Office of the Historian

NAC files, lot 60 D 137, “Minutes”

Minutes of the 206th Meeting of the National Advisory Council on International Monetary and Financial Problems, Held at Washington, January 22, 1954

for use of nac agencies only
Washington, January 22, 1954

Secretary G. M. Humphrey (Chairman), Treasury Department

  • Mr. W. Randolph Burgess
  • Mr. Andrew N. Overby

Mr. Samuel C. Waugh, State Department

  • Mr. Jack C. Corbett

Secretary Sinclair Weeks, Commerce Department

  • Mr. Samuel W. Anderson

Mr. Harold E. Stassen, Foreign Operations Administration

  • Mr. Ellsworth B. Buck

Mr. William McC. Martin, Jr., Board of Governors, Federal Reserve System

General Glen E. Edgerton, Export-Import Bank

Mr. Eugene R. Black, International Bank

Mr. C. Dillon Glendinning (Secretary)

[Here follows a table of contents.]

1. Export-Import Bank Lending Policy

The Council approved the following action (Action No. 673):

  • “(1) The attached statement1 relative to coordination of activities of the Export-Import Bank and the International Bank is approved.
  • “(2) The Export-Import Bank will continue to operate under policies set by the National Advisory Council.”

(See page 2 for Attachment.)

[Page 359]

The Council also advised the Managing Director of the Export-Import Bank that in the financing of exports, the Export-Import Bank should seek the following objectives:

(a)
The exporter should carry a share of the financing on his own account and should receive payment of his share not faster than pari passu with other participants.
(b)
A share of the financing should, as far as possible, be carried by private financing institutions without Export-Import Bank guarantee.
(c)
In financing the remainder of the transaction, the Export-Import Bank may guarantee private loans against loss up to 90 percent of the face of the loan, at the same time charging a rate which would allow for building up a reserve or insurance fund to absorb losses. The guarantee should normally be against loss rather than a repurchase agreement.

  1. The statement is printed as attachment 2 to Secretary Humphrey’s letter of Jan. 7, 1954, p. 356; it was approved without change by the NAC.↩