S. 2379 (96th): Export Trading Company Act of 1980

Introduced:
Mar 04, 1980 (96th Congress, 1979–1980)
Status:
Died (Referred to Committee)
See Instead:

H.R. 7310 (same title)
Referred to Committee — May 08, 1980

Sponsor
Adlai Stevenson III
Senator from Illinois
Party
Democrat
Related Bills
H.R. 7310 (identical)

Referred to Committee
Last Action: May 08, 1980

 
Status

This bill was introduced on March 4, 1980, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 04, 1980
Referred to Committee Mar 04, 1980
 
Full Title

A bill to encourage exports by facilitating the formation and operation of export trading companies and the expansion of export trade services generally.

Summary

No summaries available.

Cosponsors
9 cosponsors (5R, 4D) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


3/4/1980--Introduced.
Export Trading Company Act of 1980 - Directs the Secretary of Commerce, through the Assistant Secretary of Commerce for Trade Promotion, to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies.
Authorizes any banking organization to invest up to specified amounts in export trading companies without obtaining the prior approval of the appropriate Federal banking agency.
Allows greater investment by Edge Act Corporations not engaged in banking.
Permits any banking organization to invest beyond such limitations after:
(1) filing an application to make such investments with the appropriate Federal banking agency; and
(2) proposed investment is not denied by such agency.
Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval.
Prohibits those banking organizations, and their affiliates, with an ownership interest in any export trading company from extending credit to such companies or customers of such companies on more favorable terms than those afforded to similar borrowers.
Authorizes the Export-Import Bank of the United States to provide loans and guarantees to export trading companies for the financing of exports and export trade services in specified circumstances.
Limits the amount of loans and guarantees to any one company and in the aggregate.
Declares that such authority shall expire five years from enactment.
Authorizes the Bank to provide loan guarantees to such companies or exporters to be secured by accounts receivable or inventories in specified circumstances.
Permits State and local governments to participate in export trading companies.
Declares that such companies shall be eligible for the Export-Import Bank's loans and guarantees under this Act. Amends the Webb-Pomerene Act to exempt export trading companies solely with respect to their export trade activities from antitrust restrictions.
Amends the Internal Revenue Code of 1954 to make banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company.
Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions.
Amends the Internal Revenue Code of 1954 to make export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations.
Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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