[Federal Register Volume 85, Number 144 (Monday, July 27, 2020)]
[Notices]
[Page 45213]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16096]


-----------------------------------------------------------------------

EXPORT-IMPORT BANK

[Public Notice: EIB-2020-003]


Request To Renew Partnership With Private Export Funding 
Corporation (PEFCO)

AGENCY: Export-Import Bank of the United States.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: This Notice is to inform the public that the Export-Import 
Bank of the United States (EXIM) has received a request to renew its 
partnership with Private Export Funding Corporation (PEFCO) that is 
scheduled to expire on December 31, 2020. EXIM is seeking public 
comment regarding possible benefits or costs of continuing such a 
relationship. Comments received within the comment period specified 
below will be presented to the EXIM Board of Directors prior to final 
action on this Action.

DATES: Comments must be received on or before August 21, 2020 to be 
assured of consideration before final consideration on renewal of the 
agreement by the Board of Directors of EXIM.

ADDRESSES: Comments may be submitted through Regulations.gov at 
WWW.REGULATIONS.GOV. To submit a comment, enter EIB-2020-003 under the 
heading ``Enter Keyword or ID'' and select Search. Follow the 
instructions provided at the Submit a Comment screen. Please include 
your name, company name (if any) and EIB-2020-003 on any attached 
document.

SUPPLEMENTARY INFORMATION: 
    Party's Relationship with Exim: The Private Export Funding 
Corporation (PEFCO) was created in 1970 as a public-private partnership 
between the U.S. Federal Government and private companies involved in 
financing or producing U.S. exports. PEFCO entered into an official 
partnership with EXIM in 1971, which was renewed in 1994 through 
December 31, 2020. PEFCO is a funding source for EXIM guarantees or 
insurance provided to commercial financing entities that originate and 
structure export financing transactions. It was created to ensure there 
was always a private-based alternative to EXIM direct loans and to 
facilitate the liquidity of EXIM-guaranteed and -insured transactions. 
PEFCO accomplishes these purposes by intermediating between the 
efficiency and immense scale of the U.S. capital markets and the day-
to-day funding needs of export financing for cases ranging from several 
hundred thousand dollars to several hundred million dollars. Over the 
course of its 50-year existence, PEFCO has funded more than $38 billion 
in EXIM-guaranteed and -insured export transactions brought to it by 
commercial entities. Since the Global Financial Crisis and the 
emergence of the Basel III regulatory environment, PEFCO's primary role 
has been to act as a source of liquidity for the commercial market. 
This crowds the private sector into official export finance and 
maximizes the competitiveness of EXIM-guaranteed/insured transactions. 
The Export-Import Bank is authorized to issue this notice pursuant to 
the Export-Import Bank Act of 1945, as amended, 12 U.S.C. 635 et seq.
    Information on Decision: Information on the final decision for this 
matter will be available in the ``Summary Minutes of Meetings of Board 
of Directors'' on http://exim.gov/newsandevents/boardmeetings/board/.
    Confidential Information: Please note that this notice does not 
include confidential or proprietary business information; information 
which, if disclosed, would violate the Trade Secrets Act; or 
information which would jeopardize jobs in the United States by 
supplying information that competitors could use to compete with 
companies in the United States.

Joyce B. Stone,
Assistant Corporate Secretary.
[FR Doc. 2020-16096 Filed 7-24-20; 8:45 am]
BILLING CODE 6690-01-P