Statement of Administration Policy: H.R. 5548 - Export-Import Bank Amendments

(House)
(Rep. Neal (D) North Carolina)

The Administration supports House passage of H.R. 5548 but will work in the Senate to:

— modify section 20 to eliminate the requirements that would make the I-match program unworkable. These requirements include a $700 million direct loan program, appropriation of the amount of the X-match program and no budget scoring for loan guarantee agreements under the program;

— delete sections 8 and 9 prohibiting aid to Marxist-Leninist countries and Angola because they are unnecessary. The President already has the authority to assure that the Export-Import Bank undertakes no program not in the national interest. In addition, these provisions would jeopardize important U.S. interests and complicate our diplomatic efforts; and

— delete section 10 which would require the unrestricted transferability of new Eximbank guarantees. The requirement would result in increased competition with Treasury securities and ultimately raise Treasury borrowing costs, while largely benefitting commercial and investment bankers, not exporters.

(Not to be Distributed Outside Executive Office of the President)