H.R. 2444: Eastern European Security Act

CBO Score

$0

Date of Report

Wed January 22nd, 2020

Notes

"CBO estimates that the department would lend up to $4 billion each year and would charge interest and fees that are sufficient to substantially offset the cost of the loans."

Legislation Details

116th Congress

To authorize the Secretary of State to make direct loans under section 23 of the Arms Export Control Act, and for other purposes.

Sponsor: Rep. Michael McCaul — R — TX

Waives restrictions on interest rates, authorizes an additional year for loan repayment, and allows the Department of State to charge fees to recover the subsidy cost of loans made to members of the North Atlantic Treaty Organization to purchase U.S. defense articles. Under current law, the department must charge an interest rate of at least 5 percent, and loans must be repaid within 12 years. The subsidy costs of loans are paid from discretionary appropriations.

View the full vote history of this bill on GovTrack.us.

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