1 Secretary of such obligations shall be treated as public debt 2 transactions of the United States. 3 "(b) Except as otherwise provided in section 806, the 4 amounts borrowed under subsection (a) of this section shall 5 be paid into the Fund and used to carry out the purposes of 6 this part. Any difference between the interest to be repaid 7 on export credits made under this part and the interest paid 8 by the Fund on obligations incurred under subsection (a) 9 of this section shall be paid into the Fund out of receipts 10 specified in section 203 of this Act. 11 "(c) Receipts from loans made pursuant to this part 12 are authorized to be made available for the purposes of this 13 part. Such receipts and other funds made available for the 14 purposes of this part shall remain available until expended. "SEC. 803. LENDING CEILING AND TERMINATION. 15 16 (a) The United States Export Development Credit Fund 17 shall not have outstanding at any one time loans in an ag18 gregate amount in excess of one-fourth of the amount speci19 fied in section 7 of the Export-Import Bank Act of 1945, 20 225 21 as amended. "(b) The United States Export Development Credit 22 Fund shall continue to exercise its functions in connection 23 with and in furtherance of its objectives and purposes until 24 the close of business on December 31, 1977, but the provi25 sions of this section shall not be construed as preventing the 1 Fund from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to 3 such date liability as acceptor of obligations which mature 4 subsequent to such date or from issuing either prior or sub5 sequent to such date, for purchase by the Secretary of the 6 Treasury or any other purchasers, its obligations which ma7 ture subsequent to such date or from continuing as an agency 8 of the United States and exercising any of its functions sub9 sequent to such date for purposes of orderly liquidation, in10 cluding the administration of its assets and the collection of 11 any obligations held by the Fund. 12 "SEC. 804. REPORTS TO THE CONGRESS.-The Presi 13 dent shall transmit to the Congress semiannually a complete 14 and detailed report of the operations of the United States Ex15 port Development Credit Fund. The report shall be as of the 16 close of business on June 30 and December 31 of each year. "SEC. 805. ADMINISTRATION OF FUND.-The Presi 17 18 dent shall establish a committee to advise him on the exercise 19 of the functions conferred upon him by this part. The Com20 mittee shall include the Secretary of Commerce, the Secre21 tary of the Treasury, the Secretary of State, the President of 22 the Export-Import Bank, and the Administrator of the Mu23 tual Development and Cooperation Agency. 24 "SEC. 806. PROVISION FOR LOSSES.-Ten per centum 25 of the amount authorized to be borrowed under subsection 1 802 (a) shall be reserved and may be used to cover any losses 2 incurred on loans extended under this part. Receipts specified 3 in section 203 of this Act may also be paid into the Fund for 4 the purpose of compensating the Fund for any such losses. "SEC. 807. EXPORT-IMPORT BANK POWERS.-Nothing 5 6 in this part shall be construed as a limitation on the powers 7 of the Export-Import Bank of the United States. 8 "SEC. 808. PROHIBITION ON LOANS FOR DEFENSE AR 9 TICLES OR SERVICES.-The authority contained in this part 10 shall not be used to extend credit in connection with the sale 11 of defense articles or defense services. This provision may not 12 be waived pursuant to section 614 of this Act or pursuant to 13 any other provision of this or any other Act. 14 15 "SEC. 809. DEFINITIONS.-As used in this part "(a) 'Lowest income countries' means the poorer devel16 oping countries, with particular, but not exclusive, reference 17 to countries in which, according to the latest available United 18 Nations statistics, national product per capita is less than 19 $200 a year.”. 22 REFERENCES TO EXISTING ACT AND ADMINISTERING AGENCY SEC. 7. All references to the Foreign Assistance Act of 23 1961, as amended, and to the Agency for International 24 Development shall be deemed to be references also to the 25 Mutual Development and Cooperation Act of 1973 and to 1 the Mutual Development and Cooperation Agency, respec2 tively. All references in the Mutual Development and Co3 operation Act of 1973 to "this Act" or to any provisions 4 thereof shall be deemed to be references also to the Foreign 5 Assistance Act of 1961, amended, or to the appropriate 6 provisions thereof, and references to "the agency primarily 7 responsible for administering part I" shall be deemed refer8 ences also to the Agency for International Development. All 9 references to the Mutual Development and Cooperation Act 10 of 1973 and to the Mutual Development and Corporation 11 Agency shall, where appropriate, be deemed references also 12 to the Foreign Assistance Act of 1961, as amended, and to 13 the Agency for International Development, respectively. 1 Continuing resolution. 3 Funded from other accounts. 2 Appropriations request against earmarking authorization in sec. 292. An additional $251,000,000 in dollar receipts from prior foreign and loans will be available for further lending under provisions of the bill. 1 In addition to the items listed, S. 1711 athorizes $924,750,000 for other programs. 2 Appropriations request against earmarking authorizations in sec. 292. [From the Congressional Record-Senate, June 25, 1973] STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS (By Mr. Fulbright) S. 2059. A bill to provide for the furnishing by the U.S. Government of foreign economic and humanitarian assistance. Referred to the Committee on Foreign Relations. THE INTERNATIONAL DEVELOPMENT ACT Mr. FULBRIGHT. Mr. President, following the Senate's defeat of a foreign aid bill a year and a half ago, the Senate brought the aid program back to life by passing two bills, one military and one economic, each of which pledged that it |