12 U.S.C. § 635 : US Code - Section 635: Powers and functions of Bank

Search 12 U.S.C. § 635 : US Code - Section 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
(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,
including countries the governments of which are not members of the
Arrangement (as defined in section 635i-3(h)(3) of this title). 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.
(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 U.S.C. App. 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 (!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.
(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.
From the amount made available under the preceding sentence, it
shall be a goal of the Bank to increase the amount made available
to finance exports directly by small business concerns referred to
in section 635a(i)(1) of this title.
(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 or other financing institutions or entities 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 U.S.C. App.
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,
2011.
(C) The Bank shall include in the annual report to the Congress
submitted under section 635g(a) of this title a separate section
that contains a report on the efforts of the Bank to -
(i) improve its working relationships with the African
Development Bank, the African Export-Import Bank, and other
institutions in the region that are relevant to the purposes of
subparagraph (A) of this paragraph; and
(ii) coordinate closely with the United States Foreign Service
and Foreign Commercial Service, and with the overall strategy of
the United States Government for economic engagement with Africa
pursuant to the African Growth and Opportunity Act [19 U.S.C.
3701 et seq.].
(D) Consistent with the requirement that the Bank obtain a
reasonable assurance of repayment in connection with each
transaction the Bank supports, the Bank shall, in consultation with
the entities described in subparagraph (C), seek to qualify a
greater number of appropriate African entities for participation in
programs of the Bank.
(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.
(13) Prohibition on assistance to develop or promote certain
railway connections and railway-related connections. - The Bank
shall not guarantee, insure, or extend (or participate in the
extension of) credit in connection with the export of any good or
service relating to the development or promotion of any railway
connection or railway-related connection that does not traverse or
connect with Armenia and does traverse or connect Baku, Azerbaijan,
Tbilisi, Georgia, and Kars, Turkey.
(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.
In making the determination under subparagraph (B), the Bank
shall determine whether the facility that would benefit from the
extension of a credit or guarantee is reasonably likely to
produce a commodity in addition to, or other than, the commodity
specified in the application and whether the production of the
additional commodity may cause substantial injury to United
States producers of the same, or a 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 of
not less than 14 days (which, on request of any affected party,
shall be extended to a period of not more than 30 days) 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.
(E) Anti-circumvention
The Bank shall not provide a loan or guarantee if the Bank
determines that providing the loan or guarantee will facilitate
circumvention of an order or determination referred to in
subparagraph (A).
(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.
(5) Designation of sensitive commercial sectors and products
Not later than 120 days after December 20, 2006, the Bank shall
submit a list to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services of
the House of Representatives, which designates sensitive
commercial sectors and products with respect to which the
provision of financing support by the Bank is deemed unlikely by
the President of the Bank due to the significant potential for a
determination that such financing support would result in an
adverse economic impact on the United States. The President of
the Bank shall review on an annual basis thereafter the list of
sensitive commercial sectors and products and the Bank shall
submit an updated list to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives of such sectors and
products.
(6) Financial threshold determinations
For purposes of determining whether a proposed transaction
exceeds a financial threshold under this subsection or under the
procedures or rules of the Bank, the Bank shall aggregate the
dollar amount of the proposed transaction and the dollar amounts
of all loans and guarantees, approved by the Bank in the
preceding 24-month period, that involved the same foreign entity
and substantially the same product to be produced.
(7) Procedures to reduce adverse effects of loans and guarantees
on industries and employment in United States
(A) Consideration of economic effects of proposed transactions
If, in making a determination under this paragraph with
respect to a loan or guarantee, the Bank conducts a detailed
economic impact analysis or similar study, the analysis or
study, as the case may be, shall include consideration of -
(i) the factors set forth in subparagraphs (A) and (B) of
paragraph (1); and
(ii) the views of the public and interested parties.
(B) Notice and comment requirements
(i) In general
If, in making a determination under this subsection with
respect to a loan or guarantee, the Bank intends to conduct a
detailed economic impact analysis or similar study, the Bank
shall publish in the Federal Register a notice of the intent,
and provide a period of not less than 14 days (which, on
request by any affected party, shall be extended to a period
of not more than 30 days) for the submission to the Bank of
comments on the economic effects of the provision of the loan
or guarantee, including comments on the factors set forth in
subparagraphs (A) and (B) of paragraph (1). In addition, the
Bank shall seek comments on the economic effects from the
Department of Commerce, the Office of Management and Budget,
the Committee on Banking, Housing, and Urban Affairs of the
Senate, and the Committee on Financial Services of the House
of Representatives.
(ii) Content of notice
The notice shall include appropriate, nonproprietary
information about -
(I) the country to which the goods involved in the
transaction will be shipped;
(II) the type of goods being exported;
(III) the amount of the loan or guarantee involved;
(IV) the goods that would be produced as a result of the
provision of the loan or guarantee;
(V) the amount of increased production that will result
from the transaction;
(VI) the potential sales market for the resulting goods;
and
(VII) the value of the transaction.
(iii) Procedure regarding materially changed applications
(I) In general
If a material change is made to an application for a loan
or guarantee from the Bank after a notice with respect to
the intent described in clause (i) is published under this
subparagraph, the Bank shall publish in the Federal
Register a revised notice of the intent, and shall provide
for a comment period, as provided in clauses (i) and (ii).
(II) Material change defined
As used in subclause (I), the term "material change",
with respect to an application, includes -
(aa) a change of at least 25 percent in the amount of a
loan or guarantee requested in the application; and
(bb) a change in the principal product to be produced
as a result of any transaction that would be facilitated
by the provision of the loan or guarantee.
(C) Requirement to address views of adversely affected persons
Before taking final action on an application for a loan or
guarantee to which this section applies, the staff of the Bank
shall provide in writing to the Board of Directors the views of
any person who submitted comments pursuant to subparagraph (B).
(D) Publication of conclusions
Within 30 days after a party affected by a final decision of
the Board of Directors with respect to a loan or guarantee
makes a written request therefor, the Bank shall provide to the
affected party a non-confidential summary of the facts found
and conclusions reached in any detailed economic impact
analysis or similar study conducted pursuant to subparagraph
(B) with respect to the loan or guarantee, that were submitted
to the Board of Directors.
(E) Rule of interpretation
This paragraph shall not be construed to make subchapter II
of chapter 5 of title 5 applicable to the Bank.
(F) Regulations
The Bank shall implement such regulations and procedures as
may be appropriate to carry out this paragraph.
(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.
(g) Process for notifying applicants of application status
The Bank shall establish and adhere to a clearly defined process
for -
(1) acknowledging receipt of applications;
(2) informing applicants that their applications are complete
or, if incomplete or containing a minor defect, of the additional
material or changes that, if supplied or made, would make the
application eligible for consideration; and
(3) keeping applicants informed of the status of their
applications, including a clear and timely notification of
approval or disapproval, and, in the case of disapproval, the
reason for disapproval, as appropriate.
(h) Response to application for financing; implementation of online
loan request and tracking process
(1) Response to applications
Within 5 days after the Bank receives an application for
financing, the Bank shall notify the applicant that the
application has been received, and shall include in the notice -
(A) a request for such additional information as may be
necessary to make the application complete;
(B) the name of a Bank employee who may be contacted with
questions relating to the application; and
(C) a unique identification number which may be used to
review the status of the application at a website established
by the Bank.
(2) Website
Not later than September 1, 2007, the Bank shall exercise the
authority granted by subparagraphs (E)(x) and (J) of subsection
(b)(1) to establish, and thereafter to maintain, a website
through which -
(A) Bank products may be applied for; and
(B) information may be obtained with respect to -
(i) the status of any such application;
(ii) the Small Business Division of the Bank; and
(iii) incentives, preferences, targets, and goals relating
to small business concerns (as defined in section 632(a) of
title 15), including small business concerns exporting to
Africa.