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 outstanding 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.". I N T E R E S T RATE ON OBLIGATIONS OF THE 12 USC 635d.
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 following 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 comparable maturity during the month preceding the issuance of the obligation of the Bank as determined by the Secretary of the Treasury.", AUTHORITY
12 USC 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 aggregate 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 determination port° to e " n•'^"s'"- (excess of $300,000,000 if he determines that such higher limitation is o gre s 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 concurrent resolution approving such determination." 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
12 USC 635g. Annual report to e o n g r e s s.
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.
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