|On February 2, 1934, President Franklin D. Roosevelt signed|
Executive Order 6581 creataing the Export Import Bank of Washington.
The stated goal was "to aid in financing and to facilitate exports and imports and the exchange
of commodities between the United States and other Nations or the agencies or nationals
thereof", with the immediate goal of making loans to the Soviet Union. The Bank's first transaction
was a $3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. Congress continued
the bank as a government agency, using a series of laws between 1935 and 1943 to place it under
various government departments, before making it an independent agency on July 31, 1945,
with the Export-Import Bank Act of 1945. On March 13, 1968, further legislation changed the
name to "Export-Import Bank of the United States".
The Export-Import Bank of the United States is the official credit agency of
the United States federal government.