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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2844 Introduced in House (IH)]

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.

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

SECTION 1. LOAN GUARANTEES TO IRELAND PROGRAM.

    The Foreign Assistance Act of 1961 is amended by inserting after 
section 226 the following:

``SEC. 227. LOAN GUARANTEES TO IRELAND PROGRAM.

    ``(a) Authorization.--During the period beginning on October 1, 
1996, and ending on September 30, 2001, the President is authorized to 
issue guarantees assuring against losses incurred in connection with 
loans to Ireland and to the United Kingdom to promote economic 
development and job creation activities in the Republic of Ireland, 
especially in, but not limited to, the 6 border counties of the 
Republic of Ireland, and in the 6 counties of Northern Ireland.
    ``(b) Amount of Guarantees.--
            ``(1) In general.--Except as provided in paragraph (2), the 
        total principal amount of guarantees which may be issued by the 
        President under subsection (a) shall be up to $1,000,000,000, 
        which may be issued as follows:
                    ``(A) In fiscal year 1997, up to $200,000,000 may 
                be issued on October 1, 1996 or thereafter.
                    ``(B) In each of the fiscal years 1998 through 
                2001, up to $200,000,000 in each such fiscal year may 
                be issued on October 1 of each such fiscal year or 
                thereafter.
            ``(2) Exception.--If less than the full amount of 
        guarantees authorized to be made available in a fiscal year 
        pursuant to paragraph (1) is issued during that fiscal year, 
        the authority to issue the balance of such guarantees shall be 
        available to any subsequent fiscal year ending on or before 
        September 30, 2002.
    ``(c) Notification of Congress.--
            ``(1) In general.--Not later than September 1 of each 
        fiscal year during the period in which the President is 
        authorized to issue guarantees under subsection (a), the 
        President shall notify the appropriate congressional committees 
        in writing of the intentions of the President regarding the 
        exercise of that authority for the fiscal year beginning on 
        October 1 of that year, including a statement of the total 
        principal amount of guarantees, if any, that the President 
        proposes to issue for that fiscal year.
            ``(2) Appropriate congressional committees defined.--For 
        purposes of this subsection, the term `appropriate 
        congressional committees' means--
                    ``(A) the Committee on Appropriations and the 
                Committee on Foreign Relations of the Senate; and
                    ``(B) the Committee on Appropriations and the 
                Committee on International Relations of the House of 
                Representatives.
    ``(d) Terms and Conditions.--
            ``(1) In general.--Except as provided in paragraph (2), the 
        President shall determine the terms and conditions for issuing 
        guarantees under this section.
            ``(2) Additional terms and conditions.--The following terms 
        and conditions shall apply to guarantees issued under this 
        section in the same manner as such terms and conditions apply 
        to guarantees issued under section 226 (relating to the loan 
        guarantees to Israel program):
                    ``(A) The limitation on the amount of guarantees 
                under section 226(d).
                    ``(B) The requirements relating to fees under--
                            ``(i) the first, second, third, and fifth 
                        sentences of paragraph (1) of section 226(e); 
                        and
                            ``(ii) paragraph (2) of section 226(e).
                    ``(C) The authority to suspend or terminate the 
                provision of all or part of additional loan guarantees 
                under section 226(f).
                    ``(D) Procedures for the suspension or termination 
                of the provision of all or part of additional loan 
                guarantees under section 226(g).
                    ``(E) The applicability of certain provisions under 
                section 223, as described under section 226(l).
                    ``(F) The amount and other terms of guarantees 
                described under section 226(m).
    ``(e) Reports.--Not later than December 31 of each fiscal year 
during the period in which the President is authorized to issue 
guarantees under subsection (a), and not later than December 31 of each 
of the fiscal years 2002 and 2003, the President shall prepare and 
transmit to the Congress a report regarding the implementation of this 
section.''.
                                 <all>
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