EXPORT CREDIT GUARANTEE PROGRAM.

SEC. 3101. EXPORT CREDIT GUARANTEE PROGRAM.(a) Repeal of Supplier Credit Guarantee Program and Intermediate 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.—” and all that follows through “The Commodity” in paragraph (1) and inserting “Guarantees.—The Commodity”; and(B) by striking paragraphs (2) and (3);(2) by striking subsections (b) and (c);(3) by redesignating subsections (d) through (l) as subsections (b) through (j), respectively; and(4) by adding at the end the following:“(k) Administration.—“(1) Definition of long term.—In this subsection, the term ‘long term’ means a period of 10 or more years.“(2) Guarantees.—In administering the export credit guarantees authorized under this section, the Secretary shall—“(A) maximize the export sales of agricultural commodities;“(B) maximize the export credit guarantees that are made available and used during the course of a fiscal year;“(C) develop an approach to risk evaluation that facilitates accurate country risk designations and timely adjustments to the designations (on an ongoing basis) in response to material changes in country risk conditions, with ongoing opportunity for input and evaluation from the private sector;“(D) adjust risk-based guarantees as necessary to ensure program effectiveness and United States competitiveness; and“(E) work with industry to ensure, to the maximum extent practicable, that risk-based fees associated with the guarantees cover, but do not exceed, the operating costs and losses over the long term.”.(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:122 STAT. 1832 “(b) Export Credit Guarantee Programs.—The Commodity Credit Corporation shall make available for each of fiscal years 1996 through 2012 credit guarantees under section 202(a) in an amount equal to but not more than the lesser of—“(1) $5,500,000,000 in credit guarantees; or“(2) the sum of—“(A) the amount of credit guarantees that the Commodity Credit Corporation can make available using budget authority of $40,000,000 for each fiscal year for the costs of the credit guarantees; and“(B) the amount of credit guarantees that the Commodity Credit Corporation can make available using unobligated budget authority for prior fiscal years.”.(c) Conforming Amendments.—Section 202 of the Agricultural Trade Act of 1978 (7 U.S.C. 5622) is amended—(1) in subsection (b)(4) (as redesignated by subsection (a)(3)), by striking “, consistent with the provisions of subsection (c)”;(2) in subsection (d) (as redesignated by subsection (a)(3))—(A) by striking “(1)” and all that follows through “The Commodity” and inserting “The Commodity”; and(B) by striking paragraph (2); and(3) in subsection (g)(2) (as redesignated by subsection (a)(3)), by striking “subsections (a) and (b)” and inserting “subsection (a)”.