§635a–2 — Title 12 Banks and Banking | U.S. Code

Summary

The Bank must create rules and procedures to make sure it fully checks whether a loan or financial guarantee will hurt U.S. industries or jobs. It must ask the United States International Trade Commission for a report on how the Bank’s activities affect U.S. industries and employment. The report must look at past loans and give recommendations about areas that may harm domestic industries, including agriculture. After October 1, 1983, funds may be appropriated as needed to carry out this section. Before the Bank takes final action on any loan or guarantee, it must consider and answer in writing the views of people or businesses that could be substantially harmed. This requirement does not make the Bank subject to subchapter II of chapter 5 of title 5.

Title 12, §635a–2

Banks and Banking — Source: USLM XML via OLRC

The Bank shall implement such regulations and procedures as may be appropriate to insure that full consideration is given to the extent to which any loan or financial guarantee is likely to have an adverse effect on industries, including agriculture, and employment in the United States, either by reducing demand for goods produced in the United States or by increasing imports to the United States. To carry out the purposes of this subsection,11 So in original. Probably should be “section,”. the Bank shall request, and the United States International Trade Commission shall furnish, a report assessing the impact of the Bank’s activities on industries and employment in the United States. Such report shall include an assessment of previous loans or financial guarantees and shall provide recommendations concerning general areas which may adversely affect domestic industries, including agriculture, and employment. After October 1, 1983, there are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section. In all cases to which this section applies, the Bank shall consider and address in writing the views of parties or persons who may be substantially adversely affected by the loan or guarantee prior to taking final action on the loan or guarantee. This requirement does not subject the Bank to the provisions of subchapter II of chapter 5 of title 5.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Export-Import Bank Act

Amendments

of 1978, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.

Amendments

1986—Pub. L. 99–472 inserted provisions which required written consideration by Bank of views of parties or persons who may be substantially adversely affected by loan or guarantee prior to taking final action on loan or guarantee without subjecting Bank to subchapter II of chapter 5 of title 5. 1983—Pub. L. 98–181 inserted provision that after October 1, 1983, there are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as an

Effective Date

of 1978 Amendment note under section 635 of this title. Improvement of Method for Calculating the Effects of Bank Financing on Job Creation and Maintenance in the United States Pub. L. 112–122, § 16,

May 30, 2012, 126 Stat. 359, provided that: “(a) GAO Study.—The Comptroller General of the United States shall conduct a study of the process and methodology used by the Export-Import Bank of the United States (in this section referred to as the ‘Bank’) to calculate the effects of the provision of financing by the Bank on the creation and maintenance of employment in the United States, determine and assess the basis on which the Bank has so used the methodology, and make any recommendations the Comptroller General deems appropriate. “(b) Report.—Within 1 year after the date of the enactment of this Act [

May 30, 2012], the Comptroller General shall submit to the Congress and the Bank the results of the study required by subsection (a). “(c) Implementation of Recommendations.—If the report submitted pursuant to subsection (b) includes recommendations, the Bank may establish a more accurate methodology of the kind described in subsection (a) based on the recommendations.”

§635a–2 Implementation of regulations and procedures to lessen adverse effect of loans and guarantees on industries in United States; report by United States International Trade Commission; written consideration of views of adversely affected parties

Summary

Title 12, §635a–2

Notes & Related Subsidiaries

Editorial Notes

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata