§ 2184. Trade credit insurance program for Central America

Statutory text

Guarantees to Export-Import Bank; financial transactions with private sector in Central American countries

In order to enable the Export-Import Bank of the United States (hereafter in this section referred to as the “Bank”) to determine that there exists reasonable assurance of repayment as required under section 2(b)(1)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(B)], the agency primarily responsible for administering subchapter I of this chapter (hereafter in this section referred to as the “Agency”) is authorized to provide guarantees to the Bank for liabilities to be incurred by the Bank in connection with guarantees or insurance provided under the Export-Import Bank Act of 1945 [12 U.S.C. 635 et seq.] for financing for transactions involving the export of goods and services for the use of the private sector in Central American countries.

Extent of guarantees; agreements; reserve fund

Guarantees provided by the Agency pursuant to the authority of subsection (a) shall be for short-term guarantees and insurance extended by the Bank which shall be repayable within a period not to exceed one year from the date of arrival at the port of importation of the goods and services covered by such guarantees or insurance. Guarantees or insurance extended by the Bank and guaranteed by the Agency pursuant to subsection (a) shall be provided by the Bank in accordance with criteria and procedures agreed to by the Agency and the Bank. Such agreement shall also provide for the establishment of a reserve fund by the Agency, with such funds made available to the reserve as the Agency deems necessary to discharge liabilities under guarantees provided by the Agency pursuant to subsection (a).

The Administrator of such agency shall transmit a copy of such agreement to the Speaker of the House of Representatives and to the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate.

Deadline for guarantee commitments

The Agency shall not enter into any commitments to guarantee under subsection (a) after September 30, 1991.

Availability of appropriated funds

Of the funds authorized to be appropriated for part IV of subchapter II of this chapter, there are authorized to be made available such sums as may be deemed necessary by the Agency to discharge liabilities under guarantees entered into under subsection (a).

Guarantee commitments limit

Commitments to guarantee under subsection (a) are authorized only to the extent and in the amounts provided in appropriations Acts, except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987.

Credits to reserve fund

To the extent that any of the funds made available pursuant to subsection (d) are paid out for a claim arising out of liabilities guaranteed under subsection (a), amounts received after the date of such payment, with respect to such claim, shall be credited to the reserve fund referred to in subsection (b), shall be merged with the funds in such reserve, and shall be available for the purpose of payments by the Agency to the Bank for guarantees under subsection (a).

Omitted

Administrative and technical assistance

The Export-Import Bank shall provide without reimbursement such administrative and technical assistance to the Agency as the Bank and the Agency deem appropriate to assist the Agency in carrying out this section.

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.

1984
Pub. L. 87–195 · 75 Stat. 424
Enacted · 22 U.S.C. § 2184
Pub. L. 87–195, pt. I, § 224, as added Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903
Source evidence
Code source credit
Pub. L. 87–195, pt. I, § 224, as added Pub. L. 98–473, title I, § 101(1) [title V, § 541(a)], Oct. 12, 1984, 98 Stat. 1884, 1903
1985
International Security and Development Cooperation Act of 1985
Pub. L. 99–83 title III § 314 · 99 Stat. 190
Substituted · 22 U.S.C. § 2184(e)
Pub. L. 99–83 substituted “except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987” for “not to exceed $300,000,000 in the fiscal year 1985”
Source evidence
Code amendment note
Subsec. (e). Pub. L. 99–83 substituted “except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987” for “not to exceed $300,000,000 in the fiscal year 1985”.
Enacted provision · exact public law section
SEC. 314. TRADE CREDIT INSURANCE PROGRAM. Section 224(e) of the Foreign Assistance Act of 1961 is amended by 22 USC 2184. striking out “not to exceed $300,000,000 in the fiscal year 1985” and inserting in lieu therof “except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987”.
Effective date note
Amendment by Pub. L. 99–83 effective Oct. 1, 1985, see section 1301 of Pub. L. 99–83, set out as a note under section 2151–1 of this title.
1989
Pub. L. 101–167 title IV · 103 Stat. 1195
Substituted · 22 U.S.C. § 2184(c)
Pub. L. 101–167 substituted “1990” for “1989”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 101–167 substituted “1990” for “1989”.
Enacted provision · exact public law
TITLE IV— EXPORT ASSISTANCE 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 obligations 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 $10,384,000,000 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. limitation on administrative expenses Not to exceed $22,000,000 (to be computed on an accrual basis) shall be available during fiscal year 1990 for administrative expenses, including hire of passenger motor vehicles and services as authorized by section 3109 of title 5, United States Code, and not to exceed $16,000 for official reception and representation expenses for members of the Board of Directors: Provided, That (1) fees or dues to international organizations of credit institutions engaged in financing foreign trade, (2) necessary expenses (including special services performed on a contract or a fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the Export-Import Bank or in which it has an interest, including expenses of collections of pledged collateral, or the investigation or appraisal of any property in respect to which an application for a loan has been made, and (3) expenses (other than internal expenses of the Export-Import Bank) incurred in connection with the issuance and servicing of guarantees, insurance, and reinsurance, shall be considered as nonadministrative expenses for the purposes of this heading. Funds Appropriated to the President trade and development program For necessary expenses to carry out the provisions of section 661 of the Foreign Assistance Act of 1961, $30,000,000: Provided, That except as provided in this or any other Act appropriating funds for foreign operations, export financing, and related programs, no provision of law enacted after May 19, 1988, may transfer funds to, or otherwise make available funds for, the Trade and Development Program. Agency for International Development trade credit insurance program During fiscal year 1990, total commitments to guarantee or insure loans for the “Trade Credit Insurance Program” shall not exceed $200,000,000 of contingent liability for loan principal for Central America and, notwithstanding any other provision of law, not to exceed $200,000,000 of contingent liability for loan principal for Poland pursuant to the authorities of section 224 of the Foreign Assistance Act of 1961: Provided, That section 224(c) of the Foreign Assistance Act of 1961 is amended by striking out “September 30, 1989” and inserting in lieu thereof “September 30, 1990”.
1989
Support for East European Democracy (SEED) Act of 1989
Pub. L. 101–179 title III § 304(b) · 103 Stat. 1298
Inserted · 22 U.S.C. § 2184
Pub. L. 101–179 inserted “for Central America” after “program” in section catchline
Source evidence
Code amendment note
Pub. L. 101–179 inserted “for Central America” after “program” in section catchline.
Enacted provision · exact public law section
(b) Conforming Amendment.— Section 224 of that Act is amended 22 USC 2184. by inserting “For Central America” after “Program” in the section caption.
1990
International Forestry Cooperation Act of 1990
Pub. L. 101–513 title IV · 104 Stat. 1979
Substituted · 22 U.S.C. § 2184(c)
Pub. L. 101–513 substituted “1991” for “1990”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 101–513 substituted “1991” for “1990”.
Enacted provision · exact public law
TITLE IV— EXPORT ASSISTANCE export-import bank of the united sates 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 1991 and within the resources and authority available, gross obligations for the principal amount of direct loans shall not exceed $750,000,000: Provided, That there are hereby appropriated $150,000,000 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 the funds made available under this heading for both grant and subsidy purposes, including tied aid financed in part through the combined use of concessional financing or grants offered by the Agency for International Development, shall be subject to the regular notification procedures of the Committees on Appropriations of the House of Representatives and the Senate: Provided further, That $150,000,000 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 obligations for the principal amount of direct loans specified under this heading: Provided further, That the Bank shall use all amounts appropriated to carry out the interest subsidy program to make commitments to commercial lending institutions and other lenders, subject only to the availability of qualified lenders under the program: Provided further, That during the fiscal year 1991, total commitments to guarantee loans shall not exceed $10,599,064,000 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, 1992. limitation on administrative expenses Not to exceed $23,171,000 (to be computed on an accrual basis) shall be available during fiscal year 1991 for administrative expenses, including hire of passenger motor vehicles and services as authorized by section 3109 of title 5, United States Code, and not to exceed $16,000 for official reception and representation expenses for members of the Board of Directors: Provided, That (1) fees or dues to international organizations of credit institutions engaged in financing foreign trade, (2) necessary expenses (including special services performed on a contract or a fee basis, but not including other personal services) in connection with the acquisition, operation, maintenance, improvement, or disposition of any real or personal property belonging to the Export-Import Bank or in which it has an interest, including expenses of collections of pledged collateral, or the investigation or appraisal of any property in respect to which an application for a loan has been made, and (3) expenses (other than internal expenses of the Export-Import Bank) incurred in connection with the issuance and servicing of guarantees, insurance, and reinsurance, shall be considered as nonadministrative expenses for the purposes of this heading. Funds Appropriated to the President trade and development program For necessary expenses to carry out the provisions of section 661 of the Foreign Assistance Act of 1961, $35,000,000. Agency for International Development trade credit insurance program During fiscal year 1991 total commitments to guarantee or insure loans for the “Trade Credit Insurance Program” for Central America pursuant to the authorities of section 224 of the Foreign Assistance Act of 1961, shall not exceed $200,000,000 of contingent liability for loan principal: Provided, That section 224(c) of the Foreign Assistance Act of 1961, is amended by striking out “September 30, 1990” and inserting in lieu thereof “September 30, 1991”. During fiscal year 1991, total commitments to guarantee or insure loans for the “Trade Credit Insurance Program” for Poland, pursuant to the authorities of section 225 of the Foreign Assistance Act of 1961, shall not exceed $200,000,000 of contingent liability for loan principal: Provided, That notwithstanding section 225(b) of such Act guarantees provided under this paragraph may be available for medium-term guarantees and insurance extended by the Export-Import Bank.

2 of 5 references resolved to an enrolled provision · 3 partial

Editorial Notes

References in Text

The Export-Import Bank Act of 1945, referred to in subsec. (a), is act July 31, 1945, ch. 341, 59 Stat. 526, which is classified generally to subchapter I (§ 635 et seq.) of chapter 6A of Title 12, Banks and Banking. For complete classification of the Act to the Code, see Short Title note set out under section 635 of Title 12 and Tables.

Codification

Subsec. (g) of this section, which required, at intervals of six months, the administrator of the agency primarily responsible for administering subchapter I of this chapter and the President of the Export-Import Bank of the United States to prepare and transmit to the Speaker of the House of Representatives and the Chairman of the Committee on Foreign Relations of the Senate a report on the amount and extension of credits during the preceding six-month period, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 148 of House Document No. 103–7.

Section 224 of Pub. L. 87–195 is based on section 1011 of title X of H.R. 5119, Ninety-eighth Congress, as passed by the House of Representatives May 10, 1984, and enacted into law by Pub. L. 98–473.

Prior Provisions

A prior section 224 of Pub. L. 87–195, pt. I, Sept. 4, 1961, 75 Stat. 432, as amended by Pub. L. 87–565, pt. I, § 104(c), Aug. 1, 1962, 76 Stat. 257; Pub. L. 88–205, pt. I, § 104(g), Dec. 16, 1963, 77 Stat. 382; Pub. L. 88–633, pt. I, § 103(b), Oct. 7, 1964, 78 Stat. 1010; Pub. L. 89–171, pt. I, § 104(e), Sept. 6, 1965, 79 Stat. 655; Pub. L. 89–583, pt. I, § 104(c), Sept. 19, 1966, 80 Stat. 798; Pub. L. 90–137, pt. I, § 104(d), Nov. 14, 1967, 81 Stat. 451; Pub. L. 90–554, pt. I, § 104, Oct. 8, 1968, 82 Stat. 961, related to housing projects in Latin America, prior to the general reorganization of this subpart by Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 807. See section 2182 of this title.

Amendments1985–1990 · 3 rounds

1990

Subsec. (c). Pub. L. 101–513 substituted “1991” for “1990”.

1989

Pub. L. 101–179 inserted “for Central America” after “program” in section catchline.

Subsec. (c). Pub. L. 101–167 substituted “1990” for “1989”.

1985

Subsec. (e). Pub. L. 99–83 substituted “except that the aggregate amount of outstanding commitments under subsection (a) may not exceed $300,000,000 of contingent liability for loan principal during fiscal year 1986 and may not exceed $400,000,000 of contingent liability for loan principal during fiscal year 1987” for “not to exceed $300,000,000 in the fiscal year 1985”.

Statutory Notes and Related Subsidiaries

References to Subchapter I Deemed To Include Certain Parts of Subchapter II

References to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and sections 2348c and 2349aa–5 of this title.

Effective Date of 1985 Amendment

Amendment by Pub. L. 99–83 effective Oct. 1, 1985, see section 1301 of Pub. L. 99–83, set out as a note under section 2151–1 of this title.