Section 2-Treasury and Bank share losses.-In the event any losses should occur in the operation of the new program, this section provides that the first $100 million in losses shall be charged against the Bank; the second $100 million of losses, should they occur, shall be borne by the Treasury from appropriations authorized by this act; and should there by further losses in the program, all shall be charged to the Bank. This section assures that all guarantees and insurance applied to loans under this act shall be considered full faith and credit obligations of the Government of the United States.

Section 3-Treasury authorization.-H.R. 16162 provides in this section for authorization of appropriations to meet the previously mentioned loss obligation for which Treasury would be responsible under the provisions of the act.

Section 4-Loan terms fixed by Bank Board unchanged. This section of H.R. 16162 provides that the same Bank loan terms established by the Bank Board under the policy provisions of the Export-Import Bank Act of 1945, as amended, shall prevail under this act, except for the limitation applied under section 1(b) of H.R.

16162.

Section 5-Prohibits arms sales.-H.R. 16162 prohibits Bank participation under this act in the financing of defense articles or defense services.

EXPORT-IMPORT BANK ACT EXTENSION

[S. 1155]

[Public Law 90-267, approved March 13, 1968]

To amend the Export-Import Bank Act of 1945, as amended, to change the name of the Bank; to extend for 5 years the period within which the Bank is authorized to exercise its functions; to increase the Bank's lending authority and its authority to issue, against fractional reserves, export credit insurance and guarantees; to restrict the financing by the Bank of certain transactions; and for other purposes

HISTORY OF LEGISLATION

S. 1155 was introduced by Senator Sparkman on March 2, 1967. Open hearings were held by the Senate Banking and Currency Committee on May 16, 1967. Executive session hearings were held on July 25, 1967. The bill was reported by the Senate Banking and Currency Committee on August 4, 1967 (S. Rept. 493).

S. 1155 passed the Senate, with amendments, on August 11, 1967. H.R. 6649, a companion bill, was reported by the House Banking and Currency Committee, with amendments, on May 11, 1967 (H. Rept. 256) and passed the House, with amendments, February 7, 1968. The House asked and the Senate agreed to a conference. The conference report was filed on S. 1155 February 21, 1968 (H. Rept. 1103), and House agreed to report February 21, 1968. Senate agreed to conference report February 21, 1968. House agreed to report February 27, 1968. The bill was signed by the President on March 1, 1968, becoming Public Law 90-267.

DIGEST OF STATUTE

Section 1-Changes name of Bank.-Public Law 90-267 amends Export-Import Bank Act of 1945, as amended, to make the name of the Bank, Export-Import Bank of the United States.

(b) Establishes congressional economic policy. Creates policy that the Bank in its functions should encourage, not compete with, private capital; continue the policy of "reasonable assurance of repayment; Board of Directors, in carrying out purposes of the Bank, should take into consideration possible adverse effects on the U.S. economy.

(c) Amends section 2(b) of the Export-Import Bank Act of 1945, as amended, by adding to section 2, subsection A, prohibiting the Bank from doing business in connection with any product of a Communist country (as defined in Foreign Assistance Act of 1961), or any agency or national thereof; and subsection B, prohibiting Bank participation in the leasing or purchasing by a foreign country, or agent, or national thereof, if the product involved, in the knowledge of Bank officials, is to be used in any Communist country. President may make exception if he advises Congress it would be in the best interest of the United States to make such exception.

(3) Prohibits Bank participation in transactions where the Bank has knowledge that the transactions would involve the purchasing of material or technical data by a foreign country, national or agent of the country, which

(A) Engages in armed conflict with the United States; or

(B) Furnishes direct governmental action (not including chartering, licensing, or sales by nonwholly owned business enterprises) goods, supplies, military assistance, or advisers to a nation described in subparagraphs (A) or (B).

(4) The Bank is prohibited from participating in the extension of credit directly or indirectly with any sales of defense articles or services to any country designated as "less developed" under the Internal Revenue Code of 1954 (sec. 911) for tax purposes. An exception may be made by the President upon notice to Congress it would be in the best interests of the United States to do so; the President shall take into consideration arms races by countries not menaced by the Soviet Union or Red China; avoid arms expenditures by countries needing social progress.

(5) The act provides that under no circumstances shall there be outstanding more than 72 percent of the limitation under section 7 of the Export-Import Bank Act of 1945, as amended, for Bank participation in export of defense articles and services to less-developed countries.

(c) Increases from $2 billion to $3,500 million the authorized ceiling for Bank loan guarantee and insurance operations.

(d) Establishes rate for advisory board compensation to make the rate equitable with rates provided in the general schedule.

(e) Increases overall Bank operations ceiling from $9 billion to $13,500 million.

(f) S. 1155 amends section 8 of the Export-Import Bank Act of 1945 to extend the act 5 years to June 30, 1973.

MEDALS

DARTMOUTH COLLEGE BICENTENNIAL MEDALS

[S. 3671]

To provide for the striking of medals in commemoration of the 200th anniversary of the founding of Dartmouth College

HISTORY OF LEGISLATION

S. 3671 was introduced by Senator McIntyre on June 21, 1968. It was reported by the Senate Banking and Currency Committee on July 2, 1968 (S. Rept. 1359). It passed the Senate on July 8, 1968. It was reported by the House Banking and Currency Committee on July 29, 1968 (H. Rept. 1784).

DIGEST OF BILL

S. 3671 authorizes the Secretary of the Treasury to strike and furnish to Dartmouth College not more than 25,000 medals commemorating the 200th anniversary of the founding of Dartmouth College. The medals will be furnished at no cost to the United States. No medals may be manufactured under this legislation after December 31, 1970.

MEDAL COMMEMORATING 100TH ANNIVERSARY OF COMPLETION OF FIRST TRANSCONTINENTAL RAILROAD

[S. 1909]

[Public Law 90-303, approved May 10, 1968]

To provide for the striking of medals in commemoration of the 100th anniversary of the completion of the first transcontinental railroad

HISTORY OF LEGISLATION

S. 1909 was introduced by Senator Moss on June 6, 1967. It was reported to the Senate by Senator Sparkman on July 18, 1967_(S. Rept. 404). The bill was passed by the Senate on July 21, 1967. It was referred to the House Banking and Currency Committee on July 24, 1967. It was reported by the House Banking and Currency Committee on April 30, 1968 (H. Rept. 1341). It passed the House on May 6, 1968, amended. On May 8, 1968, the Senate concurred with the House Amendment. It was approved on May 10, 1968, becoming Public Law 90-303.

(164)

DIGEST OF BILL

S. 1909 would provide for the striking of not more than 500,000 medals to commemorate the 100th anniversary of the driving of the golden spike at Promontory, Box Elder County, Utah, on May 10, 1869, upon completion of the first transcontinental railroad.

The bill provides that the Secretary of the Treasury shall strike and furnish the medals to the National Golden Spike Society. The medals shall bear suitable emblems, devices, and inscriptions to be determined by the Utah Golden Spike Centennial Commission, subject to the approval of the Secretary of the Treasury.

The medals shall be made and delivered at such time as may be required by the National Golden Spike Society in quantities of not less than 2,000. No medal shall be made after December 31, 1969. The medals would be struck at no cost to the United States.

WALT DISNEY GOLD MEDAL

[S.J. Res. 93; H.J. Res. 1234]

[Public Law 90-316, approved May 24, 1968]

To provide for the issuance of a gold medal to the widow of the late Walt Disney and for the issuance of bronze medals to the California Institute of Arts in recognition of the distinguished public service and the outstanding contributions of Walt Disney to the United States and to the world

HISTORY OF LEGISLATION

Senate Joint Resolution 93 was introduced by Senator Murphy, for himself and other Senators, on June 20, 1967. The resolution was reported by Senator Sparkman with an amendment on August 25, 1967 (S. Rept. 541). The bill was passed by the Senate on August 29, 1967. It was referred to the House Banking and Currency Committee on August 30, 1967. House Joint Resolution 1234, a companion bill, was introduced in the House by Congressman Del Clawson, for himself and other Congressmen, on April 23, 1968. House Joint Resolution 1234 was reported by the House on April 30, 1968 (H. Rept. 1342). It passed the House on May 6, 1968, and passed the Senate on May 8, 1968. It was approved by the President on May 24, 1968, becoming Public Law 90-316.

DIGEST OF STATUTE

The joint resolution would authorize the President to present a gold medal to the widow of Walt Disney in the name of the people of the United States and the Congress. The gold medal's emblems, devices, and inscriptions are to be determined by the Walt Disney Productions with the approval of the Secretary of the Treasury. The gold medal will be struck and furnished to the President. All costs will be borne by the California Institute of the Arts.

The joint resolution also directs the Secretary of the Treasury to strike and furnish to the California Institute of the Arts not more than 100,000 duplicate copies of the medal in bronze. These medals will be considered national medals within the meaning of section 3551 of the Revised Statutes. The duplicate medals will be struck at no cost to the United States.

MEMPHIS SESQUICENTENNIAL MEDALS

[S. 3531]

To provide for the striking of medals in commemoration of the 150th anniversary of the founding of the city of Memphis.

HISTORY OF LEGISLATION

S. 3531 was introduced by Senator Baker and Senator Gore on May 22, 1968. It was reported to the Senate by Senator Sparkman on October 8, 1968 (S. Rept. 1615). The bill was passed by the Senate on October 10, 1968. A similar bill was introduced in the House of Representatives (H.R. 17361). This bill was reported to the House (H. Rept. 1783) by Mr. Patman on July 23, 1968. It passed the House on September 16, 1968.

DIGEST OF BILL

S. 3531 would provide for the striking of not more than 100,000 medals to commemorate the 150th anniversary of the founding of the city of Memphis.

The bill provides that the Secretary of the Treasury shall strike and furnish the medals to the Memphis Sesquicentennial Corp. The medals shall bear suitable emblems, devices, and inscriptions to be determined by the Memphis Sesquicentennial Corp., subject to the approval of the Secretary of the Treasury. No medal shall be struck after December 31, 1969, and the medals would be struck at no cost to the United States.