[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1247 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1247

To prohibit the furnishing of additional loans or credit guarantees by 
the United States to any foreign country which is in default or arrears 
in the payment of principal or interest on any loan made to the country 
by the United States or for which the United States has been obligated 
               to make payments under a credit guarantee.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 1993

 Mr. Kyl introduced the following bill; which was referred jointly to 
the Committees on Agriculture, Banking, Finance and Urban Affairs, and 
                            Foreign Affairs

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                                 A BILL


 
To prohibit the furnishing of additional loans or credit guarantees by 
the United States to any foreign country which is in default or arrears 
in the payment of principal or interest on any loan made to the country 
by the United States or for which the United States has been obligated 
               to make payments under a credit guarantee.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taxpayer Protection Act''.

SECTION 1. PROHIBITION ON LOANS OR GUARANTEES TO COUNTRIES IN DEFAULT.

    (a) Prohibition.--A Federal agency may not make a loan to a foreign 
country under any law or guarantee under any law the repayment of 
credit made available to the country if--
            (1) the country is in default or in arrears in the payment 
        to the United States of principal or interest on any loan made 
        to the country by the United States; or
            (2) the United States has been obligated, at any time 
        during the preceding one-year period, to make reimbursing 
        payments to a commercial creditor under a credit guarantee 
        issued by the United States on behalf of the country and the 
        country has not repaid the United States the total amount of 
        the payments made by the United States under the guarantee.
    (b) Investigation.--The head of a Federal agency making a loan to, 
or issuing a credit guarantee on behalf of, a foreign country shall 
make diligent inquiry to ensure that the loan or guarantee is not made 
or issued in violation of subsection (a).
    (c) Federal Agency Defined.--For purposes of this section, the term 
``Federal agency'' includes the Commodity Credit Corporation, the 
Export-Import Bank of the United States, and the Overseas Private 
Investment Corporation.

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