123STA T . 2 0 12 PUBLIC LA W 111 –67— S E PT. 30 , 200 9‘ ‘ (1)INDUSTRIAL R E S O UR C E AND CRITICAL TEC H NOLO GY SHORT F ALLS .— ‘‘( A ) IN GENERAL.—I fthemakingo fan y g u a r antee oro bl igation of the F e d eral G o v ernment under thi s title relating to a domesti c industrial base shortfall w ould cause the aggregate outstanding amount of all guarantees for such shortfall to e x ceed $50, 000,000, any such guarantee may be made only— ‘‘(i) if the P resident has notified the C ommittee on B anking, H ousing, and U rban Affairs of the S enate and the Committee on Financial Services of the House of R e p resentatives in writing of the proposed guar - antee
and ‘‘(ii) after the 3 0-day period following the date on which notice under clause (i) is provided. ‘‘(B) W AI V ERS AUTHORI Z ED.— T he re q uirements of subparagraph (A) may be waived— ‘‘(i) during a period of national emergency declared by Congress or the President; or ‘‘(ii) upon a determination by the President, on a nondelegable basis, that a specific guarantee is nec- essary to avert an industrial resource or critical tech- nology item shortfall that would severely impair national defense capability. ‘‘( 2 ) O THER LI M ITATIONS.—The authority conferred by this section shall not be used primarily to prevent the financial insolvency or bankruptcy of any person, unless— ‘‘(A) the President certifies that the insolvency or bank- ruptcy would have a direct and substantially adverse effect upon national defense production; and ‘‘(B) a copy of the certification under subparagraph (A), together with a detailed j ustification thereof, is trans- mitted to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Serv- ices of the House of Representatives not later than 10 days prior to the exercise of that authority for such use. ‘ ‘ SEC.302 . LOAN S T O PRIV ATE BU SINESS ENTERPRISES. ‘‘(a) L OAN AUTHORITY.—To reduce current or projected shortfalls of industrial resources, critical technology items, or materials essen- tial for the national defense, the President may make provision for loans to private business enterprises (including nonprofit research corporations and providers of critical infrastructure) for the creation, maintenance, expansion, protection, or restoration of capacity, the development of technological processes, or the produc- tion of essential materials, including the exploration, development, and mining of strategic and critical metals and minerals. ‘‘(b) CONDITIONS OF LOANS.—Loans may be made under this section on such terms and conditions as the President deems nec- essary, except that— ‘‘(1) financial assistance may be extended only to the extent that it is not otherwise available from private sources on reason- able terms; and ‘‘(2) during periods of national emergency declared by the Congress or the President, no such loan may be made unless the President determines that— 50USCap p .2 0 9 2. De a dlin e. Ce rt i f i c ati o n. N otification.
