§ 635. Powers and functions of Bank

Pub. L. 98–181, title I [title VI, § 601], Nov. 30, 1983, 97 Stat. 1254, provided that: “This title [enacting sections 635i–1, 635i–2, and 635o–635t of this title and section 1671g of Title 19, Customs Duties, amending this section, sections 635a, 635a–2, 635a–3, 635a–4, 635b, 635e, 635f, and 635g of this title, and sections 1671a and 1671b of Title 19, and enacting provisions set out as notes under sections 635a and 635o of this title] may be cited as the ‘Export-Import Bank Act Amendments of 1983’.”

For short title of title I [part C (§§ 641–647) of title VI] of Pub. L. 98–181, which enacted subchapter III (§ 635o et seq.) of this chapter and section 1671g of Title 19 and amended sections 1671a and 1671b of Title 19, as the “Trade and Development Enhancement Act of 1983”, see Short Title note set out under section 635o of this title.

Short Title of 1981 Amendment

Pub. L. 97–35, title III, § 380, Aug. 13, 1981, 95 Stat. 431, provided that: “This subtitle [subtitle B (§§ 380–385) of title III of Pub. L. 97–35, amending sections 461 and 635e of this title, and section 369 of former Title 31, Money and Finance, enacting provisions set out as a note under section 369 of former Title 31, and amending provisions set out as notes under sections 1735f–7 and 1904 of this title] may be cited as the ‘Banking and Related Programs Authorization Adjustment Act’.”

Short Title of 1978 Amendment

Pub. L. 95–630, title XIX, § 1901, Nov. 10, 1978, 92 Stat. 3724, provided: “That this title [enacting sections 635a–1 to 635a–3 of this title and section 2153e–1 of Title 42, The Public Health and Welfare, amending this section and sections 635e to 635g of this title, and enacting provisions set out as a note under this section] may be cited as the ‘Export-Import Bank Act Amendments of 1978’.”

Short Title of 1975 Amendment

Pub. L. 93–646, § 1, Jan. 4, 1975, 88 Stat. 2333, provided that: “This Act [amending this section and sections 82 and 635d to 635g of this title and enacting provisions set out as notes under this section] may be cited as the ‘Export-Import Bank Amendments of 1974’.”

Short Title of 1971 Amendment

Pub. L. 92–126, § 1(a), Aug. 17, 1971, 85 Stat. 345, provided that: “This Act [amending this section and sections 635e and 635f of this title and enacting provisions set out as notes under section 95a of this title] may be cited as the ‘Export Expansion Finance Act of 1971’.”

Short Title

Act July 31, 1945, ch. 341, § 1, 59 Stat. 526, provided: “That this Act [this subchapter] may be cited as the ‘Export-Import Bank Act of 1945’.”

Rule of Construction

Pub. L. 116–94, div. I, title IV, § 402(c), Dec. 20, 2019, 133 Stat. 3023, provided that: “Nothing in section 2(l)(1)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(l)(1)(B)] shall be construed to weaken any export controls affecting critical technologies (as defined in section 721(a)(6)(A) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(6)(A))).”

Authority of Secretary of State

Except as otherwise provided, Secretary of State to have and exercise any authority vested by law in any official or office of Department of State and references to such officials or offices deemed to refer to Secretary of State or Department of State, as appropriate, see section 2651a of Title 22, Foreign Relations and Intercourse, and section 161(d) of Pub. L. 103–236, set out as a note under section 2651a of Title 22.

Board of Directors

A Board of Directors was reestablished for the Export-Import Bank of Washington by section 1 of act Aug. 9, 1954, ch. 660, 68 Stat. 677, amending section 635a of this title. The Board had previously been abolished and its functions transferred to the Managing Director of the Bank by Reorg. Plan No. 5 of 1953, eff. June 30, 1953, 18 F.R. 3741, 67 Stat. 637, set out as a note under section 635a of this title. The 1953 Reorg. Plan was superseded by sections 1, 4 of act Aug. 9, 1954. See section 635a of this title and 1954 Amendment and Effective Date of 1954 Amendment notes thereunder.

History of Bank

The Export-Import Bank of Washington was organized as a District of Columbia banking corporation under Ex. Ord. No. 6581, Feb. 2, 1934. It was continued as an agency of the United States by act Jan. 31, 1935, ch. 2, § 9, 49 Stat. 4, formerly set out as section 713b of Title 15, Commerce and Trade, as amended by acts Jan. 26, 1937, ch. 6, § 2(a), 50 Stat. 5; Mar. 4, 1939, ch. 5, § 1(b)(c), 53 Stat. 510; Mar. 2, 1940, ch. 34, 54 Stat. 38; Sept. 26, 1940, ch. 734, § 3, 54 Stat. 962, and repealed by section 10 of act July 31, 1945. The Second Export-Import Bank of Washington, D.C., was established under Ex. Ord. No. 6638, Mar. 9, 1934. Its commitments were transferred to the Export-Import Bank of Washington and it was abolished by Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372. The “Export-Import Bank of Washington” was re­named the “Export-Import Bank of the United States”. See the 1968 Amendment note under this section.

Waiver of Sanctions

Sanctions contained in subsec. (b)(4) waived in certain regards with respect to India and Pakistan by the following Determinations of the President, set out as notes under section 2799aa–1 of Title 22, Foreign Relations and Intercourse:

Determination of President of the United States, No. 2000–4, Oct. 27, 1999, 64 F.R. 60649.

Determination of President of the United States, No. 2000–18, Mar. 16, 2000, 65 F.R. 16297.

Reporting on Financing Related to China

Pub. L. 116–94, div. I, title IV, § 408, Dec. 20, 2019, 133 Stat. 3024, provided that: “(a) National Interest Report.—Before authorizing a loan or guarantee for a transaction in an amount greater than $25,000,000 for which the end user, lender, or obligor is the government of China, the President of the Export-Import Bank of the United States (in this section referred to as the ‘Bank’) shall—“(1) report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that the Bank has consulted with the Secretary of State and any other relevant department or agency, as deemed appropriate by the President of the United States, to assess any risks posed by the entity or the transaction to the national interest of the United States; and “(2) include a summary of the transaction and the consultation. “(b) Form of Report.—The report described in subsection (a) shall be submitted in unclassified form but may include a classified annex. “(c) Related Policies.—“(1) The Board of Directors of the Bank shall prescribe policies for the Bank with respect to—“(A) procedures required by the consultation described in subsection (a)(1); “(B) establishment of a period of not less than 25 days to complete the consultations described in subsection (a) during which time consulted parties may submit any appropriate information to the Bank; and “(C) efforts by the Bank to assess and determine ownership or control by the government of China pursuant to the requirements of subsection (a). “(2) In prescribing the policies described under paragraph (1) of this subsection, the Board of Directors of the Bank shall—“(A) consult with the Secretary of State with respect to the procedures referred to in subparagraphs (A) and (B) of paragraph (1) of this subsection, and seek to ensure that the procedures—“(i) are consistent, wherever appropriate, with national interest determinations made under section 2(b)(1)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(B)]; and “(ii) include coordination between the Secretary of State and the Director of National Intelligence, wherever appropriate; and “(B) consult with the Secretary of the Treasury with respect to the efforts described in paragraph (1)(C) of this subsection. “(d) Definition.—For the purposes of this section, the term ‘government of China’ means any person that the Bank has reason to believe is—“(1) the state and the government of China, as well as any political subdivision, agency, or instrumentality thereof; “(2) any entity controlled, directly or indirectly, by any of the foregoing, including any partnership, association, or other entity in which any of the foregoing owns a 50 percent or greater interest or a controlling interest, and any entity which is otherwise controlled by any of the foregoing; “(3) any person that is or has been acting or purporting to act, directly or indirectly, for or on behalf of any of the foregoing; and “(4) any other person which the Secretary of the Treasury has notified the Bank is included in any of the foregoing. “(e) Sunset.—This section shall have no force or effect on the earlier of—“(1) December 31, 2026; or “(2) the date that is 30 days after the date that the President of the United States reports to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that China is in substantial compliance with—“(A) the financial terms and conditions of the Arrangement on Officially Supported Export Credits of the Organization for Economic Cooperation and Development; and “(B) the rules and principles of the Paris Club.”

Pilot Program for Reinsurance

Pub. L. 114–94, div. E, title LI, § 51008, Dec. 4, 2015, 129 Stat. 1766, provided that: “(a) In General.—Notwithstanding any provision of the Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the Export-Import Bank of the United States (in this section referred to as the ‘Bank’) may establish a pilot program under which the Bank may enter into contracts and other arrangements to share risks associated with the provision of guarantees, insurance, or credit, or the participation in the extension of credit, by the Bank under that Act. “(b) Limitations on Amount of Risk-Sharing.—“(1) Per contract or other arrangement.—The aggregate amount of liability the Bank may transfer through risk-sharing pursuant to a contract or other arrangement entered into under subsection (a) may not exceed $1,000,000,000. “(2) Per year.—The aggregate amount of liability the Bank may transfer through risk-sharing during a fiscal year pursuant to contracts or other arrangements entered into under subsection (a) during that fiscal year may not exceed $10,000,000,000. “(c) Annual Reports.—Not later than 1 year after the date of the enactment of this Act [Dec. 4, 2015], and annually thereafter through 2019, the Bank shall submit to Congress a written report that contains a detailed analysis of the use of the pilot program carried out under subsection (a) during the year preceding the submission of the report. “(d) Rule of Construction.—Nothing in this section shall be construed to affect, impede, or revoke any authority of the Bank. “(e) Termination.—The pilot program carried out under subsection (a) shall terminate on September 30, 2019.”

Publication of Guidelines for Economic Impact Analyses

Pub. L. 112–122, § 12(a), May 30, 2012, 126 Stat. 357, provided that: “Not later than 180 days after the date of the enactment of this Act [May 30, 2012], the Export-Import Bank of the United States shall develop and make publicly available methodological guidelines to be used by the Bank in conducting economic impact analyses or similar studies under section 2(e) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(e)]. In developing the guidelines, the Bank shall take into consideration any relevant guidance from the Office of Management and Budget.”

Prohibitions on Financing for Certain Persons Involved in Sanctionable Activities With Respect to Iran

Pub. L. 112–122, § 18, May 30, 2012, 126 Stat. 360, provided that: “(a) Prohibition on Financing for Persons That Engage in Certain Sanctionable Activities.—“(1) In general.—Beginning on the date that is 180 days after the date of the enactment of this Act [May 30, 2012], the Board of Directors of the Export-Import Bank of the United States may not approve any transaction that is subject to approval by the Board with respect to the provision by the Bank of any guarantee, insurance, or extension of credit, or the participation by the Bank in any extension of credit, to a person in connection with the exportation of any good or service unless the person makes the certification described in paragraph (2). “(2) Certification described.—The certification described in this paragraph is a certification by a person—“(A) that neither the person nor any other person owned or controlled by the person—“(i) engages in any activity described in section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note) for which the person may be subject to sanctions under that Act; “(ii) exports sensitive technology, as defined in section 106 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8515), to Iran; or “(iii) engages in any activity prohibited by part 560 of title 31, Code of Federal Regulations (commonly known as the ‘Iranian Transactions Regulations’), unless the activity is disclosed to the Office of Foreign Assets Control of the Department of the Treasury when the activity is discovered; or “(B) if the person or any other person owned or controlled by the person has engaged in an activity described in subparagraph (A), that—“(i) in the case of an activity described in subparagraph (A)(i)— “(I) the President has waived the imposition of sanctions with respect to the person that engaged in that activity pursuant to section 4(c), 6(b)(5), or 9(c) of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note); “(II)(aa) the President has invoked the special rule described in section 4(e)(3) of that Act with respect to the person that engaged in that activity; or “(bb)(AA) the person that engaged in that activity determines, based on its best knowledge and belief, that the person meets the criteria described in subparagraph (A) of such section 4(e)(3) and has provided to the President the assurances described in subparagraph (B) of that section; and “(BB) the Secretary of State has issued an advisory opinion to that person that the person meets such criteria and has provided to the President those assurances; or “(III) the President has determined that the criteria have been met for the exception provided for under section 5(a)(3)(C) of the Iran Sanctions Act of 1996 [Pub. L. 104–172, 50 U.S.C. 1701 note] to apply with respect to the person that engaged in that activity; or “(ii) in the case of an activity described in subparagraph (A)(ii), the President has waived, pursuant to section 401(b)(1) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8551(b)(1)), the application of the prohibition under section 106(a) of that Act (22 U.S.C. 8515(a)) with respect to that person. “(b) Prohibition on Financing.—Beginning on the date that is 180 days after the date of the enactment of this Act, the Board of Directors of the Export-Import Bank of the United States may not approve any transaction that is subject to approval by the Board with respect to the provision by the Bank of any guarantee, insurance, or extension of credit, or the participation by the Bank in any extension of credit, in connection with a financing in which a person that is a borrower or controlling sponsor, or a person that is owned or controlled by such borrower or controlling sponsor, is subject to sanctions under section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note). “(c) Advisory Opinions.—“(1) Authority.—The Secretary of State is authorized to issue advisory opinions described in subsection (a)(2)(B)(i)(II). “(2) Notice to congress.—If the Secretary issues an advisory opinion pursuant to paragraph (1), the Secretary shall notify the appropriate congressional committees of the opinion not later than 30 days after issuing the opinion. “(d) Definitions.—In this section:“(1) Appropriate congressional committees; person.—The terms ‘appropriate congressional committees’ and ‘person’ have the meanings given those terms in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note). “(2) Controlling sponsor.—The term ‘controlling sponsor’ means a person providing controlling direct private equity investment (excluding investments made through publicly held investment funds, publicly held securities, public offerings, or similar public market vehicles) in connection with a financing.”

Master Guarantee Agreements With African Regional Financial Institutions

Pub. L. 109–438, § 3(b)(1), Dec. 20, 2006, 120 Stat. 3268, provided that: “Within 1 year after the date of the enactment of this Act [Dec. 20, 2006], the Export-Import Bank of the United States shall seek to ensure that there is in effect a contract between each approved lender in Africa and the Bank, which sets forth the Bank’s guarantee undertakings and related obligations between the Bank and each lender.”

Enhance Delegated Loan Authority for Medium Term Transactions

Pub. L. 109–438, § 6(b)(1), Dec. 20, 2006, 120 Stat. 3272, provided that: “The Export-Import Bank of the United States shall seek to expand the exercise of authority under section 2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)(vii)) with respect to medium term transactions for small business concerns.”

Deadline for Enhancing Delegated Loan Authority for Medium Term Transactions

Pub. L. 109–438, § 6(b)(3), Dec. 20, 2006, 120 Stat. 3272, provided that: “Not later than 180 days after the date of the enactment of this Act [Dec. 20, 2006], the Export-Import Bank of the United States shall make available lines of credit and guarantees to carry out section 2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(E)(vii)] pursuant to policies and procedures established by the Board of Directors of the Export-Import Bank of the United States.”

GAO Study of Bank Performance Standards for Assistance to Small Businesses, Especially Those Owned by Socially and Economically Disadvantaged Individuals and Those Owned by Women

Pub. L. 109–438, § 19, Dec. 20, 2006, 120 Stat. 3282, provided that: “(a) Performance Standards.—The Bank shall develop a set of performance standards for determining the extent to which the Bank has carried out successfully subparagraphs (E) and (I) of section 2(b)(1) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(E), (I)], and the functions described in subsections (f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of such Act [12 U.S.C. 635a(f)(1), (g)(1), (h)(1), (i)(1)]. “(b) Assessment of Standards.—Within 18 months after the date of the enactment of this Act [Dec. 20, 2006], the Comptroller General of the United States shall transmit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate—“(1) an assessment of the performance standards developed by the Bank pursuant to subsection (a); and “(2) using the performance standards developed pursuant to subsection (a), an assessment of the Bank’s efforts to carry out subparagraphs (E) and (I) of section 2(b)(1) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(1)(E), (I)], and the functions described in subsections (f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of such Act [12 U.S.C. 635a(f)(1), (g)(1), (h)(1), (i)(1)].”

GAO Report on Comparative Reserve Practices of Export Credit Agencies and Private Banks

Pub. L. 107–189, § 14, June 14, 2002, 116 Stat. 705, provided that: “Within 1 year after the date of the enactment of this Act [June 14, 2002], the Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that examines the reserve ratios of the Export-Import Bank of the United States as compared with the reserve practices of private banks and foreign export credit agencies.”

Reports to Congress

Pub. L. 105–121, § 7(b), Nov. 26, 1997, 111 Stat. 2529, as amended by Pub. L. 107–189, § 6(c), June 14, 2002, 116 Stat. 700, provided that: “Within 6 months after the date of enactment of this Act [Nov. 26, 1997], and annually for each of the 8 years thereafter, the Board of Directors of the Export-Import Bank of the United States shall submit to Congress a report on the steps that the Board has taken to implement section 2(b)(9)(B) of the Export-Import Bank Act of 1945 [12 U.S.C. 635(b)(9)(B)] and any recommendations of the advisory committee established pursuant to such section.”

Declaration of Policy

Pub. L. 102–429, title I, § 101, Oct. 21, 1992, 106 Stat. 2186, provided that: “The Congress finds that— “(1) as the world’s largest economy, the United States has an enormous stake in the future of the global trading system; “(2) exports are a crucial force driving the United States economy; “(3) during 1991, the value of United States exports increased by 7.1 percent from the 1990 level to $421,600,000,000, supporting more than 7,000,000 full-time United States jobs, and affecting the lives of all of the people of the United States; “(4) exports also support the global strategic position of the United States; “(5) a significant part of a country’s influence is drawn from the reputation of its goods, its industrial connections with other countries, and the capital it has available for investment, and trade finance is a critical component of this equation; “(6) the growth in United States exports has increased the demand for financing from the Export-Import Bank of the United States; “(7) during 1991, the value of exports assisted by the Export-Import Bank rose 28.7 percent, from $9,700,000,000 to $12,100,000,000, the highest level since 1981; “(8) the Export-Import Bank used its entire budget authority provided for 1991, and still could not meet all of the demand for its financing assistance; and “(9) accordingly, the charter of the Export-Import Bank, which is scheduled to expire on September 30, 1992, must be renewed in order that the Bank continue to arrange competitive and innovative financing for the foreign sales of United States exporters.”

Report on Financing of Services

Pub. L. 102–429, title I, § 119, Oct. 21, 1992, 106 Stat. 2197, directed Export-Import Bank of the United States, not later than 1 year after Oct. 21, 1992, to submit a report to Congress on ways of facilitating the export financing of high technology services.

Report on Demand for Trade Finance for the Baltic States, the Independent States of the Former Soviet Union, and Central and Eastern Europe

Pub. L. 102–429, title I, § 120, Oct. 21, 1992, 106 Stat. 2197, directed Export-Import Bank, not later than 1 year after Oct. 21, 1992, to transmit to Congress a report analyzing present and future demand for loans, guarantees, and insurance for trade between the United States and the Baltic States, between the United States and the independent States of the former Soviet Union, and between the United States and Central and Eastern Europe, and to make recommendations regarding the adequacy of financing for trade between the United States and such countries.

Export-Import Programs to People’s Republic of China Prohibited Unless Certain Conditions Met

Pub. L. 101–240, title I, § 103, Dec. 19, 1989, 103 Stat. 2496, provided that: “(a) Notwithstanding any other provision of law and subject to the provisions of subsections (b) and (c), the Export-Import Bank of the United States shall not finance any trade with, nor extend any loan, credit, credit guarantee, insurance or reinsurance to the People’s Republic of China. “(b) The prohibitions described in subsection (a) of this section shall not apply to food or agricultural commodities. “(c) The President may waive the prohibitions in subsection (a) if he makes a report to Congress either—“(1) that the Government of the People’s Republic of China has made progress on a program of political reform throughout the country, as well as in Tibet, which includes—“(A) lifting of martial law; “(B) halting of executions and other reprisals against individuals for the nonviolent expression of their political beliefs; “(C) release of political prisoners; “(D) increased respect for internationally recognized human rights, including freedom of expression, the press, assembly, and association; and “(E) permitting a freer flow of information, including an end to the jamming of Voice of America and greater access for foreign journalists; or “(2) it is in the national interest of the United States to terminate a suspension under subsection (a).”

Export-Import Bank Programs for Poland and Hungary

Pub. L. 101–179, title III, § 303, Nov. 28, 1989, 103 Stat. 1312, provided that: “(a) Authority to Extend Credit to Poland and Hungary.—Notwithstanding section 2(b)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(2)), the Export-Import Bank of the United States may guarantee, insure, finance, extend credit, and participate in the extension of credit in connection with the purchase or lease of any product by the Republic of Hungary or any agency or national thereof or by the Polish People’s Republic or any agency or national thereof. “(b) Private Financial Intermediaries to Facilitate Exports to Poland.—Consistent with the provisions of the Export-Import Bank Act of 1945 (12 U.S.C. 635 and following), the Export-Import Bank of the United States shall work with private financial intermediaries in Poland to facilitate the export of goods and services to Poland.”

Restrictions on Loans

Pub. L. 93–646, § 12, Jan. 4, 1975, 88 Stat. 2337, provided that, until Jan. 3, 1975, no loan, guarantee, insurance, or credit could be extended by the Export-Import Bank of the United States to the Union of Soviet Socialist Republics.

Executive Documents

Delegation of Functions

For delegation of functions of the President under subsec. (b)(6) of this section, see section 1(u) of Ex. Ord. No. 13637, Mar. 8, 2013, 78 F.R. 16131, set out as a note under section 2751 of Title 22, Foreign Relations and Intercourse. Functions were previously delegated by Ex. Ord. No. 11958, which was formerly set out as a note under section 2751 of Title 22 and was revoked, subject to a savings provision, by section 4 of Ex. Ord. No. 13637.

Ex. Ord. No. 12166. Delegation of Function of President Relating to Application for Credit to Secretary of State

Ex. Ord. No. 12166, Oct. 19, 1979, 44 F.R. 60971, provided:

By the authority vested in me as President of the United States of America by Section 2(b)(1)(B) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635(b)(1)(B)), and by Section 301 of Title 3 of the United States Code, it is hereby ordered as follows:

1–101. The function vested in the President by Section 2(b)(1)(B) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635(b)(1)(B)), is delegated to the Secretary of State. That function is the authority to determine that a denial by the Export-Import Bank of an application for credit would be in the national interest, where such action could clearly and importantly advance United States policy in such areas as international terrorism, nuclear proliferation, environmental protection and human rights.

1–102. Before making such a determination, the Secretary of State shall consult with the Secretary of Commerce and the heads of other interested Executive agencies.

1–103. In accord with Section 2(b)(1)(B) of that Act, only in those cases where the Secretary of State has made such a determination should the Export-Import Bank deny an application for credit for nonfinancial or noncommercial considerations.

Assignment of Functions Under Section 530 of the Foreign Relations Authorization Act for Fiscal Years 1994 and 1995, and Section 2(b)(4) of the Export-Import Bank Act of 1945, as Amended

Memorandum of President of the United States, Mar. 23, 2007, 72 F.R. 18103, provided:

Memorandum for the Secretary of State

By the authority vested in me as President by the Constitution and laws of the United States of America, including section 301 of title 3 of the United States Code, I hereby assign to you:

(1) the functions of the President under section 530 of the Foreign Relations Authorization Act for Fiscal Years 1994 and 1995 (Public Law 103–236) (22 U.S.C. 2429a–2); and

(2) the functions of the President under section 2(b)(4) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635).

You are authorized and directed to publish this memorandum in the Federal Register.

Presidential Determinations Relating to Countries Deemed to Be Marxist-Leninist Countries

The following Presidential Determinations determined that the listed countries had ceased to be Marxist-Leninist countries within the definition of such term in subsection (b)(2)(B)(i) of this section:

Determination No. 2009–20, June 12, 2009, 74 F.R. 28865.—Kingdom of Cambodia.

Determination No. 2009–21, June 12, 2009, 74 F.R. 28867.—Lao People’s Democratic Republic.