U.S. SENATE BANKING ISSUES STAFF DRAFT OF EXPORT ADMINISTRATION ACT
The U.S. Senate Banking Committee has issued its staff draft of the
revised Export Administration Act.
During the past two months, the Senate Banking Committee has held
meetings with the Clinton Administration and industry officials to revise
the export control legislation. The Export Administration Act lapsed in
1994, and its provisions have since been continued by executive order.
The staff draft calls for multi-agency review of export license
applications. The proposed penalty will be 10 times the value of the
export, or a maximum of $1 million for individuals or $10 million for
corporations.
There will likely be one more draft of the legislation before the
committee votes on it in September.