A bill to amend the Export-Import Bank Act of 1945 to strengthen the oversight role of Congress with respect to extension of credit by the Bank, and for other purposes.

Summary

Revises the Export-Import Bank Act of 1945 by transferring oversight responsibilities with respect to Bank financial dealings with Communist countries, from the President to Congress. (Amends 12 U.S.C. 635(b)) Prohibits the Bank from guaranteeing, insuring, or extending credit with respect to any nonmarket enconomy country which: (1) denies its citizens the right or opportunity to emigrate; (2) imposes more than a nominal tax on documents required for emigration; or (3) imposes more than a nominal tax, levy, fine, or fee on any citizen as a consequence of the desire of such citizen to emigrate to the country of his choice. Repeals those provisions of the Export-Import Bank Act of 1945 which exempt person requiring obligations issued in connection with any operation or transaction engaged in by the Bank from the prohibitions against any individual purchasing or selling the bonds, securities or other obligations of any foreign government currently in default in the payment of its obligations to the United States. (Repeals 12 U.S.C. 635h)

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Documents

1 official file

• Introduced in House

  summary · EN · 22 April 1974

  Open at official source

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