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U.S. Code as of:
01/19/04
Section 635e. Aggregate loan, guarantee, and insurance authority
(a) Limitation on outstanding amounts
(1) In general
The Export-Import Bank of the United States shall not have
outstanding at any one time loans, guarantees, and insurance in
an aggregate amount in excess of the applicable amount.
(2) Applicable amount
In paragraph (1), the term "applicable amount" means -
(A) during fiscal year 2002, $80,000,000,000;
(B) during fiscal year 2003, $85,000,000,000;
(C) during fiscal year 2004, $90,000,000,000;
(D) during fiscal year 2005, $95,000,000,000; and
(E) during fiscal year 2006, $100,000,000,000.
(3) Subject to appropriations
All spending and credit authority provided under this
subchapter shall be effective for any fiscal year only to such
extent or in such amounts as are provided in appropriation Acts.
(b) Presidential determination
(1) In general
Not later than March 31 of each fiscal year, the President of
the United States shall determine whether the authority available
to the Bank for such fiscal year will be sufficient to meet the
Bank's needs, particularly those needs arising from -
(A) increases in the level of exports unforeseen at the time
of the original budget request for such fiscal year;
(B) any increased foreign export credit subsidies; or
(C) the lack of progress in negotiations to reduce or
eliminate export credit subsidies.
(2) Request for legislation
(A) In general
If the President of the United States finds that the amount
of direct loan authority or guarantee authority available to
the Bank for the fiscal year involved exceeds the amount which
will be necessary to carry out the Bank's functions consistent
with the availability of qualified applications and limitations
imposed by law during such year, the President of the United
States shall promptly transmit to the Congress a request for
legislation to eliminate the amount of such excess direct loan,
loan guarantee, or insurance authority.
(B) Continued availability of authority
The Bank shall continue to make remaining amounts of its
authority available for the fiscal year involved, in accordance
with its practices and the requirements of this subchapter,
unless otherwise directed pursuant to law.
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