22 U.S.C. § 2184 — Trade credit insurance program for Central America
submitted 42 years ago by Pub. L. 87-195 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 580 words · no verdicts yet
This section lets the responsible agency guarantee certain Export-Import Bank obligations for short-term financing of private-sector exports to Central American countries. It sets procedures, funding limits, a reserve fund, a deadline, and administrative assistance.
(a) To let the Export-Import Bank of the United States (the “Bank”) find the required reasonable assurance of repayment, the agency primarily responsible for subchapter I of this chapter (the “Agency”) may guarantee liabilities the Bank incurs for guarantees or insurance under the Export-Import Bank Act of 1945 for financing exports of goods and services for private-sector use in Central American countries.
(b)(1) Agency guarantees cover only the Bank's short-term guarantees and insurance. The related obligations must be repayable within one year after the covered goods and services arrive at the import port. The Bank must provide the guaranteed guarantees or insurance under criteria and procedures agreed on by the Agency and the Bank. The agreement must also establish an Agency reserve fund, with amounts made available to it as the Agency considers necessary to pay liabilities under Agency guarantees.
(b)(2) The Agency's Administrator must send the agreement to the Speaker of the House and to the Senate Committees on Foreign Relations and Banking, Housing, and Urban Affairs.
(c) The Agency may not enter a guarantee commitment after September 30, 1991.
(d) From amounts authorized for part IV of subchapter II of this chapter, the Agency may make available amounts it considers necessary to pay liabilities under subsection (a) guarantees.
(e) Guarantee commitments are authorized only to the extent and in the amounts provided in appropriations Acts. Outstanding commitments may not exceed $300 million in contingent liability for loan principal during fiscal year 1986 or $400 million during fiscal year 1987.
(f) If amounts made available under subsection (d) are paid on a claim arising from a guaranteed liability, amounts later received on that claim must be credited to the reserve fund described in subsection (b), combined with that fund, and used for Agency payments to the Bank for subsection (a) guarantees.
(g) Omitted.
(h) The Bank must provide, without reimbursement, the administrative and technical help that the Bank and Agency consider appropriate to help the Agency carry out this section.
In order to enable the Export-Import Bank of the United States (hereafter in this section referred to as the “Bank”) to determine that there exists reasonable assurance of repayment as required under section 2(b)(1)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(B)], the agency primarily responsible for administering subchapter I of this chapter (hereafter in this section referred to as the “Agency”) is authorized to provide guarantees to the Bank for liabilities to be incurred by the Bank in connection with guarantees or insurance provided under the Export-Import Bank Act of 1945 [12 U.S.C. 635 et seq.] for financing for transactions involving the export of goods and services for the use of the private sector in Central American countries.
Guarantees provided by the Agency pursuant to the authority of subsection (a) shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance. Guarantees or insurance extended by the Bank and guaranteed by the Agency pursuant to subsection (a) shall be provided by the Bank in accordance with criteria and procedures agreed to by the Agency and the Bank. Such agreement shall also provide for the establishment of a reserve fund by the Agency, with such funds made available to the reserve as the Agency deems necessary to discharge liabilities under guarantees provided by the Agency pursuant to subsection (a).
The Administrator of such agency shall transmit a copy of such agreement to the Speaker of the House of Representatives and to the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate.
The Agency shall not enter into any commitments to guarantee under subsection (a) after September 30, 1991.
Of the funds authorized to be appropriated for part IV of subchapter II of this chapter, there are authorized to be made available such sums as may be deemed necessary by the Agency to discharge liabilities under guarantees entered into under subsection (a).
Commitments to guarantee under subsection (a) are authorized only to the extent and in the amounts provided in appropriations Acts, except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987.
To the extent that any of the funds made available pursuant to subsection (d) are paid out for a claim arising out of liabilities guaranteed under subsection (a), amounts received after the date of such payment, with respect to such claim, shall be credited to the reserve fund referred to in subsection (b), shall be merged with the funds in such reserve, and shall be available for the purpose of payments by the Agency to the Bank for guarantees under subsection (a).
The Export-Import Bank shall provide without reimbursement such administrative and technical assistance to the Agency as the Bank and the Agency deem appropriate to assist the Agency in carrying out this section.
Source credit: (Pub. L. 87–195, pt. I, § 224, as added Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903; amended Pub. L. 99–83, title III, § 314, Aug. 8, 1985, 99 Stat. 217; Pub. L. 101–167, title IV, Nov. 21, 1989, 103 Stat. 1216; Pub. L. 101–179, title III, § 304(b), Nov. 28, 1989, 103 Stat. 1313; Pub. L. 101–513, title IV, Nov. 5, 1990, 104 Stat. 2001.)
- 1984Enacted · Pub. L. 87-195 · 98 Stat. 1884, 1903
- 1985Amended · Pub. L. 99-83 · 99 Stat. 217
- 1989Amended · Pub. L. 101-167 · 103 Stat. 1216
- 1989Amended · Pub. L. 101-179 · 103 Stat. 1313
- 1990Amended · Pub. L. 101-513 · 104 Stat. 2001
A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-195 on 1984-10-12.
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