When he ran for president in 2008, Obama said the export-import bank had “become little more than a fund for corporate welfare.”  During the Bank`s readmission campaign in May 2012, he stated that the export-import bank played a very important role in achieving its goal of doubling exports over 5 years. At the reauthorized ceremony, Obama said, “We are helping thousands of companies sell more of their products and services abroad and we are helping them create jobs at home. And we do so at no additional cost to the taxpayer.  Founded in 1934, the Export-Import Bank was created by an implementing decree organized by President Franklin D. Roosevelt under the name export Import Bank of Washington. The stated purpose was “to assist in financing and facilitating exports and imports, as well as the exchange of goods between the United States and other nations, or their organizations or nationals.” The Bank`s first transaction was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver bars. In 1945, it became an independent agency within the executive branch by Congress. It was chartered for three years in 2012 and was extended until 30 June 2015 in September 2014.   Congressional approval of the bank lapsed on July 1, 2015.  Five months later, following the success of the rarely used discharge procedure in the House of Representatives, Congress approved the bank until September 2019 on Fixing America`s Surface Transportation Act, signed on December 4, 2015 by President Barack Obama.  In December 2019, President Donald Trump signed the export-import-Bank Extension under the Further Consolidated Appropriations Act, 2020 (P.L.
116-94), which authorized the bank until December 31, 2026. If the normal principles of economics or finance are applied, critics consider that it is unlikely that the bank has benefited from them and that it has very little chance of realizing the annual profit it has declared because the bank`s profit calculations do not make an appropriate adjustment of risks.       Best practices in the financial, economic and banking sectors are to adjust the cost of capital or the discount rate to risk or to use a fair value estimate accordingly. . . .
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