First, the taxpayers are backing the loans and if they are not repaid, then the taxpayers are on the hook. Second, the "bank" requested a bailout out by the taxpayers in 1987, so taxpayers have been asked to pay for losses. According to this story - http://articles.latimes.com/1987-12-21/news/mn-20449_1_export-import-bank - Ex-Im sought a bailout in 1987. The Reconstruction Finance Corporation was set up in 1932 by Congress, then FDR, in 1934, issued an executive order to allow loans to the USSR. You may be technically correct that the bank started issuing loans to foreign entities in 1934.