National Export Policy Act of 1981

National Export Policy Act of 1981 - Title I: General Findings and Purposes - Sets forth congressional findings and the purposes of this Act.

Title II: Export Financing - Amends the Export - Import Bank Act of 1945 to establish staggered, ten-year terms of office for the Bank directors. Requires the House and Senate Appropriations Committees to consider limitations on Bank activities when considering appropriations for international trade activities rather than when considering foreign assistance activities.

Title III: Export - Related Tax Policy - Amends the Internal Revenue Code to increase the earned income exclusion for citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to $50,000 plus 50 percent of such individual's compensation which exceeds $50,000 but does not exceed $75,000, if such persons qualify as bona fide residents for certain specified periods. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used against income earned by the other. Provides a tax exclusion for such individuals for the amount by which such individual's housing expenses exceed 16 percent of a GS-14, step 1 salary level for a Federal employee. Permits such individuals to include in the computation of housing expenses the costs of a second foreign household if such individual's family resides outside the United States but not with the individual because of adverse living conditions where the individual resides. Repeals similar deductions for cost-of-living differential, schooling expenses, home leave travel expenses, and residence in a hardship area.

Excludes from an employee's gross income any lodging furnished the employee by an employer in a camp which meets specified requirements.

Repeals the current provisions relating to deductions for certain expenses of living abroad.

Provides that the foreign bad debt loss deduction shall not exceed the greater of 15 percent of the taxpayer's taxable income from exports, or two percent of the taxpayer's export receivables outstanding at the close of the taxable year. Provides that the amount of bad debt losses that may be added to a bad debt reserve shall not exceed five percent of the taxpayer's export receivables outstanding as of the close of the taxable year.

Permits the amortization, based on a period of 60 months, of: (1) foreign market studies; (2) foreign marketing expenses; and (3) foreign patents.

Permits an income tax deduction for currency fluctuation losses on export credit which have not been repaid by the end of the taxable year.

Authorizes the Secretary of the Treasury to extend the six-month deadline for exempting exports from the manufacturer's excise tax for an additional 12 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation.

Amends the Foreign Trade Zones Act to authorize the Secretary of Commerce to approve the duty-free entry of machinery, materials, and fuels to be used for the production of goods in a foreign trade zone if such goods are not subsequently entered into U.S. customs territory. Sets forth requirements before applications for such treatment will be approved. Makes such approval valid for six years. Requires the Foreign Trade Zones Board to include in its annual report to Congress a summary of activities and proposals to increase the use of foreign trade zones to expand U.S. exports.

Makes banking organizations which have invested in an export trading company eligible for treatment as domestic international sales corporations (DISC). Includes the gross receipts from the export of services produced in the United States and from export trade services as qualified export receipts, in the case of a DISC which is an export trading company. Directs the Secretary of Commerce, with the Secretary of the Treasury, to develop and distribute information concerning the utilization of the DISC provisions.

Makes export trading companies eligible for Subchapter S treatment if the shareholders of such companies are otherwise small business corporations. Exempts such companies from restrictions on the amount of foreign income they can receive and still be eligible for Subchapter S tax treatment.

Title IV: Antitrust - Amends the Webb-Pomerene Act to exempt the export trade, export trade activities, and methods of operation of certified export trade associations and export trading companies from the antitrust laws. Delays the effectiveness of any certificate upon the notification of the Secretary of Commerce by the Attorney General or the Federal Trade Commission (FTC) of disagreement with the decision to issue a certificate.

Sets forth the procedure to be followed by any association, company, or export trading company seeking certification under this Act and by the Secretary in issuing such certificates. Permits automatic certification of existing associations.

Provides for appeal of the Secretary's denial of certification. Authorizes the Attorney General or the FTC to bring an action to invalidate a certification. Requires the Secretary, in consultation with the Attorney General and the FTC, to publish guidelines for determining whether an association or export trading company will meet the certification requirements. Requires certified associations and export trading companies to submit annual reports to the Secretary.

Directs the Secretary to establish within the Department of Commerce an Office of Export Trade. Requires such Office to report annually to the appropriate congressional committees on all East-West trade transactions requiring validated licenses and on the role of U.S. export trading companies in such trade.

Grants a temporary exemption from the Sherman Act antitrust provisions for existing associations.

Requires, with specified exceptions, that all applications for certification be kept confidential. Authorizes the Secretary to require an association or trading company to modify its operation to be consistent with international obligations of the United States.

Directs the President to appoint, with the Senate's advice and consent, a task force, seven years after enactment, to examine the effect of this Act and to make recommendations.

Directs the Attorney General to study whether: (1) U.S. business conduct to expand exports conflicts with basic antitrust principles; and (2) a more liberal enforcement policy for overseas activities would impede implementation of the antitrust laws. Requires the Attorney General to identify such conduct which would not warrant prosecution under the antitrust laws. Sets forth the procedures for describing such permissible conduct and disclosing such descriptions. Authorizes the Secretary of Commerce to intervene in such suits and to provide legal assistance to exporters.

Prohibits prosecution under the antitrust laws of exporters who: (1) have notified the Attorney General of their intention to engage in such designated conduct; or (2) receive an approval, or no objection, from the Attorney General concerning proposed transactions.

Requires the Attorney General and the Secretary of Commerce to report to Congress concerning implementation of this section.

Authorizes appropriations for the Attorney General and the Secretary of Commerce for carrying out the simplification of antitrust procedures.

Title V: Amendments to Other Laws That Hinder Exports - Changes the name to the Business Practices and Records Act.

Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Establishes the degree of previous knowledge necessary to find liability for violations of the accounting standards. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms.

Transfers from the Security and Exchange Commission to the Department of Justice jurisdiction to enforce the antibribery prohibitions of the FCPA with respect to issuers.

Changes the jurisdictional basis of the current corrupt practices prohibition to prohibit bribery "with respect to activities in interstate or foreign commerce" (currently, the basis is use of the mails or interstate commerce "in furtherance" of bribery).

Prohibits payments or promises made "directly or indirectly" by a domestic concern to a foreign official if they are made to influence a foreign official's act or induce such an official to violate a legal duty. Prohibits domestic concerns from directing or authorizing such payments.

Exempts from such prohibition any payment to a foreign official to facilitate or expedite performance of official duties which is customary in the country where made. Enumerates additional exemptions, including items of value given in return for hospitality or in token of regard and esteem, and marketing or demonstration expenses pertaining to the business presentation.

Empowers the Attorney General to undertake any civil investigation which is necessary to enforce the Act.

Makes the provision in the Business Practices and Records Act the exclusive Federal law authorizing Federal proceedings against a domestic concern for using the mails or any instrumentality of interstate commerce to violate such Act.

Requires an interagency task force to issue guidelines specifying permissible conduct and arrangements associated with common types of export sales arrangements and business contracts and precautionary procedures creating a rebuttable presumption of compliance.

Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation.

Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements.

Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report.

Directs the President to report to Congress on the legal and practical consequences of specific action that the United States could take under existing law to: (1) promote international cooperation to prevent bribery of foreign officials, candidates, or parties in third countries; and (2) encourage persons or businesses operating in foreign countries to refrain from bribing foreign officials, candidates, or parties to the disadvantage of U. S. industry. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U. S. interests of the corruption of foreign officials and political leaders.

Requires an export competitiveness impact statement from any issuing authority taking significant action which could affect adversely U.S. exports or the international competitive position of the United States and its exporters.

Expresses the sense of Congress that export paperwork must be reduced to encourage export sales. Requires all agencies to minimize paperwork and reporting requirements.

Title VI: Export Awareness and Export Promotion Programs - Export Trading Company Act of 1981 - Directs the Secretary of Commerce to promote export trading companies by providing information and by facilitating contacts between producers of exportable goods and export trading companies.

Authorizes any banking organization to invest specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances.

Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate Congressional committees with their recommendations concerning implementation of this Act, related changes in U.S. law, and effects of ownership of U.S. banks by foreign banking organizations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency.

Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies.

Authorizes appropriations for fiscal years 1982 through 1986 for such initial investments and operating expenses.

Directs the Export-Import Bank of the United States to provide loan guarantees for expansion to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available.

Directs the Board of Directors to try to insure that a major share of such guarantees promotes exports from small, medium-size, and minority businesses or agricultural concerns.

Amends the Small Business Act to empower the Small Business Administration to extend credit to finance export assistance. Sets a maximum of $750,000 which may be committed to any borrower from the business loan and investment revolving fund.

Directs the Secretary of Commerce to enter into cooperative agreements with industrial corporations to develop foreign markets for their products. Requires the Secretary to direct specific market research for the products involved in foreign markets upon entering such agreements. Permits interested industrial corporations to submit a proposal incorporating specific marketing actions to the Secretary. Authorizes the Secretary to enter into a marketing agreement after approving any such proposal. Requires repayment of the Federal share of the costs by the entity entering into such an agreement. Authorizes appropriations to carry out such agreements.

Directs each Federal agency and U.S. representative to any international organization to: (1) identify programs affecting the export of U.S. firms' services; (2) make available information concerning such programs; (3) establish programs to publicize export-related programs for services; and (4) modify those programs with an adverse effect on the export of services. Makes the Secretary of Commerce responsible for coordinating such programs.

Directs the Department of Treasury to report to Congress concerning the feasibility of extending DISC treatment to the export of services.

Title VII: Agricultural Exports - Amends the Commodity Credit Corporation Charter Act to establish the Agricultural Export Credit Revolving Fund to be available for: (1) the export of, or aid in the development of foreign markets for, agricultural commodities; and (2) loans for the acquisition of facilities in foreign countries to improve the countries' capacities to handle agri-commodities exported from the United States. Authorizes appropriations for such Fund for fiscal years 1982 through 1984. Directs the Secretary of Agriculture to report to Congress annually concerning the export credit sales program. Abolishes such fund effective October 1, 1984.

Amends the Export-Import Bank Act of 1945 to require the ratio of credit extended by the Export-Import Bank for agricultural exports in comparison with the total amount extended be at least equivalent to the value of agricultural exports in comparison with total value of exports. Specifies exceptions to this requirement.

Title VIII: International Agreements - Expresses the sense of Congress that: (1) the multilateral trade agreement be strongly implemented; and (2) the efforts must continue to secure a freer world trading environment.

Directs the Secretary of Agriculture to implement a special export subsidy program for agricultural commodities to neutralize the effects of foreign export subsidy programs. Specifies the circumstances required before such program may be implemented.

Expresses the sense of Congress that the President should enter into negotiations for international codes of: (1) official export financing; (2) business conduct; (3) reciprocity of antitrust enforcement; and (4) fair trade in services. Requires the President to report to Congress concerning the progress of such negotiations.

Title IX: Government Support of Export Goals - Overseas Private Investment Corporation Act of 1981 - Establishes the Overseas Private Investment Corporation (OPIC) as an independent agency. Sets forth the duties of OPIC.

Provides for the capital of OPIC to be paid in through the appropriation process and through transfer from OPIC's earned income.

Sets forth the structure of OPIC with a Board of Directors, a President of the Corporation, an Executive Vice President of the Corporation, other officers and staff, and consultants.

Authorizes OPIC to issue insurance to eligible investors covering new or existing investments protecting against specified risks. Authorizes OPIC to make arrangements with foreign governments or multilateral organizations for sharing liabilities. Limits the insurance that may be issued to a single investor. Authorizes OPIC to issue guarantees of loans and other investments. Sets forth limitations on such guarantees. Authorizes OPIC to make direct loans to privately owned or mixed publicly and privately owned firms for projects sponsored by or significantly involving small businesses or cooperatives. Limits the circumstances under which OPIC may acquire stock in any other corporation.

Authorizes OPIC to initiate and support the identification, assessment, and promotion of private investment opportunities, with specified exceptions. Authorizes OPIC to administer special projects to provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, capital savings, and intermediate financial institutions and cooperatives. Authorizes OPIC to engage in other insurance, reinsurance, and risk sharing activities with other insurance companies, financial institutions, persons, or groups. Limits the amount of reinsurance of liabilities which OPIC may issue.

Limits the amount of maximum contingent liability pursuant to insurance or guarantees issued under this Act which may be outstanding at any one time.

Establishes the: (1) Direct Investment Fund as a revolving fund to be available for direct investments; and (2) Insurance Reserve and Guaranty Reserve to be available for discharging liabilities. Authorizes appropriations to the investment and guaranty fund in specified circumstances. Authorizes OPIC to issue obligations in specified circumstances in order to discharge liabilities.

Requires that all revenues and income transferred to or earned by OPIC be available to carry out OPIC's purposes.

Directs OPIC to determine that suitable arrangements exist for protecting OPIC's interests in connection with any insurance, guaranty, or reinsurance issued under this Act.

Pledges the full faith and credit of the United States for the full payment and performance of previous obligations.

Sets forth conditions with respect to insurance, guaranty, and reinsurance coverage under this Act concerning fees, time limits, fraud, and settlement of disputes.

Sets forth administrative provisions and duties applicable to OPIC.

Requires OPIC to undertake to broaden the participation of small business, cooperatives, and other small investors in the development of small private enterprise in less developed friendly countries or areas.

Directs OPIC to report annually to Congress concerning its operations.

Amends the Foreign Assistance Act of 1961 to define "eligible investor" in terms of this Act with respect to housing guarantees. Repeals provisions: (1) prohibiting the transfer of OPIC funds between accounts; (2) authorizing the President to deny assistance to any less developed country which fails to enter into an agreement to institute the investment guaranty program; and (3) establishing OPIC.

Declares that nothing in this part shall be construed as terminating any of OPIC's statutory authority. Requires the President of OPIC to submit to the appropriate Congressional committees any necessary technical or conforming amendments.

Declares that the potential for U.S. exports shall be a primary decisionmaking factor in considering which projects to include in U.S. foreign aid programs.

Declares that the Office of Management and Budget should assure that adequate budget allocations are made available to carry out the programs prescribed in this Act.

Declares that the Department of Justice should do what it can to facilitate procedures for exporters.

Declares that the Small Business Administration should: (1) be aware of the benefits of export to small business development; and (2) use every opportunity to provide information and assistance to potential exporters.

Declares that the U.S. ability to export coal, nuclear power fuels, and other energy materials in a reliable manner should be a key consideration.

Directs congressional committees to include in their reports the effect of the bill or resolution on the international competitiveness of the United States.

Creates a National Export Council to: (1) serve as a national advisory body on matters relating to United States export trade; (2) act as a liaison among the communities represented by its membership; and (3) provide advice on Federal plans and actions that affect export promotion and development policies which have an impact on those communities represented by its membership. Requires the Council to report annually to the President and the Congress on its activities.

Authorizes the Secretary of Commerce to appoint commercial ministers, counselors, and attaches (with the rank and privileges of other ministers, counselors, and attaches in U.S. embassies and consulates) to: (1) provide trade and commercial service; (2) engage in the promotion of U.S. exports; (3) file semiannual reports to the Secretary on market, industrial, and commodity conditions in their districts and on the implementation of multilateral and bilateral trade agreements; and (4) maintain current data on the commercial standing and capacity of foreign firms within their districts. Provides for domestic assignment, office logistics, allowances, and benefits of such ministers, counselors, and attaches.

Directs the Comptroller General to report to Congress with any recommendations concerning: (1) the organization of international trading and financing programs in the United States; (2) the effectiveness of foreign export promotion programs; and (3) the trade activities of specified Federal agencies.

Expresses the sense of Congress that the appropriate congressional committees should review periodically the trade organization of the U.S. Government.