(3) The program may include

(A) the combined use of the credits, loans, or guarantees offered by the Export-Import Bank of the United States with concessional financing or grants made available under section 645(d) of this Act,5 by methods including the blending of the financing of, or parallel financing by, the Bank and the Trade and Development Agency; and

4

(B) the combined use of credits, loans, or guarantees offered by the Bank, with financing offered by private financial institutions or entities, by methods including the blending of the financing of, or parallel financing by, the Bank and private in

stitutions or entities.

(b) The purpose of the tied aid credit program under this section is to offer or arrange for financing for the export of United States goods and services which is substantially as concessional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale.

(c) The Chairman of the Bank is authorized to establish a fund, as necessary, for carrying out the tied aid credit program described in this section.

(d) Concessional financing or grants made available under section 645(d) of this Act 5 for the purposes of the mixed financing program established under this section shall be made available in accordance with the provisions of section 645(c) 5 of this Act.

ESTABLISHMENT OF A TIED AID CREDIT PROGRAM ADMINISTERED BY THE 5 TRADE AND DEVELOPMENT AGENCY

SEC. 645. (a) The Director of the Trade and Development Agency shall carry out 6 a program of tied aid credits for United

12 U.S.C. 635r. Sec. 202(c)(2) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3658) struck out "Trade and Development Program" in the section heading and inserted in lieu thereof "Trade and Development Agency". Previously, sec. 645 was amended by sec. 2204(cX1XB) of Public Law 100-418 (102 Stat. 1330) which inserted "ADMINISTERED BY THE TRADE AND DEVELOPMENT PROGRAM" in the section heading, and substituted "Director of the Trade and Development Program shall carry out" in lieu of "Administrator of the Agency for International Development shall establish within the Agency". Additionally, sec. 2204(d) of that Act contained the following provisions:

"(d) ADMINIStrative ProvISIONS.—

"(1)

"(2) TRANSITION PROVISIONS. (A) The Administrator of the Agency for International Development shall transfer to the Director of the Trade and Development Program all records, contracts, applications, and any other documents or information in connection with the functions transferred by virtue of the amendments made by subsection (cX1). "(B) All determinations, regulations, and contracts

"(i) which have been issued, made, granted, or allowed to become effective by the President, the Agency for International Development, or by a court of competent jurisdiction, in the performance of the functions transferred by virtue of the amendments made by subsection (c)(1), and

"(ii) which are in effect at the time this section takes effect,

shall continue in effect according to their terms until modified, terminated, superseded, set aside, or revoked in accordance with the law by the President, the Director of the Trade and Development Program, or other authorized official, by a court of competent jurisdiction, or by operation of law.

(CXi) The amendments made by subsection (c)(1) shall not affect any proceedings, including notices of proposed rulemaking, or any application for any financial assistance, which is pending on the effective date of this section before the Agency for International Development in the exercise of functions transferred by virtue of the amendments made by subsection (c)(1). Such proceedings and applications, to the extent that they relate to functions so transferred, shall be continued.

Continued

60-689 O 93

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States exports. The program shall be carried out in cooperation with the Export-Import Bank of the United States and with private financial institutions or entities, as appropriate. The program may include

(1) the combined use of the credits, loans, or guarantees offered by the Bank with concessional financing or grants made available under subsection (d), by methods including the blending of the financing of, or parallel financing, by the Bank and the Trade and Development Agency; 7 and

7

(2) the combination of concessional financing or grants made available under subsection (d), with financing offered by private financial institutions or entities, by methods including the blending of the financing of, or parallel financing by, the Trade and Development Agency and private institutions or entities. (b) These funds may be combined with financing by the ExportImport Bank of the United States or private commercial financing in order to offer, or arrange for, financing for the exportation of United States goods and services which is substantially as concessional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale.

(c)(1) Funds which are used to carry out a tied aid credit program authorized by subsections (a) and (b) shall be offered only to finance United States exports which can reasonably be expected to contribute to the advancement of the development objectives of the importing country or countries, and shall be consistent with the economic, security, and political criteria used to establish country allocations of Economic Support Funds.

(2) The Director of the Trade and Development Agency 4. 5 is authorized to establish a fund, as necessary, for carrying out a tied aid credit financing program as described in this section.

"(ii) Orders shall be issued in such proceedings, appeals shall be taken therefrom, and payments shall be made pursuant to such orders, as if this section had not been enacted. Orders issued in any such proceedings shall continue in effect until modified, terminated, superseded, or revoked by the Director of the Trade and Development Program or other authorized official, by a court of competent jurisdiction, or by operation of law.

"(iii) Nothing in this subparagraph shall be deemed to prohibit the discontinuance or modification of any such proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this section had not been enacted.

"(iv) The Director of the Trade and Development Agency is authorized to issue regulations providing for the orderly transfer to the Trade and Development Program of proceedings continued under this subparagraph.

(D) With respect to any function transferred by virtue of the amendments made by subsection (c)(1) and exercised on or after the effective date of this section, reference in any other Federal law to the Agency for International Development or any officer shall be deemed to refer to the Trade and Development Agency or other official to which such function is so transferred.".

7 Sec. 202(c)(1) of Public Law 102-549 (106 Stat. 3657) struck out "Trade and Development Program" each place it appeared in secs. 644, 645, and 646, and inserted in lieu thereof "Trade and Development Agency". Subsec. (e) of that section, furthermore, provided that "Any reference in any law to the Trade and Development Program shall be deemed to be a reference to the Trade and Development Agency.".

Pars. (1) and (2) were amended by sec. 2204(cX1XB) of Public Law 100-418 (102 Stat. 1331) which substituted "made available under subsection (d)" in lieu of "offered by the Agency for International Development"; and "Trade and Development Program" in lieu of "Agency for International Development".

The words "of the Agency for International Development" which previously followed this point were struck out by sec. 2204(cX1Xb) of Public Law 100-418 (102 Stat. 1331).

(d) 9 Funds available to carry out chapter 4 of part II of the Foreign Assistance Act of 1961 may be used by the Director of the Trade and Development Agency, with the concurrence of the Secretary of State (as provided under section 531 of the Foreign Assistance Act of 1961), for the purposes for which funds made available under this subsection are authorized to be used in section 644 and this section. The Secretary of State shall exercise his authority in cooperation with the Administrator of the Agency for International Development. Funds made available pursuant to this subsection 10 may be used to finance a tied aid credit activity in any country eligible for tied aid credits under this Act.

IMPLEMENTATION

SEC. 646.11 (a)(1) The National Advisory Council on International Monetary and Financial Policies shall coordinate the implementation of the tied aid credit programs authorized by sections 644 and 645.

(2) No financing may be approved under the tied aid credit programs authorized by section 644 or section 645 without the unanimous consent of the members of the National Advisory Council on International Monetary and Financial Policies.

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(b) 12 The Trade and Development Agency shall be represented at any meetings of the National Advisory Council on International Monetary and Financial Policies for discussion of tied aid credit matters, and the representative of the Trade and Development Agency at any such meeting shall have the right to vote on any decisions of the Advisory Council relating to tied aid credit matters.

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DEFINITIONS

SEC. 647.13 For purposes of this part

(1) the term "tied aid credit" means credit

(A) which is provided for development aid purposes;

(B) which is tied to the purchase of exports from the country granting the credit;

(C) which is financed either exclusively from public funds, or, as a mixed credit, partly from public and partly from private funds; and

(D) which has a grant element, as defined by the Development Assistance Committee of the Organization for Economic Cooperation and Development, greater than zero percent;

(2) the term "government-mixed credits" means the combined use of credits, insurance, and guarantees offered by the Export-Import Bank of the United States with concessional fi

• Subsec. (d) was amended and restated by sec. 2204(cX1XB)(iv) of Public Law 100-418 (102 Stat. 1331). Subsec. (d) previously read as follows:

"(d) The Administrator of the Agency for International Development may draw on Economic Support Funds allocated for Commodity Import Programs to finance a tied aid credit activity.". 10 For current appropriations, see Legislation on Foreign Relations Through 1992, vol. I, beginning at page 583.

11 12 U.S.C. 635s.

12 Subsec. (b) was added by sec. 2204(c)(2) of Public Law 100-418 (102 Stat. 1331).

13 12 U.S.C. 635t.

nancing or grants offered by the Agency for International Development to finance exports;

(3) the term "public-private financing" means the combined use of either official development assistance or official export credit with private commercial credit to finance exports;

(4) the term "blending of financings" means the use of various combinations of official development assistance, official export credit, and private commercial credit. integrated into a single package with a single set of financial terms, to finance exports;

(5) the term "parallel financing" means the related use of various combinations of separate lines of official development assistance, official export credits, and private commercial credit, not combined into a single package with a single set of financial terms, to finance exports; and

(6) the term "Bank" means the Export-Import Bank of the United States.

g. Export-Import Bank Act Amendments of 1978

Partial text of Public Law 95–630 [H.R. 14279], 92 Stat. 3641 at 3724, approved November 10, 1978, as amended by Public Law 98-181 [Export-Import Bank Act Amendments of 1983; H.R. 3959], 97 Stat. 1153 at 1262, approved November 30, 1983; and by Public Law 99-472 [Export-Import Bank Act Amendments of 1986; H.R. 5548), 100 Stat. 1200, approved October 15, 1986

AN ACT To extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Financial Institutions Regulatory and Interest Rate Control Act of 1978”.

TITLE XIX-EXPORT-IMPORT BANK ACT AMENDMENTS SEC. 1901. That this title may be cited as the "Export-Import Bank Act Amendments of 1978".

NOTE.-Except for the sections included below, title XIX of this Act contained amendments to the Export-Import Bank Act of 1945.

EXPORT CREDIT COMPETITION

SEC. 1908.2 (a) The President is authorized and requested to begin negotiations at the ministerial level with other major exporting countries to end predatory export financing programs and other forms of export subsidies, including mixed credits, in third country markets as well as within the United States. The President shall report to the Congress prior to January 15, 1979, on progress toward meeting the goals of this section.

(b) The Export-Import Bank of the United States is authorized to provide guarantees, insurance, and extensions of credit at rates and terms and other conditions which are, in the opinion of the Board of Directors of the Bank, competitive with those provided by

1 12 U.S.C. 635 note.

2 12 U.S.C. 635a-1.