July 7, 2015 - For the first time in history, the U.S. Export-Import Bank (Ex-Im Bank) fails to receive congressional reauthorization. This is because congress skipped out of town for summer recess without taking a vote before its July 1st deadline. As a result of congress' failure to act, the U.S. Ex-Im Bank is not authorized to make any further loans to foreign buyers who wish to purchase U.S. goods on credit.

This will now force many foreign buyers of American goods to look somewhere else, such as the Chinese markets. This will hurt workers and companies across this county that rely on their goods being sold overseas. The U.S. Ex-Im Bank is the official export credit agency of the United States.

Its purpose is to provide financing to foreign buyers of American goods. The bank was created in 1934, by President Franklin D. Roosevelt under an executive order and in 1945 congress established the bank as an independent agency under the Executive Branch of government.

As a result of congress' failure to act, Many companies such as Boeing will have great difficulties selling its aircraft to foreign buyers. All U.S. Ex-Im Bank preexisting loans, guarantees, and insurance policies will continue in full force and effect. The Bank will continue to manage all transactions in its portfolio until maturity, including issuing waivers and amendments.