The Export-Import Bank of the United States (Ex-Im Bank) is a government-held CORPORATION created in 1934 to finance and facilitate U.S. exports. To stimulate exports to the former Soviet Union at the end of World War II, the Ex-Im Bank supported reconstruction of Europe and Asia. More recently, the Ex-Im Bank shifted its focus to supporting exports to developing countries. The Ex-Im Bank is managed by a BOARD OF DIRECTORS chosen by the U.S. president and confirmed by the Senate. The primary goal of the Ex-Im Bank is to support exports and in the process stimulate ECONOMIC GROWTH in the United States. The bank has three primary programs: working-CAPITAL loans, LOANS to foreign purchasers, and credit guarantees. Working-capital loans provide funds for companies to bid on projects, facilities, build production, or complete foreign CONTRACT awards. Loans to foreign purchasers provide financing subject to U.S. content rules, generally 50 percent, and other restrictions. Credit guarantees protect U.S. exporters against debtor DEFAULT for political or commercial reasons. Critics contend the Ex-Im Bank is a form of CORPORATE WELFARE, subsidizing U.S. MULTINATIONAL CORPORATIONs. Private-sector banking and business INSURANCE companies contend the Bank unfairly competes with their lending business. In 2001 President George W. Bush surprised many critics and supporters by recommending significant cuts in federal support for the Ex-Im Bank.