On October 1, 1993, President Clinton announced his shipyard initiative, a five-part plan to assist shipyards in transitioning from their primary role as builders of Jones Act vessels and U.S. Navy ships in support of the Cold War to internationally competitive shipyards capable of building ships for a wide variety of uses. A cornerstone of this plan is the Maritime Guaranteed Loan Program, commonly referred to as the Title XI Program. The President's shipyard initiative revitalized the important role of the Title XI Program in helping to maintain a fleet of vessels able to engage in the coastwise or Jones Act trade and maintaining our shipyards.