§635a–5 Negotiations to end export credit financing

Summary

The President must start and carry out talks with other major exporting countries, including OECD and non-OECD members, to greatly reduce — and possibly eliminate — subsidized export financing and other export subsidies before the date that is 10 years after December 4, 2015. The President must also negotiate with any country that uses government-backed money to finance airline purchases to greatly reduce and ultimately end export-credit financing for aircraft covered by the 2007 ASU. The law lists three aircraft types: heavy aircraft (capable of a takeoff weight of 300,000 pounds or more), large aircraft (capable of more than 41,000 pounds and with maximum certificated takeoff weight not more than 300,000 pounds), and small aircraft (maximum certificated takeoff weight of 41,000 pounds or less). Not later than 180 days after May 30, 2012, and yearly after that, the President must report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House about progress on the first and the aircraft negotiations until the President certifies in writing that countries have agreed to end support. Not later than 180 days after December 4, 2015, the President must give Congress a proposal and strategy to eliminate, in not more than 10 years, subsidized export-financing programs, tied aid, export credits, and other government-supported export subsidies. The President must also try to bring non-OECD countries into a multilateral agreement on rules and limits for officially supported export credits and report on that effort within 180 days after December 4, 2015 and yearly through calendar year 2019.