responsible for winding down the Bank’s operations, and have the authority to delegate tasks, transfer assets and personnel, enter into contracts, and employ experts to aid in those activities. Once all of the Bank’s obligations expire, the Treasury’s authorities would expire as well, and the Secretary would notify Congress.
Assets and funds that are currently available to the Bank could continue to be used for the three years, and existing savings provisions would be in effect until the Bank is finally terminated.