A bill to repeal certain provisions of law which impede the normalization of United States-Soviet Union relations.

Amends the Export-Import Bank Act of 1945 to: (1) repeal limitations on the amount of loans, guaranties, and insurance in connection with exports for the Union of Soviet Socialist Republics (U.S.S.R.); and (2) remove Estonia, Latvia, Lithuania, and the U.S.S.R. (including its captive constitutent republics) from the list of Marxist-Leninist countries.

Amends the Trade Act of 1974 to remove the limitation on credit to the U.S.S.R.