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Wed January 22nd, 2020
"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."
116th Congress
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.
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