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APPENDIX VI

REORGANIZATION PLAN NO. 5 OF 1953

EFFECTIVE JUNE 30, 1953, 18 F.R. 3741 (67 STAT. 637)
SUPERSEDED BY PUBLIC LAW 570, 83D CONGRESS (68 STAT. 677)

PREPARED BY THE PRESIDENT AND TRANSMITTED TO THE SENATE AND THE HOUSE OF REPRESENTATIVES IN CONGRESS ASSEMBLED, APRIL 30, 1953, PURSUANT TO THE PROVISIONS OF REORGANIZATION ACT OF 1949, APPROVED JUNE 20, 1949, AS AMENDED

THE EXPORT-IMPORT BANK OF WASHINGTON

SECTION 1. The Managing Director. There is hereby established the office of Managing Director of the Export-Import Bank of Washington, hereinafter referred to as the "Managing-Director." The Managing Director shall be appointed by the President by and with the advice and consent of the Senate, and shall receive compensation at the rate of $17,500 per annum.

SEC. 2. Deputy Director.-There is hereby established the office of Deputy Director of the Export-Import Bank of Washington. The Deputy Director shall be appointed by the President by and with the advice and consent of the Senate, shall receive compensation at the rate of $16,000 per annum, shall perform such functions as the Managing Director may from time to time prescribe, and shall act as Managing Director during the absence or disability of the Managing Director or in the event of a vacancy in the office of Managing Director.

SEC. 3. Assistant Director.-There is hereby established the office of Assistant Director of the Export-Import Bank of Washington. The Assistant Director shall be appointed by the Managing Director under the classified civil service, shall receive compensation at the rate now or hereafter fixed by law for grade GS-18 of the general schedule established by the Classification Act of 1949, as amended, and shall perform such functions as the Managing Director may from time to time prescribe.

SEC. 4. Functions transferred to the Managing Director.-All functions of the Board of Directors of the Export-Import Bank of Washington are hereby transferred to the Managing Director.

SEC. 5. General policies.-The National Advisory Council on International Monetary and Financial Problems shall from time to time establish general lending and other financial policies which shall

govern the Managing Director in the conduct of the lending and other financial operations of the Bank.

SEC. 6. Performance of transferred functions.-The Managing Director may from time to time make such provisions as he deems appropriate authorizing the performance of any of the functions of the Managing Director by any other officer, or by any agency or employee, of the Bank.

SEC. 7. Abolition.-The following are hereby abolished: (1) The Board of Directors of the Export-Import Bank of Washington, including the offices of the members thereof provided for in section 3(a) of the Export-Import Bank Act of 1945, as amended; (2) the Advisory Board of the Bank, together with the functions of the said Advisory Board; and (3) the function of the Chairman of the Board of Directors of the Export-Import Bank of Washington of being a member of the National Advisory Council on International Monetary and Financial Problems. The Managing Director shall make such provisions as may be necessary for winding up any outstanding affairs of the said abolished boards and offices not otherwise provided for in this reorganization plan.

SEC. 8. Effective date.-Sections 3 to 7, inclusive, of this reorganization plan shall become effective when the Managing Director first appointed hereunder enters upon office pursuant to the provisions of this reorganization plan.

APPENDIX VII

SEC. 955, TITLE 18 U.S.C. (PUBLIC LAW 772, 80TH CONGRESS,
62 STAT. 744).*

Whoever, within the United States, purchases or sells the bonds, securities, or other obligations of any foreign government or political subdivision thereof or any organization or association acting for or on behalf of a foreign government or political subdivision thereof, issued after April 13, 1934, or makes any loan to such foreign government, political subdivision, organization or association, except a renewal or adjustment of existing indebtedness, while such government, political subdivision, organization or association, is in default in the payment of its obligations, or any part thereof, to the United States, shall be fined not more than $10,000 or imprisoned for not more than five years, or both.

This section is applicable to individuals, partnerships, corporations, or associations other than public corporations created by or pusuant to special authorizations of Congress, or corporations in which the United States has or exercises a controlling interest through stock ownership or otherwise. While any foreign government is a member both of the International Monetary Fund and of the International Bank for Reconstruction and Development, this section shall not apply to the sale or purchase of bonds, securities, or other obligations of such government or any political subdivision thereof

any organization or association acting for or on behalf of such government or political subdivision, or to making of any loan to such government, political subdivision, organization, or association.

*See also: Johnson Debt Default Act, 48 Stat. 574, and Bretton Woods Agreements Act, 59 Stat. 516.

Public Law 88-101
88th Congress, H. R. 3872
August 20, 1963

An Act

To increase the lending authority of the Export-Import Bank of Washington, to extend the period within which the Export-Import Bank of Washington may exercise its functions, and for other purposes.

Be it enacted by the Senate and House of Representatives of the

77 STAT. 128.

United States of America in Congress assembled, That (a) section 2 59 Stat. 526,529. (c)(1) of the Export-Import Bank of 1945 is amended by striking out 12 USC 635. $1,000,000,000" and inserting in lieu thereof "$2,000,000,000”.

(b) Section 7 of such Act is amended by striking out “$7,000,000,- 12 USC 635e.

000" and inserting in lieu thereof "$9,000,000,000”.

SEC. 2. Section 8 of the Export-Import Bank Act of 1945 is 12 USC 635f. amended by striking out “June 30, 1963” and inserting in lieu thereof “June 30, 1968”.

Approved August 20, 1963.

THE WHITE HOUSE, October 10, 1963.

Hon. LYNDON B. JOHNSON,

President of the Senate,

Washington, D.C.

Hon. JOHN W. MCCORMACK,

Speaker of the House of Representatives,

Washington, D.C.

DEAR MR. PRESIDENT (DEAR MR. SPEAKER): In view of previous expressions of congressional interest and concern, it is appropriate that I report to the Congress the reasons for this Government's decision not to prohibit the sale of surplus American wheat, wheat flour, feed grains, and other agricultural commodities for shipment to the Soviet Union and other Eastern European countries during the next several months. These sales would be concluded by private American grain dealers for American dollars or gold, either cash on delivery or under normal commercial credit terms.

The Commodity Credit Corporation in the Department of Agriculture will sell to our private grain traders the amount necessary to replace the grain used to fulfill these requirements; and the Department of Commerce will grant export licenses for their sale, with the commitment that these commodities are for delivery to and use in the Soviet Union and Eastern Europe only. An added feature is the provision that the wheat we sell to the Soviet Union will be carried in available American ships, supplemented by the vessels of other countries as required. Arrangements will also be made by the Department of Commerce to prevent any single American dealer from receiving an excessive share of these sales. This decision, which was communicated in advance to the appropriate leaders of the Congress and the Western Alliance, had the unanimous support of the National Security Council.

The attached opinion from the Department of Justice makes it clear that this decision neither requires nor is prohibited by any action of the Congress. The executive branch in reaching this conclusion has not been unmindful of the July 1961, amendment to the Agricultural Act of 1961, expressing the sense of Congress at that time to be in opposition to the export of subsidized agricultural commodities to unfriendly nations.

Congress has made no atempt to give a binding effect to such a statement of intent, although it had many opportunities to do so in its subsequent consideration of related legislative measures. Moreover, it is pertinent to recall that this general declaration of policy was made in July of 1961, at the height of the Berlin crisis. The author of the amendment argued that the policy it expressed was appropriate "in view of the world situation."

Other statutory provisions with respect to which questions have been raised include those of the Johnson Act, the Battle Act, the Export Control Act and Public Law 480. As noted by the opinion of the Department of Justice, it is long-settled policy that the Johnson Act-which prohibits American loans to nations in default on earlier obligations to American creditors-does not apply to ordinary commercial credit transactions incident to the sale of goods. Neither the Battle Act nor the Export Control Act prohibits the commercial sale of foodstuffs to any country; and the transactions covered by this decision would not be under Public Law 480.

In view of this statutory framework, there is no reason why the Soviet Union should not be treated like any other customer in the world market who is willing and able to strike a bargain with private American merchants. While this wheat, like all wheat sold abroad, will be sold at the world price-which is the only way it can be sold-there is in such transactions no subsidy to the foreign purchaser. Rather there is a recovery for the American taxpayer on wheat which the Government has already purchased at the currently higher domestic price which is maintained to assist our farmers and is still paying storage on. Although the losses incurred in maintaining the domestic price support program are not deemed realized as a bookkeeping matter until a sale occurs, thereby giving the impression to some that it is the export which is subsidized rather than the production, the net result of export transactions is to reduce the loss to the taxpayer by the amount of the world market price.

I am not, therefore, aware of any reason why our grain trade exporters should not be allowed to sell surplus commodities to the Soviet Union and Eastern Euro

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