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S. 1026 (105th): Export-Import Bank Reauthorization Act of 1997

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

11/7/1997--Conference report filed in House. Export-Import Bank Reauthorization Act of 1997 - Amends the Export-Import Bank Act of 1945 to extend the authority of the Export-Import Bank of the United States through FY 2001. Reauthorizes the Bank's tied aid credit program. (Sec. 4) Extends from FY 1997 through 2001 Bank authority to provide financing for the export of nonlethal defense articles or services whose primary end use will be for civilian purposes. (Sec. 5) Revises Bank procedures governing the denial of the extension of credit to foreign countries based on the national interest to: (1) require the President to consult with specified congressional committees before determining that such a denial is in the U.S. national interest; and (2) require written notification to the President of the Bank of such determination, including the applications or categories of applications for credit which should be denied. (Sec. 6) Directs the General Counsel of the Bank to designate an attorney to serve as Assistant General Counsel for Administration, whose duties shall include oversight of and advice to Bank directors, officers, and employees on personnel and other administrative law matters. (Sec. 7) Requires the Board of Directors of the Bank to: (1) take prompt measures to promote the expansion of its loan, guarantee, and insurance programs in sub-Saharan Africa; (2) establish an advisory committee to advise it on the implementation of policies and programs to support such expansion; and (3) report annually to the Congress on steps it has taken to implement such policies and programs and any advisory committee recommendations. (Sec. 8) Revises the composition of the Advisory Committee of the Bank to include the appointment of not fewer than two members from the labor community. (Sec. 9) Directs the President of the Bank to: (1) enhance the Bank's capacity to provide information about its programs to small and rural companies which have not previously participated in them; and (2) report to the Congress on such activities within one year of enactment of this Act. (Sec. 11) Includes child labor as a human rights criterion that could serve as the basis for a presidential determination that an application for Bank credit should be denied for nonfinancial or noncommercial considerations. (Sec. 12) Requires the President, if the Russian military or Government has transferred an SS-N-22 missile system to China and such transfer represents a threat to U.S. security, to notify the Bank as soon as practicable. Directs the Bank Board of Directors to deny any guarantee, insurance, or extension of credit in connection with purchases of Russian goods or services if so directed by the President.