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EX-IM BANK TO REVIEW ECONOMIC IMPACT PROCEDURES

FOR IMMEDIATE RELEASE September 5, 2002

Media Contact Name/Phone: 

Bo Ollison (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) is proposing revisions to its economic impact procedures to reflect changes made to Ex-Im Bank's Charter during its reauthorization in June of 2002.

Ex-Im Bank Vice-Chairman Eduardo Aguirre stated, Last fall, Ex-Im Bank promulgated revisions to its economic impact procedures. We wanted to make sure that the transactions the Bank supports not only help U.S. exporters increase their export sales, but also do not negatively impact the domestic market. With the recent revision of our charter under the Export-Import Bank Reauthorization Act of 2002, Congress has codified parts of our existing procedures and revised some part. Ex-Im Bank is now revisiting its procedures to make sure they fully comply with the intent of Congress.

To make Ex-Im Bank's proposal widely available to all interested parties, a copy of it may be obtained from Ex-Im Bank's web site, (www.exim.gov). A public meeting to discuss revisions to the economic impact procedures will be held on Tuesday, September 24, 2002 at 2pm at Ex-Im Bank. Parties interested in presenting their comments at the public meeting should notify Ex-Im prior to September 20, 2002. Parties wishing to provide written comments should submit them by October 10th, 2002, to Ex-Im Bank via e-mail at economic.impact@exim.gov, or by regular mail, attention Economic Impact Procedures Review, 811 Vermont Ave. NW, Washington, DC 20571.

Ex-Im Bank periodically reviews and revises its policies and procedures, including its economic impact procedures. The economic impact procedures were first mandated by Congress in 1968 and have been modified several times since then, to refine Congressional intent and reflect changing economic conditions. The procedures help guide Ex-Im Bank's board of directors in deciding whether a transaction merits support.

Ex-Im Bank is an independent government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world by providing loans, guarantees, and insurance. Ex-Im Bank supported $12.5 billion in U.S. exports in fiscal year 2001.