120 STAT. 1622
PUBLIC LAW 109–304—OCT. 6, 2006 ‘‘(1) ESTABLISHMENT.—There is an interagency council to carry out this section. ‘‘(2) COMPOSITION.—The council is composed of the following individuals or their designees: ‘‘(A) The Secretary of Transportation, who is the chairman of the council. ‘‘(B) The Secretary of the Treasury. ‘‘(C) The Secretary of State. ‘‘(D) The Assistant to the President for Economic Policy. ‘‘(E) The United States Trade Representative. ‘‘(F) The President and Chairman of the Export-Import Bank of the United States. ‘‘(3) FUNCTIONS.—The council shall— ‘‘(A) obtain information on shipbuilding loan guarantees, direct and indirect subsidies, and other favorable treatment of shipyards provided by foreign governments to shipyards in competition with United States shipyards; ‘‘(B) consult regularly with United States shipbuilders to obtain the essential information about international shipbuilding competition on which to set terms for loan guarantees under subsection (a)(2); and ‘‘(C) provide guidance to the Secretary in establishing terms for loan guarantees under subsection (a)(2). ‘‘(4) ANNUAL REPORT.—Not later than January 31 of each year, the Secretary shall submit to Congress a report on activities of the Secretary under this section during the preceding year. The report shall include— ‘‘(A) documentation of sources of information about assistance by governments of other countries to shipyards in those countries; and ‘‘(B) a summary of recommendations made to the Secretary during the preceding year about applications submitted to the Secretary during that year for loan guarantees to construct eligible export vessels. ‘‘(c) REQUIRED FINDINGS.— ‘‘(1) BENEFIT TO SHIPBUILDING INDUSTRY.—The Secretary may not guarantee or make a commitment to guarantee an obligation for an eligible export vessel unless the Secretary finds that the construction, reconstruction, or reconditioning of the vessel will aid in the transition of United States shipyards to commercial activities or will preserve shipbuilding assets that would be essential in time of war or national emergency. ‘‘(2) PRIORITY OF DOCUMENTED VESSELS.—The Secretary may not make a commitment to guarantee an obligation for an eligible export vessel unless the Secretary determines that making the commitment will not result in denial of an economically sound application for a commitment to guarantee an obligation for a vessel documented under the laws of the United States and operating in the domestic or foreign commerce of the United States. The Secretary has sole discretion in making the determination. In making the determination, the Secretary shall consider— ‘‘(A) the status and economic soundness of pending applications for commitments to guarantee obligations for vessels documented under the laws of the United States
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