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“THE LIQUIDATION OF ASSETS FROM THE POLISH-AMERICAN ENTERPRISE FUND” mentioning the U.S. Dept of State was published in the Extensions of Remarks section on pages E1743 on Sept. 17, 1998.
The publication is reproduced in full below:
THE LIQUIDATION OF ASSETS FROM THE POLISH-AMERICAN ENTERPRISE FUND
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HON. LEE H. HAMILTON
of indiana
in the house of representatives
Thursday, September 17, 1998
Mr. HAMILTON. Mr. Speaker, 9 years ago President Bush requested, and the Congress authorized, the creation of Enterprise Funds for Poland and Hungary, in order to spur economic reform and the growth of private enterprise in these countries.
The Polish-American Enterprise Fund (PAEF) has succeeded in its mission, and is now prepared to return the funds it originally received from the U.S. government.
Because there are so many views inside and outside the government about what should happen to assets of the PAEF, and because the guidance provided by the Congress 9 years ago on the disposition of those assets was neither clear nor explicit, I believe the Congress should authorize, by statute, how the assets of the PAEF are distributed. It is important for Congress to make a decision on this matter because it will establish a precedent for the distribution of assets from other Enterprise Funds in the future.
The text of my August 10, 1998 letter to Secretary Albright and the Department of State's reply of September 11th follow:
Congress of the United States, Committee on
International Relations, House of Representatives,
Washington, DC, August 10, 1998.Hon. Madeleine K. Albright,Secretary of State, Department of State,Washington, DC.
Dear Madeleine: I write regarding any decision you may reach with respect to the distribution of assets resulting from the liquidation of assets of the Polish-American Enterprise Fund (PAEF).
The SEED Act of 1989 does not give clear or explicit guidance on how assets from Enterprise Funds should be distributed, once these Funds are liquidated, and I believe Congress should be involved in a decision on how assets from them are distributed.
In particular, in the case of the Polish-American Enterprise Fund, valued at over $250 million, I believe Congress should authorize by statute how assets from this Fund are distributed. I appreciate that the legislative process can be slow, but I believe a decision reached in this way will best represent a consensus that reflects the views of the entire U.S. government.
The consensus-building process is especially important because a decision on the Polish-American Enterprise Fund will establish a precedent for the distribution of assets from other Enterprise Funds in the future.
I appreciate your attention to this issue.
With best regards,
Sincerely,
Lee H. Hamilton,
Ranking Democratic Member.
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U.S. Department of State,
Washington, DC, September 11, 1998.Hon. Lee H. Hamilton, Committee on International Relations,House of Representatives.
Dear Mr. Hamilton: Thank you for your letter of August 10, 1998, to the Secretary, concerning the distribution of funds resulting from any liquidation of assets of the Polish-American Enterprise Fund (PAEF). The Secretary shares your concerns about this important issue, and is aware how any decision reached about the PAEF could establish a precedent for the future distribution of assets from other Enterprise funds.
As you well know, the fact that the PAEF has been so successful poses some unique problems when the issue of its dissolution is raised. Due to the wide interest in the Fund, a number of varied proposals have been given to the Administration regarding how reflow funds should be handled. Administration officials have been consulting with key members of the Congress and their staff (including those of your own), the PAEF Board of Directors, the Polish government and the Polish-American community, to arrive at a satisfactory solution. While a formula acceptable to all concerned has not yet been achieved, we have and will continue to consult with members and staff of the House International Relations Committee as part of this process.
We hope that this information has been helpful to you. Please do not hesitate to contact us if we can be of further assistance in this or any other matter.
Sincerely,
Barbara Larkin,
Assistant Secretary, Legislative Affairs.
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