Thursday, February 2, 2012

Friday, February 2, 1934

Walked to school with Pauline and walked home with Ruth Ray. Nadine, Pauline and I read a magazine.

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.

No comments:

Post a Comment