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Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Browse Source 
Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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---
type: "LegalText"
title: "12 U.S.C. § 635a–1"
description: "Export credit competition"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–1"
citation: "12 U.S.C. § 635a–1"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
source_identifier: "/us/usc/t12/s635a–1"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–1 - Export credit competition
## Text
(a) The President is authorized and requested to begin negotiations at the ministerial level with other major exporting countries to end predatory export financing programs and other forms of export subsidies, including mixed credits, in third country markets as well as within the United States. The President shall report to the Congress prior to January 15, 1979, on progress toward meeting the goals of this section.
(b) The Export-Import Bank of the United States is authorized to provide guarantees, insurance, and extensions of credit at rates and terms and other conditions which are, in the opinion of the Board of Directors of the Bank, competitive with those provided by the government-supported export credit instrumentalities of other nations.
(Pub. L. 95–630, title XIX, § 1908, Nov. 10, 1978, 92 Stat. 3725.)
## Notes
Editorial Notes
Codification Section was enacted as part of the Export-Import Bank Act Amendments of 1978, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Statutory Notes and Related Subsidiaries
Effective DateSection effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as an Effective Date of 1978 Amendment note under section 635 of this title.
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---
type: "LegalText"
title: "12 U.S.C. § 635a–2"
description: "Implementation of regulations and procedures to lessen adverse effect of loans and guarantees on industries in United States; report by United States International Trade Commission; written consideration of views of adversely affected parties"
jurisdiction: "us"
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title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–2"
citation: "12 U.S.C. § 635a–2"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–2 - Implementation of regulations and procedures to lessen adverse effect of loans and guarantees on industries in United States; report by United States International Trade Commission; written consideration of views of adversely affected parties
## Text
The Bank shall implement such regulations and procedures as may be appropriate to insure that full consideration is given to the extent to which any loan or financial guarantee is likely to have an adverse effect on industries, including agriculture, and employment in the United States, either by reducing demand for goods produced in the United States or by increasing imports to the United States. To carry out the purposes of this subsection,11 So in original. Probably should be “section,”. the Bank shall request, and the United States International Trade Commission shall furnish, a report assessing the impact of the Bank’s activities on industries and employment in the United States. Such report shall include an assessment of previous loans or financial guarantees and shall provide recommendations concerning general areas which may adversely affect domestic industries, including agriculture, and employment. After October 1, 1983, there are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section. In all cases to which this section applies, the Bank shall consider and address in writing the views of parties or persons who may be substantially adversely affected by the loan or guarantee prior to taking final action on the loan or guarantee. This requirement does not subject the Bank to the provisions of subchapter II of chapter 5 of title 5.
(Pub. L. 95–630, title XIX, § 1911, Nov. 10, 1978, 92 Stat. 3726; Pub. L. 98–181, title I [title VI, § 632], Nov. 30, 1983, 97 Stat. 1262; Pub. L. 99–472, § 12, Oct. 15, 1986, 100 Stat. 1204.)
## Notes
Editorial Notes
Codification Section was enacted as part of the Export-Import Bank Act Amendments of 1978, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Amendments1986—Pub. L. 99–472 inserted provisions which required written consideration by Bank of views of parties or persons who may be substantially adversely affected by loan or guarantee prior to taking final action on loan or guarantee without subjecting Bank to subchapter II of chapter 5 of title 5. 1983—Pub. L. 98–181 inserted provision that after October 1, 1983, there are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.
Statutory Notes and Related Subsidiaries
Effective DateSection effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as an Effective Date of 1978 Amendment note under section 635 of this title.
Improvement of Method for Calculating the Effects of Bank Financing on Job Creation and Maintenance in the United StatesPub. L. 112–122, § 16, May 30, 2012, 126 Stat. 359, provided that: “(a) GAO Study.—The Comptroller General of the United States shall conduct a study of the process and methodology used by the Export-Import Bank of the United States (in this section referred to as the ‘Bank’) to calculate the effects of the provision of financing by the Bank on the creation and maintenance of employment in the United States, determine and assess the basis on which the Bank has so used the methodology, and make any recommendations the Comptroller General deems appropriate. “(b) Report.—Within 1 year after the date of the enactment of this Act [May 30, 2012], the Comptroller General shall submit to the Congress and the Bank the results of the study required by subsection (a). “(c) Implementation of Recommendations.—If the report submitted pursuant to subsection (b) includes recommendations, the Bank may establish a more accurate methodology of the kind described in subsection (a) based on the recommendations.”
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---
type: "LegalText"
title: "12 U.S.C. § 635a–3"
description: "Export-Import Bank financing to match foreign financing"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–3"
citation: "12 U.S.C. § 635a–3"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–3 - Export-Import Bank financing to match foreign financing
## Text
(a) Noncompetitive financing; inquiry by Secretary; notification of foreign country and prospective parties to transaction (1) Upon receipt of information that foreign sales to the United States are being offered involving foreign official export credits which exceed limits under existing standstills, minutes, or practices to which the United States and other major exporting countries have agreed, irrespective of whether these credits are being offered by governments which are signatories to such standstills, minutes, or practices, the Secretary of the Treasury shall immediately conduct an inquiry to determine whether “noncompetitive financing” is being offered. The inquiry, and where appropriate, the determination and authorization to the Export-Import Bank of the United States referred to in this section shall be completed and made within 60 days of the receipt of such information.
(2) If the Secretary determines that such foreign “noncompetitive” financing is being offered, the Secretary shall request the immediate withdrawal of such financing by the foreign official export credit agency involved.
(3) If the offer is not withdrawn or if there is no immediate response to the withdrawal request, the Secretary of the Treasury shall notify the country offering such financing and all parties to the proposed transaction that the Eximbank may be authorized to provide competing United States sellers with financing to match that available through the foreign official export financing entity.
(b) Issuance of authorization to Bank to provide guarantees, insurance, and credits to competing United States sellers The Secretary of the Treasury shall issue such authorization to the Bank to provide guarantees, insurance, and credits to competing United States sellers, unless the Secretary determines that—
(1) the availability of foreign official noncompetitive financing is not likely to be a significant factor in the sale; or
(2) the foreign noncompetitive financing has been withdrawn.
(c) Provision of financing by Bank pursuant to authorization Upon receipt of authorization by the Secretary of the Treasury, the Export-Import Bank may provide financing to match that offered by the foreign official export credit entity: Provided, however, That loans, guarantees and insurance provided under this authority shall conform to all provisions of the Export-Import Bank Act of 1945, as amended [12 U.S.C. 635 et seq.].
(Pub. L. 95–630, title XIX, § 1912, Nov. 10, 1978, 92 Stat. 3726; Pub. L. 98–181, title I [title VI, §§ 631, 633], Nov. 30, 1983, 97 Stat. 1262, 1263; Pub. L. 99–472, § 15, Oct. 15, 1986, 100 Stat. 1204.)
## Notes
Editorial Notes
References in TextThe Export-Import Bank Act of 1945, as amended, referred to in subsec. (c), is act July 31, 1945, ch. 341, 59 Stat. 526, which is classified generally to subchapter 1 (§ 635 et seq.) of this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 635 of this title and Tables.
Codification Section was enacted as part of the Export-Import Bank Act Amendments of 1978, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Amendments1986—Subsec. (a)(1). Pub. L. 99–472, § 15(b), which directed the insertion of “irrespective of whether these credits are being offered by governments which are signatories to such standstills, minutes, or practices,” after “major export countries have agreed,” was executed by inserting that phrase after “major exporting countries have agreed,” as the probable intent of Congress. Subsec. (b). Pub. L. 99–472, § 15(a), amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “The Secretary of the Treasury shall only issue such authorization to the Bank to provide guarantees, insurance and credits to competing United States sellers, if the Secretary determines that: “(1) the availability of foreign official noncompetitive financing is likely to be a significant factor in the sale, and “(2) the foreign noncompetitive financing has not been withdrawn on the date the Bank is authorized to provide competitive financing.” 1983—Subsec. (a)(1). Pub. L. 98–181, § 631(1), inserted provision that the inquiry, and where appropriate, the determination and authorization to the Export-Import Bank of the United States referred to in this section shall be completed and made within 60 days of the receipt of such information. Subsec. (a)(2). Pub. L. 98–181, § 633(b), substituted “the Secretary shall request” for “he shall request”. Subsec. (b). Pub. L. 98–181, § 633(a), substituted “if the Secretary determines that” for “if he determines that” in provisions preceding par. (1). Subsec. (b)(1). Pub. L. 98–181, § 631(2), substituted “significant factor” for “determining factor”.
Statutory Notes and Related Subsidiaries
Effective DateSection effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as an Effective Date of 1978 Amendment note under section 635 of this title.
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---
type: "LegalText"
title: "12 U.S.C. § 635a–4"
description: "Guarantees for export accounts receivable and inventory"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–4"
citation: "12 U.S.C. § 635a–4"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
source_identifier: "/us/usc/t12/s635a–4"
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confidence: "official"
tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–4 - Guarantees for export accounts receivable and inventory
## Text
The Export-Import Bank of the United States is authorized and directed to establish a program to provide guarantees for loans extended by financial institutions or other public or private creditors to export trading companies as defined in section 1843(c)(14)(F)(i) of this title, or to other exporters, when such loans are secured by export accounts receivable, inventories of exportable goods, accounts receivable from leases, performance contracts, grant commitments, participation fees, member dues, revenue from publications, or such other collateral as the Board of Directors may deem appropriate, and when in the judgment of the Board of Directors—
(1) the private credit market is not providing adequate financing to enable otherwise creditworthy export trading companies or exporters to consummate export transactions; and
(2) such guarantees would facilitate expansion of exports which would not otherwise occur.
The Board of Directors shall attempt to insure that a major share of any loan guarantees ultimately serves to promote exports from small, medium-size, and minority businesses or agricultural concerns. Guarantees provided under the authority of this section shall be subject to limitations contained in annual appropriations Acts.
(Pub. L. 97–290, title II, § 206, Oct. 8, 1982, 96 Stat. 1239; Pub. L. 98–181, title I [title VI, § 616(b)], Nov. 30, 1983, 97 Stat. 1257.)
## Notes
Editorial Notes
Codification Section was enacted as part of the Bank Export Services Act, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Amendments1983—Pub. L. 98–181 substituted “export accounts receivable, inventories of exportable goods, accounts receivable from leases, performance contracts, grant commitments, participation fees, member dues, revenue from publications, or such other collateral as the Board of Directors may deem appropriate,” for “export accounts receivable or inventories of exportable goods”.
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---
type: "LegalText"
title: "12 U.S.C. § 635a–5"
description: "Negotiations to end export credit financing"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–5"
citation: "12 U.S.C. § 635a–5"
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confidence: "official"
tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–5 - Negotiations to end export credit financing
## Text
(a) In general The President shall initiate and pursue negotiations—
(1) with other major exporting countries, including members of the Organisation for Economic Co-operation and Development (in this section referred to as the “OECD”) and non-OECD members, to substantially reduce, with the possible goal of eliminating, before the date that is 10 years after December 4, 2015,,11 So in original. subsidized export financing programs and other forms of export subsidies; and
(2) with all countries that finance air carrier aircraft with funds from a state-sponsored entity, to substantially reduce, with the ultimate goal of eliminating, aircraft export credit financing for all aircraft covered by the 2007 Sector Understanding on Export Credits for Civil Aircraft (in this section referred to as the “ASU”), including any modification thereof, and all of the following types of aircraft:
(A) Heavy aircraft that are capable of a takeoff weight of 300,000 pounds or more, whether or not operating at such a weight during a particular phase of flight.
(B) Large aircraft that are capable of a takeoff weight of more than 41,000 pounds, and have a maximum certificated takeoff weight of not more than 300,000 pounds.
(C) Small aircraft that have a maximum certificated takeoff weight of 41,000 pounds or less.
(b) Annual reports on progress of negotiations Not later than 180 days after May 30, 2012, and annually thereafter, the President shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives—
(1) a report on the progress of any negotiations described in subsection (a)(1), until the President certifies in writing to the committees that all countries that support subsidized export financing programs have agreed to end the support; and
(2) a report on the progress of any negotiations described in subsection (a)(2), including the progress of any negotiations with respect to each classification of aircraft set forth in subsection (a)(2), until the President certifies in writing to the committees that all countries that support subsidized export financing programs have agreed to end the support of aircraft covered by the ASU.
(c) Report on strategy Not later than 180 days after December 4, 2015, the President shall submit to Congress a proposal, and a strategy for achieving the proposal, that the United States Government will pursue with other major exporting countries, including OECD members and non-OECD members, to eliminate over a period of not more than 10 years subsidized export-financing programs, tied aid, export credits, and all other forms of government-supported export subsidies.
(d) Negotiations with non-OECD members The President shall initiate and pursue negotiations with countries that are not OECD members to bring those countries into a multilateral agreement establishing rules and limitations on officially supported export credits.
(e) Annual reports on progress of negotiations Not later than 180 days after December 4, 2015, and annually thereafter through calendar year 2019, the President shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the progress of any negotiations described in subsection (d).
(Pub. L. 112–122, § 11, May 30, 2012, 126 Stat. 356; Pub. L. 114–94, div. E, title LV, § 55002(a), Dec. 4, 2015, 129 Stat. 1769.)
## Notes
Editorial Notes
Codification Section was enacted as part of the Export-Import Bank Reauthorization Act of 2012, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Amendments2015—Subsec. (a). Pub. L. 114–94, § 55002(a)(1)(A), in introductory provisions, substituted “President” for “Secretary of the Treasury (in this section referred to as the ‘Secretary’)”. Subsec. (a)(1). Pub. L. 114–94, § 55002(a)(1)(B), substituted “(in this section referred to as the ‘OECD’)” for “(OECD)” and “possible goal of eliminating, before the date that is 10 years after December 4, 2015,” for “ultimate goal of eliminating”. Subsec. (b). Pub. L. 114–94, § 55002(a)(2), substituted “President” for “Secretary” wherever appearing. Subsecs. (c) to (e). Pub. L. 114–94, § 55002(a)(3), added subsecs. (c) to (e).
Statutory Notes and Related Subsidiaries
Effective Date of 2015 AmendmentPub. L. 114–94, div. E, title LV, § 55002(b), Dec. 4, 2015, 129 Stat. 1770, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] shall apply with respect to reports required to be submitted under section 11(b) of the Export-Import Bank Reauthorization Act of 2012 (12 U.S.C. 635a–5(b)) after the date of the enactment of this Act [Dec. 4, 2015].”
Executive Documents
Delegation of Authority Under Section 11 of the Export-Import Bank Reauthorization Act of 2012 Memorandum of President of the United States, Mar. 11, 2016, 81 F.R. 14367, provided: Memorandum for the Secretary of the Treasury By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, I hereby delegate to you the functions and authorities vested in the President by section 11 of the Export-Import Bank Reauthorization Act of 2012, as amended. In exercising functions and authority delegated by this memorandum, you shall ensure that all actions taken by you are consistent with the President’s constitutional authority to (A) conduct the foreign affairs of the United States, including the commencement, conduct, and termination of negotiations with foreign countries and international organizations; and (B) withhold information the disclosure of which could impair the foreign relations, the national security, the deliberative processes of the Executive, or the performance of the Executive’s constitutional duties. You are authorized and directed to publish this memorandum in the Federal Register. Barack Obama.
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---
type: "LegalText"
title: "12 U.S.C. § 635a–6"
description: "Periodic audits of bank transactions"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–6"
citation: "12 U.S.C. § 635a–6"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–6 - Periodic audits of bank transactions
## Text
(a) In general Within 2 years after May 30, 2012, and periodically (but not less frequently than every 4 years) thereafter, the Comptroller General of the United States shall conduct an audit of the loan and guarantee transactions of the Export-Import Bank of the United States to determine the compliance of the Bank with the underwriting guidelines, lending policies, due diligence procedures, and content guidelines of the Bank.
(b) Review of fraud controls Not later than 4 years after December 4, 2015, and every 4 years thereafter, the Comptroller General of the United States shall—
(1) review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions; and
(2) submit a written report regarding the findings of the review and providing such recommendations with respect to the controls described in paragraph (1) as the Comptroller General deems appropriate to—
(A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.
(Pub. L. 112–122, § 17, May 30, 2012, 126 Stat. 359; Pub. L. 114–94, div. E, title LI, § 51003, Dec. 4, 2015, 129 Stat. 1763.)
## Notes
Editorial Notes
Codification Section was enacted as part of the Export-Import Bank Reauthorization Act of 2012, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
Amendments2015—Subsec. (b). Pub. L. 114–94 amended subsec. (b) generally. Prior to amendment, text read as follows: “The Comptroller General of the United States shall review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees, including by auditing a sample of Bank transactions, and submit to the Congress a written report which contains such recommendations with respect to the controls as the Comptroller General deems appropriate.”
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---
type: "LegalText"
title: "12 U.S.C. § 635a–7"
description: "Independent audit of bank portfolio"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a–7"
citation: "12 U.S.C. § 635a–7"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
source_identifier: "/us/usc/t12/s635a–7"
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text_hash: "9ae4f7f2f5527d3c22b51a657301111378ce780bbec2c355d8afcf8d0db8b69a"
retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a–7 - Independent audit of bank portfolio
## Text
(a) Audit The Inspector General of the Export-Import Bank of the United States shall conduct an audit or evaluation of the portfolio risk management procedures of the Bank, including a review of the implementation by the Bank of the duties assigned to the Chief Risk Officer under section 635a(l) of this title, as amended by section 51005.
(b) Report Not later than 1 year after December 4, 2015, and not less frequently than every 3 years thereafter, the Inspector General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a written report containing all findings and determinations made in carrying out subsection (a).
(Pub. L. 114–94, div. E, title LI, § 51007, Dec. 4, 2015, 129 Stat. 1766.)
## Notes
Editorial Notes
References in TextSection 635a(l) of this title, as amended by section 51005, referred to in subsec. (a), is section 635a(l) of this title, as amended by section 51005 of Pub. L. 114–94.
Codification Section was enacted as part of the Fixing America’s Surface Transportation Act, also known as the FAST Act, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
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---
type: "LegalText"
title: "12 U.S.C. § 635a"
description: "Management of Bank"
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corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635a"
citation: "12 U.S.C. § 635a"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
source_identifier: "/us/usc/t12/s635a"
source_file: "data/legal/raw/us/code/title-12/usc12.xml"
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retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635a - Management of Bank
## Text
(a) Establishment as independent agency The Export-Import Bank of the United States shall constitute an independent agency of the United States and neither the Bank nor any of its functions, powers, or duties shall be transferred to or consolidated with any other department, agency, or corporation of the Government unless the Congress shall otherwise by law provide.
(b) President and First Vice President of the Bank; appointment; duties There shall be a President of the Export-Import Bank of the United States, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, and who shall serve as chief executive officer of the Bank. There shall be a First Vice President of the Bank, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, who shall serve as President of the Bank during the absence or disability of or in the event of a vacancy in the office of President of the Bank, and who shall at other times perform such functions as the President of the Bank may from time to time prescribe.
(c) Board of Directors; composition; oath; terms; duties; quorum; bylaws (1) There shall be a Board of Directors of the Bank consisting of the President of the Export-Import Bank of the United States, who shall serve as Chairman, the First Vice President who shall serve as Vice Chairman, and three additional persons appointed by the President of the United States by and with the advice and consent of the Senate.
(2) Of the five members of the Board, not more than three shall be members of any one political party.
(3) Omitted
(4) Before entering upon his duties, each of the directors shall take an oath faithfully to discharge the duties of his office.
(5) The directors, in addition to their duties as members of the Board, shall perform such additional duties and may hold such other offices in the administration of the Bank as the President of the Bank may from time to time prescribe.
(6) (A) A quorum of the Board of Directors shall consist of at least three members.
(B) (i) If there is an insufficient number of directors to constitute a quorum under subparagraph (A) for 120 consecutive days during the term of a President of the United States, a temporary Board, consisting of the following members, shall act in the stead of the Board of Directors:
(I) The United States Trade Representative.
(II) The Secretary of the Treasury.
(III) The Secretary of Commerce.
(IV) The members of the Board of Directors.
(ii) If, at a meeting of the temporary Board—
(I) a member referred to in clause (i)(IV) is present, the meeting shall be chaired by such a member, consistent with Bank bylaws; or
(II) no such member is present, the meeting shall be chaired by the United States Trade Representative.
(iii) A member described in subclause (I), (II), or (III) of clause (i) may delegate the authority of the member to vote on whether to authorize a transaction, whose value does not exceed $100,000,000, to—
(I) if the member is the United States Trade Representative, the Deputy United States Trade Representative; or
(II) if the member is referred to in such subclause (II) or (III), the Deputy Secretary of the department referred to in the subclause.
(iv) If the temporary Board consists of members of only one political party, the President of the United States shall, to the extent practicable, appoint to the temporary Board a qualified member of a different political party who occupies a position requiring nomination by the President, by and with the consent of the Senate.
(v) The temporary board may not change or amend Bank policies, procedures, bylaws, or guidelines.
(vi) The temporary Board shall expire at the end of the term of the President of the United States in office at the time the temporary Board was constituted or upon restoration of a quorum of the Board of Directors as defined in subparagraph (A).
(vii) With respect to a transaction that equals or exceeds $100,000,000, the Chairperson of the temporary Board shall ensure that the Bank complies with section 635(b)(3) of this title.
(7) The Board of Directors shall adopt, and may from time to time amend, such bylaws as are necessary for the proper management and functioning of the Bank, and shall, in such bylaws, designate the vice presidents and other officers of the Bank and prescribe their duties.
(8) (A) The terms of the directors, including the President and the First Vice President of the Bank, appointed under this section shall be four years, except that—
(i) during their terms of office, the directors shall serve at the pleasure of the President of the United States;
(ii) the term of any director appointed after November 30, 1983, to serve before January 20, 1985, shall expire on January 20, 1985;
(iii) of the directors first appointed to serve beginning on or after January 21, 1985, two directors (other than the President and First Vice President of the Bank) shall be appointed for terms of two years, as designated by the President of the United States at the time of their appointment; and
(iv) any director first appointed to serve for a term beginning on any date after January 21, 1985, shall serve only for the remainder of the period for which such director would have been appointed if such director’s term had begun on January 21, 1985. If such term would have expired before the date on which such director’s term actually begins, the term of such director shall be the four-year period, or remainder thereof, as if such director had been preceded by a director whose term had begun on January 21, 1985.
(B) Of the five members of the Board appointed by the President, not less than one such member shall be selected from among the small business community and shall represent the interests of small business.
(C) Any person chosen to fill a vacancy shall be appointed only for the unexpired term of the director whom such person succeeds.
(D) Any director whose term has expired may be reappointed.
(E) Any director whose term has expired may continue to serve on the Board of Directors until the earlier of—
(i) the date on which such director’s successor is qualified; or
(ii) the end of the 6-month period beginning on the date such director’s term expires.
(9) At the request of any 2 members of the Board of Directors, the Chairman of the Board shall place an item pertaining to the policies or procedures of the Bank on the agenda for discussion by the Board. Within 30 days after the date such a request is made, the Chairman shall hold a meeting of the Board at which the item shall be discussed.
(10) Notice and comment requirements.— (A) In general.— Before any meeting of the Board for final consideration of a long-term transaction the value of which exceeds $100,000,000, and concurrent with any statement required to be submitted under section 635(b)(3) of this title with respect to the transaction, the Bank shall provide a notice and comment period.
(B) Financial threshold determinations.— For purposes of determining whether the value of a proposed transaction exceeds the financial threshold set forth in subparagraph (A), the Bank shall aggregate the dollar amount of the proposed transaction and the dollar amounts of all long-term loans and guarantees, approved by the Bank in the preceding 12-month period, that involved the same foreign entity and substantially the same product to be produced.
(C) Specific requirements.— (i) In general.— The Bank shall—
(I) publish in the Federal Register a notice of the application proposing the transaction;
(II) provide a period of not less than 25 days for the submission to the Bank of comments on the application; and
(III) notify the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives of the application, and seek comments on the application from the Department of Commerce and the Office of Management and Budget.
(ii) Content of notice.— The notice published under clause (i)(I) with respect to an application for a loan or financial guarantee shall include appropriate information about—
(I) a brief non-proprietary description of the purposes of the transaction and the anticipated use of any item being exported, including, to the extent the Bank is reasonably aware, whether the item may be used to produce exports or provide services in competition with the exportation of goods or the provision of services by a United States industry;
(II) the identities of the obligor, principal supplier, and guarantor; and
(III) a description, such as type or model number, of any item with respect to which Bank financing is being sought, but only to the extent the description does not disclose any information that is confidential or proprietary business information, that would violate the Trade Secrets Act, or that would jeopardize jobs in the United States by supplying information which competitors could use to compete with companies in the United States.
(D) Procedure regarding materially changed applications.— (i) In general.— If a material change is made to an application to which this paragraph applies, after a notice with respect to the application is published under subparagraph (C)(i)(I), the Bank shall publish in the Federal Register a revised notice of the application and provide for an additional comment period as provided in subparagraph (C)(i)(II).
(ii) Material change defined.— In clause (i), the term “material change”, with respect to an application for a loan or guarantee, includes an increase of at least 25 percent in the amount of a loan or guarantee requested in the application.
(E) Requirement to address views of commenters.— Before taking final action on an application to which this paragraph applies, the staff of the Bank shall provide in writing to the Board of Directors the views of any person who submitted comments on the application pursuant to this paragraph.
(F) Publication of conclusions.— Within 30 days after a final decision of the Board of Directors with respect to an application to which this paragraph applies, the Bank shall provide to a commenter on the application or the decision who makes a request therefor, a non-confidential summary of the facts found and conclusions reached in any detailed analysis or similar study with respect to the loan or guarantee that is the subject of the application, that was submitted to the Board of Directors. Such summary should be sent within 30 days of the receipt of the written request or date of the final decision of the Board of Directors, whichever is later.
(G) Rule of interpretation.— The obligations imposed by this paragraph shall not be interpreted to create, modify, or preclude any legal right of action.
(d) Advisory Committee; appointment; composition; meetings; advice to Bank; report to Congress (1) (A) There is established an Advisory Committee to consist of 17 members who shall be appointed by the Board of Directors on the recommendation of the President of the Bank.
(B) Such members shall be broadly representative of environment, production, commerce, finance, agriculture, labor, services, State government, and the textile industry.
(2) (A) Not less than three members appointed to the Advisory Committee shall be representative of the small business community.
(B) Not less than 2 members appointed to the Advisory Committee shall be representative of the labor community, except that no 2 representatives of the labor community shall be selected from the same labor union.
(C) Not less than 2 members appointed to the Advisory Committee shall be representative of the environmental nongovernmental organization community, except that no 2 of the members shall be from the same environmental organization.
(3) The Advisory Committee shall meet at least once each quarter.
(4) The Advisory Committee shall advise the Bank on its programs, and shall submit, with the report specified in section 635(b)(1)(A) of this title, its own comments to the Congress on the extent to which the Bank is meeting its mandate to provide competitive financing to expand United States exports, and any suggestions for improvements in this regard.
(5) In carrying out paragraph (4), the Advisory Committee shall consider ways to promote the financing of Bank transactions for the textile industry, consistent with the requirement that the Bank obtain a reasonable assurance of repayment, and determine ways to—
(A) increase Bank support for the exports of textile components or inputs made in the United States; and
(B) support the maintenance, promotion and expansion of jobs in the United States that are critical to the manufacture of textile components and inputs.
(e) Conflicting personal interests (1) No director, officer, attorney, agent, or employee of the Bank shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting such individual’s personal interests, or the interests of any corporation, partnership or association in which such individual is directly or indirectly personally interested.
(2) The General Counsel of the Bank shall ensure that the directors, officers, and employees of the Bank have available appropriate legal counsel for advice on, and oversight of, issues relating to personnel matters and other administrative law matters by designating an attorney to serve as Assistant General Counsel for Administration, whose duties, under the supervision of the General Counsel, shall be concerned solely or primarily with such issues.
(f) Small Business Division (1) Establishment There is established a Small Business Division (in this subsection referred to as the “Division”) within the Bank in order to—
(A) carry out the provisions of subparagraphs (E) and (I) of section 635(b)(1) of this title relating to outreach, feedback, product improvement, and transaction advocacy for small business concerns (as defined in section 632(a) of title 15);
(B) advise and seek feedback from small business concerns on the opportunities and benefits for small business concerns in the financing products offered by the Bank, with particular emphasis on conducting outreach, enhancing the tailoring of products to small business needs and increasing loans to small business concerns;
(C) maintain liaison with the Small Business Administration and other departments and agencies in matters affecting small business concerns; and
(D) provide oversight of the development, implementation, and operation of technology improvements to strengthen small business outreach, including the technology improvement required by section 635(b)(1)(E)(x) of this title.
(2) Management The President of the Bank shall appoint an officer, who shall rank not lower than senior vice president and whose sole executive function shall be to manage the Division. The officer shall—
(A) have substantial recent experience in financing exports by small business concerns; and
(B) advise the Board, particularly the director appointed under subsection (c)(8)(B) to represent the interests of small business, on matters of interest to, and concern for, small business.
(g) Small business specialists (1) Dedicated personnel The President of the Bank shall ensure that each operating division within the Bank has staff that specializes in processing transactions that primarily benefit small business concerns (as defined in section 632(a) of title 15).
(2) Responsibilities The small business specialists shall be involved in all aspects of processing applications for loans, guarantees, and insurance to support exports by small business concerns, including the approval or disapproval, or staff recommendations of approval or disapproval, as applicable, of such applications. In carrying out these responsibilities, the small business specialists shall consider the unique business requirements of small businesses and shall develop exporter performance criteria tailored to small business exporters.
(3) Approval authority In an effort to maximize the speed and efficiency with which the Bank processes transactions primarily benefitting small business concerns, the small business specialists shall be authorized to approve applications for working capital loans and guarantees, and insurance in accordance with policies and procedures established by the Board. It is the sense of Congress that the policies and procedures should not prohibit, where appropriate, small business specialists from approving applications for working capital loans and guarantees, and for insurance, in support of exports which have a value of less than $25,000,000.
(4) Identification The Bank shall prominently identify the small business specialists on its website and in promotional material.
(5) Employee evaluations The evaluation of staff designated by the President of the Bank under paragraph (1), including annual reviews of performance of duties related to transactions in support of exports by small business concerns, and any resulting recommendations for salary adjustments, promotions, and other personnel actions, shall address the criteria established pursuant to subsection (h)(2)(B)(iii) and shall be conducted by the manager of the relevant operating division following consultation with the officer appointed to manage the Small Business Division pursuant to subsection (f)(2).
(6) Staff recommendations Staff recommendations of denial or withdrawal for medium-term applications, exporter held multi-buyer policies, single buyer policies, and working capital applications processed by the Bank shall be transmitted to the officer appointed to manage the Small Business Division pursuant to subsection (f)(2) not later than 2 business days before a final decision.
(7) Rule of interpretation Nothing in this subchapter shall be construed to prevent the delegation to the Division of any authority necessary to carry out subparagraphs (E) and (I) of section 635(b)(1) of this title.
(h) Small Business Committee (1) Establishment There is established a management committee to be known as the “Small Business Committee”.
(2) Purpose and duties (A) Purpose The purpose of the Small Business Committee shall be to coordinate the Bank’s initiatives and policies with respect to small business concerns (as defined in section 632(a) of title 15), including the timely processing and underwriting of transactions involving direct exports by small business concerns, and the development and coordination of efforts to implement new or enhanced Bank products and services pertaining to small business concerns.
(B) Duties The duties of the Small Business Committee shall be determined by the President of the Bank and shall include the following:
(i) Assisting in the development of the Bank’s small business strategic plans, including the Bank’s plans for carrying out section 635(b)(1)(E) (v) and (x) of this title, and measuring and reporting in writing to the President of the Bank, at least once a year, on the Bank’s progress in achieving the goals set forth in the plans.
(ii) Evaluating and reporting in writing to the President of the Bank, at least once a year, with respect to—
(I) the performance of each operating division of the Bank in serving small business concerns;
(II) the impact of processing and underwriting standards on transactions involving direct exports by small business concerns; and
(III) the adequacy of the staffing and resources of the Small Business Division.
(iii) Establishing criteria for evaluating the performance of staff designated by the President of the Bank under subsection (g)(1).
(iv) Coordinating the provision of services with other United States Government departments and agencies to small business concerns.
(3) Composition (A) Chairperson The Chairperson of the Small Business Committee shall be the officer appointed to manage the Small Business Division pursuant to subsection (f)(2). The Chairperson shall have the authority to call meetings of the Small Business Committee, set the agenda for Committee meetings, and request policy recommendations from the Committee’s members.
(B) Other members Except as otherwise provided in this subsection, the President of the Bank shall determine the composition of the Small Business Committee, and shall appoint or remove the members of the Small Business Committee. In making such appointments, the President of the Bank shall ensure that the Small Business Committee is comprised of—
(i) the senior managing officers responsible for underwriting and processing transactions; and
(ii) other officers and employees of the Bank with responsibility for outreach to small business concerns and underwriting and processing transactions that involve small business concerns.
(4) Reporting The Chairperson shall provide to the President of the Bank minutes of each meeting of the Small Business Committee, including any recommendations by the Committee or its individual members.
(i) Office of financing for socially and economically disadvantaged small business concerns and small business concerns owned by women (1) Establishment The President of the Bank shall establish in the Small Business Division an office whose sole functions shall be to continue and enhance the outreach activities of the Bank with respect to, and increase the total amount of loans, guarantees, and insurance provided by the Bank to support exports by, socially and economically disadvantaged small business concerns (as defined in section 637(a)(4) of title 15) and small business concerns owned by women.
(2) Management The office shall be managed by a Bank officer of appropriate rank who shall report to the Bank officer designated under subsection (f)(2).
(3) Staffing To the maximum extent practicable, the President of the Bank shall ensure that qualified minority and women applicants are considered when filling any position in the office.
(j) Authority to use portion of bank surplus to update information technology systems (1) In general Subject to paragraphs (3) and (4), the Bank may use an amount equal to 1.25 percent of the surplus of the Bank during fiscal years 2015 through 2019 to—
(A) seek to remedy any of the operational weakness and risk management vulnerabilities of the Bank which are the result of the information technology system of the Bank;
(B) remedy data fragmentation, enhance information flow throughout the Bank, and manage data across the Bank; and
(C) enhance the operational capacity and risk management capabilities of the Bank to better enable the Bank to increase exports and grow jobs while protecting the taxpayer.
(2) Surplus In paragraph (1), the term “surplus” means the amount (if any) by which—
(A) the sum of the interest and fees collected by the Bank; exceeds
(B) the sum of—
(i) the funds set aside to cover expected losses on transactions financed by the Bank; and
(ii) the costs incurred to cover the administrative expenses of the Bank.
(3) Limitation The aggregate of the amounts used in accordance with paragraph (1) for fiscal years 2015 through 2019 shall not exceed $20,000,000.
(4) Subject to appropriations The authority provided by paragraph (1) may be exercised only to such extent and in such amounts as are provided in advance in appropriations Acts.
(k) Office of Ethics (1) Establishment There is established an Office of Ethics within the Bank, which shall oversee all ethics issues within the Bank.
(2) Head of office (A) In general The head of the Office of Ethics shall be the Chief Ethics Officer, who shall report to the Board of Directors.
(B) Appointment Not later than 180 days after December 4, 2015, the Chief Ethics Officer shall be—
(i) appointed by the President of the Bank from among persons—
(I) with a background in law who have experience in the fields of law and ethics; and
(II) who are not serving in a position requiring appointment by the President of the United States before being appointed to be Chief Ethics Officer; and
(ii) approved by the Board.
(C) Designated agency ethics official The Chief Ethics Officer shall serve as the designated agency ethics official for the Bank pursuant to chapter 131 of title 5.
(3) Duties The Office of Ethics has jurisdiction over all employees of, and ethics matters relating to, the Bank. With respect to employees of the Bank, the Office of Ethics shall—
(A) recommend administrative actions to establish or enforce standards of official conduct;
(B) refer to the Office of the Inspector General of the Bank alleged violations of—
(i) the standards of ethical conduct applicable to employees of the Bank under parts 2635 and 6201 of title 5, Code of Federal Regulations;
(ii) the standards of ethical conduct established by the Chief Ethics Officer; and
(iii) any other laws, rules, or regulations governing the performance of official duties or the discharge of official responsibilities that are applicable to employees of the Bank;
(C) report to appropriate Federal or State authorities substantial evidence of a violation of any law applicable to the performance of official duties that may have been disclosed to the Office of Ethics; and
(D) render advisory opinions regarding the propriety of any current or proposed conduct of an employee or contractor of the Bank, and issue general guidance on such matters as necessary.
(l) Chief Risk Officer (1) In general There shall be a Chief Risk Officer of the Bank, who shall—
(A) oversee all issues relating to risk within the Bank; and
(B) report to the President of the Bank.
(2) Appointment Not later than 180 days after December 4, 2015, the Chief Risk Officer shall be—
(A) appointed by the President of the Bank from among persons—
(i) with a demonstrated ability in the general management of, and knowledge of and extensive practical experience in, financial risk evaluation practices in large governmental or business entities; and
(ii) who are not serving in a position requiring appointment by the President of the United States before being appointed to be Chief Risk Officer; and
(B) approved by the Board.
(3) Duties The duties of the Chief Risk Officer are—
(A) to be responsible for all matters related to managing and mitigating all risk to which the Bank is exposed, including the programs and operations of the Bank;
(B) to establish policies and processes for risk oversight, the monitoring of management compliance with risk limits, and the management of risk exposures and risk controls across the Bank;
(C) to be responsible for the planning and execution of all Bank risk management activities, including policies, reporting, and systems to achieve strategic risk objectives;
(D) to develop an integrated risk management program that includes identifying, prioritizing, measuring, monitoring, and managing internal control and operating risks and other identified risks;
(E) to ensure that the process for risk assessment and underwriting for individual transactions considers how each such transaction considers the effect of the transaction on the concentration of exposure in the overall portfolio of the Bank, taking into account fees, collateralization, and historic default rates; and
(F) to review the adequacy of the use by the Bank of qualitative metrics to assess the risk of default under various scenarios.
(m) Risk Management Committee (1) Establishment There is established a management committee to be known as the “Risk Management Committee”.
(2) Membership The membership of the Risk Management Committee shall be the members of the Board of Directors, with the President and First Vice President of the Bank serving as ex officio members.
(3) Duties The duties of the Risk Management Committee shall be—
(A) to oversee, in conjunction with the Office of the Chief Financial Officer of the Bank—
(i) periodic stress testing on the entire Bank portfolio, reflecting different market, industry, and macroeconomic scenarios, and consistent with common practices of commercial and multilateral development banks; and
(ii) the monitoring of industry, geographic, and obligor exposure levels; and
(B) to review all required reports on the default rate of the Bank before submission to Congress under section 635g(g) of this title.
(July 31, 1945, ch. 341, § 3, 59 Stat. 527; Aug. 9, 1954, ch. 660, § 1, 68 Stat. 677; Pub. L. 90–267, § 1(a), (d), Mar. 13, 1968, 82 Stat. 47, 49; Pub. L. 98–181, title I [title VI, §§ 613, 614(a), 620(b)], Nov. 30, 1983, 97 Stat. 1255, 1261; Pub. L. 99–472, § 18, Oct. 15, 1986, 100 Stat. 1205; Pub. L. 102–429, title I, § 113, Oct. 21, 1992, 106 Stat. 2195; Pub. L. 105–121, §§ 6, 8, Nov. 26, 1997, 111 Stat. 2529, 2530; Pub. L. 106–46, § 1(a), Aug. 11, 1999, 113 Stat. 227; Pub. L. 107–189, § 24(b)(4), June 14, 2002, 116 Stat. 709; Pub. L. 109–438, §§ 6(a), 14(a), 15, 18(a), Dec. 20, 2006, 120 Stat. 3270, 3280, 3281; Pub. L. 112–122, §§ 9(a), 19–20(b)(1), May 30, 2012, 126 Stat. 354, 361, 362; Pub. L. 114–94, div. E, title LI, §§ 51004–51006(a), title LIII, § 53002, title LIV, § 54002(c), Dec. 4, 2015, 129 Stat. 1764–1766, 1768, 1769; Pub. L. 116–94, div. I, title IV, § 409(a), Dec. 20, 2019, 133 Stat. 3025; Pub. L. 117–286, § 4(c)(22), Dec. 27, 2022, 136 Stat. 4357.)
## Notes
Termination of AmendmentFor termination of amendment by Pub. L. 116–94, see Termination Date of 2019 Amendment note below.
Editorial Notes
References in TextThe Trade Secrets Act, referred to in subsec. (c)(10)(C)(ii)(III), is probably a reference to section 1905 of Title 18, Crimes and Criminal Procedure.
Codification Provisions of subsecs. (b) and (c)(3) of this section, which prescribed the annual compensation of the President, the First Vice President, and other members of the Board of Directors, were omitted to conform to the provisions of the Executive Schedule. See sections 5314 and 5315 of Title 5, Government Organization and Employees.
Amendments2022—Subsec. (k)(2)(C). Pub. L. 117–286 substituted “chapter 131 of title 5.” for “the Ethics in Government Act of 1978 (5 U.S.C. App. 101 et seq.).” 2019—Subsec. (c)(6). Pub. L. 116–94 designated existing provisions as subpar. (A) and added subpar. (B). 2015—Subsec. (g)(3). Pub. L. 114–94, § 54002(c), substituted “$25,000,000” for “$10,000,000”. Subsec. (j)(1). Pub. L. 114–94, § 53002(1), substituted “2015 through 2019” for “2012, 2013, and 2014” in introductory provisions. Subsec. (j)(2)(B). Pub. L. 114–94, § 53002(2), substituted “(i) the funds” for “(I) the funds”. Subsec. (j)(3). Pub. L. 114–94, § 53002(3), substituted “2015 through 2019” for “2012, 2013, and 2014”. Subsec. (k). Pub. L. 114–94, § 51004, added subsec. (k). Subsec. (l). Pub. L. 114–94, § 51005, added subsec. (l). Subsec. (m). Pub. L. 114–94, § 51006(a), added subsec. (m). 2012—Subsec. (c)(10). Pub. L. 112–122, § 9(a), added par. (10). Subsec. (d)(1)(B). Pub. L. 112–122, § 20(a), substituted “State government, and the textile industry” for “and State government”. Subsec. (d)(5). Pub. L. 112–122, § 20(b)(1), added par. (5). Subsec. (j). Pub. L. 112–122, § 19, added subsec. (j). 2006—Subsec. (c)(9). Pub. L. 109–438, § 15, added par. (9). Subsec. (d)(1)(A). Pub. L. 109–438, § 18(a)(1)(A), substituted “17” for “15”. Subsec. (d)(1)(B). Pub. L. 109–438, § 18(a)(1)(B), inserted “environment,” before “production,”. Subsec. (d)(2)(C). Pub. L. 109–438, § 18(a)(2), added subpar. (C). Subsecs. (f) to (h). Pub. L. 109–438, § 6(a), added subsecs. (f) to (h). Subsec. (i). Pub. L. 109–438, § 14(a), added subsec. (i). 2002—Subsec. (d)(2)(B). Pub. L. 107–189 realigned margins. 1999—Subsec. (c)(6). Pub. L. 106–46 amended par. (6) generally. Prior to amendment, par. (6) read as follows: “A majority of the Board of Directors shall constitute a quorum.” 1997—Subsec. (d)(2). Pub. L. 105–121, § 8, designated existing provisions as subpar. (A) and added subpar. (B). Subsec. (e). Pub. L. 105–121, § 6, designated existing provisions as par. (1) and added par. (2). 1992—Subsec. (d)(1)(A). Pub. L. 102–429 substituted “15 members” for “twelve members”. 1986—Subsec. (c)(8)(E). Pub. L. 99–472 added subpar. (E). 1983—Subsec. (c). Pub. L. 98–81, § 614(a), designated first through seventh sentences as pars. (1) through (7), respectively, substituted “The” for “Terms of the directors shall be at the pleasure of the President of the United States, and the” at beginning of par. (5) as so designated, and added par. (8). Subsec. (d). Pub. L. 98–181, § 613, amended subsec. (d) generally. Prior to amendment subsec. (d) read as follows: “There shall be an Advisory Committee of nine members, appointed by the Board of Directors on the recommendation of the President of the Bank, who shall be broadly representative of production, commerce, finance, agriculture and labor. The Advisory Committee shall meet one or more times per year, on the call of the President of the Bank, to advise with the Bank on its program. Members, not otherwise in the regular full-time employ of the United States, may be compensated at rates not exceeding the per diem equivalent of the rate for grade 18 of the General Schedule (5 U.S.C. 5332) for each day spent in travel or attendance at meetings of the Committee, and while so serving away from their homes or regular places of business, they may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by section 5703 of title 5 for individuals in the Government service employed intermittently.” Subsec. (e). Pub. L. 98–181, § 620(b), substituted “such individual’s” for “his” and “such individual” for “he”. 1968—Subsecs. (a) to (c). Pub. L. 90–267, § 1(a), changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”. Subsec. (d). Pub. L. 90–267, § 1(d), substituted provisions for compensation of members, not otherwise in the regular full-time employ of the United States, at rates not exceeding the per diem equivalent of the rate for grade 18 of the General Schedule for each day spent in travel or attendance at meetings of the Committee, and for allowance of travel expenses, when serving away from home or regular place of business, as authorized by section 5703 of title 5 for individuals in the Government service employed intermittently for former provisions for allowance for attendance at meetings and travel expenses of $50 and $10, respectively. 1954—Act Aug. 9, 1954, amended section generally to provide for the independent management of the Bank under a Board of Directors and for the appointment of a President and First Vice President of the Bank.
Statutory Notes and Related Subsidiaries
Termination Date of 2019 AmendmentPub. L. 116–94, div. I, title IV, § 409(b), Dec. 20, 2019, 133 Stat. 3026, provided that: “The amendments made by subsection (a) [amending this section] shall have no force or effect after December 31, 2026.”
Effective Date of 2015 AmendmentAmendment by section 54002(c) of Pub. L. 114–94 applicable with respect to fiscal year 2016 and each fiscal year thereafter, see section 54002(e) of Pub. L. 114–94, set out as a note under section 635 of this title.
Effective Date of 2012 AmendmentPub. L. 112–122, § 9(b), May 30, 2012, 126 Stat. 356, provided that: “The amendment made by subsection (a) [amending this section] shall take effect 60 days after the date of the enactment of this Act [May 30, 2012].” Amendment by sections 19–20(b)(1) of Pub. L. 112–122 effective May 30, 2012, see section 25 of Pub. L. 112–122, set out as a note under section 635 of this title.
Effective Date of 1954 AmendmentAct Aug. 9, 1954, ch. 660, § 4, 68 Stat. 678, provided that: “The provisions of this Act for the appointment of a President and a First Vice President of the Bank and the members of the Board of Directors shall be effective upon its enactment [Aug. 9, 1954]. The remaining provisions of this Act shall become effective when the President and First Vice President of the Bank and one other member of the Board of Directors initially appointed hereunder enter upon office, and shall thereupon supersede Reorganization Plan No. 5 of 1953 [set out below].”
Termination of Audit CommitteePub. L. 114–94, div. E, title LI, § 51006(b), Dec. 4, 2015, 129 Stat. 1766, provided that: “Not later than 180 days after the date of the enactment of this Act [Dec. 4, 2015], the Board of Directors of the Export-Import Bank of the United States shall revise the bylaws of the Bank to terminate the Audit Committee established by section 7 of the bylaws.”
Untied AidPub. L. 107–189, § 10(a), June 14, 2002, 116 Stat. 702, provided that: “(1) Negotiations.—The Secretary of the Treasury shall seek to negotiate an OECD Arrangement on Untied Aid. In the negotiations, the Secretary should seek agreement on subjecting untied aid to the rules governing the Arrangement, including the rules governing disclosure. “(2) Report to the congress.—Within 1 year after the date of the enactment of this Act [June 14, 2002], the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the successes, failures, and obstacles in initiating negotiations, and if negotiations were initiated, in reaching the agreement described in paragraph (1).”
Board of Directors; Exception to Quorum RequirementPub. L. 106–46, § 1(b), Aug. 11, 1999, 113 Stat. 227, as amended by Pub. L. 106–62, § 122, Sept. 30, 1999, 113 Stat. 509; Pub. L. 106–85, Oct. 29, 1999, 113 Stat. 1297; Pub. L. 106–88, Nov. 5, 1999, 113 Stat. 1304; Pub. L. 106–94, Nov. 10, 1999, 113 Stat. 1311; Pub. L. 106–105, Nov. 18, 1999, 113 Stat. 1484; Pub. L. 106–106, Nov. 19, 1999, 113 Stat. 1485, provided that: “Notwithstanding section 3(c)(6) of the Export-Import Bank Act of 1945 [12 U.S.C. 635a(c)(6)], if, during the period that begins on July 21, 1999, and ends on December 2, 1999, there are fewer than three persons holding office on the Board of Directors of the Export-Import Bank of the United States, the entire membership of such Board of Directors shall constitute a quorum until the end of such period.”
Compensation of EmployeesPub. L. 102–429, title I, § 117, Oct. 21, 1992, 106 Stat. 2196, provided that: “[(a) Repealed. Pub. L. 102–429, title I, §117(b), Oct. 21, 1992, 106 Stat. 2196.] “(b) Sunset.—Effective 2 years after the date of enactment of this Act [Oct. 21, 1992], subsection (a) is hereby repealed. “(c) Report.—Not later than 1 year after the date of enactment of this Act, the Export-Import Bank of the United States shall submit a report to the Congress on—“(1) the recruitment and employee retention problems of the Bank; “(2) any relief from such problems afforded by the Office of Personnel Management; “(3) any use of the authority provided in subsection (a); and “(4) the conclusions and recommendations of the Bank with respect to—“(A) whether such problems have been satisfactorily addressed; and “(B) whether or not the authority of subsection (a) should be extended.” [Pub. L. 119–75, div. F, title VI, Feb. 3, 2026, 140 Stat. 534, provided in part: “That notwithstanding subsection (b) of section 117 of the Export Enhancement Act of 1992 [Pub. L. 102–429, set out above], subsection (a) of such section shall remain in effect until September 30, 2026” .] [Prior to repeal, section 117(a) of Pub. L. 102–429 read as follows: “In General.—The Board of Directors of the Export-Import Bank of the United States may compensate not more than 35 employees of the Bank without regard to the provisions of chapter 51 or subchapter III or VIII of chapter 53 of title 5, United States Code.” ] [Prior similar extensions of section 117(a) of Pub. L. 102–429 were contained in the following acts: [Pub. L. 118–47, div. F, title VI, Mar. 23, 2024, 138 Stat. 753. [Pub. L. 117–328, div. K, title VI, Dec. 29, 2022, 136 Stat. 4997. [Pub. L. 117–103, div. K, title VI, Mar. 15, 2022, 136 Stat. 588. [Pub. L. 116–260, div. K, title VI, Dec. 27, 2020, 134 Stat. 1716. [Pub. L. 113–235, div. J, title VI, Dec. 16, 2014, 128 Stat. 2598. [Pub. L. 113–76, div. K, title VI, Jan. 17, 2014, 128 Stat. 489. [Pub. L. 112–74, div. I, title VI, Dec. 23, 2011, 125 Stat. 1191. [Pub. L. 111–117, div. F, title VI, Dec. 16, 2009, 123 Stat. 3341. [Pub. L. 111–8, div. H, title VI, Mar. 11, 2009, 123 Stat. 859. [Pub. L. 110–161, div. J, title II, Dec. 26, 2007, 121 Stat. 2290. [Pub. L. 109–102, title I, Nov. 14, 2005, 119 Stat. 2173. [Pub. L. 108–447, div. D, title I, Dec. 8, 2004, 118 Stat. 2969. [Pub. L. 108–199, div. D, title I, Jan. 23, 2004, 118 Stat. 143. [Pub. L. 108–7, div. E, title I, Feb. 20, 2003, 117 Stat. 160. [Pub. L. 107–115, title I, Jan. 10, 2002, 115 Stat. 2119. [Pub. L. 106–429, § 101(a) [title I], Nov. 6, 2000, 114 Stat. 1900, 1900A–4. [Pub. L. 106–113, div. B, § 1000(a)(2) [title I], Nov. 29, 1999, 113 Stat. 1535, 1501A–64. [Pub. L. 105–277, div. A, § 101(d) [title I], Oct. 21, 1998, 112 Stat. 2681–150, 2681–151. [Pub. L. 105–118, title I, Nov. 26, 1997, 111 Stat. 2387. [Pub. L. 104–208, div. A, title I, § 101(c) [title I], Sept. 30, 1996, 110 Stat. 3009–121, 3009–122. [Pub. L. 104–107, title I, Feb. 12, 1996, 110 Stat. 705. [Pub. L. 103–306, title IV, Aug. 23, 1994, 108 Stat. 1623.]
Report on Regional OfficesPub. L. 102–429, title I, § 118, Oct. 21, 1992, 106 Stat. 2197, directed Export-Import Bank, not later than 1 year after Oct. 21, 1992, to submit a report to Congress on the Bank’s plan to establish and operate regional offices.
Appointment of Member of Board To Represent Interests of Small Business CommunityPub. L. 98–181, title I [title VI, § 614(b)], Nov. 30, 1983, 97 Stat. 1256, provided that: “In order to carry out the amendment made by subsection (a) regarding section 3(c)(8)(B) of the Export-Import Bank Act of 1945 [subsec. (c)(8)(B) of this section], the first member, other than a member who will serve as Chairman or Vice Chairman of the Bank, appointed by the President of the United States to the Board of Directors of the Export-Import Bank of the United States after the date of the enactment of this section [Nov. 30, 1983] shall be selected from among the small business community and shall represent the interests of small business.”
Board of Directors; Advisory CommitteeA Board of Directors and an Advisory Committee reestablished for the Export-Import Bank of Washington, see note set out under section 635 of this title.
Termination of Advisory CommitteesAdvisory committees established after Jan. 5, 1973, to terminate not later than the expiration of the 2-year period beginning on the date of their establishment, unless, in the case of a committee established by the President or an officer of the Federal Government, such committee is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a committee established by the Congress, its duration is otherwise provided by law. See section 1013 of Title 5, Government Organization and Employees.
Executive Documents
Termination of Foreign Economic AdministrationForeign Economic Administration and office of its Administrator terminated by Ex. Ord. No. 9630, Sept. 27, 1945, 10 F.R. 12245.
REORGANIZATION PLAN NO. 5 OF 195318 F.R. 3741, 67 Stat. 637Prepared by the President and transmitted to the Senate and the House of Representatives in Congress assembled, April 30, 1953, pursuant to the provisions of the Reorganization Act of 1949, approved June 20, 1949, as amended [see 5 U.S.C. 901 et seq.].
THE EXPORT-IMPORT BANK OF WASHINGTON
Section 1. The Managing DirectorThere is hereby established the office of Managing Director of the Export-Import Bank of Washington, hereinafter referred to as the “Managing Director.” The Managing Director shall be appointed by the President by and with the advice and consent of the Senate, and shall receive compensation at the rate of $17,500 per annum.
Sec. 2. Deputy DirectorThere is hereby established the office of Deputy Director of the Export-Import Bank of Washington. The Deputy Director shall be appointed by the President by and with the advice and consent of the Senate, shall receive compensation at the rate of $16,000 per annum, shall perform such functions as the Managing Director may from time to time prescribe, and shall act as Managing Director during the absence or disability of the Managing Director or in the event of a vacancy in the office of Managing Director.
Sec. 3. Assistant DirectorThere is hereby established the office of Assistant Director of the Export-Import Bank of Washington. The Assistant Director shall be appointed by the Managing Director under the classified civil service, shall receive compensation at the rate now or hereafter fixed by law for grade GS–18 of the general schedule established by the Classification Act of 1949, as amended [chapter 51 and subchapter III of chapter 53 of Title 5], and shall perform such functions as the Managing Director may from time to time prescribe.
Sec. 4. Functions Transferred to the Managing DirectorAll functions of the Board of Directors of the Export-Import Bank of Washington are hereby transferred to the Managing Director.
Sec. 5. General PoliciesThe National Advisory Council on International Monetary and Financial Problems shall from time to time establish general lending and other financial policies which shall govern the Managing Director in the conduct of the lending and other financial operations of the bank.
Sec. 6. Performance of Transferred FunctionsThe Managing Director may from time to time make such provisions as he deems appropriate authorizing the performance of any of the functions of the Managing Director by any other officer, or by any agency or employee, of the bank.
Sec. 7. AbolitionThe following are hereby abolished: (1) The Board of Directors of the Export-Import Bank of Washington, including the offices of the members thereof provided for in section 3(a) of the Export-Import Bank Act of 1945, as amended [subsection (a) of this section]; (2) the Advisory Board of the Bank, together with the functions of the said Advisory Board; and (3) the function of the Chairman of the Board of Directors of the Export-Import Bank of Washington of being a member of the National Advisory Council on International Monetary and Financial Problems. The Managing Director shall make such provisions as may be necessary for winding up any outstanding affairs of the said abolished boards and offices not otherwise provided for in this reorganization plan.
Sec. 8. Effective DateSections 3 to 7, inclusive, of this reorganization plan shall become effective when the Managing Director first appointed hereunder enters upon office pursuant to the provisions of this reorganization plan. [A Board of Directors was reestablished for the Export-Import Bank of Washington by section 1 of act Aug. 9, 1954, ch. 660, 68 Stat. 677, which amended this section. The Board had previously been abolished and its functions transferred to the Managing Director of the Bank by Reorg. Plan No. 5 of 1953, set out above. The 1953 Reorg. Plan was superseded by sections 1, 4 of act Aug. 9, 1954. See this section and 1954 Amendment and Effective Date of 1954 Amendment notes set out above. The “Export-Import Bank of Washington” was renamed the “Export-Import Bank of the United States” by Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47.]
United States Trade Representative and Secretary of Commerce as Additional Members of Board of Directors of Export-Import Bank of the United StatesFor provisions directing that the United States Trade Representative and the Secretary of Commerce serve, ex officio and without vote, as additional members of the Board of Directors of the Export-Import Bank of the United States, see section 3 of 1979 Reorg. Plan No. 3, set out in the Appendix to Title 5, Government Organization and Employees.
legal/us/code/title-12/chapter-6a/section-635b.md
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title: "12 U.S.C. § 635b"
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---
# 12 U.S.C. § 635b - Capitalization of Bank; method of capital stock payments; public-debt transactions; issuance of stock certificates
## Text
The Export-Import Bank of the United States shall have a capital stock of $1,000,000,000 subscribed by the United States. Certificates evidencing stock ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as the President may designate from time to time, to the extent of payments made for the capital stock of the Bank.
(July 31, 1945, ch. 341, § 4, 59 Stat. 528; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98–181, title I [title VI, § 620(c)], Nov. 30, 1983, 97 Stat. 1261; Pub. L. 102–429, title I, § 121(b), Oct. 21, 1992, 106 Stat. 2198.)
## Notes
Editorial Notes
Amendments1992—Pub. L. 102–429 inserted second sentence and struck out former second through last sentences which read as follows: “Payment for $1,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the common stock issued prior to July 31, 1945, by the Bank and purchased by the United States. Payment for $174,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the preferred stock heretofore issued by the Bank and purchased by the Reconstruction Finance Corporation. Payment for the $825,000,000 balance of such capital stock shall be subject to call at any time in whole or in part by the Board of Directors of the Bank. For the purpose of making payments of such balance, the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities issued after July 31, 1945, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this section of the subscription of the United States to the Bank and repayments thereof shall be treated as public-debt transactions of the United States. Certificates evidencing stock ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as the President may designate from time to time, to the extent of the common and preferred stock surrendered and other payments made for the capital stock of the Bank under this section.” 1983—Pub. L. 98–181 substituted “the President” for “he” before “may designate”. 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.
legal/us/code/title-12/chapter-6a/section-635c.md
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title: "12 U.S.C. § 635c"
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# 12 U.S.C. § 635c - Repealed. Pub. L. 102–429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199
## Notes
Section, act July 31, 1945, ch. 341, § 5, 59 Stat. 528, related to reimbursement of Reconstruction Finance Corporation for cancellation of Bank stock, public debt transactions, and payment of accumulated dividends.
legal/us/code/title-12/chapter-6a/section-635d.md
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---
type: "LegalText"
title: "12 U.S.C. § 635d"
description: "Issuance of debentures, bonds, etc.; obligations redeemable; payment of interest; obligations purchasable by Secretary of the Treasury; public-debt transactions"
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# 12 U.S.C. § 635d - Issuance of debentures, bonds, etc.; obligations redeemable; payment of interest; obligations purchasable by Secretary of the Treasury; public-debt transactions
## Text
The Export-Import Bank of the United States is authorized to issue from time to time for purchase by the Secretary of the Treasury its notes, debentures, bonds, or other obligations; but the aggregate amount of such obligations outstanding at any one time shall not exceed $6,000,000,000. Such obligations shall be redeemable at the option of the bank before maturity in such manner as may be stipulated in such obligations and shall have such maturity as may be determined by the Board of Directors of the bank with the approval of the Secretary of the Treasury. Each such Bank obligation issued to the Treasury after January 4, 1975, shall bear interest at a rate not less than the current average yield on outstanding marketable obligations of the United States of comparable maturity during the month preceding the issuance of the obligation of the Bank as determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Bank issued hereunder and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities issued after July 31, 1945, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this section of the purchase price of such obligations of the Bank and repayments thereof by the Bank shall be treated as public-debt transactions of the United States.
(July 31, 1945, ch. 341, § 5, formerly § 6, 59 Stat. 528; June 9, 1947, ch. 101, § 2, 61 Stat. 131; Oct. 3, 1951, ch. 445, § 1(a), 65 Stat. 367; Aug. 9, 1954, ch. 660, § 3(a), 68 Stat. 678; Pub. L. 85–424, § 1(1), May 22, 1958, 72 Stat. 133; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 93–646, § 7, Jan. 4, 1975, 88 Stat. 2336; renumbered § 5, Pub. L. 102–429, title I, § 121(c)(2), Oct. 21, 1992, 106 Stat. 2199.)
## Notes
Editorial Notes
Codification “Chapter 31 of title 31” and “that chapter” substituted in text for “the Second Liberty Bond Act, as amended” and “that Act”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
Prior ProvisionsA prior section 5 of act July 31, 1945, ch. 341, was classified to section 635c of this title, prior to repeal by Pub. L. 102–429, § 121(c)(1).
Amendments1975—Pub. L. 93–646 substituted provision making mandatory that each Bank obligation bear interest at a rate not less than the current average yield on outstanding obligations of comparable maturity, for provision requiring that only the current average rate be taken into consideration. 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”. 1958—Pub. L. 85–424 substituted “$6,000,000,000” for “$4,000,000,000”. 1954—Act Aug. 9, 1954, substituted “$4,000,000,000” for “three and one-half times the authorized capital stock of the Bank”. 1951—Act Oct. 3, 1951, substituted “three and one-half” for “two and one-half”. 1947—Act June 9, 1947, struck out “and bear such rate of interest” before “as may be determined” in the second sentence and added the third sentence relating to the rate of interest on obligations.
Statutory Notes and Related Subsidiaries
Effective Date of 1954 AmendmentFor effective date of amendment by act Aug. 9, 1954, see note set out under section 635a of this title.
Board of DirectorsA Board of Directors reestablished for the Export-Import Bank of Washington, see note under section 635 of this title.
legal/us/code/title-12/chapter-6a/section-635e.md
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type: "LegalText"
title: "12 U.S.C. § 635f"
description: "Termination date of Bank’s functions; exceptions; liquidation"
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title_name: "BANKS AND BANKING"
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# 12 U.S.C. § 635f - Termination date of Bank’s functions; exceptions; liquidation
## Text
Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on December 31, 2026, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subsequent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury or any other purchasers, its notes, debentures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank.
(July 31, 1945, ch. 341, § 7, formerly § 8, 59 Stat. 529; June 9, 1947, ch. 101, § 3, 61 Stat. 131; Oct. 3, 1951, ch. 445, § 1(c), 65 Stat. 367; Pub. L. 85–55, June 17, 1957, 71 Stat. 82; Pub. L. 88–101, § 2, Aug. 20, 1963, 77 Stat. 128; Pub. L. 90–267, § 1(a), (f), Mar. 13, 1968, 82 Stat. 47, 49; Pub. L. 92–126, § 1(b)(4), Aug. 17, 1971, 85 Stat. 345; Pub. L. 93–331, July 4, 1974, 88 Stat. 289; Pub. L. 93–374, Aug. 14, 1974, 88 Stat. 445; Pub. L. 93–425, Sept. 30, 1974, 88 Stat. 1166; Pub. L. 93–450, Oct. 18, 1974, 88 Stat. 1368; Pub. L. 93–646, § 9, Jan. 4, 1975, 88 Stat. 2336; Pub. L. 95–143, § 4, Oct. 26, 1977, 91 Stat. 1211; Pub. L. 95–407, Sept. 30, 1978, 92 Stat. 882; Pub. L. 95–630, title XIX, § 1906, Nov. 10, 1978, 92 Stat. 3725; Pub. L. 98–109, § 6, Oct. 1, 1983, 97 Stat. 746; Pub. L. 98–143, Nov. 1, 1983, 97 Stat. 916; Pub. L. 98–181, title I [title VI, § 611], Nov. 30, 1983, 97 Stat. 1254; Pub. L. 99–472, § 14, Oct. 15, 1986, 100 Stat. 1204; renumbered § 7 and amended Pub. L. 102–429, title I, §§ 102, 121(c)(2), Oct. 21, 1992, 106 Stat. 2187, 2199; Pub. L. 105–46, § 122, Sept. 30, 1997, 111 Stat. 1158; Pub. L. 105–121, § 2(a), Nov. 26, 1997, 111 Stat. 2528; Pub. L. 107–189, § 3, June 14, 2002, 116 Stat. 699; Pub. L. 109–438, § 2, Dec. 20, 2006, 120 Stat. 3268; Pub. L. 112–122, § 2, May 30, 2012, 126 Stat. 350; Pub. L. 114–94, div. E, title LIV, § 54001(a), Dec. 4, 2015, 129 Stat. 1768; Pub. L. 116–94, div. I, title IV, § 401(a), Dec. 20, 2019, 133 Stat. 3021.)
## Notes
Editorial Notes
Prior ProvisionsA prior section 7 of act July 31, 1945, ch. 341, was renumbered section 6 and is classified to section 635e of this title.
Amendments2019—Pub. L. 116–94 substituted “December 31, 2026” for “September 30, 2019”. 2015—Pub. L. 114–94 substituted “2019” for “2014”. 2012—Pub. L. 112–122 substituted “2014” for “2011”. 2006—Pub. L. 109–438 substituted “2011” for “2006”. 2002—Pub. L. 107–189 substituted “September 30, 2006” for “September 30, 2001”. 1997—Pub. L. 105–121 substituted “September 30, 2001” for “September 30, October 23, 1997”. Pub. L. 105–46 substituted “October 23, 1997” for “1997”. 1992—Pub. L. 102–429, § 102, substituted “1997” for “1992”. 1986—Pub. L. 99–472 substituted “September 30, 1992” for “September 30, 1986”. 1983—Pub. L. 98–181 substituted “September 30, 1986” for “November 18, 1983”. Pub. L. 98–143 substituted “November 18, 1983” for “October 31, 1983”. Pub. L. 98–109 substituted “October 31, 1983” for “September 30, 1983”. 1978—Pub. L. 95–630 substituted “September 30, 1983” for “December 31, 1978”. Pub. L. 95–407 substituted “December 31, 1978” for “September 30, 1978”. 1977—Pub. L. 95–143 substituted “September 30, 1978” for “June 30, 1978”. 1975—Pub. L. 93–646 substituted “June 30, 1978” for “November 30, 1974”. 1974—Pub. L. 93–450 substituted “November 30, 1974” for “October 15, 1974”. Pub. L. 93–425 substituted “October 15, 1974” for “September 30, 1974”. Pub. L. 93–374 substituted “September 30, 1974” for “July 30, 1974”. Pub. L. 93–331 substituted “July 30, 1974” for “June 30, 1974”. 1971—Pub. L. 92–126 substituted “June 30, 1974” for “June 30, 1973” and “Secretary of the Treasury or any other purchasers” for “Secretary of the Treasury”. 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States” and substituted “June 30, 1973” for “June 30, 1968”. 1963—Pub. L. 88–101 substituted “June 30, 1968” for “June 30, 1963”. 1957—Pub. L. 85–55 substituted “June 30, 1963” for “June 30, 1958”. 1951—Act Oct. 3, 1951, substituted “June 30, 1958” for “June 30, 1953”. 1947—Act June 9, 1947, struck out former section and inserted present section to provide for the termination of the Bank as of June 30, 1953, and its orderly liquidation thereafter.
Statutory Notes and Related Subsidiaries
Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 effective on June 30, 2015, see section 54001(d) of Pub. L. 114–94, set out as a note under section 635 of this title.
Effective Date of 1997 AmendmentPub. L. 105–121, § 2(b), Nov. 26, 1997, 111 Stat. 2528, provided that: “The amendment made by this section [amending this section] shall take effect on September 30, 1997.”
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as a note under section 635 of this title.
Continuation of Bank FunctionsProvisions extending the date that the Export-Import Bank of the United States could continue to exercise its functions in connection with and in furtherance of its objects and purposes notwithstanding the dates specified in this section and section 1(c) of Pub. L. 103–428, set out as an Effective and Termination Dates of 1994 Amendments note under section 635 of this title, were contained in the following acts: Pub. L. 112–74, div. I, title VI, Dec. 23, 2011, 125 Stat. 1191, extending the date to May 31, 2012. Pub. L. 107–186, § 1, May 30, 2002, 116 Stat. 589, extending the date to June 14, 2002. Pub. L. 107–168, § 1, May 1, 2002, 116 Stat. 131, extending the date to May 31, 2002. Pub. L. 107–156, § 1, Mar. 31, 2002, 116 Stat. 117, extending the date to Apr. 30, 2002. Pub. L. 107–115, title V, § 588, Jan. 10, 2002, 115 Stat. 2174, extending the date to Mar. 31, 2002. Pub. L. 107–44, § 115, as added by Pub. L. 107–48, Oct. 12, 2001, 115 Stat. 261, extending the date to Jan. 10, 2002. Pub. L. 107–44, § 115, Sept. 28, 2001, 115 Stat. 256, extending the date to Oct. 16, 2001, prior to repeal by Pub. L. 107–48, Oct. 12, 2001, 115 Stat. 261. Termination date for Bank’s functions was temporarily extended until the following dates by the acts listed below: Until Nov. 7, 1997, by Pub. L. 105–64, Oct. 23, 1997, 111 Stat. 1343. Until Nov. 9, 1997, by Pub. L. 105–68, Nov. 7, 1997, 111 Stat. 1453. Until Nov. 10, 1997, by Pub. L. 105–69, Nov. 9, 1997, 111 Stat. 1454. Until Nov. 14, 1997, by Pub. L. 105–71, Nov. 10, 1997, 111 Stat. 1456. Until Nov. 26, 1997, by Pub. L. 105–84, Nov. 14, 1997, 111 Stat. 1628.
Financial Assistance to the Union of Soviet Socialist RepublicsPub. L. 93–450, § 1, Oct. 18, 1974, 88 Stat. 1368, provided in part that the Bank shall not authorize any financial assistance to the Union of Soviet Socialist Republics during the life of Pub. L. 93–450, which extended the termination date from Oct. 15, 1974, to Nov. 30, 1974.
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# 12 U.S.C. § 635g–1 - Annual competitiveness report
## Text
(a) In general Not later than June 30 of each year, the Bank shall submit to the appropriate congressional committees a report that includes the following:
(1) Actions of Bank in providing financing on a competitive basis, and to minimize competition in government-supported export financing A description of the actions of the Bank in complying with the second and third sentences of section 635(b)(1)(A) of this title. In this part of the report, the Bank shall include a survey of all other major export-financing facilities available from other governments and government-related agencies through which foreign exporters compete with United States exporters (including through use of market windows (as defined pursuant to section 635i–3(h)(7) of this title)) and, to the extent such information is available to the Bank, indicate in specific terms the ways in which the Bank’s rates, terms, and other conditions compare with those offered from such other governments directly or indirectly. With respect to the preceding sentence, the Bank shall use all available information to estimate the annual amount of export financing available from each such government and government-related agency. In this part of the report, the Bank shall include a survey of a representative number of United States exporters and United States commercial lending institutions which provide export credit on the experience of the exporters and institutions in meeting financial competition from other countries whose exporters compete with United States exporters.
(2) Role of Bank in implementing strategic plan prepared by the Trade Promotion Coordinating Committee A description of the role of the Bank in implementing the strategic plan prepared by the Trade Promotion Coordinating Committee in accordance with section 4727 of title 15.
(3) Tied aid credit program and fund The report required by section 635i–3(g) of this title.
(4) Purpose of all Bank transactions A description of all Bank transactions which shall be classified according to their principal purpose, such as to correct a market failure or to provide matching support.
(5) Efforts of Bank to promote export of goods and services related to renewable energy sources A description of the activities of the Bank with respect to financing renewable energy projects undertaken under section 635(b)(1)(K) of this title, and an analysis comparing the level of credit extended by the Bank for renewable energy projects with the level of credit so extended for the preceding fiscal year.
(6) Size of Bank program account A separate section which—
(A) compares, to the extent practicable, the size of the Bank program account with the size of the program accounts of the other major export-financing facilities referred to in paragraph (1); and
(B) makes recommendations, if appropriate, with respect to the relative size of the Bank program account, based on factors including whether the size differences are in the best interests of the United States taxpayer.
(7) Co-financing programs of the Bank and of other export credit agencies A description of the co-financing programs of the Bank and of the other major export-financing facilities referred to in paragraph (1), which includes a list of countries with which the United States has in effect a memorandum of understanding relating to export credit agency co-financing and, if such a memorandum is not in effect with any country with a major export credit-financing facility, an explanation of why such a memorandum is not in effect.
(8) Services supported by the Bank and by other export credit agencies A separate section which describes the participation of the Bank in providing funding, guarantees, or insurance for services, which shall include appropriate information on the involvement of the other major export-financing facilities referred to in paragraph (1) in providing such support for services, and an explanation of any differences among the facilities in providing the support.
(9) Export finance cases not in compliance with the arrangement Detailed information on cases reported to the Bank of export financing that appear not to comply with the Arrangement (as defined in section 635i–3(h)(3) of this title) or that appear to exploit loopholes in the Arrangement for the purpose of obtaining a commercial competitive advantage. The President of the Bank, in consultation with the Secretary of the Treasury, may provide to the appropriate congressional committees the information required by this subsection in a separate and confidential report, instead of providing such information in the report required by this subsection.
(10) Foreign export credit agency activities not consistent with the WTO agreement on subsidies and countervailing measures A description of the extent to which the activities of foreign export credit agencies and other entities sponsored by a foreign government, particularly those that are not members of the Arrangement (as defined in section 635i–3(h)(3) of this title), appear not to comply with the Arrangement and appear to be inconsistent with the terms of the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19, and a description of the actions taken by the United States Government to address the activities. The President of the Bank, in consultation with the Secretary of the Treasury, may provide to the appropriate congressional committees, the information required by this subsection in a separate and confidential report, instead of providing such information in the report required by this subsection.
(b) Inclusion of additional comments The report required by subsection (a) shall include such additional comments as any member of the Board of Directors may submit to the Board for inclusion in the report.
(c) Appropriate congressional committees The term “appropriate congressional committees” means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.
(July 31, 1945, ch. 341, § 8A, as added Pub. L. 109–438, § 13(a), Dec. 20, 2006, 120 Stat. 3277.)
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# 12 U.S.C. § 635g - Report to Congress; time for submission; contents
## Text
(a) Annual submission of report The Export-Import Bank of the United States shall transmit to the Congress annually a complete and detailed report of its operations. Such report shall be as of the close of business on the last day of each fiscal year.
(b) Report on allocation of sums set aside for small business exports (1) The Bank shall include in its annual report to the Congress a report on the allocation of the sums set aside for small business exports pursuant to section 635(b)(1)(E) of this title.
(2) Such report shall specify—
(A) the total number and dollar volume of loans made from the sums set aside;
(B) the number and dollar volume of loans made through the consortia program under section 635(b)(1)(E)(vii) of this title;
(C) the amount of guarantees and insurance provided for small business exports;
(D) the number of recipients of financing from the sums set aside who have not previously participated in the Bank’s programs;
(E) the number of commitments entered into in amounts less than $500,000; and
(F) any recommendations for increasing the participation of banks and other institutions in the programs authorized under section 635(b)(1)(E) of this title.
(3) For the purpose of this subsection, the Bank’s report shall be transmitted to the Committee on Small Business of the Senate and the Committee on Small Business of the House of Representatives.
(c) Technology to assist small businesses The Bank shall include in its annual report to the Congress under subsection (a) of this section for each of fiscal years 2002 through 2006 a report on the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of section 635(b)(1) of this title, and on how the efforts are assisting small business concerns (as defined in section 632(a) of title 15).
(d) Number of small business suppliers of Bank users The Bank shall estimate on the basis of an annual survey or tabulation the number of entities that are suppliers of users of the Bank and that are small business concerns (as defined in section 632(a) of title 15) located in the United States, and shall include the estimate in its annual report to the Congress under subsection (a) of this section.
(e) Outreach to certain small businesses The Bank shall include in its annual report to the Congress under subsection (a) of this section a description of outreach efforts made by the Bank to any socially and economically disadvantaged small business concerns (as defined in section 637(a)(4) of title 15), small business concerns (as defined in section 632(a) of title 15) owned by women, and small business concerns (as defined in section 632(a) of title 15) employing fewer than 100 employees.
(f) Additional reports Not later than March 31 of each year, the Bank shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate reports on—
(1) the extent to which the Bank has been able to use the authority provided, and has complied with the mandates contained, in section 635(b)(1)(E) of this title, and to the extent the Bank has been unable to fully use such authority and comply with such mandates, a report on the reasons for the Bank’s inability to do so and the steps the Bank is taking to remedy such inability;
(2) the extent to which financing has been made available to small business concerns (described in subsection (e)) to enable them to participate in exports by major contractors, including through access to the supply chains of the contractors through direct or indirect funding;
(3) the specific measures the Bank will take in the upcoming year to achieve the small business objectives of the Bank, including expanded outreach, product improvements, and related actions;
(4) the progress made by the Bank in supporting exports by socially and economically disadvantaged small business concerns (defined in section 637(a)(4) of title 15) and small business concerns (as defined in section 632(a) of title 15) owned by women, including estimates of the amounts made available to finance exports directly by such small business concerns, a comparison of these amounts with the amounts made available to all small business concerns, and a comparison of such amounts with the amounts so made available during the 2 preceding years;
(5) with respect to each type of transaction, the interest and fees charged by the Bank to exporters (including a description of fees and interest, if any, charged to small business concerns), buyers, and other applicants in connection with each financing program of the Bank, and the highest, lowest, and average fees charged by the Bank for short term insurance transactions;
(6) the effects of the fees on the ability of the Bank to achieve the objectives of the Bank relating to small business;
(7) the fee structure of the Bank as compared with those of foreign export credit agencies; and
(8) (A) the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of section 635(b)(1) of this title, including the total amount expended by the Bank to do so; and
(B) if the Bank has been unable to comply with such subparagraphs—
(i) an analysis of the reasons therefor; and
(ii) what the Bank is doing to achieve, and the date by which the Bank expects to have achieved, such compliance.
(g) Monitoring of default rates on bank financing; reports on default rates; safety and soundness review (1) Monitoring of default rates Not less frequently than quarterly, the Bank shall calculate the rate at which the entities to which the Bank has provided short-, medium-, or long-term financing are in default on a payment obligation under the financing, by dividing the total amount of the required payments that are overdue by the total amount of the financing involved.
(2) Additional calculation by type of product, by key market, and by industry sector; report to Congress In addition, the Bank shall, not less frequently than quarterly—
(A) calculate the rate of default—
(i) with respect to whether the products involved are short-term loans, medium-term loans, long-term loans, insurance, medium-term guarantees, or long-term guarantees;
(ii) with respect to each key market involved; and
(iii) with respect to each industry sector involved; and
(B) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on each such rate and any information the Bank deems relevant.
(3) Report on causes of default rate; plan to reduce default rate Within 45 days after a rate calculated under paragraph (1) equals or exceeds 2 percent, the Bank shall submit to the Congress a written report that explains the circumstances that have caused the default rate to be at least 2 percent, and includes a plan to reduce the default rate to less than 2 percent.
(4) Plan contents The plan referred to in paragraph (3) shall—
(A) provide a detailed explanation of the processes and controls by which the Bank monitors and tracks outstanding loans;
(B) detail specific planned actions, including a time frame for completing the actions, to reduce the default rate described in paragraph (1) to less than 2 percent.
(5) Monthly reports required while default rate is at least 2 percent For so long as the default rate calculated under paragraph (1) is at least 2 percent, the Bank shall submit monthly reports to the Congress describing the specific actions taken during such period to reduce the default rate.
(6) Safety and soundness review If the default rate calculated under paragraph (1) remains above 2 percent for a period of 6 months, the Secretary of the Treasury shall provide for an independent third party to—
(A) conduct a review of the loan programs and funds of the Bank, which shall determine—
(i) the financial safety and soundness of the programs and funds; and
(ii) the extent of loan loss reserves and capital adequacy of the programs and funds; and
(B) submit to the Secretary, within 60 days after the end of the 6-month period, a report that—
(i) describes the methodology and standards used to conduct the review required by subparagraph (A);
(ii) sets forth the results and findings of the review, including the extent of loan loss reserves and capital adequacy of the programs and funds of the Bank; and
(iii) includes recommendations regarding restoring the reserves and capital to maintain the programs and funds in a safe and sound condition.
(h) Categorization of purpose of loans and long-term guarantees In the annual report of the Bank under subsection (a), the Bank shall categorize each loan and long-term guarantee made by the Bank in the fiscal year covered by the report, and according to the following purposes:
(1) “To assume commercial or political risk that exporter or private financial institutions are unwilling or unable to undertake”.
(2) “To overcome maturity or other limitations in private sector export financing”.
(3) “To meet competition from a foreign, officially sponsored, export credit competition”.
(4) “Not identified”, and the reason why the purpose is not identified.
(i) Access to Bank products by the textile industry The Bank shall include in its annual report to the Congress under subsection (a) of this section a report on the determinations made by the Advisory Committee under section 635a(d)(5) of this title in the year covered by the report.
(j) Textile and apparel supply chain financing The Bank shall include in its annual report to the Congress under subsection (a) of this section a description of the success of the Bank in providing effective and reasonably priced financing to the United States textile and apparel industry for exports of goods manufactured in the United States that are used as components in global textile and apparel supply chains in the year covered by the report, and steps the Bank has taken to increase the use of Bank products by such firms.
(k) Report on programs for small- and medium-sized businesses The Bank shall include in its annual report to Congress under subsection (a) a report on the programs of the Bank for United States businesses with less than $250,000,000 in annual sales.
(l) Report on authorizations under the Program on China and Transformational Exports The Bank shall include in its annual report to Congress under subsection (a) a narrative and financial summary of the authorizations made under the Program on China and Transformational Exports.
(July 31, 1945, ch. 341, § 8, formerly § 9, 59 Stat. 529; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 93–646, § 10, Jan. 4, 1975, 88 Stat. 2336; Pub. L. 95–630, title XIX, § 1907(b), Nov. 10, 1978, 92 Stat. 3725; Pub. L. 98–181, title I [title VI, §§ 618(b), 623], Nov. 30, 1983, 97 Stat. 1259, 1262; Pub. L. 99–472, § 20(b), (c), Oct. 15, 1986, 100 Stat. 1209, 1210; renumbered § 8, Pub. L. 102–429, title I, § 121(c)(2), Oct. 21, 1992, 106 Stat. 2199; Pub. L. 106–569, title XI, § 1104(a)(4), Dec. 27, 2000, 114 Stat. 3032; Pub. L. 107–189, § 12, June 14, 2002, 116 Stat. 704; Pub. L. 109–438, § 20, Dec. 20, 2006, 120 Stat. 3282; Pub. L. 112–122, §§ 6, 10, 20(b)(2), 21(c), May 30, 2012, 126 Stat. 353, 356, 362, 363; Pub. L. 114–94, div. E, title LII, § 52002(a), Dec. 4, 2015, 129 Stat. 1767; Pub. L. 116–94, div. I, title IV, § 402(b), Dec. 20, 2019, 133 Stat. 3023.)
## Notes
Editorial Notes
Prior ProvisionsA prior section 8 of act July 31, 1945, ch. 341, was renumbered section 7 and is classified to section 635f of this title.
Amendments2019—Subsec. (l). Pub. L. 116–94 added subsec. (l). 2015—Subsec. (k). Pub. L. 114–94 added subsec. (k). 2012—Subsec. (g). Pub. L. 112–122, § 6, added subsec. (g). Subsec. (h). Pub. L. 112–122, § 10, added subsec. (h). Subsec. (i). Pub. L. 112–122, § 20(b)(2), added subsec. (i). Subsec. (j). Pub. L. 112–122, § 21(c), added subsec. (j). 2006—Subsec. (f). Pub. L. 109–438 added subsec. (f). 2002—Subsecs. (c) to (e). Pub. L. 107–189 added subsecs. (c) to (e). 2000—Subsec. (b). Pub. L. 106–569 redesignated subsec. (c) as (b) and struck out former subsec. (b) which read as follows: “The report shall contain a description of actions taken by the Bank in pursuance of the policy of aiding, counseling, assisting, and protecting, insofar as is possible, the interests of small business concerns and of the activities of the member of the Board appointed to represent the interest of small business. In addition, the Bank shall include in the report a description of specific activities and programs undertaken by it to achieve the policy of section 3261 of title 22, and section 2151q of title 22, as required by section 635(b)(1)(C) of this title.” Subsec. (c). Pub. L. 106–569 redesignated subsec. (c) as (b) and directed redesignation of subsec. (e) as (c). Subsec. (d). Pub. L. 106–569 struck out subsec. (d) which required report to include actions taken by Bank to aid industries, preserve and create highly skilled jobs, and enhance opportunity for business growth and expansion and comments of Advisory Committee. Subsec. (e). Pub. L. 106–569, which directed redesignation of subsec. (e) as (c), could not be executed. See 1986 Amendment note and Termination Date of 1986 Amendment note below. 1986—Subsec. (e). Pub. L. 99–472 temporarily added subsec. (e). See Termination Date of 1986 Amendment note below. 1983—Subsec. (b). Pub. L. 98–181, § 618(b)(1), inserted “and of the activities of the member of the Board appointed to represent the interests of small business”. Subsec. (c). Pub. L. 98–181, § 618(b)(2), added subsec. (c). Subsec. (d). Pub. L. 98–181, § 623, added subsec. (d). 1978—Subsec. (b). Pub. L. 95–630 inserted provision that in addition, the Bank include in the report a description of specific activities and programs undertaken by it to achieve the policy of section 3261 of title 22, and section 2151q of title 22, as required by section 635(b)(1)(C) of this title. 1975—Pub. L. 93–646 designated existing provisions as subsec. (a), substituted provisions calling for an annual report as of the close of business on the last day of each fiscal year, for provisions calling for a semiannual report as of the close of business on June 30 and Dec. 31 of each year, and added subsec. (b). 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.
Statutory Notes and Related Subsidiaries
Change of Name Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress, June 29, 2001.
Effective Date of 2015 AmendmentPub. L. 114–94, div. E, title LII, § 52002(b), Dec. 4, 2015, 129 Stat. 1767, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to the report of the Export-Import Bank of the United States submitted to Congress under section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) for the first year that begins after the date of the enactment of this Act [Dec. 4, 2015].”
Termination Date of 1986 AmendmentPub. L. 99–472, § 20(c), Oct. 15, 1986, 100 Stat. 1210, provided that: “Effective March 2, 1988, the amendment made by subsection (b) [amending this section] is repealed.”
Effective Date of 1978 AmendmentAmendment by Pub. L. 95–630 effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as a note under section 635 of this title.
ReportsPub. L. 107–189, § 8(c), June 14, 2002, 116 Stat. 701, provided that: “The Export-Import Bank of the United States shall include in the annual report required by section 8(a) of the Export-Import Bank Act of 1945 [12 U.S.C. 635g(a)] for each of fiscal years 2002 through 2006 a report on the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of section 2(b)(1) of such Act [12 U.S.C. 635(b)(1)], and on how the efforts are assisting small businesses.”
Financing for Renewable Energy ProjectsPub. L. 101–167, title V, § 534(d), Nov. 21, 1989, 103 Stat. 1231, provided that: “(1) Of the financing provided by the Export-Import Bank that is utilized for the support of exports for the energy sector, the Bank shall seek to provide not less than 5 per centum of such financing for renewable energy projects. “(2) The Export-Import Bank shall take all appropriate steps to finance information exchanges and training whose purpose it is to help link United States producers in the renewable energy sector with assistance programs and potential foreign customers. “(3) Beginning on April 15, 1990, the Chairman of the Export-Import Bank shall submit an annual report to the Committees on Appropriations on the Bank’s implementation of this subsection.”
Modification of Reporting RequirementsPub. L. 89–348, § 2(9), Nov. 8, 1965, 79 Stat. 1312, modified the reporting requirements of this section as follows: “From semiannual to annual submission to the Congress by the Export-Import Bank of Washington of a report concerning its operations under the Export-Import Bank Act of 1945 (59 Stat. 529; 12 U.S.C. 635g).” This section was later amended by Pub. L. 93–646 to require annual instead of semiannual reports.
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# 12 U.S.C. § 635h - Exemption from prohibition of section 955 of title 18
## Text
Notwithstanding the provisions of section 955 of title 18, any person, including any individual, partnership, corporation, or association, may act for or participate with the Export-Import Bank of the United States in any operation or transaction, or may acquire any obligation issued in connection with any operation or transaction, engaged in by the Bank.
(July 31, 1945, ch. 341, § 9, formerly § 11, 59 Stat. 529; Sept. 3, 1954, ch. 1263, § 29, 68 Stat. 1237; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; renumbered § 9, Pub. L. 102–429, title I, § 121(c)(3), Oct. 21, 1992, 106 Stat. 2199.)
## Notes
Editorial Notes
Prior ProvisionsA prior section 9 of act July 31, 1945, ch. 341, was renumbered section 8 and is classified to section 635g of this title.
Amendments1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”. 1954—Act Sept. 3, 1954, substituted “section 955 of title 18” for “section 804a of title 31”.
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# 12 U.S.C. § 635i–4 - Repealed. Pub. L. 102–429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199
## Notes
Section, act July 31, 1945, ch. 341, § 16, as added Oct. 21, 1986, Pub. L. 99–509, title II, § 2002, 100 Stat. 1880, related to procedures and terms for sale of Bank loans to public.
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# 12 U.S.C. § 635i–5 - Environmental policy and procedures
## Text
(a) Environmental effects consideration (1) In general Consistent with the objectives of section 635(b)(1)(A) of this title, the Bank shall establish procedures to take into account the potential beneficial and adverse environmental effects of goods and services for which support is requested under its direct lending and guarantee programs. Such procedures shall provide for the public disclosure of environmental assessments and supplemental environmental reports required to be submitted to the Bank, including remediation or mitigation plans and procedures, and related monitoring reports. The preceding sentence shall not be interpreted to require the public disclosure of any information described in section 1905 of title 18. Such procedures shall apply to any transaction involving a project—
(A) for which long-term support of $25,000,000 (or, if less than $25,000,000, the threshold established pursuant to international agreements, including the Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence, as adopted by the Organisation for Economic Co-operation and Development Council on June 28, 2012, and the risk-management framework adopted by financial institutions for determining, assessing, and managing environmental and social risk in projects (commonly referred to as the “Equator Principles”)) or more is requested from the Bank;
(B) for which the Bank’s support would be critical to its implementation; and
(C) which may have significant environmental effects upon the global commons or any country not participating in the project, or may produce an emission, an effluent, or a principal product that is prohibited or strictly regulated pursuant to Federal environmental law.
(2) Authority to withhold financing The procedures established under paragraph (1) shall permit the Board of Directors, in its judgment, to withhold financing from a project for environmental reasons or to approve financing after considering the potential environmental effects of a project.
(b) Use of Bank programs to encourage certain exports (1) In general The Bank shall encourage the use of its programs to support the export of goods and services that have beneficial effects on the environment or mitigate potential adverse environmental effects (such as exports of products and services used to aid in the monitoring, abatement, control, or prevention of air, water, and ground contaminants or pollution, or which provide protection in the handling of toxic substances, subject to a final determination by the Bank, and products and services for foreign environmental projects dedicated entirely to the prevention, control, or cleanup of air, water, or ground pollution, including facilities to provide for control or cleanup, and used in the retrofitting of facility equipment for the sole purpose of mitigating, controlling, or preventing adverse environmental effects, subject to a final determination by the Bank). The Board of Directors shall name an officer of the Bank to advise the Board on ways that the Bank’s programs can be used to support the export of such goods and services. The officer shall act as liaison between the Bank and other Federal Government agencies, including the agencies whose representatives are members of the Environmental Trade Promotion Working Group of the Trade Promotion Coordinating Committee, with respect to overall United States Government policy on the environment.
(2) Limitations on authorization of appropriations In addition to other funds available to support the export of goods and services described in paragraph (1), there are authorized to be appropriated to the Bank not more than $35,000,000 for the cost (as defined in section 661a(5) of title 2) of supporting such exports. If, in any fiscal year, the funds appropriated in accordance with this paragraph are not fully utilized due to insufficient qualified transactions for the export of such goods and services, such funds may be expended for other purposes eligible for support by the Bank.
(c) Inclusion in report to Congress The Bank shall provide in its annual report to the Congress a summary of its activities under subsections (a) and (b).
(d) Interpretation Nothing in this section shall be construed to create any cause of action.
(July 31, 1945, ch. 341, § 11, formerly § 17, as added and renumbered § 11, Pub. L. 102–429, title I, §§ 106, 121(c)(5), Oct. 21, 1992, 106 Stat. 2189, 2199; amended Pub. L. 103–428, § 2(a), Oct. 31, 1994, 108 Stat. 4376; Pub. L. 109–438, § 18(b), Dec. 20, 2006, 120 Stat. 3281; Pub. L. 114–94, div. E, title LIV, § 54002(d), Dec. 4, 2015, 129 Stat. 1769.)
## Notes
Editorial Notes
Codification Another section 11 of act July 31, 1945, ch. 341, was renumbered section 14 and is classified to section 635i–8 of this title.
Prior ProvisionsA prior section 11 of act July 31, 1945, ch. 341, was renumbered section 9 and is classified to section 635h of this title.
Amendments2015—Subsec. (a)(1)(A). Pub. L. 114–94 substituted “$25,000,000 (or, if less than $25,000,000, the threshold established pursuant to international agreements, including the Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence, as adopted by the Organisation for Economic Co-operation and Development Council on June 28, 2012, and the risk-management framework adopted by financial institutions for determining, assessing, and managing environmental and social risk in projects (commonly referred to as the ‘Equator Principles’)) or more” for “$10,000,000 or more”. 2006—Subsec. (a)(1). Pub. L. 109–438 inserted after first sentence “Such procedures shall provide for the public disclosure of environmental assessments and supplemental environmental reports required to be submitted to the Bank, including remediation or mitigation plans and procedures, and related monitoring reports. The preceding sentence shall not be interpreted to require the public disclosure of any information described in section 1905 of title 18.” 1994—Subsec. (b). Pub. L. 103–428 inserted par. (1) designation and heading, inserted before period at end of first sentence “(such as exports of products and services used to aid in the monitoring, abatement, control, or prevention of air, water, and ground contaminants or pollution, or which provide protection in the handling of toxic substances, subject to a final determination by the Bank, and products and services for foreign environmental projects dedicated entirely to the prevention, control, or cleanup of air, water, or ground pollution, including facilities to provide for control or cleanup, and used in the retrofitting of facility equipment for the sole purpose of mitigating, controlling, or preventing adverse environmental effects, subject to a final determination by the Bank)”, and added par. (2).
Statutory Notes and Related Subsidiaries
Effective Date of 2015 AmendmentAmendment by Pub. L. 114–94 applicable with respect to fiscal year 2016 and each fiscal year thereafter, see section 54002(e) of Pub. L. 114–94, set out as a note under section 635 of this title.
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# 12 U.S.C. § 635i–6 - Debt reduction; Enterprise for the Americas Initiative
## Text
(a) Definitions For purposes of this section—
(1) the term “eligible country” means a country designated by the President in accordance with subsection (b);
(2) the term “Facility” means the entity established in the Department of the Treasury by section 1738 of title 7; and
(3) the term “IMF” means the International Monetary Fund.
(b) Eligibility for benefits under the Facility (1) Requirements To be eligible for benefits from the Facility under this section, a country must—
(A) be a Latin American or Caribbean country;
(B) have in effect, have received approval for, or, as appropriate in exceptional circumstances, be making significant progress toward—
(i) an IMF standby arrangement, extended IMF arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility or, in exceptional circumstances, an IMF monitored program or its equivalent; and
(ii) as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association;
(C) have put in place major investment reforms in conjunction with an Inter-American Development Bank loan or otherwise be implementing, or making significant progress toward, an open investment regime; and
(D) if appropriate, have agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction.
(2) Eligibility determinations The President shall determine whether a country is an eligible country for purposes of paragraph (1).
(c) Loans eligible for sale, reduction, or cancellation (1) Authority to sell, reduce, or cancel certain loans Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser any loan or portion thereof made before January 1, 1992, to any eligible country or any agency thereof pursuant to this subchapter, or, on receipt of payment from an eligible purchaser, reduce or cancel such loan or portion thereof, only for the purpose of facilitating—
(A) debt-for-equity swaps, debt-for-development swaps, or debt-for-nature swaps; or
(B) a debt buy-back by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than 40 percent of the price paid for such debt by such eligible country, or the difference between the price paid for such debt and the face value of such debt, to support activities that link conservation and sustainable use of natural resources with local community development, and child survival and other child development activities, in a manner consistent with sections 1738f through 1738k of title 7,
if the sale, reduction, or cancellation would not contravene any term or condition of any prior agreement relating to such loan.
(2) Terms and conditions Notwithstanding any other provision of law, the President shall, in accordance with this section, establish the terms and conditions under which loans may be sold, reduced, or canceled pursuant to this section.
(3) Treatment under securities laws The filing of a registration statement under the Securities Act of 1933 [15 U.S.C. 77a et seq.] shall not be required with respect to the sale or offer for sale by the Bank of a loan or any interest therein pursuant to this section. For purposes of the Securities Act of 1933, the Bank shall not be deemed to be an issuer or underwriter with respect to any subsequent sale or other disposition of such loan (or any interest therein) or any security received by an eligible purchaser pursuant to any debt-for-equity swap, debt-for-development swap, or debt-for-nature swap.
(4) Administration The Facility shall notify the Bank of purchasers that the President has determined to be eligible, and shall direct the Bank to carry out the sale, reduction, or cancellation of a loan pursuant to this section. The Bank shall make an adjustment in its accounts to reflect the sale, reduction, or cancellation.
(5) Limitations The authorities of this subsection may be exercised only to such extent as provided for in advance in appropriations Acts, as necessary to implement the Federal Credit Reform Act of 1990 [2 U.S.C. 661 et seq.].
(d) Deposit of proceeds The proceeds from the sale, reduction, or cancellation of any loan sold, reduced, or canceled pursuant to this section shall be deposited in the United States Government account or accounts established for the repayment of such loan.
(e) Eligible purchasers A loan may be sold pursuant to subsection (c)(1)(A) only to a purchaser who presents plans satisfactory to the President for using the loan for the purpose of engaging in debt-for-equity swaps, debt-for-development swaps, or debt-for-nature swaps.
(f) Debtor consultation Before the sale to any eligible purchaser, or any reduction or cancellation pursuant to this section, of any loan made to an eligible country, the President shall consult with the country concerning the amount of loans to be sold, reduced, or canceled and their uses for debt-for-equity swaps, debt-for-development swaps, or debt-for-nature swaps.
(g) Authorization of appropriations For the sale, reduction, and cancellation of loans or portions thereof pursuant to this section, there are authorized to be appropriated to the President such sums as may be necessary, which are authorized to remain available until expended.
(July 31, 1945, ch. 341, § 12, formerly § 18, as added and renumbered § 12, Pub. L. 102–429, title I, §§ 108, 121(c)(6), Oct. 21, 1992, 106 Stat. 2191, 2199; amended Pub. L. 107–189, § 24(b)(5), June 14, 2002, 116 Stat. 709; Pub. L. 110–246, title III, § 3001(b)(1)(A), (2)(L), June 18, 2008, 122 Stat. 1820.)
## Notes
Editorial Notes
References in TextThe Securities Act of 1933, referred to in subsec. (c)(3), is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Federal Credit Reform Act of 1990, referred to in subsec. (c)(5), is title V of Pub. L. 93–344, as added Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–609, which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title of 1990 Amendment note set out under section 621 of Title 2 and Tables.
Prior ProvisionsA prior section 12 of act July 31, 1945, ch. 341, was classified to section 635i of this title, prior to repeal by Pub. L. 102–429, § 121(c)(1).
Amendments2008—Subsec. (a)(2). Pub. L. 110–246 made technical amendment to reference in original act which appears in text as reference to section 1738 of title 7. Subsec. (c)(1)(B). Pub. L. 110–246 made technical amendment to reference in original act which appears in text as reference to sections 1738f through 1738k of title 7. 2002—Subsec. (a)(1). Pub. L. 107–189 substituted “subsection (b) of this section” for “section (b) of this section”.
Statutory Notes and Related Subsidiaries
Effective Date of 2008 AmendmentAmendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
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# 12 U.S.C. § 635i–7 - Cooperation on export financing programs
## Text
The Bank shall, subject to appropriate memoranda of understanding—
(1) provide complete and current information on all of its programs and financing practices to—
(A) the Small Business Administration and other Federal agencies involved in promoting exports and marketing export financing programs; and
(B) State and local export financing organizations that indicate a desire to participate in export promotion; and
(2) consistent with the provisions of section 4721(f)(2) of title 15, undertake a program to provide training for personnel designated in such memoranda with respect to such financing programs.
(July 31, 1945, ch. 341, § 13, formerly § 19, as added and renumbered § 13, Pub. L. 102–429, title I, §§ 115, 121(c)(7), Oct. 21, 1992, 106 Stat. 2196, 2199.)
## Notes
Editorial Notes
Prior ProvisionsA prior section 13 of act July 31, 1945, ch. 341, was classified to section 635i–1 of this title, prior to repeal by Pub. L. 102–429, § 121(c)(1).
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---
type: "LegalText"
title: "12 U.S.C. § 635i–8"
description: "Special debt relief for poorest, most heavily indebted countries"
jurisdiction: "us"
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title_number: 12
title_name: "BANKS AND BANKING"
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citation: "12 U.S.C. § 635i–8"
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---
# 12 U.S.C. § 635i–8 - Special debt relief for poorest, most heavily indebted countries
## Text
(a) Debt reduction authority The President may reduce amounts of principal and interest owed by any eligible country to the Bank as a result of loans or guarantees made under this subchapter.
(b) Limitations (1) Types of debt reduction The authority provided by subsection (a) may be exercised only to implement multilateral agreements to reduce the burden of official bilateral debt as set forth in the minutes of the so-called “Paris Club” (also known as “Paris Club Agreed Minutes”).
(2) Eligible countries (A) “Eligible country” defined As used in subsection (a), the term “eligible country” means any country that—
(i) has excessively burdensome external debt;
(ii) is eligible to borrow from the International Development Association; and
(iii) is not eligible to borrow from the International Bank for Reconstruction and Development.
(B) Determinations Subject to subparagraph (A), the President may determine whether a country is an eligible country for purposes of subsection (a).
(c) Conditions The authority provided by this section may be exercised only with respect to a country whose government—
(1) does not have an excessive level of military expenditures;
(2) has not repeatedly provided support for acts of international terrorism;
(3) is not failing to cooperate on international narcotics control matters; and
(4) (including its military or other security forces) does not engage in a consistent pattern of gross violations of internationally recognized human rights.
(d) Appropriations The authority provided by subsection (a) may be exercised only in such amounts or to such extent as is provided in advance in appropriations Acts.
(July 31, 1945, ch. 341, § 14, formerly § 11, as added Pub. L. 103–87, title V, § 570(b), Sept. 30, 1993, 107 Stat. 970; renumbered § 14, Pub. L. 103–428, § 2(b), Oct. 31, 1994, 108 Stat. 4376; Pub. L. 107–189, § 24(b)(6), June 14, 2002, 116 Stat. 709.)
## Notes
Editorial Notes
Amendments2002—Subsec. (a). Pub. L. 107–189 substituted “principal” for “principle”.
Executive Documents
Delegation of Authority With Respect to Debt Reduction for Poorest Countries Memorandum of President of the United States, June 20, 1994, 59 F.R. 33413, provided: Memorandum for the Secretary of the Treasury By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 570 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1994 (Public Law 103–87) (the “Act”) [enacting 12 U.S.C. 635i–8], section 14 of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8) [probably means 12 U.S.C. 635i–8], and section 301 of title 3 of the United States Code, it is hereby ordered as follows: 1. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, the functions, authorities, and duties conferred upon the President by section 570(a) of the Act [107 Stat. 970]. 2. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the President of the Export-Import Bank, the functions, authorities, and duties conferred upon the President by section 570(b) of the Act and section 14(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8). The Secretary of the Treasury is authorized and directed to publish this memorandum in the Federal Register. William J. Clinton.
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---
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title_name: "BANKS AND BANKING"
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---
# 12 U.S.C. § 635i–9 - Market windows
## Text
(a) Enhanced transparency To ensure that the Bank financing remains fully competitive, the United States should seek enhanced transparency over the activities of market windows in the OECD Export Credit Arrangement. If such transparency indicates that market windows are disadvantaging United States exporters, the United States should seek negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement.
(b) Authorization The Bank may provide financing on terms and conditions that are inconsistent with those permitted under the OECD Export Credit Arrangement—
(1) to match financing terms and conditions that are being offered by market windows on terms that are inconsistent with those permitted under the OECD Export Credit Arrangement, if—
(A) matching such terms and conditions advances the negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement; or
(B) transparency verifies that the market window financing is being offered on terms that are more favorable than the terms and conditions that are available from private financial markets; and
(2) when the foreign government-supported institution refuses to provide sufficient transparency to permit the Bank to make a determination under paragraph (1).
(c) Definition In this section, the term “OECD” means the Organization for Economic Cooperation and Development.
(July 31, 1945, ch. 341, § 15, as added Pub. L. 107–189, § 10(b)(1), June 14, 2002, 116 Stat. 703.)
## Notes
Statutory Notes and Related Subsidiaries
ReportPub. L. 107–189, § 10(b)(2), June 14, 2002, 116 Stat. 703, provided that: “Within 2 years after the date of the enactment of this Act [June 14, 2002], the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the rationale for seeking or not seeking negotiations for multilateral disciplines and transparency, the successes, failures, and obstacles in initiating negotiations, and if negotiations were initiated, in reaching an agreement.”
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---
type: "LegalText"
title: "12 U.S.C. § 635i to 635i–2"
description: "Repealed. Pub. L. 102–429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199"
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title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
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section: "635i to 635i–2"
citation: "12 U.S.C. § 635i to 635i–2"
status: "current"
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---
# 12 U.S.C. § 635i to 635i–2 - Repealed. Pub. L. 102–429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199
## Notes
Section 635i, act July 31, 1945, ch. 341, § 12, as added June 9, 1947, ch. 101, § 4, 61 Stat. 131; amended Mar. 13, 1968, Pub. L. 90–267, § 1(a), 82 Stat. 47, related to assumption of rights and liabilities of existing Bank by Export-Import Bank of the United States including transfer of funds, property, personnel, etc.
Section 635i–1, act July 31, 1945, ch. 341, § 13, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VI, § 619(a)], 97 Stat. 1260, related to establishment of special facilities in support of export transactions to Brazil and Mexico.
Section 635i–2, act July 31, 1945, ch. 341, § 14, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VI, § 621], 97 Stat. 1261, related to notification to Congress of decrease in capital level of Bank.
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---
type: "LegalText"
title: "12 U.S.C. § 635j"
description: "Export financing program to foster foreign trade and commercial interest of the United States"
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title_number: 12
title_name: "BANKS AND BANKING"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635j - Export financing program to foster foreign trade and commercial interest of the United States
## Text
(a) Congressional statement of policy It is the policy of the Congress that the Export-Import Bank of the United States should facilitate through loans, guarantees, and insurance (including coinsurance and reinsurance) those export transactions which, in the judgment of the Board of Directors of the Bank, offer sufficient likelihood of repayment to justify the Bank’s support in order to actively foster the foreign trade and long-term commercial interest of the United States.
(b) Designation of transactions on books of the Bank; limitation on commitments The Bank shall specially designate loans, guarantees, and insurance on the books of the Bank made under authority of this subchapter. In connection with guarantees and insurance, not less than 25 per centum of the related contractual liability of the Bank shall be taken into account for the purpose of applying the limitation imposed by section 635e of this title; but the full amount of the related contractual liability of such guarantees and insurance shall be taken into account for the purpose of applying the limitation in section 635(c)(1) of this title, concerning the amount of guarantees and insurance the Bank may have outstanding at any one time thereunder. The aggregate amount of loans plus 25 per centum of the contractual liability of guarantees and insurance outstanding at any one time under this subchapter shall not exceed $500,000,000.
(Pub. L. 90–390, § 1, July 7, 1968, 82 Stat. 296; Pub. L. 96–470, title I, § 115, Oct. 19, 1980, 94 Stat. 2240.)
## Notes
Editorial Notes
Amendments1980—Subsec. (c). Pub. L. 96–470 struck out subsec. (c) which required the Board of Directors of the Bank to submit to Congress for the calendar ending Sept. 30, 1968, and each calendar quarter thereafter, a report of all actions taken under authority of sections 635j to 635n of this title during such quarter.
Statutory Notes and Related Subsidiaries
Termination of Advisory CommitteesAdvisory Committees in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a committee established by the President or an officer of the Federal Government, such committee is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a committee established by the Congress, its duration is otherwise provided by law, see section 1013 of Title 5, Government Organization and Employees.
Executive Documents
Ex. Ord. No. 11420. Export Expansion Advisory Committee Ex. Ord. No. 11420, July 31, 1968, 33 F.R. 10997, provided: WHEREAS foreign trade is an essential and continuing element in sustaining the growth, strength, and prosperity of our economy, contributes to the improvement of our balance of payments, and fosters the long-term commercial interest of the United States; and WHEREAS, on March 20, 1968, I requested the Congress to empower the Export-Import Bank of the United States to use up to $500,000,000 of its loan, guarantee, and insurance authority to finance a broadened program to sell American goods in foreign markets; and WHEREAS the Congress has authorized the Bank to extend loans, guarantees, and insurance which, in the judgment of the Board of Directors of the Bank, offer sufficient likelihood of repayment to justify the Bank’s support in order to actively foster the foreign trade and long-term commercial interest of the United States; and WHEREAS it is desirable and appropriate that guidance concerning the commercial interests and the balance of payments objectives of the United States be provided to the Board of Directors of the Bank in the use of such loan, guarantee, and insurance authority allocated to finance export expansion, and I have stated that I would establish an Export Expansion Advisory Committee to provide such guidance to the Board of Directors of the Bank: NOW, THEREFORE, by virtue of the authority vested in me as President of the United States, it is ordered as follows: Section 1. Establishment of Advisory Committee. (a) There is hereby established the Export Expansion Advisory Committee (hereinafter referred to as “the Committee”). (b) The Committee shall be composed of the following members: the Secretary of Commerce, who shall be Chairman of the Committee, the Secretary of the Treasury, the Secretary of State, and the President and Chairman of the Board of the Export-Import Bank of the United States. Sec. 2. Functions of the Committee. The Committee shall review and make recommendations concerning applications and proposals for loans, guarantees, and insurance to be charged against allocations made to finance export expansion and shall provide guidance to the Board of Directors of the Bank concerning the use of such allocations with the view to fostering the foreign trade and long-term commercial interest of the United States. Sec. 3. Construction. Nothing in this order shall be construed to abrogate, modify, or restrict any function vested by law in, or assigned pursuant to law to, any Federal agency or any officer thereof or to any Federal interagency council or committee. As used herein the term “any Federal agency” includes any executive department and any other executive agency. Lyndon B. Johnson.
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---
type: "LegalText"
title: "12 U.S.C. § 635k"
description: "Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations"
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title_number: 12
title_name: "BANKS AND BANKING"
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chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635k"
citation: "12 U.S.C. § 635k"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635k - Apportionment of losses incurred on loans, guarantees, and insurance; reimbursement; contingent obligations
## Text
In the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this subchapter, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 635l of this title. All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America.
(Pub. L. 90–390, § 2, July 7, 1968, 82 Stat. 297.)
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---
type: "LegalText"
title: "12 U.S.C. § 635l"
description: "Authorization for appropriation of funds for losses"
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title_number: 12
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---
# 12 U.S.C. § 635l - Authorization for appropriation of funds for losses
## Text
There are hereby authorized to be appropriated to the Secretary of the Treasury without fiscal year limitation $100,000,000 to cover the amount of any losses which are to be borne by the Secretary of the Treasury as provided in section 635k of this title.
(Pub. L. 90–390, § 3, July 7, 1968, 82 Stat. 297.)
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---
type: "LegalText"
title: "12 U.S.C. § 635m"
description: "Loans, guarantees, and insurance subject to the provisions of this chapter"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635m"
citation: "12 U.S.C. § 635m"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
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tags: ["legal", "us-code"]
---
# 12 U.S.C. § 635m - Loans, guarantees, and insurance subject to the provisions of this chapter
## Text
Nothing in this subchapter shall be construed as a limitation on the powers of the Bank under subchapter I of this chapter; and except as to the standard of reasonable assurance of repayment required under section 635(b)(1) of this title, all loans, guarantees, and insurance extended hereunder shall be subject to the provisions of subchapter I of this chapter and to the policies of the Bank with respect to terms of repayment, interest rates, fees, and premiums applicable to loans, guarantees, and insurance extended under subchapter I of this chapter.
(Pub. L. 90–390, § 4, July 7, 1968, 82 Stat. 297.)
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---
type: "LegalText"
title: "12 U.S.C. § 635n"
description: "Prohibition of loans, guarantees, and insurance as to sales of defense articles or services"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
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chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
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citation: "12 U.S.C. § 635n"
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---
# 12 U.S.C. § 635n - Prohibition of loans, guarantees, and insurance as to sales of defense articles or services
## Text
The Bank shall not extend loans, guarantees, or insurance under this subchapter in connection with the sale of defense articles or defense services.
(Pub. L. 90–390, § 5, July 7, 1968, 82 Stat. 297.)
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---
type: "LegalText"
title: "12 U.S.C. § 635o"
description: "Congressional statement of purpose"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "6A"
chapter_name: "EXPORT-IMPORT BANK OF THE UNITED STATES"
section: "635o"
citation: "12 U.S.C. § 635o"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
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---
# 12 U.S.C. § 635o - Congressional statement of purpose
## Text
The purpose of this subchapter is—
(1) to expand employment and economic growth in the United States by expanding United States exports to the markets of the developing world;
(2) to stimulate the economic development of countries in the developing world by improving their access to credit for the importation of United States products and services for developmental purposes;
(3) to neutralize the predatory financing engaged in by many nations whose exports compete with United States exports, and thereby restore export competition to a market basis; and
(4) to encourage foreign governments to enter into effective and comprehensive agreements with the United States to end the use of tied aid credits for exports, and to limit and govern the use of export credit subsidies generally.
(Pub. L. 98–181, title I [title VI, § 642], Nov. 30, 1983, 97 Stat. 1263.)
## Notes
Editorial Notes
References in TextThis subchapter, referred to in text, was in the original “this part”, meaning part C (§§ 641–647, 650) of title VI of Pub. L. 98–181, title I, Nov. 30, 1983, 97 Stat. 1263, known as the Trade and Development Enhancement Act of 1983, which enacted this subchapter and section 1671g of Title 19, Customs Duties, and amended sections 1671a and 1671b of Title 19. For complete classification of this Act to the Code, see Short Title note below and Tables.
Statutory Notes and Related Subsidiaries
Short TitlePub. L. 98–181, title I [title VI, § 641], Nov. 30, 1983, 97 Stat. 1263, provided that: “This part [part C (§§ 641–647, 650) of title VI, enacting this subchapter and section 1671g of Title 19, Customs Duties, and amending sections 1671a and 1671b of Title 19] may be referred to as the ‘Trade and Development Enhancement Act of 1983’.”
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# 12 U.S.C. § 635p - Presidential mandate to negotiate; objectives
## Text
The President shall vigorously pursue negotiations to limit and set rules for the use of tied aid for exports. The negotiating objectives of the United States should include reaching agreements—
(1) to define the various forms of tied aid credit, particularly mixed credits under the Arrangement on Guidelines for Officially Supported Export Credits established through the Organization for Economic Cooperation and Development (hereinafter in this subchapter referred to as the “Arrangement”);
(2) to phase out the use of government-mixed credits by a date certain;
(3) to set rules governing the use of public-private cofinancing, or other forms of mixed financing, which may have the same result as government-mixed credits of drawing on concessional development assistance to produce subsidized export financing;
(4) to raise the threshold for notification of the use of tied aid credit to a 50 per centum level of concessionality;
(5) to improve notification procedures so that advance notification must be given on all uses of tied aid credit; and
(6) to prohibit the use of tied aid credit for production facilities for goods which are in structural oversupply in the world.
(Pub. L. 98–181, title I [title VI, § 643], Nov. 30, 1983, 97 Stat. 1263.)
legal/us/code/title-12/chapter-6a/section-635q.md
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description: "Establishment of tied aid credit program in United States Export-Import Bank"
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# 12 U.S.C. § 635q - Establishment of tied aid credit program in United States Export-Import Bank
## Text
(a) Establishment and elements of program; cooperation with Trade and Development Agency and private institutions and entities (1) The Chairman of the Export-Import Bank of the United States shall establish, within the Export-Import Bank of the United States, a program of tied aid credits for United States exports.
(2) The program shall be carried out in cooperation with the Trade and Development Agency and with private financial institutions or entities, as appropriate.
(3) The program may include—
(A) the combined use of the credits, loans, or guarantees offered by the Export-Import Bank of the United States with concessional financing or grants made available under section 635r(d) of this title, by methods including the blending of the financing of, or parallel financing by, the Bank and the Trade and Development Agency; and
(B) the combined use of credits, loans, or guarantees offered by the Bank, with financing offered by private financial institutions or entities, by methods including the blending of the financing of, or parallel financing by, the Bank and private institutions or entities.
(b) Purpose of program The purpose of the tied aid credit program under this section is to offer or arrange for financing for the export of United States goods and services which is substantially as concessional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale.
(c) Fund The Chairman of the Bank is authorized to establish a fund, as necessary, for carrying out the tied aid credit program described in this section.
(d) Availability of concessional financing or grants Concessional financing or grants made available under section 635r(d) of this title for the purposes of the mixed financing program established under this section shall be made available in accordance with the provisions of section 635r(c) of this title.
(Pub. L. 98–181, title I [title VI, § 644], Nov. 30, 1983, 97 Stat. 1264; Pub. L. 100–418, title II, § 2204(c)(1)(A), Aug. 23, 1988, 102 Stat. 1330; Pub. L. 102–549, title II, § 202(c)(1), Oct. 28, 1992, 106 Stat. 3658.)
## Notes
Editorial Notes
Amendments1992—Subsec. (a)(2), (3)(A). Pub. L. 102–549 substituted “Development Agency” for “Development Program”. 1988—Subsec. (a)(2). Pub. L. 100–418, § 2204(c)(1)(A)(i), substituted “Trade and Development Program” for “Agency for International Development”. Subsec. (a)(3)(A). Pub. L. 100–418, § 2204(c)(1)(A)(ii), substituted “made available under section 635r(d) of this title” for “offered by the Agency for International Development” and “Trade and Development Program” for “Agency for International Development”. Subsec. (d). Pub. L. 100–418, § 2204(c)(1)(A)(iii), substituted “made available under section 635r(d) of this title” for “offered by the Agency for International Development” and “section 635r(c) of this title” for “subsections (c) and (d) of section 635r of this title”.
Statutory Notes and Related Subsidiaries
Transition ProvisionsPub. L. 100–418, title II, § 2204(d)(2), Aug. 23, 1988, 102 Stat. 1331, provided that: “(A) The Administrator of the Agency for International Development shall transfer to the Director of the Trade and Development Program [now Trade and Development Agency] all records, contracts, applications, and any other documents or information in connection with the functions transferred by virtue of the amendments made by subsection (c)(1) [amending sections 635q and 635r of this title]. “(B) All determinations, regulations, and contracts—“(i) which have been issued, made, granted, or allowed to become effective by the President, the Agency for International Development, or by a court of competent jurisdiction, in the performance of the functions transferred by virtue of the amendments made by subsection (c)(1), and “(ii) which are in effect at the time this section takes effect, shall continue in effect according to their terms until modified, terminated, superseded, set aside, or revoked in accordance with the law by the President, the Director of the Trade and Development Program [now Trade and Development Agency], or other authorized official, by a court of competent jurisdiction, or by operation of law. “(C)(i) The amendments made by subsection (c)(1) shall not affect any proceedings, including notices of proposed rulemaking, or any application for any financial assistance, which is pending on the effective date of this section [Aug. 23, 1988] before the Agency for International Development in the exercise of functions transferred by virtue of the amendments made by subsection (c)(1). Such proceedings and applications, to the extent that they relate to functions so transferred, shall be continued. “(ii) Orders shall be issued in such proceedings, appeals shall be taken therefrom, and payments shall be made pursuant to such orders, as if this section [amending sections 635q, 635r, and 635s of this title, section 5314 of Title 5, Government Organization and Employees, and section 2421 of Title 22, Foreign Relations and Intercourse, and enacting provisions set out as a note under section 2421 of Title 22] had not been enacted. Orders issued in any such proceedings shall continue in effect until modified, terminated, superseded, or revoked by the Director of the Trade and Development Program [now Trade and Development Agency] or other authorized official, by a court of competent jurisdiction, or by operation of law. “(iii) Nothing in this subparagraph shall be deemed to prohibit the discontinuance or modification of any such proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this section had not been enacted. “(iv) The Director of the Trade and Development Program [now Trade and Development Agency] is authorized to issue regulations providing for the orderly transfer to the Trade and Development Program of proceedings continued under this subparagraph. “(D) With respect to any function transferred by virtue of the amendments made by subsection (c)(1) and exercised on or after the effective date of this section [Aug. 23, 1988], reference in any other Federal law to the Agency for International Development or any officer shall be deemed to refer to the Trade and Development Program [now Trade and Development Agency] or other official to which such function is so transferred.”
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# 12 U.S.C. § 635r - Establishment of tied aid credit program administered by Trade and Development Agency
## Text
(a) Establishment and elements of program The Director of the Trade and Development Agency shall carry out a program of tied aid credits for United States exports. The program shall be carried out in cooperation with the Export-Import Bank of the United States and with private financial institutions or entities, as appropriate. The program may include—
(1) the combined use of the credits, loans, or guarantees offered by the Bank with concessional financing or grants made available under subsection (d), by methods including the blending of the financing of, or parallel financing by, the Bank and the Trade and Development Agency; and
(2) the combination of concessional financing or grants made available under subsection (d) with financing offered by private financial institutions or entities, by methods including the blending of the financing of, or parallel financing by, the Trade and Development Agency and private institutions or entities.
(b) Combination of funds with financing by Export-Import Bank or private commercial financing These funds may be combined with financing by the Export-Import Bank of the United States or private commercial financing in order to offer, or arrange for, financing for the exportation of United States goods and services which is substantially as concessional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale.
(c) Limitation on use of Agency funds; authorization for establishment of fund (1) Funds which are used to carry out a tied aid credit program authorized by subsections (a) and (b) shall be offered only to finance United States exports which can reasonably be expected to contribute to the advancement of the development objectives of the importing country or countries, and shall be consistent with the economic, security, and political criteria used to establish country allocations of Economic Support Funds.
(2) The Director of the Trade and Development Agency is authorized to establish a fund, as necessary, for carrying out a tied aid credit financing program as described in this section.
(d) Use of Economic Support Funds Funds available to carry out chapter 4 of part II of the Foreign Assistance Act of 1961 [22 U.S.C. 2346 et seq.] may be used by the Director of the Trade and Development Agency, with the concurrence of the Secretary of State (as provided under section 531 of the Foreign Assistance Act of 1961 [22 U.S.C. 2346]), for the purposes for which funds made available under this subsection are authorized to be used in section 635q of this title and this section. The Secretary of State shall exercise his authority in cooperation with the Administrator of the Agency for International Development. Funds made available pursuant to this subsection may be used to finance a tied aid credit activity in any country eligible for tied aid credits under this subchapter.
(Pub. L. 98–181, title I [title VI, § 645], Nov. 30, 1983, 97 Stat. 1264; Pub. L. 100–418, title II, § 2204(c)(1)(B), Aug. 23, 1988, 102 Stat. 1330; Pub. L. 102–549, title II, § 202(c), Oct. 28, 1992, 106 Stat. 3658.)
## Notes
Editorial Notes
References in TextThe Foreign Assistance Act of 1961, referred to in subsec. (d), is Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424. Chapter 4 of part II of the Foreign Assistance Act of 1961 is classified generally to part IV (§ 2346 et seq.) of subchapter II of chapter 32 of Title 22, Foreign Relations and Intercourse. For complete classification of this Act to the Code, see Short Title note set out under section 2151 of Title 22 and Tables. This subchapter, referred to in subsec. (d), was in the original “this Act” and was translated as meaning the Trade and Development Enhancement Act of 1983, part C (§§ 641–647, 650) of title VI of Pub. L. 98–181, title I, Nov. 30, 1983, 97 Stat. 1263, which enacted this subchapter and section 1671g of Title 19, Customs Duties, and amended sections 1671a and 1671b of Title 19. For complete classification of this Act to the Code, see Short Title note below and Tables.
Amendments1992—Pub. L. 102–549 substituted “Development Agency” for “Development Program” in section catchline and wherever appearing in subsecs. (a), (c), and (d). 1988—Pub. L. 100–418, § 2204(c)(1)(B)(i), in section catchline, substituted reference to program administered by Trade and Development Program for reference to program in Agency for International Development. Subsec. (a). Pub. L. 100–418, § 2204(c)(1)(B)(ii)(I), substituted “Director of the Trade and Development Program shall carry out” for “Administrator of the Agency for International Development shall establish within the Agency”. Subsec. (a)(1). Pub. L. 100–418, § 2204(c)(1)(B)(ii)(II), (III), substituted “made available under subsection (d) of this section” for “offered by the Agency for International Development” and “Trade and Development Program” for “Agency for International Development”. Subsec. (a)(2). Pub. L. 100–418, § 2204(c)(1)(B)(ii)(IV), (V), substituted “made available under subsection (d) of this section” for “offered by the Agency for International Development” and “Trade and Development Program” for “Agency for International Development”. Subsec. (c)(1). Pub. L. 100–418, § 2204(c)(1)(B)(iii)(I), which directed that par. (1) be amended by striking out “of the Agency for International Development” after “Funds”, was executed by striking out “of the agency for International Development”, to reflect the probable intent of Congress. Subsec. (c)(2). Pub. L. 100–418, § 2204(c)(1)(B)(iii)(II), substituted “Director of the Trade and Development Program” for “Administrator of the Agency for International Development”. Subsec. (d). Pub. L. 100–418, § 2204(c)(1)(B)(iv), amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “The Administrator of the Agency for International Development may draw on Economic Support Funds allocated for Commodity Import Programs to finance a tied aid credit activity.”
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# 12 U.S.C. § 635s - Implementation
## Text
(a) (1) The National Advisory Council on International Monetary and Financial Policies shall coordinate the implementation of the tied aid credit programs authorized by sections 635q and 635r of this title.
(2) No financing may be approved under the tied aid credit programs authorized by section 635q or 635r of this title without the unanimous consent of the members of the National Advisory Council on International Monetary and Financial Policies.
(b) The Trade and Development Agency shall be represented at any meetings of the National Advisory Council on International Monetary and Financial Policies for discussion of tied aid credit matters, and the representative of the Trade and Development Agency at any such meeting shall have the right to vote on any decisions of the Advisory Council relating to tied aid credit matters.
(Pub. L. 98–181, title I [title VI, § 646], Nov. 30, 1983, 97 Stat. 1265; Pub. L. 100–418, title II, § 2204(c)(2), Aug. 23, 1988, 102 Stat. 1331; Pub. L. 102–549, title II, § 202(c)(1), Oct. 28, 1992, 106 Stat. 3658.)
## Notes
Editorial Notes
Amendments1992—Subsec. (b). Pub. L. 102–549 substituted “Development Agency” for “Development Program” in two places. 1988—Subsec. (b). Pub. L. 100–418 added subsec. (b).
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# 12 U.S.C. § 635t - Definitions
## Text
For purposes of this subchapter—
(1) the term “tied aid credit” means credit—
(A) which is provided for development aid purposes;
(B) which is tied to the purchase of exports from the country granting the credit;
(C) which is financed either exclusively from public funds, or, as a mixed credit, partly from public and partly from private funds; and
(D) which has a grant element, as defined by the Development Assistance Committee of the Organization for Economic Cooperation and Development, greater than zero percent;
(2) the term “government-mixed credits” means the combined use of credits, insurance, and guarantees offered by the Export-Import Bank of the United States with concessional financing or grants offered by the Agency for International Development to finance exports;
(3) the term “public-private cofinancing” means the combined use of either official development assistance or official export credit with private commercial credit to finance exports;
(4) the term “blending of financings” means the use of various combinations of official development assistance, official export credit, and private commercial credit, integrated into a single package with a single set of financial terms, to finance exports;
(5) the term “parallel financing” means the related use of various combinations of separate lines of official development assistance, official export credits, and private commercial credit, not combined into a single package with a single set of financial terms, to finance exports; and
(6) the term “Bank” means the Export-Import Bank of the United States.
(Pub. L. 98–181, title I [title VI, § 647], Nov. 30, 1983, 97 Stat. 1265.)