EXPORT CREDITS.

SEC. 243. EXPORT CREDITS. (a) Export Credit Guarantee Program.— Section 202 of the Agricultural Trade Act of 1978 (7 U.S.C. 5622) is amended— (1) in subsection (a)— (A) by striking “Guarantees.—The” and inserting the following: “Guarantees.— “(1) In general.— The”; and (B) by adding at the end the following: “(2) Supplier credits.— In carrying out this section, the Commodity Credit Corporation may issue guarantees for the 110 STAT. 966repayment of credit made available for a period of not more than 180 days by a United States exporter to a buyer in a foreign country.”; (2) in subsection (f)— (A) by striking “(f) Restrictions.—The” and inserting the following: “(f) Restrictions.— “(1) In general.— The”; and (B) by adding at the end the following: “(2) Criteria for determination.— In making the determination required under paragraph (1) with respect to credit guarantees under subsection (h) for a country, the Secretary may consider, in addition to financial, macroeconomic, and monetary indicators— “(A) whether an International Monetary Fund standby agreement, Paris Club rescheduling plan, or other economic restructuring plan is in place with respect to the country; “(B) whether the country is addressing issues such as— “(i) the convertibility of the currency of the country; “(ii) adequate legal protection for foreign investments; “(iii) the viability of the financial markets of the country; and “(iv) adequate legal protection for the private property rights of citizens of the country; or “(C) any other factors that are relevant to the ability of the country to service the debt of the country.”; (3) by striking subsection (h) and inserting the following: “(h) United States Agricultural Commodities.— The Commodity Credit Corporation shall finance or guarantee under this section only United States agricultural commodities.”; (4) in subsection (i)— (A) by striking paragraph ( 1); (B) by striking “Institutions.—A financial” and inserting the following: “Institutions.— “(1) In general.— A financial”; (C) by striking “(2) is” and inserting the following: “(A) is”; (D) by striking “(3) is” and inserting the following: “(B) is”; and (E) by adding at the end the following: “(2) Third country banks.— The Commodity Credit Corporation may guarantee under subsections (a) and (b) the repayment of credit made available to finance an export sale irrespective of whether the obligor is located in the country to which the export sale is destined.”; and (5) by striking subsection (k) and inserting the following: “(k) Processed and High-Value Products.— (1) In general.— In issuing export credit guarantees under this section, the Commodity Credit Corporation shall, subject to paragraph (2), ensure that not less than 25 percent for each of fiscal years 1996 and 1997, 30 percent for each of fiscal years 1998 and 1999, and 35 percent for each of fiscal years 2000, 2001, and 2002, of the total amount of credit guarantees issued for a fiscal year is issued to promote the export of processed or high-value agricultural products and 110 STAT. 967that the balance is issued to promote the export of bulk or raw agricultural commodities. “(2) Limitation.— The percentage requirement of paragraph (1) shall apply for a fiscal year to the extent that a reduction in the total amount of credit guarantees issued for the fiscal year is not required to meet the percentage requirement.”. (b) Funding Levels.— Section 211 of the Agricultural Trade Act of 1978 (7 U.S.C. 5641) is amended by striking subsection (b) and inserting the following: “(b) Export Credit Guarantee Programs.— “(1) Export credit guarantees.— The Commodity Credit Corporation shall make available for each of fiscal years 1996 through 2002 not less than $5,500,000,000 in credit guarantees under subsections (a) and (b) of section 202. “(2) Limitation on origination fee.— Notwithstanding any other provision of law, the Secretary may not charge an origination fee with respect to any credit guarantee transaction under section 202(a) in excess of an amount equal to 1 percent of the amount of credit to be guaranteed under the transaction, except with respect to an export credit guarantee transaction pursuant to section 1542(b) of the Food, Agriculture, Conservation, and Trade Act of 1990 (Public Law 101–624; 7 U.S.C. 5622 note).”. (c) Definition of United States Agricultural Commodity.— Section 102(7) of the Agricultural Trade Act of 1978 (7 U.S.C. 5602(7)) is amended by striking subparagraphs (A) and (B) and inserting the following: “(A) an agricultural commodity or product entirely produced in the United States; or “(B) a product of an agricultural commodity— “(i) 90 percent or more of the agricultural components of which by weight, excluding packaging and added water, is entirely produced in the United States; and “(ii) that the Secretary determines to be a high value agricultural product.”. (d) Regulations.— Not later than 180 days after the date of enactment of this Act, the Secretary of Agriculture shall issue regulations to carry out the amendments made by this section.