{"identifier":"/us/usc/t12/s635e","title":12,"num":"\u00a7\u202f635e.","heading":"Aggregate loan, guarantee, and insurance authority","text":"\u00a7\u202f635e.\nAggregate loan, guarantee, and insurance authority\n(a)\nLimitation on outstanding amounts\n(1)\nIn general\nThe 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.\n(2)\nApplicable amount defined\nIn this subsection, the term \u201capplicable amount\u201d, for each of fiscal years 2020 through 2027, means $135,000,000,000.\n(3)\nFreezing of lending cap if default rate is 2 percent or more\nIf the rate calculated under\nsection 635g(g)(1) of this title\nsection 635g(g)(1) of this title\n(4)\nSubject to appropriations\nAll 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.\n(b)\nReserve requirement\nThe 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.\n(c)\nPresidential determination\n(1)\nIn general\nNot 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\u2019s needs, particularly those needs arising from\u2014\n(A) increases in the level of exports unforeseen at the time of the original budget request for such fiscal year;\n(B) any increased foreign export credit subsidies; or\n(C) the lack of progress in negotiations to reduce or eliminate export credit subsidies.\n(2)\nRequest for legislation\n(A)\nIn general\nIf 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\u2019s 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.\n(B)\nContinued availability of authority\nThe 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.","url":"https://projectusc.org/usc/t12/s635e.html","content":[{"t":"sec","id":"/us/usc/t12/s635e","children":[{"t":"num","text":"\u00a7\u202f635e."},{"t":"heading","text":"Aggregate loan, guarantee, and insurance authority"},{"t":"subsec","id":"/us/usc/t12/s635e/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Limitation on outstanding amounts"},{"t":"para","id":"/us/usc/t12/s635e/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s635e/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Applicable amount defined"},{"t":"content","children":[{"t":"p","text":"In this subsection, the term \u201capplicable amount\u201d, for each of fiscal years 2020 through 2027, means $135,000,000,000.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s635e/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Freezing of lending cap if default rate is 2 percent or more"},{"t":"content","children":[{"t":"p","text":"If the rate calculated under ","children":[{"t":"ref","text":"section 635g(g)(1) of this title","href":"/us/usc/t12/s635g/g/1","tail":" 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 "},{"t":"ref","text":"section 635g(g)(1) of this title","href":"/us/usc/t12/s635g/g/1","tail":" is less than 2 percent."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s635e/a/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Subject to appropriations"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s635e/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Reserve requirement"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s635e/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Presidential determination"},{"t":"para","id":"/us/usc/t12/s635e/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"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\u2019s needs, particularly those needs arising from\u2014"},{"t":"subpara","id":"/us/usc/t12/s635e/c/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" increases in the level of exports unforeseen at the time of the original budget request for such fiscal year;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s635e/c/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" any increased foreign export credit subsidies; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s635e/c/1/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" the lack of progress in negotiations to reduce or eliminate export credit subsidies.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s635e/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Request for legislation"},{"t":"subpara","id":"/us/usc/t12/s635e/c/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"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\u2019s 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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s635e/c/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Continued availability of authority"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}