Amendments to the Export-Import Bank Act of 1945
Amends the Export-Import Bank Act of 1945 to direct the Bank to provide guarantees, insurance, and extensions of credit at rates and terms which are fully competitive with those available to foreign competitors of U.S. exporters.
Declares that loans made by the Bank shall bear interest at rates determined by the Board of Directors in order to support U.S. exports at rates and on terms and conditions which are fully competitive with exports of other countries.
Declares that such rates, terms, and conditions need not be equivalent to those offered by foreign countries but should have the effect of neutralizing the effect of such foreign credit on international sales competition.
Declares that the Bank shall accord equal opportunity to export agents and managers, independent export firms, export trading companies, and small commercial banks in the formulation and implementation of its programs.
States that the Advisory Committee, established under such Act, shall consist of 12 members (currently nine.) Requires that at least three of the members of the Committee shall represent the small business community.
Requires the Advisory Committee to meet at least once each quarter (currently once or more each year).
Requires the Committee to submit a report to Congress concerning the extent to which the Bank is providing competitive financing to expand U.S. exports and suggestions for improvements.
Authorizes members of the Committee to attend meetings of the Board of Directors on a rotating basis.
Sets forth the terms of office for members of the Board of Directors. Requires that at least one member of the Board shall represent the interests of the small business community.
Requires the Bank to determine, by March 31 of each year, whether the authority available to the Bank for its current fiscal year will be sufficient to meet the Banks's needs.
Requires the Bank to report its findings to Congress by April 15 of each year.
Requires that the Bank, if it finds that the amount of direct loan authority or quarantee authority for any fiscal year exceeds the amount which it will need during such year, shall request Congress to eliminate the amount of such excess authority.
Requires the Bank to make such excess authority available for commitment unless Congress has completed action on legislation eliminating such excess within 45 days after the Bank requests Congress to eliminate the excess.
Extends the authorization for the Bank until September 30, 1989.
Requires the Secretary of the Treasury to complete an inquiry into the existence of foreign noncompetitive financing within 30 days following the receipt of information concerning such financing.
Authorizes the Secretary to issue an authorization to the Bank to provide matching financing to U.S. exporters upon a determination that the availability of such foreign noncompetitive financing is likely to be a significant factor in a proposed transaction.
Requires the Bank to provide such matching financing upon receipt of the Secretary's authorization.
Prohibits the Board of Directors from giving final approval for any loan, financial guarantee or combination of both which exceeds $250,000,000, unless the Bank has submitted a certain statement to Congress describing and explaining the transaction.
Makes facilitating exports, imports, and the exchange of services a purpose of the Export-Import Bank. Declares that it is U.S. policy to foster the delivery of U.S. services in international commerce.
Requires the Bank to include in its annual report a summary of its programs regarding services.
Directs the Bank to urge the Foreign Credit Insurance Association to provide coverage against 100 percent of any loss with respect to exports worth $100,000 or less.
Directs the Bank to work to ensure that U.S. companies have an equal and nondiscriminatory opportunity to bid for insurance in connection with transactions assisted by the Bank. Requires the Chairman of the Bank to review Bank policies and programs related to this issue and in coordination with the U.S. Trade Representative and other Federal departments to undertake actions to promote opportunities to bid for insurance in connection with all aspects of international trade activities.
Directs the Bank to report to the Senate Banking Committee by May 15, 1984, on:
(1) obstacles to competitive insurance related to transactions assisted by the Bank;
(2) the Bank's efforts to address such obstacles; and
(3) the Bank's recommendations for additional action.
Declares that it is U.S. policy to encourage the participation of small business in international commerce.
Directs the Bank to develop a program which gives fair consideration to making loans and providing guarantees for the export of goods and services by small businesses.
Requires the Bank Director appointed to represent the interests of small business to assure that the needs of small businesses are adequately met by the Bank. Sets forth a schedule for FY 1984 through 1988 requiring that specified minimum percentages of the loan, guarantee, and insurance authority available to the Bank shall be used to finance exports by small businesses.
Requires the Bank to use part of the amounts so set aside to provide lines of credit or quarantees to consortia of financing institutions to finance small business exports.
Directs the Bank to promote small business exports and its small business export financing programs.
Requires the Bank's annual report to Congress to include:
(1) a description of the activities of the member of the Board appointed to represent small business interests; and
(2) a report on the allocation of the sums set aside for small business exports.
Authorizes interested parties to request the Secretary of Commerce to review the terms and conditions of foreign official export credits provided by any foreign government or agency to support exports of products or services to the United States. Requires that the Secretary shall simultaneously request the International Trade Commission (ITC) for a determination of material injury and shall review the petition and determine within 40 days whether the export credits are inconsistent with the terms and conditions of the Arrangement on Guidelines for Officially Supported Export Credits of the Organization for Economic Cooperation and Development (OECD Arrangement). Requires the Secretary to publish the findings in the Federal Register if the products and services are benefitting from export credits which are:
(1) at rates below those available to the foreign government or involve the assumption by the government or agency concerned of all or parts of the costs incurred by exporters or financial institutions in obtaining credits; and
(2) are inconsistent with the terms and conditions of the OECD Arrangement. Requires the Secretary to prohibit the entry into the United States of such products or services if such findings are published and the ITC makes a preliminary finding of material injury.
Requires that the ITC impose a duty on the goods equal to the subsidy if the ITC's final determination is that material injury exists.
Requires that the prohibition against entry of goods or services into the United States shall be removed if the final determination is that no material injury exists.
Authorizes the Secretary to revoke the prohibition against the entry into the United States of such product or service if the Contracting Parties to the General Agreement on Tariffs and Trade disapprove such action.
Authorizes the Bank to establish facilities not to exceed 18 months duration consisting of guarantees and insurance in support of export transactions to Brazil and Mexico in specified amounts.
Requires the Bank to give Congress notice of and specified information concerning any general guarantee or insurance facility before the Bank's final approval of such facility.
Sets forth certain technical amendments.