113 S1102 IS: Export-Import Bank Termination Act
U.S. Senate
2013-06-06
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the
Export-Import Bank Termination
Act
.
2.Congress makes the following
findings:
(1)Export subsidies provide advantages to
specific industries or businesses at the expense of their domestic competition,
other sectors of the economy of the United States, and the people of the United
States.
(2)Banks and other financial institutions that
provide trade facilitation credit also profit from export subsidies such as
loan guarantees and trade insurance.
(3)International trade finance is well
developed and supplied by the private sector at competitive rates that reflect
market conditions.
(4)The Export-Import Bank of the United States
is an agency of the United States Government that subsidizes exports by
insuring or guaranteeing trade facilitation loans and other credit from private
financial institutions and by providing direct loans to exporters in the United
States.
(5)Export subsidies impose risks on the
taxpayers of the United States.
(6)In a June 2012 report, the Congressional
Budget Office found, using accurate, fair value estimation, that the expected
return of the Export-Import Bank of the United States was less than
1/10 of the estimate under the current, flawed methodology
used pursuant to the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et
seq.).
(7)Recent years have revealed other
safe Federal credit programs to have large taxpayer costs,
including Freddie Mac, Fannie Mae, and the Federal Housing
Administration.
(8)The Export-Import Bank of the United States
claims to serve small businesses primarily but most of its financing subsidizes
exports of large multinational corporations.
3.Reductions of
authorities before abolishment
(a)Termination of
authority To accept applications for assistanceNotwithstanding any other provision of law,
the Export-Import Bank of the United States (in this Act referred to as the
Bank) may not accept an application for a loan, insurance, or a
guarantee, and may not participate in an extension of credit by another entity
after the 30-day period that begins on the date of the enactment of this
Act.
(b)Termination of
authority To renew or enter into a contract for the provision of assistance by
the BankNotwithstanding any
other provision of law, the Bank may not renew or enter into a contract that
obligates the Bank to provide a loan, insurance, or a guarantee, or to
participate in an extension of credit by another entity after the 12-month
period that begins on the date of the enactment of this Act.
4.Abolishment of
Export-Import Bank of the United States
(a)The
Bank is abolished on the date that is 3 years after the date of the enactment
of this Act (in this Act referred to as the abolishment
date).
(b)Repeal of
statutory authorityEffective on the abolishment date, the
Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is repealed.
5.
(a)
(1)All functions that are authorized to be performed by the
Bank, the Board of Directors of the Bank, any officer or employee of the Bank
acting in that capacity, or any agency or office of the Bank on the day before
the abolishment date are transferred to the Secretary on the abolishment
date.
(2)
(A)Termination of
the Office of Inspector General for the Export-Import Bank of the United
StatesNotwithstanding any
other provision of law, the Office of Inspector General for the Bank shall
terminate on the abolishment date, and the assets and obligations of the Office
shall be transferred to the Office of the Inspector General for the Department
of the Treasury or otherwise disposed of as the Secretary determines to be
appropriate.
(B)
(i)The provisions of
this section shall not affect the performance of any pending audit,
investigation, inspection, or report by the Office of the Inspector General for
the Bank as of the abolishment date, with respect to functions transferred by
this section.
(ii)Modification
of performanceNothing in
this subsection shall be deemed to prohibit the discontinuance or modification
of any performance under the same terms and conditions and to the same extent
that performance could have been discontinued or modified if this section had
not been enacted.
(3)Performance of
transferred functions
(A)Except as otherwise
provided by law, a Federal official to whom a function is transferred by this
subsection may, for purposes of performing the function, exercise all
authorities under any other provision of law that were available with respect
to the performance of that function to the official responsible for the
performance of the function immediately before the abolishment date.
(B)Delegation and
assignment
(i)Except as otherwise
expressly prohibited by law, a Federal official to whom a function is
transferred by this subsection (including the head of any office to which
functions are transferred by this subsection) may delegate any of the functions
so transferred to such officers and employees of the office of the official as
the official may designate, and may authorize successive redelegations of such
functions as may be necessary or appropriate.
(ii)No delegation
of functions under this subparagraph or under any other provision of this Act
shall relieve the official to whom a function is transferred under this Act of
responsibility for the administration of the function.
(4)Authority of the
Secretary with respect to transferred functions
(A)If
necessary, the Secretary shall make any determination of the functions that are
transferred under this subsection.
(B)The Secretary, at such time or times as the Secretary
shall provide, may make such determinations as may be necessary with regard to
the functions transferred by this subsection, and make such additional
incidental dispositions of personnel, assets, liabilities, grants, contracts,
property, records, and unexpended balances of appropriations, authorizations,
allocations, and other funds held, used, arising from, available to, or to be
made available in connection with such functions, as may be necessary to carry
out the provisions of this Act.
(b)All individuals who were officers or employees of the
Bank immediately before the abolishment date and performed functions that are
transferred to the Secretary under subsection (a) are transferred to the
Department of the Treasury on the abolishment date (other than members of the
Board of Directors of the Bank).
(c)Except as otherwise
provided in this Act, so much of the personnel, property, records, and
unexpended balances of appropriations, allocations, and other funds employed,
used, held, available, or to be made available in connection with a function
transferred to an official or agency by this Act shall be available to the
official or the head of that agency, respectively, at such time or times as the
Director of the Office of Management and Budget directs for use in connection
with the functions transferred.
6.Resolution and
termination of Bank functions
(a)The Secretary shall—
(1)complete the
disposition and resolution of the functions of the Bank in accordance with this
Act; and
(2)resolve all
functions that are transferred to the Secretary under section 5(a).
(b)All functions that
are transferred to the Secretary under section 5(a) shall terminate on the date
all obligations of the Bank, and all obligations of others to the Bank, in
effect immediately before the abolishment date, have been satisfied, as
determined by the Secretary.
(c)When the Secretary
makes the determination described in subsection (b), the Secretary shall submit
to the Committee on Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of Representatives a report on the
determination.
7.
(a)The Secretary shall be responsible for the implementation
of this Act as follows:
(1)The administration
and wind-up of all functions transferred to the Secretary under section
5(a).
(2)The administration
and wind-up of any outstanding obligations of the Federal Government under any
programs terminated by this Act.
(3)Other actions as
may be necessary to wind-up any outstanding affairs of the Bank.
(b)The Secretary may delegate to the head of any other
Federal department or agency the performance of the functions of the Secretary
under this Act to the extent that the Secretary determines that the delegation
would further the purposes of this Act.
(c)Transfer of
assets and personnelIn connection with any delegation of
functions under subsection (b), the Secretary may transfer to the department or
agency concerned such assets, funds, personnel, records, and other property
relating to the delegated function as the Secretary determines to be
appropriate.
(d)Authorities of
the SecretaryFor purposes of performing the functions of the
Secretary under this Act and subject to the availability of appropriations, the
Secretary may—
(1)enter into
contracts;
(2)employ experts and
consultants in accordance with section 3109 of title 5, United States Code, at
rates not to exceed the daily rate paid a person occupying a position at level
IV of the Executive Schedule under section 5313 of such title; and
(3)utilize, on a
reimbursable basis, the services, facilities, and personnel of other Federal
agencies.
8.
(a)
(1)All legal documents specified in paragraph (2) shall
continue in effect according to their terms until modified, terminated,
superseded, set aside, or revoked in accordance with law by the President, any
other authorized official, a court of competent jurisdiction, or operation of
law if such legal documents—
(A)have been issued,
made, granted, or allowed to become effective by the President, the Bank, any
officer or employee of any office transferred by this Act, or any other
Government official, or by a court of competent jurisdiction, in the
performance of any function that is transferred by this Act; and
(B)are in effect on
the abolishment date (or become effective after such date pursuant to their
terms as in effect on such effective date).
(2)Legal documents
specifiedThe legal documents specified in this paragraph are
orders, determinations, rules, regulations, permits, grants, loans, contracts,
agreements, certificates, licenses, and privileges.
(b)
(1)This Act shall not affect any proceedings or any
application for any benefits, service, license, permit, certificate, or
financial assistance pending on the date of the enactment of this Act before an
office transferred by this Act.
(2)Orders shall be issued in such proceedings, appeals shall
be taken, and payments shall be made pursuant to such orders as if this Act had
not been enacted, and orders issued in any such proceeding shall continue in
effect until modified, terminated, superseded, or revoked by a duly authorized
official, by a court of competent jurisdiction, or by operation of law.
(3)Modification of
proceedingsNothing in this subsection shall be considered to
prohibit the discontinuance or modification of any proceeding under the same
terms and conditions and to the same extent that such proceeding could have
been discontinued or modified if this Act had not been enacted.
(c)
(1)This Act shall not affect any civil or criminal action
commenced before the date of the enactment of this Act.
(2)Continue as if
not enactedIn all such actions, proceedings shall be had,
appeals shall be taken, and judgments shall be rendered in the same manner and
with the same effect as if this Act had not been enacted.
(d)No action or other
proceeding commenced by or against an office transferred by this Act, or by or
against any individual in the official capacity of such individual as an
officer or employee of such an office, shall abate by reason of the enactment
of this Act.
(e)If any Government officer in the official capacity of
such officer is party to an action with respect to a function of the officer,
and under this Act such function is transferred to any other officer or office,
then such action shall be continued with the other officer or the head of such
other office, as applicable, substituted or added as a party.
(f)Administrative
procedure and judicial reviewExcept as otherwise provided by
this Act, any statutory requirements relating to notice, hearings, action upon
the record, or administrative or judicial review that apply to any function
transferred by this Act shall apply to the exercise of such function by the
head of the Federal agency, and other officers of the agency, to which such
function is transferred by this Act.
9.Availability of
existing fundsExisting
appropriations and funds available for the performance of functions, programs,
and activities terminated pursuant to this Act shall remain available, for the
duration of their period of availability, for necessary expenses in connection
with the termination and resolution of such functions, programs, and
activities.
10.
(a)Elimination of
related authorizing provisions
(1)Section 103 of the
International Development and Finance Act of 1989 (Public Law 101–240; 12
U.S.C. 635 note) is repealed.
(2)Section 303 of the
Support for East European Democracy (SEED) Act of 1989 (Public Law 101–179; 12
U.S.C. 635 note) is repealed.
(3)The Export-Import Bank Act Amendments of
1978 (Public Law 95–630; 92 Stat. 3724) is amended—
(A)in section 1908
(12 U.S.C. 635a–1)—
(i)in
subsection (a), by striking (a)
; and
(ii)by
striking subsection (b);
(B)by repealing section 1911 (12 U.S.C.
635a–2); and
(C)by repealing section 1912 (12 U.S.C.
635a–3).
(4)Section 206 of the
Bank Export Services Act (12 U.S.C. 635a–4) is repealed.
(5)Sections 1 through
5 of Public Law 90–390 (12 U.S.C. 635j through 635n) are repealed.
(6)Sections 641
through 647 of the Trade and Development Enhancement Act of 1983 (12 U.S.C.
635o–635t) are repealed.
(7)Section 534 of the
Foreign Operations, Export Financing, and Related Programs Appropriations Act,
1990 (Public Law 101–167; 12 U.S.C. 635g note) is amended by striking
subsection (d).
(8)Section 3302 of
the Omnibus Trade and Competitiveness Act of 1988 (Public Law 100–418; 12
U.S.C. 635i–3 note) is amended by striking subsection (a).
(9)Section 1105(a) of
title 31, United States Code, is amended by striking paragraph (34) and
redesignating the succeeding paragraphs of such section as paragraphs (34)
through (38), respectively.
(10)Section 9101(3)
of title 31, United States Code, is amended by striking subparagraph
(C).
(b)Elimination of
related compensation provisions
(1)Section 5314 of
title 5, United States Code, is amended by striking the following item:
President of the Export-Import Bank of
Washington.
.
(2)Section 5315 of title 5, United States Code, is
amended—
(A)by striking the
following item:
First Vice President of the Export-Import Bank of
Washington.
;
and
(B)by striking the
following item:
Members, Board of Directors of the Export-Import
Bank of
Washington.
.
(c)Elimination of
office of inspector general for the bankSection 12 of the Inspector General Act of
1978 (5 U.S.C. App.) is amended—
(1)in paragraph (1),
by striking the President of the Export-Import Bank;
; and
(2)in paragraph (2),
by striking the Export-Import Bank,
.
(d)The repeals and amendments made by this section shall take
effect on the abolishment date.
(e)Report to
Congress on other amendments to Federal statuteThe Secretary
shall submit to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of Representatives
a written report that contains suggestions for such other amendments to Federal
statutes as may be necessary or appropriate as a result of this Act.
11.Any reference in any other Federal law,
Executive order, rule, regulation, or delegation of authority, or any document
of or pertaining to a department or office from which a function is transferred
by this Act—
(1)to the head of
such department or office is deemed to refer to the head of the department or
office to which the function is transferred; or
(2)to such department
or office is deemed to refer to the department or office to which the function
is transferred.
12.In this Act:
(1)The
term function includes any duty, obligation, power, authority,
responsibility, right, privilege, activity, or program.
(2)The
term office includes any office, administration, agency, bureau,
institute, council, unit, organizational entity, or component thereof.
(3)The
term Secretary means the Secretary of the Treasury.