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Title 12, Banks and BankingRelease 119-102

§635d Issuance of Debentures, Bonds, Etc.; Obligations Redeemable; Payment of Interest; Obligations Purchasable by Secretary of the Treasury; Public-debt Transactions

Title 12 › CHAPTER 6A — EXPORT-IMPORT BANK OF THE UNITED STATES › SUBCHAPTER I — GENERAL PROVISIONS › § 635d

Last updated Aug 21, 2026|Official source

Summary

The Export‑Import Bank can sell notes, bonds, or similar debts to the Treasury, but the total outstanding must not go over $6,000,000,000. The bank can repay those debts early if the paper allows it, and the board of directors (with the Treasury’s OK) sets the maturity dates. Any obligation sold to the Treasury after January 4, 1975 must pay at least the average yield on comparable U.S. marketable debt from the prior month, as set by the Secretary of the Treasury. The Secretary must buy these obligations and may use proceeds from public‑debt securities issued after July 31, 1945 under chapter 31 of title 31. Buying and repaying these obligations are treated as U.S. public‑debt transactions.

Full Legal Text

Title 12, §635d

Banks and Banking, Source: USLM XML via OLRC

The Export-Import Bank of the United States is authorized to issue from time to time for purchase by the Secretary of the Treasury its notes, debentures, bonds, or other obligations; but the aggregate amount of such obligations outstanding at any one time shall not exceed $6,000,000,000. Such obligations shall be redeemable at the option of the bank before maturity in such manner as may be stipulated in such obligations and shall have such maturity as may be determined by the Board of Directors of the bank with the approval of the Secretary of the Treasury. Each such Bank obligation issued to the Treasury after January 4, 1975, shall bear interest at a rate not less than the current average yield on outstanding marketable obligations of the United States of comparable maturity during the month preceding the issuance of the obligation of the Bank as determined by the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to purchase any obligations of the Bank issued hereunder and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities issued after July 31, 1945, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this section of the purchase price of such obligations of the Bank and repayments thereof by the Bank shall be treated as public-debt transactions of the United States.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification “Chapter 31 of title 31” and “that chapter” substituted in text for “the Second Liberty Bond Act, as amended” and “that Act”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

Prior Provisions

A prior section 5 of act July 31, 1945, ch. 341, was classified to section 635c of this title, prior to repeal by Pub. L. 102–429, § 121(c)(1).

Amendments

1975—Pub. L. 93–646 substituted provision making mandatory that each Bank obligation bear interest at a rate not less than the current average yield on outstanding obligations of comparable maturity, for provision requiring that only the current average rate be taken into consideration. 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”. 1958—Pub. L. 85–424 substituted “$6,000,000,000” for “$4,000,000,000”. 1954—Act Aug. 9, 1954, substituted “$4,000,000,000” for “three and one-half times the authorized capital stock of the Bank”. 1951—Act Oct. 3, 1951, substituted “three and one-half” for “two and one-half”. 1947—Act June 9, 1947, struck out “and bear such rate of interest” before “as may be determined” in the second sentence and added the third sentence relating to the rate of interest on obligations.

Statutory Notes and Related Subsidiaries

Effective Date

of 1954 AmendmentFor

Effective Date

of amendment by act Aug. 9, 1954, see note set out under section 635a of this title. Board of DirectorsA Board of Directors reestablished for the Export-Import Bank of Washington, see note under section 635 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 635d

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102