USDA Announces Extension of Public Comment Period on Proposed Changes to the Export Credit Guarantee (GSM-102) Program

WASHINGTON, Sept. 19, 2011— The U.S. Department of Agriculture (USDA) today announced an extension for public comments 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. Comments will now be accepted through Oct. 26.

The Commodity Credit Corporation (CCC) published a proposed rule on July 27, 2011 (76 FR 44836 - 44855), that 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. 

CCC is extending the comment period for 30 days to give the public more time to provide input and recommendations on the proposed rule.  The original comment period would have closed on Sept. 26; comments will now be accepted through Oct. 26. 

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.

Comments concerning this proposed rule must be received by Oct. 26 to be assured consideration. Comments may be submitted by any of the following methods:

  • Federal eRulemaking Portal: Go to http://www.regulations.gov.  Follow the online instructions to submit comments.
  • E-Mail:  GSMregs@fas.usda.gov.
  • Fax:  (202) 720-2495, Attention:  “GSM102 Proposed Rule Comments.”
  • Hand Delivery, Courier or U.S. Postal Delivery:  Amy Slusher, Deputy Director, Credit Programs Division, c/o Public Affairs Division, Foreign Agricultural Service, U.S. Department of Agriculture, 1400 Independence Avenues, SW, Stop 1004, Room 5076, Washington, DC 20250-1004.     

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: Amy.Slusher@fas.usda.gov.

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