Caption: R. Alex McCullough (right) is sworn in by Senator Strom Thurmond (left) and accompanied by his wife, Birdie McCullough (second from right) and Ex-Im Bank Vice President, Francis Collins (second from left)

Ex-Im Bank History By Month: May

1946: The board of directors approves a $650 million loan for the reconstruction of France after World War II.

1948: May 21—The Foreign Assistance Act directs the Bank to administer loans and issue guarantees authorized by the Economic Cooperation Administration, the Marshall Plan’s administrative agency. Ex-Im Bank eventually administers $1.5 billion in loans for the ECA (and its successor agency, the Mutual Security Agency).

1974: The OECD members agree to an informal consensus on credits for nuclear fuel, which fixes minimum down payment rates of interest and establishes maximum limits on the duration of credits.

1992: On the heals of the collapse of the Soviet Union, Ex-Im Bank initially approaches the Russian Federation Ministry of Fuel and Energy about purchasing exports to help modernize the Russian oil sector. This first meeting lays the groundwork for the Oil and Gas Framework Agreement (OGFA), which is signed in July 1993.

Chairmen, Presidents and Directors Sworn-In in May:
1969: R. Alex McCullough, Director
1977: John L. Moore, Jr., Chairman
1982: Charles E. Lord, Vice-Chairman
1993: Kenneth D. Brody, Chairman
1994: Julie Belaga, Director
2001: John Robson, Chairman

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