Competitive Export Subsidy Fund Act

(Reported to House from the Committee on Banking, Finance and Urban Affairs with amendment, H.Rept. 97-261)

Competitive Export Subsidy Fund Act - Amends the Export-Import Bank Act to establish the Competitive Export Subsidy Fund to pay private lenders interest subsidies to reduce interest rates on credit extensions to U.S. exporters.

Conditions subsidy payment upon a determination by the Fund's Board and by the Secretary of the Treasury that: (1) such payment will assist U.S. exports to compete with exports financed by foreign governments most reluctant to negotiate a meaningful reform of the Arrangement on Guidelines for Officially Supported Export Credits and other export financing arrangements (Arrangements); (2) without such payment the U.S. export sale probably would not be made; (3) the total interest received by the private lender is fair; and (4) U.S. export credit subsidy will not significantly exceed the foreign government export credit subsidy.

Requires the Fund's Board to report to Congress after entering into an agreement to make subsidy payments.

Makes the effective date of this Act dependent upon the progress in negotiating reform of the Arrangements.

Authorizes appropriations for the Fund. Prohibits making such funds available before October 1, 1982.