I

104TH CONGRESS

2D SESSION H. R. 2844

To amend the Foreign Assistance Act of 1961 to authorize the President

to issue loan guarantees for economic development and job creation

activities in the Republic of Ireland and Northern Ireland.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 4, 1996

Mrs. MALONEY (for herself, Mr. KING, and Mr. MANTON) introduced the

following bill; which was referred to the Committee on International Relations

A BILL

To amend the Foreign Assistance Act of 1961 to authorize

the President to issue loan guarantees for economic development and job creation activities in the Republic

of Ireland and Northern Ireland.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. LOAN GUARANTEES TO IRELAND PROGRAM.

4 The Foreign Assistance Act of 1961 is amended by

5 inserting after section 226 the following:

6 ‘‘SEC. 227. LOAN GUARANTEES TO IRELAND PROGRAM.

7 ‘‘(a) AUTHORIZATION.—During the period beginning

8 on October 1, 1996, and ending on September 30, 2001,
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1 the President is authorized to issue guarantees assuring

2 against losses incurred in connection with loans to Ireland

3 and to the United Kingdom to promote economic develop4 ment and job creation activities in the Republic of Ireland,

5 especially in, but not limited to, the 6 border counties of

6 the Republic of Ireland, and in the 6 counties of Northern

7 Ireland.

8 ‘‘(b) AMOUNT OF GUARANTEES.—

9 ‘‘(1) IN GENERAL.—Except as provided in para10 graph (2), the total principal amount of guarantees

11 which may be issued by the President under sub12 section (a) shall be up to $1,000,000,000, which

13 may be issued as follows:

14 ‘‘(A) In fiscal year 1997, up to

15 $200,000,000 may be issued on October 1,

16 1996 or thereafter.

17 ‘‘(B) In each of the fiscal years 1998

18 through 2001, up to $200,000,000 in each such

19 fiscal year may be issued on October 1 of each

20 such fiscal year or thereafter.

21 ‘‘(2) EXCEPTION.—If less than the full amount

22 of guarantees authorized to be made available in a

23 fiscal year pursuant to paragraph (1) is issued dur24 ing that fiscal year, the authority to issue the bal25 ance of such guarantees shall be available to any
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1 subsequent fiscal year ending on or before Septem2 ber 30, 2002.

3 ‘‘(c) NOTIFICATION OF CONGRESS.—

4 ‘‘(1) IN GENERAL.—Not later than September

5 1 of each fiscal year during the period in which the

6 President is authorized to issue guarantees under

7 subsection (a), the President shall notify the appro8 priate congressional committees in writing of the in9 tentions of the President regarding the exercise of

10 that authority for the fiscal year beginning on Octo11 ber 1 of that year, including a statement of the total

12 principal amount of guarantees, if any, that the

13 President proposes to issue for that fiscal year.

14 ‘‘(2) APPROPRIATE CONGRESSIONAL COMMIT15 TEES DEFINED.—For purposes of this subsection,

16 the term ‘appropriate congressional committees’

17 means—

18 ‘‘(A) the Committee on Appropriations and

19 the Committee on Foreign Relations of the Sen20 ate; and

21 ‘‘(B) the Committee on Appropriations and

22 the Committee on International Relations of the

23 House of Representatives.

24 ‘‘(d) TERMS AND CONDITIONS.—
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1 ‘‘(1) IN GENERAL.—Except as provided in para2 graph (2), the President shall determine the terms

3 and conditions for issuing guarantees under this sec4 tion.

5 ‘‘(2) ADDITIONAL TERMS AND CONDITIONS.—

6 The following terms and conditions shall apply to

7 guarantees issued under this section in the same

8 manner as such terms and conditions apply to guar9 antees issued under section 226 (relating to the loan

10 guarantees to Israel program):

11 ‘‘(A) The limitation on the amount of

12 guarantees under section 226(d).

13 ‘‘(B) The requirements relating to fees

14 under—

15 ‘‘(i) the first, second, third, and fifth

16 sentences of paragraph (1) of section

17 226(e); and

18 ‘‘(ii) paragraph (2) of section 226(e).

19 ‘‘(C) The authority to suspend or termi20 nate the provision of all or part of additional

21 loan guarantees under section 226(f).

22 ‘‘(D) Procedures for the suspension or ter23 mination of the provision of all or part of addi24 tional loan guarantees under section 226(g).
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1 ‘‘(E) The applicability of certain provisions

2 under section 223, as described under section

3 226(l).

4 ‘‘(F) The amount and other terms of guar5 antees described under section 226(m).

6 ‘‘(e) REPORTS.—Not later than December 31 of each

7 fiscal year during the period in which the President is au8 thorized to issue guarantees under subsection (a), and not

9 later than December 31 of each of the fiscal years 2002

10 and 2003, the President shall prepare and transmit to the

11 Congress a report regarding the implementation of this

12 section.’’.

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