An Act to provide for the independent management of the Export-Import Bank of Washington under a Board of Directors, to provide for the representation of the Bank on the National Advisory Council on International Monetary and Financial Problems and to increase the Bank's lending authority
PL 83-570 (S.3589), enacted 08/09/1954

68 
S T A T . ] 
PUBLIC LAW 570-AUG. 9, 1954 
677 
Public Law 570 
CHAPTER 660 
AN ACT 
To provide for the independent management of the Export-Import Bank of 
Washington under a Board of Directors, to provide for the representation 
of the Bank on the National Advisory Council on International Monetary and 
Financial Problems and to increase the Bank's lending authority. 
August 9, 1954 
[S. 3589] 
Be it enacted hy the Senate and House of Representatives 
of the 
United 'States of America in Congress a^sembled^ That section 3 of 
the Export-Import Bank Act of 1945, as amended, is hereby further 
amended to read as follows: 
"SEC. 3. (a) The Export-Import Bank of Washington shall consti-
tute an independent agency of the United States and neither the Bank 
nor any of its functions, powers, or duties shall be transferred to or 
consolidated with any other department, agency, or corporation of 
the Government unless the Congress shall otherw^ise by law provide. 
"(b) There shall be a President of the Export-Import Bank of 
Washington, who shall be appointed by the President of the United 
States by and with the advice and consent of the Senate, who shall, 
receive a salary at the rate of $17,500 per annum, and who shall serve 
as chief executive officer of the Bank. 
There shall be a First Vice 
President of the Bank, who shall be appointed by the President of the 
United States by and with the advice and consent of the Senate, who 
shall receive a salary at the rate of $16,000 per annum, who shall serve 
as President of the Bank during the absence or disability of or in the 
event of a vacancy in the office of President of the Bank, and who shall 
at other times perform such functions as the President of the Bank 
may from time to time prescribe. 
"(c) There shall be a Board of Directors of the Bank consisting 
of the President of the Export-Import Bank of Washington who shall 
serve as Chairman, the First Vice President who shall serve as Vice 
Chairman, and three additional persons appointed by the President 
of the United States by and with the advice and consent of the Senate. 
Of the five members of the Board, not more than three shall be mem-
bers of any one political party. 
Each director, other than the Presi-
dent of the Export-Import Bank and the Vice President of the 
Export-Import Bank, shall receive a salary at the rate of $15,000 per 
annum. 
Before entering upon his duties, each of the directors shall 
take an oath faithfully to discharge the duties of his office. 
Terms 
of the directors shall be at the pleasure of the President of the United 
States, and the directors, in addition to their duties as members of 
the Board, shall perform such additional duties and may hold such 
other offices in the administration of the Bank as the President of the 
Bank may from time to time prescribe. A majority of the Board 
of Directors shall constitute a quorum. 
The Board of Directors shall 
adopt, and may from time to time amend, such bylaws as are necessary 
for the proper management and functioning of the Bank, and shall, 
in such bylaws, designate the vice presidents and other officers of the 
Bank and prescribe their duties. 
"(d) There shall be an Advisory Committee of nine members, 
appointed by the Board of Directors on the recommendation of the 
President of the Bank, who shall be broadly representative of pro-
duction, commerce, finance, agriculture and labor. 
The Advisory 
Committee shall meet one or more times per year, on the call of the 
President of the Bank, to advise with the Bank on its program. 
Members of the Advisory Committee shall be paid a per diem allow-
ance of $50 for each day spent away from their homes or regular 
places of business, for the purpose of attendance at meetings of the 
Committee, and in necessary travel, and while so engaged they may be 
Export- I m p o r t 
Bank of Washing-
ton. 
Management. 
59 Stat, 527. 
12 u s e 635a. 
President. 
First Vice Pres-
ident. 
B o ar d of 
Di-
rectors. 
Advisory C o m-
mittee. 
678 
PUBLIC LAW 571-AUG. 9, 1954 
[68 S T A T . 
Prohibition. 
National 
A d v i -
s o r y 
Council on 
International Mon-
etary a n d Finan-
cial Problems. 
Members. 
62 Stat. 141. 
22 u s e 286b. 
65 Stat. 367. 
12 u s e 635d. 
12 u s e 635e. 
Effective date. 
67 Stat. 637. 
5 u s e 
133Z-15 
note. 
paid actual travel expenses and not to exceed $10 per diem in lieu of 
subsistence and other expenses. 
"(e) No director, officer, attorney, agent, or employee of the Bank 
shall in any manner, directly or indirectly, participate in the delibera-
tion upon or the determination of any question affecting his personal 
interests, or the interests of any corporation, partnership or associa-
tion in which he is directly or indirectly personally interested." 
SEC. 2. Section 4 (a) of the Bretton Woods Agreements Act, as 
amended, is hereby further amended by striking out all following 
"Federal Reserve System," and inserting in lieu thereof "the Presi-
dent of the Export-Import Bank of Washington, and during such 
period as the Foreign Operations Administration shall continue to 
exist, the Director of the Foreign Operations Administration." 
SEC. 3. The Export-Import Bank Act of 1945, as amended, is 
hereby further amended as follows: 
(a) Section 6 is amended by striking out the words "three and 
one-half times the authorized capital stock of the Bank" and sub-
stituting therefor the figure "$4,000,000,000". 
(b) Section 7 is amended by striking out the words "four and 
one-half times the authorized capital stock of the Bank" and sub-
stituting therefor the figure "$5,000,000,000". 
SEC. 4. The provisions of this Act for the appointment of a Presi-
dent and a First Vice President of the Bank and the members of the 
Board of Directors shall be effective upon its enactment. 
The remain-
ing provisions of this Act shall become effective when the President 
and First Vice President of the Bank and one other member of the 
Board of Directors initially appointed hereunder enter upon office, 
and shall thereupon supersede Reorganization Plan No. 5 of 1953. 
Approved August 9, 1954. 
August 9, 1954 
[H. R. 6080] 
Public Law 571 
CHAPTER 661 
AN ACT 
To authorize the appropriation of funds for the construction of certain highway-
railroad grade separations in the District of Columbia, and for other pur-
poses. 
D. C. highway-
r a ilr o ad g r a d e 
separations. 
Construction ap-
propriation. 
Poat, p. 807. 
Location. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That, in recognition 
of the fact that the need to bring traffic to and from the Washington-
Baltimore Parkway and to handle such traffic requires the construction 
of certain highway-railroad grade separations, there is hereby author-
ized to be appropriated to the District of Columbia for credit to the 
Highway Fund, out of any money in the Treasury not otherwise appro-
priated, the sum of $290,000, which shall be in addition to any other 
amounts authorized, appropriated, accruing, or otherwise made avail-
able to the District of Columbia under any other provisions of law, 
for the construction and maintenance in the District of Columbia of a 
highway-railroad grade separation structure at the point in the north-
east section of the District of Columbia in the vicinity of South Dakota 
Avenue Northeast, where the proposed extension of New York Avenue 
as shown on the highway plan of the District of Columbia will cross 
the right-of-way of the Philadelphia, Baltimore and Washington 
Railroad. Such sums as are appropriated shall remain available until 
expended when specifically provided in the appropriation Act. 
SEC. 2. Appropriations made to carry out the purposes of this Act 
shall be available for construction, maintenance, and expenses incident 
to construction and maintenance, including planning, design, over-
head, and supervision. 
. 
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