Export-Import Bank's charter expires for the first time since its founding

For the first time since its founding in 1934, the Export-Import Bank's charter expired at midnight on Tuesday. The federal agency, known colloquially as Ex-Im, helps U.S. businesses export products and provides loans and credit insurance to companies when private lenders view their ventures as too risky.
Though Ex-Im generated a surplus of $675 million to the Treasury last year, conservative advocates of small government saw the agency as an example of the government's over-involvement in business and thus advocated for letting the bank's charter expire.
Although the agency's ability to issue new loans ended at midnight, Ex-Im will likely remain up and running through Sept. 30, when its funding is estimated to run out — though there is a chance that Congress could reauthorize funding when it comes back in session next week. If Congress does not vote to reauthorize Ex-Im, companies say they would lose a competitive edge against Europe and China, where governments offer companies significant financial help.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
How will the new Repayment Assistance Plan for student loans work?
the explainer The Repayment Assistance Plan (RAP) will replace existing income-driven repayment plans
-
In the Spotlight Venezuelan President Nicolás Maduro has been at odds with US forces
-
Music reviews: Ethel Cain, Amaarae, and The Black Keys
Feature "Willoughby Tucker, I'll Always Love You," "Black Star," and "No Rain, No Flowers"
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages