WASHINGTON, Sept. 23, 2009—The U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) today requested public comments on proposed revisions to the fee rate schedule for the Export Credit Guarantee Program (GSM-102). The deadline for submitting comments is Oct. 21, 2009.
The GSM-102 program underwrites credit extended by the private banking sector in the United States to approved foreign banks using dollar-denominated, irrevocable letters of credit for purchases of U.S. food and agricultural products by foreign buyers. FAS administers the program on behalf of the Commodity Credit Corporation (CCC), which issues the credit guarantees. GSM-102 covers credit terms of up to three years.
Revisions to the program’s fee structure would: Create a fee structure that is more commensurate with risk; Allow for consideration of program participation by riskier countries; and Generate additional program revenue in fiscal year 2010 to offset program costs.
The proposed rule, which contains the revised fee schedule, was published in the Federal Register and is available for review at: http://edocket.access.gpo.gov/2009/pdf/E9-22661.pdf
Comments may be submitted by any of the following methods: E-mail to firstname.lastname@example.org; fax to "Attention: GSM-102 Fee Comment" at (202) 720-2495; U.S. Postal delivery to: P. Mark Rowse, Director, Office of Trade Programs, Credit Programs Division, U.S. Department of Agriculture, Foreign Agricultural Service, 1400 Independence Avenue, SW, AgStop 1025, Washington, DC, 20250-1025; or by hand delivery or courier to: U.S. Department of Agriculture, Foreign Agricultural Service, Office of Trade Programs, Portals Office Building, Suite 420, 1250 Maryland Avenue, SW, Washington, DC, 20024.
For more information, contact P. Mark Rowse, Director of FAS’s Office of Trade Programs, Credit Programs Division, at tele.: (202) 720-6211.
For more information on the GSM-102 Program, go to http://www.fas.usda.gov/excredits/exp-cred-guar-new.asp