Public Law 87–311

That subsection (c)

Export-Import Bank Act of 1945, amendment.

67 Stat. 28.

12 USC 635.

of section 2 of the Export-Import Bank Act of 1945 is amended to read as follows:

“(c)“(c)

(1)(1)

The Export-Import Bank of Washington, in furtherance of its objects and purposes under this Act, is authorized and empowered to guarantee, insure, coinsure, and reinsure United States exporters and foreign exporters doing business in the United States in an aggregate amount not in excess of $1,000,000,000 outstanding at any one time against political and credit risks of loss arising in connection with United States exports; and to establish and maintain fractional reserves in connection therewith. The reserves maintained by the Bank for the guarantees, insurance, coinsurance or reinsurance issued pursuant to this section shall be not less than 25 per centum of the related contractual liability of the Bank. Insofar as contracts of guarantee, insurance, coinsurance, and reinsurance are concerned, only that part of the Bank’s liabilities represented by reserves provided for above shall be taken into account for the purposes of applying the limitations imposed by section 7 of this Act. Fees and premiums

59 Stat. 529; 72 Stat. 133.

12 USC 635e.

shall be charged in connection with such contracts commensurate, in the judgment of the Bank, with the risks covered.

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“(2)“(2)

The Bank may issue such guarantees, insurance, coinsurance, and reinsurance to or with exporters, insurance companies, financial institutions, or others, or groups thereof, and where appropriate may employ any of the same to act as its agent in the issuance and servicing of such guarantees, insurance, coinsurance, and reinsurance, and the adjustment of claims arising thereunder.”

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