FOR IMMEDIATE RELEASE November 25, 2002
Bo Ollison (202) 565-3200
The Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank) today approved changes to Ex-Im Bank's economic impact procedures. These changes address amendments made to Ex-Im Bank's Charter during its reauthorization in June of 2002.
The economic impact procedures help ensure that the Bank's support for transactions not only helps U.S exporters increase export sales, but also does not negatively impact the domestic market, said Ex-Im Bank Vice Chairman Eduardo Aguirre.
The proposed revisions, amongst other things, address the effect of outstanding trade orders, preliminary injury determinations and Section 201 investigations on the Bank's financing of U.S. exports. These revisions also provide for additional opportunities for notice and comment by interested parties and broaden the information available to the Bank on a range of transactions.
Vice Chairman Aguirre stated, Following careful consideration of comments received by the Bank, the Board of Directors approved changes to the economic impact procedures. These changes are consistent with the recent changes to our charter while balancing the needs of U.S. exporters who operate in a tough, competitive global market that demands the rapid and efficient processing of transactions.
On September 6, 2002, Ex-Im Bank issued for public comment a discussion paper on proposed revisions to its economic impact procedures. Ex-Im Bank provided a notice and comment period through October 10, 2002. Ex-Im Bank received comments from the public, Members of the Congress, other U.S. government agencies, and Ex-Im Bank's Advisory Committee. The comments were received during a public meeting of the Bank's Board of Directors, an Ex-Im Bank Advisory Committee meeting and through written comments.
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. Ex-Im Bank revised its economic impact procedures most recently fourteen months ago in September 2001. The procedures help guide Ex-Im Bank's Board of Directors in deciding whether a transaction merits support.
Ex-Im Bank is an independent U.S. 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 $12.95 billion in U.S. exports in fiscal year 2002.