Page:United States Statutes at Large Volume 123.djvu/2033

 123STA T . 2 0 13 PUBLIC LA W 111 –67— S E PT. 30 , 200 9‘ ‘ (A)theloanisf o r ana c ti v it y that s up ports the pro d uc - tion or supply of an industrial resource , critical technolo g y ite m , or material that is essential to the national defense ‘‘( B ) w ithout the loan, U nited S tates industry cannot reasona b lybee x pected to provide the needed capacity, technological processes, or materials in a timely manner; ‘‘( C ) the loan is the most cost-effective, expedient, and practical alternative method for meeting the need; ‘‘( D ) the prospective earning power of the loan applicant and the character and value of the security pledged provide a reasonable assurance of repayment of the loan in accordance with the terms of the loan, as determined by the P resident; and ‘‘( E ) the loan bears interest at a rate determined by the Secretary of the T reasury to be reasonable, ta k ing into account the then-current average yield on outstanding obligations of the United States with remaining periods of maturity comparable to the maturity of the loan . ‘‘(c) LIM I TA TI ONS ON LOANS. — Loans under this section may be— ‘‘( 1 ) made or guaranteed under the authority of this section only to the extent that an appropriations Act— ‘‘(A) provides, in advance, budget authority for the cost of such guarantees, as defined in section 502 of the F ederal Credit R eform Act of 1 9 90 (2 U.S.C. 6 61a); and ‘‘(B) establishes a limitation on the total loan principal that may be guaranteed; and ‘‘(2) made without regard to the limitations of existing law, other than section 1 34 1 of title 31, United States Code. ‘‘(d) A G G RE GATE LOAN AMO U NTS.— ‘‘(1) I N GENERA L .—If the making of any loan under this section to correct a shortfall would cause the aggregate out- standing amount of all obligations of the Federal G overnment under this title relating to such shortfall to exceed $ 50,000,000, such loan may be made only— ‘‘(A) if the President has notified the Committee on Banking, H ousing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Rep- resentatives, in writing, of the proposed loan; and ‘‘(B) after the 30-day period following the date on which notice under subparagraph (A) is provided. ‘‘(2) W AI V ERS AUT H ORI Z E D .—The re q uirements of paragraph (1) may be waived— ‘‘(A) during a period of national emergency declared by the Congress or the President; and ‘‘(B) upon a determination by the President, on a non- delegable basis, that a specific loan is necessary to avert an industrial resource or critical technology shortfall that would severely impair national defense capability. ‘ ‘ SEC.30 3. OTH E RP RES ID E N TI AL ACTION A U THORI Z ED. ‘‘(a) IN GENERAL.— ‘‘(1) IN GENERAL.—To create, maintain, protect, expand, or restore domestic industrial base capabilities essential for the national defense, the President may make provision— 50USCap p .2 0 93 . Notif i c atio n .