In September 1993, as the Secretaries of Defense and Transportation announced a new commercial shipbuilding initiative, the President declared that "[s]hipbuilding is one of the keys to America's national defense, and helping our shipbuilders succeed commercially is an important goal of defense conversion." A cornerstone of the 1993 Shipbuilding Initiative was the revival of the Federal Ship Financing Program (commonly known as the "Title XI Program" because its statutory authority is spelled out under Title XI of the Merchant Marine Act, 1936). Administered by the Maritime Administration ("MarAd") of the U.S. Department of Transportation, the program has prospered since 1993 under a rigorous review process mandated by the Federal Credit Reform Act of 1990 ("FCRA").