April 14, 1986
Dear Mr. Speaker: (Dear Mr. President:)
This report is being transmitted pursuant to Section 7(a)(2) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635e(a)(2)(A)(ii)). I have determined that the authority available to the Bank for fiscal year 1986 is sufficient for loans but is more than sufficient to meet the current estimate of the guarantee needs of the Bank. This estimate was based upon the transactions already approved, applications received by the Bank, and projections of the level of business likely for the remainder of the fiscal year.
I am not seeking legislation to rescind any authority of the Bank. Estimates of demand for Export-Import Bank financing can change quickly. Continued growth in the U.S. economy and global recovery could create unexpected demand. Therefore, I have concluded that the statutory fiscal year 1986 limit for Eximbank authority should be retained unchanged.
Sincerely,
Ronald Reagan
Note: Identical letters were sent to Thomas P. O'Neill, Jr., Speaker of the House of Representatives, and George Bush, President of the Senate.