Notes on 12 U.S.C. § 635 : US Code - Notes

Search Notes on 12 U.S.C. § 635 : US Code - Notes

(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, Secs. 2-6, 13, Jan. 4, 1975, 88
Stat. 2333-2335, 2337; Pub. L. 95-143, Secs. 1-3, Oct. 26, 1977, 91
Stat. 1210; Pub. L. 95-630, title XIX, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 5, 7(a), 9-12, Nov. 26, 1997, 111 Stat. 2529, 2530;
Pub. L. 106-569, title XI, Secs. 1103(d)(1), 1104(a)(1), (2), Dec.
27, 2000, 114 Stat. 3031; Pub. L. 107-189, Secs. 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; Pub. L. 109-438, Secs. 3(a),
(b)(2), (c), 5, 6(b)(2), 7, 8, 11, 12, 13(b), (c), 14(b), Dec. 20,
2006, 120 Stat. 3268, 3269, 3272, 3273, 3276, 3277, 3279, 3280.)
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.
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 African Growth and Opportunity Act, referred to in subsec.
(b)(9)(C), is title I of Pub. L. 106-200, May 18, 2000, 114 Stat.
252, as amended, which is classified principally to chapter 23
(Sec. 3701 et seq.) of Title 19, Customs Duties. For complete
classification of this Act to the Code, see Short Title note set
out under section 3701 of Title 19 and Tables.
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.
December 20, 2006, referred to in subsec. (e)(5), was in the
original "the date of the enactment of this Act", which was
translated as meaning the date of enactment of Pub. L. 109-438,
which enacted subsec. (e)(5), to reflect the probable intent of
Congress.
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.
AMENDMENTS
2006 - Subsec. (b)(1)(A). Pub. L. 109-438, Sec. 13(b), (c),
inserted ", including countries the governments of which are not
members of the Arrangement (as defined in section 635i-3(h)(3) of
this title)" after "United States exporters" in second sentence and
struck out fourth to twelfth sentences which related to compliance
reporting requirements.
Subsec. (b)(1)(E)(v). Pub. L. 109-438, Sec. 14(b), inserted at
end "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."
Subsec. (b)(1)(E)(vii)(III). Pub. L. 109-438, Sec. 6(b)(2),
inserted "or other financing institutions or entities" after
"consortia".
Subsec. (b)(9)(B)(iii). Pub. L. 109-438, Sec. 3(a), substituted
"2011" for "2006".
Subsec. (b)(9)(C), (D). Pub. L. 109-438, Sec. 3(b)(2), (c), added
subpars. (C) and (D).
Subsec. (b)(13). Pub. L. 109-438, Sec. 11, added par. (13).
Subsec. (e)(1). Pub. L. 109-438, Sec. 7(1), inserted concluding
provisions.
Subsec. (e)(2)(C). Pub. L. 109-438, Sec. 8(b), inserted "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)" after "comment
period".
Subsec. (e)(2)(E). Pub. L. 109-438, Sec. 7(2), added subpar. (E).
Subsec. (e)(5) to (7). Pub. L. 109-438, Secs. 5, 7(3), 8(a),
added pars. (5) to (7).
Subsecs. (g), (h). Pub. L. 109-438, Sec. 12, added subsecs. (g)
and (h).
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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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, Secs. 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
Pub. L. 103-428, Sec. 1(c), Oct. 31, 1994, 108 Stat. 4376, as
amended by Pub. L. 105-121, Sec. 4, Nov. 26, 1997, 111 Stat. 2529;
Pub. L. 109-438, Sec. 4, Dec. 20, 2006, 120 Stat. 3269, 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,
2011."
[Pub. L. 109-102, title I, Nov. 14, 2005, 119 Stat. 2172,
provided in part: "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
through October 1, 2006."]
[Prior similar extensions of section 1(a) and (b) of Pub. L. 103-
428 were contained in the following acts:
[Pub. L. 108-447, div. D, title I, Dec. 8, 2004, 118 Stat. 2968.
[Pub. L. 108-199, div. D, title I, Jan. 23, 2004, 118 Stat. 143.
[Pub. L. 108-7, div. E, title I, Feb. 20, 2003, 117 Stat. 159.
[Pub. L. 107-229, Sec. 129, as added by Pub. L. 107-240, Sec. 5,
Oct. 11, 2002, 116 Stat. 1494.]
[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 2006 AMENDMENT
Pub. L. 109-438, Sec. 1(a), Dec. 20, 2006, 120 Stat. 3268,
provided that: "This Act [enacting section 635g-1 of this title,
amending this section and sections 635a, 635e, 635f, 635g, 635i-3,
and 635i-5 of this title, enacting provisions set out as notes
under this section, and amending provisions set out as a note under
this section] may be cited as the 'Export-Import Bank
Reauthorization Act of 2006'."
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 (Secs. 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 (Secs. 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 (Secs. 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'."
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.
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.
MASTER GUARANTEE AGREEMENTS WITH AFRICAN REGIONAL FINANCIAL
INSTITUTIONS
Pub. L. 109-438, Sec. 3(b)(1), Dec. 20, 2006, 120 Stat. 3268,
provided that: "Within 1 year after the date of the enactment of
this Act [Dec. 20, 2006], the Export-Import Bank of the United
States shall seek to ensure that there is in effect a contract
between each approved lender in Africa and the Bank, which sets
forth the Bank's guarantee undertakings and related obligations
between the Bank and each lender."
ENHANCE DELEGATED LOAN AUTHORITY FOR MEDIUM TERM TRANSACTIONS
Pub. L. 109-438, Sec. 6(b)(1), Dec. 20, 2006, 120 Stat. 3272,
provided that: "The Export-Import Bank of the United States shall
seek to expand the exercise of authority under section
2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(E)(vii)) with respect to medium term transactions for
small business concerns."
DEADLINE FOR ENHANCING DELEGATED LOAN AUTHORITY FOR MEDIUM TERM
TRANSACTIONS
Pub. L. 109-438, Sec. 6(b)(3), Dec. 20, 2006, 120 Stat. 3272,
provided that: "Not later than 180 days after the date of the
enactment of this Act [Dec. 20, 2006], the Export-Import Bank of
the United States shall make available lines of credit and
guarantees to carry out section 2(b)(1)(E)(vii) of the Export-
Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(E)(vii)] pursuant to
policies and procedures established by the Board of Directors of
the Export-Import Bank of the United States."
GAO STUDY OF BANK PERFORMANCE STANDARDS FOR ASSISTANCE TO SMALL
BUSINESSES, ESPECIALLY THOSE OWNED BY SOCIALLY AND ECONOMICALLY
DISADVANTAGED INDIVIDUALS AND THOSE OWNED BY WOMEN
Pub. L. 109-438, Sec. 19, Dec. 20, 2006, 120 Stat. 3282, provided
that:
"(a) Performance Standards. - The Bank shall develop a set of
performance standards for determining the extent to which the Bank
has carried out successfully subparagraphs (E) and (I) of section
2(b)(1) of the Export-Import Bank Act of 1945 [12 U.S.C.
635(b)(1)(E), (I)], and the functions described in subsections
(f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of such Act [12
U.S.C. 635a(f)(1), (g)(1), (h)(1), (i)(1)].
"(b) Assessment of Standards. - Within 18 months after the date
of the enactment of this Act [Dec. 20, 2006], the Comptroller
General of the United States shall transmit to the Committee on
Financial Services of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate -
"(1) an assessment of the performance standards developed by
the Bank pursuant to subsection (a); and
"(2) using the performance standards developed pursuant to
subsection (a), an assessment of the Bank's efforts to carry out
subparagraphs (E) and (I) of section 2(b)(1) of the Export-Import
Bank Act of 1945 [12 U.S.C. 635(b)(1)(E), (I)], and the functions
described in subsections (f)(1), (g)(1), (h)(1), and (i)(1) of
section 3 of such Act [12 U.S.C. 635a(f)(1), (g)(1), (h)(1),
(i)(1)]."
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.
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.
(!1) See References in Text note below.