Page:United States Statutes at Large Volume 100 Part 2.djvu/107

 PUBLIC LAW 99-472—(Xrr. 15, 1986

100 STAT. 1209

SEC. 20. INTEREST SUBSIDY PAYMENTS.

Loans.

(a) IN GENERAL.—Section 2 of the Export-Import Bank Act of 1945 (as amended by section 11) is amended by adding at the end thereof Ante, p. 1203. the following new subsection: "(f) INTEREST SUBSIDY PAYMENTS.— "(1) PAYMENTS AUTHORIZED.—The

Bank may enter into commitments to make payments to commercial lending institutions and other lenders, in such amounts as the Bank may determine to be appropriate, to provide a sufficient return on loans by such lenders (including loans guaranteed by the Bank) in support of United States exports (of goods or services) when financing at less than market rates is required for such exports in order to respond to subsidized financing offered by foreign export credit agencies. "(2)

AUTHORITY TO MAKE PAYMENTS SUBJECT TO MINIMUM

AMOUNT OF DIRECT LOAN AUTHORITY.—The authority to enter into commitments to make interest subsidy payments under paragraph (1) shall be effective for any fiscal year only if the aggregate principal amount of direct loans the Bank may obligate in such fiscal year is equal to or greater than $700,000,000. "(3) PAYMENTS ALLOWED ONLY FROM FUNDS APPROPRIATED FOR

SUCH PURPOSE.—The estimated aggregate amount of commitments entered into by the Bank under paragraph (1) in any fiscal year beginning after fiscal year 1986 may not exceed the amount of funds appropriated to the Bank for such purposes for such fiscal year. "(4) AUTHORIZATION OF APPROPRIATIONS.—

"(A) IN GENERAL.—Subject to subparagraph (B), there are authorized to be appropriated to the Bank, for any fiscal year beginning after fiscal year 1986, such sums as may be necessary to carry out the purposes of this subsection. "(B) BUDGET SCORING.—No amount is authorized to be appropriated for commitments to make interest subsidy payments on loans for which the Bank extends a loan guarantee commitment if any amount of such loan guarantee commitment is scored as budget authority in any estimate of budget authority prepared pursuant to any provision of the Congressional Budget and Impoundment Control Act of 1974. 2 USC 621 note. "(5) SUNSET PROVISION.—The authority to enter into commitments to make interest subsidy payments shall lapse on October 1, 1988.". (b) GAO REPORT ON INTEREST SUBSIDY PAYMENTS.—Section 9 of the

Export-Import Bank Act of 1945 (12 U.S.C. 635g) is amended by adding at the end thereof the following new subsection: "(e) GAO REPORT ON INTEREST SUBSIDY PAYMENTS.— "(1) REPORT REQUIRED,—Not later than March

1, 1988, the Comptroller General of the United States shall transmit to both Houses of the Congress a report on the manner in which and the extent to which the Bank is exercising its authority to make interest subsidy payments under section 2(f). Supra. "(2) CONTENTS OF REPORT.—The report required "finder paragraph (1) with respect to interest subsidy payments shall— "(A) compare the efficiency and competitiveness of interest subsidy payments with the efficiency and competi-

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