The Export-Import Bank of the United States (Ex-Im Bank, EXIM Bank, or the Bank) operates under a renewable charter, the Export-Import Bank Act of 1945 (P.L. 79-173), as amended. As part of its legislative responsibilities concerning the Ex-Im Bank, a central issue for Congress is whether to reauthorize the Bank's charter, and if so, for how long and under what terms. Congress's decisions on this issue could affect U.S. export promotion activities and U.S. industries whose exports are facilitated by the Bank's operations. Ex-Im Bank reauthorization emerged as a topic of debate in the 112 th Congress, as the authority of the Bank would have expired unless extended by Congress. In 2006, Congress had extended the Bank's authority through September 30, 2011 ( P.L. 109-438 ). Since then, Congress had extended the Bank's authority through appropriations vehicles, the latest of which had extended the Bank's authority through May 31, 2012 ( P.L. 112-74 ). The 112 th Congress considered several pieces of legislation related to Ex-Im Bank's authority, and ultimately passed a bill to extend the Ex-Im Bank's authority through FY2014 ( H.R. 2072 ). The scope of this report is limited to Ex-Im Bank reauthorization issues. For a general overview of the Ex-Im Bank's programs, budgets, and overall issues see CRS Report R42472, Export-Import Bank: Background and Legislative Issues , by Shayerah Ilias. The Ex-Im Bank is the official export credit agency (ECA) of the United States. The Bank was established in 1934 and became an independent agency in the executive branch in 1945. Its mandate is to support U.S. exports and the employment of U.S. workers. With respect to the Ex-Im Bank, Congress has an important role in reauthorization, appropriation, and oversight functions. The Ex-Im Bank uses its authority and resources to finance U.S. exports primarily in circumstances when alternative, private sector export financing may not be available or is prohibitively expensive or risky. It also may provide financing to support the competitiveness of U.S. exporters in circumstances when foreign governments extend export financing to their firms. The Ex-Im Bank's transactions are backed by the full faith and credit of the U.S. government. The Bank's charter requires that its financing have a reasonable assurance of repayment; directs the Bank to supplement, and not compete with, private capital; requires the Bank to notify Congress of proposed transactions above $100 million; and includes other limitations on the Bank's activities. Previously, the Bank's authority to lend, guarantee, and insure was statutorily limited to a total of $100 billion ( P.L. 107-189 ). The recent Ex-Im Bank reauthorization bill passed by Congress ( H.R. 2072 ) raises the authority incrementally to $140 billion in FY2014. Since its inception, the Bank estimates that it has supported more than $400 billion in U.S. exports. Its main programs to finance U.S. exports are direct loans, export credit guarantees, working capital guarantees, and export credit insurance. The Bank operates on a self-sustaining basis, using offsetting collections to fund administrative and program expenses. U.S. economic growth has traditionally been driven by consumption and borrowing, and historically there has been an undertow of belief that the U.S. economy does not need to rely on exports for economic growth. However, domestic consumption has been weak since the international financial crisis and global economic downturn in 2008. It also is a reflection of the fact that the United States is a relatively mature economy. Increasingly, the United States has turned to trade, in particular exports, as a means of growing the U.S. economy. The Ex-Im Bank, which is charged with supporting U.S. exports and jobs through export financing, is among the federal government agencies involved in promoting U.S. exports. As such, the Ex-Im Bank is a key participant in President Obama's National Export Initiative (NEI), a strategy to double U.S. exports by 2015 to support U.S. employment. In September 2010, the Export Promotion Cabinet, a high-level cabinet created by Executive Order 13534, released a report containing recommendations for implementing the NEI. The Ex-Im Bank figures prominently in the report's recommendation to increase U.S. export financing. The Export Promotion Cabinet's report recommended the following actions in this priority area: (1) making more credit available, such as existing credit lines and new products; (2) expanding the eligibility criteria for providing credit and insurance to small- and medium-sized enterprises (SMEs); (3) focusing lending activities and outreach on priority international markets; (4) expanding and focusing outreach efforts on U.S. industries that are globally competitive and those that constitute underserved sectors of the economy; (5) increasing the number and scope of public-private partnerships that build awareness of export finance assistance and help to originate and underwrite transactions on behalf of the federal government; and (6) streamlining the application and review process of U.S. exporters applying for federal export credit and insurance. Although the Ex-Im Bank is the official U.S. export credit agency, other agencies—the U.S. Department of Agriculture, Small Business Administration, and the Overseas Private Investment Corporation—also conduct export financing (see Table 1 ). The Ex-Im Bank has a range of private and public stakeholders that have varying viewpoints and interests related to the Bank. They include the following: U.S. businesses and their workers that receive Ex-Im Bank support , which are arguably the most direct stakeholders of the Ex-Im Bank; Indirect suppliers , which are U.S. businesses (primarily SMEs) that supply goods and services to U.S. exporters and are considered by some groups to be "invisible exporters;" Service exporters , which have used Ex-Im Bank support less extensively than exporters of manufactured goods; Import-sensitive U.S. industries , such as steel, which may be adversely affected if Ex-Im Bank support for a particular export contract, such as for products used to build a steel mill in a foreign country, results in the foreign production of an exportable good that competes with U.S. products; International buyers of Ex-Im Bank-financed U.S. exports of goods and services, who are from developing countries and emerging markets. Ex-Im Bank products, such as direct loans, loan guarantees, and export insurance, may help to facilitate their purchases of U.S. exports of goods and services; U.S. and international commercial lenders and insurers that use Ex-Im Bank credit and insurance programs; State, county, and local nonprofit economic development organizations with which the Ex-Im Bank collaborates to facilitate export opportunities; U.S. federal government agencies with which the Ex-Im Bank collaborates on certain export-financing activities and specific programs and initiatives; and Non-governmental organizations , such as industry and trade associations, civil society advocacy groups, and public policy think tanks that represent an array of commercial, labor, environmental, and other policy interests. The Ex-Im Bank was established at a time when private sector trade finance was limited. As international trade has grown, exporting financing has expanded. It is now a trillion-dollar market that supports approximately 10% of global trade. It consists of private lenders and insurers, who operate commercially, and official export credit agencies (ECAs), which are backed by their governments. Private lenders and insurers conduct the majority of short-term export financing, whereas ECAs are more heavily involved in medium- and long-term export financing, including financing for complex, multi-billion dollar sales such as aircraft and infrastructure projects. The role of ECAs has become more prominent in recent years due to the international financial crisis and global economic downturn in 2008. With businesses facing difficulty accessing credit in the private sector, there has been a surge in demand for export credit and insurance from ECAs. Since the Ex-Im Bank's inception in 1934, the process of globalization has introduced fundamental changes to the global economy and to the international export credit environment. Traditionally, the United States and other developed countries have been the primary sources of world trade flows and ECA financing. For example, historically the G-7 countries have accounted for about 80% of global medium- to long-term export finance. As members of the Organization for Economic Cooperation and Development (OECD), these countries are party to the OECD Arrangement on Official Supported Export Credits (the "OECD Arrangement"), which is intended to ensure that exporting takes place on a level playing field (see text box, "International Disciplines on Export Credit Activity"). Over the past couple of decades, economic changes associated with globalization have led to the rising wealth of emerging economies and their growing role in the global economy. Currently, a number of emerging market countries operate ECAs. Rising economic powers, such as China, India, and Brazil, are not members of the OECD (though they may have observer status during some OECD meetings and the OECD has offered them "enhanced engagement" with a view toward possible accession). As non-member economies, China, India, and Brazil are not party to the OECD Arrangement, and their export credit financing activities may not comply with international standards. For example, they may offer below-market and concessionary financing alternatives with which it is difficult for ECAs of OECD members to compete.