material change
(7) Procedures to reduce adverse effects of loans and guarantees on industries and employment in United States (A) Consideration of economic effects of proposed transactions If, in making a determination under this paragraph with respect to a loan or guarantee, the Bank conducts a detailed economic impact analysis or similar study, the analysis or study, as the case may be, shall include consideration of— (i) the factors set forth in subparagraphs (A) and (B) of paragraph (1); and (ii) the views of the public and interested parties. (B) Notice and comment requirements (i) In general If, in making a determination under this subsection with respect to a loan or guarantee, the Bank intends to conduct a detailed economic impact analysis or similar study, the Bank shall publish in the Federal Register a notice of the intent, and provide a period of not less than 14 days (which, on request by any affected party, shall be extended to a period of not more than 30 days) for the submission to the Bank of comments on the economic effects of the provision of the loan or guarantee, including comments on the factors set forth in subparagraphs (A) and (B) of paragraph (1). In addition, the Bank shall seek comments on the economic effects from the Department of Commerce, the Office of Management and Budget, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. (ii) Content of notice The notice shall include appropriate, nonproprietary information about— (I) the country to which the goods involved in the transaction will be shipped; (II) the type of goods being exported; (III) the amount of the loan or guarantee involved; (IV) the goods that would be produced as a result of the provision of the loan or guarantee; (V) the amount of increased production that will result from the transaction; (VI) the potential sales market for the resulting goods; and (VII) the value of the transaction. (iii) Procedure regarding materially changed applications (I) In general If a material change is made to an application for a loan or guarantee from the Bank after a notice with respect to the intent described in clause (i) is published under this subparagraph, the Bank shall publish in the Federal Register a revised notice of the intent, and shall provide for a comment period, as provided in clauses (i) and (ii). (II) Material change defined As used in subclause (I), the term “material change”, with respect to an application, includes— (aa) a change of at least 25 percent in the amount of a loan or guarantee requested in the application; and (bb) a change in the principal product to be produced as a result of any transaction that would be facilitated by the provision of the loan or guarantee. (C) Requirement to address views of adversely affected persons Before taking final action on an application for a loan or guarantee to which this section applies, the staff of the Bank shall provide in writing to the Board of Directors the views of any person who submitted comments pursuant to subparagraph (B). (D) Publication of conclusions Within 30 days after a party affected by a final decision of the Board of Directors with respect to a loan or guarantee makes a written request therefor, the Bank shall provide to the affected party a non-confidential summary of the facts found and conclusions reached in any detailed economic impact analysis or similar study conducted pursuant to subparagraph (B) with respect to the loan or guarantee, that were submitted to the Board of Directors. (E) Maintenance of documentation The Bank shall maintain documentation relating to economic impact analyses and similar studies conducted under this subsection in a manner consistent with the Standards for Internal Control of the Federal Government issued by the Comptroller General of the United States. (F) Rule of interpretation This paragraph shall not be construed to make subchapter II of chapter 5 of title 5 applicable to the Bank. (G) Regulations The Bank shall implement such regulations and procedures as may be appropriate to carry out this paragraph.
Source
12 USC § 635(e)(7)
Scoping language
None identified, default scope is assumed to be the parent (subchapter I) of this section.