Description: TO AGREE TO THE CONFERENCE REPORT ON H.R. 15977, AMENDING THE EXPORT-IMPORT BANK ACT OF 1945.
Bill summary: Provides for the expansion of the powers and functions of the Export-Import Bank of America. States that the Bank shall, in connection with the export financing of instrumentalities of other governments, seek to minimize competition in Government-supported export financing.
Stipulates that no loan, guarantee, or insurance or combination thereof made to a Communist country or agent or national thereof in an amount which equals or exceeds $50,000,000 shall be finally approved by the Board of
Directors of the Bank unless the Bank has submitted to the Congress with respect to such loan, guarantee, or insurance or combination thereof, a statement explaining the transaction at least thirty legislative days prior to the date of final approval.
Provides that pending consideration and action by the Senate upon the bill
, as introduced in the first session of this Congress, cited as the "Trade Reform Act of 1973, and as amended and passed by the House, no loan, guarantee, insurance, or credit shall be extended by the Bank to the Union of Soviet Socialist Republics, and the Union of Soviet Socialist Republics shall not participate in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, directly or indirectly.
Authorizes the Bank to charge against the limitations imposed by the Export-Import Bank Act not less than 25 percent of the related contractual liability which the Bank incurs for guarantees, insurance, coinsurance, and reinsurance against political and credit risks of loss.
States that the aggregate amount of guarantees, insurance, coinsurance, and reinsurance which may be charged on this fractional basis pursuant to this section shall not exceed $20,000,000,000 outstanding at any one time.
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Bill titles: An Act to amend the Export-Import Bank Act of 1945, and for other purposes.; To amend the Export-Import Bank Act of 1945.
Original source documents: Digest of the Congressional Record vol. 120-178, p. H12290;
Links for more info on the vote: congress.gov