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National interest justifies action, Bush says
President Bush has authorized the Export-Import Bank of the United States (Ex-Im Bank) to support U.S. exports to Iraq through credit, credit guarantee or insurance.
In an August 27 memorandum, Bush said such support is in the U.S. national interest.
Until now, the Ex-Im Bank has been prohibited from engaging in routine trade finance transactions involving U.S. exports to Iraq. In June, it started accepting applications for export support that involves buyers or letters of credit from banks located in third countries. In the same month, Ex-Im Bank began considering requests from subcontractors providing goods and services to Iraq under U.S. Agency for International Development contracts.
Following is the text of Bush's memorandum
August 27, 2003
Consistent with section 2(b)(4) of the Export-Import Bank Act of 1945, as amended, I hereby determine and certify to the Congress that it is in the national interest for the Export-Import Bank to guarantee, insure, or extend credit, or participate in the extension of credit in support of United States exports to Iraq.
You are directed to report this determination to the Congress and to provide copies of the justification explaining the basis for this determination. You are further directed to publish this determination in the Federal Register.
GEORGE W. BUSH
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