A bill to amend the Trade Act of 1974 and the Export-Import Bank Act of 1945 to prohibit the extension of credit, credit guarantees, investment guarantees or grants by any agency of the United States Government to Communist countries.

Amends the Export-Import Bank Act of 1945 to repeal the provisions permitting the Export-Import Bank to extend credit to Communist countries if the President determines that such credit extensions are in the national interest. Repeals limitations on loans and financial guarantees involving: (1) total amounts; (2) exports to the Soviet Union; and (3) exports of technology and goods for nuclear power facilities.

Amends the Trade Act of 1974 to prohibit the extension of credits or guarantees to Communist countries even though the President determines that such countries are not denying its citizens the right to emigrate. Terminates any such extension in effect on the date of enactment of this Act. Repeals the authority of the President to waive application of provisions making Communist countries which deny the right to emigrate ineligible for most-favored-nation treatment, credits, and commercial agreements. Terminates any such waiver on the date of enactment of this Act.

Repeals the requirement that the East-West Foreign Trade Board include in its reports to Congress recommendations for promoting east-west trade.