Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/16/1983--Reported to House amended.
(Reported to House from the Committee on Banking, Finance and Urban Affairs with amendment, H.Rept. 98-176) Export-Import Bank Act Amendments of 1983 - Amends the Export-Import Bank Act of 1945 to extend the authority of the Export-Import Bank of the United States until September 30, 1985.
Declares that it is the policy of the United States to insist that participants in the Guidelines for Officially Supported Export Credits honor their pledge not to offer "tied aid credit" containing a grant element less than the minimum specified in the Guidelines. Defines "tied aid credit" to mean credit which is:
(1) provided for development aid purposes;
(2) financed by public funds or, as a mixed credit, partly from public and partly from private funds; and
(3) tied to the purchase of exports from the country granting the credit.
Declares that the United States shall try to negotiate an increase in the minimum grant element of tied aid credits.
Establishes the Competitive Tied Aid Fund. Requires the money in the Fund to be used to cover a portion of the subsidy contained in any credit granted by the Bank. Permits the Bank to extend such credit only if the Board of Directors and the Secretary of the Treasury determine that:
(1) the credit will help U.S. exports competing with exports assisted by foreign official financing in the form of a tied aid credit;
(2) the foreign official financing is an abuse of the tied aid credit; and
(3) the Secretary of the Treasury determines that the Bank has properly calculated the portion of the subsidy to be covered by money in the fund.
Sets forth the criteria for an abuse of tied aid credit.
Prohibits the Board from approving tied aid credit unless a portion of its subsidy is covered by funds drawn from the Fund. Requires the Board to report to both Houses of Congress on any approved tied aid credit within 30 days of approving it.
Requires the Board to report to Congress if, at the end of any quarter of any fiscal year after FY 1983, the value of the total capital stock and retained earnings of the Bank falls below 50 percent of the capital stock and retained earnings of the Bank at the end of FY 1983.
Emphasizes that the Bank's primary policy is to support U.S. exports in all the Bank's programs.
Requires the Bank to reserve not less than:
(1) six percent of the Bank's new FY 1984 loans and loan guarantees for financing exports by small businesses; and
(2) ten percent of the Bank's new FY 1985 loans and loan guarantees for financing exports by small businesses.
Requires the Bank to submit its annual report to Congress on January 1 of each year.
Requires the report to contain a comprehensive and detailed description of plans for implementing the provisions relating to loans and loan guarantees to small businesses.
Requires that the Bank's annual report to the appropriate congressional committees shall be submitted within three months of the end of the reporting period.
Requires the President to appoint at least one member of the Bank's Board to represent the interests of small business.
Requires the Chairman of the Bank to:
(1) review Bank policies and programs with respect to insurance for transactions assisted by the Bank; and
(2) undertake, in coordination with other Federal agencies, actions designed to promote equal and nondiscriminatory opportunities to bid for insurance in connection with all aspects of international trade activities.
Requires the Bank to report to the appropriate congressional committees on such issues by May 15, 1984.
Increases the number of members of the Bank's Advisory Committee from nine to 12.
Requires that at least three members of the Committee shall represent the small business community.
Requires the Committee to meet at least once each quarter.
Requires the Committee to report to Congress on the extent to which the Bank is meeting its mandate to provide competitive financing to expand U.S. exports.
Authorizes appropriations to prepare the U.S. International Trade Commission report on the adverse effect of the Bank's loans and guarantees on domestic industries.
Imposes a 60 day deadline for completion of inquiries into purported foreign noncompetitive financing.
Requires the Secretary of the Treasury to authorize the Bank to issue financing to U.S. sellers who are competing with foreign exporters who have received noncompetitive financing only if:
(1) the availability of foreign official noncompetitive financing is likely to be a "significant" (currently "determining") factor in the sale; and
(2) such foreign noncompetitive financing has not been withdrawn.
House Democratic Caucus Summary
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