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GAO-23-105560 1 (2022-11-30)

handle is hein.gao/gaonyi0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 30, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Export-Import Bank: Loan and Loan Guarantee Program Updates in Response to COVID-19 The Export-Import Bank of the United States (EXIM) helps U.S. firms export goods and services by providing a range of financial products, including direct loans, loan guarantees, and insurance, when private financing is not available, for example, during times of economic crisis. In response to the COVID-19 pandemic, EXIM implemented several temporary relief measures to inject liquidity into the market and provide increased financing flexibility to facilitate sales of U.S. goods and services abroad. The Export-Import Bank Reauthorization Act of 2012 enacted a new charter provision for GAO to periodically evaluate EXIM's policies and guidelines for its loan and loan guarantee transactions, among other things.1 This is GAO's third report in response to the provision, and it examines how EXIM updated its loan and loan guarantee programs and related procedures in response to COVID-19.2 To assess how EXIM's loan and loan guarantee programs and related procedures were updated, we reviewed EXIM's COVID-19 temporary relief measures for new requirements or revisions to existing requirements for EXIM's programs. We reviewed recently issued EXIM Office of Inspector General reports and GAO reports related to EXIM. We reviewed EXIM's policies, procedures, and supporting documentation to determine whether they reflected requirements of the temporary COVID-19 relief measures. We discussed the relief measures and policies for the related programs with EXIM officials. We assessed whether loans and loan 1Pub. L. No. 112-122, § 17(a), 126 Stat. 350, 359 (May 30, 2012), classified at 12 U.S.C. § 635a-6(a). 2GAO, Export-Import Bank: Enhancements Needed in Loan Guarantee Underwriting Procedures and for Documenting Fraud Processes, GAO-14-574 (Washington, D.C.: Sept. 9, 2014), and Export-Import Bank: Enhancements Needed in Credit Program Underwriting Policies and Procedures, GAO-19-43 (Washington, D.C.: May 14, 2019). GAO-23-105560 EXIM COVID-19 Relief Measures Page 1