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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
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-635d-issuance-of-debentures-bonds-etc-obligations-redeemable-payment-of-inter--dcdf11baa0.md
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Source location: Title 12, Chapter 6A, § 635d; chapter-6a-export-import-bank-of-the-united-states.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 31, 1945, ch. 341, § 5, 59 Stat. 528, related to reimbursement of Reconstruction Finance Corporation for cancellation of Bank stock, public debt transactions, and payment of accumulated dividends.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 635c
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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
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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
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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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Federal law — U.S. Code and appendices · legal_authorities
Page 235
TITLE 12—BANKS AND BANKING
§ 635d
after, the Inspector General shall submit to the
Committee on Banking, Housing, and Urban Af-
fairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives a
written report containing all findings and deter-
minations made in carrying out subsection (a).
(Pub. L. 114–94, div. E, title LI, § 51007, Dec. 4,
2015, 129 Stat. 1766.)
Editorial Notes
REFERENCES IN TEXT
Section 635a(l) of this title, as amended by section
51005, referred to in subsec. (a), is section 635a(l) of this
title, as amended by section 51005 of Pub. L. 114–94.
CODIFICATION
Section was enacted as part of the Fixing America’s
Surface Transportation Act, also known as the FAST
Act, and not as part of the Export-Import Bank Act of
1945 which comprises this subchapter.
§ 635b. Capitalization of Bank; method of capital
stock payments; public-debt transactions;
issuance of stock certificates
The Export-Import Bank of the United States
shall have a capital stock of $1,000,000,000 sub-
scribed by the United States. Certificates evi-
dencing stock ownership of the United States
shall be issued by the Bank to the President of
the United States, or to such other person or
persons as the President may designate from
time to time, to the extent of payments made
for the capital stock of the Bank.
(July 31, 1945, ch. 341, § 4, 59 Stat. 528; Pub. L.
90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L.
98–181, title I [title VI, § 620(c)], Nov. 30, 1983, 97
Stat. 1261; Pub. L. 102–429, title I, § 121(b), Oct. 21,
1992, 106 Stat. 2198.)
Editorial Notes
AMENDMENTS
1992—Pub. L. 102–429 inserted second sentence and
struck out former second through last sentences which
read as follows: ‘‘Payment for $1,000,000 of such c
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 635d
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