(3) 57. 58 LIMITATION ON AUTHORIZATION OF APPROPRIATIONS.— To carry out this subsection, there are authorized to be appropriated to the Bank not to exceed

(A) $20,000,000, for fiscal year 1990; and

(B) $35,000,000, for fiscal year 1991.

(4) 57 SUNSET PROVISION.-The authority to enter into commitments to make interest subsidy payments shall lapse on October 1, 1991.59

SEC. 3.60 (a) The Export-Import Bank of the United States shall constitute an independent agency of the United States and neither the Bank nor any of its functions, powers, or duties shall be transferred to or consolidated with any other department, agency, or corporation of the Government unless the Congress shall otherwise by law provide.

(b) There shall be a President of the Export-Import Bank of the United States, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, who shall receive a salary at the rate of $40,000 61 per annum, and who shall serve as chief executive officer of the Bank. There shall be a First Vice President of the Bank, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, who shall receive a salary at the rate of $38,000 62 per annum, who shall serve as President of the Bank during the absence or disability of or in the event of a vacancy in the office of President of the Bank, and who shall at other times perform such functions as the President of the Bank may from time to time prescribe.

(c)(1) 63 There shall be a Board of Directors of the Bank consisting of the President of the Export-Import Bank of the United States who shall serve as Chairman, the First Vice President who shall serve as Vice Chairman, and three additional persons appointed by the President of the United States by and with the advice and consent of the Senate.

(2) 63 Of the five members of the Board, not more than three shall be members of any one political party.

58 Sec. 101(a)(2) of the International Development and Finance Act of 1989 (Public Law 101240; 103 Stat. 2493) restated par. (3); it formerly read as follows:

"(3) AUTHORIZATION OF APPROPRIATIONS.—

"(A) IN GENERAL.-Subject to subparagraph (B), there are authorized to be appropriated to the Bank, for any fiscal year beginning after fiscal year 1986, such sums as may be necessary to carry out the purposes of this subsection.

"(B) BUDGET SCORING.-No amount is authorized to be appropriated for commitments to make interest subsidy payments on loans for which the Bank extends a loan guarantee commitment if any amount of such loan guarantee commitment is scored as budget authority in any estimate of budget authority prepared pursuant to any provision of the Congressional Budget and Impoundment Control Act of 1974.".

59 Sec. 101(a)(3) of the International Development and Finance Act of 1989 (Public Law 101240; 103 Stat. 2493) struck out "1988" and inserted in lieu thereof "1991".

60 12 U.S.C. 635a, as amended by Act of Aug. 9, 1954 (68 Stat. 677) and by Public Law 90-267 (82 Stat. 49).

61 Pursuant to 5 U.S.C. 5314(41), the President of the Bank receives a salary according to level III of the Executive Schedule. Executive Order 12698, December 23, 1989, raised the salary of level III to $89,000.

62 Pursuant to 5 U.S.C. 5315 (49) and (56), the First Vice President of the Bank and Members, Board of Directors of the Bank receive a salary according to level IV of the Executive Schedule. Executive Order 12698, December 23, 1989, raised the salary of level IV to $83,600.

63 Sec. 614(a) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1255) redesignated each sentence in subsec. (c) as pars. (1) through (7) and inserted a new par. (8).

(3) 63 Each director, other than the President of the ExportImport Bank and the Vice President of the Export-Import Bank, shall receive a salary at the rate of $38,000 per annum.

(4) 63 Before entering upon his duties, each of the directors shall take an oath faithfully to discharge the duties of his office.

(5) 63, 64 The directors, in addition to their duties as members of the Board, shall perform such additional duties and may hold such other offices in the administration of the Bank as the President of the Bank may from time to time prescribe.

(6) 63 A majority of the Board of Directors shall constitute a

quorum.

(7) 63 The Board of Directors shall adopt, and may from time to time amend, such bylaws as are necessary for the proper management and functioning of the Bank, and shall, in such bylaws, designate the vice presidents and other officers of the Bank and prescribe their duties.

(8) 63 (A) The terms of the directors, including the President and the First Vice President of the Bank, appointed under this section shall be four years, except that—

(i) during their terms of office, the directors shall serve at the pleasure of the President of the United States;

(ii) the term of any director appointed after the date of enactment of this paragraph to serve before January 20, 1985, shall expire on January 20, 1985;

(iii) of the directors first appointed to serve beginning on or after January 21, 1985, two directors (other than the President and First Vice President of the Bank) shall be appointed for terms of two years, as designated by the President of the United States at the time of their appointment; and

(iv) any director first appointed to serve for a term beginning on any date after January 21, 1985, shall serve only for the remainder of the period for which such director would have been appointed if such director's term had begun on January 21, 1985. If such term would have expired before the date on which such director's term actually begins, the term of such director shall be the four-year period, or remainder thereof, as if such director had been preceded by a director whose term had begun on January 21, 1985.

(B) 65 Of the five members of the Board appointed by the President, not less than one such member shall be selected from among the small business community and shall represent the interests of small business.

(C) Any person chosen to fill a vacancy shall be appointed only for the unexpired term of the director whom such person succeeds.

64 Sec. 614(a)(2) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98-181; 97 Stat. 1256) struck out the first phrase in this sentence which previously read as fol lows: "Terms of the directors shall be at the pleasure of the President of the United States, and". See following par. (8) for text concerning the terms of the directors.

65 Sec. 614(b) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1256) provided:

"(b) In order to carry out the amendment made by subsection (a) regarding section 3(c)(8)(B) of the Export-Import Bank Act of 1945, the first member, other than a member who will serve as Chairman or Vice Chairman of the Bank, appointed by the President of the United States to the Board of Directors of the Export-Import Bank of the United States after the date of the enactment of this section shall be selected from among the small business community and shall represent the interests of small business.".

(D) Any director whose term has expired may be reappointed. (E) 66 Any director whose term has expired may continue to serve on the Board of Directors until the earlier of—

(i) the date on which such director's successor is qualified; or

(ii) the end of the 6-month period beginning on the date such director's term expires.

(d) 67 (1)(A) There is established an Advisory Committee to consist of twelve members who shall be appointed by the Board of Directors on the recommendation of the President of the Bank.

(B) Such members shall be broadly representative of production, commerce, finance, agriculture, labor, services, and State government.

(2) Not less than three members appointed to the Advisory Committee shall be representative of the small business community. (3) The Advisory Committee shall meet at least once each quarter.

(4) The Advisory Committee shall advise the Bank on its programs, and shall submit, with the report specified in section 2(b)(1)(A) of this Act, its own comments to the Congress on the extent to which the Bank is meeting its mandate to provide competitive financing to expand United States exports, and any suggestions for improvements in this regard.

(e) No director, officer, attorney, agent, or employee of the bank shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting such individual's 68 personal interests, or the interests of any corporation, partnership, or association in which such individual 69 is directly or indirectly personally interested.

SEC. 4.70 The Export-Import Bank of the United States shall have a capital stock of $1,000,000,000 subscribed by the United States. Payments for $1,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the common stock heretofore issued by the Bank and purchased by the United States. Payment for $174,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the preferred stock heretofore issued by the Bank and purchased by the Reconstruction Finance Corporation. Payment for the $825,000 balance of such capital stock shall be subject to call at any time in whole or in part by the Board of Directors of the Bank. For the purpose of making payments of such balance, the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include such purpose. Payment under this section of the subscription of the United States to the Bank and repayments thereof shall be treated as public-debt trans

66 Sec. 18 of Public Law 99-472 (100 Stat. 1205) added subpar. (E).

67 Sec. 613 of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98-181; 97 Stat. 1255) amended and restated subsec. (d).

68 Sec. 620 (b)(1) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98-181; 97 Stat. 1261) substituted the words "such individual's" in lieu of the word "his".

69 Sec. 620(b)(2) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98-181; 97 Stat. 1261) substituted the words "such individual” in lieu of the word "he".

70 12 U.S.C. 635b. Public Law 90-267 (82 Stat. 47), changed the name of the Bank to ExportImport Bank of the United States.

actions of the United States. Certificates evidencing stock ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as the President 71 may designate from time to time to the extent of the common and preferred stock surrendered and other payments made for the capital stock of the Bank under this section.

SEC. 5.72 (a) The Secretary of the Treasury shall pay to the Reconstruction Finance Corporation the par value of the preferred stock upon its surrender to the Bank for cancellation. For the purpose of making such payments to the Reconstruction Finance Corporation the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act are extended to include such purpose. Payment under this subsection to the Reconstruction Finance Corporation shall be treated as publicdebt transactions of the United States.

(b) Any dividends on the preferred stock accumulated and unpaid to the date of its surrender for cancellations shall be paid to the Reconstruction Finance Corporation by the Bank.

SEC. 6.73 The Export-Import Bank of the United States is authorized to issue from time to time for purpose by the Secretary of the Treasury its notes, debentures, bonds or other obligation; 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 the enactment of the ExportImport Bank Amendments of 1974 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 hereby 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 hereafter issued under the Second Liberty Bond Act, as amended, and the purpose for which securities may be issued under that Act 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.

71 Sec. 620(c) of the Export-Import Bank Act Amendments of 1983 (title VI of Public Law 98181; 97 Stat. 1261) substituted the words "the President" in lieu of the word "he".

72 12 U.S.C. 635c.

73 12 U.S.C. 635d. The second and third sentences were added by Public Law 80-89 (61 Stat. 131). Public Law 82-158 (65 Stat. 637), further amended the section; Public Law 83-570 (68 Stat. 678), substituted a new debt limit of $4,000,000; Public Law 85-425 (72 Stat. 133), raised that limit to $6,000,000. The third sentence was revised by sec. 7 of Public Law 93-646 (88 Stat. 2333 at 2336).

SEC. 7. (a) 74 (1) 75 The Export-Import Bank of the United States shall not have outstanding at any one time loans, guaranties, and insurance in an aggregate amount in excess of $40,000,000,000. All spending and credit 76 authority provided under this Act shall be effective for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts.77

74 12 U.S.C. 635e. Public Law 82-158 (65 Stat. 367), raised the limit on the aggregate amount to 41⁄2 times the authorized capital stock of the bank. The words "and insurance" were added by Public Law 83-30 (67 Stat. 28). Public Law 83-570 (68 Stat. 578), raised the aggregate amount to $5,000,000,000; Public Law 85-424 (72 Stat. 133) increased the amount to $7,000,000,000; Public Law 88-101 (77 Stat. 128), increased the amount to $9,000,000,000; Public Law 90-267 (82 Stat. 49); increased the amount to $13,500,000,000; and Public Law 92-126 (85 Stat. 345), increased the amount to $20,000,000,000; Public Law 93-646 (88 Stat. 2333) increased the amount to $25,000,000,000; and sec. 1905 of Public Law 95-630 (92 Stat. 3725) increased the amount to $40,000,000,000.

75 Sec. 381(a) of the Omnibus Budget Reconciliation Act (Public Law 97-35; 95 Stat. 431) designated subsec. (a) as subsec. (a)(1) and added a new par. (2). Subsequently, sec. 615 of the ExportImport Bank Act Amendments of 1983 (title VI of Public Law 98-181; 97 Stat. 1256) amended and restated par. (2). Previously, par. (2) read as follows:

“(2) Within the limits of funds and borrowing authority available to the Bank pursuant to this Act, gross obligations for the principal amount of direct loans authorized by the Bank during fiscal years 1982 and 1983 shall not exceed $10,478,000,000, of which amount $5,065,000,000 is designated for fiscal year 1982 and $5,413,000,000 is designated for fiscal year 1983.".

76 Sec. 17 of Public Law 99-472 (100 Stat. 1205) added the words "and credit". 77 This sentence was added by sec. 1914 of Public Law 95-630 (92 Stat. 3727).

Title IV of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1990 (Public Law 101-167; 103 Stat. 1215), provided the following:

"EXPORT-IMPORT BANK OF THE UNITED STATES

"The Export-Import Bank of the United States is authorized to make such expenditures within the limits of funds and borrowing authority available to such corporation, and in accordance with law, and to make such contracts and commitments without regard to fiscal year limitations, as provided by section 104 of the Government Corporation Control Act, as may be necessary in carrying out the program for the current fiscal year for such corporation: Provided, That none of the funds available during the current fiscal year may be used to make expenditures, contracts, or commitments for the export of nuclear equipment, fuel, or technology to any country other than a nuclear-weapon State as defined in article IX of the Treaty on the Non-Proliferation of Nuclear Weapons eligible to receive economic or military assistance under this Act that has detonated a nuclear explosive after the date of enactment of this Act.

"LIMITATION ON PROGRAM ACTIVITY

"During the fiscal year 1990 and within the resources and authority available, gross obligations for the principal amount of direct loans shall not exceed $615,000,000: Provided, That gross obligations for the principal amount of direct loans pursuant to the medium-term financing program shall not exceed $215,000,000: Provided further, That the interest subsidy authority and the tied aid grants authority provided under this heading are subject to authorization: Provided further, That there are hereby appropriated $110,000,000 to be made available for tied aid grants in accordance with section 15 of the Export-Import Bank Act of 1945, as amended, or, at the discretion of the Chairman of the Export-Import Bank, in accordance with the Trade and Development Enhancement Act of 1983, as amended: Provided further, That there are hereby appropriated $20,000,000 to be made available for interest subsidy payments in accordance with the Export-Import Bank Act of 1945, as amended: Provided further, That none of the funds appropriated under this heading for interest subsidy payments may be used in conjunction with any loan guaranteed from authority provided under this heading: Provided further, That the funds made available under this heading for both grant and subsidy purposes shall be subject to the regular notification procedures of the Committees on Appropriations of the House of Representatives and the Senate: Provided further, That $110,000,000 of the funds made available for tied aid grant purposes and $20,000,000 of the funds made available for interest subsidy payments shall be subject to the limitation on the gross obligation for the principal amount of direct loans specified under this heading: Provided further, That funds made available for grants or interest subsidy payments shall be made available only as authorized by law: Provided further, That loan guarantee authority available to the Export-Import Bank of the United States may be used by the Bank to participate in the financing of commercial sales of defense articles and services destined for Greece and Turkey, notwithstanding any other provision of law: Provided further, That the authority provided by the previous proviso shall not be used for the procurement of defense articles or services for use on Cyprus: Provided further, That during the fiscal year 1990, total commitments to guarantee loans shall not exceed $10,384,000 of contingent liability for loan principal: Provided further, That the direct loan, tied aid grant and interest subsidy authority provided under this heading shall remain available until September 30,

1991.

Continued