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NINETY EIGHT REGENCY

Ford's Mulally meeting with Treasury, Commerce officials

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Ford's Mulally meeting with Treasury, Commerce officials

David Shepardson / Detroit News Washington Bureau

Washington -- Ford Motor Co. president and CEO Alan Mulally is attending meetings in the nation's capital today and tomorrow with top Treasury and Commerce department officials.

Mulally was named to the President's Export Council in July.

The White House also named Mulally and two other Michigan executives -- Stephanie A. Burns, chairman, president and CEO of Dow Corning, and Andrew N. Liveris, president, chairman and CEO of Dow Chemical -- to the President's Export Council in July. The council includes a group of business and labor leaders who will offer advice on how to promote U.S. exports, jobs and growth.

On the council are Sen. Debbie Stabenow, D-Lansing and Rep. Mark Schauer, D-Battle Creek.

In March, Obama named Boeing Co. President and CEO W. James McNerney Jr. as chair of the President's Export Council -- a group first created in 1973 by executive order. He also named Xerox Corp. CEO Ursula Burns as vice chair.

The president's council has 28 private sector members, along with congressional and executive branch members.

The council members are expected to meet this afternoon with Treasury Secretary Timothy Geithner and Commerce Secretary Gary Locke early Thursday.

Some members of the group are also to meet with President Barack Obama, but Mulally has to leave before the Obama session for a long-scheduled event out of town.

Ford in August will receive $250 million in government financing that will help it export more than 200,000 vehicles.

Obama wants to double U.S. exports over five years.

The Export-Import Bank of the United States announced last month a new loan guarantee for Ford that will finance $3.1 billion of export sales for more than 200,000 vehicles to buyers in Canada and Mexico.

The Ford exports being financed represent 15 percent of the automaker's 2009 production. The vehicles will be manufactured in plants in Chicago, Dearborn and Wayne, Kansas City, Louisville, and Avon Lake, Ohio.

The Private Export Funding Corp. will provide the funding for the revolving $250 million loan backed by Export-Import's guarantee. The loan, fees and interest will be paid off within one year.

From The Detroit News: http://detnews.com/article/20100915/AUTO01/9150438/1148/auto01/Ford-s-Mulally-meeting-with-Treasury--Commerce-officials#ixzz0zhVCI883

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