Financial Export Control Act

Summary

Financial Export Control Act - Amends the Export Administration Act to state congressional findings that loans and other transfers of capital to the Soviet Union and its allies increase the ability of those countries to obtain sensitive goods and technology and to more easily divert funds to purposes inimical to U.S. interests. Declares that it is U.S. policy to use export controls to: (1) restrict the export of capital, the extension of credit, or the transfer of financial resources to destinations or persons abroad in order to promote the national security, including antiterrorism, interests of the United States; and (2) restrict the export of goods and technology where such export will likely support terrorism against U.S. citizens or benefit terrorists or countries supporting international terrorism. Authorizes the President to restrict the export or transfer of goods and technology if such export will likely support terrorism against U.S. citizens or benefit terrorists or countries supporting international terrorism. Provides for negotiations with other countries to obtain their cooperation with such export controls on capital, goods, and technology. Requires export license applications for the export of capital to be submitted to the Secretary of the Treasury, who shall make all determinations with respect to such application. Requires the annual report on the administration of the Export Administration Act of 1979 to include a report on actions taken to carry out export controls on capital. Amends the Federal Deposit Insurance Act to require that any notice of a change in control of an insured bank include the nationality of the person or persons making the acquisition. Sets forth criminal penalties for violation of any change in control requirement. Requires Federal banking agencies to disapprove any proposed acquisition which would result in the ownership or control of an insured bank by a country subject to national security export controls or a national agency, or instrumentality of any such country.

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Timeline

1. 19 March 1987

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 19 March 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 March 1987

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Bumpers, Dale [D-AR] · D · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• Sen. Hecht, Chic [R-NV] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Cosponsor
• · ssbk00 · Standing

Related records

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