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EXPORT-IMPORT BANK OF THE UNITED STATES

811 Vermont Avenue NW., Washington, D.C. 20571

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Senior Vice President-Research and Communications__ STEPHEN M. MINIKES.
Treasurer-Controller

Secretary

Vice President-Europe and Canada....

Chief Engineer__.

Vice President-Administration___

Vice President-Latin America.

Vice President-Policy Analysis.

Vice President-Asia_.

Vice President-Contract Administration__

Vice President-Middle East and Africa_.

Vice President-Exporter Credits and Guarantees_
Vice President-Exporter Insurance__
Government Affairs Officer___
Congressional Relations Officer___

WILLIAM S. SMITH.

JOAN P. HARRIS.
RAYMOND J. ALBRIGHT.
JOHN BROIS.

FRANCIS P. COLLINS.

RICHARD D. CRAFTON.

STEPHEN H. GOODMAN.
CHARLES E. HOUSTON.
JOHN J. MCDONNELL.
CLAYTON NORRIS.

DAVID W. K. PEACOCK, JR.
JOSEPH R. WILLIAMS.

ALBERT H. HAMILTON.
NANCY S. PIGMAN.

The Export-Import Bank of the United States, known as Eximbank, facilitates and aids in financing exports of U.S. goods and services. Eximbank has implemented a variety of programs to meet the needs of the U.S. exporting community, according to the size of the transaction. These programs take the form of direct lending or the issuance of guarantees and insurance, so that exporters and private banks can extend appropriate financing without taking undue risks. Eximbank's direct lending program is limited to larger sales of U.S. products and services around the world. The guarantees, insurance, and discount programs have been designed to assist exporters in smaller sales of products and

services.

The Export-Import Bank of Washing

ton was authorized in 1934 as a banking corporation organized under the laws of the District of Columbia (Executive Order 6581, February 2, 1934). The Bank was continued as an agency of the United States by acts of Congress in 1935, 1937, 1939, and 1940. It was made an independent agency of the Government by the Export-Import Bank Act of 1945 (59 Stat. 526; 12 U.S.C. 635), subsequently

amended in 1947 to reincorporate the Bank under Federal charter. The name was changed to Export-Import Bank of the United States (Eximbank) by act of March 13, 1968 (82 Stat. 47).

The purpose of the Bank is to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States or any of its Territories or insular possessions and any foreign country or the agen

cies or nationals thereof. The ExportImport Bank Act of 1945, as amended, expresses the policy of the Congress that the Bank should supplement and encourage and not compete with private capital; that loans should generally be for specific purposes and at rates based upon the average cost of money to the Bank as well as the Bank's mandate to provide competitive financing, and offer reasonable assurance of repayment; that financing should be provided for U.S. exports which is competitive with the financing provided by the U.S.'s principal foreign competitors; and that in authorizing loans or guarantees, account should be taken of any serious adverse effects upon the competitive position of U.S. industry, the availability of materials which are in short supply in the United States, and employment in the United States.

ACTIVITIES

The Bank is authorized to have outstanding at any one time dollar loans, guarantees, and insurance in aggregate amount not in excess of $25 billion. The Bank is also authorized to have a capital stock of $1 billion and to borrow from the United States Treasury on its

own obligations up to not more than $6 billion outstanding at any one time.

The recognition that export credit availability is as important a competitive tool as price, quality, or service has resulted in programs designed to meet specific exporter needs and to broaden

significantly the horizon of export opportunity for American industry.

Among the programs Eximbank offers are those relating to direct credits to borrowers outside the United States, export credit insurance, and export credit guarantees. Long-term direct credits to foreign borrowers are usually extended in connection with sales abroad of capital goods. Eximbank will finance a portion of the U.S. costs with the balance of the financing provided from the borrowers' own resources and private sources. Eximbank may guarantee part or all of the private financing.

Facilities of the Foreign Credit Insurance Association (FCIA), an association of commercial insurance companies formed by Eximbank and the insurance industry in 1961 to provide credit protection for U.S. exporters, are used by all sizes of businesses. Policies issued by FCIA insure repayment in the event of default by a foreign buyer and be used as collateral for bank loans to U.S. exporters. FCIA policies cover both short-term and mediumterm transactions.

may

Under a similar program, Eximbank guarantees repayment to commercial banks which finance medium-term issuing guarantees to exporters covertransactions for exporters. It is also

ing service contracts, leases, and other special situations.

For information, contact the Public Affairs Officer, Export-Import Bank of the United States, 811 Vermont Avenue NW., Washington, D.C. 20571. Phone, 202-382-8166.

FARM CREDIT ADMINISTRATION

490 L'Enfant Plaza East SW., Washington, D.C. 20578 Phone, 202-755-2130

Chairman

Vice Chairman__

FEDERAL FARM CREDIT BOARD

E. RIDDELL LAGE (Hood River, Oreg.). MELVIN E. SIMS (Liberty, Ill.).

GALEN B. BRUBAKER (Rocky Mount, Va.).
LUTHER W. JENNEJAHN (Hilton, N.Y.).
Alfred UndeRDAHL (Hebron, N. Dak.).
DAVID C. WALDROP (Newberry, N.C.).
DENNIS S. LUNDSGAARD (Cherokee, Iowa).

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[For the Farm Credit Administration statement of organization, see Code of Federal Regulations, Title 12, Parts 600 and 611]

The Farm Credit Administration is responsible for the supervision, examination, and coordination of the borrower-owned banks and associations that comprise the cooperative Farm Credit System. These institutions are the Federal land banks which make long term loans on farm or rural real estate through local Federal land bank associations; the Federal intermediate credit banks which provide short and intermediate term loan funds to production credit associations and other institutions financing farmers, ranchers, rural homeowners, owners of farm-related businesses, and commercial fishermen; and the banks for cooperatives which make loans of all kinds to agricultural and aquatic cooperatives. The loan funds provided borrowers by these institutions are obtained primarily through the sale of securities to investors in the Nation's capital markets.

Cooperative Farm Credit System

The Farm Credit Administration, an independent agency, supervises and coordinates activities of the cooperative Farm Credit System. The System is comprised of Federal land banks and Federal land bank associations, Federal intermediate credit banks and production credit associations, and banks for cooperatives. Initially capitalized by the United States, the entire System is now owned by its users.

The System is designed to provide adequate and dependable credit and closely related services to farmers, ranchers, producers or harvesters of aquatic products; persons engaged in providing on-the-farm services; rural homeowners; and to associations of farmers, ranchers, or producers or harvesters of aquatic products or fed

erations of such associations which operate on a cooperative basis and are engaged in marketing, processing, supply or business service functions for the benefit of their members.

Authority for the organization and activities of the institutions which com

prise the cooperative Farm Credit System and which operate under the supervision of the Farm Credit Administration may be found in the Farm Credit Act of 1971 (85 Stat. 583; 12 U.S.C. 2001 note), approved December 10, 1971, as amended by the act of December 31, 1975 (89 Stat. 1060).

MANAGEMENT

A 13-member Federal Farm Credit Board serves part-time as the policymaking body for the Farm Credit Administration. Twelve members of this Board are appointed by the President

of the United States for 6-year terms. When making the appointments, the President gives consideration to nominees of the Federal land bank associations, production credit associations, and cooperatives holding stock in the bank for cooperatives in the respective Farm Credit districts. The 13th member of the Board is appointed by the Secretary of Agriculture and serves as his representative.

The Board appoints the Governor, who is the chief executive officer of the Farm Credit Administration.

DISTRICT ORGANIZATION

The country is divided into 12 Farm Credit districts. At the same location in each district there is a Federal land bank, a Federal intermediate credit bank, and a bank for cooperatives. There is also a Central Bank for Cooperatives in Denver, Colo.

Each of the 12 Farm Credit districts has a district Farm Credit board of seven members. These boards set policies and hire management for each of the three banks in their respective districts and also act as district boards setting policies which govern those functions which the three banks carry on jointly.

The Federal land bank associations, production credit associations, and cooperatives holding stock in the respective banks in each Farm Credit district each elect two directors to the district board. The seventh member of the board, the director-at-large, is appointed by the Governor of the Farm Credit Administration with the advice and consent of the Federal Farm Credit Board.

Federal Land Banks and Federal
Land Bank Associations

The authority for the activities of the
Federal land banks and Federal land
bank associations may be found in title
I of the Farm Credit Act of 1971.

OWNERSHIP

All the stock of the 550 Federal land bank associations is owned by their

member-borrowers, and all the stock of the 12 Federal land banks is owned by the associations.

Federal land bank loans may be obtained only with the endorsement of the associations. When a loan is granted, the borrower purchases stock in the association equal to at least 5 percent of his loan. The association purchases a like amount of stock in the land bank. When the loan is repaid, the stock in the bank and in the association is retired.

Each Federal land bank association is controlled by a board of directors elected by and from the membership. Each association member is entitled to one vote in the election of directors and in other matters regarding the association.

ELIGIBILITY

Federal land bank loans may be made to persons who are or become members of Federal land bank associations and who are bona fide farmers or ranchers, who furnish farmers or ranchers services directly related to on-farm operating needs, or who are owners of rural homes. Loans may be made for terms of from 5 to 40 years.

SECURITY

Federal land bank loans may be made in amounts of up to 85 percent of the appraised value of the real estate security and are secured by first liens on such real estate. Additional security may be required to supplement the real estate security, and credit factors other than the ratio between the amount of the loan and the security value are given due consideration.

PURPOSES OF LOANS

Loans may be made to farmers and ranchers for any agricultural purpose or other needs of the applicant. Loans may also be made to rural residents for the purpose of financing housing. However, rural housing financing shall be for single-family, moderate-priced dwellings in towns and villages where the population does not exceed 2,500

Farm Credit Banks-Farm Credit Administration

Location

Springfield, Mass.

Baltimore, Md..

Columbia, S.C.
Louisville, Ky.

New Orleans, La....
St. Louis, Mo..
St. Paul, Minn.
Omaha, Nebr.

Wichita, Kans..

Houston, Tex.
Sacramento, Calif.
Spokane, Wash.

Territory

Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode
Island, Vermont.

Delaware, District of Columbia, Maryland, Pennsylvania, Puerto Rico, Virginia, West
Virginia.

Florida, Georgia, North Carolina, South Carolina.
Indiana, Kentucky, Ohio, Tennessee.
Alabama, Louisiana, Mississippi.
Arkansas, Illinois, Missouri.

Michigan, Minnesota, North Dakota, Wisconsin.
Iowa, Nebraska, South Dakota, Wyoming.
Colorado, Kansas, New Mexico, Oklahoma.
Texas.

Arizona, California, Hawaii, Nevada, Utah.
Alaska, Idaho, Montana, Oregon, Washington.

persons. A Federal land bank is limited to rural housing loans totaling 15 percent of the total amount of its loans outstanding.

INTEREST RATES

All Federal land banks have variable interest rate plans in which interest rates may be raised or lowered in relation to the cost of money. These plans have the effect of spreading money costs evenly among all borrowers.

SOURCES OF LOAN FUNDS

Loan funds are obtained primarily through the sale of consolidated bonds to investors. These bonds are not guaranteed by the Government either as to principal or interest.

The Federal land banks use the notes and mortgages of their borrowers and other assets as collateral for the bonds.

WHERE TO APPLY FOR A LOAN

Persons wishing to obtain credit from a Federal land bank should apply to the manager of the local Federal land bank association in the community nearest to the location of the property which will secure the loan.

Federal Intermediate Credit Banks
The authority for the activities of the
Federal intermediate credit banks
may
be found in title II of the Farm Credit
Act of 1971.

OWNERSHIP

All of the capital stock of the 12 Federal intermediate credit banks is owned

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