February is known for celebrating Black History Month, American Heart Association Month, and Valentine’s Day. February is also the birthday month of many historical and very influential people in our country.
- Frederick Douglass (Feb 1)
- Rosa Parks (Feb 4)
- President Ronald Reagan (Feb 6)
- Thomas Edison (Feb 11)
- President Abraham Lincoln (Feb 12)
- Susan B Anthony (Feb 15)
- Michael Jordan (Feb 17)
- President George Washington (Feb 22)
This is only an abbreviated list of all the historical birthdays in February, but it is missing a very important one.
Did you know, the Export-Import Bank of the United States (EXIM) is celebrating its 88th birthday?
EXIM was created on February 2, 1934, by President Franklin D Roosevelt. The former president issued Executive Order 6581, that established EXIM as a Washington, DC, banking corporation under the name of Export-Import Bank of Washington. The next month, President Roosevelt created a second Export-Import Bank of Washington to help aid trade with Cuba.
In 1936, both the first and second Export-Import Banks were combined into one government agency under various government departments. It wasn’t until July 31, 1945, when Congress made EXIM an independent agency under the Export-Import Bank Act of 1945. Finally, on March 13, 1968, EXIM’s official and current name was changed to the Export-Import Bank of the United States.
EXIM’s authorizations contributing to major historical events is unprecedented. Several examples include:
- Post-WWII financing by authorizing over $2Billion for reconstruction in Europe, Africa, and Asia.
- Pan American Highway (1941)
- Toquepala Mine, Peru (1954)
- Tagus River Bridge, Portugal (1962)
- Temelin Nuclear Project (1994)
- Provided temporary insurance waivers to keep airline’s afloat after the September 11 attacks (2001)
- Temporary relief measures to help mitigate the effects of the COVID-19 pandemic and provide financial flexibility of U.S. exports (2020)
Today’s EXIM may look very different than it did when the doors first opened in 1934, but the mission is still the same - supporting American jobs by facilitating the export of U.S. goods and services.
If you are interested in learning more about how EXIM can help you, our trade finance specialists are ready to assist with a free consultation.