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

April 14, 1988

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)). I have determined that the authority available to the Bank for fiscal year 1988 is sufficient for loans but may be more than sufficient to meet the current estimate of the guarantee needs of the Bank. This estimate was based upon the transactions already approved, applications received by the Bank, and projections of the level of business for the remainder of the fiscal year.

It is not possible to estimate precisely the amount of guarantee authority that will be needed. However, given the likelihood of continued economic growth within the United States as well as the general recovery throughout the world, there is a reasonable prospect that demand for Eximbank's guarantees and insurance could accelerate in the remainder of fiscal year 1988, and require the commitment of amounts greater than currently estimated of the existing guarantee authority.

Therefore, I am not seeking any legislation to rescind any authority of the Bank. I have concluded that the statutory fiscal year 1988 limits for Eximbank authority should be retained unchanged.

Sincerely,

Ronald Reagan

Note: Identical letters were sent to Jim Wright, Speaker of the House of Representatives, and George Bush, President of the Senate.