Examining Fraud, Waste, and Abuse at the Export-Import Bank

Subcommittee on Healthcare, Benefits, and Administrative Rules
Subcommittee on Healthcare, Benefits, and Administrative Rules
Hearing Date: June 11, 2015 1:00 pm 2154 Rayburn HOB

PURPOSE:

  • To examine fraud, waste, and abuse at the Bank and the Inspector General’s efforts to address deficiencies with the Bank’s management and internal controls.
  • To follow up on findings from the April 15th and April 30th hearings held jointly with the Financial Services Committee in advance of the expiration of the Bank’s charter on June 30th.

  

 BACKGROUND:

  • Established in 1934 as part of the New Deal to facilitate economic engagement with the Soviet Union and Cuba, the Ex-Im Bank became an independent agency in 1945.
  • Financed $27.5 billion in exports in 2014, only 1 percent of total U.S. exports.
  • The Bank cannot engage in new business without Congressional authorization. If authorization lapses, the Ex-Im Bank would be obligated to honor its existing loans and guarantees, but would be prohibited from entering into new business.
  • The most recent re-authorization occurred in September 2014, and expires on June 30, 2015.

Witnesses and testimonies

Name Title Organization Panel Document
Mike McCarthy Acting Inspector General U.S. Export-Import Bank, Office of the Inspector General Document

Related Documents

Name Document
Mr. Jordan Opening Statement Document
TRANSCRIPT Document