§635a–5 Negotiations to End Export Credit Financing

Summary

The President must start talks with other big exporting countries (OECD and non-OECD) to sharply cut, and if possible end within 10 years after December 4, 2015, government-backed export financing and other export subsidies. The President must also start talks with every country that uses state-backed money to finance airliners to cut and aim to end export-credit financing for aircraft covered by the 2007 Sector Understanding on Export Credits for Civil Aircraft. That covers heavy aircraft capable of a 300,000-pound takeoff weight or more, large aircraft over 41,000 pounds up to 300,000 pounds, and small aircraft with a maximum certificated takeoff weight of 41,000 pounds or less. Within 180 days after May 30, 2012, and every year after, 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 on progress in those talks until he certifies that all countries agreed to stop supporting subsidized export financing and, for aircraft, to stop supporting those covered by the ASU. Not later than 180 days after December 4, 2015, the President must give Congress a plan and strategy to eliminate, within no more than 10 years, subsidized export-financing programs, tied aid, export credits, and other government export subsidies. The President must also negotiate to bring non-OECD countries into a multilateral agreement limiting officially supported export credits and report on that progress within 180 days after December 4, 2015 and yearly through calendar year 2019 to the same congressional committees.