WASHINGTON, July 27, 2011— The U.S. Department of Agriculture (USDA) today invited public comment to proposed changes to the Export Credit Guarantee (GSM-102) Program that would clarify program operations and enhance program access for all participants, including smaller U.S. exporters.
The GSM-102 program provides credit guarantees to encourage financing of commercial exports of U.S. agricultural products to developing countries, while providing competitive credit terms in these countries. Under this program, the Commodity Credit Corporation (CCC) reduces the financial risk to lenders by guaranteeing payments due from approved foreign banks to exporters or financial institutions in the United States.
This proposed rule would revise and amend the regulations at 7 CFR part 1493 to incorporate operational changes that have been implemented since the publication of the current rule, and include other administrative revisions to enhance clarity and program integrity. These changes should increase program availability to all participants.
Comments concerning this proposed rule must be received by September 26, 2011 to be assured consideration. Comments may be submitted by any of the following methods:
Comments may be inspected at 1400 Independence Avenue, SW, Washington, DC, between 8:00 a.m. and 4:30 p.m., Monday through Friday, except holidays. A copy of this proposed rule is available through the Foreign Agricultural Service (FAS) homepage at: http://www.fas.usda.gov/excredits/exp-cred-guar-new.asp.
For more information, contact Amy Slusher, Deputy Director, Credit Programs Division; by phone at (202) 720-6211; or by e-mail at: