By William H. Becker
In response to archival assets, this historical past of the Export-Import financial institution of the us (Ex-Im), makes a speciality of its position within the starting to be involvement of the U.S. within the overseas financial system. during the last twenty years the financial institution has carried on its Congressionally-mandated venture in an more and more advanced atmosphere; as a result of adjustments in inner most capital markets, Congressional constraints on its budgets, significant monetary crises in Latin the US and Southeast Asia. It has survived regardless of the newest advancements in communications and data know-how, and the calls for of non-governmental agencies (NGOs) dedicated to environmental safety.
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Additional info for The Market, the State, and the Export-Import Bank of the United States, 1934-2000
Example text
George Peek,” February 26, 1934, SAFT, Records of the Public Relations Office, Box 1, “Publicity Materials, 1933–1935” folder, RG 19, Records of the Special Adviser on Foreign Trade, National Archives. 16 SETTING A FLEXIBLE COURSE the auspices of rechartering the RFC, Congress reauthorized the Bank for two years and enlarged its powers. The new legislation permitted the Bank to discount notes and borrow funds for its business up to limits set by the secretary of the treasury. These provisions freed the Bank from the restrictions of District of Columbia law that had limited the size of loans the Banks could make and prohibited the discounting of notes.
Some in the foreign affairs bureaucracy, like Assistant Secretary of State Frances Sayre, frankly looked upon the Bank and its private sector constituencies as having narrow self-interests that needed to be subordinated to the long-term concerns of the United States. During the 1930s, the State Department’s relationship with the Bank shifted as American foreign policy concerns changed. Generally, the early Roosevelt administration expended the most energy on improving relations in the western hemisphere.
Bernstein, The Great Depression: Delayed Recovery and Economic Change in America, 1929–1939 (New York: Cambridge University Press, 1989). Adams, pp. 143–5, 197–8. 53 Similarly, Assistant Secretary of State Francis B. Sayre, who had been in charge of trade negotiations under the reciprocal trade agreements program also changed his thinking in 1937–8. Officials of the NFTC made a persuasive case that exporters would abandon reciprocal trade if something were not done about the exchange problem. 54 In 1938 and 1939, the State Department acquiesced to Pierson’s strong stand on the need for the United States to do more about the exchange problems Latin American countries continued to face, especially in the aftermath of the 1937 collapse in the American economy.