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EXPORT-IMPORT BANK OF WASHINGTON PRESS RELEASE PRESS RELEASE February 7, 1946 FOR IMMEDIATE RELEASE The Board of Directors of the Export-Import Bank today announced with regret the resignation of Wayne C. Taylor as President of the Bank. The Board simultaneously announced that Mr. Wm. McC. Martin, Jr., Chairman of the Board, will assume the duties previously assigned to the President in addition to his duties as Chairman. The Export-Import Bank Act of 1945, passed last July, provided that the management of the Bank would be vested in a Board of Directors consisting of the Secretary of State and four full time directors appointed by the President by and with the advice and consent of the Senate. Mr. Martin was appointed Chairman of the Board last fall. Mr. Taylor had remained as President of the Bank to assist in the transition of the Bank to its present form of management. In accepting Mr. Taylor's resignation, the Board of Directors adopted the following resolution: "Resolved, That the Board of Directors of the Export-Import Bank express their sincere appreciation and deep gratitude to Mr. Taylor for his able administration of the Bank during the difficult period of the past year and in the transition to the new form of management. His deep interest and complete cooperation have been of inestimable value in aiding the Board in the assumption of its duties. His departure is cause for sincere regret on the part of each of the members of the Board." The attached letters from Mr. Taylor and Mr. Martin were sent to the White House yesterday. February 6, 1946 My dear Mr. President: In accord with the conversation which Mr. Taylor and I had with you last week, the Board of Directors of the ExportImport Bank, today, accepted the resignation of Mr. Taylor with sincere regret and assigned to me as Chairman of the Board the duties which he formerly assumed. This would appear to be consistent with the Export-Import Bank Act of 1945, which vested the management of the Bank in the Board of Directors and made no statutory provision for a President. I would like to repeat again my deep admiration for Mr. Taylor and the splendid manner in which he has discharged his responsibilities. It has been a great pleasure to have been associated with him. Yours respectfully, Wm. McC. Martin, Jr., Chairman of the Board The President The White House February 6, 1946 Dear Mr. President: In accordance with the recommendation which I made to you last Wednesday, this morning I presented my resignation to the Board of Directors of ExportImport Bank. As Mr. Martin and I explained to you, the basic organisational defect in the Export-Import Bank can only be corrected if the duties of the President are combined with those of the Chairman of the Board of Directors. The new Board of Directors is now fully organized, the Bank has an excellent staff, and contracts have been signed covering the bulk of the urgent business which was presented to the Bank following the cessation of hostilities, so that I am confident that the work of the Bank will be admirably handled. Naturally, I have informed the Board that I will be available at any time if there are any matters which the Board members or the staff wish to discuss with me. Yours respectfully, Wayne C. Taylor The President The White House
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