Union of Soviet Socialist Republics (including its captive constituent republics). (C) PRESIDENTIAL DETERMINATION THAT A COUNTRY HAS CEASED TO BE MARXIST-LENINIST.-If the President determines that any country on the list contained in subparagraph (B)(ii) has ceased to be a Marxist-Leninist country (within the definition of such term in subparagraph (B)(i)), such country shall not be treated as a Marxist-Leninist country for purposes of this paragraph after the date of such determination, unless the President subsequently determines that such country has again become a Marxist-Leninist country. (D) PRESIDENTIAL DETERMINATION RELATING TO FINANCING IN THE NATIONAL INTEREST. (i) IN GENERAL.-Subparagraph (A) shall not apply to guarantees, insurance, or extensions of credit by the Bank to a country, agency, or national described in clause (i) or 29 Sec. 103 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2494) stated further conditions for Export-Import Bank transactions with the People's Republic of China, including conditions of political reform and relations with Tibet. For text, see page 140. 30 Sec. 303 of the Support for East European Democracy (SEED) Act of 1989 (Public Law 101179; 103 Stat. 1312) provided the following: 66. "(a) AUTHORITY TO EXTEND CREDIT FOR POLAND AND HUNGARY.-Notwithstanding section 2(b)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(2)), the Export-Import Bank of the United States may guarantee, insure, finance, extend credit, and participate in the extension of credit in connection with the purchase or lease of any product by the Republic of Hungary or any agency or national thereof or by the Polish People's Republic or any agency or national thereof. "(b) PRIVATE FINANCIAL INTERMEDIARIES TO FACILITATE EXPORTS TO POLAND.-Consistent with the provisions of the Export-Import Bank Act of 1945 (12 U.S.C. 635 and following), the ExportImport Bank of the United States shall work with private financial intermediaries in Poland to facilitate the export of goods and services to Poland.". See also sec. 225 of the Foreign Assistance Act of 1961, as added by Public Law 101-179, relating to trade credit insurance program for Poland, vol. I, page 74. See also freestanding provisions of Public Law 101-179, vol. I, beginning at page 772. (ii) of subparagraph (A) (in connection with transactions described in such clauses) if the President determines that such guarantees, insurance, or extensions of credit are in the national interest. FOR CERTAIN TRANSAC (ii) SEPARATE DETERMINATION TIONS.-The President shall make a separate determination under clause (i) for each transaction described in clause (i) or (ii) of subparagraph (A) for which the Bank would extend a loan in an amount equal to or greater than $50,000,000. (iii) REPORT OF CLAUSE (i) DETERMINATIONS TO CONGRESS.-Any determination by the President under clause (i) shall be reported to the Congress not later than the earlier of (I) the end of the 30-day period beginning on the date of such determination; or (II) the date the Bank takes final action with respect to the first transaction involving the country, agency, or national for which such determination is made after the date of the enactment of the Export-Import Bank Amendments of 1974, unless a report of a determination with respect to such date of enactment. (iv) REPORT OF CLAUSE (ii) DETERMINATIONS TO CONGRESS. Any determination by the President under clause (ii) shall be reported to the Congress not later than the earlier of (I) the end of the 30-day period beginning on the date of such determination; or (II) the date the Bank takes final action with respect to the transaction for which such determination is made. (3) 31 Except as provided by the fourth sentence of this paragraph, 32 no loan or financial guarantee or general guarantee or insurance facility 33 or combination thereof (i) in an amount which equals or exceeds $100,000,000,34 (ii) in an account which equals or exceeds $25,000,000 for the export of goods or services involving research, exploration, or production of fossil fuel energy resources in the Union of Soviet Socialist Republics, or (iii) for the export of technology, fuel, equipment, materials, or goods or services to be used in the construction, alteration, operation, or maintenance of nuclear power, enrichment, reprocessing, research, or heavy water production facilities, shall be finally approved by the Board of Directors of the Bank, unless in each case the Bank has submitted to the Congress with respect to such loan, financial guarantee, or combination thereof, a detailed statement describing and explaining the transaction, at least 25 days of continuous session of the 31 Sec. 5 of Public Law 93-646 (88 Stat. 2333 at 2335) inserted par. (3) and redesignated pars. (3), (4), and (5) of the existing law as pars. (4), (5), and (6), respectively (these paragraphs were again redesignated as pars. (5), (6), and (7) by Public Law 95-143). Par. 3 was amended and restated by sec. 3(a) of Public Law 95-143 (91 Stat. 1210). 32 This phrase was added by sec. 1902(1) of Public Law 95-630 (92 Stat. 3724). 33 Sec. 619(b) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1260) added the words "or general guarantee or insurance facility". 34 This figure was increased from $60,000,000 by sec. 1902(2) of Public Law 95-630 (92 Stat. Congress prior to the date of final approval. For the purpose of the preceding sentence, continuity of a session of the Congress shall be considered as broken only by an adjournment of the Congress sine die, and the days on which either House is not in session because of an adjournment of more than 3 days to a day certain shall be excluded in the computation of the 25 day period referred to in such sentence. Such statement shall contain— (A) 35 in the case of a loan or financial guarantee (i) a brief description of the purposes of the transaction; (ii) the identity of the party or parties requesting the loan or financial guarantee; (iii) the nature of the goods or services to be exported and the use for which the goods or services are to be exported; and (iv) in the case of a general guarantee or insurance facility (I) a description of the nature and purpose of the facility; (II) the total amount of guarantees or insurance; and (III) the reasons for the facility and its methods of operation; and (B) a full explanation of the reasons for Bank financing of the transaction, the amount of the loan to be provided by the Bank, the approximate rate and repayment terms at which such loan will be made available and the approximate amount of the financial guarantee. If the Bank submits a statement to the Congress under this paragraph and either House of Congress is in an adjournment for a period which continues for at least ten days after the date of submission of the statement, then any such loan or guarantee or combination thereof may, subject to the second sentence of this paragraph, be finally approved by the Board of Directors upon the termination of the twenty-five-day period referred to in the first sentence of this paragraph or upon the termination of a thirty-five-calendar-day period (which commences upon the date of submission of the statement), whichever occurs sooner.36 (4) 37 The Secretary of State shall report to the appropriate committees of Congress and to the Board of Directors of the ExportImport Bank if the Secretary 38 determines that any country that has agreed to International Atomic Energy Agency nuclear safeguards materially violates, abrogates, or terminates, after the date of enactment of this paragraph, such safeguards or that any country that has entered into an agreement for cooperation concerning the civil use of nuclear energy with the United States materially violates, abrogates, or terminates, after the date of enactment of 35 Sec. 619(c) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1260) amended and restated subpar. (A). It previously read as follows: "(A) a brief description of the purposes of the transaction, the identity of the party or parties requesting the loan or financial guarantee, the nature of the goods or services to be exported, and the use for which the goods or services are to be exported; and". 36 This sentence was added by sec. 1902 of Public Law 95-630 (92 Stat. 3724). 37 Sec. 3(b) of Public Law 95-143 (91 Stat. 1210) added par. (4) and redesignated pars. (4) through (6) as pars. (5) through (7), respectively. 38 Sec. 620(a) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1261) substituted the words "the Secretary" in lieu of the word "he". this paragraph, any guarantee or other undertaking to the United States made in such agreement or that any country that is not a nuclear-weapons state (as defined in article IX(3) of the treaty on the Non-Proliferation of Nuclear Weapons) detonates, after the date of enactment of this paragraph, a nuclear explosive device. The Secretary shall specify which country or countries the secretary 38 has determined to have so acted, and the Board shall not give approval to guarantee, insure, or extend credit, or participate in the extension of credit in support of United States exports to such country unless the President determines that it is in the national interest for the Bank to guarantee insure or extend credit or participate in the extension of credit in support of United States exports to such country and such determination has been reported to the Congress not less than twenty-five days of continuous session of the Congress prior to the date of such approval. For the purpose of the preceding sentence, continuity of a session of the Congress shall be considered as broken only by an adjournment of the Congress sine die, and the days on which either House is not in session because of an adjournment of more than three days to a day certain shall be excluded in the computation of the twenty-five-day period referred to in such sentence. (5) 39 The Bank shall not guarantee, insure, or extend credit, or participate in the extension of credit in connection with (A) the purchase of any product, technical data, or other information by a national or agency of any nation which engages in armed conflict declared or otherwise, with the Armed Forces of the United States, (B) the purchase by any nation (or national or agency thereof) of any product, technical data, or other information which is to be used principally by or in any such nation described in clause (A). The Bank shall not guarantee, insure, or extend credit, or participate in the extension of credit in connection with the purchase of any product, technical data, or other information by a national or agency of any nation if the President determines that any such transaction would be contrary to the national interest, or (C) the purchase of any liquid metal fast breeder nuclear reactor or any nuclear fuel reprocessing facility.40 (6) 37 (A) 41 The Bank shall not guarantee, insure, or extend credit, or participate in an extension of credit in connection with any credit sale of defense articles and defense services to any country designated under section 4916 of the Internal Revenue Code of 1954 as an economically less developed country for purposes of the tax imposed by section 4911 of that Code. The prohibitions set forth in this subparagraph shall not apply with respect to any transaction the consummation of which the President determines would be in the national interest and reports such determination (within thirty days after making the same) to the Senate and House of Representatives. In making any such determination the President shall take into account, among other considerations, the national 39 Sec. 2(b)(3) (subsequently redesignated as sec. 2(b)(5)) was amended and restated by Public Law 92-126 (85 Stat. 346). Previously added by Public Law 90-267 (82 Stat. 48). 40 Clause (C) was added by sec. 3(c) of Public Law 95-143 (91 Stat. 1211). 41 Sec. 4703 of the Anti-Drug Abuse Act of 1988 (Public Law 100-690; 102 Stat. 4181) amended sec. 2(b)(6) by inserting "(A)" before "The Bank"; by substituting "subparagraph" in lieu of "paragraph"; and by adding new subpar. (B). interest in avoiding arm races among countries not directly menaced by the Soviet Union or by Communist China; in avoiding arming military dictators who are denying social progress to their own peoples; and in avoiding expenditures by developing countries of scarce foreign exchange needed for peaceful economic progress. (B) 41 Subparagraph (A), and section 32 of the Arms Export Control Act, shall not apply to any sale of defense articles or services if (i) the Bank is requested to provide a guarantee or insurance for the sale; (ii) the President determines that the defense articles or services are being sold primarily for anti-narcotics purposes; (iii) section 481(h)(5) of the Foreign Assistance Act of 1961 does not apply with respect to the purchasing country; (iv) the President determines, in accordance with subparagraph (C), that the sale is in the national interest of the United States; (v) the Bank determines that, notwithstanding the provision of a guarantee or insurance for the sale, not more than 5 percent of the guarantee and insurance authority available to the Bank in any fiscal year will be used by the Bank to support the sale of defense articles and services; and (vi) the sale is made on or before September 30, 1990. (C) In determining whether a sale of defense articles or services would be in the national interest of the United States, the President shall take into account whether the sale would (i) be consistent with the anti-narcotics policy of the United States; (ii) involve the end use of a defense article or service in a major illicit drug producing or major drug-transit country (as defined in section 481(i) of the Foreign Assistance Act of 1961); and (iii) be made to a country with a democratic form of govern ment. (D)(i) The Board shall not give approval to guarantee or insure a sale ofdefense articles or services unless (I) the President determines, in accordance with subparagraph (C), that it is in the national interest of the United States for the Bank to provide such guarantee or insurance; and (II) such determination has been reported to the Speaker and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate, not less than 25 days of continuous session of the Congress before the date of such approval. (ii) For purposes of clause (i), continuity of a session of the Congress shall be considered as broken only by an adjournment of the Congress sine die, and the days on which either House is not in session because of an adjournment of more than 3 days to a day certain shall be excluded in the computation of the 25-day period referred to in such sentence. (E) The provision of a guarantee or insurance under subparagraph (B) shall be deemed to be the provision of security assistance |