    [Public Papers of the Presidents of the United States: George H. W. Bush (1991, Book I)]
    [March 18, 1991]
    [Pages 284-285]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement by Press Secretary Fitzwater on the Appointment of Members of
    the Czech and Slovak-American Enterprise Fund
    March 18, 1991

        The President today announced the members of the Board of Directors
    of the Czech and Slovak-American Enterprise Fund. The President is
    extremely pleased that these distinguished leaders, representing a wide
    range of professional diversity, have agreed to serve on the Board. The
    U.S. Directors are:

            John R. Petty, former chairman and CEO of the Marine Midland
                    Bank (Chairman)
            David O. Maxwell, former chairman and CEO of Fannie Mae [Federal
                    National Mortgage Association]
            Julia M. Walsh, managing director of Tucker/Anthony, Inc.
            Charles A. Vanik, former Member of Congress and attorney with
                    the law firm of Squire, Sanders & Dempsey
            Milan Ondrus, retired vice president (Europe) of the FMC Corp.

        Similar to the Polish and Hungarian-American Enterprise Funds
    already established, the new Fund will support private sector
    development. The administration in-

    [[Page 285]]

    tends to make an initial grant of $5 million to the Fund from money
    appropriated this fiscal year for East European assistance in the
    foreign affairs operations bill. The administration will be seeking a
    total $60 million authorization from Congress for the Fund.
        The Fund will be a private, nonprofit organization. The five
    American members of the Board of Directors will be joined by Czech and
    Slovak representatives at a later date. The Fund will maintain
    appropriate records of its activities and will file an annual report
    that includes a statement of an independent auditor.
        The Czech and Slovak-American Enterprise Fund may make loans,
    grants, and equity investments, in addition to sponsoring technical
    assistance, training, and other measures designed to foster the growth
    of a private business in all sectors of the Czechoslovak economy. As the
    President said in announcing this initiative during his visit to Prague
    last November, the Fund will ``help unleash the creativity and drive of
    the Czech and Slovak peoples'' as they build a free market economy and
    stable democratic rule.