An Act to enable the Export-Import Bank of the United States to approve extension of certain loans, guarantees, and insurance in connection with exports from the United States in order to improve the balance of payments and foster the long-term commercial interests of the United States
PL 90-390 (H.R.16162), enacted 07/07/1968

296 
PUBLIC LAW 90-390-JULY 7, 1968 
[82 STAT. 
•State. 
"(C) that one or more of the holders of withdiuwable accounts 
in such institution is unable to obtain a withdrawal of his account, 
in whole or in part; 
the Board shall have exclusive power and jurisdiction to appoint the 
Corporation as sole receiver for such institution. As used in this para-
graph (2), the term 'State' includes the Commonwealth of Puerto 
Rico, the territories and possessions, and any place subject to the 
jurisdiction of the United States. 
"(3) In any case where the Corporation is appointed receiver of an 
insui-ed institution pursuant to paragraph (2)— 
"(A) the provisions of section 5(d) of the Home Ownei-s' Loan 
Act of 1933 shall be applicable in the same manner and to the same 
extent as if such institution were a Federal savings and loan asso-
ciation with respect to which the Corporation had been appointed 
receiver under paragraph (6) thereof, and the provisions of para-
graph (14) of said subsection (d) shall be applicable in the same 
manner and the same extent that they would be applicable if the 
insured institution w^ere an institution referred to in the first 
sentence of said paragraph; and 
"(B) the Corporation shall have authority to liquidate such 
institution in an orderly manner or to make such other dis-
position of the matter as it deems to be in the best interests 
of the institution, its savers, and the Corporation. 
In connection with the liquidation of any such institution, the 
language 'the court or other public authority having jurisdiction 
over the matter' in subsection (d) of this section shall mean said 
Board." 
Approved July 7, 1968. 
July 7, 1968 
[H.R. 16162] 
Public Law 90-390 
AN ACT 
To enable the Extwrt-Import Bank of the United States to approve extension of 
certain loans, guarantees, and insurance in connection with exports from the 
United States in order to improve the balance of payments and foster the long-
term commercial interests of the United States. 
Export-Import 
Bank loans, etc. 
Extension. 
Ante, p. 49. 
Ante, p. 49. 
Limitation. 
Be It enacted by the Senate and House of Representatives 
of the 
United /States of America In Congress assembled, 
SECTION 1. (a) It is the policy of the Congress that the Export-
Import Bank of the United States should facilitate through loans, 
guarantees, and insurance (including coinsurance and reinsurance) 
those export transactions which, in the judgment of the Board of 
Directors of the Bank, offer sufficient likelihood of repayment to 
justify the Bank's support in order to actively foster the foreign 
trade and long-t-erm commercial interest of the United States. 
(b) The Bank shall specially designate loans, guarantees, and insur-
ance on the books of the Bank made under authority of this Act. 
In connection with guarantees and insurance, not less than 25 per 
centum of the related contractual liability of the Bank shall be taken 
into account for the purpose of applying the limitation imposed by 
section 7 of the Export-Import Bank of 1945, as amended; but the 
full amount of the related contractual liability of such guarantees and 
insurance shall be taken into account for the purpose of applying the 
limitation in section 2(c) (1) of that Act, concerning the amount of 
guarantees and insurance the Bank may have outstanding at any one 
time thereunder. The aggregate amount of loans plus 25 per centum 
82 STAT. ] 
PUBLIC LAW 90-391-JULY 7, 1968 
297 
of the contractual liability of guarantees and insurance outstanding 
at any one time under this Act shall not exceed $500,000,000. 
(c) The Board of Directors of the Bank shall submit to the Congress 
for the calendar quarter ending September 30,1968, and for each cal-
endar quarter thereafter a report of all actions taken under authority 
of this Act during such quarter. 
SEC. 2. In the event of any losses, as determined by the Board of 
Directors of the Bank, incurred on loans, guarantees, and insurance 
extended under this Act, the first $100,000,000 of such losses shall be 
borne by the Bank; the second $100,000,000 of such losses shall be borne 
by the Secretary of the Treasury; and any losses in excess thereof shall 
be borne by the Bank. Reimbursement of the Bank by the Secretaiy 
of the Treasury of the amount of losses which are to be borne by the 
Secretary of the Treasury as aforesaid shall be from funds made 
available pursuant to section 3 of this Act. All guarantees and insurance 
issued by the Bank shall be considered contingent obligations backed 
by the full faith and credit of the Government of the United States 
of America. 
SEC. 3. There are hereby authorized to be appropriated to the 
Secretary of the Treasury without fiscal year limitation $100,000,000 
to cover the amount of any losses which are to be borne by the Secre-
tary of the Treasury as provided in section 2 hereof. 
SEC. 4. Nothing in this Act shall be construed as a limitation on the 
powers of the Bank under the Export-Import Bank Act of 1945, as 
amended; and except as to the standard of reasonable assurance of 
repayment required under section 2(b)(1) of that Act, all loans, 
guarantees, and insurance extended hereunder shall be subject to the 
provisions of said Export-Import Bank Act of 1945, as amended, and 
to the policies of the Bank with respect to terms of repayment, interest 
rates, fees, and premiums applicable to loans, guarantees, and insur-
ance extended under that Act. 
SEC. 5. The Bank shall not extend loans, guarantees, or insurance 
under this Act in connection with the sale of defense articles or defense 
services. 
Approved July 7, 1968. 
Report to Con-
gress. 
Losses. 
Contingent ob-
ligations. 
Appropri ation. 
59 Stat. 526. 
12 use 6.35 
note. 
Ante, p. 47. 
Prohibition. 
Public Law 90-391 
AN ACT 
To amend the Vocational Rehabilitation Act to extend the authorization of 
grants to States for rehabilitation sfrvices, to broaden the sc'oi>e of goods 
and services available under that Act for the handicapped, and for other 
I)urpohVs. 
July 7, 1968 
[H.R. 16819] 
Be it enacted hy the Senate and Tloune of RepreHentatlven of the 
United States of America in Congress assembled^ Tliat this Act may 
be cited as tlie "Vocational Rehabilitation Amendments of 1968''. 
Vocational Re-
habilitation 
Amendments of 
1968.