A bill to amend the Export-Import Bank Act of 1945, as amended.

Summary

Requires, under the Export - Import Bank Act, that the prohibition on purchase or lease of products by a Communist country or for use in a communist country may be wavied by the President in the national interest if he reports each transaction to Congress at least 30 days prior to final approval of the transaction. Provides that no loan, guarantee, or insurance, or combination thereof, in an amount which equals or exceeds $50,000,000 shall be finally approved by the Board of Directors of the Bank unless the Bank has submitted to the Congress with respect to such loan, guarantee, or insurance a detailed statement describing the transaction; and the President has transmitted to the Congress a detailed statement of the impact of the proposed loan, guarantee, or insurance on the national security and economy of the United States. Requires the Bank to submit to the Congress, upon request, all such data, documents, and reports. Sets forth rules and procedures to be followed in Congress for consideration of transactions of the Bank. Provides that, after the date of enactment of this Act, the Bank shall not approve loans, guarantees, and insurance in connection with exports to the Union of Soviet Socialist Republics in an aggregate amount in excess of $300,000,000. Provides that after June 30, 1975, the Bank shall issue no loan, guarantee, or insurance in connection with the purchase of any goods or services by a communist country, excluding Romania and Yugoslavia, or any agency or national thereof.

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1 official file

• Introduced in Senate

  summary · EN · 17 June 1974

  Open at official source

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