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Statement by the President Upon Signing Order Establishing the Export Expansion Advisory Committee.
July 31, 1968

TWO WEEKS AGO I signed into law H.R. 16162, which will enable exporters, with the support of the Export-Import Bank, to offer more flexible credit arrangements in selling abroad. By making American goods more competitive in foreign markets, this new measure will help to expand our export trade and to move our balance of payments closer to equilibrium.

To gain maximum benefit from the use of the new authority, I am today establishing an Export Expansion Advisory Committee to provide guidance to the Export-Import Bank with respect to the new financing facility. The Advisory Committee will review and make recommendations on individual export loans, guarantees and insurance transactions, as well as on broader policies, with a view to fostering our export trade and long term commercial interests.

I am asking the Secretary of Commerce to serve as Chairman of the Advisory Committee. I also am naming the Secretary of State, the Secretary of the Treasury, and the President and Chairman of the Export-Import Bank as the other members of the Advisory Committee.

These officials will bring to bear on the use of the new facility the combined resources of our Government in the fields of commercial enterprise and foreign trade, and in international finance and foreign relations.

The Advisory Committee will assure that the new facility will be used to supplement and strengthen other government and private export financing programs.

The Advisory Committee will assist the Export-Import Bank in stimulating the interest of our business community in exporting and in attracting greater flows of private capital to exports.

The Committee will also aid the Export-Import Bank in identifying promising foreign markets and transactions which offer potential for expanding the export of American goods.

When I signed H.R. 16162, I said, "We must use this new authority with imagination, with a spirit of initiative, and with new administrative approaches and techniques." To this end, I request that the Export Expansion Advisory Committee undertake with the Export-Import Bank, as rapidly as is practical, new plans, policies, and procedures to obtain maximum balance of payments benefits in the use of the new authority.

NOTE: The President referred to Executive Order 11420 "Establishing the Export Expansion Advisory Committee" (4 Weekly Comp. Pres. Docs., p. 1176; 33 F.R. 10997; 3 CFR, 1968 Comp., p. 127).

For a statement by the President upon signing H.R. 16162 to broaden the authority of the Export-Import Bank of the United States, see Item 377.