12 U.S.C. § 635j — Export financing program to foster foreign trade and commercial interest of the United States
submitted 58 years ago by Pub. L. 90-390 to r/title-12-BANKS-AND-BANKING · 224 words · no verdicts yet
This section states the policy for the Export-Import Bank’s support of export transactions. It sets accounting rules and a $500 million limit for loans, guarantees, and insurance made under this subchapter.
(a) Congress’s policy. The policy is that the Export-Import Bank of the United States should use loans, guarantees, and insurance, including coinsurance and reinsurance, to help export transactions. The Bank’s Board of Directors must judge that these transactions are likely enough to be repaid to justify the Bank’s support. The support should actively promote the United States’ foreign trade and long-term commercial interests. (b) Designation and limits. The Bank must specially identify in its records the loans, guarantees, and insurance made under this subchapter. For guarantees and insurance, at least 25 percent of the Bank’s related contractual liability counts when applying the limit in section 635e. But the full related contractual liability counts when applying section 635(c)(1)’s limit on the amount of guarantees and insurance the Bank may have outstanding at one time. At any one time, the total of the loans plus 25 percent of the contractual liability of outstanding guarantees and insurance under this subchapter may not exceed $500,000,000.
It is the policy of the Congress that the Export-Import Bank of the United States should facilitate through loans, guarantees, and insurance (including coinsurance and reinsurance) those export transactions which, in the judgment of the Board of Directors of the Bank, offer sufficient likelihood of repayment to justify the Bank’s support in order to actively foster the foreign trade and long-term commercial interest of the United States.
The Bank shall specially designate loans, guarantees, and insurance on the books of the Bank made under authority of this subchapter. In connection with guarantees and insurance, not less than 25 per centum of the related contractual liability of the Bank shall be taken into account for the purpose of applying the limitation imposed by section 635e of this title; but the full amount of the related contractual liability of such guarantees and insurance shall be taken into account for the purpose of applying the limitation in section 635(c)(1) of this title, concerning the amount of guarantees and insurance the Bank may have outstanding at any one time thereunder. The aggregate amount of loans plus 25 per centum of the contractual liability of guarantees and insurance outstanding at any one time under this subchapter shall not exceed $500,000,000.
Source credit: (Pub. L. 90–390, § 1, July 7, 1968, 82 Stat. 296; Pub. L. 96–470, title I, § 115, Oct. 19, 1980, 94 Stat. 2240.)
- 1968Enacted · Pub. L. 90-390 · 82 Stat. 296
- 1980Amended · Pub. L. 96-470 · 94 Stat. 2240
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-390 on 1968-07-07.
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