811.516 Export Import Bank/3–446: Circular airgram

The Secretary of State to All Diplomatic Representatives

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The National Advisory Council12 at its meeting on February 13, 1946 adopted the following resolution:

“Export-Import Bank funds should not be used to finance the purchase of surplus property which can be sold on credit terms by the surplus property disposal agencies under their existing powers. The Export-Import Bank and the surplus disposal agencies should take appropriate action to effectuate this policy.”

In light of this decision, which formalizes a policy which has in practice been followed since surplus disposal started, you should make clear, in any discussions that you may have with government officials on the subject, that Export-Import Bank loans will not be available for purchase of surplus property.

Byrnes
  1. The National Advisory Council on International Monetary and Financial Problems (Department of the Treasury), composed of the Secretaries of the Treasury, State, and Commerce, and the Chairmen of the Board of Governors of the Federal Reserve System and of the Board of Directors of the Export-Import Bank, was established pursuant to the Bretton Woods Agreement Act, Public Law 171, 79th Cong., approved July 31, 1945.