An Act to amend the Export-Import Bank Act of 1945, and for other purposes.
PL 93-646 (H.R.15977), enacted 01/04/1975

88 STAT. ] 
PUBLIC LAW 93-646-JAN. 4, 1975 
2333 
Public Law 93-646 
A N A C T 
January 4, 1975 
T o amend the Export-Import Bank Act of 1945, and for other purposes. 
[H. R. 15977] 
Be it enacted hy the Senate aind House of Representatives 
of the 
United States of America in Congress assembled. 
Export-import 
' 
'' 
' 
Bank Amendments 
of 1974. 
SHORT TITLE 
SECTION 1. This Act may be cited as the "Export-Import Bank 
^^ use ess 
Amendments of 1974". 
12 u s e 635. 
CHARTER AMENDMENTS 
SEC. 2. Section 2(a) (1) of the Export-Import Bank Act of 1945 
is amended— 
(1) by inserting in the third sentence immediately after 'other 
evidences of indebtedness;" the following: "to guarantee, insure, 
coinsure, and reinsure against political and credit risks of loss;"; 
(2) by inserting in the third sentence immediately after "com-
petent jurisdiction;" the following: "to represent itself or to con-
tract for representation in all legal and arbitral proceedings 
outside the United States;"; and 
(3) by inserting after the fourth sentence the following new 
sentence: "The Bank is authorized to publish or arrange for the 
publication of any documents, reports, contracts, or other material 
necessary in connection with or in furtherance of its objects and 
purposes without regard to the provisions of section 501 of title 
44, United States Code, whenever the Bank determines that pub-
lication in accordance with the provisions of such section would 
not be practicable.". 
POLICY 
SEC. 3. Section 2(b) (1) of the Export-Import Bank Act of 1945 
1
2 use 635. 
is amended to read as follows: 
"(b) (1) (A) It is the policy of the United States to foster expansion 
Expansion o
f ex 
of exports of goods and related services, thereby contributing to the servlcesf°° 
promotion and maintenance of high levels of employment and real 
income and to the increased development of the productive resources 
of the United States. To meet this objective, the Export-Import Bank 
is directed, in tlie exercise of its functions, to provide guarantees, 
insurance, and extensions of credit at rates and on terms and other 
conditions which arc compctitiv^e with the Government-supported 
rates and terms and other conditions available for the financing of 
exports from the principal countries whose exporters compete with 
United States exporters. The Bank shall, in cooperation with the export 
financing instrumentalities of other governments, seek to minimize 
competition in government-supported export financing. The Bank 
^^^°'^*^/°o""" 
shall, on a semiannual basis, report to the appropriate committees of ^'^^^^'°" 
Congress its actions in complying with these directives. In this report 
the Bank shall include a survey of all other major export-financing 
facilities available from other governments and government-related 
agencies through which foreign exporters compete with the United 
States exporters and indicate in specific terms the ways in which the 
Bank's rates, terms, and other conditions compare with those offered 
from such other governments directly or indirectly. Further, the 
Bank shall at the same time survey a representative number of United 
States exporters and United States commercial lending institutions 
which provide export credit to determine their experience in meeting 
financial competition from other countries whose exporters compete 
mittees. 
2334 
PUBLIC LAW 93-646-JAN. 4, 1975 
[88 STAT. 
Report on 
energy-related 
with United States exporters. The results of this survey shall be 
included as part of the semiannual report required by this subpara-
graph. The Bank shall also include in the semiannual report a descrip-
lo^ns! '"""'''" 
tion of each loan by the Bank involving the export of any product or 
service related to the production, refining or transportation of any 
type of energy or the development of any energy resource with a state-
ment assessing the impact, if any, on the availability of such products, 
services, or energy supplies thus developed for use within the United 
States. 
"(B) It is further the policy of the United States that loans made 
by the Bank shall bear interest at rates determined by the Board of 
Directors of the Bank, taking into consideration the average cost of 
money to the Bank as well as the Bank's mandate to support United 
States exports at rates and on terms and conditions which are compet-
itive with exports of other countries; that the Bank in the exercise 
of its functions should supplement and encourage, and not compete 
with, private capital; that the Bank shall accord equal opportunity 
to export agents and managers, independent export firms, and small 
commercial banks in the formulation and implementation of its pro-
grams; that the Bank shall give due recognition to the policy stated 
in section 2(a) of the Small Business Act that 'the Government should 
aid, counsel, assist, and protect, insofar as is possible, the interests 
of small business concerns in order to preserve free competitive enter-
prise' and that in furtherance of this policy the Board of Directors 
shall designate an officer of the Bank who shall be responsible to the 
President of the Bank for all matters concerning or affecting small 
business concerns and who, among other duties, shall be responsible 
for advising small businessmen of the opportunities for small busi-
ness concerns in the functions of the Bank and for maintaining liaison 
with the Small Business Administration and other departments and 
agencies in matters affecting small business concerns; that loans, so 
far as possible consistent with the carrying out of the purposes of sub-
section (a) of this section, shall generally be for specific purposes, and, 
in the judgment of the Board of Directors, offer reasonable assurance 
of repayment; and that in authorizing any loan or guarantee, the 
Board of Directors shall take into account any serious adverse effect 
of such loan or guarantee on the competitive position of United States 
industry, the availability of materials which are in short supply in 
the United States, and employment in the United States.". 
15 use 631, 
12 use 635. 
22 use 2370. 
NATIONAL INTEREST DETERMINATIONS 
SEC. 4. Section 2(b) (2) of the Export-Import Bank Act of 1945 is 
amended to read as follows: 
"(2) The Bank in the exercise of its functions shall not guarantee, 
insure, or extend credit, or participate in any extension of credit— 
"(A) in connection with the purchase or lease of any product 
by a Communist country (as denned in section 620(f) of the For-
eign Assistance Act of 1961), or agency, or national thereof, or 
"(B) in connection with the purchase or lease of any product by 
any oth( r foreign country, or agency or national thereof, if the 
product to be purchased or leased by such other country, agency, 
or national is, to the knowledge of the Bank, principally for 
use in, or sale or lease to, a Communist country (as so defined), 
unless the President determines that guarantees, insurance, or exten-
sions of credit in connection therewith to such Communist or such 
other country or agency or national thereof would be in the national 
interest. The President shall make a separate determination with 
respect to each transaction in which the Bank would extend a loan to 
such Communist or such other country, or agency, or national thereof 
88 STAT. ] 
PUBLIC LAW 93-646-JAN. 4, 1975 
2335 
Report to Con-
Rress. 
an amount of $50,000,000 or more. Any determination required under 
the first sentence of this paragraph shall be reported to the Congress 
not later than the earlier of thirty days following the date of such 
determination, or the date on which the Bank takes final action on a 
transaction which is the first transaction involving such country or 
agency or national after the date of enactment of the Export-Import 
Bank Amendments of 1974, unless a determination with respect to 
^"^'=' P- 2'33 
such country or agency or national has been made and reported prior 
to such date of enactment. Any determination required to be made 
under the second sentence of this paragraph shall be reported to the 
Congress not later than the earlier of thirty days following the date 
of such determination or the date on which the Bank takes final action 
on the transaction involved." 
CONGRESSIONAL 
NOTIFICATION 
SEC. 5. Section 2(b) of the Export-Import Bank Act of 1945 is 
1
2 use 635. 
amended— 
(1) by redesignating paragraphs (3), (4), and (5) as para-
graphs (4), (5), and (6) respectively; and 
(2) by inserting after paragraph (2) the following new para-
graph : 
"(3) No loan or financial guarantee or combination thereof 
in an amount which equals or exceeds $'60,000,000 shall be finally 
approved by the Board of Directors of the Bank, and no loan 
or financial guarantee or combination thereof which equals or 
exceeds $25,000,000 for the export of goods or services involving 
research, exploration, or production of fossil fuel energy resources 
in the Union of Soviet Socialist Republics shall be finally 
approved by the Board of Directors of the Bank, unless in each 
case the Bank has submitted to the Congress with respect to such 
loan, financial guarantee, or combination thereof, a detailed 
statement describing and explaining the transaction, at least 25 
days of continuous session of the Congress prior to the date of 
final approval. For the purpose of the preceding sentence, con-
tinuity of a session of the Congress shall be considered as broken 
only by an adjournment of the Congress sine die, and the days 
on which either House is not in session because of an adjournment 
of more than 3 days to a day certain shall be excluded in the 
computation of the 25 day period referred to in such sentence. 
Such statement shall contain— 
" (A) a brief description of the purposes of the transaction, 
the identity of the party or parties requesting the loan or 
financial guarantee, the nature of the goods or services to be 
exported, and the use for which the goods or services are 
to be exported; and 
"(B) a full explanation of the reasons for Bank financing 
of the transaction, the amount of the loan to be provided by 
the Bank, the approximate rate and repayment terms at 
which such loan will be made available and the approximate 
amount of the financial guarantee." 
FRACTIONAL CHARGE OF GUARANTEES AND INSURANCE 
SEC. 6. Section 2(c) (1) of the Export-Import Bank Act of 1945 is 
1
2 use 635. 
amended to read as follows: 
"(c) (1) The Bank is authorized and empowered to charge against 
the limitations imposed by section 7 of this Act, not less than 25 per 
1
2 use 635e. 
centum of the related contractual liability which the Bank incurs for 
2336 
PUBLIC LAW 93-646-JAN. 4, 1975 
[88 STAT. 
guarantees, insurance, coinsurance, and reinsurance against political 
and credit risks of loss. The aggregate amount of guarantees, insurance, 
coinsurance, and reinsurance which may be charged on this fractional 
basis pursuant to this section shall not exceed $20,000,000,000 outstand-
ing at any one time. Fees and premiums shall be charged in connection 
with such contracts commensurate, in the judgment of the Bank, with 
risks covered.". 
12 u s e 635d. 
INTEREST RATE ON OBLIGATIONS OF THE BANK 
SEC. 7. Section 6 of the Export-Import Bank Act of 1945 is amended 
by striking the third sentence and inserting in lieu thereof the follow-
ing new sentence: "Each such Bank obligation issued to the Treasury 
after the enactment of the Export-Import Bank Amendments of 1974 
shall bear interest at a rate not less than the current average yield on 
outstanding marketable obligations of the United States of compara-
ble maturity during the month preceding the issuance of the obliga-
tion of the Bank as determined by the Secretary of the Treasury.", 
AUTHORITY 
12 u s e 635e. 
SEC. 8. Section 7 of the Export-Import Bank Act of 1945 is 
amended— 
(1) by inserting " (a)" after "Sec. 7"; 
(2) by striking out "$20,000,000,000" and inserting in lieu 
thereof "$25,000,000,000"; and 
(3') by adding at the end thereof the following: 
^s^'sT^ ° 
^^(^) After the date of enactment of the Export-Import Bank 
.4'nf'e, "p. 2333. 
Amendments of 1974, the Bank shall not approve any loans or financial 
guarantees, or combination thereof, in connection with exports to the 
Union of Soviet Socialist Republics in an aggregate amount in excess 
of $300,000,000. No such loan or financial guarantee, or combination 
thereof, shall be for the purchase, lease, or procurement of any product 
or service for production (including processing and distribution) of 
fossil fuel energy resources. Not more than $40,000,000 of such aggre-
gate amount shall be for the purchase, lease, or procurement of any 
product or service which involves research or exploration of fossil fuel 
ri^^!'^!?''^^ 
energy resources. The President may establish a limitation in 
° 
" •'^" '"- (excess of $300,000,000 if he determines that such higher limitation is 
in the national interest and if he reports such determination to the 
Congress together with the reasons therefor, including the amount of 
such proposed increase which would be available for the export of 
products and services for research, exploration, and production 
(including processing and distribution) of fossil fuel energy resources 
in the Union of Soviet Socialist Republics, and if, after the receipt 
of such report together with the reasons, the Congress adopts a con-
current resolution approving such determination." 
determination 
port to eongress 
EXPIRATION 
Ante, 
p. 136f 
SEC. 9. Section 8 of the Export-Import Bank Act of 1945 is amended 
by striking out "November 30, 1974" and inserting in lieu thereof 
"June 30,1978". 
REPORT 
1
2 use 635g. 
gj,c. 10. Section 9 of the Export-Import Bank Act of 1945 is 
amended to read as follows: 
"SEC. 9. (a) The Export-Import Bank of the United States shall 
transmit to the Congress annually a complete and detailed report of its 
operations. Such report shall be as of the close of business on the last 
day of each fiscal year. 
Annual report 
to eongress. 
88 STAT. ] 
PUBLIC L
A
W 93-647-JAN. 4, 1975 
2337 
"(b)_ The report shall contain a description of actions taken by the 
Bank in pursuance of the policy of aiding, counseling, assisting, and 
protecting, insofar as is possible, the interests of small business 
concerns." 
CEILING ON BORROWING BY NATIONAL BANKS 
SEC. 11. Section 5202 of the Revised Statutes, as amended (12 U.S.C. 
82^, is amended by adding at the end thereof the following: 
"Twelfth. Liabilities incurred in borowing from the Export-Import 
Bank of the United States.". 
r
RELATIONSHIP TO THE ITJADE REFORM ACT 
SEC. 12. Until such time as the Trade Reform Act is approved by the 
12 use 635 
Congress and signed into law by the President, no loan, guarantee, "°Ante 
197 
insurance, or credit shall be extended by the Export-Import Bank of 
' ^" 
the United States to the Union of Soviet Socialist Republics. 
REPEAL OF S E C T I O N 
2 ( a ) ( 2 ) 
SEC. 13. Effective at the close of September 30,1976, section 2(a) (2) 
of the Export-Import Bank Act of 1945 is repealed. 
Approved January 4, 1975. 
12 
use 635. 
January 4, 1975 
[H. 
R.17045] 
Pnblic Law 93-647 
AN ACT 
To amend the Social Security Act to establish a consolidated program of Federal 
financial assistance to encourage provision of services by the States. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That this Act may be 
social services 
cited as the "Social Services Amendments of 1974". 
PART A—SOCIAL SERVICES AMENDMENTS 
Amendments of 
1974. 
42 u s e 1397 
note. 
SEC. 2. The Social Security Act is amended by inserting at the end 
'
^
-
^ ^^^ ^^°^-
thereof the following new title: 
"TITLE XX—GRANTS TO STATES FOR SERVICES 
"APPROPRIATION 
AUTHORIZED 
"SEC. 2001. For the purpose of encouraging each State, as far prac-
ticable under the conditions in that State, to furnish services directed 
at the goal of— 
" (1) achieving or maintaining economic self-support to prevent, 
reduce, or eliminate dependency, 
"(2) achieving or maintaining self-sufficiency, including reduc-
tion or prevention of dependency, 
"(3) preventing or remedying neglect, abuse, or exploitation of 
children and adults unable to protect their own interests, or pre-
serving, rehabilitating, or reuniting families, 
"(4) preventing or reducing inappropriate institutional care by 
providing for community-based care, home-based care, or other 
forms of less intensive care, or 
"(5) securing referral or admission for institutional care when 
other forms of care are not appropriate, or providing services to 
individuals in institutions, 
there is authorized to be appropriated for each fiscal year a sum suffi-
cient to carry out the purposes of this title. The sums made available 
under this section shall be used for making payments to States under 
section 2002. 
"PAYMENTS TO STATES 
"SEC. 2002. (a) (1) From the sums appropriated therefor, the Sec-
retary shall, subject to the provisions of this section and section 2003, 
pay to eacli State, for each quarter, an amount equal to 90 per centum 
of the total expenditures during that quarter for the provision of fam-
42 u s e 1397. 
Infra. 
42 u s e 1397a. 
Post, 
p. 2343.