; or (B) financing is required for the export of humanitarian goods or services, including lifesaving, rescue, and medical equipment (such as ambulances, firefighting vehicles, hospital supplies, and medical devices). (7) Presidential waiver The President may waive any requirement of paragraph (1) or (2) for up to 1 year at a time, on reporting in writing to the Committee on Financial Services of the House of Representative and the Committee on Banking, Housing, and Urban Affairs of the Senate that the waiver is essential to the national interest of the United States, with a detailed explanation of the reasons therefor. . (b) Sunset The amendment made by subsection (a) shall have no force or effect on and after the earlier of— (1) the date that is 30 days after the Secretary of the Treasury submits a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate certifying that the People’s Republic of China is in substantial compliance with— (A) the financial terms and conditions of the Arrangement on Officially Supported Export Credits of the Organization for Economic Cooperation and Development; and (B) the rules and principles of the Paris Club