dreamproit/uscode huggingface dataset:
12 U.S.C. § 633 (BANKS AND BANKING)
§ 633. Potential liability on foreign accounts
(a) Exceptions from repayment requirement
A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to—
(1) an act of war, insurrection, or civil strife; or
(2) an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located;
unless the member bank has expressly agreed in writing to repay the deposit under those circumstances.
(b) Regulations
The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994, 108 Stat. 2229.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.
heading: Statutory Notes and Related Subsidiaries
heading: Existing Claims Not Affected
text: Pub. L. 103–325, title III, § 326(c), Sept. 23, 1994, 108 Stat. 2229, provided that: “Section 25C of the Federal Reserve Act [this section] (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act [Sept. 23, 1994].”
12 U.S.C. § 635a–1 (BANKS AND BANKING)
§ 635a–1. Export credit competition
(a) The President is authorized and requested to begin negotiations at the ministerial level with other major exporting countries to end predatory export financing programs and other forms of export subsidies, including mixed credits, in third country markets as well as within the United States. The President shall report to the Congress prior to January 15, 1979, on progress toward meeting the goals of this section.
(b) The Export-Import Bank of the United States is authorized to provide guarantees, insurance, and extensions of credit at rates and terms and other conditions which are, in the opinion of the Board of Directors of the Bank, competitive with those provided by the government-supported export credit instrumentalities of other nations.
(Pub. L. 95–630, title XIX, § 1908, Nov. 10, 1978, 92 Stat. 3725.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Export-Import Bank Act Amendments of 1978, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective Nov. 10, 1978, see section 1917 of Pub. L. 95–630, set out as an Effective Date of 1978 Amendment note under section 635 of this title.
12 U.S.C. § 635a–4 (BANKS AND BANKING)
§ 635a–4. Guarantees for export accounts receivable and inventory
The Export-Import Bank of the United States is authorized and directed to establish a program to provide guarantees for loans extended by financial institutions or other public or private creditors to export trading companies as defined in section 1843(c)(14)(F)(i) of this title, or to other exporters, when such loans are secured by export accounts receivable, inventories of exportable goods, accounts receivable from leases, performance contracts, grant commitments, participation fees, member dues, revenue from publications, or such other collateral as the Board of Directors may deem appropriate, and when in the judgment of the Board of Directors—
(1) the private credit market is not providing adequate financing to enable otherwise creditworthy export trading companies or exporters to consummate export transactions; and
(2) such guarantees would facilitate expansion of exports which would not otherwise occur.
The Board of Directors shall attempt to insure that a major share of any loan guarantees ultimately serves to promote exports from small, medium-size, and minority businesses or agricultural concerns. Guarantees provided under the authority of this section shall be subject to limitations contained in annual appropriations Acts.
(Pub. L. 97–290, title II, § 206, Oct. 8, 1982, 96 Stat. 1239; Pub. L. 98–181, title I [title VI, § 616(b)], Nov. 30, 1983, 97 Stat. 1257.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Bank Export Services Act, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
heading: Amendments
text: 1983—Pub. L. 98–181 substituted “export accounts receivable, inventories of exportable goods, accounts receivable from leases, performance contracts, grant commitments, participation fees, member dues, revenue from publications, or such other collateral as the Board of Directors may deem appropriate,” for “export accounts receivable or inventories of exportable goods”.
12 U.S.C. § 635a–6 (BANKS AND BANKING)
§ 635a–6. Periodic audits of bank transactions
(a) In general
Within 2 years after May 30, 2012, and periodically (but not less frequently than every 4 years) thereafter, the Comptroller General of the United States shall conduct an audit of the loan and guarantee transactions of the Export-Import Bank of the United States to determine the compliance of the Bank with the underwriting guidelines, lending policies, due diligence procedures, and content guidelines of the Bank.
(b) Review of fraud controls
Not later than 4 years after December 4, 2015, and every 4 years thereafter, the Comptroller General of the United States shall—
(1) review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions; and
(2) submit a written report regarding the findings of the review and providing such recommendations with respect to the controls described in paragraph (1) as the Comptroller General deems appropriate to—
(A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and
(B) the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.
(Pub. L. 112–122, § 17, May 30, 2012, 126 Stat. 359; Pub. L. 114–94, div. E, title LI, § 51003, Dec. 4, 2015, 129 Stat. 1763.)
heading: Editorial Notes
heading: Codification
text: Section was enacted as part of the Export-Import Bank Reauthorization Act of 2012, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
heading: Amendments
text: 2015—Subsec. (b). Pub. L. 114–94 amended subsec. (b) generally. Prior to amendment, text read as follows: “The Comptroller General of the United States shall review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees, including by auditing a sample of Bank transactions, and submit to the Congress a written report which contains such recommendations with respect to the controls as the Comptroller General deems appropriate.”
12 U.S.C. § 635a–7 (BANKS AND BANKING)
§ 635a–7. Independent audit of bank portfolio
(a) Audit
The Inspector General of the Export-Import Bank of the United States shall conduct an audit or evaluation of the portfolio risk management procedures of the Bank, including a review of the implementation by the Bank of the duties assigned to the Chief Risk Officer under section 635a(l) of this title, as amended by section 51005.
(b) Report
Not later than 1 year after December 4, 2015, and not less frequently than every 3 years thereafter, the Inspector General shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a written report containing all findings and determinations made in carrying out subsection (a).
(Pub. L. 114–94, div. E, title LI, § 51007, Dec. 4, 2015, 129 Stat. 1766.)
heading: Editorial Notes
heading: References in Text
text: Section 635a(l) of this title, as amended by section 51005, referred to in subsec. (a), is section 635a(l) of this title, as amended by section 51005 of Pub. L. 114–94.
heading: Codification
text: Section was enacted as part of the Fixing America’s Surface Transportation Act, also known as the FAST Act, and not as part of the Export-Import Bank Act of 1945 which comprises this subchapter.
12 U.S.C. § 635b (BANKS AND BANKING)
§ 635b. Capitalization of Bank; method of capital stock payments; public-debt transactions; issuance of stock certificates
The Export-Import Bank of the United States shall have a capital stock of $1,000,000,000 subscribed by the United States. Certificates evidencing stock ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as the President may designate from time to time, to the extent of payments made for the capital stock of the Bank.
(July 31, 1945, ch. 341, § 4, 59 Stat. 528; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98–181, title I [title VI, § 620(c)], Nov. 30, 1983, 97 Stat. 1261; Pub. L. 102–429, title I, § 121(b), Oct. 21, 1992, 106 Stat. 2198.)
heading: Editorial Notes
heading: Amendments
text: 1992—Pub. L. 102–429 inserted second sentence and struck out former second through last sentences which read as follows: “Payment for $1,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the common stock issued prior to July 31, 1945, by the Bank and purchased by the United States. Payment for $174,000,000 of such capital stock shall be made by the surrender to the Bank for cancellation of the preferred stock heretofore issued by the Bank and purchased by the Reconstruction Finance Corporation. Payment for the $825,000,000 balance of such capital stock shall be subject to call at any time in whole or in part by the Board of Directors of the Bank. For the purpose of making payments of such balance, the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds of any securities issued after July 31, 1945, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this section of the subscription of the United States to the Bank and repayments thereof shall be treated as public-debt transactions of the United States. Certificates evidencing stock ownership of the United States shall be issued by the Bank to the President of the United States, or to such other person or persons as the President may designate from time to time, to the extent of the common and preferred stock surrendered and other payments made for the capital stock of the Bank under this section.”
1983—Pub. L. 98–181 substituted “the President” for “he” before “may designate”.
1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.
12 U.S.C. § 635h (BANKS AND BANKING)
§ 635h. Exemption from prohibition of section 955 of title 18
Notwithstanding the provisions of section 955 of title 18, any person, including any individual, partnership, corporation, or association, may act for or participate with the Export-Import Bank of the United States in any operation or transaction, or may acquire any obligation issued in connection with any operation or transaction, engaged in by the Bank.
(July 31, 1945, ch. 341, § 9, formerly § 11, 59 Stat. 529; Sept. 3, 1954, ch. 1263, § 29, 68 Stat. 1237; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; renumbered § 9, Pub. L. 102–429, title I, § 121(c)(3), Oct. 21, 1992, 106 Stat. 2199.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 9 of act July 31, 1945, ch. 341, was renumbered section 8 and is classified to section 635g of this title.
heading: Amendments
text: 1968—Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.
1954—Act Sept. 3, 1954, substituted “section 955 of title 18” for “section 804a of title 31”.
12 U.S.C. § 635i–7 (BANKS AND BANKING)
§ 635i–7. Cooperation on export financing programs
The Bank shall, subject to appropriate memoranda of understanding—
(1) provide complete and current information on all of its programs and financing practices to—
(A) the Small Business Administration and other Federal agencies involved in promoting exports and marketing export financing programs; and
(B) State and local export financing organizations that indicate a desire to participate in export promotion; and
(2) consistent with the provisions of section 4721(f)(2) of title 15, undertake a program to provide training for personnel designated in such memoranda with respect to such financing programs.
(July 31, 1945, ch. 341, § 13, formerly § 19, as added and renumbered § 13, Pub. L. 102–429, title I, §§ 115, 121(c)(7), Oct. 21, 1992, 106 Stat. 2196, 2199.)
heading: Editorial Notes
heading: Prior Provisions
text: A prior section 13 of act July 31, 1945, ch. 341, was classified to section 635i–1 of this title, prior to repeal by Pub. L. 102–429, § 121(c)(1).
12 U.S.C. § 635i–9 (BANKS AND BANKING)
§ 635i–9. Market windows
(a) Enhanced transparency
To ensure that the Bank financing remains fully competitive, the United States should seek enhanced transparency over the activities of market windows in the OECD Export Credit Arrangement. If such transparency indicates that market windows are disadvantaging United States exporters, the United States should seek negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement.
(b) Authorization
The Bank may provide financing on terms and conditions that are inconsistent with those permitted under the OECD Export Credit Arrangement—
(1) to match financing terms and conditions that are being offered by market windows on terms that are inconsistent with those permitted under the OECD Export Credit Arrangement, if—
(A) matching such terms and conditions advances the negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement; or
(B) transparency verifies that the market window financing is being offered on terms that are more favorable than the terms and conditions that are available from private financial markets; and
(2) when the foreign government-supported institution refuses to provide sufficient transparency to permit the Bank to make a determination under paragraph (1).
(c) Definition
In this section, the term “OECD” means the Organization for Economic Cooperation and Development.
(July 31, 1945, ch. 341, § 15, as added Pub. L. 107–189, § 10(b)(1), June 14, 2002, 116 Stat. 703.)
heading: Statutory Notes and Related Subsidiaries
heading: Report
text: Pub. L. 107–189, § 10(b)(2), June 14, 2002, 116 Stat. 703, provided that: “Within 2 years after the date of the enactment of this Act [June 14, 2002], the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the rationale for seeking or not seeking negotiations for multilateral disciplines and transparency, the successes, failures, and obstacles in initiating negotiations, and if negotiations were initiated, in reaching an agreement.”
12 U.S.C. § 635o (BANKS AND BANKING)
§ 635o. Congressional statement of purpose
The purpose of this subchapter is—
(1) to expand employment and economic growth in the United States by expanding United States exports to the markets of the developing world;
(2) to stimulate the economic development of countries in the developing world by improving their access to credit for the importation of United States products and services for developmental purposes;
(3) to neutralize the predatory financing engaged in by many nations whose exports compete with United States exports, and thereby restore export competition to a market basis; and
(4) to encourage foreign governments to enter into effective and comprehensive agreements with the United States to end the use of tied aid credits for exports, and to limit and govern the use of export credit subsidies generally.
(Pub. L. 98–181, title I [title VI, § 642], Nov. 30, 1983, 97 Stat. 1263.)
heading: Editorial Notes
heading: References in Text
text: This subchapter, referred to in text, was in the original “this part”, meaning part C (§§ 641–647, 650) of title VI of Pub. L. 98–181, title I, Nov. 30, 1983, 97 Stat. 1263, known as the Trade and Development Enhancement Act of 1983, which enacted this subchapter and section 1671g of Title 19, Customs Duties, and amended sections 1671a and 1671b of Title 19. For complete classification of this Act to the Code, see Short Title note below and Tables.
heading: Statutory Notes and Related Subsidiaries
heading: Short Title
text: Pub. L. 98–181, title I [title VI, § 641], Nov. 30, 1983, 97 Stat. 1263, provided that: “This part [part C (§§ 641–647, 650) of title VI, enacting this subchapter and section 1671g of Title 19, Customs Duties, and amending sections 1671a and 1671b of Title 19] may be referred to as the ‘Trade and Development Enhancement Act of 1983’.”
12 U.S.C. § 635s (BANKS AND BANKING)
§ 635s. Implementation
(a)
(1) The National Advisory Council on International Monetary and Financial Policies shall coordinate the implementation of the tied aid credit programs authorized by sections 635q and 635r of this title.
(2) No financing may be approved under the tied aid credit programs authorized by section 635q or 635r of this title without the unanimous consent of the members of the National Advisory Council on International Monetary and Financial Policies.
(b) The Trade and Development Agency shall be represented at any meetings of the National Advisory Council on International Monetary and Financial Policies for discussion of tied aid credit matters, and the representative of the Trade and Development Agency at any such meeting shall have the right to vote on any decisions of the Advisory Council relating to tied aid credit matters.
(Pub. L. 98–181, title I [title VI, § 646], Nov. 30, 1983, 97 Stat. 1265; Pub. L. 100–418, title II, § 2204(c)(2), Aug. 23, 1988, 102 Stat. 1331; Pub. L. 102–549, title II, § 202(c)(1), Oct. 28, 1992, 106 Stat. 3658.)
heading: Editorial Notes
heading: Amendments
text: 1992—Subsec. (b). Pub. L. 102–549 substituted “Development Agency” for “Development Program” in two places.
1988—Subsec. (b). Pub. L. 100–418 added subsec. (b).
(BANKS AND BANKING)
§§ 637, 638. Repealed. Aug. 6, 1953, ch. 335, § 19, 67 Stat. 400
text: Section 637, acts May 12, 1933, ch. 25, title II, § 39, 48 Stat. 50; June 16, 1933, ch. 98, title VIII, § 80(a), 48 Stat. 273, related to certain functions, powers, authority, and duties of Land Bank Commissioner.
text: Section 638, act June 16, 1933, ch. 98, title VIII, § 80, 48 Stat. 273, changed name of office of Farm Loan Commissioner to Land Bank Commissioner, contained provisions relating to his term of office, and contained provisions relating to appointment (within the Farm Credit Administration), compensation, expenses and duties of a Production Credit Commissioner, a Cooperative Bank Commissioner, and an Intermediate Credit Commissioner.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Repeal effective 120 days after Aug. 6, 1953, see act Aug. 6, 1953, ch. 335, § 18, 67 Stat. 399.
12 U.S.C. § 652...655 (BANKS AND BANKING)
§§ 652 to 655. Repealed. Aug. 6, 1953, ch. 335, § 19, 67 Stat. 400
text: Sections, act July 17, 1916, ch. 245, title I, § 3 (part), 39 Stat. 360, related to appointment, compensation, and oath of Land Bank Commissioner, restriction on his right to engage in certain business and filling vacancies.
text: Section 652 was amended by act Mar. 4, 1923, ch. 252, title III, § 301, 42 Stat. 1473; Ex. Ord. No. 6084, Mar. 27, 1933; and act June 16, 1933, ch. 98, title VIII, § 80(a), 48 Stat. 273.
text: Sections 653, 654, and 655 were each amended by Ex. Ord. No. 6084, Mar. 27, 1933; and act June 16, 1933, ch. 98, title VIII, § 80(a), 48 Stat. 273.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Repeal effective 120 days after Aug. 6, 1953, see act Aug. 6, 1953, ch. 335, § 18, 67 Stat. 399.
(BANKS AND BANKING)
§§ 658, 659. Repealed. Pub. L. 86–168, title I, § 101(b), (c), Aug. 18, 1959, 73 Stat. 384, eff. Dec. 31, 1959
text: Section 658, acts July 17, 1916, ch. 245, title I, § 3, 39 Stat. 361; Mar. 4, 1923, ch. 252, title III, § 302, 42 Stat. 1473; Mar. 4, 1925, ch. 524, § 3, 43 Stat. 1262, related to compensation and manner of payment of Federal landbank appraisers and appraisers or inspectors of Federal intermediate credit banks.
text: Section 659, acts July 17, 1916, ch. 245, title I, § 3, 39 Stat. 361; Mar. 4, 1925, ch. 524, § 4, 43 Stat. 1263, related to employment of attorneys, experts, and other employees.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of Repeal
text: Repeal effective Dec. 31, 1959, see Pub. L. 86–168, title I, § 104(k), Aug. 18,1959, 73 Stat. 387.
12 U.S.C. § 678...682 (BANKS AND BANKING)
§§ 678 to 682. Omitted
heading: Editorial Notes
heading: Codification
text: Sections were stricken by act Aug. 19, 1937, ch. 704, § 7(b), 50 Stat. 707, and former section 677a of this title was substituted in lieu thereof.
Section 678, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, title VII, § 70a(a)(1), 48 Stat. 269, related to number and qualifications of directors.
Section 678a, act June 16, 1933, ch. 98, title VII, § 70a(b), 48 Stat. 270, related to successors of directors.
Section 679, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, title VII, § 70a(a)(2), 48 Stat. 270, related to nomination of candidates for local directors.
Section 680, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, title VII, § 70a(a)(3), 48 Stat. 270, related to election of local directors.
Section 681, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, title VII, § 70a(a)(4), 48 Stat. 270, related to appointment and election of district directors and director at large, and filling of vacancies.
Section 682, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474, related to qualifications of directors and limitation on engagement in other business.
12 U.S.C. § 683 (BANKS AND BANKING)
§ 683. Omitted
heading: Editorial Notes
heading: Codification
text: Section, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Mar. 4, 1923, ch. 252, title III, § 304, 42 Stat. 1474; June 16, 1933, ch. 98, title VII, § 70, title VIII, § 80a, 48 Stat. 269, 273, related to compensation and allowances of directors, officers, and employees, and was stricken by act Aug. 19, 1937, ch. 704, § 7(b), 50 Stat. 707. Section 70 of act June 16, 1933, ch. 98, was repealed by Pub. L. 89–554, § 8(a), Sept. 6, 1966, 80 Stat. 648. See section 2226 of this title.
12 U.S.C. § 773 (BANKS AND BANKING)
§ 773. Omitted
heading: Editorial Notes
heading: Codification
text: Section, act May 15, 1922, ch. 190, § 3, 42 Stat. 542, which related to mortgages on farm lands under United States reclamation projects, and contained a definition of “first mortgage” as used in section 771 of this title, was omitted because of the repeal of section 771 and other sections of this title that were based on the Federal Farm Loan Act.
12 U.S.C. § 931a (BANKS AND BANKING)
§ 931a. Omitted
heading: Editorial Notes
heading: Codification
text: Provisions of this section, act May 28, 1938, ch. 289, § 817, 52 Stat. 578, were incorporated as section 3799 of Title 26 (I.R.C. 1939). See section 76 of Title 26, Internal Revenue Code.