§ 635a-3. — ExportImport Bank financing to match foreign financing.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635a-3]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 635a-3. Export-Import Bank financing to match foreign
financing
(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(3) If the offer is not withdrawn or if there is no immediate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(2) the foreign noncompetitive financing has been withdrawn.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, Sec. 1912, Nov. 10, 1978, 92 Stat. 3726;
Pub. L. 98-181, title VI, Secs. 631, 633, Nov. 30, 1983, 97 Stat. 1262,
1263; Pub. L. 99-472, Sec. 15, Oct. 15, 1986, 100 Stat. 1204.)
References in Text
The Export-Import Bank Act of 1945, as amended, referred to in
subsec. (c), is act July 31, 1945, ch. 341, 59 Stat. 526, as amended,
which is classified generally to subchapter 1 (Sec. 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.
Amendments
1986--Subsec. (a)(1). Pub. L. 99-472, Sec. 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, Sec. 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, Sec. 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, Sec. 633(b), substituted ``the
Secretary shall request'' for ``he shall request''.
Subsec. (b). Pub. L. 98-181, Sec. 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, Sec. 631(2), substituted
``significant factor'' for ``determining factor''.
Effective Date
Section 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.
Section Referred to in Other Sections
This section is referred to in title 19 section 1671g.
