Title 19 — Customs Duties
Part 3 · Chapter 12 — Trade Act of 1974
§ 2344. Financial assistance
Statutory text
Direct loans and guarantees of loans
The Secretary may provide to a firm, on such terms and conditions as he determines to be appropriate, such financial assistance in the form of direct loans or guarantees of loans as in his judgment will materially contribute to the economic adjustment of the firm. The assumption of an outstanding indebtedness of the firm, with or without recourse, shall be considered to be the making of a loan for purposes of this section.
Allowable purposes
Loans or guarantees of loans shall be made under this part only for the purpose of making funds available to the firm—
for acquisition, construction, installation, modernization, development, conversion, or expansion of land, plant, buildings, equipment, facilities, or machinery, or
to supply such working capital as may be necessary to enable the firm to implement its adjustment proposal.
Limitation on direct loans
No direct loan may be provided to a firm under this part if the firm can obtain loan funds from private sources (with or without a guarantee) at a rate no higher than the maximum interest per annum that a participating financial institution may establish on guaranteed loans made pursuant to section 636(a) of title 15.
Limitations on loans and guarantees
Notwithstanding any other provision of this part, no direct loans or guarantees of loans may be made under this part after .
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Trade Act of 1974
Pub. L. 93–618 title II § 254 · 88 Stat. 1978
Enacted · 19 U.S.C. § 2344
Pub. L. 93–618, title II, § 254, Jan. 3, 1975, 88 Stat. 2031
Source evidence
Code source credit
Pub. L. 93–618, title II, § 254, Jan. 3, 1975, 88 Stat. 2031Enacted provision · exact public law section
SEC. 254. FINANCIAL ASSISTANCE. (a) The Secretary may provide to a firm, on such terms and conditions Direct loans, restriction. as he determines to be appropriate, such financial assistance in the form of direct loans or guarantees of loans as in his judgment will materially contribute to the economic adjustment of the firm. The assumption of an outstanding indebtedness of the firm, with or without recourse, shall be considered to be the making of a loan for purposes of this section. (b) Loans or guarantees of loans shall be made under this chapter only for the purpose of making funds available to the firm— (1) for acquisition, construction, installation, modernization, development, conversion, or expansion of land, plant, buildings, equipment, facilities, or machinery, or (2) to supply such working capital as may be necessary to enable the firm to implement its adjustment proposal. (c) To the extent that loan funds can be obtained from private 19 USC 2345. sources (with or without a guarantee) at the rate provided in the first sentence of section 255(b), no direct loan shall be provided to a firm under this chapter.Pub. L. 97–35 title XXV § 2522 · 95 Stat. 357
Substituted · 19 U.S.C. § 2344(c)
Pub. L. 97–35 substituted provisions relating to limitation on direct loans on the basis of interest rates on loans under section 636(a) of title 15 for provisions relating to limitation on direct loans on the basis of interest rates under section 2345(b) of this title
Source evidence
Code amendment note
Subsec. (c). Pub. L. 97–35 substituted provisions relating to limitation on direct loans on the basis of interest rates on loans under section 636(a) of title 15 for provisions relating to limitation on direct loans on the basis of interest rates under section 2345(b) of this title.Enacted provision · exact public law section
Sec. 2522. limitation on provision of direct loans Section 254(c) of the Trade Act of 1974 (19 U.S.C. 2344(c)) is amended to read as follows: “(c) No direct loan may be provided to a firm under this chapter if the firm can obtain loan funds from private sources (with or without a guarantee) at a rate no higher than the maximum interest per annum that a participating financial institution may establish on guaranteed loans made pursuant to section 7(a) of the Small Business Act.”. Ante, p. 767.Effective date note
Amendment by Pub. L. 97–35 effective Aug. 13, 1981, except as otherwise provided with respect to applications for adjustment assistance, see section 2529 of Pub. L. 97–35, set out as a note under section 2343 of this title.Trade Adjustment Assistance Reform and Extension Act of 1986
Pub. L. 99–272 title XIII § 13006(b) · 100 Stat. 82
Added · 19 U.S.C. § 2344(d)
Pub. L. 99–272 added subsec. (d)
Source evidence
Code amendment note
Subsec. (d). Pub. L. 99–272 added subsec. (d).Enacted provision · exact public law section
(b) No New Loans or Guarantees.— Section 254 of the Trade Act of 1974 (19 U.S.C. 2344) is amended by adding at the end thereof the following new subsection: “(d) Notwithstanding any other provision of this chapter, no direct loans or guarantees of loans may be made under this chapter after the date of enactment of the Trade Adjustment Assistance Reform Ante, p. 300. and Extension Act of 1986.”.
3 of 3 references resolved to an enrolled provision
Notes
Termination of Assistance
For termination of assistance under this part after , see Termination Date note below.
Editorial Notes
Codification
Section reflects the , reversion to provisions in effect on . See Effective and Termination Dates note below.
Prior Provisions
A prior section 2344, Pub. L. 93–618, title II, § 254, as added Pub. L. 111–5, div. B, title I, § 1864(a)(3), , 123 Stat. 397, and Pub. L. 112–40, title II, § 201(b), (c), , 125 Stat. 403, and Pub. L. 114–27, title IV, § 402(b), (c), , 129 Stat. 374, ceased to be effective after the reversion, effective , of this section to provisions in effect on , pursuant to section 406 of Pub. L. 114–27, set out as a note preceding section 2271 of this title. Prior to reversion, section 2344 read as follows:
Ҥ 2344. Oversight and administration
“(a) In General.—
The Secretary shall, to such extent and in such amounts as are provided in appropriations Acts, provide grants to intermediary organizations (referred to in section 2343(b)(1) of this title) throughout the United States pursuant to agreements with such intermediary organizations. Each such agreement shall require the intermediary organization to provide benefits to firms certified under section 2341 of this title. The Secretary shall, to the maximum extent practicable, provide by , that contracts entered into with intermediary organizations be for a 12-month period and that all such contracts have the same beginning date and the same ending date.
“(b) Distribution of Funds.—
“(1) In general.—
Not later than 90 days after , the Secretary shall develop a methodology for the distribution of funds among the intermediary organizations described in subsection (a).
“(2) Prompt initial distribution.—
The methodology described in paragraph (1) shall ensure the prompt initial distribution of funds and establish additional criteria governing the apportionment and distribution of the remainder of such funds among the intermediary organizations.
“(3) Criteria.—
The methodology described in paragraph (1) shall include criteria based on the data in the annual report on the trade adjustment assistance for firms program described in section 2356 of this title.
“(c) Requirements for Contracts.—
An agreement with an intermediary organization described in subsection (a) shall require the intermediary organization to contract for the supply of services to carry out grants under this part in accordance with terms and conditions that are consistent with guidelines established by the Secretary.
“(d) Consultations.—
“(1) Consultations regarding methodology.—
The Secretary shall consult with the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives—
“(A) not less than 30 days before finalizing the methodology described in subsection (b); and
“(B) not less than 60 days before adopting any changes to such methodology.
“(2) Consultations regarding guidelines.—
The Secretary shall consult with the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives not less than 60 days before finalizing the guidelines described in subsection (c) or adopting any subsequent changes to such guidelines.”
Amendments1981–1986 · 2 rounds
1986
Subsec. (d). Pub. L. 99–272 added subsec. (d).
1981
Subsec. (c). Pub. L. 97–35 substituted provisions relating to limitation on direct loans on the basis of interest rates on loans under section 636(a) of title 15 for provisions relating to limitation on direct loans on the basis of interest rates under section 2345(b) of this title.
Statutory Notes and Related Subsidiaries
Effective Date of 1981 Amendment
Amendment by Pub. L. 97–35 effective , except as otherwise provided with respect to applications for adjustment assistance, see section 2529 of Pub. L. 97–35, set out as a note under section 2343 of this title.
Termination Date
Except as otherwise provided, technical assistance and grants may not be provided under this part after , see section 285 of Pub. L. 93–618, as modified by section 406(a)(7) of Pub. L. 114–27, set out as notes preceding section 2271 of this title.
Residual Authority
Pub. L. 111–5, div. B, title I, § 1864(b), , 123 Stat. 398, provided that: “The Secretary of Commerce shall have the authority to modify, terminate, resolve, liquidate, or take any other action with respect to a loan, guarantee, contract, or any other financial assistance that was extended under section 254, 255, 256, or 257 of the Trade Act of 1974 (19 U.S.C. 2344, 2345, 2346, and 2347), as in effect on the day before the effective date set forth in section 1891 [set out as an Effective and Termination Dates of 2009 Amendment note under section 2271 of this title].”
Credits
1975–1986 · 3 acts
- 1975Pub. L. 93–618, title II, § 254, , 88 Stat. 2031
- 1981Pub. L. 97–35, title XXV, § 2522, , 95 Stat. 891
- 1986Pub. L. 99–272, title XIII, § 13006(b), , 100 Stat. 304.
Show as published
(Pub. L. 93–618, title II, § 254, , 88 Stat. 2031; Pub. L. 97–35, title XXV, § 2522, , 95 Stat. 891; Pub. L. 99–272, title XIII, § 13006(b), , 100 Stat. 304.)