Soon after President Franklin Delano Roosevelt took office in March 1933, he focused his attention on the domestic economic situation created by the Great Depression. Later, Roosevelt asserted that a sound internal economic situation was utmost essential for a country’s prosperity instead of its currency’s external value. In 1934, the Roosevelt Administration undertook two initiatives that indicated an urge to reengage economically with the world. The first one was the creation of Export-Import Bank and preparation of the Reciprocal Trade Agreements Act (RTAA). As one of the principal agencies of the U.S. government in international finance, the Export-Import Bank of the United States (Ex-Im Bank) was incorporated as the Export-Import Bank of Washington on 12 February, 1034. This was done in order to assist in financing the export of American-made goods and services. Headquartered in Washington D.C., the Ex-Im Bank’s operations are handled via seven regional centers. The Bank was last chartered for a three-year term in 2012. This Charter spelled out the Bank’s authorities and limitations. Without competing with the private sector lenders, the Ex-Im Bank provides financing for transactions that won’t take place otherwise simply because commercial lenders aren’t willing to accept political or commercial risk associated with the deal. You may also like : February 12 1909 – The National Association for the Advancement of Colored People is Founded in Baltimore, Maryland February 12 1912 – The last Emperor of China, Puyi of the Qing Dynasty, abdicates the throne
February 12 1934 – Export-Import Bank of United States (Ex-Im Bank) incorporated as Export-Import Bank of Washington
Soon after President Franklin Delano Roosevelt took office in March 1933, he focused his attention on the domestic economic situation created by the Great Depression. Later, Roosevelt asserted that a…
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