legislation: 99-s-2815
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 99-s-2815 | 99 | s | 2815 | Export Revitalization Act | Foreign Trade and International Finance | 1986-09-12 | 1986-09-12 | Placed on Senate Legislative Calendar under General Orders. Calendar No. 909. | Senate | Sen. Heinz, John [R-PA] | PA | R | H000456 | 0 | Export Revitalization Act - Title I: Exchange Rates and Developing Country Debt- Subtitle A: Measures Relating to Exchange Rates - Declares that it is U.S. policy that: (1) the United States and the other Summit countries (West Germany, the United Kingdom, France, Japan, Italy, and Canada) should take steps to institutionalize the process of coordinating monetary and fiscal policies started at the Tokyo Economic Summit in May 1986; (2) the goal of policy coordination should be to eliminate imbalances in trade and capital flows and to stabilize exchange rates; and (3) the United States and other Summit countries should coordinate the participation by central banks in international currency markets in order to reduce severe currency fluctuations, deter currency speculation, aid in the stabilization of the dollar in international currency markets, and promote orderly exchange rate adjustments. Directs the President to: (1) enter into negotiations with the other Summit countries to improve the functioning of the international monetary system; (2) continue the negotiations begun at the Tokyo Economic Summit to enhance the role of the Summit countries in coordinating fiscal and monetary policy and to institutionalize a process whereby the economic policies of these countries converge; and (3) enter into negotiations with other countries to achieve reciprocal opportunities for investment. Directs the Secretary of the Treasury and the Federal Reserve Board to accumulate foreign currencies in amounts sufficient to make participation in foreign exchange markets effective and credible. Requires the Secretary of the Treasury to report every six months to the appropriate congressional committees on the progress made in implementing the policies and negotiating objectives outlined in the preceding paragraphs. Sets forth the information to be contained in such reports. Subtitle B: Measures Relating to Developing Country Debtors - Requires the negotiating objectives of the United States with respect to developing country debtors to be to: (1) reduce barriers to U.S. exports and to foreign investment maintained by developing countries; (2) lessen the burden of developing country indebtedness on U.S. exports and international trade, and on the U.S. and international banking systems; (3) encourage developing countries to eliminate structural barriers that limit their efficiency and productivity and block the resumption of economic growth of developing countries; and (4) ensure appropriate financial support for developing country reform efforts from the International Monetary Fund, multilateral developing banks, and private and official creditors. Amends the International Lending Supervision Act of 1983 to declare that it is U.S. policy to take steps to reduce the continuing drag on the economic health of the United States and other countries and on commercial banks as a result of the high level of debt of certain international borrowers. Provides that such policy shall be achieved by strengthening the bank regulatory framework. Directs the Secretary of the Treasury and the appropriate Federal banking agencies, within six months of enactment of this Act, to report to the appropriate congressional committees on the possible regulatory steps to encourage a reduction in the indebtedness of heavily indebted international borrowers to supervised banks in a way that would improve overall bank asset quality and reduce the burden of these loans on the countries themselves. Sets forth information to be included in such report. Requires the Secretary of the Treasury and appropriate Federal banking agencies, within 60 days of delivery of this report to the Congress, to submit legislative proposals and regulatory changes that would implement the findings of the report. Amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank from making any guarantee, extending credit, or participating in an extension of credit in connection with the export of equipment to be used in copper extraction, production, manufacturing, or smelting operations. Authorizes the President to enter into negotiations with the members of: (1) the Organization for Economic Cooperation and Development to agree to eliminate official financing or support for new mining or production facilities and to encourage the reduction of commodities from such facilities where the commodity is in oversupply in international trade; (2) each multilateral development bank to reach an agreement prohibiting the furnishing of assistance by such bank for any new mining or production facility for a commodity that is in oversupply in international trade; and (3) the International Monetary Fund to reach an agreement terminating the Compensatory Financing Facility and transferring the resources and assets of the Facility to the general resources of the Fund. Requires the Secretary of the Treasury, every six months, to report to the Congress on: (1) the role of the Export-Import Bank in financing U.S. exports to heavily indebted international borrowers and the level of financing to such borrowers provided by the export credit agencies of other Summit countries; and (2) the status of negotiations to end support for production of commodities in world oversupply and the status of negotiations to transfer the resources of the International Monetary Fund's Compensatory Financing Facility. Title II: Bank Export Services - Export Trading Company Amendments Act of 1985 - Amends the Bank Holding Company Act of 1956 to declare that a company shall be deemed to be organized and operated principally for purposes of exporting U.S. goods or services or for purposes of providing export trade services to facilitate the export of U.S. goods or services by unaffiliated persons if its revenues from exporting U.S. goods or services or from providing export trade services exceed its revenues from importing goods or services produced outside the United States. Prohibits the Federal Reserve Board from disapproving a proposed investment solely on the basis of the proposed assets to equity ratio of an export trading company unless the proposed annual average ratio is greater than 25 to one. Prohibits the Federal Reserve Board from imposing a dollar limit on the amount of goods which export trading companies may maintain in inventory. Authorizes the Board, however, to impose a dollar limit on the amount of goods which an export trading company may maintain in inventory if on a case by case basis the Board finds that such limit is necessary to prevent risks that would affect the financial or managerial resources of an investor bank holding company. Title III: Export Promotion - Directs the Secretaries of State and Commerce to review periodically the number of personnel assigned to U.S. missions abroad to determine whether an adequate number of such personnel are engaged in economic or commercial duties to aid U.S. exporters and businesses doing business outside the United States. Declares that the Secretaries should extend the length of assignment of such personnel in order to ensure greater continuity in promoting U.S. exports. Requires each chief of a U.S. mission to a country that is an important trading partner and which has significant potential for U.S. export sales to report annually to the President and the Congress on: (1) the strategy used by such mission to expand U.S. exports; and (2) the efforts of such mission to assist U.S. industries in expanding export sales and in improving their market position. Expresses the sense of the Congress that: (1) each U.S. Executive Director to a multilateral development bank should take specified actions to promote procurement opportunities for U.S. firms; and (2) a Foreign Commercial Officer should be assigned to each such Director to help promote such opportunities. Directs the Secretary of Commerce, through the International Trade Administration, to develop and maintain an effective system to collect and disseminate information on international trade to U.S. exporters. Sets forth information to be included in such system. Requires the Secretary of Commerce to designate an Office of the International Trade Administration to act as business liaison with multilateral development banks which do not have offices in the United States. Authorizes the Secretary of Commerce to designate eight U.S. missions abroad at which the senior United States and Foreign Commercial Service officer will be able to use the diplomatic title of Minister-Counselor and, with the concurrence of the Secretary of State, to provide for the use of that title in additional posts. Requires the appropriate Federal agencies to prepare a reference manual for U.S. businesses containing a list of all Government sources of information related to exporting, foreign investment, foreign market conditions, foreign laws and regulations affecting exports, and sources of export and foreign investment financing. Requires such manual to be available within a year of enactment of this Act. | 2025-08-29T16:30:30Z |