12 U.S.C. § 635E

Section 635e · Aggregate loan, guarantee, and insurance authority

Current version, with additions and removals from the June 14, 2002 version.

Current — December 20, 2019

As of June 14, 2002

(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

(2) Applicable amount defined

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;

(D) during fiscal year 2005, $95,000,000,000; and

(E) during fiscal year 2006, $100,000,000,000.

In this subsection, the term "applicable amount", for each of fiscal years 2020 through 2027, means $135,000,000,000.

(3) Freezing of lending cap if default rate is 2 percent or more

If the rate calculated under section 635g(g)(1) of this title is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under section 635g(g)(1) of this title is less than 2 percent.

~~(3)~~ Subject to appropriations

(4) 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) Reserve requirement

The Bank shall build to and hold in reserve, to protect against future losses, an amount that is not less than 5 percent of the aggregate amount of disbursed and outstanding loans, guarantees, and insurance of the Bank.

~~(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

(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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Versions

Dec 20, 2019 – presentcurrentviewing
Annual edition
Subsec. (a)(2). Pub. L. 116–94 substituted “for each of fiscal years 2020 through 2027” for “for each of fiscal years 2015 through 2019”.
▸ what changed
Source credit
Pub. L. 116–94, div. I, title IV, § 401(b), Dec. 20, 2019, 133 Stat. 3021.
Dec 4, 2015 – Dec 20, 2019
Annual edition
Subsec. (a)(2) to (4). Pub. L. 114–94, § 51001, added pars. (2) and (3), redesignated former par. (3) as (4), and struck out former par. (2) which defined the term “applicable amount”.
▸ what changed changes vs current →
Source credit
Pub. L. 114–94, div. E, title LI, §§ 51001, 51002(a), Dec. 4, 2015, 129 Stat. 1763
May 30, 2012 – Dec 4, 2015
Annual edition
Subsec. (a)(2)(F). Pub. L. 112–122 added subpar. (F).
▸ what changed changes vs current →
Source credit
Pub. L. 112–122, § 3, May 30, 2012, 126 Stat. 350
Dec 20, 2006 – May 30, 2012
Annual edition
Subsec. (a)(2)(E). Pub. L. 109–438 amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “during fiscal year 2006, $100,000,000,000.”
▸ what changed changes vs current →
Source credit
Pub. L. 109–438, § 9, Dec. 20, 2006, 120 Stat. 3275
Jun 14, 2002 – Dec 20, 2006
Annual edition
Subsec. (a). Pub. L. 107–189 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The Export-Import Bank of the United States shall not have outstanding at any one time loans, guaranties, and insurance in an aggregate amount in excess of $75,000,000,000. 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.”
▸ what changed changes vs current →
Source credit
Pub. L. 107–189, § 5, June 14, 2002, 116 Stat. 699
Dec 27, 2000 – Jun 14, 2002
Annual edition
Subsec. (b)(2), (3). Pub. L. 106–569 redesignated par. (3) as (2) and struck out heading and text of former par. (2). Text read as follows: “Not later than April 15 of each year, the President of the United States shall transmit to the Congress a report on such determination.”
▸ what changed changes vs current →
Source credit
Pub. L. 106–569, title XI, § 1104(a)(3), Dec. 27, 2000, 114 Stat. 3031
Oct 21, 1992 – Dec 27, 2000
Annual edition
Pub. L. 102–429, § 109(b), inserted section catchline, redesignated former subsec. (a)(1) as subsec. (a), inserted subsec. heading, substituted “$75,000,000,000” for “$40,000,000,000”, redesignated former subsec. (a)(2) as subsec. (b), redesignated former subpar. (A)(i) as par. (1), former subcls. (I) to (III) as subpars. (A) to (C), respectively, former subpar. (A)(ii) as par. (2), former subpar. (B) as par. (3), and former cls. (i) and (ii) as subpars. (A) and (B), respectively, inserted headings for subsec. (b), pars. (1) to (3), and subpars. (A) and (B) of par. (3), and struck out former subsec. (a)(3) which read as follows: “Authorization of Appropriation.—There are authorized to be appropriated $145,259,000 for fiscal year 1987 to cover the subsidy cost of new direct loans obligated by the Bank in that fiscal year. Any amounts appropriated under this paragraph shall be permanent additions to the capital and reserves of the Bank.”
changes vs current →
Source credit
renumbered § 6 and amended Pub. L. 102–429, title I, §§ 109(b), 121(c)(2), Oct. 21, 1992, 106 Stat. 2193, 2199
Apr 1, 1992 – Oct 21, 1992
Amended · full text not held
Pub. L. 102–429, § 109(b), inserted section catchline, redesignated former subsec. (a)(1) as subsec. (a), inserted subsec. heading, substituted “$75,000,000,000” for “$40,000,000,000”, redesignated former subsec. (a)(2) as subsec. (b), redesignated former subpar. (A)(i) as par. (1), former subcls. (I) to (III) as subpars. (A) to (C), respectively, former subpar. (A)(ii) as par. (2), former subpar. (B) as par. (3), and former cls. (i) and (ii) as subpars. (A) and (B), respectively, inserted headings for subsec. (b), pars. (1) to (3), and subpars. (A) and (B) of par. (3), and struck out former subsec. (a)(3) which read as follows: “Authorization of Appropriation.—There are authorized to be appropriated $145,259,000 for fiscal year 1987 to cover the subsidy cost of new direct loans obligated by the Bank in that fiscal year. Any amounts appropriated under this paragraph shall be permanent additions to the capital and reserves of the Bank.”
Source credit
Pub. L. 102–145, § 121(1), Oct. 28, 1991, as added Pub. L. 102–266, § 102, Apr. 1, 1992, 106 Stat. 95
Oct 28, 1991 – Apr 1, 1992
Amended · full text not held
Subsec. (b). Pub. L. 102–145, § 121(1), as added by Pub. L. 102–266, struck out subsec. (b) which read as follows: “After January 4, 1975, 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 energy resources. The President may establish a limitation in excess of $300,000,000 if the President determines that such higher limitation is in the national interest and if the President 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.”
Source credit
Pub. L. 102–145, § 121(1), Oct. 28, 1991, as added Pub. L. 102–266, § 102, Apr. 1, 1992, 106 Stat. 95
Oct 15, 1986 – Oct 28, 1991
Amended · full text not held
Subsec. (a)(1). Pub. L. 99–472, § 17, substituted “All spending and credit authority” for “All spending authority”.
Source credit
Pub. L. 99–472, §§ 13, 17, Oct. 15, 1986, 100 Stat. 1204, 1205
Nov 30, 1983 – Oct 15, 1986
Amended · full text not held
Subsec. (a)(2). Pub. L. 98–181, § 615, amended par. (2) generally, substituting provisions requiring a Presidential determination, not later than March 31 of each fiscal year, as to whether the authority available to the Bank for such fiscal year will be sufficient to meet the Bank’s needs, requiring the President to transmit to Congress a report on such determination no later than April 15 of each year, and establishing procedures if the direct loan or guarantee authority available exceeds the amount necessary, for provision limiting gross obligations for the principal amount of direct loans authorized by the Bank during fiscal years 1982 and 1983 to $10,478,000,000, and designating specified amounts thereof for each fiscal year.
Source credit
Pub. L. 98–181, title I [title VI, §§ 615, 620(d)], Nov. 30, 1983, 97 Stat. 1256, 1261
Aug 13, 1981 – Nov 30, 1983
Amended · full text not held
Subsec. (a). Pub. L. 97–35 designated existing provisions as par. (1) and added par. (2).
Source credit
Pub. L. 97–35, title III, § 381(a), Aug. 13, 1981, 95 Stat. 431
Nov 10, 1978 – Aug 13, 1981
Amended · full text not held
Subsec. (a). Pub. L. 95–630 substituted “$40,000,000,000” for “$25,000,000,000” and inserted provision that all spending authority provided under this chapter be effective for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts.
Source credit
Pub. L. 95–630, title XIX, §§ 1905, 1914, Nov. 10, 1978, 92 Stat. 3725, 3727
Jan 4, 1975 – Nov 10, 1978
Amended · full text not held
Subsec. (a). Pub. L. 93–646, § 8(1), (2), designated existing provisions as subsec. (a) and substituted “$25,000,000,000” for “$20,000,000,000”.
Source credit
Pub. L. 93–646, § 8, Jan. 4, 1975, 88 Stat. 2336
Aug 17, 1971 – Jan 4, 1975
Amended · full text not held
Pub. L. 92–126 substituted “$20,000,000,000” for “$13,500,000,000”.
Source credit
Pub. L. 92–126, § 1(b)(3), Aug. 17, 1971, 85 Stat. 345
Mar 13, 1968 – Aug 17, 1971
Amended · full text not held
Pub. L. 90–267 changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States” and substituted “$13,500,000,000” for “$9,000,000,000”.
Source credit
Pub. L. 90–267, § 1(a), (e), Mar. 13, 1968, 82 Stat. 47, 49
Aug 20, 1963 – Mar 13, 1968
Amended · full text not held
Pub. L. 88–101 substituted “$9,000,000,000” for “$7,000,000,000”.
Source credit
Pub. L. 88–101, § 1(b), Aug. 20, 1963, 77 Stat. 128
May 22, 1958 – Aug 20, 1963
Amended · full text not held
Pub. L. 85–424 substituted “$7,000,000,000” for “$5,000,000,000”.
Source credit
Pub. L. 85–424, § 1(2), May 22, 1958, 72 Stat. 133
Aug 9, 1954 – May 22, 1958
Amended · full text not held
Act Aug. 9, 1954, substituted “$5,000,000,000” for “four and one-half times the authorized capital stock of the Bank”.
Source credit
Aug. 9, 1954, ch. 660, § 3(b), 68 Stat. 678
May 21, 1953 – Aug 9, 1954
Amended · full text not held
Act May 21, 1958, substituted “loans, guaranties, and insurance” for “loans and guaranties”.
Source credit
May 21, 1953, ch. 64, § 2, 67 Stat. 28
Oct 3, 1951 – May 21, 1953
Amended · full text not held
Act Oct. 3, 1951, substituted “four and one-half” for “three and one-half”.
Source credit
Oct. 3, 1951, ch. 445, § 1(b), 65 Stat. 367
Jul 31, 1945 – Oct 3, 1951
Enacted · full text not held
Source credit
July 31, 1945, ch. 341, § 6, formerly § 7, 59 Stat. 529

See all changes since 1992 → current

Every enactment and amendment in this section's credit is listed. Full text is shown for versions back to 1992; earlier amendments are recorded by date and act, without pre-1994 full text.

Practice areas using this title

Banking and Finance Law