§ 3908. — Foreign loan evaluations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3908]
TITLE 12--BANKS AND BANKING
CHAPTER 40--INTERNATIONAL LENDING SUPERVISION
Sec. 3908. Foreign loan evaluations
(a) Projects requiring an economic feasibility evaluation; content of
evaluation
(1) In any case in which one or more banking institutions extend
credit, whether by loan, lease, guarantee, or otherwise, which
individually or in the aggregate exceeds $20,000,000, to finance any
project which has as a major objective the construction or operation of
any mining operation, any metal or mineral primary processing operation,
any fabricating facility or operation, or any metal-making operations
(semi and finished) located outside the United States or its territories
and possessions, a written economic feasibility evaluation of such
foreign project shall be prepared and approved in writing by a senior
official of the banking institution, or, if more than one banking
institution is involved, the lead banking institution, prior to the
extension of such credit.
(2) Such evaluation shall--
(A) take into account the profit potential of the project, the
impact of the project on world markets, the inherent competitive
advantages and disadvantages of the project over the entire life of
the project, and the likely effect of the project upon the overall
long-term economic development of the country in which the project
is located; and
(B) consider whether the extension of credit can reasonably be
expected to be repaid from revenues generated by such foreign
project without regard to any subsidy, as defined in international
agreements, provided by the government involved or any
instrumentality of any country.
(b) Review of evaluation by Federal banking agencies
Such economic feasibility evaluations shall be reviewed by
representatives of the appropriate Federal banking agencies whenever an
examination by such appropriate Federal banking agency is conducted.
(c) Other statutory authorities applicable
(1) The authorities of the Federal banking agencies contained in
section 1818 of this title and in section 3909 of this title, except
those contained in section 3909(d) of this title, shall be applicable to
this section.
(2) No private right of action or claim for relief may be predicated
upon this section.
(Pub. L. 98-181, title IX, Sec. 909, Nov. 30, 1983, 97 Stat. 1281.)
