An Act to amend the Export-Import Bank Act of 1945, to eliminate certain export credit controls, and for other purposes
PL 92-126 (S.581), enacted 08/17/1971

85 STAT. ] 
PUBLIC LAW 92-126-AUG. 17, 1971 
345 
SEC. (). The Secretary of Commerce shall make available to the 
Advisoi-y Committee such staff, information, personnel and adminis-
trative services and assistance as it may reasonably require to carry 
out its activities. The Advisory Committee is authorized to requesrt 
from any department, agency, or independent instrumentality of the 
Federal Government any information and assistance it deems neces-
sary to carry out its functions under this Act; and each such depart-
ment, agency, and instrumentality is authorized to cooperate with 
the Advisory Committee and, to the extent permitted by law, to 
furnish such information and assistance to the Advisory Committee 
upon request made by its Chairman, without reimbursement for sucJi 
services and assistance. 
SEC. 7. There is hereby authorized to be appropriated to the Secre-
tary of Commerce $200,000 for the fiscal year ending June 30, 1972, 
and each succeeding fiscal year to carry out the purposes of this Act. 
Approved August 16, 1971. 
Department of 
Commerce and 
other agencies, 
assistance. 
Appropriation. 
Public Law 92-126 
AN A C T 
To amend the Export-Import Bank Act of 1945, to eliminate certain export 
credit (-(mtrol.s. and for otlier piirposes. 
August 17, 1971 
[S, 581] 
Be it enacted hy the Senate and House of Re'presentatives of the 
United States of America in Congress assembled^ That (a) this Act 
may be cited as the "Export Expansion Finance Act of 1971". 
(b) The Export-Import Bank Act of 1945 (12 U.S.C. 635 and 
following) is amended as follows: 
(1) Section 2(a) of such Act is amended by inserting "(1)'' imme-
diately after "SEC. 2. (a)" and by adding at the end thereof the 
following new paragraph: 
"(2) The receipts and disbursements of the Bank in the discharge 
of its functions shall not be included in the totals of the budget of 
the United States Government and shall be exempt from any annual 
expenditure and net lending (budget outlays) limitations imposed 
on the budget of the United States Government. In accordance with 
the provisions of the Government Corporation Control Act, the Presi-
dent shall transmit annually to the Congress a budget for program 
activities and for administrative expenses of the Bank, which budget 
shall also include the estimated annual net borrowing by the Bank 
from the United States Treasury. The President shall report annually 
to the Congress the amount of net lending of the Bank, including 
any net lending created by the net borrowing from the United States 
Treasury, which would be included in the totals of the budget of 
the United States Government if the Bank's activities were not 
excluded from those totals as a result of this section." 
(2) Section 2(c)(1) of such Act is amended by striking out 
"$3,500,000,000" and inserting in lieu thereof "$10,000,000,000". 
(3) 
Section 7 of such Act is amended by striking out 
"$13,500,000,000" and inserting in lieu thereof "$20,000,000,000". 
(4) Section 8 of such Act is amended by striking out "June 30,1973" 
and inserting in lieu thereof "June 30,1974", and by inserting immedi-
ately following the words "Secretary of the Treasury" "or any other 
purchasers". 
(5) Section 2(b) (3) of such Act is amended to read as follows: 
"(3) The Bank shall not guarantee, insure, or extend credit, or 
participate in the extension of credit in connection with (A) the pur-
chase of any product, technical data, or other information by a 
national or agency of any nation which engages in armed conflict, 
Export Expan-
sion Finance Act 
of 1971. 
59 Stat, 526. 
61 Stat. 130. 
Receipts and 
disbursements, 
exclusion from 
U.S. budget. 
59 Stat. 597. 
31 u s e 841 
note. 
Presidential 
report to Congress, 
82 Stat. 49, 
12 u s e 635e„ 
12 u s e 635f. 
Credit extension, 
restriction, 
12 u s e 635, 
346 
PUBLIC LAW 92-126-AUG. 17, 1971 
[85 STAT. 
declared or otherwise, with the Armed Forces of the United States, or 
(B) the purchase by any nation (or national or agency thereof) of any 
product, technical data, or other information which is to be used 
principally by or in any such nation described in clause (A). The Bank 
shall not guarantee, insure, or extend credit, or participate in the 
extension of credit in connection with the purchase of any product, 
technical data, or other information by a national or agency of any 
nation if the President determines that any such transaction would be 
contrary to the national interest." 
compemive^^ . 
(^) ^©ction 2(b)(1) of such Act is amended to read as follows: 
^''sTsta'u^r?""^* 
"(b) (1) It is the policy of the United States to foster expansion of 
1
2 use 635. 
exports of goods and related services, thereby contributing to the 
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 the exercise of its functions to provide guarantees, insur-
ance, and extensions of credit at rates and on terms and conditions 
which are competitive 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 
Report to Con- 
export^rs. The Export-Import Bank shall, on a semiannual basis, 
^'^^^^* 
report to the appropriate committees of Congress its actions in com-
survey. 
pljing w^th tMs dirBctlve. In this report the Export-Import Bank shall 
survey all other major export-financing facilities available from other 
governments and government-related agencies through which foreign 
exporters compete w4th United States exporters and indicate in specific 
terms the ways in which Export-Import Bank rates, terms, and other 
conditions are equal or superior to those offered from such other gov-
ernments directly or indirectly. Further, the Export-Import 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 finan-
cial competition from other countries whose exporters compete with 
United States exporters. The results of this survey shall be included as 
part of the semiannual report provided for under this section. It is 
further the policy of the United States 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 com-
mercial banks, in the formulation and implementation of its programs; 
that loans, so far as possible consistent with the carrying out of the 
purposes of subsection (a), shall generally be for specific purposes, 
and, in the judgment of the Board of Directors, offer reasonable assur-
ance of repayment; and that in authorizing such loans the Board of 
Directors should take into account the possible adverse effects upon 
the United States economy." 
U.S. export 
gj.Q^ 2. lu conucction with section 2 of Executive Order Number 
strrim'prohibition. 11387, datcd January 1, 1968, and any rule, regulation, or guideline 
1
2 use 95a 
established by the Board of Governors of the Federal Reserve System 
in connection with a voluntary foreign credit restraint program, there 
shall be no limitation or restraint, or suggestion that there be a limita-
tion or restraint, on the part of any bank or financial institution in 
connection with the extension of credit for the purpose of financing 
exports of the United States. 
Approved August 17, 1971. 
note.