S 2379 · 96th Congress · Commerce
Export Trading Company Act of 1980
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1980-03-04)
Plain Language Summary
[AI summary unavailable — showing source text]
Export Trading Company Act of 1980 - Directs the Secretary of Commerce, through the Assistant Secretary of Commerce for Trade Promotion, to promote export trading companies and facilitate contacts between producers of exportable goods and export trading companies. Authorizes any banking organization to invest up to specified amounts in export trading companies without obtaining the prior approval of the appropriate Federal banking agency. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations after: (1) filing an application to make such investments with the appropriate Federal banking agency; and (2) proposed investment is not denied by such agency. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Prohibits those banking organizations, and their affiliates, with an ownership interest in any export trading company from extending credit to such companies or customers of such companies on more favorable terms than those afforded to similar borrowers. Authorizes the Export-Import Bank of the United States to provide loans…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (9)
4 Democrats5 Republicans