Title 12 — Banks and BankingRelease 119-73
§635f Termination date of Bank’s functions; exceptions; liquidation
Title 12 › Chapter CHAPTER 6A— - EXPORT-IMPORT BANK OF THE UNITED STATES › Subchapter SUBCHAPTER I— - GENERAL PROVISIONS › § 635f
Summary
The Export-Import Bank must keep doing its work until the close of business on December 31, 2026. That date does not stop the bank from certain debt actions: it can buy obligations before that date that come due later; agree before that date to guarantee, endorse, or accept obligations that mature later; issue notes, debentures, bonds, or other debt before or after that date for sale to the Secretary of the Treasury or other buyers even if they mature later; and continue as a U.S. corporate agency after that date to wind down in an orderly way, including managing assets and collecting amounts owed.
Full Legal Text
Title 12, §635f
Banks and Banking — Source: USLM XML via OLRC
Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on December 31, 2026, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subsequent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury or any other purchasers, its notes, debentures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Prior Provisions
A prior section 7 of act July 31, 1945, ch. 341, was renumbered section 6 and is classified to section 635e of this title.
Amendments
2019—Pub. L. 116–94 substituted “
December 31, 2026” for “
September 30, 2019”. 2015—Pub. L. 114–94 substituted “2019” for “2014”. 2012—Pub. L. 112–122 substituted “2014” for “2011”. 2006—Pub. L. 109–438 substituted “2011” for “2006”. 2002—Pub. L. 107–189 substituted “
September 30, 2006” for “
September 30, 2001”. 1997—Pub. L. 105–121 substituted “
September 30, 2001” for “September 30,
October 23, 1997”. Pub. L. 105–46 substituted “
October 23, 1997” for “1997”. 1992—Pub. L. 102–429, § 102, substituted “1997” for “1992”. 1986—Pub. L. 99–472 substituted “
September 30, 1992” for “
September 30, 1986”. 1983—Pub. L. 98–181 substituted “
September 30, 1986” for “
November 18, 1983”. Pub. L. 98–143 substituted “
November 18, 1983” for “
October 31, 1983”. Pub. L. 98–109 substituted “
October 31, 1983” for “
September 30, 1983”. 1978—Pub. L. 95–630 substituted “
September 30, 1983” for “
December 31, 1978”. Pub. L. 95–407 substituted “
December 31, 1978” for “
September 30, 1978”. 1977—Pub. L. 95–143 substituted “
September 30, 1978” for “
June 30, 1978”. 1975—Pub. L. 93–646 substituted “
June 30, 1978” for “
November 30, 1974”. 1974—Pub. L. 93–450 substituted “
November 30, 1974” for “
October 15, 1974”. Pub. L. 93–425 substituted “
October 15, 1974” for “
September 30, 1974”. Pub. L. 93–374 substituted “
September 30, 1974” for “
July 30, 1974”. Pub. L. 93–331 substituted “
July 30, 1974” for “
June 30, 1974”. 1971—Pub. L. 92–126 substituted “
June 30, 1974” for “
June 30, 1973” and “Secretary of the Treasury or any other purchasers” for “Secretary of the Treasury”. 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States” and substituted “
June 30, 1973” for “
June 30, 1968”. 1963—Pub. L. 88–101 substituted “
June 30, 1968” for “
June 30, 1963”. 1957—Pub. L. 85–55 substituted “
June 30, 1963” for “
June 30, 1958”. 1951—Act Oct. 3, 1951, substituted “
June 30, 1958” for “
June 30, 1953”. 1947—Act
June 9, 1947, struck out former section and inserted present section to provide for the termination of the Bank as of
June 30, 1953, and its orderly liquidation thereafter.
Statutory Notes and Related Subsidiaries
Effective Date
of 2015 AmendmentAmendment by Pub. L. 114–94 effective on June 30, 2015, see section 54001(d) of Pub. L. 114–94, set out as a note under section 635 of this title.
Effective Date
of 1997 Amendment Pub. L. 105–121, § 2(b), Nov. 26, 1997, 111 Stat. 2528, provided that: “The amendment made by this section [amending this section] shall take effect on September 30, 1997.”
Effective Date
of 1978 AmendmentAmendment by Pub. L. 95–630 effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as a note under section 635 of this title. Continuation of Bank FunctionsProvisions extending the date that the Export-Import Bank of the United States could continue to exercise its functions in connection with and in furtherance of its objects and purposes notwithstanding the dates specified in this section and section 1(c) of Pub. L. 103–428, set out as an Effective and Termination Dates of 1994
Amendments
note under section 635 of this title, were contained in the following acts: Pub. L. 112–74, div. I, title VI, Dec. 23, 2011, 125 Stat. 1191, extending the date to
May 31, 2012. Pub. L. 107–186, § 1,
May 30, 2002, 116 Stat. 589, extending the date to
June 14, 2002. Pub. L. 107–168, § 1,
May 1, 2002, 116 Stat. 131, extending the date to
May 31, 2002. Pub. L. 107–156, § 1, Mar. 31, 2002, 116 Stat. 117, extending the date to Apr. 30, 2002. Pub. L. 107–115, title V, § 588, Jan. 10, 2002, 115 Stat. 2174, extending the date to Mar. 31, 2002. Pub. L. 107–44, § 115, as added by Pub. L. 107–48, Oct. 12, 2001, 115 Stat. 261, extending the date to Jan. 10, 2002. Pub. L. 107–44, § 115, Sept. 28, 2001, 115 Stat. 256, extending the date to Oct. 16, 2001, prior to repeal by Pub. L. 107–48, Oct. 12, 2001, 115 Stat. 261. Termination date for Bank’s functions was temporarily extended until the following dates by the acts listed below: Until Nov. 7, 1997, by Pub. L. 105–64, Oct. 23, 1997, 111 Stat. 1343. Until Nov. 9, 1997, by Pub. L. 105–68, Nov. 7, 1997, 111 Stat. 1453. Until Nov. 10, 1997, by Pub. L. 105–69, Nov. 9, 1997, 111 Stat. 1454. Until Nov. 14, 1997, by Pub. L. 105–71, Nov. 10, 1997, 111 Stat. 1456. Until Nov. 26, 1997, by Pub. L. 105–84, Nov. 14, 1997, 111 Stat. 1628. Financial Assistance to the Union of Soviet Socialist Republics Pub. L. 93–450, § 1, Oct. 18, 1974, 88 Stat. 1368, provided in part that the Bank shall not authorize any financial assistance to the Union of Soviet Socialist Republics during the life of Pub. L. 93–450, which extended the termination date from Oct. 15, 1974, to Nov. 30, 1974.
Reference
Citations & Metadata
Citation
12 U.S.C. § 635f
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73