95th Congress > Senate > Vote 1067
Sponsor: RIBICOFF, Abraham Alexander (D-CT)
Description: TO TABLE HOLLINGS AMENDMENT #1967 TO S. 3077, THE EXPORT-IMPORT BANK ACT AMENDMENTS OF 1978. AMENDMENT #1967 BARS THE REDUCTION OR ELIMINATION OF DUTIES ON CERTAIN IMPORTED TEXTILES AND TEXTILE PRODUCTS.
Bill summary: Export-Import Bank Act Amendments - Amends the Export-Import Bank Act of 1945 to increase from $60,000,000 to $100,000,000 the threshold for Bank loans and financial guarantees requiring prenotification to the Congress. Increases from $20,000,000,000 to $25,000,000,000 the amount of the Bank's contractual liability for guarantees and insurance which may be charged at 25 percent of face value against the aggregate limitation on the Bank's commitments.
Repeals the requirement for human rights
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determinations for specific countries and loans. Repeals the requirements that the President specifically determine the eligibility of any communist country: (1) to receive exports supported by the Bank, and (2) with respect to each transaction in which the Bank would extend a loan of $50,000,000 or more. Repeals provisions allowing the President to veto Bank transactions determined to be contrary to the national interest.
Prohibits the Bank from providing support for exports to any foreign country, including its agencies or nationals, unless it is on the effective list of eligible countries. Requires the President to make a national interest determination with respect to each country to be included on the list, taking into account the country's relationship to the United States, and countries friendly or hostile to the United States, its internal stability and creditworthiness, and its policies with respect to peaceful settlement of international and internal disputes, environmental protection, nuclear proliferation, and human rights, including the right to emigrate, and such other factors as appropriate. Directs the President to submit to Congress a list of countries eligible to receive exports supported by the Bank. Authorizes the President to remove countries from the effective list at any time, or terminate the list altogether, in light of the national interest factors. Grants Congress the right to disapprove within 60 days, by concurrent resolution, any list or particular country determinations submitted.
Empowers the President to disapprove any Bank transaction to a foreign country in light of the national interest factors.
Provides that eligibility procedures of this Act shall not supersede provisions of the Trade Act of 1974 as they apply to the Union of Soviet Socialist Republics.
Requires the President to publish a list of countries ineligible for inclusion on the eligibility list, together with reasons for such determinations. Establishes procedures for expedited consideration of resolutions to disapprove the lists of eligible countries.
Amends the Export- Import Bank Act of 1945 to proscribe the application of rules, regulations, or interpretations pursuant to the National Environmental Protection Act of 1969 to the Bank's activities which do not have environmental impacts within the United States. Increases the limitation on the aggregate of loans, guarantees, and insurance which the Bank may have outstanding at any one time from $25,000,000,000 to $40,000,000,000. Extends for five years, from September 30, 1978 to September 30, 1983, the Bank's authority to make new contractual commitments.
Requires the Banks to name an officer whose duties would include advising the Bank on ways to promote exports related to non-nuclear renewable energy resources, disseminating information on Bank support for such exports, and acting as liaison to other Federal agencies on such matters.
Empowers the President to begin ministerial level negotiations with other major exporting countries to end predatory export financing programs and other forms of export subsidies, including mixed credits and requires the President to report to Congress before January 15, 1979, on actions taken.
Authorizes the Bank to provide export support which, in the opinion of the Bank, is competitive with that provided by the export credit agencies supported by the governments of other nations.
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Bill titles: A bill to amend and extend the Export-Import Bank Act of 1945, and for other purposes.
Original source documents: Digest of the Congressional Record vol. 124-155, p. 16643;
Links for more info on the vote: congress.gov
