Page:United States Statutes at Large Volume 92 Part 3.djvu/1094

 92 STAT. 3726

PUBLIC LAW 95-630—NOV. 10, 1978

supported export financing, and shall, in cooperation with other appropriate United States Government agencies, seek to reach international agreements to reduce Government subsidized export financing. In order to carry out the purposes of this subsection, the Bank shall consult with the Secretary of Agriculture and where the Secretary of Agriculture has recommended against Bank financing of the export of a particular agricultural commodity, shall take such recommendation into consideration in determining whether to provide credit or other assistance for any export sale of such commodity, and shall consider the importance of agricultural commodity exports to the United States export market and the nation's balance of trade in deciding whether or not to provide assistance under this subsection. The Bank shall include in the report to Congress under section 9(a) of this Act a description of the measures undertaken by it pursuant to this subsection.". SEC. 1910. Section 2(b)(1)(A) of the Export-Import Bank Act of 12 USC 635. 1945 is amended by striking the words "goods and related services" in the first sentence and inserting in lieu thereof "manufactured goods, agricultural products, and other goods and services". Regulations. SEC. 1911. The Bank shall implement such regulations and proce12 USC 635adures as may be appropriate to insure that full consideration is given to the extent to which any loan or financial guarantee is likely to have an adverse effect on industries, including agriculture, and employment in the United States, either by reducing demand for goods produced in the United States or by increasing imports to the United States. To carry out the purposes of this subsection, the Bank shall request, and the United States International Trade Commission shall furnish, a report assessing the impact of the Bank's activities on industries and employment in the United States. Such report shall include an assessment of previous loans or financial guarantees and shall provide recommendations concerning general areas which may adversely affect domestic industries, including agriculture, and employment. Inquiry. SEC. 1912. (a)(1) Upon receipt of information that foreign sales 12 USC 635a-3. to the United States are being offered involving foreign official export credits which exceed limits under existing standstills, minutes, or practices to which the United States and other major exporting countries have agreed, the Secretary of the Treasury shall immediately t"it!f*t^H conduct an inquiry to determine whether "noncompetitive financing" ••'W is being offered. (2) If the Secretary determines that such foreign "noncompetitive" financing is being offered, he shall request the immediate withdrawal of such financing by the foreign official export credit agency involved. Notification. (3) If the offer is not withdrawn or if there is no immediate response to the withdrawal request, the Secretary of the Treasury shall notify the country offering such financing and all parties to the proposed
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transaction that the Eximbank may be authorized to provide competing United States sellers with financing to match that available through the foreign official export financing entity. (b) The Secretary of the Treasury shall only issue such authorization to the Bank to provide guarantees, insurance and credits to competing United States sellers, if he determines that: (1) the availability of foreign official noncompetitive financing is likely to be a determining factor in the sale, and (2) the foreign noncompetitive financing has not been withdrawn on the date the Bank is authorized to provide competitive financing.

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