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

Amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank from guaranteeing, insuring, extending credit, or participating in extensions of credit to: (1) communist countries or agencies, instrumentalities, or nationals of communist countries; or (2) any other foreign country, agency, instrumentality, or national if the transaction is to be made with respect to a product or service which is for use in or sale or lease to a communist country. Repeals specified provisions of such Act which permit such transactions.

Amends the Trade Act of 1974 to prohibit nonmarket economy countries from participating in any U.S. program or U.S. supported program which extends credits, credit guarantees, or investment guarantees, or makes grants. Repeals the President's authority to waive the freedom of emigration requirements which must be met in order to permit trade with nonmarket economy countries. Terminates any existing credits, guarantees, or grants. Repeals the procedure for waiving the President's authority.