[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.