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12 USC CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED

STATES 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

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-HEAD-

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

-MISC1-

SUBCHAPTER I - GENERAL PROVISIONS

Sec.

635. Powers and functions of Bank.

(a) General banking business; use of mails;

publication of documents, reports, contracts,

etc.; use of assets and allocated or borrowed

money; payment of dividends; medium-term

financing; dissemination of information;

enhancement of medium-term program.

(b) Guarantees, insurance, and extension of credit

functions; competitive with

Government-supported rates and terms and

conditions of foreign exporting countries;

survey and report; interest rates; private

capital encouragement; national interest

determinations; delivery of United States

services in international commerce; small

business concern encouragement; coverage of

losses by Foreign Credit Insurance Association;

loans to Union of Soviet Socialist Republics

for fossil fuel research, etc.; nuclear

safeguards violations resulting in limitations

on exports and credit; defense article credit

sales to less developed countries; amount

outstanding; supplementation of Commodity

Credit Corporation programs; limitations on

authority of Bank; prohibition relating to

Angola.

(c) Guarantees, insurance, coinsurance, and

reinsurance functions; fractional charge;

aggregate outstanding amount; fees and

premiums; issuance, service and adjustments by

agents; transferability of guarantees.

(d) Equal and nondiscriminatory opportunities for

domestic companies to bid for insurance.

(e) Limitation on assistance which adversely affects

the United States.

(f) Authority to deny application for assistance

based on fraud or corruption by party involved

in the transaction.

635a. Management of Bank.

(a) Establishment as independent agency.

(b) President and First Vice President of the Bank;

appointment; duties.

(c) Board of Directors; composition; oath; terms;

duties; quorum; bylaws.

(d) Advisory Committee; appointment; composition;

meetings; advice to Banks; report to Congress.

(e) Conflicting personal interests.

635a-1. Export credit competition.

635a-2. Implementation of regulations and procedures to lessen

adverse effect of loans and guarantees on industries in United

States; report by United States International Trade Commission;

written consideration of views of adversely affected parties.

635a-3. Export-Import Bank financing to match foreign financing.

(a) Noncompetitive financing; inquiry by Secretary;

notification of foreign country and prospective

parties to transaction.

(b) Issuance of authorization to Bank to provide

guarantees, insurance, and credits to competing

United States sellers.

(c) Provision of financing by Bank pursuant to

authorization.

635a-4. Guarantees for export accounts receivable and inventory.

635b. Capitalization of Bank; method of capital stock payments;

public-debt transactions; issuance of stock certificates.

635c. Repealed.

635d. Issuance of debentures, bonds, etc.; obligations redeemable;

payment of interest; obligations purchasable by Secretary of the

Treasury; public-debt transactions.

635e. Aggregate loan, guarantee, and insurance authority.

(a) Limitation on outstanding amounts.

(b) Presidential determination.

635f. Termination date of Bank's functions; exceptions;

liquidation.

635g. Report to Congress; time for submission; contents.

(a) Annual submission of report.

(b) Report on allocation of sums set aside for small

business exports.

(c) Technology to assist small businesses.

(d) Number of small business suppliers of Bank users.

(e) Outreach to certain small businesses.

635h. Exemption from prohibition of section 955 of title 18.

635i to 635i-2. Repealed.

635i-3. Tied Aid Credit Fund and program.

(a) Findings.

(b) Establishment of tied aid credit program.

(c) Tied Aid Credit Fund.

(d) Consistency with Arrangement.

(e) Authorization.

(f) Nonreviewability.

(g) Report to Congress.

(h) Definitions.

635i-4. Repealed.

635i-5. Environmental policy and procedures.

(a) Environmental effects consideration.

(b) Use of Bank programs to encourage certain

exports.

(c) Inclusion in report to Congress.

(d) Interpretation.

635i-6. Debt reduction; Enterprise for the Americas Initiative.

(a) Definitions.

(b) Eligibility for benefits under the Facility.

(c) Loans eligible for sale, reduction, or

cancellation.

(d) Deposit of proceeds.

(e) Eligible purchasers.

(f) Debtor consultation.

(g) Authorization of appropriations.

635i-7. Cooperation on export financing programs.

635i-8. Special debt relief for poorest, most heavily indebted

countries.

(a) Debt reduction authority.

(b) Limitations.

(c) Conditions.

(d) Appropriations.

635i-9. Market windows.

(a) Enhanced transparency.

(b) Authorization.

(c) Definition.

SUBCHAPTER II - EXPORT FINANCING

635j. Export financing program to foster foreign trade and

commercial interest of the United States.

(a) Congressional statement of policy.

(b) Designation of transactions on books of the Bank;

limitation on commitments.

635k. Apportionment of losses incurred on loans, guarantees, and

insurance; reimbursement; contingent obligations.

635l. Authorization for appropriation of funds for losses.

635m. Loans, guarantees, and insurance subject to the provisions of

this chapter.

635n. Prohibition of loans, guarantees, and insurance as to sales

of defense articles or services.

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

635o. Congressional statement of purpose.

635p. Presidential mandate to negotiate; objectives.

635q. Establishment of tied aid credit program in United States

Export-Import Bank.

(a) Establishment and elements of program;

cooperation with Trade and Development Agency

and private institutions and entities.

(b) Purpose of program.

(c) Fund.

(d) Availability of concessional financing or grants.

635r. Establishment of tied aid credit program administered by

Trade and Development Agency.

(a) Establishment and elements of program.

(b) Combination of funds with financing by

Export-Import Bank or private commercial

financing.

(c) Limitation on use of Agency funds; authorization

for establishment of fund.

(d) Use of Economic Support Funds.

635s. Implementation.

635t. Definitions.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in title 22 sections 2185, 2371,

2394, 2398.

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12 USC SUBCHAPTER I - GENERAL PROVISIONS 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

.

-HEAD-

SUBCHAPTER I - GENERAL PROVISIONS

-SECREF-

SUBCHAPTER REFERRED TO IN OTHER SECTIONS

This subchapter is referred to in sections 635a-3, 635m of this

title; title 22 sections 2184, 2291, 2296b.

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12 USC Sec. 635 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635. Powers and functions of Bank

-STATUTE-

(a) General banking business; use of mails; publication of

documents, reports, contracts, etc.; use of assets and

allocated or borrowed money; payment of dividends; medium-term

financing; dissemination of information; enhancement of

medium-term program

(1) There is created a corporation with the name Export-Import

Bank of the United States, which shall be an agency of the United

States of America. The objects and purposes of the Bank shall be to

aid in financing and to facilitate exports of goods and services,

imports, and the exchange of commodities and services between the

United States or any of its territories or insular possessions and

any foreign country or the agencies or nationals of any such

country, and in so doing to contribute to the employment of United

States workers. The Bank's objective in authorizing loans,

guarantees, insurance, and credits shall be to contribute to

maintaining or increasing employment of United States workers. In

connection with and in furtherance of its objects and purposes, the

bank is authorized and empowered to do a general banking business

except that of circulation; to receive deposits; to purchase,

discount, rediscount, sell, and negotiate, with or without its

endorsement or guaranty, and to guarantee notes, drafts, checks,

bills of exchange, acceptances, including bankers' acceptances,

cable transfers, and other evidences of indebtedness; to guarantee,

insure, coinsure, and reinsure against political and credit risks

of loss; to purchase, sell, and guarantee securities but not to

purchase with its funds any stock in any other corporation except

that it may acquire any such stock through the enforcement of any

lien or pledge or otherwise to satisfy a previously contracted

indebtedness to it; to accept bills and drafts drawn upon it; to

issue letters of credit; to purchase and sell coin, bullion, and

exchange; to borrow and to lend money; to perform any act herein

authorized in participation with any other person, including any

individual, partnership, corporation, or association; to adopt,

alter, and use a corporate seal, which shall be judicially noticed;

to sue and to be sued, to complain and to defend in any court of

competent jurisdiction; to represent itself or to contract for

representation in all legal and arbitral proceedings outside the

United States; and the enumeration of the foregoing powers shall

not be deemed to exclude other powers necessary to the achievement

of the objects and purposes of the bank. The bank shall be

entitled to the use of the United States mails in the same manner

and upon the same conditions as the executive departments of the

Government. The Bank is authorized to publish or arrange for the

publication of any documents, reports, contracts, or other material

necessary in connection with or in furtherance of its objects and

purposes without regard to the provisions of section 501 of title

44 whenever the Bank determines that publication in accordance with

the provisions of such section would not be practicable. Subject

to regulations which the Bank shall issue pursuant to section 553

of title 5, the Bank may impose and collect reasonable fees to

cover the costs of conferences and seminars sponsored by, and

publications provided by, the Bank, and may accept reimbursement

for travel and subsistence expenses incurred by a director,

officer, or employee of the Bank, in accordance with subchapter I

of chapter 57 of title 5. Amounts received under the preceding

sentence shall be credited to the fund which initially paid for

such activities and shall be offset against the expenses of the

Bank for such activities. The bank is authorized to use all of its

assets and all moneys which have been or may hereafter be allocated

to or borrowed by it in the exercise of its functions. Net

earnings of the bank after reasonable provision for possible losses

shall be used for payment of dividends on capital stock. Any such

dividends shall be deposited into the Treasury as miscellaneous

receipts.

(2) In order for the Bank to be competitive in all of its

financing programs with countries whose exports compete with United

States exports, the Bank shall establish a program that -

(A) provides medium-term financing where necessary to be fully

competitive -

(i) at rates of interest to the customer which are equal to

rates established in international agreements; and

(ii) in amounts up to 85 percent of the total cost of the

exports involved; and

(B) enables the Bank to cooperate fully with the Secretary of

Commerce and the Administrator of the Small Business

Administration to develop a program for purposes of disseminating

information (using existing private institutions) to small

business concerns regarding the medium-term financing provided

under this paragraph.

(3) Enhancement of Medium-Term Program. - To enhance the

medium-term financing program established pursuant to paragraph

(2), the Bank shall establish measures to -

(A) improve the competitiveness of the Bank's medium-term

financing and ensure that its medium-term financing is fully

competitive with that of other major official export credit

agencies;

(B) ease the administrative burdens and procedural and

documentary requirements imposed on the users of medium-term

financing;

(C) attract the widest possible participation of private

financial institutions and other sources of private capital in

the medium-term financing of United States exports; and

(D) render the Bank's medium-term financing as supportive of

United States exports as is its Direct Loan Program.

(b) Guarantees, insurance, and extension of credit functions;

competitive with Government-supported rates and terms and

conditions of foreign exporting countries; survey and report;

interest rates; private capital encouragement; national

interest determinations; delivery of United States services in

international commerce; small business concern encouragement;

coverage of losses by Foreign Credit Insurance Association;

loans to Union of Soviet Socialist Republics for fossil fuel

research, etc.; nuclear safeguards violations resulting in

limitations on exports and credit; defense article credit sales

to less developed countries; amount outstanding;

supplementation of Commodity Credit Corporation programs;

limitations on authority of Bank; prohibition relating to

Angola

(1)(A) It is the policy of the United States to foster expansion

of exports of manufactured goods, agricultural products, and other

goods and services, thereby contributing to the promotion and

maintenance of high levels of employment and real income, a

commitment to reinvestment and job creation, and the increased

development of the productive resources of the United States. To

meet this objective in all its programs, the Export-Import Bank is

directed, in the exercise of its functions, to provide guarantees,

insurance, and extensions of credit at rates and on terms and other

conditions which are fully competitive with the

Government-supported rates and terms and other conditions available

for the financing of exports of goods and services from the

principal countries whose exporters compete with United States

exporters. The Bank shall, in cooperation with the export

financing instrumentalities of other governments, seek to minimize

competition in government-supported export financing and shall, in

cooperation with other appropriate United States Government

agencies, seek to reach international agreements to reduce

government subsidized export financing. The Bank shall, not later

than June 30 of each year, report to the appropriate committees of

Congress its actions in complying with these directives. In this

report the Bank shall include a survey of all other major

export-financing facilities available from other governments and

government-related agencies through which foreign exporters compete

with the United States exporters (including through use of market

windows) and indicate in specific terms the ways in which the

Bank's rates, terms, and other conditions compare with those

offered from such other governments directly or indirectly. With

respect to the preceding sentence, the Bank shall use all available

information to estimate the annual amount of export financing

available from each government and government-related agency.

Further, the Bank shall at the same time survey a representative

number of United States exporters and United States commercial

lending institutions which provide export credit to determine their

experience in meeting financial competition from other countries

whose exporters compete with United States exporters. The results

of this survey shall be included as part of the annual report

required by this subparagraph. The Bank shall include in the

annual report a description of its role in the implementation of

the strategic plan prepared by the Trade Promotion Coordinating

Committee in accordance with section 4727 of title 15. The annual

report required under this subparagraph shall include the report

required under section 635i-3(g) of this title. The Bank shall

include in the annual report a description of all Bank transactions

which shall be classified according to their principal purpose,

such as to correct a market failure or to provide matching

support. The Bank shall include in the annual report a description

of the efforts undertaken under subparagraph (K).

(B) It is further the policy of the United States that loans made

by the Bank in all its programs shall bear interest at rates

determined by the Board of Directors, consistent with the Bank's

mandate to support United States exports at rates and on terms and

conditions which are fully competitive with exports of other

countries, and consistent with international agreements. For the

purpose of the preceding sentence, rates and terms and conditions

need not be identical in all respects to those offered by foreign

countries, but should be established so that the effect of such

rates, terms, and conditions for all the Bank's programs, including

those for small businesses and for medium-term financing, will be

to neutralize the effect of such foreign credit on international

sales competition. The Bank shall consider its average cost of

money as one factor in its determination of interest rates, where

such consideration does not impair the Bank's primary function of

expanding United States exports through fully competitive

financing. The Bank may not impose a credit application fee unless

(i) the fee is competitive with the average fee charged by the

Bank's primary foreign competitors, and (ii) the borrower or the

exporter is given the option of paying the fee at the outset of the

loan or over the life of the loan and the present value of the fee

determined under either such option is the same amount. It is also

the policy of the United States that the Bank in the exercise of

its functions should supplement and encourage, and not compete

with, private capital; that the Bank, in determining whether to

provide support for a transaction under the loan, guarantee, or

insurance program, or any combination thereof, shall consider the

need to involve private capital in support of United States exports

as well as the cost of the transaction as calculated in accordance

with the requirements of the Federal Credit Reform Act of 1990 (2

U.S.C. 661 et seq.); that the Bank shall accord equal opportunity

to export agents and managers, independent export firms, export

trading companies, and small commercial banks in the formulation

and implementation of its programs; that the Bank should give

emphasis to assisting new and small business entrants in the

agricultural export market, and shall, in cooperation with other

relevant Government agencies, including the Commodity Credit

Corporation, develop a program of education to increase awareness

of export opportunities among small agribusinesses and

cooperatives; that loans, so far as possible consistent with the

carrying out of the purposes of subsection (a) of this section,

shall generally be for specific purposes, and, in the judgment of

the Board of Directors, offer reasonable assurance of repayment;

and that in authorizing any loan or guarantee, the Board of

Directors shall take into account any serious adverse effect of

such loan or guarantee on the competitive position of United States

industry, the availability of materials which are in short supply

in the United States, and employment in the United States, and

shall give particular emphasis to the objective of strengthening

the competitive position of United States exporters and thereby of

expanding total United States exports. Only in cases where the

President, after consultation with the Committee on Financial

Services of the House of Representatives and the Committee on

Banking, Housing, and Urban Affairs of the Senate, determines that

such action would be in the national interest where such action

would clearly and importantly advance United States policy in such

areas as international terrorism (including, when relevant, a

foreign nation's lack of cooperation in efforts to eradicate

terrorism), nuclear proliferation, the enforcement of the Foreign

Corrupt Practices Act of 1977, the Arms Export Control Act (22

U.S.C. 2751 et seq.), the International Emergency Economic Powers

Act (50 U.S.C. 1701 et seq.), or the Export Administration Act of

1979 (50 App. U.S.C. 2401 et seq.), environmental protection and

human rights (such as are provided in the Universal Declaration of

Human Rights adopted by the United Nations General Assembly on

December 10, 1948) (including child labor), should the

Export-Import Bank deny applications for credit for nonfinancial or

noncommercial considerations. Each such determination shall be

delivered in writing to the President of the Bank, shall state that

the determination is made pursuant to this section, and shall

specify the applications or categories of applications for credit

which should be denied by the Bank in furtherance of the national

interest.

(C) Consistent with the policy of section 3261 of title 22 and

section 2151q (FOOTNOTE 1) of title 22, the Board of Directors

shall name an officer of the Bank whose duties shall include

advising the President of the Bank on ways of promoting the export

of goods and services to be used in the development, production,

and distribution of nonnuclear renewable energy resources,

disseminating information concerning export opportunities and the

availability of Bank support for such activities, and acting as a

liaison between the Bank and the Department of Commerce and other

appropriate departments and agencies.

(FOOTNOTE 1) See References in Text note below.

(D) It is further the policy of the United States to foster the

delivery of United States services in international commerce. In

exercising its powers and functions, the Bank shall give full and

equal consideration to making loans and providing guarantees for

the export of services (independently, or in conjunction with the

export of manufactured goods, equipment, hardware or other capital

goods) consistent with the Bank's policy to neutralize foreign

subsidized credit competition and to supplement the private capital

market.

(E)(i)(I) It is further the policy of the United States to

encourage the participation of small business in international

commerce.

(II) In exercising its authority, the Bank shall develop a

program which gives fair consideration to making loans and

providing guarantees for the export of goods and services by small

businesses.

(ii) It is further the policy of the United States that the Bank

shall give due recognition to the policy stated in section 631(a)

of title 15 that ''the Government should aid, counsel, assist, and

protect, insofar as is possible, the interests of small business

concerns in order to preserve free competitive enterprise''.

(iii) In furtherance of this policy, the Board of Directors shall

designate an officer of the Bank who -

(I) shall be responsible to the President of the Bank for all

matters concerning or affecting small business concerns; and

(II) among other duties, shall be responsible for advising

small business concerns of the opportunities for small business

concerns in the functions of the Bank, with particular emphasis

on conducting outreach and increasing loans to socially and

economically disadvantaged small business concerns (as defined in

section 637(a)(4) of title 15), small business concerns (as

defined in section 632(a) of title 15) owned by women, and small

business concerns (as defined in section 632(a) of title 15)

employing fewer than 100 employees, and for maintaining liaison

with the Small Business Administration and other departments and

agencies in matters affecting small business concerns.

(iv) The Director appointed to represent the interests of small

business under section 635a(c) of this title shall ensure that the

Bank carries out its responsibilities under clauses (ii) and (iii)

of this subparagraph and that the Bank's financial and other

resources are, to the maximum extent possible, appropriately used

for small business needs.

(v) To assure that the purposes of clauses (i) and (ii) of this

subparagraph are carried out, the Bank shall make available, from

the aggregate loan, guarantee, and insurance authority available to

it, an amount to finance exports directly by small business

concerns (as defined under section 632 of title 15) which shall be

not less than 20 percent of such authority for each fiscal year.

(vi) The Bank shall utilize the amount set aside pursuant to

clause (v) of this subparagraph to offer financing for small

business exports on terms which are fully competitive with regard

to interest rates and with regard to the portion of financing which

may be provided, guaranteed, or insured. Financing under this

clause (vi) shall be available without regard to whether financing

for the particular transaction was disapproved by any other Federal

agency.

(vii)(I) The Bank shall utilize a part of the amount set aside

pursuant to clause (v) to provide lines of credit or guarantees to

consortia of small or medium size banks, export trading companies,

State export finance agencies, export financing cooperatives, small

business investment companies (as defined in section 662 of title

15), or other financing institutions or entities in order to

finance small business exports.

(II) Financing under this clause (vii) shall be made available

only where the consortia or the participating institutions agree to

undertake processing, servicing, and credit evaluation functions in

connection with such financing.

(III) To the maximum extent practicable, the Bank shall delegate

to the consortia the authority to approve financing under this

clause (vii).

(IV) In the administration of the program under this clause

(vii), the Bank shall provide appropriate technical assistance to

participating consortia and may require such consortia periodically

to furnish information to the Bank regarding the number and amount

of loans made and the creditworthiness of the borrowers.

(viii) In order to assure that the policy stated in clause (i) is

carried out, the Bank shall promote small business exports and its

small business export financing programs in cooperation with the

Secretary of Commerce, the Office of International Trade of the

Small Business Administration, and the private sector, particularly

small business organizations, State agencies, chambers of commerce,

banking organizations, export management companies, export trading

companies, and private industry.

(ix) The Bank shall provide, through creditworthy trade

associations, export trading companies, State export finance

companies, export finance cooperatives, and other multiple-exporter

organizations, medium-term risk protection coverage for the members

and clients of such organizations. Such coverage shall be made

available to each such organization under a single risk protection

policy covering its members or clients. Nothing in this provision

shall be interpreted as limiting the Bank's authority to deny

support for specific transactions or to disapprove a request by

such an organization to participate in such coverage.

(x) The Bank shall implement technology improvements that are

designed to improve small business outreach, including allowing

customers to use the Internet to apply for the Bank's small

business programs.

(F) Consistent with international agreements, the Bank shall urge

the Foreign Credit Insurance Association to provide coverage

against 100 per centum of any loss with respect to exports having a

value of less than $100,000.

(G) Participation in or access to long-, medium-, and short-term

financing, guarantees, and insurance provided by the Bank shall not

be denied solely because the entity seeking participation or access

is not a bank or is not a United States person.

(H)(i) It is further the policy of the United States to foster

the development of democratic institutions and market economies in

countries seeking such development, and to assist the export of

high technology items to such countries.

(ii) In exercising its authority, the Bank shall develop a

program for providing guarantees and insurance with respect to the

export of high technology items to countries making the transition

to market based economies, including eligible East European

countries (within the meaning of section 5402 of title 22).

(iii) As part of the ongoing marketing and outreach efforts of

the Bank, the Bank shall, to the maximum extent practicable, inform

high technology companies, particularly small business concerns (as

such term is defined in section 632 of title 15), about the

programs of the Bank for United States companies interested in

exporting high technology goods to countries making the transition

to market based economies, including any eligible East European

country (within the meaning of section 5402 of title 22).

(iv) In carrying out clause (iii), the Bank shall -

(I) work with other agencies involved in export promotion and

finance; and

(II) invite State and local governments, trade centers,

commercial banks, and other appropriate public and private

organizations to serve as intermediaries for the outreach

efforts.

(I) The President of the Bank shall undertake efforts to enhance

the Bank's capacity to provide information about the Bank's

programs to small and rural companies which have not previously

participated in the Bank's programs. Not later than 1 year after

November 26, 1997, the President of the Bank shall submit to

Congress a report on the activities undertaken pursuant to this

subparagraph.

(J) The Bank shall implement an electronic system designed to

track all pending transactions of the Bank.

(K) The Bank shall promote the export of goods and services

related to renewable energy sources.

(L) The Bank shall require an applicant for assistance from the

Bank to disclose whether the applicant has been found by a court of

the United States to have violated the Foreign Corrupt Practices

Act of 1977, the Arms Export Control Act (22 U.S.C. 2751 et seq.),

the International Emergency Economic Powers Act (50 U.S.C. 1701 et

seq.), or the Export Administration Act of 1979 (50 App. U.S.C.

2401 et seq.) within the preceding 12 months, and shall maintain,

in cooperation with the Department of Justice, for not less than 3

years a record of such applicants so found to have violated any

such Act.

(2) Prohibition on Aid to Marxist-Leninist Countries. -

(A) In general. - The Bank in the exercise of its functions

shall not guarantee, insure, extend credit, or participate in the

extension of credit -

(i) in connection with the purchase or lease of any product

by a Marxist-Leninist country, or agency or national thereof;

or

(ii) in connection with the purchase or lease of any product

by any other foreign country, or agency or national thereof, if

the product to be purchased or leased by such other country,

agency, or national is, to the knowledge of the Bank,

principally for use in, or sale or lease to, a Marxist-Leninist

country.

(B) Marxist-Leninist country defined. -

(i) In general. - For purposes of this paragraph, the term

''Marxist-Leninist country'' means any country that maintains a

centrally planned economy based on the principles of

Marxism-Leninism, or is economically and militarily dependent

on any other such country.

(ii) Specific countries deemed to be marxist-leninist. -

Unless otherwise determined by the President in accordance with

subparagraph (C), the following countries are deemed to be

Marxist-Leninist countries for purposes of this paragraph:

(I) Cambodian People's Republic.

(II) Democratic People's Republic of Korea.

(III) Democratic Republic of Afghanistan.

(IV) Lao People's Democratic Republic.

(V) People's Republic of China.

(VI) Republic of Cuba.

(VII) Socialist Federal Republic of Yugoslavia.

(VIII) Socialist Republic of Vietnam.

(IX) Tibet.

(C) Presidential determination that a country has ceased to be

marxist-leninist. - If the President determines that any country

on the list contained in subparagraph (B)(ii) has ceased to be a

Marxist-Leninist country (within the definition of such term in

subparagraph (B)(i)), such country shall not be treated as a

Marxist-Leninist country for purposes of this paragraph after the

date of such determination, unless the President subsequently

determines that such country has again become a Marxist-Leninist

country.

(D) Presidential determination relating to financing in the

national interest. -

(i) In general. - Subparagraph (A) shall not apply to

guarantees, insurance, or extensions of credit by the Bank to a

country, agency, or national described in clause (i) or (ii) of

subparagraph (A) (in connection with transactions described in

such clauses) if the President determines that such guarantees,

insurance, or extensions of credit are in the national

interest.

(ii) Separate determination for certain transactions. - The

President shall make a separate determination under clause (i)

for each transaction described in clause (i) or (ii) of

subparagraph (A) for which the Bank would extend a loan in an

amount equal to or greater than $50,000,000.

(iii) Report of clause (i) determinations to congress. - Any

determination by the President under clause (i) shall be

reported to the Congress not later than the earlier of -

(I) the end of the 30-day period beginning on the date of

such determination; or

(II) the date the Bank takes final action with respect to

the first transaction involving the country, agency, or

national for which such determination is made after January

4, 1975, unless a report of a determination with respect to

such country, agency, or national was made and reported

before January 4, 1975.

(iv) Report of clause (ii) determinations to congress. - Any

determination by the President under clause (ii) shall be

reported to the Congress not later than the earlier of -

(I) the end of the 30-day period beginning on the date of

such determination; or

(II) the date the Bank takes final action with respect to

the transaction for which such determination is made.

(3) Except as provided by the fourth sentence of this paragraph,

no loan or financial guarantee or general guarantee or insurance

facility or combination thereof (i) in an amount which equals or

exceeds $100,000,000, or (ii) for the export of technology, fuel,

equipment, materials, or goods or services to be used in the

construction, alteration, operation, or maintenance of nuclear

power, enrichment, reprocessing, research, or heavy water

production facilities, shall be finally approved by the Board of

Directors of the Bank, unless in each case the Bank has submitted

to the Congress with respect to such loan, financial guarantee, or

combination thereof, a detailed statement describing and explaining

the transaction, at least 25 days of continuous session of the

Congress prior to the date of final approval. For the purpose of

the preceding sentence, continuity of a session of the Congress

shall be considered as broken only by an adjournment of the

Congress sine die, and the days on which either House is not in

session because of an adjournment of more than 3 days to a day

certain shall be excluded in the computation of the 25 day period

referred to in such sentence. Such statement shall contain -

(A) in the case of a loan or financial guarantee -

(i) a brief description of the purposes of the transaction;

(ii) the identity of the party or parties requesting the loan

or financial guarantee;

(iii) the nature of the goods or services to be exported and

the use for which the goods or services are to be exported; and

(iv) in the case of a general guarantee or insurance facility

-

(I) a description of the nature and purpose of the

facility;

(II) the total amount of guarantees or insurance; and

(III) the reasons for the facility and its methods of

operation; and

(B) a full explanation of the reasons for Bank financing of the

transaction, the amount of the loan to be provided by the Bank,

the approximate rate and repayment terms at which such loan will

be made available and the approximate amount of the financial

guarantee.

If the Bank submits a statement to the Congress under this

paragraph and either House of Congress is in an adjournment for a

period which continues for at least ten days after the date of

submission of the statement, then any such loan or guarantee or

combination thereof may, subject to the second sentence of this

paragraph, be finally approved by the Board of Directors upon the

termination of the twenty-five-day period referred to in the first

sentence of this paragraph or upon the termination of a

thirty-five-calendar-day period (which commences upon the date of

submission of the statement), whichever occurs sooner.

(4)(A) If the Secretary of State determines that -

(i) any country that has agreed to International Atomic Energy

Agency nuclear safeguards materially violates, abrogates, or

terminates, after October 26, 1977, such safeguards;

(ii) any country that has entered into an agreement for

cooperation concerning the civil use of nuclear energy with the

United States materially violates, abrogates, or terminates,

after October 26, 1977, any guarantee or other undertaking to the

United States made in such agreement;

(iii) any country that is not a nuclear-weapon state detonates,

after October 26, 1977, a nuclear explosive device;

(iv) any country willfully aids or abets, after June 29, 1994,

any non-nuclear-weapon state to acquire any such nuclear

explosive device or to acquire unsafeguarded special nuclear

material; or

(v) any person knowingly aids or abets, after September 23,

1996, any non-nuclear-weapon state to acquire any such nuclear

explosive device or to acquire unsafeguarded special nuclear

material,

then the Secretary of State shall submit a report to the

appropriate committees of the Congress and to the Board of

Directors of the Bank stating such determination and identifying

each country or person the Secretary determines has so acted.

(B)(i) If the Secretary of State makes a determination under

subparagraph (A)(v) with respect to a foreign person, the Congress

urges the Secretary to initiate consultations immediately with the

government with primary jurisdiction over that person with respect

to the imposition of the prohibition contained in subparagraph (C).

(ii) In order that consultations with that government may be

pursued, the Board of Directors of the Bank shall delay imposition

of the prohibition contained in subparagraph (C) for up to 90 days

if the Secretary of State requests the Board to make such delay.

Following these consultations, the prohibition contained in

subparagraph (C) shall apply immediately unless the Secretary

determines and certifies to the Congress that that government has

taken specific and effective actions, including appropriate

penalties, to terminate the involvement of the foreign person in

the activities described in subparagraph (A)(v). The Board of

Directors of the Bank shall delay the imposition of the prohibition

contained in subparagraph (C) for up to an additional 90 days if

the Secretary requests the Board to make such additional delay and

if the Secretary determines and certifies to the Congress that that

government is in the process of taking the actions described in the

preceding sentence.

(iii) Not later than 90 days after making a determination under

subparagraph (A)(v), the Secretary of State shall submit to the

appropriate committees of the Congress a report on the status of

consultations with the appropriate government under this

subparagraph, and the basis for any determination under clause (ii)

that such government has taken specific corrective actions.

(C) The Board of Directors of the Bank shall not give approval to

guarantee, insure, or extend credit, or participate in the

extension of credit in support of United States exports to any

country, or to or by any person, identified in the report described

in subparagraph (A).

(D) The prohibition in subparagraph (C) shall not apply to

approvals to guarantee, insure, or extend credit, or participate in

the extension of credit in support of United States exports to a

country with respect to which a determination is made under clause

(i), (ii), (iii), or (iv) of subparagraph (A) regarding any

specific event described in such clause if the President determines

and certifies in writing to the Congress not less than 45 days

prior to the date of the first approval following the determination

that it is in the national interest for the Bank to give such

approvals.

(E) The prohibition in subparagraph (C) shall not apply to

approvals to guarantee, insure, or extend credit, or participate in

the extension of credit in support of United States exports to or

by a person with respect to whom a determination is made under

clause (v) of subparagraph (A) regarding any specific event

described in such clause if -

(i) the Secretary of State determines and certifies to the

Congress that the appropriate government has taken the corrective

actions described in subparagraph (B)(ii); or

(ii) the President determines and certifies in writing to the

Congress not less than 45 days prior to the date of the first

approval following the determination that -

(I) reliable information indicates that -

(aa) such person has ceased to aid or abet any

non-nuclear-weapon state to acquire any nuclear explosive

device or to acquire unsafeguarded special nuclear material;

and

(bb) steps have been taken to ensure that the activities

described in item (aa) will not resume; or

(II) the prohibition would have a serious adverse effect on

vital United States interests.

(F) For purposes of this paragraph:

(i) The term ''country'' has the meaning given to ''foreign

state'' in section 1603(a) of title 28.

(ii) The term ''knowingly'' is used within the meaning of the

term ''knowing'' in section 78dd-2(h)(3) of title 15.

(iii) The term ''person'' means a natural person as well as a

corporation, business association, partnership, society, trust,

any other nongovernmental entity, organization, or group, and any

governmental entity operating as a business enterprise, and any

successor of any such entity.

(iv) The term ''nuclear-weapon state'' has the meaning given

the term in Article IX(3) of the Treaty on the Non-Proliferation

of Nuclear Weapons, signed at Washington, London, and Moscow on

July 1, 1968.

(v) The term ''non-nuclear-weapon state'' has the meaning given

the term in section 6305(5) of title 22.

(vi) The term ''nuclear explosive device'' has the meaning

given the term in section 6305(4) of title 22.

(vii) The term ''unsafeguarded special nuclear material'' has

the meaning given the term in section 6305(8) of title 22.

(5) The Bank shall not guarantee, insure, or extend credit, or

participate in the extension of credit in connection with (A) the

purchase of any product, technical data, or other information by a

national or agency of any nation which engages in armed conflict,

declared or otherwise, with the Armed Forces of the United States,

(B) the purchase by any nation (or national or agency thereof) of

any product, technical data, or other information which is to be

used principally by or in any such nation described in clause (A),

or (C) the purchase of any liquid metal fast breeder nuclear

reactor or any nuclear fuel reprocessing facility. The Bank shall

not guarantee, insure, or extend credit, or participate in the

extension of credit in connection with the purchase of any product,

technical data, or other information by a national or agency of any

nation if the President determines that any such transaction would

be contrary to the national interest.

(6)(A) The Bank shall not guarantee, insure, or extend credit, or

participate in an extension of credit in connection with any credit

sale of defense articles and defense services to any country.

(B) Subparagraph (A) shall not apply to any sale of defense

articles or services if -

(i) the Bank is requested to provide a guarantee or insurance

for the sale;

(ii) the President determines that the defense articles or

services are being sold primarily for anti-narcotics purposes;

(iii) section 2291j(e) of title 22 does not apply with respect

to the purchasing country;

(iv) the President determines, in accordance with subparagraph

(C), that the sale is in the national interest of the United

States; and

(v) the Bank determines that, notwithstanding the provision of

a guarantee or insurance for the sale, not more than 5 percent of

the guarantee and insurance authority available to the Bank in

any fiscal year will be used by the Bank to support the sale of

defense articles or services.

(C) In determining whether a sale of defense articles or services

would be in the national interest of the United States, the

President shall take into account whether the sale would -

(i) be consistent with the anti-narcotics policy of the United

States;

(ii) involve the end use of a defense article or service in a

major illicit drug producing or major drug-transit country (as

defined in section 2291(e) of title 22); and

(iii) be made to a country with a democratic form of

government.

(D)(i) The Board shall not give approval to guarantee or insure a

sale of defense articles or services unless -

(I) the President determines, in accordance with subparagraph

(C), that it is in the national interest of the United States for

the Bank to provide such guarantee or insurance;

(II) the President determines, after consultation with the

Assistant Secretary of State for Human Rights and Humanitarian

Affairs, that the purchasing country has complied with all

restrictions imposed by the United States on the end use of any

defense articles or services for which a guarantee or insurance

was provided under subparagraph (B), and has not used any such

defense articles or services to engage in a consistent pattern of

gross violations of internationally recognized human rights; and

(III) such determinations have been reported to the Speaker and

the Committee on Financial Services of the House of

Representatives, and to the Committee on Banking, Housing, and

Urban Affairs and the Committee on Foreign Relations of the

Senate, not less than 25 days of continuous session of the

Congress before the date of such approval.

(ii) For purposes of clause (i), continuity of a session of the

Congress shall be considered as broken only by an adjournment of

the Congress sine die, and the days on which either House is not in

session because of an adjournment of more than 3 days to a day

certain shall be excluded in the computation of the 25-day period

referred to in such clause.

(E) The provision of a guarantee or insurance under subparagraph

(B) shall be deemed to be the provision of security assistance for

purposes of section 2304 of title 22 (relating to governments which

engage in a consistent pattern of gross violations of

internationally recognized human rights).

(F) To the extent that defense articles or services for which a

guarantee or insurance is provided under subparagraph (B) are used

for a purpose other than anti-narcotics purposes, they may be used

only for those purposes for which defense articles and defense

services sold under the Arms Export Control Act (22 U.S.C. 2751 et

seq.) (relating to the foreign military sales program) may be used

under section 4 of such Act (22 U.S.C. 2754).

(G) As used in subparagraphs (B), (C), (D), and (F), the term

''defense articles or services'' means articles, services, and

related technical data that are designated as defense articles and

defense services pursuant to sections 38 and 47(7) of the Arms

Export Control Act (22 U.S.C. 2778, 2794(7)) and listed on the

United States Munitions List (part 121 of title 22 of the Code of

Federal Regulations).

(H) Once in each calendar quarter, the Bank shall submit a report

to the Committee on Banking, Housing, and Urban Affairs of the

Senate, and the Committee on Financial Services of the House of

Representatives on all instances in which the Bank, during the

reporting quarter, guaranteed, insured, or extended credit or

participated in an extension of credit in connection with any

credit sale of an article, service, or related technical data

described in subparagraph (G) that the Bank determined would not be

put to a military use or described in subparagraph (I)(i). Such

report shall include a description of each of the transactions and

the justification for the Bank's actions.

(I)(i) Subparagraph (A) shall not apply to a transaction

involving defense articles or services if -

(I) the Bank determines that -

(aa) the defense articles or services are nonlethal; and

(bb) the primary end use of the defense articles or services

will be for civilian purposes; and

(II) at least 15 calendar days before the date on which the

Board of Directors of the Bank gives final approval to Bank

participation in the transaction, the Bank provides notice of the

transaction to the Committees on Financial Services and on

Appropriations of the House of Representatives and the Committees

on Banking, Housing, and Urban Affairs and on Appropriations of

the Senate.

(ii) Not more than 10 percent of the loan, guarantee, and

insurance authority available to the Bank for a fiscal year may be

used by the Bank to support the sale of defense articles or

services to which subparagraph (A) does not apply by reason of

clause (i) of this subparagraph.

(iii) Not later than September 1 of each fiscal year, the

Comptroller General of the United States, in consultation with the

Bank, shall submit to the Committees on Financial Services and on

Appropriations of the House of Representatives and the Committees

on Banking, Housing, and Urban Affairs and on Appropriations of the

Senate a report on the end uses of any defense articles or services

described in clause (i) with respect to which the Bank provided

support during the second preceding fiscal year.

(7) In no event shall the Bank have outstanding at any time in

excess of 7 1/2 per centum of the limitation imposed by section

635e of this title for such guarantees, insurance, credits or

participation in credits with respect to exports of defense

articles and services to countries which, in the judgment of the

Board of Directors of the Bank, are less developed.

(8) The Bank shall supplement but not compete with private

capital and the programs of the Commodity Credit Corporation to

ensure that adequate financing will be made available to assist the

export of agricultural commodities, except that, consistent with

paragraph (1)(A) of this subsection, the Bank in assisting any such

export transactions shall, in cooperation with the export financing

instrumentalities of other governments, seek to minimize

competition in Government-supported export financing, and shall, in

cooperation with other appropriate United States Government

agencies, seek to reach international agreements to reduce

Government subsidized export financing. In order to carry out the

purposes of this subsection, the Bank shall consult with the

Secretary of Agriculture and where the Secretary of Agriculture has

recommended against Bank financing of the export of a particular

agricultural commodity, shall take such recommendation into

consideration in determining whether to provide credit or other

assistance for any export sale of such commodity, and shall

consider the importance of agricultural commodity exports to the

United States export market and the nation's balance of trade in

deciding whether or not to provide assistance under this

subsection.

(9)(A) The Board of Directors of the Bank shall, in consultation

with the Secretary of Commerce and the Trade Promotion Coordinating

Committee, take prompt measures, consistent with the credit

standards otherwise required by law, to promote the expansion of

the Bank's financial commitments in sub-Saharan Africa under the

loan, guarantee, and insurance programs of the Bank.

(B)(i) The Board of Directors shall establish and use an advisory

committee to advise the Board of Directors on the development and

implementation of policies and programs designed to support the

expansion described in subparagraph (A).

(ii) The advisory committee shall make recommendations to the

Board of Directors on how the Bank can facilitate greater support

by United States commercial banks for trade with sub-Saharan

Africa.

(iii) The advisory committee shall terminate on September 30,

2006.

(10)(A) The Bank shall not, without a specific authorization by

law, guarantee, insure, or extend credit (or participate in the

extension of credit) to -

(i) assist specific countries with balance of payments

financing; or

(ii) assist (as the primary purpose of any such guarantee,

insurance, or credit) any country in the management of its

international indebtedness, other than its outstanding

obligations to the Bank.

(B) Nothing contained in subparagraph (A) shall preclude

guarantees, insurance, or credit the primary purpose of which is to

support United States exports.

(11) Prohibition Relating to Angola. - The Bank may not

guarantee, insure, or extend (or participate in the extension of)

credit in connection with any export of any good (other than food

or an agricultural commodity) or service to the People's Republic

of Angola until the President certifies to the Congress that free

and fair elections have been held in Angola in which all

participants were afforded free and fair access, and that the

government of Angola -

(A) is willing, and is actively seeking, to achieve an

equitable political settlement of the conflict in Angola,

including free and fair elections, through a mutual cease-fire

and a dialogue with the opposition armed forces;

(B) has demonstrated progress in protecting internationally

recognized human rights, and particularly in -

(i) ending, through prosecution or other means, involvement

of members of the military and security forces in political

violence and abuses of internationally recognized human rights;

(ii) vigorously prosecuting persons engaged in political

violence who are connected with the government; and

(iii) bringing to justice those responsible for the

abduction, torture, and murder of citizens of Angola and

citizens of the United States; and

(C) has demonstrated progress in its respect for, and

protection of -

(i) the freedom of the press;

(ii) the freedom of speech;

(iii) the freedom of assembly;

(iv) the freedom of association (including the right to

organize for political purposes);

(v) internationally recognized worker rights; and

(vi) other attributes of political pluralism and democracy.

The President shall include in each report made pursuant to this

paragraph a detailed statement with respect to each of the

conditions set forth in this paragraph. This paragraph shall not

be construed to impose any requirement with respect to Angola that

is more restrictive than any requirement imposed by this section

generally on all other countries.

(12) Prohibition relating to russian transfers of certain missile

systems. - If the President of the United States determines that

the military or Government of the Russian Federation has

transferred or delivered to the People's Republic of China an

SS-N-22 missile system and that the transfer or delivery represents

a significant and imminent threat to the security of the United

States, the President of the United States shall notify the Bank of

the transfer or delivery as soon as practicable. Upon receipt of

the notice and if so directed by the President of the United

States, the Board of Directors of the Bank shall not give approval

to guarantee, insure, extend credit, or participate in the

extension of credit in connection with the purchase of any good or

service by the military or Government of the Russian Federation.

(c) Guarantees, insurance, coinsurance, and reinsurance functions;

fractional charge; aggregate outstanding amount; fees and

premiums; issuance, service and adjustments by agents;

transferability of guarantees

(1) The Bank shall charge fees and premiums commensurate, in the

judgment of the Bank, with risks covered in connection with the

contractual liability that the Bank incurs for guarantees,

insurance, coinsurance, and reinsurance against political and

credit risks of loss.

(2) The Bank may issue such guarantees, insurance, coinsurance,

and reinsurance to or with exporters, insurance companies,

financial institutions, or others, or groups thereof, and where

appropriate may employ any of the same to act as its agent in the

issuance and servicing of such guarantees, insurance, coinsurance,

and reinsurance, and the adjustment of claims arising thereunder.

(3) Transferability of Guarantees. -

(A) In general. - With respect to medium-term and long-term

obligations insured or guaranteed by the Bank after October 15,

1986, the Bank shall authorize the unrestricted transfer of such

obligations by the originating lenders or their transferees to

other lenders without affecting, limiting, or terminating the

guarantee or insurance provided by the Bank.

(B) Guarantee coverage. - For the guarantee program provided

for in this subsection, the Bank may provide up to 100 percent

coverage of the interest and principal if the Board of Directors

determines such coverage to be necessary to ensure acceptance of

Bank guarantees by financial institutions for any transaction in

any export market in which the Bank is open for business.

(d) Equal and nondiscriminatory opportunities for domestic

companies to bid for insurance

(1) In carrying out its responsibilities under this subchapter,

the Bank shall work to ensure that United States companies are

afforded an equal and nondiscriminatory opportunity to bid for

insurance in connection with transactions assisted by the Bank.

(2) Competitive opportunity for insurance companies. - In the

case of any long-term loan or guarantee of not less than

$10,000,000, the Bank shall seek to ensure that United States

insurance companies are accorded a fair and open competitive

opportunity to provide insurance against risk of loss in connection

with any transaction with respect to which such loan or guarantee

is provided.

(3) Responsive actions. - If the Bank becomes aware that a fair

and open competitive opportunity is not accorded to any United

States insurance company in a foreign country with respect to which

the Bank is considering a loan or guarantee, the Bank -

(A) may approve or deny the loan or guarantee after considering

whether such action would be likely to achieve competitive access

for United States insurance companies; and

(B) shall forward information regarding any foreign country

that denies United States insurance companies a fair and open

competitive opportunity to the Secretary of Commerce and to the

United States Trade Representative for consideration of a

recommendation to the President that access by such country to

export credit of the United States should be restricted.

(4) Notice of approval. - If the Bank approves a loan or

guarantee with respect to a foreign country notwithstanding

information regarding denial by that foreign country of competitive

opportunities for United States insurance companies, the Bank shall

include notice of such approval and the reason for such approval in

the report on competition in officially supported export credit

required under subsection (b)(1)(A) of this section.

(5) Definitions. - For purposes of this section -

(A) the term ''United States insurance company'' -

(i) includes an individual, partnership, corporation, holding

company, or other legal entity which is authorized (or in the

case of a holding company, subsidiaries of which are

authorized) by a State to engage in the business of issuing

insurance contracts or reinsuring the risk underwritten by

insurance companies; and

(ii) includes foreign operations, branches, agencies,

subsidiaries, affiliates, or joint ventures of any entity

described in clause (i); and

(B) the term ''fair and open competitive opportunity'' means,

with respect to the provision of insurance by a United States

insurance company, that the company -

(i) has received notice of the opportunity to provide such

insurance; and

(ii) has been evaluated for such opportunity on a

nondiscriminatory basis.

(e) Limitation on assistance which adversely affects the United

States

(1) In general. - The Bank may not extend any direct credit or

financial guarantee for establishing or expanding production of any

commodity for export by any country other than the United States,

if -

(A) the Bank determines that -

(i) the commodity is likely to be in surplus on world markets

at the time the resulting commodity will first be sold; or

(ii) the resulting production capacity is expected to compete

with United States production of the same, similar, or

competing commodity; and

(B) the Bank determines that the extension of such credit or

guarantee will cause substantial injury to United States

producers of the same, similar, or competing commodity.

(2) Outstanding orders and preliminary injury determinations. -

(A) Orders. - The Bank shall not provide any loan or guarantee

to an entity for the resulting production of substantially the

same product that is the subject of -

(i) a countervailing duty or antidumping order under title

VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.); or

(ii) a determination under title II of the Trade Act of 1974

(19 U.S.C. 2251 et seq.).

(B) Affirmative determination. - Within 60 days after June 14,

2002, the Bank shall establish procedures regarding loans or

guarantees provided to any entity that is subject to a

preliminary determination of a reasonable indication of material

injury to an industry under title VII of the Tariff Act of 1930.

The procedures shall help to ensure that these loans and

guarantees are likely to not result in a significant increase in

imports of substantially the same product covered by the

preliminary determination and are likely to not have a

significant adverse impact on the domestic industry. The Bank

shall report to the Committee on Financial Services of the House

of Representatives and the Committee on Banking, Housing, and

Urban Affairs of the Senate on the implementation of these

procedures.

(C) Comment period. - The Bank shall establish procedures under

which the Bank shall notify interested parties and provide a

comment period with regard to loans or guarantees reviewed

pursuant to subparagraph (B) or (D).

(D) Consideration of investigations under title ii of the trade

act of 1974. - In making any determination under paragraph (1)

for a transaction involving more than $10,000,000, the Bank shall

consider investigations under title II of the Trade Act of 1974

that have been initiated at the request of the President of the

United States, the United States Trade Representative, the

Committee on Finance of the Senate, or the Committee on Ways and

Means of the House of Representatives, or by the International

Trade Commission on its own motion.

(3) Exception. - Paragraphs (1) and (2) shall not apply in any

case where, in the judgment of the Board of Directors of the Bank,

the short- and long-term benefits to industry and employment in the

United States are likely to outweigh the short- and long-term

injury to United States producers and employment of the same,

similar, or competing commodity.

(4) Definition. - For purposes of paragraph (1)(B), the extension

of any credit or guarantee by the Bank will cause substantial

injury if the amount of the capacity for production established, or

the amount of the increase in such capacity expanded, by such

credit or guarantee equals or exceeds 1 percent of United States

production.

(f) Authority to deny application for assistance based on fraud or

corruption by party involved in the transaction

In addition to any other authority of the Bank, the Bank may deny

an application for assistance with respect to a transaction if the

Bank has substantial credible evidence that any party to the

transaction or any party involved in the transaction has committed

an act of fraud or corruption in connection with the transaction.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 2, 59 Stat. 526; Dec. 28, 1945, ch.

602, 59 Stat. 666; June 9, 1947, ch. 101, Sec. 1, 61 Stat. 130; May

21, 1953, ch. 64, Sec. 1, 67 Stat. 28; Pub. L. 87-311, Sept. 26,

1961, 75 Stat. 673; Pub. L. 88-101, Sec. 1(a), Aug. 20, 1963, 77

Stat. 128; Pub. L. 90-267, Sec. 1(a)-(c), Mar. 13, 1968, 82 Stat.

47-49; Pub. L. 92-126, Sec. 1(b)(1), (2), (5), (6), Aug. 17, 1971,

85 Stat. 345, 346; Pub. L. 93-646, Sec. 2-6, 13, Jan. 4, 1975, 88

Stat. 2333-2335, 2337; Pub. L. 95-143, Sec. 1-3, Oct. 26, 1977, 91

Stat. 1210; Pub. L. 95-630, title XIX, Sec. 1902-1904, 1907(a),

1909, 1910, 1915, 1916, Nov. 10, 1978, 92 Stat. 3724-3727; Pub. L.

96-470, title II, Sec. 210, Oct. 19, 1980, 94 Stat. 2245; Pub. L.

98-181, title VI, Sec. 612, 616(a), 617, 618(a), (c), 619(b)-(d),

620(a), 622, Nov. 30, 1983, 97 Stat. 1255, 1257, 1258, 1260, 1261;

Pub. L. 99-440, title II, Sec. 204, Oct. 2, 1986, 100 Stat. 1096;

Pub. L. 99-472, Sec. 2-11, 20(a), Oct. 15, 1986, 100 Stat.

1200-1203, 1209; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat.

2095; Pub. L. 100-418, title III, Sec. 3304, Aug. 23, 1988, 102

Stat. 1384; Pub. L. 100-690, title IV, Sec. 4703, Nov. 18, 1988,

102 Stat. 4293; Pub. L. 101-240, title I, Sec. 101(a), (c), (d),

102, Dec. 19, 1989, 103 Stat. 2493-2495; Pub. L. 101-513, title V,

Sec. 562(part), Nov. 5, 1990, 104 Stat. 2031; Pub. L. 101-623, Sec.

16, Nov. 21, 1990, 104 Stat. 3357; Pub. L. 102-145, Sec. 121(2),

(3), Oct. 28, 1991, as added Pub. L. 102-266, Sec. 102, Apr. 1,

1992, 106 Stat. 95; Pub. L. 102-429, title I, Sec. 104, 105, 107,

109(a), 110-112(d), 114, 116, 121(a), Oct. 21, 1992, 106 Stat.

2189, 2190, 2193-2196, 2198; Pub. L. 102-583, Sec. 6(c), 12(a),

(c)(1)(A), Nov. 2, 1992, 106 Stat. 4932, 4935; Pub. L. 103-149,

Sec. 4(b)(5), Nov. 23, 1993, 107 Stat. 1505; Pub. L. 103-236, title

VIII, Sec. 825, Apr. 30, 1994, 108 Stat. 514; Pub. L. 103-428, Sec.

1(a), (b), Oct. 31, 1994, 108 Stat. 4375; Pub. L. 103-447, title I,

Sec. 102(a), Nov. 2, 1994, 108 Stat. 4693; Pub. L. 104-201, div.

A, title XIII, Sec. 1303(a), Sept. 23, 1996, 110 Stat. 2702; Pub.

L. 105-121, Sec. 5, 7(a), 9-12, Nov. 26, 1997, 111 Stat. 2529,

2530; Pub. L. 106-569, title XI, Sec. 1103(d)(1), 1104(a)(1), (2),

Dec. 27, 2000, 114 Stat. 3031; Pub. L. 107-189, Sec. 2, 6(a), (b),

7-8(b), 11, 13, 15-19, 21, 24(a)(1)-(2)(D), (b)(1)-(3), June 14,

2002, 116 Stat. 698, 700, 704-709.)

-STATAMEND-

AMENDMENT OF SECTION

For termination of amendment by section 1(c) of Pub. L.

103-428, see Effective and Termination Dates of 1994 Amendments

note below.

-REFTEXT-

REFERENCES IN TEXT

The Federal Credit Reform Act of 1990, referred to in subsec.

(b)(1)(B), is title V of Pub. L. 93-344, as added by Pub. L.

101-508, title XIII, Sec. 13201(a), Nov. 5, 1990, 104 Stat.

1388-609, which is classified generally to subchapter III (Sec. 661

et seq.) of chapter 17A of Title 2, The Congress. For complete

classification of this Act to the Code, see Short Title note set

out under section 621 of Title 2 and Tables.

The Foreign Corrupt Practices Act of 1977, referred to in subsec.

(b)(1)(B), (L), is title I of Pub. L. 95-213, Dec. 19, 1977, 91

Stat. 1494, as amended, which enacted sections 78dd-1 to 78dd-3 of

Title 15, Commerce and Trade, and amended sections 78m and 78ff of

Title 15. For complete classification of this Act to the Code, see

Short Title of 1977 Amendment note set out under section 78a of

Title 15 and Tables.

The Arms Export Control Act, referred to in subsec. (b)(1)(B),

(L), (6)(F), is Pub. L. 90-629, Oct. 22, 1968, 82 Stat. 1320, as

amended, which is classified principally to chapter 39 (Sec. 2751

et seq.) of Title 22, Foreign Relations and Intercourse. For

complete classification of this Act to the Code, see Short Title

note set out under section 2751 of Title 22 and Tables.

The International Emergency Economic Powers Act, referred to in

subsec. (b)(1)(B), (L), is title II of Pub. L. 95-223, Dec. 28,

1977, 91 Stat. 1626, as amended, which is classified generally to

chapter 35 (Sec. 1701 et seq.) of Title 50, War and National

Defense. For complete classification of this Act to the Code, see

Short Title note set out under section 1701 of Title 50 and Tables.

The Export Administration Act of 1979, referred to in subsec.

(b)(1)(B), (L), is Pub. L. 96-72, Sept. 29, 1979, 93 Stat. 503, as

amended, which is classified principally to section 2401 et seq. of

Title 50, Appendix, War and National Defense. For complete

classification of this Act to the Code, see Short Title note set

out under section 2401 of Title 50, Appendix, and Tables.

Section 2151q of title 22, referred to in subsec. (b)(1)(C), was

repealed by Pub. L. 96-533, title III, Sec. 304(g), Dec. 16, 1980,

94 Stat. 3147. See section 2151d(a)(2), (b)(2), (c) of Title 22,

Foreign Relations and Intercourse.

The Tariff Act of 1930, referred to in subsec. (e)(2)(A)(i), (B),

is act June 17, 1930, ch. 497, 46 Stat. 590, as amended. Title VII

of the Act is classified generally to subtitle IV (Sec. 1671 et

seq.) of chapter 4 of Title 19, Customs Duties. For complete

classification of this Act to the Code, see section 1654 of Title

19 and Tables.

The Trade Act of 1974, referred to in subsec. (e)(2)(A)(ii), (D),

is Pub. L. 93-618, Jan. 3, 1975, 88 Stat. 1978, as amended. Title

II of the Act is classified generally to subchapter II (Sec. 2251

et seq.) of chapter 12 of Title 19, Customs Duties. For complete

classification of this Act to the Code, see section 2101 of Title

19 and Tables.

-COD-

CODIFICATION

Section 1(c) of Pub. L. 90-267 added pars. (2) to (5) of subsec.

(b) and another section of Pub. L. 90-267 also designated 1(c)

substituted ''$3,500,000,000'' for ''$2,000,000,000'' in subsec.

(c)(1). See, also, 1968 Amendments hereunder.

-MISC3-

AMENDMENTS

2002 - Subsec. (a)(1). Pub. L. 107-189, Sec. 2, substituted ''The

objects and purposes of the Bank shall be to aid in financing and

to facilitate exports of goods and services, imports, and the

exchange of commodities and services between the United States or

any of its territories or insular possessions and any foreign

country or the agencies or nationals of any such country, and in so

doing to contribute to the employment of United States workers.

The Bank's objective in authorizing loans, guarantees, insurance,

and credits shall be to contribute to maintaining or increasing

employment of United States workers.'' for ''The objects and

purposes of the bank shall be to aid in financing and to facilitate

exports and imports and the exchange of commodities and services

between the United States or any of its Territories or insular

possessions and any foreign country or the agencies or nationals

thereof.''

Subsec. (b)(1)(A). Pub. L. 107-189, Sec. 11, 13(b), substituted

''not later than June 30 of each year'' for ''on an annual basis''

in fourth sentence, inserted ''(including through use of market

windows)'' after ''which foreign exporters compete with the United

States exporters'' in fifth sentence, inserted ''With respect to

the preceding sentence, the Bank shall use all available

information to estimate the annual amount of export financing

available from each government and government-related agency.''

after fifth sentence, and inserted at end ''The Bank shall include

in the annual report a description of all Bank transactions which

shall be classified according to their principal purpose, such as

to correct a market failure or to provide matching support. The

Bank shall include in the annual report a description of the

efforts undertaken under subparagraph (K).''

Subsec. (b)(1)(B). Pub. L. 107-189, Sec. 15, 17, 21, 24(a)(1),

substituted ''Committee on Financial Services of the House of

Representatives'' for ''Committee on Banking and Financial Services

of the House of Representatives'' and inserted ''(including, when

relevant, a foreign nation's lack of cooperation in efforts to

eradicate terrorism)'' after ''international terrorism'', ''the

enforcement of the Foreign Corrupt Practices Act of 1977, the Arms

Export Control Act, the International Emergency Economic Powers

Act, or the Export Administration Act of 1979,'' after ''nuclear

proliferation,'' and ''(such as are provided in the Universal

Declaration of Human Rights adopted by the United Nations General

Assembly on December 10, 1948)'' after ''human rights''.

Subsec. (b)(1)(E)(iii)(II). Pub. L. 107-189, Sec. 7(b), inserted

'', with particular emphasis on conducting outreach and increasing

loans to socially and economically disadvantaged small business

concerns (as defined in section 637(a)(4) of title 15), small

business concerns (as defined in section 632(a) of title 15) owned

by women, and small business concerns (as defined in section 632(a)

of title 15) employing fewer than 100 employees,'' after ''Bank''.

Subsec. (b)(1)(E)(v). Pub. L. 107-189, Sec. 7(a), substituted

''20 percent'' for ''10 percent''.

Subsec. (b)(1)(E)(x). Pub. L. 107-189, Sec. 8(a), added cl. (x).

Subsec. (b)(1)(H)(ii), (iii). Pub. L. 107-189, Sec. 24(b)(1),

made technical amendment to reference in original act which appears

in text as reference to section 5402 of title 22.

Subsec. (b)(1)(J). Pub. L. 107-189, Sec. 8(b), added subpar. (J).

Subsec. (b)(1)(K). Pub. L. 107-189, Sec. 13(a), added subpar.

(K).

Subsec. (b)(1)(L). Pub. L. 107-189, Sec. 19, added subpar. (L).

Subsec. (b)(6)(D)(i)(III). Pub. L. 107-189, Sec. 24(a)(2)(A),

substituted ''Committee on Financial Services of the House of

Representatives'' for ''Committee on Banking, Finance and Urban

Affairs of the House of Representatives''.

Subsec. (b)(6)(E). Pub. L. 107-189, Sec. 24(b)(3), substituted

''internationally'' for ''international''.

Subsec. (b)(6)(H). Pub. L. 107-189, Sec. 24(a)(2)(B), substituted

''Committee on Financial Services of the House of Representatives''

for ''Committee on Banking, Finance and Urban Affairs of the House

of Representatives''.

Subsec. (b)(6)(I)(i)(II), (iii). Pub. L. 107-189, Sec.

24(a)(2)(C), (D), substituted ''Committees on Financial Services''

for ''Committees on Banking, Finance and Urban Affairs''.

Subsec. (b)(9)(A). Pub. L. 107-189, Sec. 6(b), inserted '', in

consultation with the Secretary of Commerce and the Trade Promotion

Coordinating Committee,'' after ''shall''.

Subsec. (b)(9)(B)(iii). Pub. L. 107-189, Sec. 6(a), amended cl.

(iii) generally. Prior to amendment, cl. (iii) read as follows:

''The advisory committee shall terminate 4 years after November 26,

1997.''

Subsec. (b)(12). Pub. L. 107-189, Sec. 24(b)(2), realigned

margins.

Subsec. (e)(2) to (4). Pub. L. 107-189, Sec. 18, substituted

''Paragraphs (1) and (2)'' for ''Paragraph (1)'' in par. (2), added

a new par. (2), and redesignated former pars. (2) and (3) as (3)

and (4), respectively.

Subsec. (f). Pub. L. 107-189, Sec. 16, added subsec. (f).

2000 - Subsec. (b)(1)(A). Pub. L. 106-569, Sec. 1103(d)(1),

substituted ''The Bank shall, on an annual basis, report'' for

''The Bank shall, on a annual basis, report'' and inserted at end

''The annual report required under this subparagraph shall include

the report required under section 635i-3(g) of this title.''

Subsec. (b)(1)(D). Pub. L. 106-569, Sec. 1104(a)(1), struck out

''(i)'' after ''(D)'' and struck out cl. (ii) which read as

follows: ''The Bank shall include in its annual report a summary of

its programs regarding the export of services.''

Subsec. (b)(8). Pub. L. 106-569, Sec. 1104(a)(2), struck out at

end ''The Bank shall include in the report to Congress under

section 635g(a) of this title a description of the measures

undertaken by it pursuant to this subsection.''

1997 - Subsec. (b)(1)(A). Pub. L. 105-121, Sec. 10, in first

sentence, substituted ''real income, a commitment to reinvestment

and job creation, and the increased development of the productive

resources of the United States'' for ''real income and to the

increased development of the productive resources of the United

States''.

Subsec. (b)(1)(B). Pub. L. 105-121, Sec. 11, inserted

''(including child labor)'' after ''human rights'' in penultimate

sentence.

Pub. L. 105-121, Sec. 5(2), inserted at end ''Each such

determination shall be delivered in writing to the President of the

Bank, shall state that the determination is made pursuant to this

section, and shall specify the applications or categories of

applications for credit which should be denied by the Bank in

furtherance of the national interest.''

Pub. L. 105-121, Sec. 5(1), in penultimate sentence, inserted '',

after consultation with the Committee on Banking and Financial

Services of the House of Representatives and the Committee on

Banking, Housing, and Urban Affairs of the Senate,'' after

''President''.

Subsec. (b)(1)(I). Pub. L. 105-121, Sec. 9, added subpar. (I).

Subsec. (b)(9). Pub. L. 105-121, Sec. 7(a), added par. (9).

Subsec. (b)(12). Pub. L. 105-121, Sec. 12, added par. (12).

1996 - Subsec. (b)(4). Pub. L. 104-201 amended par. (4)

generally, restating provisions of former single par. as subpars.

(A) to (F) with addition of provisions relating to persons

knowingly aiding or abetting non-nuclear-weapon states to acquire

nuclear explosive devices or unsafeguarded special nuclear material

and requiring Secretary of State to initiate consultations with

governments having jurisdiction over such persons.

1994 - Subsec. (b)(4). Pub. L. 103-236 inserted ''(as defined in

section 6305(4) of title 22), or that any country has willfully

aided or abetted any non-nuclear-weapon state (as defined in

section 6305(5) of title 22) to acquire any such nuclear explosive

device or to acquire unsafeguarded special nuclear material (as

defined in section 6305(8) of title 22).'' after ''device'' at end

of first sentence.

Subsec. (b)(6)(C)(ii). Pub. L. 103-447 substituted ''defined in

section 2291(e) of title 22'' for ''determined under section

2291j(h) or 2291(e), as appropriate, of title 22''.

Subsec. (b)(6)(H). Pub. L. 103-428, Sec. 1(b), (c), temporarily

inserted ''or described in subparagraph (I)(i)'' before period at

end of first sentence. See Effective and Termination Dates of 1994

Amendments note below.

Subsec. (b)(6)(I). Pub. L. 103-428, Sec. 1(a), (c), temporarily

added subpar. (I). See Effective and Termination Dates of 1994

Amendments note below.

1993 - Subsec. (b)(9). Pub. L. 103-149 struck out par. (9) which

prohibited the Bank from taking certain actions with respect to

business affecting Republic of South Africa.

1992 - Subsec. (a)(3). Pub. L. 102-429, Sec. 121(a)(1), struck

out ''(A) In general. - '' before ''To enhance the medium-term'',

redesignated cls. (i) to (iv) as subpars. (A) to (D), respectively,

and struck out former subpar. (B) which read as follows: ''Report

required. - Not later than April 15, 1988, the Bank shall transmit

a report to the Congress analyzing the measures adopted to enhance

medium-term financing.''

Subsec. (b)(1)(A). Pub. L. 102-429, Sec. 121(a)(2), added

sentence at end and struck out former last sentence which read as

follows: ''The Bank shall also include in the annual report a

description of each loan by the Bank involving the export of any

product or service related to the production, refining or

transportation of any type of energy or the development of any

energy resource with a statement assessing the impact, if any, on

the availability of such products, services, or energy supplies

thus developed for use within the United States.''

Subsec. (b)(1)(B). Pub. L. 102-429, Sec. 104, inserted after

first semicolon in fifth sentence ''that the Bank, in determining

whether to provide support for a transaction under the loan,

guarantee, or insurance program, or any combination thereof, shall

consider the need to involve private capital in support of United

States exports as well as the cost of the transaction as calculated

in accordance with the requirements of the Federal Credit Reform

Act of 1990;''.

Subsec. (b)(1)(E)(v). Pub. L. 102-429, Sec. 121(a)(3),

substituted ''not less than 10 percent of such authority for each

fiscal year.'' for ''not less than -

''(I) 6 per centum of such authority for fiscal year 1984;

''(II) 8 per centum of such authority for fiscal year 1985; and

''(III) 10 per centum of such authority for fiscal year 1986

and thereafter.''

Pub. L. 102-429, Sec. 116, inserted ''directly'' after ''to

finance exports''.

Subsec. (b)(1)(H). Pub. L. 102-429, Sec. 114, added subpar. (H).

Subsec. (b)(2)(B). Pub. L. 102-429, Sec. 110, amended subpar. (B)

generally. Prior to amendment, subpar. (B) read as follows:

''(i) In general. - For the purposes of this paragraph, the term

'Marxist-Leninist country' means any country which -

''(I) maintains a centrally planned economy based on the

principles of Marxist-Leninism, or

''(II) is economically and militarily dependent on the Union of

Soviet Socialist Republics or on any other Marxist-Leninist

country.

''(ii) Specific countries deemed to be marxist-leninist. - Unless

otherwise determined by the President in the manner provided in

subparagraph (C), the following countries are deemed to be

Marxist-Leninist countries for purposes of this paragraph:

''Cambodian People's Republic.

''Cooperative Republic of Guyana.

''Czechoslovak Socialist Republic.

''Democratic People's Republic of Korea.

''Democratic Republic of Afghanistan.

''Estonia.

''German Democratic Republic.

''Hungarian People's Republic.

''Lao People's Democratic Republic.

''Latvia.

''Lithuania.

''Mongolian People's Republic.

''People's Democratic Republic of Yemen.

''People's Republic of Albania.

''People's Republic of Angola.

''People's Republic of Benin.

''People's Republic of Bulgaria.

''People's Republic of China.

''People's Republic of the Congo.

''People's Republic of Mozambique.

''Polish People's Republic.

''Republic of Cuba.

''Republic of Nicaragua.

''Socialist Ethiopia.

''Socialist Federal Republic of Yugoslavia.

''Socialist Republic of Romania.

''Socialist Republic of Vietnam.

''Surinam.

''Tibet.

''Union of Soviet Socialist Republics (including its captive

constituent republics).''

Subsec. (b)(6)(A). Pub. L. 102-583, Sec. 12(c)(1)(A), which

directed the substitution of '', except as otherwise provided in

subparagraph (B).'' for ''designated'' and all that follows through

the end of the subparagraph could not be executed because the words

did not appear subsequent to the amendment by Pub. L. 102-429, Sec.

112(d)(1). See below.

Pub. L. 102-429, Sec. 112(d)(1), struck out before period at end

''designated under section 4916 of title 26 as an economically less

developed country for purposes of the tax imposed by section 4911

of title 26. The prohibitions set forth in this subparagraph shall

not apply with respect to any transaction the consummation of which

the President determines would be in the national interest and

reports such determination (within thirty days after making the

same) to the Senate and House of Representatives. In making any

such determination the President shall take into account, among

other considerations, the national interest in avoiding arms races

among countries not directly menaced by the Soviet Union or by

Communist China; in avoiding arming military dictators who are

denying social progress to their own peoples; and in avoiding

expenditures by developing countries of scarce foreign exchange

needed for peaceful economic progress''.

Subsec. (b)(6)(B). Pub. L. 102-429, Sec. 112(d)(2)(A), struck out

'', and section 32 of the Arms Export Control Act,'' after

''Subparagraph (A)''.

Subsec. (b)(6)(B)(iii). Pub. L. 102-583, Sec. 6(c)(1),

substituted ''section 2291j(e) of title 22'' for ''section

2291(h)(5) of title 22''.

Subsec. (b)(6)(B)(iv), (v). Pub. L. 102-429, Sec. 112(a)(1), (2),

(d)(2)(B), inserted ''and'' at end of cl. (iv) and substituted

''articles or services.'' for ''articles and services; and'' at end

of cl. (v).

Subsec. (b)(6)(B)(vi). Pub. L. 102-583, Sec. 12(a), which

directed the substitution of ''1997'' for ''1992'' in cl. (vi),

could not be executed because cl. (vi) was struck out by Pub. L.

102-429, Sec. 112(a)(3). See below.

Pub. L. 102-429, Sec. 112(a)(3), struck out cl. (vi) which read

as follows: ''the sale is made on or before September 30, 1992.''

Subsec. (b)(6)(C)(ii). Pub. L. 102-583, Sec. 6(c)(2), substituted

''determined under section 2291j(h) or 2291(e), as appropriate, of

title 22'' for ''defined in section 2291(i) of title 22''.

Subsec. (b)(6)(D)(i). Pub. L. 102-429, Sec. 112(b), (d)(3),

struck out ''and'' at end of subcl. (I), added subcl. (II),

redesignated former subcl. (II) as (III), and substituted

''determinations have'' for ''determination has'' in subcl. (III).

Subsec. (b)(6)(D)(ii). Pub. L. 102-429, Sec. 112(d)(4),

substituted ''clause'' for ''sentence'' before period at end.

Subsec. (b)(6)(G). Pub. L. 102-429, Sec. 112(d)(5), substituted

''or services'' for ''and services''.

Subsec. (b)(6)(H). Pub. L. 102-429, Sec. 112(c), added subpar.

(H).

Subsec. (b)(11), (12). Pub. L. 102-429, Sec. 111, redesignated

par. (12) as (11), substituted ''The President'' for

''Notwithstanding any determination by the President under

paragraph (2) or (11), the'', and struck out former par. (11) which

read as follows: ''Prohibition Relating to Angola. -

Notwithstanding any determination by the President under paragraph

(2), the Bank may not guarantee, insure, or extend credit (or

participate in the extension of credit) in connection with any

export of goods or services, except food or agricultural

commodities, to the People's Republic of Angola until the President

certifies to the Congress that no combatant forces or military

advisors of the Republic of Cuba or of any other Marxist-Leninist

country (as such term is defined in paragraph (2)(B)) remain in

Angola.''

Subsec. (c)(1). Pub. L. 102-429, Sec. 109(a), amended par. (1)

generally. Prior to amendment, par. (1) read as follows: ''The

Bank is authorized and empowered to charge against the limitations

imposed by section 635e of this title, not less than 25 per centum

of the related contractual liability which the Bank incurs for

guarantees, insurance, coinsurance, and reinsurance against

political and credit risks of loss. The aggregate amount of

guarantees, insurance, coinsurance, and reinsurance which may be

charged on this fractional basis pursuant to this section shall not

exceed $25,000,000,000 outstanding at any one time. Fees and

premiums shall be charged in connection with such contracts

commensurate, in the judgment of the Bank, with risks covered.''

Subsec. (c)(3). Pub. L. 102-429, Sec. 105, designated existing

provisions as subpar. (A), inserted heading, and added subpar. (B).

Subsec. (d)(2) to (5). Pub. L. 102-429, Sec. 107, added pars. (2)

to (5) and struck out former pars. (2) and (3) which read as

follows:

''(2) In furtherance of such effort, the Chairman of the Bank

shall review Bank policies and programs in regard to this issue,

and in coordination with the United States Trade Representative and

the appropriate agencies of the Department of State, the Department

of the Treasury, and the Department of Commerce, undertake actions

designed to promote equal and nondiscriminatory opportunities to

bid for insurance in connection with all aspects of international

trade activities.

''(3) The Bank shall report to the Committee or Banking, Finance

and Urban Affairs of the House of Representatives and the Committee

on Banking, Housing, and Urban Affairs of the Senate not later than

May 15, 1984, regarding -

''(A) the existing obstacles to equal and nondiscriminatory

bidding for insurance related to transactions assisted by the

Bank;

''(B) the efforts that the Bank has taken in addressing such

problems; and

''(C) recommendations for such legislative or administrative

actions as the Bank considers necessary.''

Subsec. (f). Pub. L. 102-429, Sec. 121(a)(4), struck out subsec.

(f) which related to interest subsidy payments.

1991 - Subsec. (b)(3). Pub. L. 102-145, Sec. 121(2), (3), as

added by Pub. L. 102-266, amended par. (3) in introductory

provisions by redesignating cl. (iii) as (ii) and striking out

''(ii) in an amount which equals or exceeds $25,000,000 for the

export of goods or services involving research, exploration, or

production of fossil fuel energy resources in the Union of Soviet

Socialist Republics,''.

1990 - Subsec. (b)(6)(B)(vi). Pub. L. 101-513 and Pub. L. 101-623

amended cl. (vi) identically, substituting ''1992'' for ''1990''.

1989 - Subsec. (a)(1). Pub. L. 101-240, Sec. 101(c), substituted

''Subject to regulations which the Bank shall issue pursuant to

section 553 of title 5, the Bank may'' for ''The Bank may'' in

sixth sentence and inserted before period '', and may accept

reimbursement for travel and subsistence expenses incurred by a

director, officer, or employee of the Bank, in accordance with

subchapter I of chapter 57 of title 5'' and inserted before period

in seventh sentence ''and shall be offset against the expenses of

the Bank for such activities''.

Subsec. (b)(6)(G). Pub. L. 101-240, Sec. 101(d), substituted

''subparagraphs (B), (C), (D), and (F)'' for ''this paragraph''.

Subsec. (b)(12). Pub. L. 101-240, Sec. 102, added par. (12).

Subsec. (f)(2). Pub. L. 101-240, Sec. 101(a)(1), redesignated

par. (3) as (2) and struck out former par. (2) which read as

follows: ''Authority to make payments subject to minimum amount of

direct loan authority. - The authority to enter into commitments to

make interest subsidy payments under paragraph (1) shall be

effective for any fiscal year only if the aggregate principal

amount of direct loans the Bank may obligate in such fiscal year is

equal to or greater than $700,000,000.''

Subsec. (f)(3). Pub. L. 101-240, Sec. 101(a)(1), (2),

redesignated par. (4) as (3) and amended it generally. Prior to

amendment, such par. read as follows:

''(A) In general. - Subject to subparagraph (B), there are

authorized to be appropriated to the Bank, for any fiscal year

beginning after fiscal year 1986, such sums as may be necessary to

carry out the purposes of this subsection.

''(B) Budget scoring. - No amount is authorized to be

appropriated for commitments to make interest subsidy payments on

loans for which the Bank extends a loan guarantee commitment if any

amount of such loan guarantee commitment is scored as budget

authority in any estimate of budget authority prepared pursuant to

any provision of the Congressional Budget and Impoundment Control

Act of 1974.'' Former par. (3) redesignated (2).

Subsec. (f)(4), (5). Pub. L. 101-240, Sec. 101(a)(1), (3),

redesignated par. (5) as (4) and substituted ''1991'' for ''1988''.

Former par. (4) redesignated (3).

1988 - Subsec. (b)(6). Pub. L. 100-690 designated existing

provision as subpar. (A), substituted ''subparagraph'' for

''paragraph'', and added subpars. (B) to (G).

Subsec. (e)(1)(A)(i). Pub. L. 100-418, Sec. 3304(a), substituted

''commodity will first be sold'' for ''productive capacity is

expected to become operative''.

Subsec. (e)(2). Pub. L. 100-418, Sec. 3304(b), substituted

''short- and long-term injury'' for ''injury'' and ''producers and

employment'' for ''producers''.

Subsec. (e)(3). Pub. L. 100-418, Sec. 3304(c), added par. (3).

1986 - Subsec. (a)(1). Pub. L. 99-472, Sec. 2, inserted

provisions which related to imposition and collection of reasonable

fees by Bank to cover costs of conferences and seminars sponsored,

and publications provided, by Bank, and credit of amounts thus

received to fund which initially paid for such activities.

Subsec. (a)(3). Pub. L. 99-472, Sec. 4, added par. (3).

Subsec. (b)(1)(B). Pub. L. 99-472, Sec. 3, 5, substituted ''need

not be identical in all respects to those'' for ''need not be

equivalent to those'' and inserted provisions which prohibited Bank

from imposing credit application fee unless Bank's fee is

competitive with average fee charged by Bank's primary foreign

competitors, and option of paying fee at outset of, or over life

of, loan is given to borrower or exporter, and present value of fee

determined under either option is same amount.

Subsec. (b)(1)(E)(ix). Pub. L. 99-472, Sec. 6, added cl. (ix).

Subsec. (b)(1)(G). Pub. L. 99-472, Sec. 7, added subpar. (G).

Subsec. (b)(2). Pub. L. 99-472, Sec. 8, amended par. (2)

generally. Prior to amendment, par. (2) read as follows: ''The

Bank in the exercise of its functions shall not guarantee, insure,

or extend credit, or participate in any extension of credit -

''(A) in connection with the purchase or lease of any product

by a Communist country (as defined in section 2370(f) of title

22), or agency, or national thereof, or

''(B) in connection with the purchase or lease of any product

by any other foreign country, or agency or national thereof, if

the product to be purchased or leased by such other country,

agency, or national is, to the knowledge of the Bank, principally

for use in, or sale or lease to, a Communist country (as so

defined),

unless the President determines that guarantees, insurance, or

extensions of credit in connection therewith to such Communist or

such other country or agency or national thereof would be in the

national interest. The President shall make a separate

determination with respect to each transaction in which the bank

would extend a loan to such Communist or other country, or agency,

or national thereof an amount of $50,000,000 or more. Any

determination required under the first sentence of this paragraph

shall be reported to the Congress not later than the earlier of

thirty days following the date of such determination, or the date

on which the Bank takes final action on a transaction which is the

first transaction involving such country or agency or national

after January 4, 1975, unless a determination with respect to such

country or agency or national has been made and reported prior to

January 4, 1975. Any determination required to be made under the

second sentence of this paragraph shall be reported to the Congress

not later than the earlier of thirty days following the date of

such determination or the date on which the Bank takes final action

on the transaction involved.''

Subsec. (b)(6). Pub. L. 99-514 substituted ''Internal Revenue

Code of 1986'' for ''Internal Revenue Code of 1954'', which for

purposes of codification was translated as ''title 26'' thus

requiring no change in text.

Subsec. (b)(9). Pub. L. 99-440 designated existing provisions of

par. (9) as subpar. (A), substituted ''Except as provided in

subparagraph (B), in no event'' for ''In no event'', and added

subpar. (B).

Subsec. (b)(11). Pub. L. 99-472, Sec. 9, added par. (11).

Subsec. (c)(3). Pub. L. 99-472, Sec. 10, added par. (3).

Subsecs. (e), (f). Pub. L. 99-472, Sec. 11, 20(a), added subsecs.

(e) and (f).

1983 - Subsec. (a)(1). Pub. L. 98-181, Sec. 616(a)(1),

substituted ''the exchange of commodities and services'' for ''the

exchange of commodities''.

Subsec. (a)(2). Pub. L. 98-181, Sec. 622, added par. (2).

Subsec. (b)(1)(A). Pub. L. 98-181, Sec. 612(a), 616(a)(2), in

second sentence inserted ''in all its programs'' after ''To meet

this objective'', inserted ''fully'' after ''other conditions which

are'', and substituted ''exports of goods and services'' for

''exports''.

Subsec. (b)(1)(B). Pub. L. 98-181, Sec. 612(b), (c), 618(a)(1),

substituted provisions that loans under this section shall bear

interest at rates consistent with the Bank's mandate to support

exports at rates and on terms and conditions which are fully

competitive with exports of other countries, and consistent with

international agreements, and that such rates, terms and conditions

need not be equivalent to those offered by foreign countries, but

should be established so as to neutralize the effect of such

foreign credit on international sales competition, and that the

Board shall consider its average cost of money in determination of

interest rates, where such consideration does not impair the Bank's

function of expanding exports through fully competitive financing

for provisions that loans made by the Bank had to be at interest at

rates determined by the Board of Directors of the Bank, taking into

consideration the average cost of money to the Bank as well as the

Bank's mandate to support United States exports at rates and on

terms and conditions which were competitive with exports of other

countries; inserted ''export trading companies,'' after

''independent export firms,''; and struck out provision which

required the Bank to give due recognition to the policy stated in

section 631(a) of Title 15 that the government should aid, counsel,

assist, and protect the interests of small business in order to

preserve free competitive enterprise, and that in furtherance of

this policy the Board of Directors had to designate an officer of

the Bank to handle small business concerns, including advising

small businessmen and maintaining liaison with the Small Business

Administration and other departments and agencies in matters

affecting small business concerns.

Subsec. (b)(1)(D). Pub. L. 98-181, Sec. 616(a)(3), added subpar.

(D).

Subsec. (b)(1)(E). Pub. L. 98-181, Sec. 618(a)(2), added subpar.

(E).

Subsec. (b)(1)(F). Pub. L. 98-181, Sec. 618(c), added subpar.

(F).

Subsec. (b)(3). Pub. L. 98-181, Sec. 619(b), substituted ''no

loan or financial guarantee or general guarantee or insurance

facility'' for ''no loan or financial guarantee'' in provisions

preceding subpar. (A).

Subsec. (b)(3)(A). Pub. L. 98-181, Sec. 619(c), inserted language

limiting existing provisions to loans or financial guarantees,

designated existing provisions as cls. (i), (ii), and (iii), and

added cl. (iv).

Subsec. (b)(4). Pub. L. 98-181, Sec. 620(a), substituted ''the

Secretary'' for ''he'' before ''determines that any country'' in

first sentence, and before ''has determined to have so acted'' in

second sentence.

Subsec. (b)(7) to (10). Pub. L. 98-181, Sec. 619(d), redesignated

second par. (7) and par. (8), as added by Pub. L. 95-630, as pars.

(8) and (9), respectively, and added par. (10).

Subsec. (d). Pub. L. 98-181, Sec. 617, added subsec. (d).

1980 - Subsec. (b)(1)(A). Pub. L. 96-470 substituted ''annual''

for ''semiannual'' in three places.

1978 - Subsec. (b)(1)(A). Pub. L. 95-630, Sec. 1910, substituted

''manufactured goods, agricultural products, and other goods and

services'' for ''goods and related services''.

Subsec. (b)(1)(B). Pub. L. 95-630, Sec. 1904, 1916, inserted

''that the Bank should give emphasis to assisting new and small

business entrants in the agricultural export market, and shall, in

cooperation with other relevant Government agencies, including the

Commodity Credit Corporation, develop a program of education to

increase awareness of export opportunities among small

agribusinesses and cooperatives;'' after ''in matters affecting

small business concerns;'' and substituted ''and shall give

particular emphasis to the objective of strengthening the

competitive position of the United States exporters and thereby of

expanding total United States exports. Only in cases where the

President determines that such action would be in the national

interest where such action would clearly and importantly advance

United States policy in such areas as international terrorism,

nuclear proliferation, environmental protection and human rights,

should the Export-Import Bank deny applications for credit for

nonfinancial or noncommercial considerations'' for ''and shall also

take into account, in consultation with the Secretary of State, the

observance of and respect for human rights in the country to

receive the exports supported by a loan or financial guarantee and

the effect such exports may have on human rights in such country''.

Subsec. (b)(1)(C). Pub. L. 95-630, Sec. 1907(a), added subpar.

(C).

Subsec. (b)(3). Pub. L. 95-630, Sec. 1902, substituted ''Except

as provided by the fourth sentence of this paragraph, no loan'' for

''No loan'' and ''$100,000,000'' for ''$60,000,000'' and inserted

provisions following subpar. (B).

Subsec. (b)(7) to (9). Pub. L. 95-630, Sec. 1909, 1915, added a

second par. (7) and par. (8), which were editorially designated

pars. (8) and (9). See 1983 Amendment note above.

Subsec. (c)(1). Pub. L. 95-630, Sec. 1903, substituted

''$25,000,000,000'' for ''$20,000,000,000''.

1977 - Subsec. (b)(1)(A). Pub. L. 95-143, Sec. 1, inserted ''and

shall, in cooperation with other appropriate United States

Government agencies, seek to reach international agreements to

reduce government subsidized export financing'' after

''government-supported export financing''.

Subsec. (b)(1)(B). Pub. L. 95-143, Sec. 2, inserted '', and shall

also take into account, in consultation with the Secretary of

State, the observance of and respect for human rights in the

country to receive the exports supported by a loan or financial

guarantee and the effect such exports may have on human rights in

such country'' after ''employment in the United States''.

Subsec. (b)(3). Pub. L. 95-143, Sec. 3(a), inserted ''(i)'' after

''No loan or financial guarantee or combination thereof'' and '',

or (iii) for the export of technology, fuel, equipment, materials,

or goods or services to be used in the construction, alteration,

operation, or maintenance of nuclear power, enrichment,

reprocessing, research, or heavy water production facilities,''

after ''Union of Soviet Socialist Republics'' and substituted '',

(ii) in an amount'' for ''shall be finally approved by the Board of

Directors of the Bank, and no loan or financial guarantee or

combination thereof''.

Subsec. (b)(4) to (7). Pub. L. 95-143, Sec. 3(b), (c), added par.

(4), redesignated former par. (4) as (5) and, as so redesignated,

added cl. (C), and redesignated former pars. (5) and (6) as (6) and

(7), respectively.

1975 - Subsec. (a)(1). Pub. L. 93-646, Sec. 2, inserted

provisions authorizing the Bank to guarantee, insure, coinsure, and

reinsure against political and credit risks of loss, to represent

itself or to contract for representation in all legal and arbitral

proceedings outside the United States, and to publish any

documents, reports, etc., without regard to section 501 of title

44, whenever compliance with such section would not be practicable.

Subsec. (a)(2). Pub. L. 93-646, Sec. 13, eff. at the close of

Sept. 30, 1976, repealed par. (2), which related to inclusion of

receipts and disbursements of the bank in the federal budget and

exemption of such receipts and disbursements from budget

limitations, to the transmittal to Congress of a budget for program

activities and for administrative expenses of the bank, and to the

annual report of the net lending of the bank.

Subsec. (b)(1). Pub. L. 93-646, Sec. 3, designated existing

provisions as subpars. (A) and (B), and as so designated,

substituted provisions requiring a comparison of the rates and

terms of the Bank with other countries for provisions requiring a

report to include ways in which the Bank's terms are equal to or

superior to those of other countries, and inserted provisions

requiring the appointment of a Bank officer to be responsible for

all matters affecting small business, and to act as liaison with

the Small Business Administration and other agencies in matters

affecting small business concerns, in order to carry out the policy

of the Small Business Act.

Subsec. (b)(2). Pub. L. 93-646, Sec. 4, inserted provision

requiring a separate Presidential determination of national

interest with respect to each transaction over $50,000,000, and

substituted provision requiring a report to Congress either within

30 days of the President's finding or on the day the Bank takes

final action on the proposed credit, whichever is earlier, for

provision requiring a report of his finding to Congress within

thirty days after making such finding.

Subsec. (b)(3) to (6). Pub. L. 93-646, Sec. 5, added par. (3) and

redesignated former pars. (3), (4), and (5) as (4), (5) and (6),

respectively.

Subsec. (c)(1). Pub. L. 93-646, Sec. 6, removed the $10 billion

limit on the Bank's insurance authority, and increased the Bank's

authority to charge such guarantees and insurance on a fractional

charge basis from $10 billion to $20 billion.

1971 - Subsec. (a). Pub. L. 92-126, Sec. 1(b)(1), designated

existing provisions as par. (1) and added par. (2).

Subsec. (b)(1). Pub. L. 92-126, Sec. 1(b)(6), inserted provisions

declaring the policy of the United States to be to foster expansion

of goods and related services, contributing to the proposition and

maintenance of high levels of employment and real income and to the

increased development of the productive resources of the United

States and laid down directives to achieve this objective.

Subsec. (b)(3). Pub. L. 92-126, Sec. 1(b)(5), substituted

provisions prohibiting the Bank from extending assistance in export

sales to any nation which engages in armed conflict with the United

States or to any other nation when the export is to be used

principally by or in any nation which engages in armed conflict

with the United States and further prohibiting such assistance to

any export sales which the President determines would be contrary

to the national interest for provisions placing limitations on the

Bank's activity in connection with any nation which supplies goods

or assistance to a country with whom the United States is engaged

in armed conflict.

Subsec. (c)(1). Pub. L. 92-126, Sec. 1(b)(2), increased the

amount of insurance outstanding at any one time from

''$3,500,000,000'' to ''$10,000,000,000''.

1968 - Subsec. (a). Pub. L. 90-267, Sec. 1(a), changed name of

''Export-Import Bank of Washington'' to ''Export-Import Bank of the

United States''.

Subsec. (b)(1). Pub. L. 90-267, Sec. 1(b), designated existing

provisions as par. (1) and required the Board of Directors when

authorizing loans to take into account the possible adverse effects

upon the economy of the United States.

Subsec. (b)(2) to (5). Pub. L. 90-267, Sec. 1(c), added pars. (2)

to (5).

Subsec. (c)(1). Pub. L. 90-267, Sec. 1(a), (c), increased amount

of insurance outstanding at any one time from $2,000,000,000'' to

$3,500,000,000'' and changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States''.

1963 - Subsec. (c)(1). Pub. L. 88-101 substituted

''$2,000,000,000'' for ''$1,000,000,000''.

1961 - Subsec. (c). Pub. L. 87-311 amended subsection generally,

and among other changes, authorized the Bank to guarantee, insure,

coinsure, and reinsure United States exporters and foreign

exporters doing business in the United States, increased the

maximum amount of insurance, etc., outstanding at any one time to

$1,000,000,000, limited the types of risks the Bank would insure,

etc., to political and credit risks, required reserves to be

maintained at not less than 25 per centum of the related

contractual liability of the Bank, provided that for contracts of

insurance, etc., only the Bank's liabilities represented by the

aforementioned reserves shall be considered for purposes of

applying the limitations of section 635e of this title, required

the charging of fees and premiums, and authorized issuance of

insurance, etc., to exporters, insurance companies, financial

institutions, or others, and where appropriate, to employ any of

the same as agent, and struck out provisions authorizing insurance

for the benefit of United States citizens against loss of tangible

personal property of United States origin, exported from the United

States, and located in a friendly country, from hostile or warlike

actions including internal strife, or from governmental

confiscation or expropriation, to the extent owned by the assured

or constituting security for obligations owed the assured, limiting

the issuance of insurance to the extent that it could not be

obtained from private companies authorized to do business in the

United States, or from United States Government agencies providing

marine or air war-risk insurance, permitting reinsurance of

companies authorized to do an insurance business in the United

States, or to use such company or companies as agent, and limiting

the term of coverage of any insurance issued to one year, subject

to renewals or extensions, from time to time, of one year periods.

1953 - Subsec. (c). Act May 21, 1953, added subsec. (c).

1947 - Subsec. (a). Act June 9, 1947, provided for the

reincorporation of the Bank as a corporate agency of the United

States and specifically provided for the following powers which the

bank formerly possessed by implication: (1) to acquire stock

through the enforcement of any lien or pledge or to satisfy an

indebtedness; (2) to sue and be sued, to complain and defend in any

court of competent jurisdiction; (3) to use the United States mails

as any other executive department; and (4) after provision for

possible losses to use the net earnings as dividends on capital

stock and to deposit said dividends as miscellaneous receipts in

the Treasury.

1945 - Subsec. (a). Act Dec. 28, 1945, inserted ''(or the

Philippine Islands)'' after ''any foreign country''.

EFFECTIVE AND TERMINATION DATES OF 1994 AMENDMENTS

Section 1(c) of Pub. L. 103-428, as amended by Pub. L. 105-121,

Sec. 4, Nov. 26, 1997, 111 Stat. 2529, provided that: ''The

amendments made by this section (amending this section) shall

remain in effect during the period beginning on the date of

enactment of this Act (Oct. 31, 1994) and ending on September 30,

2001.''

(Pub. L. 107-229, Sec. 129, as added by Pub. L. 107-240, Sec. 5,

Oct. 11, 2002, 116 Stat. 1494, provided that: ''Notwithstanding

section 1(c) of Public Law 103-428 (set out above), as amended,

sections 1(a) and (b) of Public Law 103-428 (amending this section)

shall remain in effect until the date specified in section 107(c)

(Jan. 11, 2003).'')

(For provisions continuing functions of Export-Import Bank of the

United States through June 14, 2002, notwithstanding section 1(c)

of Pub. L. 103-428, set out above, see Continuation of Bank

Functions note set out under section 635f of this title.)

Amendment by Pub. L. 103-236 effective 60 days after Apr. 30,

1994, see section 831 of Pub. L. 103-236, set out as an Effective

Date note under section 6301 of Title 22, Foreign Relations and

Intercourse.

EFFECTIVE DATE OF 1978 AMENDMENT

Section 1917 of title XIX of Pub. L. 95-630 provided that: ''This

title (enacting sections 635a-1 to 635a-3 of this title and section

2153e-1 of Title 42, The Public Health and Welfare, and amending

this section and sections 635e to 635g of this title) shall take

effect upon enactment (Nov. 10, 1978).''

SHORT TITLE OF 2002 AMENDMENT

Pub. L. 107-189, Sec. 1(a), June 14, 2002, 116 Stat. 698,

provided that: ''This Act (enacting section 635i-9 of this title,

amending this section, sections 635a, 635e to 635g, 635i-3, 635i-6,

and 635i-8 of this title, section 5315 of Title 5, Government

Organization and Employees, sections 9 and 11 of the Inspector

General Act of 1978, Pub. L. 95-452, set out in the Appendix to

Title 5, and section 1105 of Title 31, Money and Finance, enacting

provisions set out as notes under this section, sections 635a,

635g, and 635i-9 of this title, and section 5315 of Title 5, and

amending provisions set out as a note under this section) may be

cited as the 'Export-Import Bank Reauthorization Act of 2002'.''

SHORT TITLE OF 1997 AMENDMENT

Section 1(a) of Pub. L. 105-121 provided that: ''This Act

(amending this section and sections 635a, 635f, and 635i-3 of this

title, enacting provisions set out as notes under this section and

section 635f of this title, and amending provisions set out as a

note under this section) may be cited as the 'Export-Import Bank

Reauthorization Act of 1997'.''

SHORT TITLE OF 1992 AMENDMENT

Section 1(a) of Pub. L. 102-429 provided that: ''This Act

(enacting sections 635i-5 to 635i-7 of this title, section 831 of

Title 2, The Congress, and sections 4727 to 4729 of Title 15,

Commerce and Trade, amending this section and sections 635a, 635b,

635e, 635f, and 635i-3 of this title, and sections 4052 and 4721 of

Title 15, repealing sections 635c, 635i to 635i-2, and 635i-4 of

this title, section 713b of Title 15, and section 2772 of Title 22,

Foreign Relations and Intercourse, and enacting provisions set out

as notes under this section, section 635a of this title, and

section 4728 of Title 15) may be cited as the 'Export Enhancement

Act of 1992'.''

SHORT TITLE OF 1988 AMENDMENT

Section 3301 of Pub. L. 100-418 provided that: ''This subtitle

(subtitle D (Sec. 3301-3304) of title III of Pub. L. 100-418,

amending this section and section 635i-3 of this title and enacting

provisions set out as a note under section 635i-3 of this title)

may be cited as the 'Export-Import Bank and Tied Aid Credit

Amendments of 1988'.''

SHORT TITLE OF 1986 AMENDMENT

Section 1 of Pub. L. 99-472 provided that: ''This Act (enacting

section 635i-3 of this title and section 262h of Title 22, Foreign

Relations and Intercourse, amending this section and sections 635a,

635a-2, 635a-3, and 635e to 635g of this title, and enacting

provisions set out as a note under section 635g of this title) may

be cited as the 'Export-Import Bank Act Amendments of 1986'.''

SHORT TITLE OF 1983 AMENDMENT

Section 601 of title VI of Pub. L. 98-181 provided that: ''This

title (enacting sections 635i-1, 635i-2, and 635o-635t of this

title and section 1671g of Title 19, Customs Duties, amending this

section, sections 635a, 635a-2, 635a-3, 635a-4, 635b, 635e, 635f,

and 635g of this title, and sections 1671a and 1671b of Title 19,

and enacting provisions set out as notes under sections 635a and

635o of this title) may be cited as the 'Export-Import Bank Act

Amendments of 1983'.''

For short title of part C (Sec. 641-647) of title VI of Pub. L.

98-181, which enacted subchapter III (Sec. 635o et seq.) of this

chapter and section 1671g of Title 19 and amended sections 1671a

and 1671b of Title 19, as the ''Trade and Development Enhancement

Act of 1983'', see Short Title note set out under section 635o of

this title.

SHORT TITLE OF 1981 AMENDMENT

Pub. L. 97-35, title III, Sec. 380, Aug. 13, 1981, 95 Stat. 431,

provided that: ''This subtitle (subtitle B (Sec. 380-385) of title

III of Pub. L. 97-35, amending sections 461 and 635e of this title,

and section 369 of former Title 31, Money and Finance, enacting

provisions set out as a note under section 369 of former Title 31,

and amending provisions set out as notes under sections 1735f-7 and

1904 of this title) may be cited as the 'Banking and Related

Programs Authorization Adjustment Act'.''

SHORT TITLE OF 1978 AMENDMENT

Section 1901 of title XIX of Pub. L. 95-630 provided: ''That this

title (enacting sections 635a-1 to 635a-3 of this title and section

2153e-1 of Title 42, The Public Health and Welfare, amending this

section and sections 635e to 635g of this title, and enacting

provisions set out as a note under this section) may be cited as

the 'Export-Import Bank Act Amendments of 1978'.''

SHORT TITLE OF 1975 AMENDMENT

Section 1 of Pub. L. 93-646 provided that: ''This Act (amending

this section and sections 82 and 635d to 635g of this title and

enacting provisions set out as notes under this section) may be

cited as the 'Export-Import Bank Amendments of 1974'.''

SHORT TITLE OF 1971 AMENDMENT

Section 1(a) of Pub. L. 92-126 provided that: ''This Act

(amending this section and sections 635e and 635f of this title and

enacting provisions set out as notes under section 95a of this

title) may be cited as the 'Export Expansion Finance Act of

1971'.''

SHORT TITLE

Section 1 of act July 31, 1945, provided: ''That this Act (this

subchapter) may be cited as the 'Export-Import Bank Act of 1945'.''

-TRANS-

AUTHORITY OF SECRETARY OF STATE

Except as otherwise provided, Secretary of State to have and

exercise any authority vested by law in any official or office of

Department of State and references to such officials or offices

deemed to refer to Secretary of State or Department of State, as

appropriate, see section 2651a of Title 22, Foreign Relations and

Intercourse, and section 161(d) of Pub. L. 103-236, set out as a

note under section 2651a of Title 22.

DELEGATION OF FUNCTIONS

Functions of President under subsec. (b)(6) of this section

delegated to Secretary of State by section 1(s) of Ex. Ord. No.

11958, Jan. 18, 1977, 42 F.R. 4311, as amended, set out as a note

under section 2751 of Title 22, Foreign Relations and Intercourse.

-MISC5-

BOARD OF DIRECTORS

A Board of Directors was reestablished for the Export-Import Bank

of Washington by section 1 of act Aug. 9, 1954, ch. 660, 68 Stat.

677, amending section 635a of this title. The Board had previously

been abolished and its functions transferred to the Managing

Director of the Bank by Reorg. Plan No. 5 of 1953, eff. June 30,

1953, 18 F.R. 3741, 67 Stat. 637, set out as a note under section

635a of this title. The 1953 Reorg. Plan was superseded by

sections 1, 4 of act Aug. 9, 1954. See section 635a of this title

and 1954 Amendment and Effective Date of 1954 Amendment notes

thereunder.

HISTORY OF BANK

The Export-Import Bank of Washington was organized as a District

of Columbia banking corporation under Ex. Ord. No. 6581, Feb. 2,

1934. It was continued as an agency of the United States by act

Jan. 31, 1935, ch. 2, Sec. 9, 49 Stat. 4, formerly set out as

section 713b of Title 15, Commerce and Trade, as amended by acts

Jan. 26, 1937, ch. 6, Sec. 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5,

Sec. 1(b)(c), 53 Stat. 510; Mar. 2, 1940, ch. 34, 54 Stat. 38;

Sept. 26, 1940, ch. 734, Sec. 3, 54 Stat. 962, and repealed by

section 10 of act July 31, 1945. The Second Export-Import Bank of

Washington, D.C., was established under Ex. Ord. No. 6638, Mar. 9,

1934. Its commitments were transferred to the Export-Import Bank of

Washington and it was abolished by Ex. Ord. No. 7365, May 7, 1936,

1 F.R. 372. The ''Export-Import Bank of Washington'' was renamed

the ''Export-Import Bank of the United States''. See the 1968

Amendment note under this section.

WAIVER OF SANCTIONS

Sanctions contained in subsec. (b)(4) waived in certain regards

with respect to India and Pakistan by the following Determinations

of the President, set out as notes under section 2799aa-1 of Title

22, Foreign Relations and Intercourse:

Determination of President of the United States, No. 2000-4, Oct.

27, 1999, 64 F.R. 60649.

Determination of President of the United States, No. 2000-18,

Mar. 16, 2000, 65 F.R. 16297.

GAO REPORT ON COMPARATIVE RESERVE PRACTICES OF EXPORT CREDIT

AGENCIES AND PRIVATE BANKS

Pub. L. 107-189, Sec. 14, June 14, 2002, 116 Stat. 705, provided

that: ''Within 1 year after the date of the enactment of this Act

(June 14, 2002), the Comptroller General of the United States shall

submit to the Committee on Financial Services of the House of

Representatives and the Committee on Banking, Housing, and Urban

Affairs of the Senate a report that examines the reserve ratios of

the Export-Import Bank of the United States as compared with the

reserve practices of private banks and foreign export credit

agencies.''

REPORTS TO CONGRESS

Pub. L. 105-121, Sec. 7(b), Nov. 26, 1997, 111 Stat. 2529, as

amended by Pub. L. 107-189, Sec. 6(c), June 14, 2002, 116 Stat.

700, provided that: ''Within 6 months after the date of enactment

of this Act (Nov. 26, 1997), and annually for each of the 8 years

thereafter, the Board of Directors of the Export-Import Bank of the

United States shall submit to Congress a report on the steps that

the Board has taken to implement section 2(b)(9)(B) of the

Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(9)(B)) and any

recommendations of the advisory committee established pursuant to

such section.''

DECLARATION OF POLICY

Section 101 of Pub. L. 102-429 provided that: ''The Congress

finds that -

''(1) as the world's largest economy, the United States has an

enormous stake in the future of the global trading system;

''(2) exports are a crucial force driving the United States

economy;

''(3) during 1991, the value of United States exports increased

by 7.1 percent from the 1990 level to $421,600,000,000,

supporting more than 7,000,000 full-time United States jobs, and

affecting the lives of all of the people of the United States;

''(4) exports also support the global strategic position of the

United States;

''(5) a significant part of a country's influence is drawn from

the reputation of its goods, its industrial connections with

other countries, and the capital it has available for investment,

and trade finance is a critical component of this equation;

''(6) the growth in United States exports has increased the

demand for financing from the Export-Import Bank of the United

States;

''(7) during 1991, the value of exports assisted by the

Export-Import Bank rose 28.7 percent, from $9,700,000,000 to

$12,100,000,000, the highest level since 1981;

''(8) the Export-Import Bank used its entire budget authority

provided for 1991, and still could not meet all of the demand for

its financing assistance; and

''(9) accordingly, the charter of the Export-Import Bank, which

is scheduled to expire on September 30, 1992, must be renewed in

order that the Bank continue to arrange competitive and

innovative financing for the foreign sales of United States

exporters.''

REPORT ON FINANCING OF SERVICES

Section 119 of Pub. L. 102-429 directed Export-Import Bank of the

United States, not later than 1 year after Oct. 21, 1992, to submit

a report to Congress on ways of facilitating the export financing

of high technology services.

REPORT ON DEMAND FOR TRADE FINANCE FOR THE BALTIC STATES, THE

INDEPENDENT STATES OF THE FORMER SOVIET UNION, AND CENTRAL AND

EASTERN EUROPE

Section 120 of Pub. L. 102-429 directed Export-Import Bank, not

later than 1 year after Oct. 21, 1992, to transmit to Congress a

report analyzing present and future demand for loans, guarantees,

and insurance for trade between the United States and the Baltic

States, between the United States and the independent States of the

former Soviet Union, and between the United States and Central and

Eastern Europe, and to make recommendations regarding the adequacy

of financing for trade between the United States and such

countries.

EXPORT-IMPORT PROGRAMS TO PEOPLE'S REPUBLIC OF CHINA PROHIBITED

UNLESS CERTAIN CONDITIONS MET

Section 103 of Pub. L. 101-240 provided that:

''(a) Notwithstanding any other provision of law and subject to

the provisions of subsections (b) and (c), the Export-Import Bank

of the United States shall not finance any trade with, nor extend

any loan, credit, credit guarantee, insurance or reinsurance to the

People's Republic of China.

''(b) The prohibitions described in subsection (a) of this

section shall not apply to food or agricultural commodities.

''(c) The President may waive the prohibitions in subsection (a)

if he makes a report to Congress either -

''(1) that the Government of the People's Republic of China has

made progress on a program of political reform throughout the

country, as well as in Tibet, which includes -

''(A) lifting of martial law;

''(B) halting of executions and other reprisals against

individuals for the nonviolent expression of their political

beliefs;

''(C) release of political prisoners;

''(D) increased respect for internationally recognized human

rights, including freedom of expression, the press, assembly,

and association; and

''(E) permitting a freer flow of information, including an

end to the jamming of Voice of America and greater access for

foreign journalists; or

''(2) it is in the national interest of the United States to

terminate a suspension under subsection (a).''

EXPORT-IMPORT BANK PROGRAMS FOR POLAND AND HUNGARY

Pub. L. 101-179, title III, Sec. 303, Nov. 28, 1989, 103 Stat.

1312, provided that:

''(a) Authority to Extend Credit to Poland and Hungary. -

Notwithstanding section 2(b)(2) of the Export-Import Bank Act of

1945 (12 U.S.C. 635(b)(2)), the Export-Import Bank of the United

States may guarantee, insure, finance, extend credit, and

participate in the extension of credit in connection with the

purchase or lease of any product by the Republic of Hungary or any

agency or national thereof or by the Polish People's Republic or

any agency or national thereof.

''(b) Private Financial Intermediaries to Facilitate Exports to

Poland. - Consistent with the provisions of the Export-Import Bank

Act of 1945 (12 U.S.C. 635 and following), the Export-Import Bank

of the United States shall work with private financial

intermediaries in Poland to facilitate the export of goods and

services to Poland.''

RESTRICTIONS ON LOANS

Section 12 of Pub. L. 93-646 provided that, until Jan. 3, 1975,

no loan, guarantee, insurance, or credit could be extended by the

Export-Import Bank of the United States to the Union of Soviet

Socialist Republics.

-EXEC-

EX. ORD. NO. 12166. DELEGATION OF FUNCTION OF PRESIDENT RELATING TO

APPLICATION FOR CREDIT TO SECRETARY OF STATE

Ex. Ord. No. 12166, Oct. 19, 1979, 44 F.R. 60971, provided:

By the authority vested in me as President of the United States

of America by Section 2(b)(1)(B) of the Export-Import Bank Act of

1945, as amended (12 U.S.C. 635(b)(1)(B)), and by Section 301 of

Title 3 of the United States Code, it is hereby ordered as follows:

1-101. The function vested in the President by Section 2(b)(1)(B)

of the Export-Import Bank Act of 1945, as amended (12 U.S.C.

635(b)(1)(B)), is delegated to the Secretary of State. That

function is the authority to determine that a denial by the

Export-Import Bank of an application for credit would be in the

national interest, where such action could clearly and importantly

advance United States policy in such areas as international

terrorism, nuclear proliferation, environmental protection and

human rights.

1-102. Before making such a determination, the Secretary of State

shall consult with the Secretary of Commerce and the heads of other

interested Executive agencies.

1-103. In accord with Section 2(b)(1)(B) of that Act, only in

those cases where the Secretary of State has made such a

determination should the Export-Import Bank deny an application for

credit for nonfinancial or noncommercial considerations.

Jimmy Carter.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 635a, 635g, 635i-5, 635j,

635m of this title; title 22 sections 2184, 2185, 2357.

-CITE-

12 USC Sec. 635a 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635a. Management of Bank

-STATUTE-

(a) Establishment as independent agency

The Export-Import Bank of the United States shall constitute an

independent agency of the United States and neither the Bank nor

any of its functions, powers, or duties shall be transferred to or

consolidated with any other department, agency, or corporation of

the Government unless the Congress shall otherwise by law provide.

(b) President and First Vice President of the Bank; appointment;

duties

There shall be a President of the Export-Import Bank of the

United States, who shall be appointed by the President of the

United States by and with the advice and consent of the Senate, and

who shall serve as chief executive officer of the Bank. There shall

be a First Vice President of the Bank, who shall be appointed by

the President of the United States by and with the advice and

consent of the Senate, who shall serve as President of the Bank

during the absence or disability of or in the event of a vacancy in

the office of President of the Bank, and who shall at other times

perform such functions as the President of the Bank may from time

to time prescribe.

(c) Board of Directors; composition; oath; terms; duties; quorum;

bylaws

(1) There shall be a Board of Directors of the Bank consisting of

the President of the Export-Import Bank of the United States, who

shall serve as Chairman, the First Vice President who shall serve

as Vice Chairman, and three additional persons appointed by the

President of the United States by and with the advice and consent

of the Senate.

(2) Of the five members of the Board, not more than three shall

be members of any one political party.

(3) Omitted

(4) Before entering upon his duties, each of the directors shall

take an oath faithfully to discharge the duties of his office.

(5) The directors, in addition to their duties as members of the

Board, shall perform such additional duties and may hold such other

offices in the administration of the Bank as the President of the

Bank may from time to time prescribe.

(6) A quorum of the Board of Directors shall consist of at least

three members.

(7) The Board of Directors shall adopt, and may from time to time

amend, such bylaws as are necessary for the proper management and

functioning of the Bank, and shall, in such bylaws, designate the

vice presidents and other officers of the Bank and prescribe their

duties.

(8)(A) The terms of the directors, including the President and

the First Vice President of the Bank, appointed under this section

shall be four years, except that -

(i) during their terms of office, the directors shall serve at

the pleasure of the President of the United States;

(ii) the term of any director appointed after November 30,

1983, to serve before January 20, 1985, shall expire on January

20, 1985;

(iii) of the directors first appointed to serve beginning on or

after January 21, 1985, two directors (other than the President

and First Vice President of the Bank) shall be appointed for

terms of two years, as designated by the President of the United

States at the time of their appointment; and

(iv) any director first appointed to serve for a term beginning

on any date after January 21, 1985, shall serve only for the

remainder of the period for which such director would have been

appointed if such director's term had begun on January 21, 1985.

If such term would have expired before the date on which such

director's term actually begins, the term of such director shall

be the four-year period, or remainder thereof, as if such

director had been preceded by a director whose term had begun on

January 21, 1985.

(B) Of the five members of the Board appointed by the President,

not less than one such member shall be selected from among the

small business community and shall represent the interests of small

business.

(C) Any person chosen to fill a vacancy shall be appointed only

for the unexpired term of the director whom such person succeeds.

(D) Any director whose term has expired may be reappointed.

(E) Any director whose term has expired may continue to serve on

the Board of Directors until the earlier of -

(i) the date on which such director's successor is qualified;

or

(ii) the end of the 6-month period beginning on the date such

director's term expires.

(d) Advisory Committee; appointment; composition; meetings; advice

to Bank; report to Congress

(1)(A) There is established an Advisory Committee to consist of

15 members who shall be appointed by the Board of Directors on the

recommendation of the President of the Bank.

(B) Such members shall be broadly representative of production,

commerce, finance, agriculture, labor, services, and State

government.

(2)(A) Not less than three members appointed to the Advisory

Committee shall be representative of the small business community.

(B) Not less than 2 members appointed to the Advisory Committee

shall be representative of the labor community, except that no 2

representatives of the labor community shall be selected from the

same labor union.

(3) The Advisory Committee shall meet at least once each quarter.

(4) The Advisory Committee shall advise the Bank on its programs,

and shall submit, with the report specified in section 635(b)(1)(A)

of this title, its own comments to the Congress on the extent to

which the Bank is meeting its mandate to provide competitive

financing to expand United States exports, and any suggestions for

improvements in this regard.

(e) Conflicting personal interests

(1) No director, officer, attorney, agent, or employee of the

Bank shall in any manner, directly or indirectly, participate in

the deliberation upon or the determination of any question

affecting such individual's personal interests, or the interests of

any corporation, partnership or association in which such

individual is directly or indirectly personally interested.

(2) The General Counsel of the Bank shall ensure that the

directors, officers, and employees of the Bank have available

appropriate legal counsel for advice on, and oversight of, issues

relating to personnel matters and other administrative law matters

by designating an attorney to serve as Assistant General Counsel

for Administration, whose duties, under the supervision of the

General Counsel, shall be concerned solely or primarily with such

issues.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 3, 59 Stat. 527; Aug. 9, 1954, ch.

660, Sec. 1, 68 Stat. 677; Pub. L. 90-267, Sec. 1(a), (d), Mar. 13,

1968, 82 Stat. 47, 49; Pub. L. 98-181, title VI, Sec. 613, 614(a),

620(b), Nov. 30, 1983, 97 Stat. 1255, 1261; Pub. L. 99-472, Sec.

18, Oct. 15, 1986, 100 Stat. 1205; Pub. L. 102-429, title I, Sec.

113, Oct. 21, 1992, 106 Stat. 2195; Pub. L. 105-121, Sec. 6, 8,

Nov. 26, 1997, 111 Stat. 2529, 2530; Pub. L. 106-46, Sec. 1(a),

Aug. 11, 1999, 113 Stat. 227; Pub. L. 107-189, Sec. 24(b)(4), June

14, 2002, 116 Stat. 709.)

-COD-

CODIFICATION

Provisions of subsecs. (b) and (c)(3) of this section, which

prescribed the annual compensation of the President, the First Vice

President, and other members of the Board of Directors, were

omitted to conform to the provisions of the Executive Schedule. See

sections 5314 and 5315 of Title 5, Government Organization and

Employees.

-MISC3-

AMENDMENTS

2002 - Subsec. (d)(2)(B). Pub. L. 107-189 realigned margins.

1999 - Subsec. (c)(6). Pub. L. 106-46 amended par. (6)

generally. Prior to amendment, par. (6) read as follows: ''A

majority of the Board of Directors shall constitute a quorum.''

1997 - Subsec. (d)(2). Pub. L. 105-121, Sec. 8, designated

existing provisions as subpar. (A) and added subpar. (B).

Subsec. (e). Pub. L. 105-121, Sec. 6, designated existing

provisions as par. (1) and added par. (2).

1992 - Subsec. (d)(1)(A). Pub. L. 102-429 substituted ''15

members'' for ''twelve members''.

1986 - Subsec. (c)(8)(E). Pub. L. 99-472 added subpar. (E).

1983 - Subsec. (c). Pub. L. 98-81, Sec. 614(a), designated first

through seventh sentences as pars. (1) through (7), respectively,

substituted ''The'' for ''Terms of the directors shall be at the

pleasure of the President of the United States, and the'' at

beginning of par. (5) as so designated, and added par. (8).

Subsec. (d). Pub. L. 98-181, Sec. 613, amended subsec. (d)

generally. Prior to amendment subsec. (d) read as follows: ''There

shall be an Advisory Committee of nine members, appointed by the

Board of Directors on the recommendation of the President of the

Bank, who shall be broadly representative of production, commerce,

finance, agriculture and labor. The Advisory Committee shall meet

one or more times per year, on the call of the President of the

Bank, to advise with the Bank on its program. Members, not

otherwise in the regular full-time employ of the United States, may

be compensated at rates not exceeding the per diem equivalent of

the rate for grade 18 of the General Schedule (5 U.S.C. 5332) for

each day spent in travel or attendance at meetings of the

Committee, and while so serving away from their homes or regular

places of business, they may be allowed travel expenses, including

per diem in lieu of subsistence, as authorized by section 5703 of

title 5 for individuals in the Government service employed

intermittently.''

Subsec. (e). Pub. L. 98-181, Sec. 620(b), substituted ''such

individual's'' for ''his'' and ''such individual'' for ''he''.

1968 - Subsecs. (a) to (c). Pub. L. 90-267, Sec. 1(a), changed

name of ''Export-Import Bank of Washington'' to ''Export-Import

Bank of the United States''.

Subsec. (d). Pub. L. 90-267, Sec. 1(d), substituted provisions

for compensation of members, not otherwise in the regular full-time

employ of the United States, at rates not exceeding the per diem

equivalent of the rate for grade 18 of the General Schedule for

each day spent in travel or attendance at meetings of the

Committee, and for allowance of travel expenses, when serving away

from home or regular place of business, as authorized by section

5703 of title 5 for individuals in the Government service employed

intermittently for former provisions for allowance for attendance

at meetings and travel expenses of $50 and $10, respectively.

1954 - Act Aug. 9, 1954, amended section generally to provide for

the independent management of the Bank under a Board of Directors

and for the appointment of a President and First Vice President of

the Bank.

EFFECTIVE DATE OF 1954 AMENDMENT

Section 4 of act Aug. 9, 1954, provided that: ''The provisions of

this Act for the appointment of a President and a First Vice

President of the Bank and the members of the Board of Directors

shall be effective upon its enactment (Aug. 9, 1954). The remaining

provisions of this Act shall become effective when the President

and First Vice President of the Bank and one other member of the

Board of Directors initially appointed hereunder enter upon office,

and shall thereupon supersede Reorganization Plan No. 5 of 1953

(set out below).''

UNTIED AID

Pub. L. 107-189, Sec. 10(a), June 14, 2002, 116 Stat. 702,

provided that:

''(1) Negotiations. - The Secretary of the Treasury shall seek to

negotiate an OECD Arrangement on Untied Aid. In the negotiations,

the Secretary should seek agreement on subjecting untied aid to the

rules governing the Arrangement, including the rules governing

disclosure.

''(2) Report to the congress. - Within 1 year after the date of

the enactment of this Act (June 14, 2002), the Secretary of the

Treasury shall submit to the Committee on Financial Services of the

House of Representatives and the Committee on Banking, Housing, and

Urban Affairs of the Senate a report on the successes, failures,

and obstacles in initiating negotiations, and if negotiations were

initiated, in reaching the agreement described in paragraph (1).''

BOARD OF DIRECTORS; EXCEPTION TO QUORUM REQUIREMENT

Pub. L. 106-46, Sec. 1(b), Aug. 11, 1999, 113 Stat. 227, as

amended by Pub. L. 106-62, Sec. 122, Sept. 30, 1999, 113 Stat. 509;

Pub. L. 106-85, Oct. 29, 1999, 113 Stat. 1297; Pub. L. 106-88, Nov.

5, 1999, 113 Stat. 1304; Pub. L. 106-94, Nov. 10, 1999, 113 Stat.

1311; Pub. L. 106-105, Nov. 18, 1999, 113 Stat. 1484; Pub. L.

106-106, Nov. 19, 1999, 113 Stat. 1485, provided that:

''Notwithstanding section 3(c)(6) of the Export-Import Bank Act of

1945 (12 U.S.C. 635a(c)(6)), if, during the period that begins on

July 21, 1999, and ends on December 2, 1999, there are fewer than

three persons holding office on the Board of Directors of the

Export-Import Bank of the United States, the entire membership of

such Board of Directors shall constitute a quorum until the end of

such period.''

COMPENSATION OF EMPLOYEES

Section 117 of Pub. L. 102-429 provided that:

''(a) In General. - The Board of Directors of the Export-Import

Bank of the United States may compensate not more than 35 employees

of the Bank without regard to the provisions of chapter 51 or

subchapter III or VIII of chapter 53 of title 5, United States

Code.

''(b) Sunset. - Effective 2 years after the date of enactment of

this Act (Oct. 21, 1992), subsection (a) is hereby repealed.

''(c) Report. - Not later than 1 year after the date of enactment

of this Act, the Export-Import Bank of the United States shall

submit a report to the Congress on -

''(1) the recruitment and employee retention problems of the

Bank;

''(2) any relief from such problems afforded by the Office of

Personnel Management;

''(3) any use of the authority provided in subsection (a); and

''(4) the conclusions and recommendations of the Bank with

respect to -

''(A) whether such problems have been satisfactorily

addressed; and

''(B) whether or not the authority of subsection (a) should

be extended.''

(Pub. L. 107-115, title I, Jan. 10, 2002, 115 Stat. 2119,

provided in part that: ''That, notwithstanding subsection (b) of

section 117 of the Export Enhancement Act of 1992 (Pub. L. 102-429,

set out above), subsection (a) thereof shall remain in effect until

October 1, 2002.''

(Prior similar extensions of section 117(a) of Pub. L. 102-429

were contained in the following acts:

(Pub. L. 106-429, Sec. 101(a) (title I), Nov. 6, 2000, 114 Stat.

1900, 1900A-4.

(Pub. L. 106-113, div. B, Sec. 1000(a)(2) (title I), Nov. 29,

1999, 113 Stat. 1535, 1501A-64.

(Pub. L. 105-277, div. A, Sec. 101(d) (title I), Oct. 21, 1998,

112 Stat. 2681-150, 2681-151.

(Pub. L. 105-118, title I, Nov. 26, 1997, 111 Stat. 2387.

(Pub. L. 104-208, div. A, title I, Sec. 101(c) (title I), Sept.

30, 1996, 110 Stat. 3009-121, 3009-122.

(Pub. L. 104-107, title I, Feb. 12, 1996, 110 Stat. 705.

(Pub. L. 103-306, title IV, Aug. 23, 1994, 108 Stat. 1623.)

REPORT ON REGIONAL OFFICES

Section 118 of Pub. L. 102-429 directed Export-Import Bank, not

later than 1 year after Oct. 21, 1992, to submit a report to

Congress on the Bank's plan to establish and operate regional

offices.

APPOINTMENT OF MEMBER OF BOARD TO REPRESENT INTERESTS OF SMALL

BUSINESS COMMUNITY

Section 614(b) of Pub. L. 98-181 provided that: ''In order to

carry out the amendment made by subsection (a) regarding section

3(c)(8)(B) of the Export-Import Bank Act of 1945 (subsec. (c)(8)(B)

of this section), the first member, other than a member who will

serve as Chairman or Vice Chairman of the Bank, appointed by the

President of the United States to the Board of Directors of the

Export-Import Bank of the United States after the date of the

enactment of this section (Nov. 30, 1983) shall be selected from

among the small business community and shall represent the

interests of small business.''

BOARD OF DIRECTORS; ADVISORY COMMITTEE

A Board of Directors and an Advisory Committee reestablished for

the Export-Import Bank of Washington, see note set out under

section 635 of this title.

TERMINATION OF ADVISORY COMMITTEES

Advisory committees established after Jan. 5, 1973, to terminate

not later than the expiration of the 2-year period beginning on the

date of their establishment, unless, in the case of a committee

established by the President or an officer of the Federal

Government, such committee is renewed by appropriate action prior

to the expiration of such 2-year period, or in the case of a

committee established by the Congress, its duration is otherwise

provided by law. See section 14 of Pub. L. 92-463, Oct. 6, 1972,

86 Stat. 776, set out in the Appendix to Title 5, Government

Organization and Employees.

TERMINATION OF FOREIGN ECONOMIC ADMINISTRATION

Foreign Economic Administration and office of its Administrator

terminated by Ex. Ord. No. 9630, Sept. 27, 1945, 10 F.R. 12245.

REORGANIZATION PLAN NO. 5 OF 1953

18 F.R. 3741, 67 STAT. 637

Prepared by the President and transmitted to the Senate and the

House of Representatives in Congress assembled, April 30, 1953,

pursuant to the provisions of the Reorganization Act of 1949,

approved June 20, 1949, as amended (see 5 U.S.C. 901 et seq.).

THE EXPORT-IMPORT BANK OF WASHINGTON

SECTION 1. THE MANAGING DIRECTOR

There is hereby established the office of Managing Director of

the Export-Import Bank of Washington, hereinafter referred to as

the ''Managing Director.'' The Managing Director shall be appointed

by the President by and with the advice and consent of the Senate,

and shall receive compensation at the rate of $17,500 per annum.

SEC. 2. DEPUTY DIRECTOR

There is hereby established the office of Deputy Director of the

Export-Import Bank of Washington. The Deputy Director shall be

appointed by the President by and with the advice and consent of

the Senate, shall receive compensation at the rate of $16,000 per

annum, shall perform such functions as the Managing Director may

from time to time prescribe, and shall act as Managing Director

during the absence or disability of the Managing Director or in the

event of a vacancy in the office of Managing Director.

SEC. 3. ASSISTANT DIRECTOR

There is hereby established the office of Assistant Director of

the Export-Import Bank of Washington. The Assistant Director shall

be appointed by the Managing Director under the classified civil

service, shall receive compensation at the rate now or hereafter

fixed by law for grade GS-18 of the general schedule established by

the Classification Act of 1949, as amended (chapter 51 and

subchapter III of chapter 53 of Title 5), and shall perform such

functions as the Managing Director may from time to time prescribe.

SEC. 4. FUNCTIONS TRANSFERRED TO THE MANAGING DIRECTOR

All functions of the Board of Directors of the Export-Import Bank

of Washington are hereby transferred to the Managing Director.

SEC. 5. GENERAL POLICIES

The National Advisory Council on International Monetary and

Financial Problems shall from time to time establish general

lending and other financial policies which shall govern the

Managing Director in the conduct of the lending and other financial

operations of the bank.

SEC. 6. PERFORMANCE OF TRANSFERRED FUNCTIONS

The Managing Director may from time to time make such provisions

as he deems appropriate authorizing the performance of any of the

functions of the Managing Director by any other officer, or by any

agency or employee, of the bank.

SEC. 7. ABOLITION

The following are hereby abolished: (1) The Board of Directors of

the Export-Import Bank of Washington, including the offices of the

members thereof provided for in section 3(a) of the Export-Import

Bank Act of 1945, as amended (subsection (a) of this section); (2)

the Advisory Board of the Bank, together with the functions of the

said Advisory Board; and (3) the function of the Chairman of the

Board of Directors of the Export-Import Bank of Washington of being

a member of the National Advisory Council on International Monetary

and Financial Problems. The Managing Director shall make such

provisions as may be necessary for winding up any outstanding

affairs of the said abolished boards and offices not otherwise

provided for in this reorganization plan.

SEC. 8. EFFECTIVE DATE

Sections 3 to 7, inclusive, of this reorganization plan shall

become effective when the Managing Director first appointed

hereunder enters upon office pursuant to the provisions of this

reorganization plan.

(A Board of Directors was reestablished for the Export-Import

Bank of Washington by section 1 of act Aug. 9, 1954, ch. 660, 68

Stat. 677, which amended this section. The Board had previously

been abolished and its functions transferred to the Managing

Director of the Bank by Reorg. Plan No. 5 of 1953, set out above.

The 1953 Reorg. Plan was superseded by sections 1, 4 of act Aug. 9,

1954. See this section and 1954 Amendment and Effective Date of

1954 Amendment notes set out above. The ''Export-Import Bank of

Washington'' was renamed the ''Export-Import Bank of the United

States'' by Pub. L. 90-267, Sec. 1(a), Mar. 13, 1968, 82 Stat. 47.)

UNITED STATES TRADE REPRESENTATIVE AND SECRETARY OF COMMERCE AS

ADDITIONAL MEMBERS OF BOARD OF DIRECTORS OF EXPORT-IMPORT BANK OF

THE UNITED STATES

For provisions directing that the United States Trade

Representative and the Secretary of Commerce serve, ex officio and

without vote, as additional members of the Board of Directors of

the Export-Import Bank of the United States, see section 3 of 1979

Reorg. Plan No. 3, set out in the Appendix to Title 5, Government

Organization and Employees.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 635 of this title.

-CITE-

12 USC Sec. 635a-1 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635a-1. Export credit competition

-STATUTE-

(a) The President is authorized and requested to begin

negotiations at the ministerial level with other major exporting

countries to end predatory export financing programs and other

forms of export subsidies, including mixed credits, in third

country markets as well as within the United States. The President

shall report to the Congress prior to January 15, 1979, on progress

toward meeting the goals of this section.

(b) The Export-Import Bank of the United States is authorized to

provide guarantees, insurance, and extensions of credit at rates

and terms and other conditions which are, in the opinion of the

Board of Directors of the Bank, competitive with those provided by

the government-supported export credit instrumentalities of other

nations.

-SOURCE-

(Pub. L. 95-630, title XIX, Sec. 1908, Nov. 10, 1978, 92 Stat.

3725.)

-COD-

CODIFICATION

Section was enacted as part of the Export-Import Bank Act

Amendments of 1978, and not as part of the Export-Import Bank Act

of 1945 which comprises this subchapter.

-MISC3-

EFFECTIVE DATE

Section effective Nov. 10, 1978, see section 1917 of Pub. L.

95-630, set out as an Effective Date of 1978 Amendment note under

section 635 of this title.

-CITE-

12 USC Sec. 635a-2 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635a-2. Implementation of regulations and procedures to lessen

adverse effect of loans and guarantees on industries in United

States; report by United States International Trade Commission;

written consideration of views of adversely affected parties

-STATUTE-

The Bank shall implement such regulations and procedures as may

be appropriate to insure that full consideration is given to the

extent to which any loan or financial guarantee is likely to have

an adverse effect on industries, including agriculture, and

employment in the United States, either by reducing demand for

goods produced in the United States or by increasing imports to the

United States. To carry out the purposes of this subsection,

(FOOTNOTE 1) the Bank shall request, and the United States

International Trade Commission shall furnish, a report assessing

the impact of the Bank's activities on industries and employment in

the United States. Such report shall include an assessment of

previous loans or financial guarantees and shall provide

recommendations concerning general areas which may adversely affect

domestic industries, including agriculture, and employment. After

October 1, 1983, there are authorized to be appropriated such sums

as may be necessary to carry out the provisions of this section.

In all cases to which this section applies, the Bank shall consider

and address in writing the views of parties or persons who may be

substantially adversely affected by the loan or guarantee prior to

taking final action on the loan or guarantee. This requirement

does not subject the Bank to the provisions of subchapter II of

chapter 5 of title 5.

(FOOTNOTE 1) So in original. Probably should be ''section,''.

-SOURCE-

(Pub. L. 95-630, title XIX, Sec. 1911, Nov. 10, 1978, 92 Stat.

3726; Pub. L. 98-181, title VI, Sec. 632, Nov. 30, 1983, 97 Stat.

1262; Pub. L. 99-472, Sec. 12, Oct. 15, 1986, 100 Stat. 1204.)

-COD-

CODIFICATION

Section was enacted as part of the Export-Import Bank Act

Amendments of 1978, and not as part of the Export-Import Bank Act

of 1945 which comprises this subchapter.

-MISC3-

AMENDMENTS

1986 - Pub. L. 99-472 inserted provisions which required written

consideration by Bank of views of parties or persons who may be

substantially adversely affected by loan or guarantee prior to

taking final action on loan or guarantee without subjecting Bank to

subchapter II of chapter 5 of title 5.

1983 - Pub. L. 98-181 inserted provision that after October 1,

1983, there are authorized to be appropriated such sums as may be

necessary to carry out the provisions of this section.

EFFECTIVE DATE

Section effective Nov. 10, 1978, see section 1917 of Pub. L.

95-630, set out as an Effective Date of 1978 Amendment note under

section 635 of this title.

-CITE-

12 USC Sec. 635a-3 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635a-3. Export-Import Bank financing to match foreign

financing

-STATUTE-

(a) Noncompetitive financing; inquiry by Secretary; notification of

foreign country and prospective parties to transaction

(1) Upon receipt of information that foreign sales to the United

States are being offered involving foreign official export credits

which exceed limits under existing standstills, minutes, or

practices to which the United States and other major exporting

countries have agreed, irrespective of whether these credits are

being offered by governments which are signatories to such

standstills, minutes, or practices, the Secretary of the Treasury

shall immediately conduct an inquiry to determine whether

''noncompetitive financing'' is being offered. The inquiry, and

where appropriate, the determination and authorization to the

Export-Import Bank of the United States referred to in this section

shall be completed and made within 60 days of the receipt of such

information.

(2) If the Secretary determines that such foreign

''noncompetitive'' financing is being offered, the Secretary shall

request the immediate withdrawal of such financing by the foreign

official export credit agency involved.

(3) If the offer is not withdrawn or if there is no immediate

response to the withdrawal request, the Secretary of the Treasury

shall notify the country offering such financing and all parties to

the proposed transaction that the Eximbank may be authorized to

provide competing United States sellers with financing to match

that available through the foreign official export financing

entity.

(b) Issuance of authorization to Bank to provide guarantees,

insurance, and credits to competing United States sellers

The Secretary of the Treasury shall issue such authorization to

the Bank to provide guarantees, insurance, and credits to competing

United States sellers, unless the Secretary determines that -

(1) the availability of foreign official noncompetitive

financing is not likely to be a significant factor in the sale;

or

(2) the foreign noncompetitive financing has been withdrawn.

(c) Provision of financing by Bank pursuant to authorization

Upon receipt of authorization by the Secretary of the Treasury,

the Export-Import Bank may provide financing to match that offered

by the foreign official export credit entity: Provided, however,

That loans, guarantees and insurance provided under this authority

shall conform to all provisions of the Export-Import Bank Act of

1945, as amended (12 U.S.C. 635 et seq.).

-SOURCE-

(Pub. L. 95-630, title XIX, Sec. 1912, Nov. 10, 1978, 92 Stat.

3726; Pub. L. 98-181, title VI, Sec. 631, 633, Nov. 30, 1983, 97

Stat. 1262, 1263; Pub. L. 99-472, Sec. 15, Oct. 15, 1986, 100 Stat.

1204.)

-REFTEXT-

REFERENCES IN TEXT

The Export-Import Bank Act of 1945, as amended, referred to in

subsec. (c), is act July 31, 1945, ch. 341, 59 Stat. 526, as

amended, which is classified generally to subchapter 1 (Sec. 635 et

seq.) of this chapter. For complete classification of this Act to

the Code, see Short Title note set out under section 635 of this

title and Tables.

-COD-

CODIFICATION

Section was enacted as part of the Export-Import Bank Act

Amendments of 1978, and not as part of the Export-Import Bank Act

of 1945 which comprises this subchapter.

-MISC3-

AMENDMENTS

1986 - Subsec. (a)(1). Pub. L. 99-472, Sec. 15(b), which directed

the insertion of ''irrespective of whether these credits are being

offered by governments which are signatories to such standstills,

minutes, or practices,'' after ''major export countries have

agreed,'' was executed by inserting that phrase after ''major

exporting countries have agreed,'' as the probable intent of

Congress.

Subsec. (b). Pub. L. 99-472, Sec. 15(a), amended subsec. (b)

generally. Prior to amendment, subsec. (b) read as follows: ''The

Secretary of the Treasury shall only issue such authorization to

the Bank to provide guarantees, insurance and credits to competing

United States sellers, if the Secretary determines that:

''(1) the availability of foreign official noncompetitive

financing is likely to be a significant factor in the sale, and

''(2) the foreign noncompetitive financing has not been

withdrawn on the date the Bank is authorized to provide

competitive financing.''

1983 - Subsec. (a)(1). Pub. L. 98-181, Sec. 631(1), inserted

provision that the inquiry, and where appropriate, the

determination and authorization to the Export-Import Bank of the

United States referred to in this section shall be completed and

made within 60 days of the receipt of such information.

Subsec. (a)(2). Pub. L. 98-181, Sec. 633(b), substituted ''the

Secretary shall request'' for ''he shall request''.

Subsec. (b). Pub. L. 98-181, Sec. 633(a), substituted ''if the

Secretary determines that'' for ''if he determines that'' in

provisions preceding par. (1).

Subsec. (b)(1). Pub. L. 98-181, Sec. 631(2), substituted

''significant factor'' for ''determining factor''.

EFFECTIVE DATE

Section effective Nov. 10, 1978, see section 1917 of Pub. L.

95-630, set out as an Effective Date of 1978 Amendment note under

section 635 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 19 section 1671g.

-CITE-

12 USC Sec. 635a-4 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635a-4. Guarantees for export accounts receivable and

inventory

-STATUTE-

The Export-Import Bank of the United States is authorized and

directed to establish a program to provide guarantees for loans

extended by financial institutions or other public or private

creditors to export trading companies as defined in section

1843(c)(14)(F)(i) of this title, or to other exporters, when such

loans are secured by export accounts receivable, inventories of

exportable goods, accounts receivable from leases, performance

contracts, grant commitments, participation fees, member dues,

revenue from publications, or such other collateral as the Board of

Directors may deem appropriate, and when in the judgment of the

Board of Directors -

(1) the private credit market is not providing adequate

financing to enable otherwise creditworthy export trading

companies or exporters to consummate export transactions; and

(2) such guarantees would facilitate expansion of exports which

would not otherwise occur.

The Board of Directors shall attempt to insure that a major share

of any loan guarantees ultimately serves to promote exports from

small, medium-size, and minority businesses or agricultural

concerns. Guarantees provided under the authority of this section

shall be subject to limitations contained in annual appropriations

Acts.

-SOURCE-

(Pub. L. 97-290, title II, Sec. 206, Oct. 8, 1982, 96 Stat. 1239;

Pub. L. 98-181, title VI, Sec. 616(b), Nov. 30, 1983, 97 Stat.

1257.)

-COD-

CODIFICATION

Section was enacted as part of the Bank Export Services Act, and

not as part of the Export-Import Bank Act of 1945 which comprises

this subchapter.

-MISC3-

AMENDMENTS

1983 - Pub. L. 98-181 substituted ''export accounts receivable,

inventories of exportable goods, accounts receivable from leases,

performance contracts, grant commitments, participation fees,

member dues, revenue from publications, or such other collateral as

the Board of Directors may deem appropriate,'' for ''export

accounts receivable or inventories of exportable goods''.

-CITE-

12 USC Sec. 635b 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635b. Capitalization of Bank; method of capital stock

payments; public-debt transactions; issuance of stock

certificates

-STATUTE-

The Export-Import Bank of the United States shall have a capital

stock of $1,000,000,000 subscribed by the United States.

Certificates evidencing stock ownership of the United States shall

be issued by the Bank to the President of the United States, or to

such other person or persons as the President may designate from

time to time, to the extent of payments made for the capital stock

of the Bank.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 4, 59 Stat. 528; Pub. L. 90-267, Sec.

1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98-181, title VI, Sec.

620(c), Nov. 30, 1983, 97 Stat. 1261; Pub. L. 102-429, title I,

Sec. 121(b), Oct. 21, 1992, 106 Stat. 2198.)

-MISC1-

AMENDMENTS

1992 - Pub. L. 102-429 inserted second sentence and struck out

former second through last sentences which read as follows:

''Payment for $1,000,000 of such capital stock shall be made by the

surrender to the Bank for cancellation of the common stock issued

prior to July 31, 1945, by the Bank and purchased by the United

States. Payment for $174,000,000 of such capital stock shall be

made by the surrender to the Bank for cancellation of the preferred

stock heretofore issued by the Bank and purchased by the

Reconstruction Finance Corporation. Payment for the $825,000,000

balance of such capital stock shall be subject to call at any time

in whole or in part by the Board of Directors of the Bank. For the

purpose of making payments of such balance, the Secretary of the

Treasury is authorized to use as a public-debt transaction the

proceeds of any securities issued after July 31, 1945, under

chapter 31 of title 31, and the purposes for which securities may

be issued under that chapter are extended to include such purpose.

Payment under this section of the subscription of the United States

to the Bank and repayments thereof shall be treated as public-debt

transactions of the United States. Certificates evidencing stock

ownership of the United States shall be issued by the Bank to the

President of the United States, or to such other person or persons

as the President may designate from time to time, to the extent of

the common and preferred stock surrendered and other payments made

for the capital stock of the Bank under this section.''

1983 - Pub. L. 98-181 substituted ''the President'' for ''he''

before ''may designate''.

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States''.

-CITE-

12 USC Sec. 635c 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635c. Repealed. Pub. L. 102-429, title I, Sec. 121(c)(1), Oct.

21, 1992, 106 Stat. 2199

-MISC1-

Section, act July 31, 1945, ch. 341, Sec. 5, 59 Stat. 528,

related to reimbursement of Reconstruction Finance Corporation for

cancellation of Bank stock, public debt transactions, and payment

of accumulated dividends.

-CITE-

12 USC Sec. 635d 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635d. Issuance of debentures, bonds, etc.; obligations

redeemable; payment of interest; obligations purchasable by

Secretary of the Treasury; public-debt transactions

-STATUTE-

The Export-Import Bank of the United States is authorized to

issue from time to time for purchase by the Secretary of the

Treasury its notes, debentures, bonds, or other obligations; but

the aggregate amount of such obligations outstanding at any one

time shall not exceed $6,000,000,000. Such obligations shall be

redeemable at the option of the bank before maturity in such manner

as may be stipulated in such obligations and shall have such

maturity as may be determined by the Board of Directors of the bank

with the approval of the Secretary of the Treasury. Each such Bank

obligation issued to the Treasury after January 4, 1975, shall bear

interest at a rate not less than the current average yield on

outstanding marketable obligations of the United States of

comparable maturity during the month preceding the issuance of the

obligation of the Bank as determined by the Secretary of the

Treasury. The Secretary of the Treasury is authorized and directed

to purchase any obligations of the Bank issued hereunder and for

such purpose the Secretary of the Treasury is authorized to use as

a public-debt transaction the proceeds of any securities issued

after July 31, 1945, under chapter 31 of title 31, and the purposes

for which securities may be issued under that chapter are extended

to include such purpose. Payment under this section of the

purchase price of such obligations of the Bank and repayments

thereof by the Bank shall be treated as public-debt transactions of

the United States.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 5, formerly Sec. 6, 59 Stat. 528;

June 9, 1947, ch. 101, Sec. 2, 61 Stat. 131; Oct. 3, 1951, ch. 445,

Sec. 1(a), 65 Stat. 367; Aug. 9, 1954, ch. 660, Sec. 3(a), 68 Stat.

678; Pub. L. 85-424, Sec. 1(1), May 22, 1958, 72 Stat. 133; Pub. L.

90-267, Sec. 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 93-646, Sec.

7, Jan. 4, 1975, 88 Stat. 2336; renumbered Sec. 5, Pub. L. 102-429,

title I, Sec. 121(c)(2), Oct. 21, 1992, 106 Stat. 2199.)

-COD-

CODIFICATION

''Chapter 31 of title 31'' and ''that chapter'' substituted in

text for ''the Second Liberty Bond Act, as amended'' and ''that

Act'', respectively, on authority of Pub. L. 97-258, Sec. 4(b),

Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted

Title 31, Money and Finance.

-MISC3-

PRIOR PROVISIONS

A prior section 5 of act July 31, 1945, ch. 341, was classified

to section 635c of this title, prior to repeal by Pub. L. 102-429,

Sec. 121(c)(1).

AMENDMENTS

1975 - Pub. L. 93-646 substituted provision making mandatory that

each Bank obligation bear interest at a rate not less than the

current average yield on outstanding obligations of comparable

maturity, for provision requiring that only the current average

rate be taken into consideration.

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States''.

1958 - Pub. L. 85-424 substituted ''$6,000,000,000'' for

''$4,000,000,000''.

1954 - Act Aug. 9, 1954, substituted ''$4,000,000,000'' for

''three and one-half times the authorized capital stock of the

Bank''.

1951 - Act Oct. 3, 1951, substituted ''three and one-half'' for

''two and one-half''.

1947 - Act June 9, 1947, struck out ''and bear such rate of

interest'' before ''as may be determined'' in the second sentence

and added the third sentence relating to the rate of interest on

obligations.

EFFECTIVE DATE OF 1954 AMENDMENT

For effective date of amendment by act Aug. 9, 1954, see note set

out under section 635a of this title.

BOARD OF DIRECTORS

A Board of Directors reestablished for the Export-Import Bank of

Washington, see note under section 635 of this title.

-CITE-

12 USC Sec. 635e 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635e. Aggregate loan, guarantee, and insurance authority

-STATUTE-

(a) Limitation on outstanding amounts

(1) In general

The Export-Import Bank of the United States shall not have

outstanding at any one time loans, guarantees, and insurance in

an aggregate amount in excess of the applicable amount.

(2) Applicable amount

In paragraph (1), the term ''applicable amount'' means -

(A) during fiscal year 2002, $80,000,000,000;

(B) during fiscal year 2003, $85,000,000,000;

(C) during fiscal year 2004, $90,000,000,000;

(D) during fiscal year 2005, $95,000,000,000; and

(E) during fiscal year 2006, $100,000,000,000.

(3) Subject to appropriations

All spending and credit authority provided under this

subchapter shall be effective for any fiscal year only to such

extent or in such amounts as are provided in appropriation Acts.

(b) Presidential determination

(1) In general

Not later than March 31 of each fiscal year, the President of

the United States shall determine whether the authority available

to the Bank for such fiscal year will be sufficient to meet the

Bank's needs, particularly those needs arising from -

(A) increases in the level of exports unforeseen at the time

of the original budget request for such fiscal year;

(B) any increased foreign export credit subsidies; or

(C) the lack of progress in negotiations to reduce or

eliminate export credit subsidies.

(2) Request for legislation

(A) In general

If the President of the United States finds that the amount

of direct loan authority or guarantee authority available to

the Bank for the fiscal year involved exceeds the amount which

will be necessary to carry out the Bank's functions consistent

with the availability of qualified applications and limitations

imposed by law during such year, the President of the United

States shall promptly transmit to the Congress a request for

legislation to eliminate the amount of such excess direct loan,

loan guarantee, or insurance authority.

(B) Continued availability of authority

The Bank shall continue to make remaining amounts of its

authority available for the fiscal year involved, in accordance

with its practices and the requirements of this subchapter,

unless otherwise directed pursuant to law.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 6, formerly Sec. 7, 59 Stat. 529;

Oct. 3, 1951, ch. 445, Sec. 1(b), 65 Stat. 367; May 21, 1953, ch.

64, Sec. 2, 67 Stat. 28; Aug. 9, 1954, ch. 660, Sec. 3(b), 68 Stat.

678; Pub. L. 85-424, Sec. 1(2), May 22, 1958, 72 Stat. 133; Pub. L.

88-101, Sec. 1(b), Aug. 20, 1963, 77 Stat. 128; Pub. L. 90-267,

Sec. 1(a), (e), Mar. 13, 1968, 82 Stat. 47, 49; Pub. L. 92-126,

Sec. 1(b)(3), Aug. 17, 1971, 85 Stat. 345; Pub. L. 93-646, Sec. 8,

Jan. 4, 1975, 88 Stat. 2336; Pub. L. 95-630, title XIX, Sec. 1905,

1914, Nov. 10, 1978, 92 Stat. 3725, 3727; Pub. L. 97-35, title III,

Sec. 381(a), Aug. 13, 1981, 95 Stat. 431; Pub. L. 98-181, title VI,

Sec. 615, 620(d), Nov. 30, 1983, 97 Stat. 1256, 1261; Pub. L.

99-472, Sec. 13, 17, Oct. 15, 1986, 100 Stat. 1204, 1205; Pub. L.

102-145, Sec. 121(1), Oct. 28, 1991, as added Pub. L. 102-266, Sec.

102, Apr. 1, 1992, 106 Stat. 95; renumbered Sec. 6 and amended Pub.

L. 102-429, title I, Sec. 109(b), 121(c)(2), Oct. 21, 1992, 106

Stat. 2193, 2199; Pub. L. 106-569, title XI, Sec. 1104(a)(3), Dec.

27, 2000, 114 Stat. 3031; Pub. L. 107-189, Sec. 5, June 14, 2002,

116 Stat. 699.)

-MISC1-

PRIOR PROVISIONS

A prior section 6 of act July 31, 1945, ch. 341, was renumbered

section 5 and is classified to section 635d of this title.

AMENDMENTS

2002 - Subsec. (a). Pub. L. 107-189 reenacted heading without

change and amended text generally. Prior to amendment, text read

as follows: ''The Export-Import Bank of the United States shall not

have outstanding at any one time loans, guaranties, and insurance

in an aggregate amount in excess of $75,000,000,000. All spending

and credit authority provided under this subchapter shall be

effective for any fiscal year only to such extent or in such

amounts as are provided in appropriation Acts.''

2000 - Subsec. (b)(2), (3). Pub. L. 106-569 redesignated par. (3)

as (2) and struck out heading and text of former par. (2). Text

read as follows: ''Not later than April 15 of each year, the

President of the United States shall transmit to the Congress a

report on such determination.''

1992 - Pub. L. 102-429, Sec. 109(b), inserted section catchline,

redesignated former subsec. (a)(1) as subsec. (a), inserted subsec.

heading, substituted ''$75,000,000,000'' for ''$40,000,000,000'',

redesignated former subsec. (a)(2) as subsec. (b), redesignated

former subpar. (A)(i) as par. (1), former subcls. (I) to (III) as

subpars. (A) to (C), respectively, former subpar. (A)(ii) as par.

(2), former subpar. (B) as par. (3), and former cls. (i) and (ii)

as subpars. (A) and (B), respectively, inserted headings for

subsec. (b), pars. (1) to (3), and subpars. (A) and (B) of par.

(3), and struck out former subsec. (a)(3) which read as follows:

''Authorization of Appropriation. - There are authorized to be

appropriated $145,259,000 for fiscal year 1987 to cover the subsidy

cost of new direct loans obligated by the Bank in that fiscal

year. Any amounts appropriated under this paragraph shall be

permanent additions to the capital and reserves of the Bank.''

1991 - Subsec. (b). Pub. L. 102-145, Sec. 121(1), as added by

Pub. L. 102-266, struck out subsec. (b) which read as follows:

''After January 4, 1975, the Bank shall not approve any loans or

financial guarantees, or combination thereof, in connection with

exports to the Union of Soviet Socialist Republics in an aggregate

amount in excess of $300,000,000. No such loan or financial

guarantee, or combination thereof, shall be for the purchase,

lease, or procurement of any product or service for production

(including processing and distribution) of fossil fuel energy

resources. Not more than $40,000,000 of such aggregate amount

shall be for the purchase, lease, or procurement of any product or

service which involves research or exploration of fossil fuel

energy resources. The President may establish a limitation in

excess of $300,000,000 if the President determines that such higher

limitation is in the national interest and if the President reports

such determination to the Congress together with the reasons

therefor, including the amount of such proposed increase which

would be available for the export of products and services for

research, exploration, and production (including processing and

distribution) of fossil fuel energy resources in the Union of

Soviet Socialist Republics, and if, after the receipt of such

report together with the reasons, the Congress adopts a concurrent

resolution approving such determination.''

1986 - Subsec. (a)(1). Pub. L. 99-472, Sec. 17, substituted ''All

spending and credit authority'' for ''All spending authority''.

Subsec. (a)(3). Pub. L. 99-472, Sec. 13, added par. (3).

1983 - Subsec. (a)(2). Pub. L. 98-181, Sec. 615, amended par. (2)

generally, substituting provisions requiring a Presidential

determination, not later than March 31 of each fiscal year, as to

whether the authority available to the Bank for such fiscal year

will be sufficient to meet the Bank's needs, requiring the

President to transmit to Congress a report on such determination no

later than April 15 of each year, and establishing procedures if

the direct loan or guarantee authority available exceeds the amount

necessary, for provision limiting gross obligations for the

principal amount of direct loans authorized by the Bank during

fiscal years 1982 and 1983 to $10,478,000,000, and designating

specified amounts thereof for each fiscal year.

Subsec. (b). Pub. L. 98-181, Sec. 620(d), substituted ''the

President'' for ''he'' before ''determines that such higher

limitation'' and ''reports such determination''.

1981 - Subsec. (a). Pub. L. 97-35 designated existing provisions

as par. (1) and added par. (2).

1978 - Subsec. (a). Pub. L. 95-630 substituted

''$40,000,000,000'' for ''$25,000,000,000'' and inserted provision

that all spending authority provided under this chapter be

effective for any fiscal year only to such extent or in such

amounts as are provided in appropriation Acts.

1975 - Subsec. (a). Pub. L. 93-646, Sec. 8(1), (2), designated

existing provisions as subsec. (a) and substituted

''$25,000,000,000'' for ''$20,000,000,000''.

Subsec. (b). Pub. L. 93-646, Sec. 8(3), added subsec. (b).

1971 - Pub. L. 92-126 substituted ''$20,000,000,000'' for

''$13,500,000,000''.

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States'' and

substituted ''$13,500,000,000'' for ''$9,000,000,000''.

1963 - Pub. L. 88-101 substituted ''$9,000,000,000'' for

''$7,000,000,000''.

1958 - Pub. L. 85-424 substituted ''$7,000,000,000'' for

''$5,000,000,000''.

1954 - Act Aug. 9, 1954, substituted ''$5,000,000,000'' for

''four and one-half times the authorized capital stock of the

Bank''.

1953 - Act May 21, 1958, substituted ''loans, guaranties, and

insurance'' for ''loans and guaranties''.

1951 - Act Oct. 3, 1951, substituted ''four and one-half'' for

''three and one-half''.

EFFECTIVE DATE OF 1978 AMENDMENT

Amendment by Pub. L. 95-630 effective Nov. 10, 1978, see section

1917 of Pub. L. 95-630, set out as a note under section 635 of this

title.

EFFECTIVE DATE OF 1954 AMENDMENT

For effective date of amendment by act Aug. 9, 1954, see note set

out under section 635a of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 635, 635j of this title;

title 22 section 2392.

-CITE-

12 USC Sec. 635f 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635f. Termination date of Bank's functions; exceptions;

liquidation

-STATUTE-

Export-Import Bank of the United States shall continue to

exercise its functions in connection with and in furtherance of its

objects and purposes until the close of business on September 30,

2006, but the provisions of this section shall not be construed as

preventing the bank from acquiring obligations prior to such date

which mature subsequent to such date or from assuming prior to such

date liability as guarantor, endorser, or acceptor of obligations

which mature subsequent to such date or from issuing, either prior

or subsequent to such date, for purchase by the Secretary of the

Treasury or any other purchasers, its notes, debentures, bonds, or

other obligations which mature subsequent to such date or from

continuing as a corporate agency of the United States and

exercising any of its functions subsequent to such date for

purposes of orderly liquidation, including the administration of

its assets and the collection of any obligations held by the bank.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 7, formerly Sec. 8, 59 Stat. 529;

June 9, 1947, ch. 101, Sec. 3, 61 Stat. 131; Oct. 3, 1951, ch. 445,

Sec. 1(c), 65 Stat. 367; Pub. L. 85-55, June 17, 1957, 71 Stat. 82;

Pub. L. 88-101, Sec. 2, Aug. 20, 1963, 77 Stat. 128; Pub. L.

90-267, Sec. 1(a), (f), Mar. 13, 1968, 82 Stat. 47, 49; Pub. L.

92-126, Sec. 1(b)(4), Aug. 17, 1971, 85 Stat. 345; Pub. L. 93-331,

July 4, 1974, 88 Stat. 289; Pub. L. 93-374, Aug. 14, 1974, 88 Stat.

445; Pub. L. 93-425, Sept. 30, 1974, 88 Stat. 1166; Pub. L. 93-450,

Oct. 18, 1974, 88 Stat. 1368; Pub. L. 93-646, Sec. 9, Jan. 4, 1975,

88 Stat. 2336; Pub. L. 95-143, Sec. 4, Oct. 26, 1977, 91 Stat.

1211; Pub. L. 95-407, Sept. 30, 1978, 92 Stat. 882; Pub. L. 95-630,

title XIX, Sec. 1906, Nov. 10, 1978, 92 Stat. 3725; Pub. L. 98-109,

Sec. 6, Oct. 1, 1983, 97 Stat. 746; Pub. L. 98-143, Nov. 1, 1983,

97 Stat. 916; Pub. L. 98-181, title VI, Sec. 611, Nov. 30, 1983, 97

Stat. 1254; Pub. L. 99-472, Sec. 14, Oct. 15, 1986, 100 Stat. 1204;

renumbered Sec. 7 and amended Pub. L. 102-429, title I, Sec. 102,

121(c)(2), Oct. 21, 1992, 106 Stat. 2187, 2199; Pub. L. 105-46,

Sec. 122, Sept. 30, 1997, 111 Stat. 1158; Pub. L. 105-121, Sec.

2(a), Nov. 26, 1997, 111 Stat. 2528; Pub. L. 107-189, Sec. 3, June

14, 2002, 116 Stat. 699.)

-MISC1-

PRIOR PROVISIONS

A prior section 7 of act July 31, 1945, ch. 341, was renumbered

section 6 and is classified to section 635e of this title.

AMENDMENTS

2002 - Pub. L. 107-189 substituted ''September 30, 2006'' for

''September 30, 2001''.

1997 - Pub. L. 105-121 substituted ''September 30, 2001'' for

''September 30, October 23, 1997''.

Pub. L. 105-46 substituted ''October 23, 1997'' for ''1997''.

1992 - Pub. L. 102-429, Sec. 102, substituted ''1997'' for

''1992''.

1986 - Pub. L. 99-472 substituted ''September 30, 1992'' for

''September 30, 1986''.

1983 - Pub. L. 98-181 substituted ''September 30, 1986'' for

''November 18, 1983''.

Pub. L. 98-143 substituted ''November 18, 1983'' for ''October

31, 1983''.

Pub. L. 98-109 substituted ''October 31, 1983'' for ''September

30, 1983''.

1978 - Pub. L. 95-630 substituted ''September 30, 1983'' for

''December 31, 1978''.

Pub. L. 95-407 substituted ''December 31, 1978'' for ''September

30, 1978''.

1977 - Pub. L. 95-143 substituted ''September 30, 1978'' for

''June 30, 1978''.

1975 - Pub. L. 93-646 substituted ''June 30, 1978'' for

''November 30, 1974''.

1974 - Pub. L. 93-450 substituted ''November 30, 1974'' for

''October 15, 1974''.

Pub. L. 93-425 substituted ''October 15, 1974'' for ''September

30, 1974''.

Pub. L. 93-374 substituted ''September 30, 1974'' for ''July 30,

1974''.

Pub. L. 93-331 substituted ''July 30, 1974'' for ''June 30,

1974''.

1971 - Pub. L. 92-126 substituted ''June 30, 1974'' for ''June

30, 1973'' and ''Secretary of the Treasury or any other

purchasers'' for ''Secretary of the Treasury''.

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States'' and

substituted ''June 30, 1973'' for ''June 30, 1968''.

1963 - Pub. L. 88-101 substituted ''June 30, 1968'' for ''June

30, 1963''.

1957 - Pub. L. 85-55 substituted ''June 30, 1963'' for ''June 30,

1958''.

1951 - Act Oct. 3, 1951, substituted ''June 30, 1958'' for ''June

30, 1953''.

1947 - Act June 9, 1947, struck out former section and inserted

present section to provide for the termination of the Bank as of

June 30, 1953, and its orderly liquidation thereafter.

EFFECTIVE DATE OF 1997 AMENDMENT

Section 2(b) of Pub. L. 105-121 provided that: ''The amendment

made by this section (amending this section) shall take effect on

September 30, 1997.''

EFFECTIVE DATE OF 1978 AMENDMENT

Amendment by Pub. L. 95-630 effective Nov. 10, 1978, see section

1917 of Pub. L. 95-630, set out as a note under section 635 of this

title.

CONTINUATION OF BANK FUNCTIONS

Provisions extending the date that the Export-Import Bank of the

United States could continue to exercise its functions in

connection with and in furtherance of its objects and purposes

notwithstanding the dates specified in this section and section

1(c) of Pub. L. 103-428, set out as an Effective and Termination

Dates of 1994 Amendments note under section 635 of this title, were

contained in the following acts:

Pub. L. 107-186, Sec. 1, May 30, 2002, 116 Stat. 589, extending

the date to June 14, 2002.

Pub. L. 107-168, Sec. 1, May 1, 2002, 116 Stat. 131, extending

the date to May 31, 2002.

Pub. L. 107-156, Sec. 1, Mar. 31, 2002, 116 Stat. 117, extending

the date to Apr. 30, 2002.

Pub. L. 107-115, title V, Sec. 588, Jan. 10, 2002, 115 Stat.

2174, extending the date to Mar. 31, 2002.

Pub. L. 107-44, Sec. 115, as added by Pub. L. 107-48, Oct. 12,

2001, 115 Stat. 261, extending the date to Jan. 10, 2002.

Pub. L. 107-44, Sec. 115, Sept. 28, 2001, 115 Stat. 256,

extending the date to Oct. 16, 2001, prior to repeal by Pub. L.

107-48, Oct. 12, 2001, 115 Stat. 261.

Termination date for Bank's functions was temporarily extended

until the following dates by the acts listed below:

Until Nov. 7, 1997, by Pub. L. 105-64, Oct. 23, 1997, 111 Stat.

1343.

Until Nov. 9, 1997, by Pub. L. 105-68, Nov. 7, 1997, 111 Stat.

1453.

Until Nov. 10, 1997, by Pub. L. 105-69, Nov. 9, 1997, 111 Stat.

1454.

Until Nov. 14, 1997, by Pub. L. 105-71, Nov. 10, 1997, 111 Stat.

1456.

Until Nov. 26, 1997, by Pub. L. 105-84, Nov. 14, 1997, 111 Stat.

1628.

FINANCIAL ASSISTANCE TO THE UNION OF SOVIET SOCIALIST REPUBLICS

Section 1 of Pub. L. 93-450 provided in part that the Bank shall

not authorize any financial assistance to the Union of Soviet

Socialist Republics during the life of Pub. L. 93-450, which

extended the termination date from Oct. 15, 1974, to Nov. 30, 1974.

-CITE-

12 USC Sec. 635g 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635g. Report to Congress; time for submission; contents

-STATUTE-

(a) Annual submission of report

The Export-Import Bank of the United States shall transmit to the

Congress annually a complete and detailed report of its

operations. Such report shall be as of the close of business on

the last day of each fiscal year.

(b) Report on allocation of sums set aside for small business

exports

(1) The Bank shall include in its annual report to the Congress a

report on the allocation of the sums set aside for small business

exports pursuant to section 635(b)(1)(E) of this title.

(2) Such report shall specify -

(A) the total number and dollar volume of loans made from the

sums set aside;

(B) the number and dollar volume of loans made through the

consortia program under section 635(b)(1)(E)(vii) of this title;

(C) the amount of guarantees and insurance provided for small

business exports;

(D) the number of recipients of financing from the sums set

aside who have not previously participated in the Bank's

programs;

(E) the number of commitments entered into in amounts less than

$500,000; and

(F) any recommendations for increasing the participation of

banks and other institutions in the programs authorized under

section 635(b)(1)(E) of this title.

(3) For the purpose of this subsection, the Bank's report shall

be transmitted to the Committee on Small Business of the Senate and

the Committee on Small Business of the House of Representatives.

(c) Technology to assist small businesses

The Bank shall include in its annual report to the Congress under

subsection (a) of this section for each of fiscal years 2002

through 2006 a report on the efforts made by the Bank to carry out

subparagraphs (E)(x) and (J) of section 635(b)(1) of this title,

and on how the efforts are assisting small business concerns (as

defined in section 632(a) of title 15).

(d) Number of small business suppliers of Bank users

The Bank shall estimate on the basis of an annual survey or

tabulation the number of entities that are suppliers of users of

the Bank and that are small business concerns (as defined in

section 632(a) of title 15) located in the United States, and shall

include the estimate in its annual report to the Congress under

subsection (a) of this section.

(e) Outreach to certain small businesses

The Bank shall include in its annual report to the Congress under

subsection (a) of this section a description of outreach efforts

made by the Bank to any socially and economically disadvantaged

small business concerns (as defined in section 637(a)(4) of title

15), small business concerns (as defined in section 632(a) of title

15) owned by women, and small business concerns (as defined in

section 632(a) of title 15) employing fewer than 100 employees.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 8, formerly Sec. 9, 59 Stat. 529;

Pub. L. 90-267, Sec. 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L.

93-646, Sec. 10, Jan. 4, 1975, 88 Stat. 2336; Pub. L. 95-630, title

XIX, Sec. 1907(b), Nov. 10, 1978, 92 Stat. 3725; Pub. L. 98-181,

title VI, Sec. 618(b), 623, Nov. 30, 1983, 97 Stat. 1259, 1262;

Pub. L. 99-472, Sec. 20(b), (c), Oct. 15, 1986, 100 Stat. 1209,

1210; renumbered Sec. 8, Pub. L. 102-429, title I, Sec. 121(c)(2),

Oct. 21, 1992, 106 Stat. 2199; Pub. L. 106-569, title XI, Sec.

1104(a)(4), Dec. 27, 2000, 114 Stat. 3032; Pub. L. 107-189, Sec.

12, June 14, 2002, 116 Stat. 704.)

-MISC1-

PRIOR PROVISIONS

A prior section 8 of act July 31, 1945, ch. 341, was renumbered

section 7 and is classified to section 635f of this title.

AMENDMENTS

2002 - Subsecs. (c) to (e). Pub. L. 107-189 added subsecs. (c) to

(e).

2000 - Subsec. (b). Pub. L. 106-569 redesignated subsec. (c) as

(b) and struck out former subsec. (b) which read as follows: ''The

report shall contain a description of actions taken by the Bank in

pursuance of the policy of aiding, counseling, assisting, and

protecting, insofar as is possible, the interests of small business

concerns and of the activities of the member of the Board appointed

to represent the interest of small business. In addition, the Bank

shall include in the report a description of specific activities

and programs undertaken by it to achieve the policy of section 3261

of title 22, and section 2151q of title 22, as required by section

635(b)(1)(C) of this title.''

Subsec. (c). Pub. L. 106-569 redesignated subsec. (c) as (b) and

directed redesignation of subsec. (e) as (c).

Subsec. (d). Pub. L. 106-569 struck out subsec. (d) which

required report to include actions taken by Bank to aid industries,

preserve and create highly skilled jobs, and enhance opportunity

for business growth and expansion and comments of Advisory

Committee.

Subsec. (e). Pub. L. 106-569, which directed redesignation of

subsec. (e) as (c), could not be executed. See 1986 Amendment note

and Termination Date of 1986 Amendment note below.

1986 - Subsec. (e). Pub. L. 99-472 temporarily added subsec. (e).

See Termination Date of 1986 Amendment note below.

1983 - Subsec. (b). Pub. L. 98-181, Sec. 618(b)(1), inserted

''and of the activities of the member of the Board appointed to

represent the interests of small business''.

Subsec. (c). Pub. L. 98-181, Sec. 618(b)(2), added subsec. (c).

Subsec. (d). Pub. L. 98-181, Sec. 623, added subsec. (d).

1978 - Subsec. (b). Pub. L. 95-630 inserted provision that in

addition, the Bank include in the report a description of specific

activities and programs undertaken by it to achieve the policy of

section 3261 of title 22, and section 2151q of title 22, as

required by section 635(b)(1)(C) of this title.

1975 - Pub. L. 93-646 designated existing provisions as subsec.

(a), substituted provisions calling for an annual report as of the

close of business on the last day of each fiscal year, for

provisions calling for a semiannual report as of the close of

business on June 30 and Dec. 31 of each year, and added subsec.

(b).

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States''.

TERMINATION DATE OF 1986 AMENDMENT

Section 20(c) of Pub. L. 99-472 provided that: ''Effective March

2, 1988, the amendment made by subsection (b) (amending this

section) is repealed.''

EFFECTIVE DATE OF 1978 AMENDMENT

Amendment by Pub. L. 95-630 effective Nov. 10, 1978, see section

1917 of Pub. L. 95-630, set out as a note under section 635 of this

title.

REPORTS

Pub. L. 107-189, Sec. 8(c), June 14, 2002, 116 Stat. 701,

provided that: ''The Export-Import Bank of the United States shall

include in the annual report required by section 8(a) of the

Export-Import Bank Act of 1945 (12 U.S.C. 635g(a)) for each of

fiscal years 2002 through 2006 a report on the efforts made by the

Bank to carry out subparagraphs (E)(x) and (J) of section 2(b)(1)

of such Act (12 U.S.C. 635(b)(1)), and on how the efforts are

assisting small businesses.''

FINANCING FOR RENEWABLE ENERGY PROJECTS

Pub. L. 101-167, title V, Sec. 534(d), Nov. 21, 1989, 103 Stat.

1231, provided that:

''(1) Of the financing provided by the Export-Import Bank that is

utilized for the support of exports for the energy sector, the Bank

shall seek to provide not less than 5 per centum of such financing

for renewable energy projects.

''(2) The Export-Import Bank shall take all appropriate steps to

finance information exchanges and training whose purpose it is to

help link United States producers in the renewable energy sector

with assistance programs and potential foreign customers.

''(3) Beginning on April 15, 1990, the Chairman of the

Export-Import Bank shall submit an annual report to the Committees

on Appropriations on the Bank's implementation of this

subsection.''

SUBMISSION OF ANNUAL REPORT

Pub. L. 89-348, Sec. 2(9), Nov. 8, 1965, 79 Stat. 1312, modified

requirement relating to submission of reports to Congress by

providing for annual reports instead of semiannual reports.

-CITE-

12 USC Sec. 635h 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635h. Exemption from prohibition of section 955 of title 18

-STATUTE-

Notwithstanding the provisions of section 955 of title 18, any

person, including any individual, partnership, corporation, or

association, may act for or participate with the Export-Import Bank

of the United States in any operation or transaction, or may

acquire any obligation issued in connection with any operation or

transaction, engaged in by the Bank.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 9, formerly Sec. 11, 59 Stat. 529;

Sept. 3, 1954, ch. 1263, Sec. 29, 68 Stat. 1237; Pub. L. 90-267,

Sec. 1(a), Mar. 13, 1968, 82 Stat. 47; renumbered Sec. 9, Pub. L.

102-429, title I, Sec. 121(c)(3), Oct. 21, 1992, 106 Stat. 2199.)

-MISC1-

PRIOR PROVISIONS

A prior section 9 of act July 31, 1945, ch. 341, was renumbered

section 8 and is classified to section 635g of this title.

AMENDMENTS

1968 - Pub. L. 90-267 changed name of ''Export-Import Bank of

Washington'' to ''Export-Import Bank of the United States''.

1954 - Act Sept. 3, 1954, substituted ''section 955 of title 18''

for ''section 804a of title 31''.

-CITE-

12 USC Sec. 635i to 635i-2 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i to 635i-2. Repealed. Pub. L. 102-429, title I, Sec.

121(c)(1), Oct. 21, 1992, 106 Stat. 2199

-MISC1-

Section 635i, act July 31, 1945, ch. 341, Sec. 12, as added June

9, 1947, ch. 101, Sec. 4, 61 Stat. 131; amended Mar. 13, 1968, Pub.

L. 90-267, Sec. 1(a), 82 Stat. 47, related to assumption of rights

and liabilities of existing Bank by Export-Import Bank of the

United States including transfer of funds, property, personnel,

etc.

Section 635i-1, act July 31, 1945, ch. 341, Sec. 13, as added

Nov. 30, 1983, Pub. L. 98-181, title VI, Sec. 619(a), 97 Stat.

1260, related to establishment of special facilities in support of

export transactions to Brazil and Mexico.

Section 635i-2, act July 31, 1945, ch. 341, Sec. 14, as added

Nov. 30, 1983, Pub. L. 98-181, title VI, Sec. 621, 97 Stat. 1261,

related to notification to Congress of decrease in capital level of

Bank.

-CITE-

12 USC Sec. 635i-3 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-3. Tied Aid Credit Fund and program

-STATUTE-

(a) Findings

The Congress finds that -

(1) tied aid and partially untied aid credits offered by other

countries are a predatory method of financing exports because of

their market-distorting effects;

(2) these distortions have caused the United States to lose

export sales, with resulting losses in economic growth and

employment;

(3) these practices undermine market mechanisms that would

otherwise result in export purchase decisions made on the basis

of price, quality, delivery, and other factors directly related

to the export, where official financing is not subsidized and

would be a neutral factor in the transaction;

(4) support of commercial exports by donor countries with tied

aid and partially untied aid credits impedes the growth of

developing countries because it diverts development assistance

funds from essential developmental purposes;

(5) the Bank has, at a minimum, the following two tasks -

(A)(i) first, the Bank should match foreign export credit

agencies and aid agencies when they engage in tied aid outside

the confines of the Arrangement and when they exploit

loopholes, such as untied aid;

(ii) such matching is needed to provide the United States

with leverage in efforts at the OECD to reduce the overall

level of export subsidies;

(iii) only through matching foreign export credit offers can

the Bank buttress United States negotiators in their efforts to

bring these loopholes within the disciplines of the

Arrangement; and

(iv) in order to bring untied aid within the discipline of

the Arrangement, the Bank should consider initiating highly

competitive financial support when the Bank learns that foreign

untied aid offers will be made; and

(B) second, the Bank should support United States exporters

when the exporters face foreign competition that is consistent

with the Arrangement and the Subsidies Code of the World Trade

Organization, but which places United States exporters at a

competitive disadvantage; and

(6) there should be established in the Bank a tied aid program

to target the export markets of those countries which make

extensive use of tied aid or partially untied aid credits, or

untied aid used to promote exports as if it were tied aid, for

commercial advantage for the purposes of -

(A) enforcing compliance with the existing Arrangement

restricting the use of tied aid and partially untied aid

credits for commercial purposes; and

(B) facilitating efforts to negotiate, establish, and enforce

new or revised comprehensive international arrangements

effectively restricting the use of tied aid and partially

untied aid credits, or untied aid used to promote exports as if

it were tied aid, for commercial purposes;

and such program should be used aggressively for such purposes.

(b) Establishment of tied aid credit program

(1) In general

The Bank shall establish a tied aid credit program under which

grants shall be made from funds available in the Tied Aid Credit

Fund established under subsection (c) of this section -

(A) to supplement the financing of a United States export

when there is a reasonable expectation that predatory financing

will be provided by another country for a sale by a competitor

of the United States exporter with respect to such export and

with special attention to matching tied aid and partially

untied aid credits extended by other governments -

(i) in violation of the Arrangement; or

(ii) in cases in which the Bank determines that United

States trade or economic interests justify the matching of

tied aid credits extended in compliance with the Arrangement,

including grandfathered cases;

(B) to supplement the financing of United States exports to

foreign markets which are actual or potential export markets

for any country which the Bank determines -

(i) engages in predatory official export financing through

the use of tied aid or partially untied aid credits, and

impedes negotiations or violates agreements on tied aid to

eliminate the use of such credits for commercial purposes; or

(ii) engages in predatory financing practices that seek to

circumvent international agreements on tied aid; or

(C) to supplement the financing of United States exports

under such other circumstances as the Bank may determine to be

appropriate for carrying out the purposes of this section.

(2) Administration of program

The tied aid credit program shall be administered by the Bank -

(A) in consultation with the Secretary and in accordance with

the principles, process, and standards developed pursuant to

paragraph (5) of this subsection and the purposes described in

subsection (a)(5) of this section;

(B) in cooperation with United States exporters and private

financial institutions or entities, and in consultation with

other Federal agencies, as appropriate; and

(C) in consultation with the National Advisory Council on

International Monetary and Financial Policies.

(3) Coordination with other export financing

Under the tied aid credit program, the Bank may combine grants

from the Tied Aid Credit Fund with -

(A) any guarantee, insurance, or other extension of credit

provided by the Bank under this subchapter;

(B) any export financing provided by any private financial

institution or other entity; and

(C) any other type of export financing,

in such manner and under such terms as the Bank determines to be

appropriate, including combinations of export financing in the

form of blended financing and parallel financing.

(4) Information on countries which engage in official predatory

export financing and impede negotiations

In order to assist the Bank to make the most efficient use of

funds available for supplemental financing under paragraph

(1)(B), the United States Trade Representative and the Secretary

of Commerce may provide information on principal sectors and key

markets of countries described in paragraph (1)(B) to the Bank,

the Secretary, and the National Advisory Council on International

Monetary and Financial Policies. The Bank shall also request and

take into consideration the views of the private sector on

principal sectors and key markets of countries described in

paragraph (1)(B).

(5) Principles, process, and standards governing use of the Fund

(A) In general

The Secretary and the Bank jointly shall develop a process

for, and the principles and standards to be used in,

determining how the amounts in the Tied Aid Credit Fund could

be used most effectively and efficiently to carry out the

purposes of subsection (a)(6) of this section.

(B) Content of principles, process, and standards

(i) Consideration of certain principles and standards

In developing the principles and standards referred to in

subparagraph (A), the Secretary and the Bank shall consider

administering the Tied Aid Credit Fund in accordance with the

following principles and standards:

(I) The Tied Aid Credit Fund should be used to leverage

multilateral negotiations to restrict the scope for

aid-financed trade distortions through new multilateral

rules, and to police existing rules.

(II) The Tied Aid Credit Fund will be used to counter a

foreign tied aid credit confronted by a United States

exporter when bidding for a capital project.

(III) Credible information about an offer of foreign tied

aid will be required before the Tied Aid Credit Fund is

used to offer specific terms to match such an offer.

(IV) The Tied Aid Credit Fund will be used to enable a

competitive United States exporter to pursue further market

opportunities on commercial terms made possible by the use

of the Fund.

(V) Each use of the Tied Aid Credit Fund will be in

accordance with the Arrangement unless a breach of the

Arrangement has been committed by a foreign export credit

agency.

(VI) The Tied Aid Credit Fund may only be used to defend

potential sales by United States companies to a project

that is environmentally sound.

(VII) The Tied Aid Credit Fund may be used to

preemptively counter potential foreign tied aid offers

without triggering foreign tied aid use.

(ii) Conclusion

Once the principles, process and standards referred to in

subparagraph (A) are followed, the final case-by-case

decisions on the use of the Tied Aid Credit Fund shall be

made by the Bank: Provided however, That the Bank shall not

approve the extension of a proposed tied aid credit if the

President of the United States determines, after consulting

with the President of the Bank and the Secretary of the

Treasury, that the extension of the tied aid credit would

materially impede achieving the purposes described in

subsection (a)(6) of this section.

(C) Initial principles, process, and standards

As soon as is practicable but not later than 6 months after

June 14, 2002, the Secretary and the Bank shall submit to the

Committee on Financial Services of the House of Representatives

and the Committee on Banking, Housing, and Urban Affairs of the

Senate a copy of the principles, process, and standards

developed pursuant to subparagraph (A).

(D) Transitional principles and standards

The principles and standards set forth in subparagraph (B)(i)

shall govern the use of the Tied Aid Credit Fund until the

principles, process, and standards required by subparagraph (C)

are submitted.

(E) Update and revision

The Secretary and the Bank jointly should update and revise,

as needed, the principles, process, and standards developed

pursuant to subparagraph (A), and, on doing so, shall submit to

the Committee on Financial Services of the House of

Representatives and the Committee on Banking, Housing, and

Urban Affairs of the Senate a copy of the principles, process,

and standards so updated and revised.

(6) Reconsideration of decisions

(A) In general

Taking into consideration the time sensitivity of

transactions, the Board of Directors of the Bank shall

expeditiously pursuant to paragraph (2) reconsider a decision

of the Board to deny an application for the use of the Tied Aid

Credit Fund if the applicant submits the request for

reconsideration within 3 months of the denial.

(B) Procedural rules

In any such reconsideration, the applicant may be required to

provide new information on the application.

(c) Tied Aid Credit Fund

(1) In general

There is hereby established within the Bank a fund to be known

as the ''Tied Aid Credit Fund'' (hereinafter in this section

referred to as the ''Fund''), consisting of such amounts as may

be appropriated to the Fund pursuant to the authorization

contained in subsection (e) of this section.

(2) Expenditures from Fund

Amounts in the Fund shall be available for grants made by the

Bank under the tied aid credit program established pursuant to

subsection (b) of this section and to reimburse the Bank for the

amount equal to the concessionality level of any tied aid credits

authorized by the Bank.

(d) Consistency with Arrangement

Any export financing involving the use of a grant under the tied

aid credit program shall be consistent with the procedures

established by the Arrangement, as in effect at the time such

financing is approved.

(e) Authorization

There are authorized to be appropriated to the Fund such sums as

may be necessary to carry out the purposes of this section. Such

sums are authorized to remain available until expended.

(f) Nonreviewability

No action taken under this section shall be reviewable by any

court, except for abuse of discretion.

(g) Report to Congress

(1) In general

The Bank, in consultation with the Secretary, shall submit an

annual report on tied aid credits to the Committee on Banking,

Housing, and Urban Affairs of the Senate and the Committee on

Financial Services of the House of Representatives.

(2) Contents of reports

Each report required under paragraph (1) shall contain a

description of -

(A) the implementation of the Arrangement restricting tied

aid and partially untied aid credits for commercial purposes,

including the operation of notification and consultation

procedures;

(B) all principal offers of tied aid credit financing by

foreign countries during the previous 6-month period, including

all offers notified by countries participating in the

Arrangement, and in particular -

(i) offers grandfathered under the Arrangement; and

(ii) notifications of exceptions under the Arrangement;

(C) any use by the Bank of the Tied Aid Credit Fund to match

specific offers, including those that are grandfathered or

exceptions under the Arrangement; and

(D) other actions by the United States Government to combat

predatory financing practices by foreign governments, including

additional negotiations among participating governments in the

Arrangement.

(3) Confidential information

To the extent the Bank determines any information required to

be included in the report under this subsection should not be

made public, such information may be submitted separately on a

confidential basis or provided orally, rather than in written

form, to the Chairmen and ranking minority Members of the

Committees of the Senate and the House of Representatives with

jurisdiction over the subject matter of the report.

(h) Definitions

For purposes of this section, the following definitions shall

apply:

(1) Tied aid and partially untied aid credit

The terms ''tied aid credit'' and ''partially untied aid

credit'' mean any credit which -

(A) has a grant element greater than zero percent, as

determined by the Development Assistance Committee of the

Organization for Economic Cooperation and Development;

(B) is, in fact or in effect, tied to -

(i) the procurement of goods or services from the donor

country, in the case of tied aid credit; or

(ii) the procurement of goods or services from a restricted

number of countries, in the case of partially untied aid

credit; and

(C) is financed either exclusively from public funds or

partly from public and partly from private funds.

(2) Secretary

The term ''Secretary'' means the Secretary of the Treasury.

(3) Arrangement

The term ''Arrangement'' means the Arrangement on Guidelines

for Officially Supported Export Credits established through the

Organization for Economic Cooperation and Development.

(4) Blended financing

The term ''blended financing'' means financing provided through

any combination of official development assistance, official

export credits, and private commercial credit which is integrated

into a single agreement with a single set of financial terms.

(5) Parallel financing

The term ''parallel financing'' means financing provided by any

combination of official development assistance, official export

credits, and private commercial credit which is not integrated

into a single agreement and does not have a single set of

financial terms.

(6) Offers grandfathered under the Arrangement

The term ''offers grandfathered under the Arrangement'' means -

(A) financing offers made or lines of credit extended on or

before February 15, 1992; or

(B) financing offers extended for subloans under lines of

credit referred to in subparagraph (A) made on or before August

15, 1992, or, in the case of Mexico, on or before December 31,

1992.

(7) Market window

The Bank, in consultation with the Secretary of the Treasury,

shall define ''market window'' for purposes of this section.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 10, formerly Sec. 15, as added Pub.

L. 99-472, Sec. 19, Oct. 15, 1986, 100 Stat. 1205; amended Pub. L.

100-217, Dec. 29, 1987, 101 Stat. 1454; Pub. L. 100-418, title III,

Sec. 3302(b), Aug. 23, 1988, 102 Stat. 1383; Pub. L. 101-240, title

I, Sec. 101(b), Dec. 19, 1989, 103 Stat. 2493; Pub. L. 101-513,

title V, Sec. 562(d), Nov. 5, 1990, 104 Stat. 2036; renumbered Sec.

10 and amended Pub. L. 102-429, title I, Sec. 103, 121(c)(4), Oct.

21, 1992, 106 Stat. 2187, 2199; Pub. L. 104-97, Sec. 1, Jan. 11,

1996, 109 Stat. 984; Pub. L. 104-107, title V, Sec. 579, Feb. 12,

1996, 110 Stat. 751; Pub. L. 105-121, Sec. 3, Nov. 26, 1997, 111

Stat. 2528; Pub. L. 106-569, title XI, Sec. 1103(d)(2), Dec. 27,

2000, 114 Stat. 3031; Pub. L. 107-189, Sec. 9, 10(c), (d),

24(a)(2)(E), June 14, 2002, 116 Stat. 701, 703, 704, 708.)

-MISC1-

PRIOR PROVISIONS

A prior section 10 of act July 31, 1945, ch. 341, repealed

section 713b of Title 15, Commerce and Trade.

AMENDMENTS

2002 - Subsec. (a)(4). Pub. L. 107-189, Sec. 10(c)(1), struck out

''and'' at end.

Subsec. (a)(5). Pub. L. 107-189, Sec. 10(c)(3), added par. (5).

Former par. (5) redesignated (6).

Pub. L. 107-189, Sec. 10(c)(2), inserted '', or untied aid used

to promote exports as if it were tied aid,'' before ''for

commercial'' in introductory provisions and in subpar. (B).

Subsec. (a)(6). Pub. L. 107-189, Sec. 10(c)(3), redesignated par.

(5) as (6).

Subsec. (b)(2)(A). Pub. L. 107-189, Sec. 9(a)(1), added subpar.

(A) and struck out former subpar. (A) which read as follows: ''in

consultation with the Secretary and in accordance with the

Secretary's recommendations on how such credits could be used most

effectively and efficiently to carry out the purposes described in

subsection (a)(5) of this section;''.

Subsec. (b)(5). Pub. L. 107-189, Sec. 9(a)(2), added par. (5).

Subsec. (b)(6). Pub. L. 107-189, Sec. 9(b), added par. (6).

Subsec. (g)(1). Pub. L. 107-189, Sec. 24(a)(2)(E), substituted

''Committee on Financial Services of the House of Representatives''

for ''Committee on Banking, Finance and Urban Affairs of the House

of Representatives''.

Subsec. (h)(7). Pub. L. 107-189, Sec. 10(d), added par. (7).

2000 - Subsec. (g)(1). Pub. L. 106-569 substituted ''The Bank''

for ''On or before October 15, 1992, and every 6 months thereafter,

the Bank'' and ''submit an annual report'' for ''submit a report''.

1997 - Subsec. (c)(2). Pub. L. 105-121, Sec. 3(a), struck out

''through September 30, 1997'' after ''authorized by the Bank''.

Subsec. (e). Pub. L. 105-121, Sec. 3(b), amended first sentence

generally. Prior to amendment first sentence read as follows:

''There are authorized to be appropriated to the Fund such sums as

may be necessary for each of fiscal years 1996 and 1997.''

1996 - Subsec. (c)(2). Pub. L. 104-107, Sec. 579(a), which

directed substitution of ''1997'' for ''1995'', could not be

executed because ''1995'' does not appear in text after amendment

by Pub. L. 104-97. See below.

Pub. L. 104-97, Sec. 1(a), substituted ''1997'' for ''1995''.

Subsec. (e). Pub. L. 104-107, Sec. 579(b), which directed

substitution of ''1996 and 1997'' for ''1993, 1994, and 1995'',

could not be executed because that language does not appear in text

after general amendment by Pub. L. 104-97. See below.

Pub. L. 104-97, Sec. 1(b), substituted ''There are authorized to

be appropriated to the Fund such sums as may be necessary for each

of fiscal years 1996 and 1997.'' for ''There are authorized to be

appropriated to the Fund $500,000,000 for each of fiscal years

1993, 1994, and 1995.''

1992 - Subsec. (a). Pub. L. 102-429, Sec. 103(c)(1), (2),

substituted ''predatory'' for ''predacious'' in par. (1), struck

out ''temporary'' before ''tied aid program'' in introductory

provisions of par. (5), and substituted ''existing Arrangement''

for ''existing arrangement'' in par. (5)(A).

Subsec. (b)(1). Pub. L. 102-429, Sec. 103(c)(3)(A), substituted

''The'' for ''To carry out the purposes of subsection (a)(5) of

this section, the''.

Subsec. (b)(1)(A). Pub. L. 102-429, Sec. 103(c)(1), (3)(B),

substituted ''predatory'' for ''predacious'' and inserted before

semicolon ''and with special attention to matching tied aid and

partially untied aid credits extended by other governments - ''

followed by cls. (i) and (ii).

Subsec. (b)(1)(B). Pub. L. 102-429, Sec. 103(c)(1), (3)(C), in

cl. (i) substituted ''predatory'' for ''predacious'' and

''partially untied aid credits, and impedes negotiations or

violates agreements on tied aid to eliminate the use of such

credits for commercial purposes; or'' for ''partially untied aid

credits; and'', added cl. (ii), and struck out former cl. (ii)

which read as follows: ''impedes negotiations to eliminate the use

of such credits for commercial purposes; or''.

Subsec. (b)(2). Pub. L. 102-429, Sec. 103(c)(4), (5), struck out

''of the Treasury'' after ''Secretary'' in subpar. (A) and

substituted ''United States exporters and private financial

institutions or entities, and in consultation with other Federal

agencies'' for ''private financial institutions or entities'' in

subpar. (B).

Subsec. (b)(4). Pub. L. 102-429, Sec. 103(c)(6), inserted at end

''The Bank shall also request and take into consideration the views

of the private sector on principal sectors and key markets of

countries described in paragraph (1)(B).''

Subsec. (c)(2). Pub. L. 102-429, Sec. 103(a), substituted

''September 30, 1995'' for ''fiscal year 1992''.

Subsec. (e). Pub. L. 102-429, Sec. 103(b), amended subsec. (e)

generally, substituting present provisions for provisions which

authorized appropriations for fiscal years 1987 through 1992 and

provided authority for Presidential rescission.

Subsec. (g)(1). Pub. L. 102-429, Sec. 103(c)(7), amended par. (1)

generally. Prior to amendment, par. (1) read as follows: ''Report

required. - Before the end of the 6-month period beginning on

October 15, 1986, and every six months thereafter, the Bank, in

consultation with the Secretary, shall prepare and transmit a

report on tied aid credits to the President of the Senate and the

Speaker of the House of Representatives.''

Subsec. (g)(2). Pub. L. 102-429, Sec. 103(c)(7), amended par. (2)

generally. Prior to amendment, par. (2) read as follows:

''Contents of report. - Each report required by paragraph (1) shall

contain a description of -

''(A) the principal offers of predacious financing by foreign

countries during the course of the previous 6 months;

''(B) steps taken by the United States to combat specific

predacious financing practices of foreign countries;

''(C) any use by the Bank of the Tied Aid Credit Fund to match

specific predacious financing practices of foreign countries and

to initiate tied aid credit offers;

''(D) any additional steps the United States may take in the

future to discourage use of predacious financing practices; and

''(E) the progress achieved by negotiations conducted to carry

out the purposes described in subsection (a)(5) of this

section.''

Subsec. (h). Pub. L. 102-429, Sec. 103(c)(8), substituted ''For

purposes of this section, the following definitions shall apply:''

for ''For the purpose of this section - '' in introductory

provisions and added par. (6).

1990 - Subsec. (c)(2). Pub. L. 101-513, Sec. 562(d)(2),

substituted ''1992'' for ''1991''.

Subsec. (e)(1). Pub. L. 101-513, Sec. 562(d)(1), substituted

''for fiscal year 1990, $300,000,000, and for each of fiscal years

1991 and 1992, $500,000,000'' for ''and for fiscal years 1990 and

1991, $300,000,000''.

1989 - Subsec. (a)(5). Pub. L. 101-240, Sec. 101(b)(1),

substituted ''for the purposes of - '', pars. (A) and (B), and

concluding provisions for ''for the purpose of facilitating the

negotiation of a comprehensive international arrangement

restricting the use of tied aid and partially untied aid credits

for commercial purposes, and such program should be aggressively

used until such an arrangement is established.''

Subsec. (b)(1). Pub. L. 101-240, Sec. 101(b)(2), inserted

introductory provisions and struck out former introductory

provisions which read as follows: ''For the purpose of facilitating

the negotiation of a comprehensive international arrangement

restricting the use of tied aid and partially untied aid credits

for commercial purposes, the Bank shall establish a tied aid credit

program under which grants shall be made from funds available in

the Tied Aid Credit Fund established under subsection (c) of this

section - ''.

Subsec. (b)(2)(A). Pub. L. 101-240, Sec. 101(b)(3), substituted

''carry out the purposes described in subsection (a)(5) of this

section'' for ''promote the negotiation of a comprehensive

international arrangement restricting the use of tied aid and

partially untied aid credits for commercial purposes''.

Subsec. (c)(2). Pub. L. 101-240, Sec. 101(b)(4), substituted

''amount equal to the concessionality level'' for ''cost'' and

''through fiscal year 1991'' for ''during fiscal years 1986, 1987,

1988, and 1989''.

Subsec. (e)(1). Pub. L. 101-240, Sec. 101(b)(7), which directed

the insertion of '', and for fiscal years 1990, 1991, and 1992,

$200,000,000'' after ''$300,000,000'' was not executed in view of

earlier amendment by section 101(b)(5) of Pub. L. 101-240, which

inserted '', and for fiscal years 1990 and 1991, $300,000,000''

after ''$300,000,000'', and in view of Senate floor amendment of

the bill which added the authorization contained in section

101(b)(5) and was intended to replace the authorization now

appearing in section 101(b)(7). See Cong. Rec., Vol. 135, pt. 22,

pp. 31199, 31203.

Pub. L. 101-240, Sec. 101(b)(5), inserted '', and for fiscal

years 1990 and 1991, $300,000,000'' after ''$300,000,000''.

Subsec. (g)(2)(E). Pub. L. 101-240, Sec. 101(b)(6), amended

subpar. (E) generally. Prior to amendment, subpar. (E) read as

follows: ''any progress achieved in negotiations to establish a

comprehensive international arrangement restricting the use of tied

aid and partially untied credits for commercial purposes.''

1988 - Subsecs. (c)(2), (e)(1). Pub. L. 100-418 substituted

''1988, and 1989'' for ''and 1988''.

1987 - Subsec. (c)(2). Pub. L. 100-217 substituted ''during

fiscal years 1986, 1987, and 1988'' for ''during fiscal year

1986''.

USE OF FUND TO DISCOURAGE PREDATORY FINANCING PRACTICES

Section 3302(a) of Pub. L. 100-418 provided that: ''The Congress

finds that -

''(1) negotiations have led to an international agreement to

increase the grant element required in tied aid credit offers;

''(2) concern continues to exist that countries party to the

agreement may continue to offer tied aid credits that deviate

from the agreement;

''(3) in such cases, the United States could continue to lose

export sales in connection with the aggressive, and in some

cases, unfair, tied aid practices of such countries; and

''(4) in such cases, the Export-Import Bank of the United

States should continue to use the Tied Aid Credit Fund

established by section 15(c) (now 10(c)) of the Export-Import

Bank Act of 1945 (12 U.S.C. 635i-3(c)) to discourage the use of

such predatory financing practices.''

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 635 of this title.

-CITE-

12 USC Sec. 635i-4 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-4. Repealed. Pub. L. 102-429, title I, Sec. 121(c)(1),

Oct. 21, 1992, 106 Stat. 2199

-MISC1-

Section, act July 31, 1945, ch. 341, Sec. 16, as added Oct. 21,

1986, Pub. L. 99-509, title II, Sec. 2002, 100 Stat. 1880, related

to procedures and terms for sale of Bank loans to public.

-CITE-

12 USC Sec. 635i-5 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-5. Environmental policy and procedures

-STATUTE-

(a) Environmental effects consideration

(1) In general

Consistent with the objectives of section 635(b)(1)(A) of this

title, the Bank shall establish procedures to take into account

the potential beneficial and adverse environmental effects of

goods and services for which support is requested under its

direct lending and guarantee programs. Such procedures shall

apply to any transaction involving a project -

(A) for which long-term support of $10,000,000 or more is

requested from the Bank;

(B) for which the Bank's support would be critical to its

implementation; and

(C) which may have significant environmental effects upon the

global commons or any country not participating in the project,

or may produce an emission, an effluent, or a principal product

that is prohibited or strictly regulated pursuant to Federal

environmental law.

(2) Authority to withhold financing

The procedures established under paragraph (1) shall permit the

Board of Directors, in its judgment, to withhold financing from a

project for environmental reasons or to approve financing after

considering the potential environmental effects of a project.

(b) Use of Bank programs to encourage certain exports

(1) In general

The Bank shall encourage the use of its programs to support the

export of goods and services that have beneficial effects on the

environment or mitigate potential adverse environmental effects

(such as exports of products and services used to aid in the

monitoring, abatement, control, or prevention of air, water, and

ground contaminants or pollution, or which provide protection in

the handling of toxic substances, subject to a final

determination by the Bank, and products and services for foreign

environmental projects dedicated entirely to the prevention,

control, or cleanup of air, water, or ground pollution, including

facilities to provide for control or cleanup, and used in the

retrofitting of facility equipment for the sole purpose of

mitigating, controlling, or preventing adverse environmental

effects, subject to a final determination by the Bank). The Board

of Directors shall name an officer of the Bank to advise the

Board on ways that the Bank's programs can be used to support the

export of such goods and services. The officer shall act as

liaison between the Bank and other Federal Government agencies,

including the agencies whose representatives are members of the

Environmental Trade Promotion Working Group of the Trade

Promotion Coordinating Committee, with respect to overall United

States Government policy on the environment.

(2) Limitations on authorization of appropriations

In addition to other funds available to support the export of

goods and services described in paragraph (1), there are

authorized to be appropriated to the Bank not more than

$35,000,000 for the cost (as defined in section 661a(5) of title

2) of supporting such exports. If, in any fiscal year, the funds

appropriated in accordance with this paragraph are not fully

utilized due to insufficient qualified transactions for the

export of such goods and services, such funds may be expended for

other purposes eligible for support by the Bank.

(c) Inclusion in report to Congress

The Bank shall provide in its annual report to the Congress a

summary of its activities under subsections (a) and (b) of this

section.

(d) Interpretation

Nothing in this section shall be construed to create any cause of

action.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 11, formerly Sec. 17, as added and

renumbered Sec. 11, Pub. L. 102-429, title I, Sec. 106, 121(c)(5),

Oct. 21, 1992, 106 Stat. 2189, 2199; amended Pub. L. 103-428, Sec.

2(a), Oct. 31, 1994, 108 Stat. 4376.)

-COD-

CODIFICATION

Another section 11 of act July 31, 1945, ch. 341, was renumbered

section 14 and is classified to section 635i-8 of this title.

-MISC3-

PRIOR PROVISIONS

A prior section 11 of act July 31, 1945, ch. 341, was renumbered

section 9 and is classified to section 635h of this title.

AMENDMENTS

1994 - Subsec. (b). Pub. L. 103-428 inserted par. (1) designation

and heading, inserted before period at end of first sentence

''(such as exports of products and services used to aid in the

monitoring, abatement, control, or prevention of air, water, and

ground contaminants or pollution, or which provide protection in

the handling of toxic substances, subject to a final determination

by the Bank, and products and services for foreign environmental

projects dedicated entirely to the prevention, control, or cleanup

of air, water, or ground pollution, including facilities to provide

for control or cleanup, and used in the retrofitting of facility

equipment for the sole purpose of mitigating, controlling, or

preventing adverse environmental effects, subject to a final

determination by the Bank)'', and added par. (2).

-CITE-

12 USC Sec. 635i-6 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-6. Debt reduction; Enterprise for the Americas Initiative

-STATUTE-

(a) Definitions

For purposes of this section -

(1) the term ''eligible country'' means a country designated by

the President in accordance with subsection (b) of this section;

(2) the term ''Facility'' means the entity established in the

Department of the Treasury by section 1738 of title 7; and

(3) the term ''IMF'' means the International Monetary Fund.

(b) Eligibility for benefits under the Facility

(1) Requirements

To be eligible for benefits from the Facility under this

section, a country must -

(A) be a Latin American or Caribbean country;

(B) have in effect, have received approval for, or, as

appropriate in exceptional circumstances, be making significant

progress toward -

(i) an IMF standby arrangement, extended IMF arrangement,

or an arrangement under the structural adjustment facility or

enhanced structural adjustment facility or, in exceptional

circumstances, an IMF monitored program or its equivalent;

and

(ii) as appropriate, structural or sectoral adjustment

loans from the International Bank for Reconstruction and

Development or the International Development Association;

(C) have put in place major investment reforms in conjunction

with an Inter-American Development Bank loan or otherwise be

implementing, or making significant progress toward, an open

investment regime; and

(D) if appropriate, have agreed with its commercial bank

lenders on a satisfactory financing program, including, as

appropriate, debt or debt service reduction.

(2) Eligibility determinations

The President shall determine whether a country is an eligible

country for purposes of paragraph (1).

(c) Loans eligible for sale, reduction, or cancellation

(1) Authority to sell, reduce, or cancel certain loans

Notwithstanding any other provision of law, the President may,

in accordance with this section, sell to any eligible purchaser

any loan or portion thereof made before January 1, 1992, to any

eligible country or any agency thereof pursuant to this

subchapter, or, on receipt of payment from an eligible purchaser,

reduce or cancel such loan or portion thereof, only for the

purpose of facilitating -

(A) debt-for-equity swaps, debt-for-development swaps, or

debt-for-nature swaps; or

(B) a debt buy-back by an eligible country of its own

qualified debt, only if the eligible country uses an additional

amount of the local currency of the eligible country, equal to

not less than 40 percent of the price paid for such debt by

such eligible country, or the difference between the price paid

for such debt and the face value of such debt, to support

activities that link conservation and sustainable use of

natural resources with local community development, and child

survival and other child development activities, in a manner

consistent with sections 1738f through 1738k of title 7,

if the sale, reduction, or cancellation would not contravene any

term or condition of any prior agreement relating to such loan.

(2) Terms and conditions

Notwithstanding any other provision of law, the President

shall, in accordance with this section, establish the terms and

conditions under which loans may be sold, reduced, or canceled

pursuant to this section.

(3) Treatment under securities laws

The filing of a registration statement under the Securities Act

of 1933 (15 U.S.C. 77a et seq.) shall not be required with

respect to the sale or offer for sale by the Bank of a loan or

any interest therein pursuant to this section. For purposes of

the Securities Act of 1933, the Bank shall not be deemed to be an

issuer or underwriter with respect to any subsequent sale or

other disposition of such loan (or any interest therein) or any

security received by an eligible purchaser pursuant to any

debt-for-equity swap, debt-for-development swap, or

debt-for-nature swap.

(4) Administration

The Facility shall notify the Bank of purchasers that the

President has determined to be eligible, and shall direct the

Bank to carry out the sale, reduction, or cancellation of a loan

pursuant to this section. The Bank shall make an adjustment in

its accounts to reflect the sale, reduction, or cancellation.

(5) Limitations

The authorities of this subsection may be exercised only to

such extent as provided for in advance in appropriations Acts, as

necessary to implement the Federal Credit Reform Act of 1990 (2

U.S.C. 661 et seq.).

(d) Deposit of proceeds

The proceeds from the sale, reduction, or cancellation of any

loan sold, reduced, or canceled pursuant to this section shall be

deposited in the United States Government account or accounts

established for the repayment of such loan.

(e) Eligible purchasers

A loan may be sold pursuant to subsection (c)(1)(A) of this

section only to a purchaser who presents plans satisfactory to the

President for using the loan for the purpose of engaging in

debt-for-equity swaps, debt-for-development swaps, or

debt-for-nature swaps.

(f) Debtor consultation

Before the sale to any eligible purchaser, or any reduction or

cancellation pursuant to this section, of any loan made to an

eligible country, the President shall consult with the country

concerning the amount of loans to be sold, reduced, or canceled and

their uses for debt-for-equity swaps, debt-for-development swaps,

or debt-for-nature swaps.

(g) Authorization of appropriations

For the sale, reduction, and cancellation of loans or portions

thereof pursuant to this section, there are authorized to be

appropriated to the President such sums as may be necessary, which

are authorized to remain available until expended.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 12, formerly Sec. 18, as added and

renumbered Sec. 12, Pub. L. 102-429, title I, Sec. 108, 121(c)(6),

Oct. 21, 1992, 106 Stat. 2191, 2199; Pub. L. 107-189, Sec.

24(b)(5), June 14, 2002, 116 Stat. 709.)

-REFTEXT-

REFERENCES IN TEXT

The Securities Act of 1933, referred to in subsec. (c)(3), is

title I of act May 27, 1933, ch. 38, 48 Stat. 74, as amended, which

is classified generally to subchapter I (Sec. 77a et seq.) of

chapter 2A of Title 15, Commerce and Trade. For complete

classification of this Act to the Code, see section 77a of Title 15

and Tables.

The Federal Credit Reform Act of 1990, referred to in subsec.

(c)(5), is title V of Pub. L. 93-344, as added Pub. L. 101-508,

title XIII, Sec. 13201(a), Nov. 5, 1990, 104 Stat. 1388-609, which

is classified generally to subchapter III (Sec. 661 et seq.) of

chapter 17A of Title 2, The Congress. For complete classification

of this Act to the Code, see Short Title of 1990 Amendment note set

out under section 621 of Title 2 and Tables.

-MISC2-

PRIOR PROVISIONS

A prior section 12 of act July 31, 1945, ch. 341, was classified

to section 635i of this title, prior to repeal by Pub. L. 102-429,

Sec. 121(c)(1).

AMENDMENTS

2002 - Subsec. (a)(1). Pub. L. 107-189 substituted ''subsection

(b) of this section'' for ''section (b) of this section''.

-CITE-

12 USC Sec. 635i-7 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-7. Cooperation on export financing programs

-STATUTE-

The Bank shall, subject to appropriate memoranda of understanding

-

(1) provide complete and current information on all of its

programs and financing practices to -

(A) the Small Business Administration and other Federal

agencies involved in promoting exports and marketing export

financing programs; and

(B) State and local export financing organizations that

indicate a desire to participate in export promotion; and

(2) consistent with the provisions of section 4721(f)(2) of

title 15, undertake a program to provide training for personnel

designated in such memoranda with respect to such financing

programs.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 13, formerly Sec. 19, as added and

renumbered Sec. 13, Pub. L. 102-429, title I, Sec. 115, 121(c)(7),

Oct. 21, 1992, 106 Stat. 2196, 2199.)

-MISC1-

PRIOR PROVISIONS

A prior section 13 of act July 31, 1945, ch. 341, was classified

to section 635i-1 of this title, prior to repeal by Pub. L.

102-429, Sec. 121(c)(1).

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 15 section 4721.

-CITE-

12 USC Sec. 635i-8 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-8. Special debt relief for poorest, most heavily indebted

countries

-STATUTE-

(a) Debt reduction authority

The President may reduce amounts of principal and interest owed

by any eligible country to the Bank as a result of loans or

guarantees made under this subchapter.

(b) Limitations

(1) Types of debt reduction

The authority provided by subsection (a) of this section may be

exercised only to implement multilateral agreements to reduce the

burden of official bilateral debt as set forth in the minutes of

the so-called ''Paris Club'' (also known as ''Paris Club Agreed

Minutes'').

(2) Eligible countries

(A) ''Eligible country'' defined

As used in subsection (a) of this section, the term

''eligible country'' means any country that -

(i) has excessively burdensome external debt;

(ii) is eligible to borrow from the International

Development Association; and

(iii) is not eligible to borrow from the International Bank

for Reconstruction and Development.

(B) Determinations

Subject to subparagraph (A), the President may determine

whether a country is an eligible country for purposes of

subsection (a) of this section.

(c) Conditions

The authority provided by this section may be exercised only with

respect to a country whose government -

(1) does not have an excessive level of military expenditures;

(2) has not repeatedly provided support for acts of

international terrorism;

(3) is not failing to cooperate on international narcotics

control matters; and

(4) (including its military or other security forces) does not

engage in a consistent pattern of gross violations of

internationally recognized human rights.

(d) Appropriations

The authority provided by subsection (a) of this section may be

exercised only in such amounts or to such extent as is provided in

advance in appropriations Acts.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 14, formerly Sec. 11, as added Pub.

L. 103-87, title V, Sec. 570(b), Sept. 30, 1993, 107 Stat. 970;

renumbered Sec. 14, Pub. L. 103-428, Sec. 2(b), Oct. 31, 1994, 108

Stat. 4376; Pub. L. 107-189, Sec. 24(b)(6), June 14, 2002, 116

Stat. 709.)

-MISC1-

AMENDMENTS

2002 - Subsec. (a). Pub. L. 107-189 substituted ''principal'' for

''principle''.

-EXEC-

DELEGATION OF AUTHORITY WITH RESPECT TO DEBT REDUCTION FOR POOREST

COUNTRIES

Memorandum of President of the United States, June 20, 1994, 59

F.R. 33413, provided:

Memorandum for the Secretary of the Treasury

By the authority vested in me as President by the Constitution

and the laws of the United States of America, including section 570

of the Foreign Operations, Export Financing, and Related Programs

Appropriations Act, 1994 (Public Law 103-87) (the ''Act'')

(enacting 12 U.S.C. 635i-8), section 14 of the Export-Import Bank

Act of 1945 (12 U.S.C. 635 - 635i-8) (probably means 12 U.S.C.

635i-8), and section 301 of title 3 of the United States Code, it

is hereby ordered as follows:

1. There are delegated to the Secretary of the Treasury, in

consultation with the Secretary of State and the Secretary of

Defense, the functions, authorities, and duties conferred upon

the President by section 570(a) of the Act (107 Stat. 970).

2. There are delegated to the Secretary of the Treasury, in

consultation with the Secretary of State and the President of the

Export-Import Bank, the functions, authorities, and duties

conferred upon the President by section 570(b) of the Act and

section 14(a) of the Export-Import Bank Act of 1945 (12 U.S.C.

635 - 635i-8).

The Secretary of the Treasury is authorized and directed to

publish this memorandum in the Federal Register.

William J. Clinton.

-CITE-

12 USC Sec. 635i-9 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER I - GENERAL PROVISIONS

-HEAD-

Sec. 635i-9. Market windows

-STATUTE-

(a) Enhanced transparency

To ensure that the Bank financing remains fully competitive, the

United States should seek enhanced transparency over the activities

of market windows in the OECD Export Credit Arrangement. If such

transparency indicates that market windows are disadvantaging

United States exporters, the United States should seek negotiations

for multilateral disciplines and transparency within the OECD

Export Credit Arrangement.

(b) Authorization

The Bank may provide financing on terms and conditions that are

inconsistent with those permitted under the OECD Export Credit

Arrangement -

(1) to match financing terms and conditions that are being

offered by market windows on terms that are inconsistent with

those permitted under the OECD Export Credit Arrangement, if -

(A) matching such terms and conditions advances the

negotiations for multilateral disciplines and transparency

within the OECD Export Credit Arrangement; or

(B) transparency verifies that the market window financing is

being offered on terms that are more favorable than the terms

and conditions that are available from private financial

markets; and

(2) when the foreign government-supported institution refuses

to provide sufficient transparency to permit the Bank to make a

determination under paragraph (1).

(c) Definition

In this section, the term ''OECD'' means the Organization for

Economic Cooperation and Development.

-SOURCE-

(July 31, 1945, ch. 341, Sec. 15, as added Pub. L. 107-189, Sec.

10(b)(1), June 14, 2002, 116 Stat. 703.)

-MISC1-

REPORT

Pub. L. 107-189, Sec. 10(b)(2), June 14, 2002, 116 Stat. 703,

provided that: ''Within 2 years after the date of the enactment of

this Act (June 14, 2002), the Secretary of the Treasury shall

submit to the Committee on Financial Services of the House of

Representatives and the Committee on Banking, Housing, and Urban

Affairs of the Senate a report on the rationale for seeking or not

seeking negotiations for multilateral disciplines and transparency,

the successes, failures, and obstacles in initiating negotiations,

and if negotiations were initiated, in reaching an agreement.''

-CITE-

12 USC SUBCHAPTER II - EXPORT FINANCING 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

.

-HEAD-

SUBCHAPTER II - EXPORT FINANCING

-CITE-

12 USC Sec. 635j 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

-HEAD-

Sec. 635j. Export financing program to foster foreign trade and

commercial interest of the United States

-STATUTE-

(a) Congressional statement of policy

It is the policy of the Congress that the Export-Import Bank of

the United States should facilitate through loans, guarantees, and

insurance (including coinsurance and reinsurance) those export

transactions which, in the judgment of the Board of Directors of

the Bank, offer sufficient likelihood of repayment to justify the

Bank's support in order to actively foster the foreign trade and

long-term commercial interest of the United States.

(b) Designation of transactions on books of the Bank; limitation on

commitments

The bank shall specially designate loans, guarantees, and

insurance on the books of the Bank made under authority of this

subchapter. In connection with guarantees and insurance, not less

than 25 per centum of the related contractual liability of the Bank

shall be taken into account for the purpose of applying the

limitation imposed by section 635e of this title; but the full

amount of the related contractual liability of such guarantees and

insurance shall be taken into account for the purpose of applying

the limitation in section 635(c)(1) of this title, concerning the

amount of guarantees and insurance the Bank may have outstanding at

any one time thereunder. The aggregate amount of loans plus 25 per

centum of the contractual liability of guarantees and insurance

outstanding at any one time under this subchapter shall not exceed

$500,000,000.

-SOURCE-

(Pub. L. 90-390, Sec. 1, July 7, 1968, 82 Stat. 296; Pub. L.

96-470, title I, Sec. 115, Oct. 19, 1980, 94 Stat. 2240.)

-MISC1-

AMENDMENTS

1980 - Subsec. (c). Pub. L. 96-470 struck out subsec. (c) which

required the Board of Directors of the Bank to submit to Congress

for the calendar ending Sept. 30, 1968, and each calendar quarter

thereafter, a report of all actions taken under authority of

sections 635j to 635n of this title during such quarter.

-EXEC-

EX. ORD. NO. 11420. EXPORT EXPANSION ADVISORY COMMITTEE

Ex. Ord. No. 11420, July 31, 1968, 33 F.R. 10997, provided:

WHEREAS foreign trade is an essential and continuing element in

sustaining the growth, strength, and prosperity of our economy,

contributes to the improvement of our balance of payments, and

fosters the long-term commercial interest of the United States; and

WHEREAS, on March 20, 1968, I requested the Congress to empower

the Export-Import Bank of the United States to use up to

$500,000,000 of its loan, guarantee, and insurance authority to

finance a broadened program to sell American goods in foreign

markets; and

WHEREAS the Congress has authorized the Bank to extend loans,

guarantees, and insurance which, in the judgment of the Board of

Directors of the Bank, offer sufficient likelihood of repayment to

justify the Bank's support in order to actively foster the foreign

trade and long-term commercial interest of the United States; and

WHEREAS it is desirable and appropriate that guidance concerning

the commercial interests and the balance of payments objectives of

the United States be provided to the Board of Directors of the Bank

in the use of such loan, guarantee, and insurance authority

allocated to finance export expansion, and I have stated that I

would establish an Export Expansion Advisory Committee to provide

such guidance to the Board of Directors of the Bank:

NOW, THEREFORE, by virtue of the authority vested in me as

President of the United States, it is ordered as follows:

Section 1. Establishment of Advisory Committee. (a) There is

hereby established the Export Expansion Advisory Committee

(hereinafter referred to as ''the Committee'').

(b) The Committee shall be composed of the following members: the

Secretary of Commerce, who shall be Chairman of the Committee, the

Secretary of the Treasury, the Secretary of State, and the

President and Chairman of the Board of the Export-Import Bank of

the United States.

Sec. 2. Functions of the Committee. The Committee shall review

and make recommendations concerning applications and proposals for

loans, guarantees, and insurance to be charged against allocations

made to finance export expansion and shall provide guidance to the

Board of Directors of the Bank concerning the use of such

allocations with the view to fostering the foreign trade and

long-term commercial interest of the United States.

Sec. 3. Construction. Nothing in this order shall be construed to

abrogate, modify, or restrict any function vested by law in, or

assigned pursuant to law to, any Federal agency or any officer

thereof or to any Federal interagency council or committee. As

used herein the term ''any Federal agency'' includes any executive

department and any other executive agency. Lyndon B. Johnson.

-MISC6-

TERMINATION OF ADVISORY COMMITTEES

Advisory Committees in existence on Jan. 5, 1973, to terminate

not later than the expiration of the 2-year period following Jan.

5, 1973, unless, in the case of a committee established by the

President or an officer of the Federal Government, such committee

is renewed by appropriate action prior to the expiration of such

2-year period, or in the case of a committee established by the

Congress, its duration is otherwise provided by law, see section 14

of Pub. L. 92-463, Oct. 6, 1972, 86 Stat. 770, set out in the

Appendix to Title 5, Government Organization and Employees.

-CITE-

12 USC Sec. 635k 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

-HEAD-

Sec. 635k. Apportionment of losses incurred on loans, guarantees,

and insurance; reimbursement; contingent obligations

-STATUTE-

In the event of any losses, as determined by the Board of

Directors of the Bank, incurred on loans, guarantees, and insurance

extended under this subchapter, the first $100,000,000 of such

losses shall be borne by the Bank; the second $100,000,000 of such

losses shall be borne by the Secretary of the Treasury; and any

losses in excess thereof shall be borne by the Bank. Reimbursement

of the Bank by the Secretary of the Treasury of the amount of

losses which are to be borne by the Secretary of the Treasury as

aforesaid shall be from funds made available pursuant to section

635l of this title. All guarantees and insurance issued by the

Bank shall be considered contingent obligations backed by the full

faith and credit of the Government of the United States of America.

-SOURCE-

(Pub. L. 90-390, Sec. 2, July 7, 1968, 82 Stat. 297.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 635l of this title.

-CITE-

12 USC Sec. 635l 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

-HEAD-

Sec. 635l. Authorization for appropriation of funds for losses

-STATUTE-

There are hereby authorized to be appropriated to the Secretary

of the Treasury without fiscal year limitation $100,000,000 to

cover the amount of any losses which are to be borne by the

Secretary of the Treasury as provided in section 635k of this

title.

-SOURCE-

(Pub. L. 90-390, Sec. 3, July 7, 1968, 82 Stat. 297.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 635k of this title; title

22 section 2392.

-CITE-

12 USC Sec. 635m 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

-HEAD-

Sec. 635m. Loans, guarantees, and insurance subject to the

provisions of this chapter

-STATUTE-

Nothing in this subchapter shall be construed as a limitation on

the powers of the Bank under subchapter I of this chapter; and

except as to the standard of reasonable assurance of repayment

required under section 635(b)(1) of this title, all loans,

guarantees, and insurance extended hereunder shall be subject to

the provisions of subchapter I of this chapter, to the policies of

the Bank with respect to terms of repayment, interest rates, fees,

and premiums applicable to loans, guarantees, and insurance

extended under subchapter I of this chapter.

-SOURCE-

(Pub. L. 90-390, Sec. 4, July 7, 1968, 82 Stat. 297.)

-CITE-

12 USC Sec. 635n 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER II - EXPORT FINANCING

-HEAD-

Sec. 635n. Prohibition of loans, guarantees, and insurance as to

sales of defense articles or services

-STATUTE-

The Bank shall not extend loans, guarantees, or insurance under

this subchapter in connection with the sale of defense articles or

defense services.

-SOURCE-

(Pub. L. 90-390, Sec. 5, July 7, 1968, 82 Stat. 297.)

-CITE-

12 USC SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

.

-HEAD-

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-CITE-

12 USC Sec. 635o 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635o. Congressional statement of purpose

-STATUTE-

The purpose of this subchapter is -

(1) to expand employment and economic growth in the United

States by expanding United States exports to the markets of the

developing world;

(2) to stimulate the economic development of countries in the

developing world by improving their access to credit for the

importation of United States products and services for

developmental purposes;

(3) to neutralize the predatory financing engaged in by many

nations whose exports compete with United States exports, and

thereby restore export competition to a market basis; and

(4) to encourage foreign governments to enter into effective

and comprehensive agreements with the United States to end the

use of tied aid credits for exports, and to limit and govern the

use of export credit subsidies generally.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 642, Nov. 30, 1983, 97 Stat. 1263.)

-REFTEXT-

REFERENCES IN TEXT

This subchapter, referred to in text, was in the original ''this

part'', meaning part C (Sec. 641-647) of title VI of Pub. L.

98-181, Nov. 30, 1983, 97 Stat. 1263, known as the Trade and

Development Enhancement Act of 1983, which enacted this subchapter

and section 1671g of Title 19, Customs Duties, and amended sections

1671a and 1671b of Title 19. For complete classification of this

Act to the Code, see Short Title note below and Tables.

-MISC2-

SHORT TITLE

Section 641 of Pub. L. 98-181 provided that: ''This part (part C

(Sec. 641-647) of title VI of Pub. L. 98-181, enacting this

subchapter and section 1671g of Title 19, Customs Duties, and

amended sections 1671a and 1671b of Title 19) may be referred to as

the 'Trade and Development Enhancement Act of 1983'.''

-CITE-

12 USC Sec. 635p 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635p. Presidential mandate to negotiate; objectives

-STATUTE-

The President shall vigorously pursue negotiations to limit and

set rules for the use of tied aid for exports. The negotiating

objectives of the United States should include reaching agreements

-

(1) to define the various forms of tied aid credit,

particularly mixed credits under the Arrangement on Guidelines

for Officially Supported Export Credits established through the

Organization for Economic Cooperation and Development

(hereinafter in this subchapter referred to as the

''Arrangement'');

(2) to phase out the use of government-mixed credits by a date

certain;

(3) to set rules governing the use of public-private

cofinancing, or other forms of mixed financing, which may have

the same result as government-mixed credits of drawing on

concessional development assistance to produce subsidized export

financing;

(4) to raise the threshold for notification of the use of tied

aid credit to a 50 per centum level of concessionality;

(5) to improve notification procedures so that advance

notification must be given on all uses of tied aid credit; and

(6) to prohibit the use of tied aid credit for production

facilities for goods which are in structural oversupply in the

world.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 643, Nov. 30, 1983, 97 Stat. 1263.)

-CITE-

12 USC Sec. 635q 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635q. Establishment of tied aid credit program in United

States Export-Import Bank

-STATUTE-

(a) Establishment and elements of program; cooperation with Trade

and Development Agency and private institutions and entities

(1) The Chairman of the Export-Import Bank of the United States

shall establish, within the Export-Import Bank of the United

States, a program of tied aid credits for United States exports.

(2) The program shall be carried out in cooperation with the

Trade and Development Agency and with private financial

institutions or entities, as appropriate.

(3) The program may include -

(A) the combined use of the credits, loans, or guarantees

offered by the Export-Import Bank of the United States with

concessional financing or grants made available under section

635r(d) of this title, by methods including the blending of the

financing of, or parallel financing by, the Bank and the Trade

and Development Agency; and

(B) the combined use of credits, loans, or guarantees offered

by the Bank, with financing offered by private financial

institutions or entities, by methods including the blending of

the financing of, or parallel financing by, the Bank and private

institutions or entities.

(b) Purpose of program

The purpose of the tied aid credit program under this section is

to offer or arrange for financing for the export of United States

goods and services which is substantially as concessional as

foreign financing for which there is reasonable proof that such

foreign financing is being offered to, or arranged for, a bona fide

foreign competitor for a United States export sale.

(c) Fund

The Chairman of the Bank is authorized to establish a fund, as

necessary, for carrying out the tied aid credit program described

in this section.

(d) Availability of concessional financing or grants

Concessional financing or grants made available under section

635r(d) of this title for the purposes of the mixed financing

program established under this section shall be made available in

accordance with the provisions of section 635r(c) of this title.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 644, Nov. 30, 1983, 97 Stat. 1264;

Pub. L. 100-418, title II, Sec. 2204(c)(1)(A), Aug. 23, 1988, 102

Stat. 1330; Pub. L. 102-549, title II, Sec. 202(c)(1), Oct. 28,

1992, 106 Stat. 3658.)

-MISC1-

AMENDMENTS

1992 - Subsec. (a)(2), (3)(A). Pub. L. 102-549 substituted

''Development Agency'' for ''Development Program''.

1988 - Subsec. (a)(2). Pub. L. 100-418, Sec. 2204(c)(1)(A)(i),

substituted ''Trade and Development Program'' for ''Agency for

International Development''.

Subsec. (a)(3)(A). Pub. L. 100-418, Sec. 2204(c)(1)(A)(ii),

substituted ''made available under section 635r(d) of this title''

for ''offered by the Agency for International Development'' and

''Trade and Development Program'' for ''Agency for International

Development''.

Subsec. (d). Pub. L. 100-418, Sec. 2204(c)(1)(A)(iii),

substituted ''made available under section 635r(d) of this title''

for ''offered by the Agency for International Development'' and

''section 635r(c) of this title'' for ''subsections (c) and (d) of

section 635r of this title''.

TRANSITION PROVISIONS

Section 2204(d)(2) of Pub. L. 100-418 provided that:

''(A) The Administrator of the Agency for International

Development shall transfer to the Director of the Trade and

Development Program (now Trade and Development Agency) all records,

contracts, applications, and any other documents or information in

connection with the functions transferred by virtue of the

amendments made by subsection (c)(1) (amending sections 635q and

635r of this title).

''(B) All determinations, regulations, and contracts -

''(i) which have been issued, made, granted, or allowed to

become effective by the President, the Agency for International

Development, or by a court of competent jurisdiction, in the

performance of the functions transferred by virtue of the

amendments made by subsection (c)(1), and

''(ii) which are in effect at the time this section takes

effect,

shall continue in effect according to their terms until modified,

terminated, superseded, set aside, or revoked in accordance with

the law by the President, the Director of the Trade and Development

Program (now Trade and Development Agency), or other authorized

official, by a court of competent jurisdiction, or by operation of

law.

''(C)(i) The amendments made by subsection (c)(1) shall not

affect any proceedings, including notices of proposed rulemaking,

or any application for any financial assistance, which is pending

on the effective date of this section (Aug. 23, 1988) before the

Agency for International Development in the exercise of functions

transferred by virtue of the amendments made by subsection (c)(1).

Such proceedings and applications, to the extent that they relate

to functions so transferred, shall be continued.

''(ii) Orders shall be issued in such proceedings, appeals shall

be taken therefrom, and payments shall be made pursuant to such

orders, as if this section (amending sections 635q, 635r, and 635s

of this title, section 5314 of Title 5, Government Organization and

Employees, and section 2421 of Title 22, Foreign Relations and

Intercourse, and enacting provisions set out as a note under

section 2421 of Title 22) had not been enacted. Orders issued in

any such proceedings shall continue in effect until modified,

terminated, superseded, or revoked by the Director of the Trade and

Development Program (now Trade and Development Agency) or other

authorized official, by a court of competent jurisdiction, or by

operation of law.

''(iii) Nothing in this subparagraph shall be deemed to prohibit

the discontinuance or modification of any such proceeding under the

same terms and conditions and to the same extent that such

proceeding could have been discontinued or modified if this section

had not been enacted.

''(iv) The Director of the Trade and Development Program (now

Trade and Development Agency) is authorized to issue regulations

providing for the orderly transfer to the Trade and Development

Program of proceedings continued under this subparagraph.

''(D) With respect to any function transferred by virtue of the

amendments made by subsection (c)(1) and exercised on or after the

effective date of this section (Aug. 23, 1988), reference in any

other Federal law to the Agency for International Development or

any officer shall be deemed to refer to the Trade and Development

Program (now Trade and Development Agency) or other official to

which such function is so transferred.''

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 635s of this title.

-CITE-

12 USC Sec. 635r 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635r. Establishment of tied aid credit program administered by

Trade and Development Agency

-STATUTE-

(a) Establishment and elements of program

The Director of the Trade and Development Agency shall carry out

a program of tied aid credits for United States exports. The

program shall be carried out in cooperation with the Export-Import

Bank of the United States and with private financial institutions

or entities, as appropriate. The program may include -

(1) the combined use of the credits, loans, or guarantees

offered by the Bank with concessional financing or grants made

available under subsection (d) of this section, by methods

including the blending of the financing of, or parallel financing

by, the Bank and the Trade and Development Agency; and

(2) the combination of concessional financing or grants made

available under subsection (d) of this section with financing

offered by private financial institutions or entities, by methods

including the blending of the financing of, or parallel financing

by, the Trade and Development Agency and private institutions or

entities.

(b) Combination of funds with financing by Export-Import Bank or

private commercial financing

These funds may be combined with financing by the Export-Import

Bank of the United States or private commercial financing in order

to offer, or arrange for, financing for the exportation of United

States goods and services which is substantially as concessional as

foreign financing for which there is reasonable proof that such

foreign financing is being offered to, or arranged for, a bona fide

foreign competitor for a United States export sale.

(c) Limitation on use of Agency funds; authorization for

establishment of fund

(1) Funds which are used to carry out a tied aid credit program

authorized by subsections (a) and (b) of this section shall be

offered only to finance United States exports which can reasonably

be expected to contribute to the advancement of the development

objectives of the importing country or countries, and shall be

consistent with the economic, security, and political criteria used

to establish country allocations of Economic Support Funds.

(2) The Director of the Trade and Development Agency is

authorized to establish a fund, as necessary, for carrying out a

tied aid credit financing program as described in this section.

(d) Use of Economic Support Funds

Funds available to carry out chapter 4 of part II of the Foreign

Assistance Act of 1961 (22 U.S.C. 2346 et seq.) may be used by the

Director of the Trade and Development Agency, with the concurrence

of the Secretary of State (as provided under section 531 of the

Foreign Assistance Act of 1961 (22 U.S.C. 2346)), for the purposes

for which funds made available under this subsection are authorized

to be used in section 635q of this title and this section. The

Secretary of State shall exercise his authority in cooperation with

the Administrator of the Agency for International Development.

Funds made available pursuant to this subsection may be used to

finance a tied aid credit activity in any country eligible for tied

aid credits under this subchapter.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 645, Nov. 30, 1983, 97 Stat. 1264;

Pub. L. 100-418, title II, Sec. 2204(c)(1)(B), Aug. 23, 1988, 102

Stat. 1330; Pub. L. 102-549, title II, Sec. 202(c), Oct. 28, 1992,

106 Stat. 3658.)

-REFTEXT-

REFERENCES IN TEXT

The Foreign Assistance Act of 1961, referred to in subsec. (d),

is Pub. L. 87-195, Sept. 4, 1961, 75 Stat. 424, as amended.

Chapter 4 of part II of the Foreign Assistance Act of 1961 is

classified generally to part IV (Sec. 2346 et seq.) of subchapter

II of chapter 32 of Title 22, Foreign Relations and Intercourse.

For complete classification of this Act to the Code, see Short

Title note set out under section 2151 of Title 22 and Tables.

This subchapter, referred to in subsec. (d), was in the original

''this Act'' and was translated as meaning the Trade and

Development Enhancement Act of 1983, part C (Sec. 641-647) of title

VI of Pub. L. 98-181, Nov. 30, 1983, 97 Stat. 1263, as amended,

which enacted this subchapter and section 1671g of Title 19,

Customs Duties, and amended sections 1671a and 1671b of Title 19.

For complete classification of this Act to the Code, see Short

Title note below and Tables.

-MISC2-

AMENDMENTS

1992 - Pub. L. 102-549 substituted ''Development Agency'' for

''Development Program'' in section catchline and wherever appearing

in subsecs. (a), (c), and (d).

1988 - Pub. L. 100-418, Sec. 2204(c)(1)(B)(i), in section

catchline, substituted reference to program administered by Trade

and Development Program for reference to program in Agency for

International Development.

Subsec. (a). Pub. L. 100-418, Sec. 2204(c)(1)(B)(ii)(I),

substituted ''Director of the Trade and Development Program shall

carry out'' for ''Administrator of the Agency for International

Development shall establish within the Agency''.

Subsec. (a)(1). Pub. L. 100-418, Sec. 2204(c)(1)(B)(ii)(II),

(III), substituted ''made available under subsection (d) of this

section'' for ''offered by the Agency for International

Development'' and ''Trade and Development Program'' for ''Agency

for International Development''.

Subsec. (a)(2). Pub. L. 100-418, Sec. 2204(c)(1)(B)(ii)(IV), (V),

substituted ''made available under subsection (d) of this section''

for ''offered by the Agency for International Development'' and

''Trade and Development Program'' for ''Agency for International

Development''.

Subsec. (c)(1). Pub. L. 100-418, Sec. 2204(c)(1)(B)(iii)(I),

which directed that par. (1) be amended by striking out ''of the

Agency for International Development'' after ''Funds'', was

executed by striking out ''of the agency for International

Development'', to reflect the probable intent of Congress.

Subsec. (c)(2). Pub. L. 100-418, Sec. 2204(c)(1)(B)(iii)(II),

substituted ''Director of the Trade and Development Program'' for

''Administrator of the Agency for International Development''.

Subsec. (d). Pub. L. 100-418, Sec. 2204(c)(1)(B)(iv), amended

subsec. (d) generally. Prior to amendment, subsec. (d) read as

follows: ''The Administrator of the Agency for International

Development may draw on Economic Support Funds allocated for

Commodity Import Programs to finance a tied aid credit activity.''

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 635q, 635s of this title.

-CITE-

12 USC Sec. 635s 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635s. Implementation

-STATUTE-

(a)(1) The National Advisory Council on International Monetary

and Financial Policies shall coordinate the implementation of the

tied aid credit programs authorized by sections 635q and 635r of

this title.

(2) No financing may be approved under the tied aid credit

programs authorized by section 635q or 635r of this title without

the unanimous consent of the members of the National Advisory

Council on International Monetary and Financial Policies.

(b) The Trade and Development Agency shall be represented at any

meetings of the National Advisory Council on International Monetary

and Financial Policies for discussion of tied aid credit matters,

and the representative of the Trade and Development Agency at any

such meeting shall have the right to vote on any decisions of the

Advisory Council relating to tied aid credit matters.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 646, Nov. 30, 1983, 97 Stat. 1265;

Pub. L. 100-418, title II, Sec. 2204(c)(2), Aug. 23, 1988, 102

Stat. 1331; Pub. L. 102-549, title II, Sec. 202(c)(1), Oct. 28,

1992, 106 Stat. 3658.)

-MISC1-

AMENDMENTS

1992 - Subsec. (b). Pub. L. 102-549 substituted ''Development

Agency'' for ''Development Program'' in two places.

1988 - Subsec. (b). Pub. L. 100-418 added subsec. (b).

-CITE-

12 USC Sec. 635t 01/06/03

-EXPCITE-

TITLE 12 - BANKS AND BANKING

CHAPTER 6A - EXPORT-IMPORT BANK OF THE UNITED STATES

SUBCHAPTER III - TIED AID CREDIT EXPORT SUBSIDIES

-HEAD-

Sec. 635t. Definitions

-STATUTE-

For purposes of this subchapter -

(1) the term ''tied aid credit'' means credit -

(A) which is provided for development aid purposes;

(B) which is tied to the purchase of exports from the country

granting the credit;

(C) which is financed either exclusively from public funds,

or, as a mixed credit, partly from public and partly from

private funds; and

(D) which has a grant element, as defined by the Development

Assistance Committee of the Organization for Economic

Cooperation and Development, greater than zero percent;

(2) the term ''government-mixed credits'' means the combined

use of credits, insurance, and guarantees offered by the

Export-Import Bank of the United States with concessional

financing or grants offered by the Agency for International

Development to finance exports;

(3) the term ''public-private cofinancing'' means the combined

use of either official development assistance or official export

credit with private commercial credit to finance exports;

(4) the term ''blending of financings'' means the use of

various combinations of official development assistance, official

export credit, and private commercial credit, integrated into a

single package with a single set of financial terms, to finance

exports;

(5) the term ''parallel financing'' means the related use of

various combinations of separate lines of official development

assistance, official export credits, and private commercial

credit, not combined into a single package with a single set of

financial terms, to finance exports; and

(6) the term ''Bank'' means the Export-Import Bank of the

United States.

-SOURCE-

(Pub. L. 98-181, title VI, Sec. 647, Nov. 30, 1983, 97 Stat. 1265.)

-CITE-