Statement on Signing the Export-Import Bank Act Amendments of 1986
I have signed H.R. 5548, the Export-Import Bank Act Amendments of 1986, which extends the Bank's charter for 6 more years. This sends an important signal to both our exporting community and foreign suppliers that American exporters will continue to be able to compete vigorously for business throughout the world. I am pleased that this bill gives the Bank the authority for the tied-aid war chest that I requested in September 1985. This authority will give the United States needed leverage for use in negotiations to eliminate predatory financing practices whereby countries mix official export financing with concessional foreign aid in an effort to undercut bids on major overseas projects.
I have signed this bill, I must express some reservations about several of its
provisions. I am disappointed that the bill sets severe restrictions on the new
authority for the interest rate matching program (I-Match) I proposed in the
budgets for both fiscal years 1986 and 1987. Section 8 of H.R. 5548 redefines
eligibility standards for Export-Import Bank programs to exclude specified
Marxist-Leninist countries, expanding the current statutory definition of
Communist countries that are ineligible to participate in the Bank's programs.
I note that some of the countries deemed ineligible under the new definition
have been making substantial progress in redirecting their economic and
political systems towards Western models. Since my administration agrees that
access of Communist states to Eximbank programs
should continue to be treated with special care, I am directing the Secretary
of State to review the new list expeditiously and to advise me which, if any,
of those countries should not be treated as Marxist-Leninist for purposes of
this legislation. I note that
Note: H.R. 5548, approved October 15, was assigned Public Law No. 99 - 472.