Export - Import Bank Amendments

(LATEST SUMMARY)

Export-Import Bank Amendments - Adds to the powers of the Export-Import Bank the power to guarantee, insure, coinsure, and reinsure against political and credit risks of loss.

Revises the Export-Import Bank Act to provide that the Bank may offer guarantees, insurance, and extensions of credit.

Directs the Bank, in cooperation with comparable institutions of foreign governments, to minimize competition in Government-sponsored export financing.

Directs the Bank to advise small businesses of opportunities offered by the Bank.

Requires that if the Bank, under the authority of the President, extends credit or guarantees to a Communist country, the President shall separately determine for each transaction over $40,000,000 whether it serves the national interest.

Grants the Congress an opportunity to disapprove Bank transactions exceeding $50,000,000.

Sets forth the procedure to be followed in Congress for any such disapproval.

Disallows guarantees, insurance, or extention of credit by the Bank in connection with the purchase or lease of products by a Communist country with respect to which a disapproving resolution has been passed by the Congress.

Prohibits guarantees, insurance, or extension of credit by the Bank in connection with any credit sale of defense articles or services.

Allows 25 percent of the Bank's outstanding amounts to be guarantees and insurance against political and credit risks of loss. Changes the total allowable outstanding amount at anyone time from $20,000,000,000, to $25,000,000,000.

Terminates the Bank's functions on June 30, 1978.

Describes the contents of reports the Bank must file with the Congress.

Declares it to be the sense of the Senate that the President should declare Turkey ineligible for any foreign aid in view of its recent military activities in Cyprus.

Provides that the President may not determine a transaction to be in the national interest if it results in the United States becoming dependent upon any Communist country for essential materials in short supply.

Prohibits the Bank from participating in transactions with any country unless the President certifies to the Congress that neither slavery nor involuntary servitude is practiced in that country.

Prohibits the extention of credit to the Soviet Union until that country allows free emigration of Jews.

Revises the Federal Reserve Act, the Federal Deposit Insurance Act, and the Federal Home Loan Bank Act by providing that no member bank or affiliate thereof may plead, raise, or claim, with respect to any deposit or obligation of such member bank or affiliate, any defense, right, or benefit under any provision of a statute or constitution of a State or of a territory of the United States, or of any law of the District of Columbia, regulating or limiting the rate of interest which may be charged, taken, received, or reserved and that no civil or criminal penalty which would otherwise be applicable under such provision shall apply to such member bank or affiliate or to any other person.