Export–Import Bank Reauthorization Act of 2012

Export–Import Bank Reauthorization Act of 2012

Enacted by	the 112th United States Congress
Effective	May 30, 2012
Citations
Public law	112–122
Legislative history
Introduced in the House as H.R.2072 by Rep. Gary Miller (R-CA-42) on 10 June 2011 Committee consideration by House Committee on Financial Services Passed the House on 5 May 2012 (330 - 93) Passed the Senate on 15 May 2012 (78 - 20) Signed into law by President Barack Obama on May 30, 2012

The Export–Import Bank Reauthorization Act of 2012 amended the Export–Import Bank Act of 1945 to extend the termination of functions of the Export–Import Bank of the United States, which helps financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk and to aid in creating and sustaining jobs in the United States by financing sales of U.S. produced exports to international buyers. The bill was signed into law on May 20, 2012 and moved the termination of the bank's functions date to September 30, 2014.

In addition to placing additional reporting requirements on the bank, it also prohibits the bank from approving any guarantee, insurance, or extension of credit in connection with a borrower or controlling sponsor, or a person that is owned or controlled by such borrower or sponsor, that is subject to petroleum-related sanctions under the Iran Sanctions Act of 1996.

The bank's functions were extended through June 30, 2015 as part of a continuing resolution Congress passed which provided FY2015 appropriations to federal agencies until December 11, 2014.^[1]

References

1. "HJ Res.124" (PDF). House of Representatives. Retrieved 17 September 2014.

External links

• Full Text of the Export–Import Bank Reauthorization Act of 2012