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127-556: The Export–Import Bank of the United States ( EXIM ) is the official export credit agency (ECA) of the United States federal government . Operating as a wholly owned federal government corporation , the bank "assists in financing and facilitating U.S. exports of goods and services ", particularly when private sector lenders are unable or unwilling to provide financing. Its current chairman and president, Reta Jo Lewis ,

254-495: A cascading waterfall with Italian Renaissance -style architecture. Modern , Postmodern , contemporary , and other non-classical architectural styles are also seen in the city. The National Museum of African American History and Culture deeply contrasts the stone-based neoclassical buildings on the National Mall with a design that combines modern engineering with heavy inspiration from African art . The interior of

381-509: A referendum on D.C. statehood resulted in an 85% support among Washington, D.C., voters for it to become the nation's 51st state . In March 2017, the city's congressional delegate Eleanor Holmes Norton introduced a bill for statehood. Reintroduced in 2019 and 2021 as the Washington, D.C., Admission Act , the U.S. House of Representatives passed it in April 2021. After not progressing in

508-523: A company that ultimately became bankrupt. Export credit agency ECAs currently finance or underwrite about US$ 430 billion of business activity abroad – about US$ 55 billion of which goes towards project finance in developing countries – and provide US$ 14 billion of insurance for new foreign direct investment, dwarfing all other official sources combined (such as the World Bank and Regional Development Banks, bilateral and multilateral aid, etc.). As

635-523: A different name. As such, the activities of ECAs are considered by some to be a type of corporate welfare . Others argue that ECAs create debt in poor countries motivated not by development goals but to support rich countries' industry. In addition, ECAs may soak up aid money as debt relief programs predominantly relieve poor countries from debt owed to donor countries' ECAs. ECAs are also criticised for insuring companies against political actions that aim to protect workers' rights , other human rights , or

762-633: A fair-value estimate. On this basis the criticism is that "This simple approach—which is based on a method outlined in a National Bureau of Economic Research paper by Debbie Lucas of the Massachusetts Institute of Technology —suggests that the EXIM's long-term loan guarantee program actually provides guarantees at a loss for taxpayers, not a profit. Moreover, this analysis reveals that the EXIM's loan guarantees are made at sufficiently generous terms that borrowers receive subsidies of about 1% of

889-475: A fourfold increase to help address these shortfalls. In 1945 and 1946 credit was offered to France, Denmark, Norway, Belgium, the Netherlands, Turkey, Czechoslovakia, Finland, Italy, Ethiopia, Greece, Poland and Austria to purchase equipment, facilities, and services from the United States. The financing was designed to aid reconstruction of the nations and to repair their import and export capability through

1016-408: A garden-lined grand avenue about 1 mile (1.6 km) long and 400 feet (120 m) wide in an area that is now the National Mall inspired by the grounds at Versailles and Tuileries Gardens. In March 1792, President Washington dismissed L'Enfant due to conflicts with the three commissioners appointed to supervise the capital's construction. Andrew Ellicott , who worked with L'Enfant in surveying

1143-516: A landslide linked to a quarry that had been used by the project killed an estimated 25 people. In 2010, environmental groups criticized the EXIM Directors for approving $ 917 million worth of financing for the 3,960 megawatt coal-fired Sasan Ultra Mega Power Project in India after initially rejecting the project on climate change grounds. Environmental groups say that in reversing the decision

1270-575: A lawsuit against Chairman Hochberg and the EXIM for the agency's financing of Australia Pacific LNG 's liquid natural gas projects inside the Great Barrier Reef World Heritage Area. The lawsuit alleged that EXIM financing for the projects violates U.S. environmental and cultural heritage laws. Their amended lawsuit included EXIM's loan for the Australia Pacific LNG project and a $ 1.8 billion loan for

1397-463: A level playing field (whereby competition is based on the price and quality of the exported goods and not the financial terms provided) and working to eliminate subsidies and trade distortions related to officially supported export credits. Since 1999, country risk categories have been harmonized by the Arrangement and minimum premium rates have been allocated to the various risk categories. This

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1524-418: A minimum degree of "softness". "Softness" is measured by a formula that compares the present value of the credit with the present value of the same amount at standardized "commercial" terms. This difference is expressed as a percentage of the credit and called "concessionality level". Thus a grant has a concessionality level of 100%, a commercial credit scores zero per cent. The higher the concessionality level,

1651-502: A modern glass exterior and heavy curvature. CityCenterDC is home to Palmer Alley, a pedestrian-only walkway, and houses several apartment buildings, restaurants, and luxury-brand storefronts with streamlined glass and metal facades. Outside Downtown D.C., architectural styles are more varied. Historic buildings are designed primarily in the Queen Anne , Châteauesque , Richardsonian Romanesque , Georgian Revival , Beaux-Arts , and

1778-581: A recalcitrant borrower. These arguments for and against export credits are not new and have been studied at length in academic literature. For a good general discussion, see Baron, David P. The Export-Import Bank: An Economic Analysis. Academic Press. 1983.; or Eaton, Jonathan. "Credit Policy and International Competition." Strategic Trade Policy and the New International Economics, ed. Paul Krugman. MIT Press, Cambridge Mass. 1988. Washington, D.C. Washington, D.C. , formally

1905-431: A relatively high homelessness rate, despite its high living standard compared to many American cities. Washington, D.C., is divided into four quadrants of unequal area: Northwest (NW) , Northeast (NE) , Southeast (SE) , and Southwest (SW) . The axes bounding the quadrants radiate from the U.S. Capitol. All road names include the quadrant abbreviation to indicate their location. House numbers generally correspond with

2032-412: A result of the claims against developing countries that have resulted from ECA transactions, ECAs hold over 25% of these developing countries' US$ 2.2 trillion debt. Export credit agencies use three methods to provide funds to an importing entity: Credits may be short term (up to two years), medium term (two to five years) or long term (five to ten years). They are usually supplier's credits, extended to

2159-595: A snowstorm in January 1772. Hurricanes or their remnants occasionally impact the area in late summer and early fall. However, they usually are weak by the time they reach Washington, partly due to the city's inland location. Flooding of the Potomac River , however, caused by a combination of high tide, storm surge, and runoff, has been known to cause extensive property damage in the Georgetown neighborhood of

2286-676: A special committee charged with beautifying Washington's ceremonial core. What became known as the McMillan Plan was finalized in 1901 and included relandscaping the Capitol grounds and the National Mall, clearing slums, and establishing a new citywide park system. The plan is thought to have largely preserved L'Enfant's intended design for the city. By law, the city's skyline is low and sprawling. The federal Height of Buildings Act of 1910 prohibits buildings with height exceeding

2413-633: A stream valley that bisects the city. Established in 1890, it is the country's fourth-oldest national park and is home to a variety of plant and animal species, including raccoon, deer, owls, and coyotes. Other National Park Service properties include the Chesapeake and Ohio Canal National Historical Park , the National Mall and Memorial Parks , Theodore Roosevelt Island , Columbia Island , Fort Dupont Park , Meridian Hill Park , Kenilworth Park and Aquatic Gardens , and Anacostia Park . The District of Columbia Department of Parks and Recreation maintains

2540-473: A variety of Victorian styles. Rowhouses are prominent in areas developed after the Civil War and typically follow Federal and late Victorian designs. Georgetown 's Old Stone House , built in 1765, is the oldest-standing building in the city. Founded in 1789, Georgetown University features a mix of Romanesque and Gothic Revival architecture . The Ronald Reagan Building is the largest building in

2667-829: Is bound by WTO members' commitments with respect to subsidised agricultural exports (see the WTO Appellate Body decision on the Brazil-US cotton case as it relates to the General Sales Manager (GSM) 102 and 103 programs and other US agricultural export credits, summarized here ). At the EU level, the European Commission, in particular the Directorate General for Trade , plays a role in the harmonization of Export Credit Agencies and

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2794-911: Is generally popular among tourists and locals. In 2007, six of the top ten buildings in the American Institute of Architects ' ranking of America's Favorite Architecture were in the city: the White House , Washington National Cathedral , the Jefferson Memorial , the United States Capitol , the Lincoln Memorial , and the Vietnam Veterans Memorial . The neoclassical , Georgian , Gothic , and Modern styles are reflected among these six structures and many other prominent edifices in

2921-682: Is home to many national monuments and museums , located most prominently on or around the National Mall , including the Jefferson Memorial , the Lincoln Memorial , and the Washington Monument . It hosts 177 foreign embassies and serves as the headquarters for the World Bank , the International Monetary Fund , the Organization of American States , and other international organizations. Home to many of

3048-480: Is in plant hardiness zone 8a near downtown, and zone 7b elsewhere in the city. Summers are hot and humid with a July daily average of 79.8 °F (26.6 °C) and average daily relative humidity around 66%, which can cause moderate personal discomfort. Heat indices regularly approach 100 °F (38 °C) at the height of summer. The combination of heat and humidity in the summer brings very frequent thunderstorms, some of which occasionally produce tornadoes in

3175-480: Is intended to ensure that competition takes place via pricing and the quality of the goods exported, and not in terms of how much support a state provides for its exporters. The Arrangement does not extend to exports of agricultural commodities or military equipment. A recent decision at the World Trade Organization (WTO) indicates that the use of officially supported export credits in agriculture

3302-690: Is not the only US aircraft manufacturer previously supported by EXIM. During the 1930s, 40s, and 50s, EXIM supported other US aviation manufacturers such as the Douglas Aircraft Company , the Consolidated Vultee Aircraft Company (Convair) , and the Lockheed Aircraft Corporation . The cost and effectiveness of the bank are controversial. While the EXIM projects will earn the U.S. government an average of $ 1.4 billion per year for

3429-477: Is sea level at the Potomac River. The geographic center of Washington is near the intersection of 4th and L streets NW. The district has 7,464 acres (30.21 km ) of parkland, about 19% of the city's total area, the second-highest among high-density U.S. cities after Philadelphia . The city's sizable parkland was a factor in the city being ranked as third in the nation for park access and quality in

3556-454: Is the largest carbon emitting project in the agency's history, which will not alleviate poverty but will emit excessive local air pollution, which health experts say causes damage the respiratory, cardiovascular, and nervous systems and deaths resulting from heart disease, cancer, stroke, and chronic lower respiratory diseases. EXIM's 2011 announcement of support for Kusile asserted claims of environmental advancements including that "Kusile will be

3683-499: The Anacostia River to the east. Washington, D.C.'s street grid was extended, where possible, throughout the district starting in 1888. Georgetown's streets were renamed in 1895. Some streets are particularly noteworthy, including Pennsylvania Avenue , which connects the White House to the Capitol; and K Street, which houses the offices of many lobbying groups. Constitution Avenue and Independence Avenue , located on

3810-646: The Compensated Emancipation Act in 1862, which ended slavery in the district, freeing about 3,100 slaves in the district nine months before the Emancipation Proclamation . In 1868, Congress granted the district's African American male residents the right to vote in municipal elections. By 1870, the district's population had grown 75% in a decade to nearly 132,000 people, yet the city still lacked paved roads and basic sanitation. Some members of Congress suggested moving

3937-714: The Continental Congress and under the Articles of Confederation . New York City was the first capital upon the adoption of the Constitution , succeeded by Philadelphia , which was capital from 1790 to 1800. On October 6, 1783, after the capital was forced by the Pennsylvania Mutiny of 1783 to move to Princeton, Congress resolved to consider a new location for it. The following day, Elbridge Gerry of Massachusetts moved "that buildings for

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4064-474: The District of Columbia and commonly known as Washington or D.C. , is the capital city and federal district of the United States . The city is on the Potomac River , across from Virginia , and shares land borders with Maryland to its north and east. It was named after George Washington , the first president of the United States . The district is named after Columbia , the female personification of

4191-756: The District of Columbia Organic Act of 1801 , which officially organized the district and placed the entire territory under the exclusive control of the federal government. The area within the district was organized into two counties, the County of Washington to the east and north of the Potomac and the County of Alexandria to the west and south. After the Act's passage, citizens in the district were no longer considered residents of Maryland or Virginia, which ended their representation in Congress. On August 24, 1814, during

4318-914: The Fixing America's Surface Transportation Act of December 2015. In December 2019, President Donald Trump signed the Export-Import Bank Extension into law as part of the Further Consolidated Appropriations Act, 2020, which authorized the bank until December 31, 2026. Over its lifetime, the Export-Import Bank has helped finance several historic projects including the Pan-American Highway , the Burma Road , and post-WWII reconstruction. While supporters argue that

4445-484: The Potomac River forms the district's border with Virginia and has two major tributaries, the Anacostia River and Rock Creek . Tiber Creek , a natural watercourse that once passed through the National Mall , was fully enclosed underground during the 1870s. The creek also formed a portion of the now-filled Washington City Canal , which allowed passage through the city to the Anacostia River from 1815 until

4572-627: The Twenty-third Amendment , passed in 1961. Washington, D.C. anchors the southern end of the Northeast megalopolis . As the seat of the U.S. federal government , the city is an important world political capital . The city hosts the buildings that house federal government headquarters, including the White House , the Capitol, the Supreme Court Building , and multiple federal departments and agencies . The city

4699-428: The U.S. East Coast . The city has a total area of 68.34 square miles (177 km ), of which 61.05 square miles (158.1 km ) is land and 7.29 square miles (18.9 km ) (10.67%) is water. The district is bordered by Montgomery County, Maryland , to the northwest; Prince George's County, Maryland , to the east; Arlington County, Virginia , to the west; and Alexandria, Virginia , to the south. The south bank of

4826-637: The War of 1812 , British forces invaded and occupied the city after defeating an American force at Bladensburg . In retaliation for acts of destruction by American troops in the Canadas , the British set fire to government buildings in the city, gutting the United States Capitol , the Treasury Building , and the White House in what became known as the burning of Washington . However, a storm forced

4953-623: The Washington Metro stations and the Hirshhorn Museum and Sculpture Garden are designed with strong influence from the 20th-century Brutalism movement. The Smithsonian Institution Building is built of Seneca red sandstone in the Norman Revival style. The Old Post Office building, located on Pennsylvania Avenue and completed in 1899, was the first building in the city to have a steel frame structure and

5080-529: The 1850s. The Chesapeake and Ohio Canal starts in Georgetown and was used during the 19th century to bypass the Little Falls of the Potomac River, located at the northwest edge of the city at the Atlantic Seaboard fall line . The highest natural elevation in the district is 409 feet (125 m) above sea level at Fort Reno Park in upper northwest Washington, D.C. The lowest point

5207-482: The 2018 ParkScore ranking of the park systems of the nation's 100 most populous cities, according to Trust for Public Land , a non-profit organization. The National Park Service manages most of the 9,122 acres (36.92 km ) of city land owned by the U.S. government. Rock Creek Park is a 1,754-acre (7.10 km ) urban forest in Northwest Washington, which extends 9.3 miles (15.0 km) through

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5334-615: The Bank's loan guarantees became even more skewed, with 82 percent of them going to Boeing customers. However, EXIM supporters note that Boeing is the largest exporter in the United States by dollar value, and must be protected in their capacity as the only remaining comprehensive U.S. commercial aircraft manufacturer. Support of Boeing is seen as particularly critical as Comac , China's state-owned and heavily subsidized commercial aircraft manufacturer, aggressively seeks to leech market share from both Boeing and Airbus. Also important to note, Boeing

5461-500: The Board, no more than three can be members of any one political party. In addition, at least one of the members must be selected from among the small business community. The members are appointed to staggered terms of four years. They can continue to serve on the board past the expiration of their term until their successor takes office, but not beyond six months after the expiration of their term. The United States Trade Representative and

5588-504: The British to evacuate the city after just 24 hours. Most government buildings were repaired quickly, but the Capitol, which was largely under construction at the time, would not be completed in its current form until 1868. In the 1830s, the district's southern territory of Alexandria declined economically, due in part to its neglect by Congress. Alexandria was a major market in the domestic slave trade and pro-slavery residents feared that abolitionists in Congress would end slavery in

5715-521: The District from its founding. The building of Washington likely relied in significant part on slave labor, and slave receipts have been found for the White House, Capitol Building, and establishment of Georgetown University. The city became an important slave market and a center of the nation's internal slave trade . After its survey, the new federal city was constructed on the north bank of

5842-484: The District of Columbia. Shepherd authorized large projects that modernized the city but bankrupted its government. In 1874, Congress replaced the territorial government with an appointed three-member board of commissioners. In 1888, the city's first motorized streetcars began service. Their introduction generated growth in areas of the district beyond the City of Washington's original boundaries, leading to an expansion of

5969-423: The EXIM agrees to evaluate the carbon dioxide emissions as part of its determination for qualification for a project. However, EXIM fossil fuel financing and associated greenhouse gas emissions grew swiftly after the settlement agreement, coinciding with Chairman Hochberg's tenure. Between 2009 and 2012, EXIM fossil fuel financing grew from $ 2.56 billion to nearly $ 10 billion. Environmental groups in 2010 said that

6096-621: The EXIM was on a "fossil fuel binge", which "makes a mockery" of President Obama's stated commitment to phase out fossil fuel subsidies . In December 2009, EXIM Directors approved $ 3 billion in financing for the ExxonMobil -led Papua New Guinea Liquid Gas project in December 2009. The project has reportedly caused violence and in April 2012, the Papua New Guinea government ordered in troops to quell opposition from villagers after

6223-703: The Export-Import Bank Extension into law as part of the Further Consolidated Appropriations Act, 2020 (P.L. 116–94) which authorized the bank until December 31, 2026. EXIM institution the China and Transformational Exports program in an effort to assist American exporters in competing with Chinese companies and to maintain American advantages in specified industries. The Pan-American Highway runs from Alaska to Chile through 14 countries with important transportation links to nearly all of continental Latin America. The highway

6350-608: The Export–Import Bank's subsidies, including artificially raising the price of new airplanes and potentially adding $ 2 billion to the deficit over the next decade. Forbes contributor Doug Bandow wrote in 2014, "The agency piously claims not to provide subsidies since it charges fees and interest, but it exists only to offer business a better credit deal than is available in the marketplace. The Bank uses its ability to borrow at government rates to provide loans, loan guarantees, working capital guarantees, and loan insurance." If

6477-610: The Mozambique LNG project, citing the project's damage to the surrounding ecosystem (including to endangered species), displacement of local communities, and lack of economic benefits for local people. In May, 2023 EXIM Chair Reta Jo Lewis, Vice Chair Judith Pryor and Director Spencer Bachus voted to approve nearly $ 100 million in Export-Import Bank financing for an oil refinery expansion project in Indonesia (EXIM Director Owen Herrnstadt abstained). Environmental groups criticize

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6604-693: The OECD arrangement in providing export credit is mandatory in EU countries under Art. 1 of Regulation (EU) No. 1233/2011. The Berne Union , or officially, the International Union of Credit & Investment Insurers, is an international organisation for the export credit and investment insurance industry. The Berne Union and Prague Club combined have more than 70 member companies spanning the globe. Its membership includes both commercial and state-sponsored insurers. Some observers view state-sponsored export credits as nothing more than export subsidies by

6731-443: The OECD's arrangement on official export credits. The Arrangement is a "Gentlemen's Agreement" amongst its Participants who represent most OECD Member Governments. The Arrangement sets forth the most generous export credit terms and conditions that may be supported by its Participants. The main purpose of Arrangement is to provide a framework for the orderly use of officially supported export credits. In practice, this means providing for

6858-661: The OECD, such as the China Exim Bank are not required by their governments to follow OECD rules. The Board of Directors consists of the President of the Export-Import Bank, who also serves as Chairman, the First Vice President, who serves as Vice Chairman, and three additional Directors appointed by the President of the United States by and with the advice and consent of the Senate. Of these five members of

6985-444: The Potomac River, to the east of Georgetown centered on Capitol Hill . On September 9, 1791, three commissioners overseeing the capital's construction named the city in honor of President Washington. The same day, the federal district was named Columbia, a feminine form of Columbus , which was a poetic name for the United States commonly used at that time. Congress held its first session there on November 17, 1800. Congress passed

7112-648: The Queensland Curtis which together totaled $ 4.8 billion. In March 2016, a California federal judge ruled against the environmentalists arguing that the EXIM financing represented only 10% of the project which is backed by ConocoPhillips , Origin Energy Ltd. and Sinopec and rejecting the loan would not stop the project. The environmentalists appealed the decision. In 2019 Friends of the Earth (US) criticized EXIM President Kimberly A Reed for supporting

7239-399: The Residence Act, the exact location was to be selected by President George Washington , who signed the bill into law on July 16, 1790. Formed from land donated by Maryland and Virginia, the initial shape of the federal district was a square measuring 10 miles (16 km) on each side and totaling 100 square miles (259 km ). Two pre-existing settlements were included in the territory,

7366-453: The Secretary of Commerce shall serve, ex officio and without vote, as additional members of the Board of Directors of the Bank. The current board members as of August 2, 2024: EXIM was organized originally as a District of Columbia banking corporation by Executive Order 6581 Archived April 20, 2023, at the Wayback Machine from Franklin D. Roosevelt on February 2, 1934, under the name Export–Import Bank of Washington . The stated goal

7493-421: The Senate and signed by president; it would have renamed the city Washington, Douglas Commonwealth and shrunk the Federal District to about the size of the national mall. Designed in 1791 by Pierre Charles L'Enfant , the city is divided into quadrants , which are centered around the Capitol Building and include 131 neighborhoods . As of the 2020 census , the city had a population of 689,545. Commuters from

7620-410: The Senate, the statehood bill was introduced again in January 2023. The bill would have made D.C. into a state with one representative and two senators, with the name Washington, Douglas Commonwealth (thus keeping the same abbreviation Washington, D.C.). The legalities, reasons, and impact of statehood have been heavily debated in the 2020s. Washington, D.C., is located in the Mid-Atlantic region of

7747-429: The USSR and several former communist countries. EXIM resumed business with Czechoslovakia in March 1990. On January 25, 1991, EXIM approved the first transaction to Czechoslovakia since 1947. Financed by First Interstate Bank of Los Angeles, CA, the guarantee allowed Tonak Hat Company to purchase computers from a U.S. company, Digital Equipment Corporation of Massachusetts. Since 1991, EXIM has supported exports to 25 of

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7874-647: The United States Constitution was ratified in 1961, granting the district three votes in the Electoral College for the election of president and vice president, but still not affording the city's residents representation in Congress. After the assassination of civil rights leader Martin Luther King Jr. on April 4, 1968, riots broke out in the city , primarily in the U Street, 14th Street, 7th Street, and H Street corridors, which were predominantly black residential and commercial areas. The riots raged for three days until more than 13,600 federal troops and Washington, D.C., Army National Guardsmen stopped

8001-449: The United States". EXIM became a self-sustaining (self-funding) agency in 2007, though the loans remain backed by the government. The Government Corporation Control Act of 1945 requires the Bank to be reauthorized by Congress every four to five years. Reauthorizations have been approved several times: It was last chartered for a three-year term in 2012 and in September 2014 was extended through June 30, 2015. Congressional authorization for

8128-418: The Universal Trading Corporation was approved in 1940. A 1939 journal article in Foreign Affairs noted that China used part of the $ 25 million to purchase 2,000 three-ton trucks from Ford, Chrysler, and General Motors. EXIM played a critical role during the years between the end of Lend-Lease (September 1945) and the beginning of the Marshall Plan and the World Bank's first authorizations (May 1947 – 1948). At

8255-406: The agency's Chairman, Fred Hochberg and Board of Directors "caved in" to political pressure from Wisconsin politicians. In 2011, several environmental groups protested at Export–Import Bank headquarters, unsuccessfully urging Chairman Hochberg and Board of Directors to reject $ 805 million in financing for the 4,800 megawatt Kusile coal-fired power plant in South Africa , which environmental groups say

8382-458: The already-implemented L'Enfant Plan , with the new McMillan Plan leading urban development in the city throughout the movement. Much of the old Victorian Mall was replaced with modern Neoclassical and Beaux-Arts architecture ; these designs are still prevalent in the city's governmental buildings today. Increased federal spending under the New Deal in the 1930s led to the construction of new government buildings, memorials, and museums in

8509-499: The amount borrowed. That translates into a $ 200 million cost for taxpayers on the $ 21 billion in loans that the bank will make in 2012." In February 2009, the EXIM settled a seven-year-long legal proceeding brought by Friends of the Earth , Greenpeace together with the cities of Boulder , Arcata and Oakland . The plaintiffs said that the EXIM and the Overseas Private Investment Corporation provided financial assistance to oil and other fossil fuel projects without first evaluating

8636-458: The approval as directly violating President Biden's commitments to end overseas fossil fuel financing, including at the 2021 UN Climate Change Conference. The approval was also repudiated by the White House National Security Council, which stated the "decision does not reflect administration policy." Conversely the EXIM has also faced scrutiny for pursuing green energy projects. The EXIM provided $ 10 million of loan guarantees in 2011 to Solyndra ,

8763-446: The area. Blizzards affect Washington once every four to six years on average. The most violent storms, known as nor'easters , often impact large regions of the East Coast . From January 27 to 28, 1922 , the city officially received 28 inches (71 cm) of snowfall, the largest snowstorm since official measurements began in 1885. According to notes kept at the time, the city received between 30 and 36 inches (76 and 91 cm) from

8890-729: The bank allows small and medium-sized businesses to participate in the global market, critics allege that it shows favoritism to large corporations and special interests. The Export–Import Bank of the United States (EXIM) is a government agency that provides a variety of tools intended to aid the export of American goods and services. The mission of the Bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers. EXIM equips U.S. exporters and their customers with tools such as buyer financing, export credit insurance, and access to working capital. Second, when U.S. exporters face foreign competition backed by other governments, EXIM provides buyer financing to match or counter

9017-646: The bank emphasizes trying to help small and medium size businesses expand their exporting capabilities. CEO and president of the National Association of Manufacturers Jay Timmons stated: "The EXIM plays a critical role in manufacturer's ability to export to new markets and keep up with growing global competition. The Bank assists nearly 290,000 export related jobs and each year is helping more and more small and medium-sized manufacturers grow their businesses and hire new workers. More than 85% of all EXIM transactions directly benefit small business exporters—the economic engine that powers our economy and job creation." When Obama

9144-554: The bank lapsed as of July 1, 2015. As a result, the bank could not engage in new business, but it continued to manage its existing loan portfolio. Five months later, after the successful employment of the rarely used discharge petition procedure in the House of Representatives , Congress reauthorized the bank until September 2019 via the Fixing America's Surface Transportation Act signed into law on December 4, 2015, by President Barack Obama . In December 2019, President Donald Trump signed

9271-562: The capital farther west, but President Ulysses S. Grant refused to consider the proposal. In the Organic Act of 1871 , Congress repealed the individual charters of the cities of Washington and Georgetown , abolished Washington County , and created a new territorial government for the whole District of Columbia. These steps made "the city of Washington...legally indistinguishable from the District of Columbia." In 1873, President Grant appointed Alexander Robey Shepherd as Governor of

9398-608: The capital. In the Compromise of 1790 , Madison, Alexander Hamilton , and Thomas Jefferson agreed that the federal government would pay each state's remaining Revolutionary War debts in exchange for establishing the new national capital in the Southern United States . On July 9, 1790, Congress passed the Residence Act , which approved the creation of a national capital on the Potomac River . Under

9525-565: The city's 900 acres (3.6 km ) of athletic fields and playgrounds, 40 swimming pools, and 68 recreation centers. The U.S. Department of Agriculture operates the 446-acre (1.80 km ) United States National Arboretum in Northeast Washington, D.C. Washington's climate is humid subtropical ( Köppen : Cfa ), or oceanic ( Trewartha : Do bordering Cf downtown). Winters are cool to cold with some snow of varying intensity, while summers are hot and humid. The district

9652-402: The city's Maryland and Virginia suburbs raise the city's daytime population to more than one million during the workweek. The Washington metropolitan area , which includes parts of Maryland, Virginia, and West Virginia , is the country's seventh-largest metropolitan area , with a 2023 population of 6.3 million residents. A locally elected mayor and 13-member council have governed

9779-730: The city's classical-style architecture include buildings constructed in the French Second Empire style, including the Eisenhower Executive Office Building , and the modernist Watergate complex . The Thomas Jefferson Building , the main Library of Congress building, and the historic Willard Hotel are built in Beaux-Arts style , popular throughout the world in the late nineteenth and early twentieth centuries. Meridian Hill Park contains

9906-421: The city, was then tasked with completing its design. Though Ellicott revised the original L'Enfant plans, including changing some street patterns, L'Enfant is still credited with the city's overall design. By the early 20th century, however, L'Enfant's vision of a grand national capital was marred by slums and randomly placed buildings in the city, including a railroad station on the National Mall. Congress formed

10033-530: The city. Many of the government buildings, monuments, and museums along the National Mall and surrounding areas are heavily inspired by classical Roman and Greek architecture. The designs of the White House, the U.S. Capitol, Supreme Court Building , Washington Monument , National Gallery of Art , Lincoln Memorial, and Jefferson Memorial are all heavily drawn from these classical architectural movements and feature large pediments, domes, columns in classical order, and heavy stone walls. Notable exceptions to

10160-469: The city. Precipitation occurs throughout the year. The highest recorded temperature was 106 °F (41 °C) on August 6, 1918, and on July 20, 1930. The lowest recorded temperature was −15 °F (−26 °C) on February 11, 1899 , right before the Great Blizzard of 1899 . During a typical year, the city averages about 37 days at or above 90 °F (32 °C) and 64 nights at or below

10287-427: The co-ordination of policy statements and negotiation positions. This is based on council decisions 73/391/EEC and 76/641/EEC. These decisions provide for prior consultations among member states on long term export credits. Member states may ask each other if they are considering to finance a specific transaction with official export credit support. EU members may not subsidize intra-EU export credits. The application of

10414-482: The district . Alexandria's citizens petitioned Virginia to retake the land it had donated to form the district, a process known as retrocession . The Virginia General Assembly voted in February 1846, to accept the return of Alexandria. On July 9, 1846, Congress went further, agreeing to return all territory that Virginia had ceded to the district during its formation. This left the district's area consisting only of

10541-497: The district over the next few decades. Georgetown's street grid and other administrative details were formally merged with those of the City of Washington in 1895. However, the city had poor housing and strained public works, leading it to become the first city in the nation to undergo urban renewal projects as part of the City Beautiful movement in the early 20th century. The City Beautiful movement built heavily upon

10668-425: The district since 1973, though Congress retains the power to overturn local laws. Washington, D.C., residents are, on the federal level, politically disenfranchised since the city's residents do not have voting representation in Congress; the city's residents elect a single non-voting congressional delegate to the U.S. House of Representatives. The city's voters choose three presidential electors in accordance with

10795-523: The district, though the chairman of the House Subcommittee on District Appropriations, Ross A. Collins of Mississippi , justified cuts to funds for welfare and education for local residents by saying that "my constituents wouldn't stand for spending money on niggers." World War II led to an expansion of federal employees in the city; by 1950, the district's population reached its peak of 802,178 residents. The Twenty-third Amendment to

10922-531: The end of WWII, it was recognized that the U.S. did not have a credit facility capable of handling the demand that would result from the cessation of hostilities. One of the major rationales behind the Export–Import Bank Act of 1945, the basis of EXIM's current charter document, was the necessity to dramatically increase EXIM's lending capacity to adequately respond to Europe's post-war reconstruction needs. The 1945 EXIM Annual Report predicated EXIM's role in

11049-426: The export of US-made technology. More recently the bank authorized $ 33.6 million in loans to Abengoa, a Spanish Green energy company on which former Governor Bill Richardson is a member of the board of directors. As of May 2014, Richardson was also listed as a member of the advisory committee of the Export–Import Bank. 65% of loan guarantees over 2007 and 2008 went to companies purchasing Boeing aircraft. In 2012,

11176-588: The exporter, but they may be buyer's credits, extended to the importer. The risk on these credits, as well as on guarantees and insurance, is borne by the sponsoring government. ECAs limit this risk by being "closed" on risky countries, meaning that they do not accept any risk on these countries. In addition, a committee of government and ECA officials will review large and otherwise riskier than normal transactions. Officially supported export credit may be connected to official development assistance (ODA) in two ways. First, they may be mixed with ODA, while still financing

11303-488: The financing offered by almost 96 ECAs around the world. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a three-year term in 2012. The Charter details the Bank's authorities and limitations. Among them is the principle that EXIM does not compete with private sector lenders, but rather provides financing for transactions that would otherwise not occur because commercial lenders are either unable or unwilling to accept

11430-757: The first coal-fired power plant in South Africa to include sulfur dioxide scrubbers." However, in 2023 the South African energy utility Eskom proposed to circumvent the Kusile sulfur dioxide pollution control system, which the Helsinki-based Centre for Research on Energy and Clean Air estimates could result in 680 deaths. In December 2012, the Center for Biological Diversity , Pacific Environment , and Turtle Island Restoration Network filed

11557-407: The first session in the unfinished Capitol Building in 1800 after the capital moved from Philadelphia . In 1801, the District of Columbia, formerly part of Maryland and Virginia and including the existing settlements of Georgetown and Alexandria , was officially recognized as the federal district; initially, the city was a separate settlement within the larger district. In 1846, Congress returned

11684-554: The first time since the end of WWII. EXIM was one of the first financial institutions to provide financing for exports to the former Soviet Union, Poland, Czechoslovakia and the newly independent nations that emerged after 1991. In 1990, President George H.W. Bush waived the Jackson–Vanik amendment , which had officially blocked normal trade relations with communist countries since 1975. This waiver permitted all E guarantee and insurance programs to U.S. companies wanting to do business with

11811-684: The first to use electrical wiring in its design. Notable contemporary residential buildings, restaurants, shops, and office buildings in the city include the Wharf on the Southwest Waterfront , Navy Yard along the Anacostia River , and CityCenterDC in Downtown . The Wharf has seen the construction of several high-rise office and residential buildings overlooking the Potomac River . Additionally, restaurants, bars, and shops have been opened at street level. Many of these buildings have

11938-404: The freezing mark (32 °F or 0 °C). On average, the first day with a minimum at or below freezing is November 18 and the last day is March 27. Washington, D.C., was a planned city , and many of the city's street grids were developed in that initial plan. In 1791, President George Washington commissioned Pierre Charles L'Enfant , a French-born military engineer and artist, to design

12065-525: The highway. Constructed between 1937 and 1938, the 717-mile Burma Road links Lashio in present-day Myanmar (previously Burma) to Kunming in Yunnan Province, China. The $ 25 million credit approved by EXIM in December 1938 was crucial in ensuring that the supply route remained open by providing the transportation vehicles and support material to operate the new road and by providing China with purchasing power during WWII. An additional $ 20 million to

12192-719: The immediate post-WWII period: "the Export–Import Bank was to be the principal source of long-term dollar loans for an extended period of time." This assertion was based on the lack of interest by private capital in lending to foreign government buyers and delays in ratification of the Articles of Agreement for the International Monetary Fund and the International Bank for Reconstruction and Development. The Export–Import Bank Act of 1945 increased lending authority from $ 750 million to $ 3.5 billion, almost

12319-409: The land originally ceded by Virginia , including the city of Alexandria. In 1871, it created a single municipality for the remaining portion of the district. There have been several unsuccessful efforts to make the district into a state since the 1880s; a statehood bill passed the House of Representatives in 2021 but was not adopted by the U.S. Senate . To become law it would have to be passed by

12446-411: The liquid natural gas (LNG) industry despite the lifecycle climate impacts of the fossil fuel, citing the U.S. government's Fourth National Climate Assessment finding that more frequent and extreme weather events are severely damaging the environment and the economy, while increasing harm to human health and loss of life. Friends of the Earth (US) also criticized EXIM for approving $ 5 billion in financing

12573-463: The more the tied aid credit looks like ODA, the lower, the more it looks like an export credit. Partially untied credits consist of a tied and an untied part. The latter is usually intended to finance "local cost", investment cost to be made in the importing country. This part may also be in a local currency. Partially untied aid is treated as tied aid. Both officially supported export credits and tied aid credit and grants are extended on terms bound by

12700-409: The nation . The U.S. Constitution in 1789 called for the creation of a federal district under the exclusive jurisdiction of the U.S. Congress . As such, Washington, D.C., is not part of any state , and is not one itself. The Residence Act , adopted on July 16, 1790, approved the creation of the capital district along the Potomac River. The city was founded in 1791, and the 6th Congress held

12827-546: The nation's largest industry associations, non-profit organizations, and think tanks , D.C. is known as a lobbying hub, with K Street as the industry center. The city had 20.7 million domestic visitors and 1.2 million international visitors, ranking seventh among U.S. cities as of 2022. The Algonquian -speaking Piscataway people , also known as the Conoy, inhabited the lands around the Potomac River and present-day Washington, D.C., when Europeans first arrived and colonized

12954-617: The nations that emerged after the fall of the Iron Curtain. After a visit to India in January 2015, President Obama announced that the EXIM will finance $ 1 billion of exports of 'Made-in-America' products, the U.S. Overseas Private Investment Corporation will lend $ 1 billion to small- and medium-sized rural enterprises and the U.S. Trade and Development Agency will commit $ 2 billion for renewable energy. Obama and Modi agreed on issues that had previously stopped U.S. companies from establishing nuclear reactors in India. Supporters say that

13081-406: The natural environment in the countries in which the investment is being made. Advocates of ECAs assert that export credits allow impoverished importers to purchase needed goods that would otherwise be unaffordable; export credits are components of a broader strategy of trade policies; and government involvement can achieve results that the private sector cannot, such as applying greater pressure on

13208-469: The need for the national government not to rely on any state for its own security. Article One, Section Eight of the Constitution permits the establishment of a "District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States". However, the constitution does not specify a location for

13335-496: The new capital. He enlisted the help of Isaac Roberdeau, Étienne Sulpice Hallet and Scottish surveyor Alexander Ralston to help lay out the city plan. The L'Enfant Plan featured broad streets and avenues radiating out from rectangles, providing room for open space and landscaping. L'Enfant was also provided a roll of maps by Thomas Jefferson depicting Frankfurt, Amsterdam, Strasbourg, Paris, Orleans, Bordeaux, Lyon, Marseille, Turin, and Milan. L'Enfant's design also envisioned

13462-481: The next 10 years, an alternative analysis from the Congressional Budget Office found that the program would lose about $ 2 billion during the same period, partly due to discrepancies in how credit risk is accounted for. Both conservative and liberal groups have been critical of the bank, and some continue to demand its termination. Critics also purport the existence of "unseen" costs created by

13589-434: The normal principles of economics or finance are applied, then it is seen by critics as unlikely that the bank has profited and most unlikely that it makes the annual profit that it has stated, because the bank's calculations of profit fail to make proper adjustment for risk. Best practice in finance and economics, as well as in banking, is to adjust the cost of capital or discount rate to reflect risk, or, equivalently, to use

13716-552: The north and south sides of the National Mall, respectively, are home to many of Washington's iconic museums, including many Smithsonian Institution buildings and the National Archives Building . Washington hosts 177 foreign embassies ; these maintain nearly 300 buildings and more than 1,600 residential properties, many of which are on a section of Massachusetts Avenue informally known as Embassy Row . The architecture of Washington, D.C., varies greatly and

13843-404: The number of blocks away from the Capitol. Most streets are set out in a grid pattern with east–west streets named with letters (e.g., C Street SW), north–south streets with numbers (e.g., 4th Street NW), and diagonal avenues, many of which are named after states . The City of Washington was bordered on the north by Boundary Street (renamed Florida Avenue in 1890); Rock Creek to the west, and

13970-421: The political or commercial risk inherent in the deal. The EXIM's products are intended to assist export sales for any American export company regardless of size. The bank's charter provides that EXIM makes available "not less than 20%" of its lending authority to small businesses although they have often fallen short of the 20% threshold. In fiscal year 2013 however, 76% of the value of loans and guarantees went to

14097-568: The port of Georgetown , founded in 1751, and the port city of Alexandria, Virginia , founded in 1749. In 1791 and 1792, a team led by Andrew Ellicott , including Ellicott's brothers Joseph and Benjamin and African American astronomer Benjamin Banneker , whose parents had been enslaved, surveyed the borders of the federal district and placed boundary stones at every mile point; many of these stones are still standing. Both Maryland and Virginia were slave states , and slavery existed in

14224-480: The portion originally donated by Maryland. Confirming the fears of pro-slavery Alexandrians, the Compromise of 1850 outlawed the slave trade in the district, although not slavery itself. The outbreak of the American Civil War in 1861 led to the expansion of the federal government and notable growth in the city's population, including a large influx of freed slaves. President Abraham Lincoln signed

14351-503: The process, we're helping them create jobs here at home. And we're doing it at no extra cost to the taxpayer." The Bank has been criticized for favoring special interests. These interests have included corporations such as Boeing or Enron as well as foreign governments and nationals, such as a 1996 $ 120 million low-interest loan to the China National Nuclear Power Corporation (CNNP) supporting

14478-409: The projects' climate change impacts. In 2005, the plaintiffs were granted legal standing to sue. This is considered a landmark decision because it is the first time that a federal court has specifically granted legal standing for a lawsuit exclusively challenging the federal government's failure to evaluate the impacts of its actions on the Earth's climate and U.S. citizens. In its settlement agreement,

14605-642: The purchase of new machinery, currency exchange, and improvements and repairs to infrastructure and transportation systems. When the Marshall Plan was initiated in 1948, EXIM concentrated its lending on non-Economic Recovery Act nations in North and South America. When the Berlin Wall fell in 1989 and the USSR was dissolved in 1991, U.S. companies were able to conduct business freely with Eastern Europe for

14732-538: The region in the early 17th century. The Nacotchtank , also called the Nacostines by Catholic missionaries , maintained settlements around the Anacostia River in present-day Washington, D.C. Conflicts with European colonists and neighboring tribes ultimately displaced the Piscataway people, some of whom established a new settlement in 1699 near Point of Rocks, Maryland . Nine cities served as capitals to

14859-500: The same project (mixed credit). As the export credit is tied to purchases in the issuing country, the whole package qualifies as a tied aid credit, even if the ODA part is untied aid. Second, tied aid credits are not very different from export credits, except in interest, grace period (the time when there is no repayment of the principal) and terms of repayment. Such credits are separated from export credit by an OECD requirement that they have

14986-567: The top 10 recipients. Similar banks, known generally as export credit agencies (ECAs), are operated by 60 foreign countries. As the United States is a member of the Organisation for Economic Co-operation and Development (OECD) they conduct their activities by obeying OECD rules and principles. The goal is to permit exporters in various countries to compete on the basis of the quality of their goods and services, not on preferential financing terms. ECAs of countries which are not participants of

15113-575: The use of Congress be erected on the banks of the Delaware near Trenton , or of the Potomac , near Georgetown , provided a suitable district can be procured on one of the rivers as aforesaid, for a federal town". In Federalist No. 43 , published January 23, 1788, James Madison argued that the new federal government would need authority over a national capital to provide for its own maintenance and safety. The Pennsylvania Mutiny of 1783 emphasized

15240-442: The violence. Many stores and other buildings were burned, and rebuilding from the riots was not completed until the late 1990s. In 1973, Congress enacted the District of Columbia Home Rule Act providing for an elected mayor and 13-member council for the district. In 1975, Walter Washington became the district's first elected and first black mayor. Since the 1980s, the D.C. statehood movement has grown in prominence. In 2016,

15367-541: The width of the adjacent street plus 20 feet (6.1 m). Despite popular belief, no law has ever limited buildings to the height of the United States Capitol or the 555-foot (169 m) Washington Monument , which remains the district's tallest structure. City leaders have cited the height restriction as a primary reason that the district has limited affordable housing and its metro area has suburban sprawl and traffic problems. Washington, D.C., still has

15494-483: 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 USSR and Latin America. Roosevelt created a Second Export–Import Bank of Washington with Executive Order 6638 on March 9, 1934, with the specific goal of aiding trade with Cuba. The Bank's first transaction

15621-493: Was a $ 3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots . The First and Second Export–Import Banks were combined in 1936 when Congress transferred the obligations of the Second Export–Import Bank to the first. Congress made the bank 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

15748-496: Was a $ 3.8 million loan to Cuba in 1935 for the purchase of U.S. silver ingots. In 1945, it was made an independent agency within the executive branch by Congress . Under federal law, the EXIM must be reauthorized by Congress every four to five years. Following a brief lapse in Congressional authorization on July 1, 2015, which prevented the bank from engaging in new business, it was reauthorized through September 2019 via

15875-451: Was campaigning for president in 2008, he stated that the Export–Import Bank had "become little more than a fund for corporate welfare ." During the Bank's reauthorization struggle, May 2012, he said that the Export–Import Bank plays a very important role in reaching his goal of doubling exports over 5 years. At the reauthorization ceremony Obama stated: "We're helping thousands of businesses sell more of their products and services overseas, in

16002-492: Was confirmed by the Senate on February 9, 2022. The Export-Import Bank was established in 1934 as the Export-Import Bank of Washington by an executive order of President Franklin D. Roosevelt . Its 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." The bank's first transaction

16129-675: Was constructed beginning in 1936 with the last phase complete in 1980. EXIM Bank credits and loans supported construction of the Pan-American Highway in Mexico, Honduras, Guatemala, Nicaragua, El Salvador, Costa Rica, Panama, Colombia, Ecuador, Peru and Chile. In Paraguay, Argentina, and Bolivia EXIM supported construction of highway spurs connected to the Pan-American Highway. EXIM approved twenty credits to U.S. companies including Caterpillar, Koehring Co., Allis-Chalmers Manufacturing, The Galion Iron Works, and Thew Shovel to help build

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