12 U.S.C. § 635i — Untitled legal text

Page 243 TITLE 12—BANKS AND BANKING § 635i–3 section in a separate and confidential report, instead of providing such information in the report required by this subsection. (b) Inclusion of additional comments The report required by subsection (a) shall in- clude such additional comments as any member of the Board of Directors may submit to the Board for inclusion in the report. (c) Appropriate congressional committees The term ‘‘appropriate congressional commit- tees’’ means the Committee on Financial Serv- ices of the House of Representatives and the Committee on Banking, Housing, and Urban Af- fairs of the Senate. (July 31, 1945, ch. 341, § 8A, as added Pub. L. 109–438, § 13(a), Dec. 20, 2006, 120 Stat. 3277.) § 635h. Exemption from prohibition of section 955 of title 18 Notwithstanding the provisions of section 955 of title 18, any person, including any individual, partnership, corporation, or association, may act for or participate with the Export-Import Bank of the United States in any operation or transaction, or may acquire any obligation issued in connection with any operation or transaction, engaged in by the Bank. (July 31, 1945, ch. 341, § 9, formerly § 11, 59 Stat. 529; Sept. 3, 1954, ch. 1263, § 29, 68 Stat. 1237; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; renum- bered § 9, Pub. L. 102–429, title I, § 121(c)(3), Oct. 21, 1992, 106 Stat. 2199.) Editorial Notes PRIOR PROVISIONS A prior section 9 of act July 31, 1945, ch. 341, was re- numbered section 8 and is classified to section 635g of this title. AMENDMENTS 1968—Pub. L. 90–267 changed name of ‘‘Export-Import Bank of Washington’’ to ‘‘Export-Import Bank of the United States’’. 1954—Act Sept. 3, 1954, substituted ‘‘section 955 of title 18’’ for ‘‘section 804a of title 31’’. §§ 635i to 635i–2. Repealed. Pub. L. 102–429, title I, § 121(c)(1), Oct. 21, 1992, 106 Stat. 2199 Section 635i, act July 31, 1945, ch. 341, § 12, as added June 9, 1947, ch. 101, § 4, 61 Stat. 131; amended Mar. 13, 1968, Pub. L. 90–267, § 1(a), 82 Stat. 47, related to assump- tion of rights and liabilities of existing Bank by Ex- port-Import Bank of the United States including trans- fer of funds, property, personnel, etc. Section 635i–1, act July 31, 1945, ch. 341, § 13, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VI, § 619(a)], 97 Stat. 1260, related to establishment of special facilities in support of export transactions to Brazil and Mexico. Section 635i–2, act July 31, 1945, ch. 341, § 14, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VI, § 621], 97 Stat. 1261, related to notification to Congress of de- crease in capital level of Bank. § 635i–3. Tied Aid Credit Fund and program (a) Findings The Congress finds that— (1) tied aid and partially untied aid credits offered by other countries are a predatory method of financing exports because of their market-distorting effects; (2) these distortions have caused the United States to lose export sales, with resulting losses in economic growth and employment; (3) these practices undermine market mech- anisms that would otherwise result in export purchase decisions made on the basis of price, quality, delivery, and other factors directly related to the export, where official financing is not subsidized and would be a neutral factor in the transaction; (4) support of commercial exports by donor countries with tied aid and partially untied aid credits impedes the growth of developing countries because it diverts development as- sistance funds from essential developmental purposes; (5) the Bank has, at a minimum, the fol- lowing two tasks— (A)(i) first, the Bank should match foreign export credit agencies and aid agencies when they engage in tied aid outside the confines of the Arrangement and when they exploit loopholes, such as untied aid; (ii) such matching is needed to provide the United States with leverage in efforts at the OECD to reduce the overall level of export subsidies; (iii) only through matching foreign export credit offers can the Bank buttress United States negotiators in their efforts to bring these loopholes within the disciplines of the Arrangement; and (iv) in order to bring untied aid within the discipline of the Arrangement, the Bank should consider initiating highly competi- tive financial support when the Bank learns that foreign untied aid offers will be made; and (B) second, the Bank should support United States exporters when the exporters face foreign competition that is consistent with the Arrangement and the Subsidies Code of the World Trade Organization, but which places United States exporters at a competitive disadvantage; and (6) there should be established in the Bank a tied aid program to target the export markets of those countries, including those that are not a party to the Arrangement, which make extensive use of tied aid or partially untied aid credits, or untied aid used to promote ex- ports as if it were tied aid, for commercial ad- vantage for the purposes of— (A) enforcing compliance with the existing Arrangement restricting the use of tied aid and partially untied aid credits for commer- cial purposes; and (B) facilitating efforts to negotiate, estab- lish, and enforce new or revised comprehen- sive international arrangements effectively restricting the use of tied aid and partially untied aid credits, or untied aid used to pro- mote exports as if it were tied aid, for com- mercial purposes; and (C) promoting compliance with Arrange- ment rules among foreign export credit agencies that are not a party to the Ar- rangement; and such program should be used aggressively for such purposes.