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Public Papers - 1989

Letter to the Speaker of the House of Representatives and the President of the Senate Transmitting a Report on the Export-Import Bank of the United States


Dear Mr. Speaker: (Dear Mr. President:)

This report is being transmitted pursuant to Section 7(a)(2) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635e(a)(2)).

Based on the information supplied by the Export-Import Bank, I have determined that for fiscal year 1989 (i) the amount of direct loan authority available to the Bank is sufficient and (ii) the amount of guarantee authority available to the Bank may be greater than needed.

Although there could be substantial excess guarantee authority, I believe that its continued availability will be advantageous. Guarantees represent an important means of support for U.S. exports and involve only a limited subsidy. Moreover, a portion of any unused 1989 authority will be carried over into 1990 when demand may be higher.

Therefore, I do not seek legislation to rescind any authority of the Bank. I have concluded that the statutory fiscal year 1989 limits for the Export-Import Bank authority should remain unchanged.


George Bush

Note: Identical letters were sent to Thomas S. Foley, Speaker of the House of Representatives, and Dan Quayle, President of the Senate.

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