Page:United States Statutes at Large Volume 100 Part 2.djvu/103

 PUBLIC LAW 99-472—OCT. 15, 1986

100 STAT. 1205

"(2) the foreign noncompetitive financing has been withdrawn.", (b) TECHNICAL AND CONFORMING AMENDMENT.—Section 1912(a)(l)

of the Export-Import Bank Act Amendments of 1978 (12 U.S.C. 635a-3(a)(l)) is amended by inserting "irrespective of whether these credits are being offered by governments which are signatories to such standstills, minutes, or practices," after "major export countries have agreed,". SEC. 16. REPORT ON ROLE OF PRIVATE INSURANCE. Not later than October 1, 1987, the Export-Import Bank of the United States and the Office of Management and Budget shall jointly prepare and transmit to the Congress, and the General Accounting Office shall prepare and transmit to the Congress, reports analyzing— (1) the need for United States Government involvement in export credit insurance, considering the current activities of private insurance companies in this area, private insurance industry trends over the longer term, and ways in which private insurance companies can be encouraged by the Bank to maximize export credit insureuice activities; (2) the need to employ an agent in administering governmentsupported insurance programs which are determined to be necessary; and (3) the efficiency and effectiveness of continuing to utilize the Foreign Credit Insurance Association as the Bank's agent (including an analysis of the administrative and economic cost to the government and the Bank of maintaining the Foreign Credit Insurance Association). SEC. 17. CONFORMING AMENDMENT RELATING TO CREDIT AUTHORITY.

The second sentence of section 7(a) of the Export-Import Bank Act Ante, p. 1204. of 1945 is amended by inserting "and credit" immediately after the words "All spending". SEC. 18. DIRECTORS' TERMS.

Section 3(c)(8) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(c)(8)) is amended by adding at the end thereof the following new subparagraph: "(E) Any director whose term has expired may continue to serve on the Board of Directors until the earlier of— "(i) the date on which such director's successor is qualified; or "(ii) the end of the 6-month period beginning on the date such director's term expires.". SEC. 19. TIED AID CREDIT WAR CHEST.

Grants.

The Export-Import Bank Act of 1945 is amended by adding at the 12 USC 635 note end thereof the following new section: "SEC. 15. TIED AID CREDIT PROGRAM AND FUND.

"(a) FINDINGS.—The Congress finds that— "(1) tied aid and partially untied aid credits offered by other countries are a predacious 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;

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