republic-os/legal/us/code/title-12/chapter-6a/section-635d.md

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LegalText	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	us	united_states_code	code_section	12	BANKS AND BANKING	6A	EXPORT-IMPORT BANK OF THE UNITED STATES	635d	12 U.S.C. § 635d	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s635d	data/legal/raw/us/code/title-12/usc12.xml	b24e304942a83790bb65936c77ff54a16e219d2a3abdd7dfacc347527019ffc5	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	aae4e81e10ff283f845e7551bffbbd3594c0b3677017e98231d0b6d3578514ff	2026-07-04	official	legal us-code

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.