12 U.S.C. § 635g–1 — Annual competitiveness report
submitted 81 years ago by Pub. L. 109-438 to r/title-12-BANKS-AND-BANKING · 942 words · no verdicts yet
By June 30 each year, the Bank must report to the appropriate congressional committees on its competitiveness and export-financing activities. The report must cover foreign competition, strategic planning, transaction purposes, renewable energy, co-financing, services, possible violations, and additional Board comments.
(a) General rule. By June 30 each year, the Bank must send the appropriate congressional committees a report containing the following:
(1) Competitive financing and limiting competition in government-supported export financing. The Bank must describe how it followed the second and third sentences of section 635(b)(1)(A). It must survey all other major export-financing facilities available from foreign governments and government-related agencies through which foreign exporters compete with United States exporters, including through “market windows.” This section does not define “market windows”; it refers to section 635i–3(h)(7). To the extent information is available, the Bank must specifically explain how its rates, terms, and other conditions compare with those offered directly or indirectly by those governments and agencies. It must use all available information to estimate the yearly amount of export financing available from each one. The report must also survey a representative number of United States exporters and commercial lenders that provide export credit* about their experiences facing financial competition from countries whose exporters compete with United States exporters.
(2) Strategic plan. The Bank must describe its role in carrying out the strategic plan prepared by the Trade Promotion Coordinating Committee under section 4727 of title 15.
(3) Tied-aid credit program and fund. The report required by section 635i–3(g) must be included.
(4) Purpose of all transactions. The Bank must describe all its transactions, classified by their main purpose, such as correcting a market failure or providing matching support.
(5) Renewable energy. The Bank must describe its activities in financing renewable-energy projects under section 635(b)(1)(K), and compare the amount of credit it provided for those projects with the amount provided in the preceding fiscal year.
(6) Size of the Bank’s program account. A separate section must (A) compare, as far as practical, the size of the Bank’s program account with the program accounts of the other major export-financing facilities described in paragraph (1); and (B) when appropriate, recommend a relative size for the Bank’s account, considering whether differences in size serve United States taxpayers’ best interests.
(7) Co-financing. The Bank must describe its co-financing programs and those of the other major export-credit facilities described in paragraph (1). The description must list countries with which the United States has a memorandum of understanding about export-credit-agency co-financing. If no such memorandum exists with a country that has a major export-credit-financing facility, the report must explain why.
(8) Services. A separate section must describe the Bank’s participation in funding, guaranteeing, or insuring services. It must include appropriate information about the other major facilities’ support for services and explain differences among the facilities.
(9) Noncompliant export-finance cases. The report must give detailed information about cases reported to the Bank that appear not to comply with the “Arrangement” or appear to exploit loopholes in it to gain a commercial advantage. This section does not define “Arrangement”; it refers to section 635i–3(h)(3). After consulting the Secretary of the Treasury, the Bank’s President may give this information in a separate confidential report instead.
(10) Foreign activities inconsistent with the WTO subsidies agreement. The Bank must describe how much foreign export-credit agencies and other foreign-government-sponsored entities—especially those outside the Arrangement—appear not to comply with the Arrangement and appear inconsistent with the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19. It must describe United States Government actions addressing those activities. After consulting the Secretary of the Treasury, the Bank’s President may provide this information in a separate confidential report instead.
(b) Additional comments. The report under subsection (a) must include additional comments that any Board member submits to the Board for inclusion.
(c) Appropriate congressional committees. “Appropriate congressional committees” means the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.
Not later than June 30 of each year, the Bank shall submit to the appropriate congressional committees a report that includes the following:
A description of the actions of the Bank in complying with the second and third sentences of section 635(b)(1)(A) of this title. In this part of the report, the Bank shall include a survey of all other major export-financing facilities available from other governments and government-related agencies through which foreign exporters compete with United States exporters (including through use of market windows (as defined pursuant to section 635i–3(h)(7) of this title)) and, to the extent such information is available to the Bank, indicate in specific terms the ways in which the Bank’s rates, terms, and other conditions compare with those offered from such other governments directly or indirectly. With respect to the preceding sentence, the Bank shall use all available information to estimate the annual amount of export financing available from each such government and government-related agency. In this part of the report, the Bank shall include a survey of a representative number of United States exporters and United States commercial lending institutions which provide export credit* on the experience of the exporters and institutions in meeting financial competition from other countries whose exporters compete with United States exporters.
A description of the role of the Bank in implementing the strategic plan prepared by the Trade Promotion Coordinating Committee in accordance with section 4727 of title 15.
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.
A description of the activities of the Bank with respect to financing renewable energy projects undertaken under section 635(b)(1)(K) of this title, and an analysis comparing the level of credit extended by the Bank for renewable energy projects with the level of credit so extended for the preceding fiscal year.
A separate section which—
compares, to the extent practicable, the size of the Bank program account with the size of the program accounts of the other major export-financing facilities referred to in paragraph (1); and
makes recommendations, if appropriate, with respect to the relative size of the Bank program account, based on factors including whether the size differences are in the best interests of the United States taxpayer.
A description of the co-financing programs of the Bank and of the other major export-financing facilities referred to in paragraph (1), which includes a list of countries with which the United States has in effect a memorandum of understanding relating to export credit agency co-financing and, if such a memorandum is not in effect with any country with a major export credit-financing facility, an explanation of why such a memorandum is not in effect.
A separate section which describes the participation of the Bank in providing funding, guarantees, or insurance for services, which shall include appropriate information on the involvement of the other major export-financing facilities referred to in paragraph (1) in providing such support for services, and an explanation of any differences among the facilities in providing the support.
Detailed information on cases reported to the Bank of export financing that appear not to comply with the Arrangement (as defined in section 635i–3(h)(3) of this title) or that appear to exploit loopholes in the Arrangement for the purpose of obtaining a commercial competitive advantage. The President of the Bank, in consultation with the Secretary of the Treasury, may provide to the appropriate congressional committees the information required by this subsection in a separate and confidential report, instead of providing such information in the report required by this subsection.
A description of the extent to which the activities of foreign export credit agencies and other entities sponsored by a foreign government, particularly those that are not members of the Arrangement (as defined in section 635i–3(h)(3) of this title), appear not to comply with the Arrangement and appear to be inconsistent with the terms of the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19, and a description of the actions taken by the United States Government to address the activities. The President of the Bank, in consultation with the Secretary of the Treasury, may provide to the appropriate congressional committees, the information required by this subsection in a separate and confidential report, instead of providing such information in the report required by this subsection.
The report required by subsection (a) shall include such additional comments as any member of the Board of Directors may submit to the Board for inclusion in the report.
The term “appropriate congressional committees” means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.
Source credit: (July 31, 1945, ch. 341, § 8A, as added Pub. L. 109–438, § 13(a), Dec. 20, 2006, 120 Stat. 3277.)
- 1945Enacted · Pub. L. 109-438 · 120 Stat. 3277
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-438 on 1945-07-31.
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