Fair Export Financing Act of 1985

Fair Export Financing Act of 1985 - Amends the Trade and Development Enhancement Act of 1983 to declare that one of the purposes of such Act is to establish a temporary tied aid credit program to combat the predatory concessional credit programs of foreign governments.

Directs the President to negotiate limits on partially untied aid credit. Changes the U.S. negotiating objectives to include references to partially untied aid credits.

Directs the Secretary of the Treasury to establish within the Department of the Treasury a program of tied aid credits for U.S. exports. Requires the program to be carried out in cooperation with the Export-Import Bank or with private financial institutions or entities. (Currently the program is established within the Export-Import Bank and carried out in cooperation with the Agency for International Development (AID).) Sets forth financing methods that may be included in such program. Authorizes appropriations.

Repeals the provision that established a tied aid credit program in AID.

Requires the Secretary to seek the advice of the National Advisory Council on International Monetary and Financial Policies before approving financing under the tied aid credit program. Terminates the tied aid credit program on September 30, 1987.

Limits judicial review of actions by the Chairman of the Export-Import Bank and by the Secretary.

Changes the definition of "tied aid credit." Defines "partially untied aid credit." Deletes references to government-mixed credits and public-private cofinancing.