U.S. Code > Appendix to Title 46 > CHAPTER 27—MERCHANT MARINE ACT, 1936 (§§ 1101—1295g) > SUBCHAPTER XI—FEDERAL SHIP MORTGAGE INSURANCE (§§ 1271—1280b) > § 1279d. Loan guarantees for eligible export vessels

§ 1279d. Loan guarantees for eligible export vessels

(a) Authority to guarantee obligations for eligible export vessels
The Administrator may guarantee obligations for eligible export vessels—
(1) in accordance with the terms and conditions of this subchapter applicable to loan guarantees in the case of vessels documented under the laws of the United States; or
(2) in accordance with such other terms as the Administrator determines to be more favorable than the terms otherwise provided in this subchapter and to be compatible with export credit terms offered by foreign governments for the sale of vessels built in foreign shipyards.
(b) Interagency council
(1) Establishment; composition
There is hereby established an interagency council for the purposes of this section. The council shall be composed of the Administrator, who shall be chairman of the Council,[1] the Secretary of the Treasury, the Secretary of State, the Assistant to the President for Economic Policy, the United States Trade Representative, and the President and Chairman of the United States Export-Import Bank, or their designees.
(2) Purpose of the council
The council shall—
(A) obtain information on shipbuilding loan guarantees, on direct and indirect subsidies, and on other favorable treatment of shipyards provided by foreign governments to shipyards in competition with United States shipyards; and
(B) provide guidance to the Administrator in establishing terms for loan guarantees for eligible export vessels under subsection (a)(2) of this section.
(3) Consultation with U.S. shipbuilders
The council shall consult regularly with United States shipbuilders to obtain the essential information concerning international shipbuilding competition on which to set terms and conditions for loan guarantees under subsection (a)(2) of this section.
(4) Annual report
Not later than January 31 of each year (beginning in 1995), the Administrator shall submit to Congress a report on the activities of the Administrator under this section during the preceding year. Each report shall include documentation of sources of information on assistance provided by the governments of other nations to shipyards in those nations and a summary of recommendations made to the Administrator during the preceding year regarding applications submitted to the Administrator during that year for loan guarantees under this subchapter for construction of eligible export vessels.

[1] So in original. Probably should not be capitalized.