A bipartisan pair of U.S. senators is preparing legislation to expand the U.S. Export-Import Bank’s (EXIM) lending authority by $70 billion, aiming to finance mines, processing plants, and other industrial projects tied to the Trump administration’s push to secure supplies of critical minerals.
The proposal comes as U.S. policymakers have identified critical minerals as a national security and economic issue. The United States relies heavily on imports for many materials used in defense systems, electronics, and energy infrastructure, and China sits at the center of several chokepoints.
Lower-cost government-backed financing could help move projects forward that commercial lenders often view as higher risk or slow to generate returns.
The senators leading the effort—Sens. Kevin Cramer (R-N.D.) and Mark Warner (D-Va.)—want Congress to reauthorize EXIM for another 10 years and raise its statutory exposure cap to $205 billion from $135 billion.
“A 10-year authorization allows for greater certainty, and we know how important certainty is to investors. It gives American businesses a runway for making long-term plans without that looming threat of a lapse in authorization,” Cramer said in a statement on his policy website.
Warner said, “Renewing the Export-Import Bank is critical for Virginia businesses to stay viable in a global economy with China and other foreign competitors.”
EXIM’s current authority to conduct new business runs through Dec. 31, creating a deadline for lawmakers if they want to avoid a lapse in the bank’s ability to approve new deals.
EXIM is best known as the U.S. export-credit agency, offering loans, guarantees, and insurance to help foreign buyers purchase U.S. goods when private financing is unavailable or less competitive.
The Congressional Research Service (CRS) has reported that there are at least 117 export credit agencies worldwide. It also found that medium- and long-term official export credit activity rose to $115 billion in 2024 from $71 billion in 2021. China was the largest provider in 2024 at $24 billion, compared with $6 billion for the United States through EXIM.
However, EXIM is not currently near its $135 billion cap. The CRS stated that the bank’s exposure in Fiscal Year 2024 was about $34 billion—roughly 25 percent of the ceiling—with a default rate of 0.91 percent, below the 2 percent threshold that would trigger restrictions on new financing.
The proposed increase would give EXIM more room to support large, capital-intensive projects common in mining, refining, and heavy manufacturing.
The policy debate is unfolding as critical mineral supply chains remain concentrated.
International Energy Agency data show that China holds a dominant position in rare earths, accounting for about 60 percent of mining output in 2024 and roughly 91 percent of separation and refining—the processing steps that turn mined material into usable inputs for products such as magnets and electronics.
Recent actions by the Trump administration illustrate how EXIM could be used within that strategy.
Even with expanded financing authority, major projects can still take years to obtain permits and complete, and they may face local opposition and other regulatory hurdles.
