12 U.S.C. § 635a–3 — Export-Import Bank financing to match foreign financing

(a) Noncompetitive financing. (1) When informed that foreign sales to the United States are being offered with foreign official export credits exceeding limits under existing standstills, minutes, or practices agreed to by the United States and other major exporting countries, the Secretary of the Treasury must immediately investigate whether “noncompetitive financing” is being offered. The inquiry, and when appropriate the determination and authorization to the Bank described here, must be completed within 60 days after receiving the information. This applies whether or not the offering governments signed those standstills, minutes, or practices.

(2) If the Secretary determines that foreign “noncompetitive” financing is being offered, the Secretary must immediately ask the foreign official export-credit^* agency involved to withdraw it.

(3) If the offer is not withdrawn, or there is no immediate response to the request, the Secretary must notify the country offering the financing and every party to the proposed transaction that the Bank may be authorized to give competing United States sellers financing matching the financing available through the foreign official export-financing entity.

(b) Authorization. The Secretary must authorize the Bank to provide guarantees, insurance, and credits to competing United States sellers unless the Secretary determines either that the foreign official noncompetitive financing is unlikely to be a significant factor in the sale or that it has been withdrawn.

(c) Financing after authorization. After receiving the Secretary's authorization, the Bank may provide financing matching the financing offered by the foreign official export-credit entity. However, every loan, guarantee, and insurance policy provided under this authority must follow all provisions of the Export-Import Bank Act of 1945, as amended, in section 635 and following of title 12.