Export-Import Bank Act Amendments of 1983

Summary

Export-Import Bank Act Amendments of 1983 - Amends the Export-Import Bank Act of 1945 to extend the authority of the Export-Import Bank of the United States until September 30, 1985. Declares that it is the policy of the United States to insist that participants in the Guidelines for Officially Supported Export Credits honor their pledge not to offer "tied aid credit" containing a grant element less than the minimum specified in the Guidelines. Defines "tied aid credit" to mean credit which is: (1) provided for development aid purposes; (2) financed by public funds or, as a mixed credit, partly from public and partly from private funds; and (3) tied to the purchase of exports from the country granting the credit. Declares that the United States shall try to negotiate an increase in the minimum grant element of tied aid credits. Establishes the Competitive Tied Aid Fund. Requires the money in the Fund to be used to cover a portion of the subsidy contained in any credit granted by the Bank. Permits the Bank to extend such credit only if the Board of Directors and the Secretary of the Treasury determine that: (1) the credit will help U.S. exports competing with exports assisted by foreign official financing in the form of a tied aid credit; (2) the foreign official financing is an abuse of the tied aid credit; and (3) the Secretary of the Treasury determines that the Bank has properly calculated the portion of the subsidy to be covered by money in the Fund. Sets forth the criteria for an abuse of tied aid credit. Prohibits the Board from approving tied aid credit unless a portion of its subsidy is covered by funds drawn from the Fund. Requires the Board to report to both Houses of Congress on any approved tied aid credit within 30 days of approving it. Authorizes appropriations. Requires the Board to calculate the subsidy contained in any loan before approving the loan. Directs the Bank to publish the subsidy on each loan in its annual report and to specify the subsidy on any loan described in a statement to Congress. Prohibits the Board from approving new loans or guarantees until Congress has appropriated funds to increase the Bank's capital stock if, at the end of any quarter of any fiscal year after FY 1983, the value of the total capital stock and retained earnings of the Bank falls below 50 percent of the capital stock and retained earnings of the Bank at the end of FY 1983.

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Timeline

1. 13 April 1983

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 13 April 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 April 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 19 April 1983

   Referred

   Referred to Subcommittee on International Trade, Investment and Monetary Policy.

   Source: Committee

5. 19 April 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 20 April 1983

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 27 April 1983

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

8. 27 April 1983

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

9. 28 April 1983

   Committee

   For Further Action See H.R.2842.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 13 April 1983

  Open at official source

Sponsors

• Rep. Neal, Stephen L. [D-NC-5] · D · Sponsor
• · hsba00 · Standing

Related records

• related to ← Export-Import Bank Act Amendments of 1983