H.R.1799 - Export Trading Company Act of 198297th Congress (1981-1982)
|Sponsor:||Rep. Bonker, Don [D-WA-3] (Introduced 02/06/1981)|
|Committees:||House - Banking, Finance, and Urban Affairs; Foreign Affairs; Judiciary; Ways and Means|
|Committee Reports:||H.Rept 97-637 Part 1; H.Rept 97-637 Part 2|
|Latest Action:||House - 07/27/1982 Other Measure S.734 (Amended) Passed House in Lieu. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.1799 — 97th Congress (1981-1982)All Information (Except Text)
(Reported to House from the Committee on the Judiciary with amendment, H. Rept. 97-637 (Part II))
Reported to House amended, Part II (07/26/1982)
Title I: Export Trading Companies - Export Trading Company Act of 1981 - Establishes within the Department of Commerce an office to: (1) promote the formation of export trade associations and export trading companies; (2) provide information; and (3) facilitate contacts between producers of exportable goods and firms offering export trade services.
Authorizes any banking organization to invest up to specified amounts in export trading companies upon notifying, but without obtaining the prior approval of, the appropriate Federal banking agency, if such investment does not cause an export trading company to become a subsidiary of such organization. Allows greater investment by Edge Act Corporations not engaged in banking. Permits any banking organization to invest beyond such limitations with the prior approval of the appropriate Federal banking agency. Requires prior notification of such agencies in specified circumstances.
Sets forth further limitations on export trading companies and investments by banking organizations. Specifies factors to be taken into consideration by the banking agencies. Permits such agencies to impose conditions in approving applications to invest in export trading companies. Requires such agencies to report to the appropriate Congressional committees with their recommendations concerning implementation of this Act, related changes in U.S. law, and effects of ownership of U.S. banks by foreign banking organizations. Provides for judicial review of denial orders in the appropriate U.S. Court of Appeals. Sets forth the grounds for disapproval. Provides for remand for further consideration by the banking agency.
Directs the Economic Development Administration and the Small Business Administration to give special weight to export-related benefits when considering applications for loans and guarantees by export trading companies.
Authorizes appropriations for initial investments and operating expenses for FY 1982 through 1985.
Directs the Export-Import Bank of the United States to provide loan guarantees to export trading companies or exporters to be secured by accounts receivable or inventories when adequate financing is not otherwise available and such guarantees will facilitate expansion of exports.
Title II: Export Trade Certificates of Review - Authorizes the Attorney General, in order to encourage export trade, to issue certificates of review. Authorizes the Secretary of Commerce to assist persons applying for certificates of review.
Requires a person requesting a certificate of review to submit an application to the Secretary or the Attorney General. Provides for notice of the application to be published in the Federal Register.
Directs the Attorney General to issue a certificate of review if the application for the certificate specifies conduct limited to export trade and includes any other information required by regulations issued by the Attorney General. Authorizes the Attorney General not to issue a certificate if the conduct specified in the application is likely to violate the antitrust laws.
Directs the Attorney General to determine within a specified time whether the conduct specified in the application is likely to violate the antitrust laws. Directs the Attorney General to explain a determination that the conduct specified in an application is likely to violate the antitrust laws. Provides for returning all application documents if an application is denied.
Directs the Attorney General to specify in each certificate that is issued: (1) the conduct to which the certificate applies; (2) the business entities participating in the conduct; and (3) any conditions applicable to the conduct.
Declares that certificates obtained by fraud are void.
Requires persons who receive certificates to report any changes related to the matters specified by the Attorney General in the certificate. Authorizes such a person to submit an application to amend the certificate to reflect the change.
Directs the Attorney General to modify or revoke the certificate if the Attorney General determines at any time that the conduct engaged in under the certificate violates or is likely to violate the antitrust laws. Authorizes the person to whom the certificate was issued to sue in Federal district court to set aside such determination. Prohibits any other judicial review of determinations by the Attorney General with respect to issuing, modifying, or revoking such certificates. States that no such determination by the Attorney General shall be admissible in evidence in any judicial or administrative proceeding to support any claim under the antitrust laws.
Protects a person to whom a certificate is issued from a criminal or civil suit for violation of the Federal or State antitrust laws, if the violation arises from conduct specified in the certificate and if the certificate is in effect at the time the conduct occurs. Protects such a person from liability for damages exceeding actual damages, the loss of interest on actual damages, and the cost of suit. Requires the court to award to a person who is sued under section four of the Clayton Act the cost of defending against the claim if the court finds that: (1) the conduct alleged to violate the antitrust laws does not violate the antitrust laws; (2) the conduct is conduct specified in a certificate of review; and (3) the certificate was in effect at the time the conduct occurred.
Provides protection against private injunctive suits based upon threatened rather than actual injury. Prohibits a certificate from having any effect on the authority of a court to grant equitable relief in any other action for violation of antitrust laws against a person issued a certificate. Authorizes modification or revocation of a certificate as a form of equitable relief.
Exempts from disclosure under the Freedom of Information Act any information submitted by a person in connection with a certificate of review. Prohibits any Federal employee from disclosing commercial or financial information submitted in connection with a certificate of review, if the information is privileged or confidential and if disclosure of the information would harm the person who submitted the information. Lists specific exemptions to such prohibition.
Authorizes the Attorney General to issue guidelines; (1) describing specific types of conduct with respect to which the Attorney General has made or would make a determination that the conduct violates or is likely to violate the antitrust laws; and (2) summarizing the factual and legal bases for such determinations. Exempts the guidelines from certain requirements of the Administrative Procedures Act.