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Export Trading Company Act of 1982

Export Trading Company Act of 1982 in International Trade

In this context, a concept of Export Trading Company Act of 1982 (Christopher Mark, 1993) is the following: Legislation designed to promote US exports by encouraging the foundation of export trading companies, and by modifying the application of antitrust laws and reducing restrictions on export financing for certain transactions. Title III of the Act permits the Department of Commerce, with the concurrence of the Department of Justice, to issue antitrust preclearance certificates on certain transactions involving the export of goods or services. Title IV of the Act amended two key elements of US antitrust law –the Sherman Act and the Federal Trade Commission Act –to exclude their application to export transactions, except where such activities have an anticompetitive impact on trade in the United States or the export trade of a US resident.

This is an advance summary of a forthcoming entry in the Encyclopedia of Law. Please check back later for the full entry.



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  • Article Name: Export Trading Company Act of 1982
  • Author: DA Gantz
  • Description: Export Trading Company Act of 1982 in International TradeIn this context, a concept of Export Trading Company Act of 1982 [...]

This entry was last updated: April 20, 2016



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Export Trading Company Act of 1982

15 U.S.C. § 4001: US Code – Section 4001: Congressional findings and declaration of purpose

This description of the Export Trading Company Act of 1982 tracks the language of the U.S. Code, except that, sometimes, we use plain English and that we may refer to the “Act” (meaning Export Trading Company Act of 1982) rather than to the “subchapter” or the “title” of the United States Code.

U.S. Code Citation

15U.S.C.§4001

U.S. Code Section and Head

  • United States Code – Section 4001
  • Head of the Section: Congressional findings and declaration of purpose

Text of the Section

(a) The Congress finds that – (1) United States exports are responsible for creating and maintaining one out of every nine manufacturing jobs in the United States and for generating one out of every seven dollars of total United States goods produced; (2) the rapidly growing service-related industries are vital to the well-being of the United States economy inasmuch as they create jobs for seven out of every ten Americans, provide 65 per centum of the Nation's gross national product, and offer the greatest potential for significantly increased industrial trade involving finished products; (3) trade deficits contribute to the decline of the dollar on international currency markets and have an inflationary impact on the United States economy; (4) tens of thousands of small- and medium-sized United States businesses produce exportable goods or services but do not engage in exporting; (5) although the United States is the world's leading agricultural exporting nation, many farm products are not marketed as widely and effectively abroad as they could be through export trading companies; (6) export trade services in the United States are fragmented into a multitude of separate functions, and companies attempting to offer export trade services lack financial leverage to reach a significant number of potential United States exporters; (7) the United States needs well-developed export trade intermediaries which can achieve economies of scale and acquire expertise enabling them to export goods and services profitably, at low per unit cost to producers; (8) the development of export trading companies in the United States has been hampered by business attitudes and by Government regulations; (9) those activities of State and local governmental authorities which initiate, facilitate, or expand exports of goods and services can be an important source for expansion of total United States exports, as well as for experimentation in the development of innovative export programs keyed to local, State, and regional economic needs; (10) if United States trading companies are to be successful in promoting United States exports and in competing with foreign trading companies, they should be able to draw on the resources, expertise, and knowledge of the United States banking system, both in the United States and abroad; and (11) the Department of Commerce is responsible for the development and promotion of United States exports, and especially for facilitating the export of finished products by United States manufacturers. (b) It is the purpose of this chapter to increase United States exports of products and services by encouraging more efficient provision of export trade services to United States producers and suppliers, in particular by establishing an office within the Department of Commerce to promote the formation of export trade associations and export trading companies, by permitting bank holding companies, bankers' banks, and Edge Act corporations and agreement corporations that are subsidiaries of bank holding companies to invest in export trading companies, by reducing restrictions on trade financing provided by financial institutions, and by modifying the application of the antitrust laws to certain export trade.

Act Details

Export Trading Company Act of 1982 was, as a bill, a proposal (now, a piece of legislation) introduced on 1981-03-18 in the House of Commons and Senate respectively of the 97 United States Congress by Henry John Heinz in relation with: Advisory bodies, Agricultural production, Antitrust law, Antitrust law (International law), Antitrust policy, Bank holding companies, Business and commerce, Commerce, Credit, Department of Commerce, East-West trade, Executive reorganization, Export controls, Export credit, Export-Import Bank of the United States, Exports, Federal advisory bodies, Federally-guaranteed loans, Finance and financial sector, Foreign Trade and Investments, Foreign trade promotion, Government and business, Government operations and politics, Government records, documents, and information, Information services, International banking, International trade, Investments, Minorities, Minority business enterprises, Restrictive trade practices, Small business, Stocks, Trade agreements, Trade associations, Trade regulation, Treaties.

Export Trading Company Act of 1982 became law (1) in the United States on 1982-10-08. It was referred to the following Committee(s): (2)

Senate Banking Housing and Urban Affairs (SSBK)
House Banking Finance and Urban Affairs (HSBA)
House Foreign Affairs (HSFA)
sub Subcommittee on International Economic Policy and Trade (sub 04)
House Judiciary (HSJU)

Henry John Heinz, member of the US congress
Henry John Heinz, Republican, Senator from Pennsylvania

The proposal had the following cosponsors:

James Abdnor, Republican, Senator, from South Dakota, district 2
William Lester Armstrong, Republican, Senator, from Colorado, district 5
Max Sieben Baucus, Democrat, Senator, from Montana, district 1
Lloyd Millard Bentsen, Democrat, Senator, from Texas
Rudolph Eli (rudy) Boschwitz, Republican, Senator, from Minnesota
Bill Bradley, Senator, from New Jersey
Dale Bumpers, Democrat, Senator, from Arkansas
Howard Cannon, Senator, from Nevada
John Hubbard Chafee, Republican, Senator, from Rhode Island
William Thad Cochran, Republican, Senator, from Mississippi, district 4
William Sebastian Cohen, Republican, Senator, from Maine, district 2
Alan Cranston, Democrat, Senator, from California
Alfonse D'Amato, Senator, from New York
John Claggett Danforth, Republican, Senator, from Missouri
Dennis Webster Deconcini, Democrat, Senator, from Arizona
Alan John Dixon, Democrat, Senator, from Illinois
Robert Dole, Senator, from Kansas
Thomas Eagleton, Senator, from Missouri
John Herschel Glenn, Democrat, Senator, from Ohio
Barry Goldwater, Senator, from Arizona
Samuel Ichiye Hayakawa, Republican, Senator, from California
Walter Darlington Huddleston, Democrat, Senator, from Kentucky
Daniel Ken Inouye, Democrat, Senator, from Hawaii
Patrick Joseph Leahy, Democrat, Senator, from Vermont
Carl Levin, Democrat, Senator, from Michigan
Richard Lugar, Senator, from Indiana
Charles Mccurdy Mathias, Republican, Senator, from Maryland
John Melcher, Democrat, Senator, from Montana
George John Mitchell, Democrat, Senator, from Maine
Daniel Patrick Moynihan, Democrat, Senator, from New York
Charles Harting Percy, Republican, Senator, from Illinois
Larry Lee Pressler, Republican, Senator, from South Dakota, district 1
Jennings Randolph, Democrat, Senator, from West Virginia
Donald Wayne Riegle, Democrat, Senator, from Michigan
Warren Bruce Rudman, Republican, Senator, from New Hampshire
Harrison Hagan Schmitt, Republican, Senator, from New Mexico
Arlen Specter, Senator, from Pennsylvania
Robert Theodore Stafford, Republican, Senator, from Vermont
Paul Efthemios Tsongas, Democrat, Senator, from Massachusetts, district 5
Lowell Palmer Weicker, Republican, Senator, from Connecticut
Harrison Arlington Williams, Democrat, Senator, from New Jersey

Act Overview

  • Number: 734 (3)
  • Official Title as Introduced: An original bill to encourage exports by facilitating the formation and operation of export trading companies, export trade associations, and the expansion of export trade services generally (4)
  • Short Title: Export Trading Company Act of 1982
  • Date First Introduced: 1981-03-18
  • Sponsor Name: Harrison Arlington Williams
  • Assignment Process: See Committe Assignments (5)
  • Latest Major Activity/Action: Enacted
  • Date Enacted (signed, in general (6), by President): 1982-10-08
  • Type: s (7)
  • Main Topic: Commerce
  • Related Bills: (8)

    hr1799-97, Reason: related, Type: bill
    hr6016-97, Reason: related, Type: bill
    s144-97, Reason: related, Type: bill

  • Summary of Export Trading Company Act of 1982: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
  • Primary Source: Congress Website

Text of the Export Trading Company Act of 1982

(Conference report filed in Senate S. Rept. 97-644) Title I: General Provisions – Export Trading Company Act of 1982 – 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. Title II: Bank Export Services – Bank Export Services Act – Declares that it is the purpose of this title to provide for participation by bank holding companies bankers' banks and Edge Act corporations in the financing and development of export trading companies. Expresses the intent of Congress that the Federal Reserve Board should pursue regulatory policies that: (1) provide for the establishment of competitive export trading companies; (2) provide U.S. commerce industry and agriculture a means of exporting at all times; (3) foster the participation by regional and smaller banks in the development of export trading companies; and (4) facilitate the formation of joint venture export trading companies. Amends the Bank Holding Company Act of 1956 to permit bank holding companies to invest in shares of any export trading company whose acquisition or formation by a bank holding company has not been disapproved by the Federal Reserve Board. Limits the investments in such shares to not more than five percent of the bank holding company's consolidated capital and surplus. Establishes a procedure for the review of proposed investments in export trading companies. Prohibits the total amount of extensions of credit to an export trading company by a bank holding company which invests in an export trading company when combined with all such extensions of credit by all the subsidiaries of such holding company from exceeding ten percent of the holding company's consolidated capital and surplus. Prohibits any investing bank holding company or any of its subsidiaries from extending credit to an export trading company on terms more favorable than those afforded to other borrowers. Permits an export trading company for the purposes of this title to engage in or hold shares of a company engaged in the business of underwriting selling or distributing securities within the United States only to the extent that any bank holding company which invests in such export trading company may do so under applicable Federal and State banking laws and regulations. Prohibits an export trading company from engaging in agricultural production activities or in manufacturing except for incidental product modification necessary to conform goods or services to foreign country requirements and to facilitate their sale in foreign countries. Permits the Federal Reserve Board to require a bank holding company which invests in an export trading company to terminate its investment or be made subject to limitations or conditions whenever the export trading company takes unnecessary positions in commodities or commodities contracts in securities or in foreign exchange. Permits Edge Act corporations which are subsidiaries of bank holding companies or agreement corporations which are subsidiaries of bank holding companies to invest to a limited extent in export trading companies. Requires the Federal Reserve Board to report to specified congressional committees within two years of enactment of this Act on: (1) the implementation of the banking provisions; (2) legislative changes needed to facilitate the financing of U.S. exports; and (3) recommendations on the effects of the ownership of U.S. banks by foreign banking organizations affiliated with trading companies doing business in the United States. Directs the Export-Import Bank of the United States to provide loan guarantees for expansion to export trading companies or exporters when adequate financing is not otherwise available. Requires such loan guarantees to be secured by accounts receivable or inventories. Directs the Board of Directors to try to insure that a major share of such guarantees promotes exports from small medium-size and minority businesses or agricultural concerns. Raises the ceiling on the aggregate amount of not-fully-secured acceptances which a member bank and any Federal or State branch or agency of a foreign bank can create with respect to the importation exportation or domestic shipment of goods. Increases such limitation from one-half to 150 percent of the capital stock or with the Federal Reserve Board's permission twice the amount of the capital stock. Limits the aggregate acceptances growing out of domestic transactions to not more than 50 percent of the aggregate of all acceptances. States that such limitations do not apply to any acceptance which is issued by an institution and which is covered by a participation agreement from other banks or regulated corporations except to the extent that the issuing bank retains or purchases such acceptance. Defines the capital of a U.S. branch or agency of a foreign bank to be the dollar equivalent of the paid-up capital stock and surplus of the foreign bank as determined by the Board. Title III: Export Trade Certificates of Review – Authorizes the Secretary of Commerce in order to encourage export trade to issue certificates of review and to assist persons applying for such certificates. Requires a person requesting a certificate to submit to the Secretary an application which specifies conduct limited to export trade and which is in the proper form. Provides for notice of the application to be published in the Federal Register. Directs the Secretary to issue a certificate within 90 days of receipt of the application if the Secretary with the concurrence of the Attorney General finds that the applicant's activities will: (1) not substantially lessen competition or restrain trade within the United States or substantially restrain the export trade of a competitor; (2) not unreasonably affect prices within the United States of the things exported by the applicant; (3) not constitute unfair methods of competition against exporting competitors; and (4) not include any act that may reasonably be expected to result in the sale within the United States of the things exported by the applicant. Requires the certificate to specify: (1) the export trade export trade activities and methods of operation to which the certificate applies; (2) the person to whom the certificate is issued; and (3) any conditions necessary to assure compliance with the standards for issuance. Permits an expedited application procedure. Requires the Secretary to explain a denial of an application. Permits an applicant to request the Secretary to reconsider a denied application. Provides for returning all application documents if an application is denied. Declares that certificates obtained by fraud are void. Requires applicants who receive certificates to report to the Secretary any changes related to the matters specified in the certificate. Authorizes such an applicant to submit an application to amend the certificate. Directs the Secretary to request additional information from a certificate holder if the Secretary or the Attorney General has reason to believe that the export trade export trade activities or methods of operation of such person no longer comply with the certificate standards. Makes failure to comply with such request grounds for revoking the certificate. Sets forth the procedure for revoking a certificate. Provides for judicial review of the granting denial revocation or modification of a certificate of review. Prohibits a criminal or civil antitrust suit which is based on conduct specified in and complying with a certificate of review. Exempts from such prohibition civil suits for failure to comply with the standards necessary for issuance of the certificate. Requires the court to award the defendant in such a suit the cost of defending against the claim if the court finds that the conduct does comply with the certificate's standards. Authorizes the Attorney General notwithstanding the general prohibition to sue under the Clayton Act to enjoin conduct threatening clear and irreparable harm to the national interest. Authorizes the Secretary to issue guidelines: (1) describing types of conduct with respect to which the Secretary with the concurrence of the Attorney General has made or would make determinations on the issuance amendment or revocation of a certificate; and (2) summarizing the bases for the determinations. Exempts the guidelines from certain requirements of the Administrative Procedures Act. Requires every person to whom a certificate is issued to update annually the information provided on the application for issuance of the certificate. 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. Title IV: Foreign Trade Antitrust Improvements – Foreign Trade Antitrust Improvements Act of 1982 – Amends the Sherman Act to provide that such Act shall not apply to conduct involving trade or commerce with foreign nations other than import transactions unless such conduct has a direct substantial and reasonably foreseeable effect on domestic or import commerce or on the export business of a domestic person. Amends the Federal Trade Commission Act to provide that such Act shall not prohibit unfair methods of competition involving commerce other than import commerce with foreign nations unless such methods have a direct substantial and reasonably foreseeable effect on domestic or import commerce or on the export commerce of a domestic person.

Act Notes

  • [Note 1] An Act (like Export Trading Company Act of 1982) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
  • [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like Export Trading Company Act of 1982 are referred to joint committees made up of members of both houses.
  • [Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (Export Trading Company Act of 1982)
  • [Note 4] An original bill to encourage exports by facilitating the formation and operation of export trading companies, export trade associations, and the expansion of export trade services generally. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1981-03-18) and can be revised any time. This type of titles are sentences.
  • [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
  • [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
  • [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
  • [Note 8] For information regarding related bill/s to Export Trading Company Act of 1982, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about Export Trading Company Act of 1982 submitted yet.

Advisory bodies
Agricultural production
Antitrust law
Antitrust law (International law)
Antitrust policy
Bank holding companies
Business and commerce
Commerce
Credit
Department of Commerce
East-West trade
Executive reorganization
Export controls
Export credit
Export-Import Bank of the United States
Exports
Federal advisory bodies
Federally-guaranteed loans
Finance and financial sector
Foreign Trade and Investments
Foreign trade promotion
Government and business
Government operations and politics
Government records, documents, and information
Information services
International banking
International trade
Investments
Minorities
Minority business enterprises
Restrictive trade practices
Small business
Stocks
Trade agreements
Trade associations
Trade regulation
Treaties

Further Reading

  • “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
  • “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
  • “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.


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(2010, 03). Export Trading Company Act of 1982 http://legislation.lawi.us Retrieved 12, 2022, from http://legislation.lawi.us/export-trading-company-act-of-1982/

03 2010. 12 2022 <http://legislation.lawi.us/export-trading-company-act-of-1982/>

"Export Trading Company Act of 1982" http://legislation.lawi.us. http://legislation.lawi.us, 03 2010. Web. 12 2022. <http://legislation.lawi.us/export-trading-company-act-of-1982/>

"Export Trading Company Act of 1982" http://legislation.lawi.us. 03, 2010. Accesed 12 2022. http://legislation.lawi.us/export-trading-company-act-of-1982/

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  • Article Name: Export Trading Company Act of 1982
  • Author: admin
  • Description: 15 U.S.C. § 4001: US Code - Section 4001: Congressional findings and declaration of purposeThis description of the [...]

This entry was last updated: March 4, 2010

Agricultural production


Antitrust law


Antitrust law (International law)

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