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PUBLIC LAW 93-646-JAN. 4, 1975

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Public Law 93-646 AN ACT

January 4, 1975

To amend the E x p o r t - I m p o r t B a n k Act of 1945, and for other purposes.

Be it enacted by the Senate aind House of Representatives United States of America in Congress assembled. '

'' SHORT TITLE

[H. R. 15977]

of the

'

1. This Act may be cited as the "Export-Import Bank Amendments of 1974". SECTION

Export-import Bank Amendments of 1974.

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CHARTER AMENDMENTS

SEC. 2. Section 2(a)(1) of the Export-Import Bank Act of 1945 is amended— (1) by inserting in the third sentence immediately after 'other evidences of indebtedness;" the following: "to guarantee, insure, coinsure, and reinsure against political and credit risks of loss;"; (2) by inserting in the third sentence immediately after "competent jurisdiction;" the following: "to represent itself or to contract for representation in all legal and arbitral proceedings outside the United States;"; and (3) by inserting after the fourth sentence the following new sentence: "The Bank is authorized to publish or arrange for the publication of any documents, reports, contracts, or other material necessary in connection with or in furtherance of its objects and purposes without regard to the provisions of section 501 of title 44, United States Code, whenever the Bank determines that publication in accordance with the provisions of such section would not be practicable.".

12 USC 6 3 5.

POLICY

SEC. 3. Section 2(b)(1) of the Export-Import Bank Act of 1945 12 USC 635. is amended to read as follows: "(b)(1)(A) I t is the policy of the United States to foster expansion Expansion of ex of exports of goods and related services, thereby contributing to the servlcesf°° promotion and maintenance of high levels of employment and real income and to the increased development of the productive resources of the United States. To meet this objective, the Export-Import Bank is directed, in the exercise of its functions, to provide guarantees, insurance, and extensions of credit at rates and on terms and other conditions which arc compctitiv^e with the Government-supported rates and terms and other conditions available for the financing of exports from the principal countries whose exporters compete with United States exporters. The Bank shall, in cooperation with the export financing instrumentalities of other governments, seek to minimize competition in government-supported export financing. The Bank ^^^°'^*^/°o""" shall, on a semiannual basis, report to the appropriate committees of ^'^^^^'°" Congress its actions in complying with these directives. In this report m i t t e e s. the Bank shall include a survey of all other major export-financing facilities available from other governments and government-related agencies through which foreign exporters compete with the United States exporters and indicate in specific terms the ways in which the Bank's rates, terms, and other conditions compare with those offered from such other governments directly or indirectly. Further, the Bank shall at the same time survey a representative number of United States exporters and United States commercial lending institutions which provide export credit to determine their experience in meeting financial competition from other countries whose exporters compete

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