Foxhall Parker
Senior Director, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce
Published
September 09, 2026
The Export-Import Bank (EXIM) of the United States is one of the most important tools for American exporters who are looking to expand to new markets. EXIM is an export credit agency that provides financing for these companies to compete with foreign firms around the world. But for too long politics has gotten in the way of EXIM’s vital mission.
More than 115 foreign export credit agencies actively back their national exporters. China alone pumped an estimated $39 billion in export credit support into global markets in 2022 — fourteen times what the United States officially provided that same year. American companies aren't losing deals because their products are inferior. They're losing because foreign governments offer better financing.
The Quorum Crisis Cost Us Billions
From 2015 to 2019, EXIM was functionally crippled — not because of bad policy, but because political gridlock left the Board of Directors without a quorum. For nearly four years, the Bank couldn't approve transactions over $10 million. Billions in potential U.S. export deals evaporated. Foreign competitors filled the void. During that same window, the number of global export credit providers grew from 85 to 115 — a 35 percent increase — leaving American exporters even further behind.
This wasn't an abstract policy failure. It was a direct hit to American workers, manufacturers, and small businesses across every state.
The Fix Is Simple — Congress Just Has to Act
Making the quorum fix permanent is one of the most straightforward, high-impact reforms Congress can deliver for American competitiveness. No more work stoppages. No more uncertainty. No more handing deals to Beijing because Washington can't or won’t confirm board members in time.
The stakes are especially high in strategic sectors — commercial aviation, advanced energy, nuclear technology, and heavy manufacturing — where state-backed foreign financing is being used not just to win contracts, but to secure long-term geopolitical advantages.
The Bottom Line
Congress has a clear opportunity: end the EXIM uncertainty by making the quorum fix permanent. This baseline reform will signal to our competitors that EXIM and American exporters are open for business.
Congress should also reauthorize EXIM for 10 years, and reform the outdated 2% default rate cap that no other export credit agency in the world operates under. The businesses, workers, and communities that depend on American exports can't wait.
The U.S. Chamber urges Congress to act — before more deals, more jobs, and more strategic ground are ceded to our competitors.
About the author
Foxhall Parker
Foxhall (Fox) Parker is the Senior Director for the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce where he works on banking and insurance policy.
