To Amend the Export-Import Bank Act of 1945. Hearings, Ninetieth Congress, First Session, On H.R. 6649 ... April 11, 12, And 28, 1967
To Amend the Export-Import Bank Act of 1945. Hearings, Ninetieth Congress, First Session, On H.R. 6649 ... April 11, 12, And 28, 1967
United States. Congress. House. Committee On Banking And Currency
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I think that is responsive. In relation to this, would you also — and I think this has bearing on the question in connection with the use of participations — comment on the GAO audit. I under- stand that, under the existing law, participation certificates are not included as part of the public debt. I have difficulty reconciling this with the ruling of the Attorney General, but nevertheless this is the way it has been interpreted. The subject audit revealed the interest rate would have been les...s if Treasury had issued the securities and the minimum additional cost will total about $4.3 million. Would you comment on that? Not right now, but for the record, and also on the recommendations of GAO on page 15 in connection with the classification of income expense, and on page 17 the discontinued policy and practice of Gt)vemment in- vestment. The Chairman. You may answer those for the record. (The information requested follows :) On page 4 of its Report to the Congress of the United States on the Audit of the Export-Import Bank of Wasljington for Fiscal Year 1966, the General Ac- counting Office states that **In fiscal year 1966 the Eximbank sold $760.5 million worth of guaranteed participation certificates to commercial banks.
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