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094438 1 (1971-03-09)

handle is hein.gao/gaobadxkv0001 and id is 1 raw text is: 0 STATEMENT OF ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES BEFORE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ON S. 19 and S. 581, To amend the Export-Import Bank Act of 1945, as amended, to allow for greater expansion of export trade of the United States, to exclude Bank receipts and disbursements from the budget of the United States, and for other purposes March 9, 1971 Mr. Chairman and Members of the Committee: We appear at the Committee's request to present our views and answer your questions on the provisions of S. 19 and S. 581, which would exclude the receipts and disbursements of the Export-Import Bank from the totals of the budget of the United States Government and exempt them from any annual expenditure and net lending limitations imposed on the budget. In September 1970, we appeared before the Subcommittee on International Finance, Committee on Banking and Currency, at its request oA a similar bill, S. 4268, which failed of enactment. As you know, the General Accounting Office has over many years favored the principle of full disclosure to the Congress and review by the Congress of the budgetary programs submitted by the executive branch. In our view excluding the Export-Import Bank's receipts and disbursements from the budget totals could establish an undesirable precedent which might logically be applied to other loan programs, since it is impossible to differentiate between this program and other loan programs except on the basis of a value judgement as to relative importance or priority. We do not favor such an exclusion.

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