Page:United States Statutes at Large Volume 82.djvu/339

 82 STAT. ]

PUBLIC LAW 90-391-JULY 7, 1968

of the contractual liability of guarantees and insurance outstanding at any one time under this Act shall not exceed $500,000,000. (c) The Board of Directors of the Bank shall submit to the Congress for the calendar quarter ending September 30, 1968, and for each calendar quarter thereafter a report of all actions taken under authority of this Act during such quarter. SEC. 2. I n the event of any losses, as determined by the Board of Directors of the Bank, incurred on loans, guarantees, and insurance extended under this Act, the first $100,000,000 of such losses shall be borne by the Bank; the second $100,000,000 of such losses shall be borne by the Secretary of the Treasury; and any losses in excess thereof shall be borne by the Bank. Reimbursement of the Bank by the Secretary of the Treasury of the amount of losses which are to be borne by the Secretary of the Treasury as aforesaid shall be from funds made available pursuant to section 3 of this Act. All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the Government of the United States of America. SEC. 3. There are hereby authorized to be appropriated to the Secretary of the Treasury without fiscal year limitation $100,000,000 to cover the amount of any losses which are to be borne by the Secretary of the Treasury as provided in section 2 hereof. SEC. 4. Nothing in this Act shall be construed as a limitation on the powers of the Bank under the Export-Import Bank Act of 1945, as amended; and except as to the standard of reasonable assurance of repayment required under section 2(b)(1) of that Act, all loans, guarantees, and insurance extended hereunder shall be subject to the provisions of said Export-Import Bank Act of 1945, as amended, and to the policies of the Bank with respect to terms of repayment, interest rates, fees, and premiums applicable to loans, guarantees, and insurance extended under that Act. SEC. 5. The Bank shall not extend loans, guarantees, or insurance under this Act in connection with the sale of defense articles or defense services. Approved July 7, 1968.

297

Report to Congress.

Losses.

Contingent obligations.

Appropriation.

59 Stat. 526. 12 USC 6.35 note. Ante, p. 47.

Prohibition.

Public Law 90-391 AN ACT To amend the Vocational Rehabilitation Act to extend the authorization of grants to States for rehabilitation services, to broaden the sc'ope of goods and services available under that Act for the handicapped, and for other I)urpohVs.

Be it enacted by the Senate and Tloune of RepreHentatlven of the United States of America in Congress assembled, That this Act may be cited as the "Vocational Rehabilitation Amendments of 1968''.

July 7, 1968 [H.R. 16819]

Vocational Rehabilitation Amendments of 1968.

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