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12 U.S.C. § 635e — Aggregate loan, guarantee, and insurance authority
Federal law — U.S. Code and appendices · legal_authorities
**(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 defined** — In this subsection, the term “applicable amount”, for each of fiscal years 2020 through 2027, means $135,000,000,000.
(3) **Freezing of lending cap if default rate is 2 percent or more** — If the rate calculated under [section 635g(g)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635g/g/1&num=0&edition=prelim) is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under [section 635g(g)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635g/g/1&num=0&edition=prelim) is less than 2 percent.
(4) **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) Reserve requirement** The Bank shall build to and hold in reserve, to protect against future losses, an amount that is not less than 5 percent of the aggregate amount of disbursed and outstanding loans, guarantees, and insurance of the Bank.
**(c) 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 export
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Source file: Laws/federal/codes/united-states-code/title-12/section-635e-aggregate-loan-guarantee-and-insurance-authority--a82bd4262e.md
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Source location: Title 12, Chapter 6A, § 635e; chapter-6a-export-import-bank-of-the-united-states.md
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**(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 defined** — In this subsection, the term “applicable amount”, for each of fiscal years 2020 through 2027, means $135,000,000,000.
(3) **Freezing of lending cap if default rate is 2 percent or more** — If the rate calculated under [section 635g(g)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635g/g/1&num=0&edition=prelim) is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under [section 635g(g)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635g/g/1&num=0&edition=prelim) is less than 2 percent.
(4) **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) Reserve requirement** The Bank shall build to and hold in reserve, to protect against future losses, an amount that is not less than 5 percent of the aggregate amount of disbursed and outstanding loans, guarantees, and insurance of the Bank.
**(c) 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.
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635d
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General banking business; use of mails; publication of documents, reports, contracts, etc.; use of assets and allocated or borrowed money; payment of dividends; medium-term financing; dissemination of information; enhancement of medium-term program**
(1) There is created a corporation with the name Export-Import Bank of the United States, which shall be an agency of the United States of America. The objects and purposes of the Bank shall be to aid in financing and to facilitate exports of goods and services, imports, and the exchange of commodities and services between the United States or any of its territories or insular possessions and any foreign country or the agencies or nationals of any such country, and in so doing to contribute to the employment of United States workers. The Bank’s objective in authorizing loans, guarantees, insurance, and credits shall be to contribute to maintaining or increasing employment of United States workers. In connection with and in furtherance of its objects and purposes, the bank is authorized and empowered to do a general banking business except that of circulation; to receive deposits; to purchase, discount, rediscount, sell, and negotiate, with or without its endorsement or guaranty, and to guarantee notes, drafts, checks, bills of exchange, acceptances, including bankers’ acceptances, cable transfers, and other evidences of indebtedness; to guarantee, insure, coinsure, and reinsure against political and credit risks of loss; to purchase, sell, and guarantee securities but not to purchase with its funds any stock in any other corporation except that it may acquire any such stock through the enforcement of any lien or pledge or otherwise to satisfy a previously contracted indebtedness to it; to accept bills and drafts draw
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635
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Federal law — U.S. Code and appendices · legal_authorities
**(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 direc
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635a
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Federal law — U.S. Code and appendices · legal_authorities
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635f
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635e&num=0&edition=prelim); 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section635/c/1&num=0&edition=prelim), 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635j
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allocation and transfer of funds** The President may allocate or transfer to any agency of the United States Government any part of any funds available for carrying out the purposes of this chapter, including any advance to the United States Government by any country or international organization for the procurement of commodities, defense articles, military education and training, or services (including defense services). Such funds shall be available for obligation and expenditure for the purposes for which authorized, in accordance with authority granted in this chapter or under authority governing the activities of the agencies of the United States Government to which such funds are allocated or transferred.
**(b) Utilization of services and facilities of other agencies** Any officer of the United States Government carrying out functions under this chapter may utilize the services (including defense services) and facilities of, or procure commodities, defense articles, or military education and training from, any agency of the United States Government as the President shall direct, or with the consent of the head of such agency, and funds allocated pursuant to this subsection to any such agency may be established in separate appropriation accounts on the books of the Treasury.
**(c) Reimbursement for commodities, services, and facilities** In the case of any commodity, service, or facility procured from any agency of the United States Government to carry out subchapter I of this chapter, reimbursement or payment shall be made to such agency from funds available to carry out such subchapter. Such reimbursement or payment shall be at replacement cost, or, if required by law, at actual cost, or, in the case of services procured from the Department of Defense to
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 2392
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Federal law — U.S. Code and appendices · legal_authorities
Page 236
TITLE 12—BANKS AND BANKING
§ 635e
AMENDMENTS
1975—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 out-
standing obligations of comparable maturity, for provi-
sion 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 sec-
ond sentence and added the third sentence relating to
the rate of interest on obligations.
Statutory Notes and Related Subsidiaries
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.
BOARD OF DIRECTORS
A Board of Directors reestablished for the Export-Im-
port Bank of Washington, see note under section 635 of
this title.
§ 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 defined
In this subsection, the term ‘‘applicable
amount’’, for each of fiscal years 2020 through
2027, means $135,000,000,000.
(3) Freezing of lending cap if default rate
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 635e
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.