§ 635e. — Aggregate loan, guarantee, and insurance authority.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635e]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 635e. Aggregate loan, guarantee, and insurance authority
(a) Limitation on outstanding amounts
(1) In general
The Export-Import Bank of the United States shall not have
outstanding at any one time loans, guarantees, and insurance in an
aggregate amount in excess of the applicable amount.
(2) Applicable amount
In paragraph (1), the term ``applicable amount'' means--
(A) during fiscal year 2002, $80,000,000,000;
(B) during fiscal year 2003, $85,000,000,000;
(C) during fiscal year 2004, $90,000,000,000;
(D) during fiscal year 2005, $95,000,000,000; and
(E) during fiscal year 2006, $100,000,000,000.
(3) Subject to appropriations
All spending and credit authority provided under this subchapter
shall be effective for any fiscal year only to such extent or in
such amounts as are provided in appropriation Acts.
(b) Presidential determination
(1) In general
Not later than March 31 of each fiscal year, the President of
the United States shall determine whether the authority available to
the Bank for such fiscal year will be sufficient to meet the Bank's
needs, particularly those needs arising from--
(A) increases in the level of exports unforeseen at the time
of the original budget request for such fiscal year;
(B) any increased foreign export credit subsidies; or
(C) the lack of progress in negotiations to reduce or
eliminate export credit subsidies.
(2) Request for legislation
(A) In general
If the President of the United States finds that the amount
of direct loan authority or guarantee authority available to the
Bank for the fiscal year involved exceeds the amount which will
be necessary to carry out the Bank's functions consistent with
the availability of qualified applications and limitations
imposed by law during such year, the President of the United
States shall promptly transmit to the Congress a request for
legislation to eliminate the amount of such excess direct loan,
loan guarantee, or insurance authority.
(B) Continued availability of authority
The Bank shall continue to make remaining amounts of its
authority available for the fiscal year involved, in accordance
with its practices and the requirements of this subchapter,
unless otherwise directed pursuant to law.
(July 31, 1945, ch. 341, Sec. 6, formerly Sec. 7, 59 Stat. 529; Oct. 3,
1951, ch. 445, Sec. 1(b), 65 Stat. 367; May 21, 1953, ch. 64, Sec. 2, 67
Stat. 28; Aug. 9, 1954, ch. 660, Sec. 3(b), 68 Stat. 678; Pub. L. 85-
424, Sec. 1(2), May 22, 1958, 72 Stat. 133; Pub. L. 88-101, Sec. 1(b),
Aug. 20, 1963, 77 Stat. 128; Pub. L. 90-267, Sec. 1(a), (e), Mar. 13,
1968, 82 Stat. 47, 49; Pub. L. 92-126, Sec. 1(b)(3), Aug. 17, 1971, 85
Stat. 345; Pub. L. 93-646, Sec. 8, Jan. 4, 1975, 88 Stat. 2336; Pub. L.
95-630, title XIX, Secs. 1905, 1914, Nov. 10, 1978, 92 Stat. 3725, 3727;
Pub. L. 97-35, title III, Sec. 381(a), Aug. 13, 1981, 95 Stat. 431; Pub.
L. 98-181, title VI, Secs. 615, 620(d), Nov. 30, 1983, 97 Stat. 1256,
1261; Pub. L. 99-472, Secs. 13, 17, Oct. 15, 1986, 100 Stat. 1204, 1205;
Pub. L. 102-145, Sec. 121(1), Oct. 28, 1991, as added Pub. L. 102-266,
Sec. 102, Apr. 1, 1992, 106 Stat. 95; renumbered Sec. 6 and amended Pub.
L. 102-429, title I, Secs. 109(b), 121(c)(2), Oct. 21, 1992, 106 Stat.
2193, 2199; Pub. L. 106-569, title XI, Sec. 1104(a)(3), Dec. 27, 2000,
114 Stat. 3031; Pub. L. 107-189, Sec. 5, June 14, 2002, 116 Stat. 699.)
Prior Provisions
A prior section 6 of act July 31, 1945, ch. 341, was renumbered
section 5 and is classified to section 635d of this title.
Amendments
2002--Subsec. (a). Pub. L. 107-189 reenacted heading without change
and amended text generally. Prior to amendment, text read as follows:
``The Export-Import Bank of the United States shall not have outstanding
at any one time loans, guaranties, and insurance in an aggregate amount
in excess of $75,000,000,000. All spending and credit authority provided
under this subchapter shall be effective for any fiscal year only to
such extent or in such amounts as are provided in appropriation Acts.''
2000--Subsec. (b)(2), (3). Pub. L. 106-569 redesignated par. (3) as
(2) and struck out heading and text of former par. (2). Text read as
follows: ``Not later than April 15 of each year, the President of the
United States shall transmit to the Congress a report on such
determination.''
1992--Pub. L. 102-429, Sec. 109(b), inserted section catchline,
redesignated former subsec. (a)(1) as subsec. (a), inserted subsec.
heading, substituted ``$75,000,000,000'' for ``$40,000,000,000'',
redesignated former subsec. (a)(2) as subsec. (b), redesignated former
subpar. (A)(i) as par. (1), former subcls. (I) to (III) as subpars. (A)
to (C), respectively, former subpar. (A)(ii) as par. (2), former subpar.
(B) as par. (3), and former cls. (i) and (ii) as subpars. (A) and (B),
respectively, inserted headings for subsec. (b), pars. (1) to (3), and
subpars. (A) and (B) of par. (3), and struck out former subsec. (a)(3)
which read as follows: ``Authorization of Appropriation.--There are
authorized to be appropriated $145,259,000 for fiscal year 1987 to cover
the subsidy cost of new direct loans obligated by the Bank in that
fiscal year. Any amounts appropriated under this paragraph shall be
permanent additions to the capital and reserves of the Bank.''
1991--Subsec. (b). Pub. L. 102-145, Sec. 121(1), as added by Pub. L.
102-266, struck out subsec. (b) which read as follows: ``After January
4, 1975, the Bank shall not approve any loans or financial guarantees,
or combination thereof, in connection with exports to the Union of
Soviet Socialist Republics in an aggregate amount in excess of
$300,000,000. No such loan or financial guarantee, or combination
thereof, shall be for the purchase, lease, or procurement of any product
or service for production (including processing and distribution) of
fossil fuel energy resources. Not more than $40,000,000 of such
aggregate amount shall be for the purchase, lease, or procurement of any
product or service which involves research or exploration of fossil fuel
energy resources. The President may establish a limitation in excess of
$300,000,000 if the President determines that such higher limitation is
in the national interest and if the President reports such determination
to the Congress together with the reasons therefor, including the amount
of such proposed increase which would be available for the export of
products and services for research, exploration, and production
(including processing and distribution) of fossil fuel energy resources
in the Union of Soviet Socialist Republics, and if, after the receipt of
such report together with the reasons, the Congress adopts a concurrent
resolution approving such determination.''
1986--Subsec. (a)(1). Pub. L. 99-472, Sec. 17, substituted ``All
spending and credit authority'' for ``All spending authority''.
Subsec. (a)(3). Pub. L. 99-472, Sec. 13, added par. (3).
1983--Subsec. (a)(2). Pub. L. 98-181, Sec. 615, amended par. (2)
generally, substituting provisions requiring a Presidential
determination, not later than March 31 of each fiscal year, as to
whether the authority available to the Bank for such fiscal year will be
sufficient to meet the Bank's needs, requiring the President to transmit
to Congress a report on such determination no later than April 15 of
each year, and establishing procedures if the direct loan or guarantee
authority available exceeds the amount necessary, for provision limiting
gross obligations for the principal amount of direct loans authorized by
the Bank during fiscal years 1982 and 1983 to $10,478,000,000, and
designating specified amounts thereof for each fiscal year.
Subsec. (b). Pub. L. 98-181, Sec. 620(d), substituted ``the
President'' for ``he'' before ``determines that such higher limitation''
and ``reports such determination''.
1981--Subsec. (a). Pub. L. 97-35 designated existing provisions as
par. (1) and added par. (2).
1978--Subsec. (a). Pub. L. 95-630 substituted ``$40,000,000,000''
for ``$25,000,000,000'' and inserted provision that all spending
authority provided under this chapter be effective for any fiscal year
only to such extent or in such amounts as are provided in appropriation
Acts.
1975--Subsec. (a). Pub. L. 93-646, Sec. 8(1), (2), designated
existing provisions as subsec. (a) and substituted ``$25,000,000,000''
for ``$20,000,000,000''.
Subsec. (b). Pub. L. 93-646, Sec. 8(3), added subsec. (b).
1971--Pub. L. 92-126 substituted ``$20,000,000,000'' for
``$13,500,000,000''.
1968--Pub. L. 90-267 changed name of ``Export-Import Bank of
Washington'' to ``Export-Import Bank of the United States'' and
substituted ``$13,500,000,000'' for ``$9,000,000,000''.
1963--Pub. L. 88-101 substituted ``$9,000,000,000'' for
``$7,000,000,000''.
1958--Pub. L. 85-424 substituted ``$7,000,000,000'' for
``$5,000,000,000''.
1954--Act Aug. 9, 1954, substituted ``$5,000,000,000'' for ``four
and one-half times the authorized capital stock of the Bank''.
1953--Act May 21, 1958, substituted ``loans, guaranties, and
insurance'' for ``loans and guaranties''.
1951--Act Oct. 3, 1951, substituted ``four and one-half'' for
``three and one-half''.
Effective Date of 1978 Amendment
Amendment 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.
Effective Date of 1954 Amendment
For effective date of amendment by act Aug. 9, 1954, see note set
out under section 635a of this title.
Section Referred to in Other Sections
This section is referred to in sections 635, 635j of this title;
title 22 section 2392.
