§ 635j. — Export financing program to foster foreign trade and commercial interest of the United States.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635j]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER II--EXPORT FINANCING
Sec. 635j. Export financing program to foster foreign trade and
commercial interest of the United States
(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, Sec. 1, July 7, 1968, 82 Stat. 296; Pub. L. 96-470,
title I, Sec. 115, Oct. 19, 1980, 94 Stat. 2240.)
Amendments
1980--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.
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.
Termination of Advisory Committees
Advisory 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 14 of Pub. L. 92-463, Oct. 6,
1972, 86 Stat. 770, set out in the Appendix to Title 5, Government
Organization and Employees.
