PRIA, Government Policy, Made Personal

Summary

Allows the Agency to back up the Export-Import Bank when the Bank makes short-term loans or insurance for U.S. exports to the private sector in Central American countries. Bank means the Export-Import Bank of the United States. Agency means the federal agency that runs subchapter I of this law. Guarantees must be short-term and repaid within one year after the goods or services arrive at the import port. The Bank and the Agency must agree on rules and set up a reserve fund that the Agency will put money into as needed. The Agency head must send the agreement to the Speaker of the House and to the Senate Foreign Relations and Banking committees. The Agency may not make new guarantee commitments after September 30, 1991. Money from appropriations for part IV of subchapter II may be used to pay claims. Guarantees are only allowed as money is provided by appropriations, and total outstanding commitments could not exceed $300,000,000 in fiscal year 1986 and $400,000,000 in fiscal year 1987. Any recovery of paid claims must go back into the reserve fund. The Export-Import Bank must give the Agency administrative and technical help without charging for it.

Title 22, §2184

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Guarantees to Export-Import Bank; financial transactions with private sector in Central American countries

In order to enable the Export-Import Bank of the United States (hereafter in this section referred to as the “Bank”) to determine that there exists reasonable assurance of repayment as required under section 2(b)(1)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(B)], the agency primarily responsible for administering subchapter I of this chapter (hereafter in this section referred to as the “Agency”) is authorized to provide guarantees to the Bank for liabilities to be incurred by the Bank in connection with guarantees or insurance provided under the Export-Import Bank Act of 1945 [12 U.S.C. 635 et seq.] for financing for transactions involving the export of goods and services for the use of the private sector in Central American countries.

(b)Extent of guarantees; agreements; reserve fund

(1)Guarantees provided by the Agency pursuant to the authority of subsection (a) shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance. Guarantees or insurance extended by the Bank and guaranteed by the Agency pursuant to subsection (a) shall be provided by the Bank in accordance with criteria and procedures agreed to by the Agency and the Bank. Such agreement shall also provide for the establishment of a reserve fund by the Agency, with such funds made available to the reserve as the Agency deems necessary to discharge liabilities under guarantees provided by the Agency pursuant to subsection (a).

(2)The Administrator of such agency shall transmit a copy of such agreement to the Speaker of the House of Representatives and to the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate.

(c)Deadline for guarantee commitments

The Agency shall not enter into any commitments to guarantee under subsection (a) after September 30, 1991.

(d)Availability of appropriated funds

Of the funds authorized to be appropriated for part IV of subchapter II of this chapter, there are authorized to be made available such sums as may be deemed necessary by the Agency to discharge liabilities under guarantees entered into under subsection (a).

(e)Guarantee commitments limit

Commitments to guarantee under subsection (a) are authorized only to the extent and in the amounts provided in appropriations Acts, except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987.

(f)Credits to reserve fund

To the extent that any of the funds made available pursuant to subsection (d) are paid out for a claim arising out of liabilities guaranteed under subsection (a), amounts received after the date of such payment, with respect to such claim, shall be credited to the reserve fund referred to in subsection (b), shall be merged with the funds in such reserve, and shall be available for the purpose of payments by the Agency to the Bank for guarantees under subsection (a).

(g)Omitted

(h)Administrative and technical assistance

The Export-Import Bank shall provide without reimbursement such administrative and technical assistance to the Agency as the Bank and the Agency deem appropriate to assist the Agency in carrying out this section.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Export-Import Bank Act of 1945, referred to in subsec. (a), is act July 31, 1945, ch. 341, 59 Stat. 526, which is classified generally to subchapter I (§ 635 et seq.) of chapter 6A of Title 12, Banks and Banking. For complete classification of the Act to the Code, see

Short Title

note set out under section 635 of Title 12 and Tables. Codification Subsec. (g) of this section, which required, at intervals of six months, the administrator of the agency primarily responsible for administering subchapter I of this chapter and the President of the Export-Import Bank of the United States to prepare and transmit to the Speaker of the House of Representatives and the Chairman of the Committee on Foreign Relations of the Senate a report on the amount and extension of credits during the preceding six-month period, terminated, effective

May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 148 of House Document No. 103–7. section 224 of Pub. L. 87–195 is based on section 1011 of title X of H.R. 5119, Ninety-eighth Congress, as passed by the House of Representatives

May 10, 1984, and enacted into law by Pub. L. 98–473.

Prior Provisions

A prior section 224 of Pub. L. 87–195, pt. I, Sept. 4, 1961, 75 Stat. 432, as amended by Pub. L. 87–565, pt. I, § 104(c), Aug. 1, 1962, 76 Stat. 257; Pub. L. 88–205, pt. I, § 104(g), Dec. 16, 1963, 77 Stat. 382; Pub. L. 88–633, pt. I, § 103(b), Oct. 7, 1964, 78 Stat. 1010; Pub. L. 89–171, pt. I, § 104(e), Sept. 6, 1965, 79 Stat. 655; Pub. L. 89–583, pt. I, § 104(c), Sept. 19, 1966, 80 Stat. 798; Pub. L. 90–137, pt. I, § 104(d), Nov. 14, 1967, 81 Stat. 451; Pub. L. 90–554, pt. I, § 104, Oct. 8, 1968, 82 Stat. 961, related to housing projects in Latin America, prior to the general reorganization of this subpart by Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 807. See section 2182 of this title.

Amendments

1990—Subsec. (c). Pub. L. 101–513 substituted “1991” for “1990”. 1989—Pub. L. 101–179 inserted “for Central America” after “program” in section catchline. Subsec. (c). Pub. L. 101–167 substituted “1990” for “1989”. 1985—Subsec. (e). Pub. L. 99–83 substituted “except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987” for “not to exceed $300,000,000 in the fiscal year 1985”.

Statutory Notes and Related Subsidiaries

References to Subchapter I Deemed To Include Certain Parts of Subchapter IIReferences to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and section 2348c and 2349aa–5 of this title.

Effective Date

of 1985 AmendmentAmendment by Pub. L. 99–83 effective Oct. 1, 1985, see section 1301 of Pub. L. 99–83, set out as a note under section 2151–1 of this title.

§2184 Trade Credit Insurance Program for Central America