114 S2183 PCS: Export-Import Bank Reform and Reauthorization Act of 2015
U.S. Senate
2015-10-19
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.Short title; table of contents
(a)
This Act may be cited as the Export-Import Bank Reform and Reauthorization Act of 2015
.
(b)The table of contents for this Act is as follows:Sec. 1. Short title; table of contents. TITLE I—Taxpayer protection provisions and increased accountability Sec. 101. Reduction in authorized amount of outstanding loans, guarantees, and insurance. Sec. 102. Increase in loss reserves. Sec. 103. Review of fraud controls. Sec. 104. Office of Ethics. Sec. 105. Chief Risk Officer. Sec. 106. Risk Management Committee. Sec. 107. Independent audit of bank portfolio. Sec. 108. Pilot program for reinsurance. TITLE II—Promotion of small business exports Sec. 201. Increase in small business lending requirements. Sec. 202. Report on programs for small and medium-sized businesses. TITLE III—Modernization of operations Sec. 301. Electronic payments and documents. Sec. 302. Reauthorization of information technology updating. TITLE IV—General provisions Sec. 401. Extension of authority. Sec. 402. Certain updated loan terms and amounts. TITLE V—Other matters Sec. 501. Prohibition on discrimination based on industry. Sec. 502. Negotiations to end export credit financing. Sec. 503. Study of financing for information and communications technology systems. <enum>I</enum><header>Taxpayer protection provisions and increased accountability</header> <section id="idD50CCF55A7ED4B1E959E59422E00B69F"><enum>101.</enum><header>Reduction in authorized amount of outstanding loans, guarantees, and insurance</header><text display-inline="no-display-inline">Section 6(a) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635e">12 U.S.C. 635e(a)</external-xref>) is amended—</text>
<paragraph id="id99F08927AADD405CA4A378A9E72C2D19"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating paragraph (3) as paragraph (4); and</text> </paragraph><paragraph id="id2F286E20E992438DA6F2EBA93DE916BC"><enum>(2)</enum><text>by striking paragraph (2) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="id46FFCF567BD84B7E98F1407F4740690B" style="OLC">
<paragraph id="idDDBD758BC0774A80BA3799E68841BFEA"><enum>(2)</enum><header>Applicable amount defined</header><text>In this subsection, the term <term>applicable amount</term>, for each of fiscal years 2015 through 2019, means $135,000,000,000.</text> </paragraph><paragraph id="idB69E26EB89E44B799843EF85E1C0DB83"><enum>(3)</enum><header>Freezing of lending cap if default rate is 2 percent or more</header><text>If the rate calculated under section 8(g)(1) is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under section 8(g)(1) is less than 2 percent.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id73D007E5B7D34C3E9C60CDAF801FF43E"><enum>102.</enum><header>Increase in loss reserves</header>
<subsection id="idBCA5870CD88247EA9A43AECA2069AEEB"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 6 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635e">12 U.S.C. 635e</external-xref>) is amended—</text> <paragraph id="idEADF0854ACFC4CC8AC422CF96AF57461"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating subsection (b) as subsection (c); and</text>
</paragraph><paragraph id="idDE4350A0F28F48C283A59EAFBBC948C1"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting after subsection (a) the following:</text> <quoted-block display-inline="no-display-inline" id="id060C4A7A004D4F56823E6BE7CBD1DC22" style="OLC"> <subsection id="idBE425CE1422146A2813DDA03AF038511"><enum>(b)</enum><header>Reserve requirement</header><text>The Bank shall build to and hold in reserve, to protect against future losses, an amount that is not less than 5 percent of the aggregate amount of disbursed and outstanding loans, guarantees, and insurance of the Bank.</text></subsection><after-quoted-block>. </after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id69A97CAB48504B618F43C5AE3283951C"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall take effect on the date that is one year after the date of the enactment of this Act.</text>
</subsection></section><section id="HE4C0F1FC2EB545DC8E026D591A384F9A"><enum>103.</enum><header>Review of fraud controls</header><text display-inline="no-display-inline">Section 17(b) of the Export-Import Bank Reauthorization Act of 2012 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a-6">12 U.S.C. 635a–6(b)</external-xref>) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HFBEF841C26A9468798CCA572FD5F1276" style="OLC">
<subsection id="H141310A1A1404E85A9D7F401396D0CE1"><enum>(b)</enum><header>Review of fraud controls</header><text display-inline="yes-display-inline">Not later than 4 years after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, and every 4 years thereafter, the Comptroller General of the United States shall—</text> <paragraph id="H9D65CCF73BD048CBA64F519386168D1F"><enum>(1)</enum><text>review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions; and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H477BF3AEB8A942C69C5E80DD61376274"><enum>(2)</enum><text>submit a written report regarding the findings of the review and providing such recommendations with respect to the controls described in paragraph (1) as the Comptroller General deems appropriate to—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idCBC95DC542AD4D9DA709D7C69EA10F50"><enum>(A)</enum><text>the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id239CA5AA0A684EBB93D351DD35A8F9CF"><enum>(B)</enum><text>the Committee on Financial Services and the Committee on Appropriations of the House of Representatives.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H267F47B5C3994A6A8ACFECD423FDB8C9"><enum>104.</enum><header>Office of Ethics</header><text display-inline="no-display-inline">Section 3 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a">12 U.S.C. 635a</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H33C8A2F3FCB14CDA9E14D5971E1DDDD2" style="OLC">
<subsection commented="no" id="H0B32273DFDA04F5F8A5A91AA1B413E00"><enum>(k)</enum><header>Office of Ethics</header>
<paragraph id="H396A3DBD845849C186B92228839CA91F"><enum>(1)</enum><header>Establishment</header><text>There is established an Office of Ethics within the Bank, which shall oversee all ethics issues within the Bank.</text>
</paragraph><paragraph id="H2B19C486394740F1912554B3786A95D8"><enum>(2)</enum><header>Head of office</header>
<subparagraph id="id298A87B5F761453BA7E68D1A49471642"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The head of the Office of Ethics shall be the Chief Ethics Officer, who shall report to the Board of Directors.</text>
</subparagraph><subparagraph id="id7C7E46F23EFF4B73B231C6ED2F7156B6"><enum>(B)</enum><header>Appointment</header><text display-inline="yes-display-inline">Not later than 180 days after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, the Chief Ethics Officer shall be—</text>
<clause id="id4AE5E78DE2DA410A8A1D7F7EE573817C"><enum>(i)</enum><text display-inline="yes-display-inline">appointed by the President of the Bank from among persons—</text> <subclause id="id7F63AC7FE0E24583AE3531D067B4B0F6"><enum>(I)</enum><text display-inline="yes-display-inline">with a background in law who have experience in the fields of law and ethics; and</text>
</subclause><subclause id="id8B0E3BA5D67C45AB8132E6FE857E8FB3"><enum>(II)</enum><text>who are not serving in a position requiring appointment by the President of the United States before being appointed to be Chief Ethics Officer; and</text>
</subclause></clause><clause id="id9FDF300E7FDB4E1DB4CDDD6C48F41F08"><enum>(ii)</enum><text display-inline="yes-display-inline">approved by the Board.</text> </clause></subparagraph><subparagraph id="id65FB9A73CBCB466D8A69C11AB282ACBE"><enum>(C)</enum><header>Designated agency ethics official</header><text display-inline="yes-display-inline">The Chief Ethics Officer shall serve as the designated agency ethics official for the Bank pursuant to the Ethics in Government Act of 1978 (5 U.S.C. App. 101 et seq.).</text>
</subparagraph></paragraph><paragraph id="H85DC0ECB0A404232BEEF101E0F205B01"><enum>(3)</enum><header>Duties</header><text display-inline="yes-display-inline">The Office of Ethics has jurisdiction over all employees of, and ethics matters relating to, the Bank. With respect to employees of the Bank, the Office of Ethics shall—</text>
<subparagraph id="HF772A76BA10C401F8D2F2E8300B8B114"><enum>(A)</enum><text>recommend administrative actions to establish or enforce standards of official conduct;</text> </subparagraph><subparagraph id="H5B9737C82057430591D8D33C91F657ED"><enum>(B)</enum><text>refer to the Office of the Inspector General of the Bank alleged violations of—</text>
<clause id="id01E1335F04E14695A9E2988BC035DC34"><enum>(i)</enum><text>the standards of ethical conduct applicable to employees of the Bank under parts 2635 and 6201 of title 5, Code of Federal Regulations;</text>
</clause><clause id="idAF9C72DFC2C344729FE8B1DCB4485454"><enum>(ii)</enum><text>the standards of ethical conduct established by the Chief Ethics Officer; and</text> </clause><clause id="idCE7896D464C244598BE2D0E726216CF5"><enum>(iii)</enum><text>any other laws, rules, or regulations governing the performance of official duties or the discharge of official responsibilities that are applicable to employees of the Bank;</text>
</clause></subparagraph><subparagraph id="H01248D7310DF4F9B9DCD1994C2CB9310"><enum>(C)</enum><text display-inline="yes-display-inline">report to appropriate Federal or State authorities substantial evidence of a violation of any law applicable to the performance of official duties that may have been disclosed to the Office of Ethics; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HA8B01F9AB40F4EF8829F6E7E392253CD"><enum>(D)</enum><text>render advisory opinions regarding the propriety of any current or proposed conduct of an employee or contractor of the Bank, and issue general guidance on such matters as necessary.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="idABF2CC7BEB0848C493B1E849300DDD0F"><enum>105.</enum><header>Chief Risk Officer</header><text display-inline="no-display-inline">Section 3 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a">12 U.S.C. 635a</external-xref>), as amended by section 104, is further amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id892AC83E6970490CAC3F18803B4E750E" style="OLC">
<subsection id="id9361cdd44506409e889686c07cc1caca"><enum>(l)</enum><header>Chief Risk Officer</header>
<paragraph id="id3abff5d731fc4ffabc5cc100a7b4e557"><enum>(1)</enum><header>In general</header><text>There shall be a Chief Risk Officer of the Bank, who shall—</text> <subparagraph id="id57AEBD5B3BB44FB19620AF3F56C53AE1"><enum>(A)</enum><text>oversee all issues relating to risk within the Bank; and</text>
</subparagraph><subparagraph id="id8C53AFE16B474D2CB3BF24B65AECCADA"><enum>(B)</enum><text>report to the President of the Bank.</text> </subparagraph></paragraph><paragraph id="ida7aac6a2ec68432097b267051faf82f3"><enum>(2)</enum><header>Appointment</header><text>Not later than 180 days after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, the Chief Risk Officer shall be—</text>
<subparagraph id="idc431c2e40905442c8c7d3b0379660d54"><enum>(A)</enum><text>appointed by the President of the Bank from among persons—</text> <clause id="id672C5A8A4FB4473B8F0903B34D6F10E8"><enum>(i)</enum><text>with a demonstrated ability in the general management of, and knowledge of and extensive practical experience in, financial risk evaluation practices in large governmental or business entities; and</text>
</clause><clause id="id296c7909866445c59ac4270032cf50f9"><enum>(ii)</enum><text>who are not serving in a position requiring appointment by the President of the United States before being appointed to be Chief Risk Officer; and</text>
</clause></subparagraph><subparagraph id="idc6831a8a3fb64f9fb8b2b3f026dadf73"><enum>(B)</enum><text>approved by the Board.</text> </subparagraph></paragraph><paragraph id="id74f2a9a2a97848d8b070f26143674356"><enum>(3)</enum><header>Duties</header><text>The duties of the Chief Risk Officer are—</text>
<subparagraph id="id0a05abcda3e342d3ab10f4b62dcb50a7"><enum>(A)</enum><text>to be responsible for all matters related to managing and mitigating all risk to which the Bank is exposed, including the programs and operations of the Bank;</text>
</subparagraph><subparagraph id="id7c9f461217f2462e8f92688299ce5b23"><enum>(B)</enum><text>to establish policies and processes for risk oversight, the monitoring of management compliance with risk limits, and the management of risk exposures and risk controls across the Bank;</text>
</subparagraph><subparagraph id="id716013681de340438e2df4deb756f47c"><enum>(C)</enum><text>to be responsible for the planning and execution of all Bank risk management activities, including policies, reporting, and systems to achieve strategic risk objectives;</text>
</subparagraph><subparagraph id="id3996ef573e1e4bda9e5080394c14b768"><enum>(D)</enum><text>to develop an integrated risk management program that includes identifying, prioritizing, measuring, monitoring, and managing internal control and operating risks and other identified risks;</text>
</subparagraph><subparagraph id="id2a4dc18b5a68482ab315a5288d35cf74"><enum>(E)</enum><text>to ensure that the process for risk assessment and underwriting for individual transactions considers how each such transaction considers the effect of the transaction on the concentration of exposure in the overall portfolio of the Bank, taking into account fees, collateralization, and historic default rates; and</text>
</subparagraph><subparagraph id="id39a1c0d7919b4dde89e163802b3c3c53"><enum>(F)</enum><text>to review the adequacy of the use by the Bank of qualitative metrics to assess the risk of default under various scenarios.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id64111572BDE74338A5F173B40152FFDF"><enum>106.</enum><header>Risk Management Committee</header>
<subsection id="id02FC9BFB8C9C43C2A522846EAA595C91"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 3 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a">12 U.S.C. 635a</external-xref>), as amended by sections 104 and 105, is further amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id2248ec5694c64e6080947f4dac4d9faf" style="OLC">
<subsection id="id97203245f4bd49979e375074c2516642"><enum>(m)</enum><header>Risk management committee</header>
<paragraph id="idfabddc7ed84146cc916d3907bd7c4d37"><enum>(1)</enum><header>Establishment</header><text>There is established a management committee to be known as the <quote>Risk Management Committee</quote>.</text> </paragraph><paragraph id="id98EE1A411D0A4C9FB1AB76B3EF299197"><enum>(2)</enum><header>Membership</header><text>The membership of the Risk Management Committee shall be the members of the Board of Directors, with the President and First Vice President of the Bank serving as ex officio members.</text>
</paragraph><paragraph id="id804625e1c3684df197cdbf8e03cdcbdc"><enum>(3)</enum><header>Duties</header><text>The duties of the Risk Management Committee shall be—</text> <subparagraph id="id29e72196394148d481a3be989143e67a"><enum>(A)</enum><text>to oversee, in conjunction with the Office of the Chief Financial Officer of the Bank—</text>
<clause id="id36e4fb7b0420421c925f2629c65ac18d"><enum>(i)</enum><text>periodic stress testing on the entire Bank portfolio, reflecting different market, industry, and macroeconomic scenarios, and consistent with common practices of commercial and multilateral development banks; and</text>
</clause><clause id="id9e691777173e46c593d74f353fbedf90"><enum>(ii)</enum><text>the monitoring of industry, geographic, and obligor exposure levels; and</text> </clause></subparagraph><subparagraph id="idbb39f49db0fd4008833762e793d76af4"><enum>(B)</enum><text>to review all required reports on the default rate of the Bank before submission to Congress under section 8(g).</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id968C4CCCA9D34F76B5A410250BE5176A"><enum>(b)</enum><header>Termination of Audit Committee</header><text>Not later than 180 days after the date of the enactment of this Act, the Board of Directors of the Export-Import Bank of the United States shall revise the bylaws of the Bank to terminate the Audit Committee established by section 7 of the bylaws.</text>
</subsection></section><section id="HE41AF2AABBA14898A97295E4FBC381A2"><enum>107.</enum><header>Independent audit of bank portfolio</header>
<subsection id="H6A1092AEBD76429DBACEA6627789EA04"><enum>(a)</enum><header>Audit</header><text display-inline="yes-display-inline">The Inspector General of the Export-Import Bank of the United States shall conduct an audit or evaluation of the portfolio risk management procedures of the Bank, including a review of the implementation by the Bank of the duties assigned to the Chief Risk Officer under section 3(l) of the Export-Import Bank Act of 1945, as amended by section 105.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H4BCBEE199BDA4052AAD5911AAE787133"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than one year after the date of the enactment of this Act, and not less frequently than every 3 years thereafter, the Inspector General 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 containing all findings and determinations made in carrying out subsection (a).</text>
</subsection></section><section id="id9179E306E65F46129508B51F9607C8A3"><enum>108.</enum><header>Pilot program for reinsurance</header>
<subsection id="idb91657b9fbba45f7910b932e983fbfe3"><enum>(a)</enum><header>In general</header><text>Notwithstanding any provision of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635 et seq.</external-xref>), the Export-Import Bank of the United States (in this section referred to as the <quote>Bank</quote>) may establish a pilot program under which the Bank may enter into contracts and other arrangements to share risks associated with the provision of guarantees, insurance, or credit, or the participation in the extension of credit, by the Bank under that Act.</text>
</subsection><subsection id="idcb1d75838d834183b6c66d2b56f73a3a"><enum>(b)</enum><header>Limitations on Amount of Risk-Sharing</header>
<paragraph id="ide887b4e9322044318373a020ab3f0f32"><enum>(1)</enum><header>Per contract or other arrangement</header><text>The aggregate amount of liability the Bank may transfer through risk-sharing pursuant to a contract or other arrangement entered into under subsection (a) may not exceed $1,000,000,000.</text>
</paragraph><paragraph id="id0895d78607bf4168bce3a74c4908f243"><enum>(2)</enum><header>Per year</header><text>The aggregate amount of liability the Bank may transfer through risk-sharing during a fiscal year pursuant to contracts or other arrangements entered into under subsection (a) during that fiscal year may not exceed $10,000,000,000.</text>
</paragraph></subsection><subsection id="id045509d294f14f1fa342971fff2e5018"><enum>(c)</enum><header>Annual reports</header><text>Not later than one year after the date of the enactment of this Act, and annually thereafter through 2019, the Bank shall submit to Congress a written report that contains a detailed analysis of the use of the pilot program carried out under subsection (a) during the year preceding the submission of the report.</text>
</subsection><subsection id="id438fffecec6b4f78bbcb24e129fb309a"><enum>(d)</enum><header>Rule of construction</header><text>Nothing in this section shall be construed to affect, impede, or revoke any authority of the Bank.</text> </subsection><subsection id="id85da2a65c8d84916950c7ba56e0ec66e"><enum>(e)</enum><header>Termination</header><text>The pilot program carried out under subsection (a) shall terminate on September 30, 2019.</text>
</subsection></section><enum>II</enum><header>Promotion of small business exports</header>
<section commented="no" display-inline="no-display-inline" id="id313628672a094b00bf7a79a73d3a9ee4" section-type="subsequent-section"><enum>201.</enum><header>Increase in small business lending requirements</header>
<subsection commented="no" display-inline="no-display-inline" id="id1D0C5C0F707146D8BB7248186C00EE0A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635(b)(1)(E)(v)</external-xref>) is amended by striking <quote>20 percent</quote> and inserting <quote>25 percent</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id4A465A033E9440F294451E49DC5B1C60"><enum>(b)</enum><header display-inline="yes-display-inline">Effective date</header><text display-inline="yes-display-inline">The amendment made by subsection (a) shall apply with respect to fiscal year 2016 and each fiscal year thereafter.</text>
</subsection></section><section id="id7e20ebb4f02a49c8a82decc94c02f981"><enum>202.</enum><header>Report on programs for small and medium-sized businesses</header>
<subsection id="idE2C8C10390F144D79951C27F735B3979"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 8 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635g">12 U.S.C. 635g</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id5610404554F043CBBCC8F30A163B1A57" style="OLC">
<subsection commented="no" display-inline="no-display-inline" id="id17EF352C41524B8FA02FEA332172263B"><enum>(k)</enum><header>Report on Programs for Small and Medium-Sized Businesses</header><text>The Bank shall include in its annual report to Congress under subsection (a) a report on the programs of the Bank for United States businesses with less than $250,000,000 in annual sales.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id740B4CB1855743C1BE3D43C260F7A0FC"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall apply with respect to the report of the Export-Import Bank of the United States submitted to Congress under section 8 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635g">12 U.S.C. 635g</external-xref>) for the first year that begins after the date of the enactment of this Act.</text>
</subsection></section><enum>III</enum><header>Modernization of operations</header>
<section id="HBF3D7F80BEAF4D0A9998A301E829269C"><enum>301.</enum><header>Electronic payments and documents</header><text display-inline="no-display-inline">Section 2(b)(1) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635(b)(1)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id89104032B62A4EDAB55920CE99C401E0" style="OLC">
<subparagraph id="idC2B0F8935348432B9D280EF0F606DE0B" indent="up2"><enum>(M)</enum><text display-inline="yes-display-inline">Not later than 2 years after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, the Bank shall implement policies—</text>
<clause id="idD1CD482D0990407DA1F81D4AB4768621"><enum>(i)</enum><text display-inline="yes-display-inline">to accept electronic documents with respect to transactions whenever possible, including copies of bills of lading, certifications, and compliance documents, in such manner so as not to undermine any potential civil or criminal enforcement related to the transactions; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="id4A8440F74F9040FB843073D2EBFAF91A"><enum>(ii)</enum><text display-inline="yes-display-inline">to accept electronic payments in all of its programs.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HA485D8D4C0AC4267B8003196A32EC65E"><enum>302.</enum><header>Reauthorization of information technology updating</header><text display-inline="no-display-inline">Section 3(j) of the Export-Import Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a">12 U.S.C. 635a(j)</external-xref>) is amended—</text> <paragraph id="H501E030D0ABD4E7EA3EB2501214DD43F"><enum>(1)</enum><text>in paragraph (1), in the matter preceding subparagraph (A), by striking <quote>2012, 2013, and 2014</quote> and inserting <quote>2015 through 2019</quote>;</text>
</paragraph><paragraph id="id297E140CB2C445EC9B65B13E2CDFAA4F"><enum>(2)</enum><text>in paragraph (2)(B), by striking <quote>(I) the funds</quote> and inserting <quote>(i) the funds</quote>; and</text> </paragraph><paragraph id="idDB093FA5ECDB4E43948A6F16B552284A"><enum>(3)</enum><text>in paragraph (3), by striking <quote>2012, 2013, and 2014</quote> and inserting <quote>2015 through 2019</quote>.</text>
</paragraph></section><enum>IV</enum><header>General provisions</header>
<section commented="no" display-inline="no-display-inline" id="H1640698B95794119B01A4892DA9F1686" section-type="subsequent-section"><enum>401.</enum><header display-inline="yes-display-inline">Extension of authority</header>
<subsection commented="no" display-inline="no-display-inline" id="id9B09BE2DF10B428793F6AD80277196D9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 7 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635f">12 U.S.C. 635f</external-xref>) is amended by striking <quote>2014</quote> and inserting <quote>2019</quote>.</text> </subsection><subsection id="idb017d025f52b497693d8f9bbeeac6ac3"><enum>(b)</enum><header>Dual-Use Exports</header><text>Section 1(c) of <external-xref legal-doc="public-law" parsable-cite="pl/103/428">Public Law 103–428</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635</external-xref> note) is amended by striking <quote>September 30, 2014</quote> and inserting <quote>the date on which the authority of the Export-Import Bank of the United States expires under section 7 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635f">12 U.S.C. 635f</external-xref>)</quote>.</text>
</subsection><subsection id="ida27487dabb9d42e684a941c4e1944596"><enum>(c)</enum><header>Sub-Saharan Africa Advisory Committee</header><text>Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635(b)(9)(B)(iii)</external-xref>) is amended by striking <quote>September 30, 2014</quote> and inserting <quote>the date on which the authority of the Bank expires under section 7</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id1CD8948D0AC94D48AD492687B65F49C4"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall take effect on the earlier of the date of the enactment of this Act or June 30, 2015.</text>
</subsection></section><section id="id0FCA24E83787480189EDBDF1C34D3848"><enum>402.</enum><header>Certain updated loan terms and amounts</header>
<subsection id="id390CA00B7D014A2D8D42747760AF83E4"><enum>(a)</enum><header>Loan Terms for Medium-Term Financing</header><text display-inline="yes-display-inline">Section 2(a)(2)(A) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635(a)(2)(A)</external-xref>) is amended—</text> <paragraph id="idDAF28C2D2B5C4243A106225C5190C88D"><enum>(1)</enum><text>in clause (i), by striking <quote>; and</quote> and inserting a semicolon; and</text>
</paragraph><paragraph id="id60D438DA08DA4924A5904C7A0664D1D2"><enum>(2)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="id0294DAE7383A4FF097A3ECC0566CD5DE" style="OLC"> <clause id="idC6CEC5716CDB44B18BD08A1577FFEB78" indent="up1"><enum>(iii)</enum><text display-inline="yes-display-inline">with principal amounts of not more than $25,000,000; and</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idA42F98BBAAF54FB3B640E8976951E243"><enum>(b)</enum><header>Competitive opportunities relating to insurance</header><text display-inline="yes-display-inline">Section 2(d)(2) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635">12 U.S.C. 635(d)(2)</external-xref>) is amended by striking <quote>$10,000,000</quote> and inserting <quote>$25,000,000</quote>.</text> </subsection><subsection commented="no" display-inline="no-display-inline" id="id75758E9DD8D04A03B05A016CC1433A33"><enum>(c)</enum><header>Export amounts for small business loans</header><text display-inline="yes-display-inline">Section 3(g)(3) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a">12 U.S.C. 635a(g)(3)</external-xref>) is amended by striking <quote>$10,000,000</quote> and inserting <quote>$25,000,000</quote>.</text>
</subsection><subsection commented="no" id="idc1eb662e463948eead40d3f2f6aaedef"><enum>(d)</enum><header>Consideration of environmental effects</header><text>Section 11(a)(1)(A) of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/12/635i-5">12 U.S.C. 635i–5(a)(1)(A)</external-xref>) is amended by striking <quote>$10,000,000 or more</quote> and inserting the following: <quote>$25,000,000 (or, if less than $25,000,000, the threshold established pursuant to international agreements, including the Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence, as adopted by the Organisation for Economic Co-operation and Development Council on June 28, 2012, and the risk-management framework adopted by financial institutions for determining, assessing, and managing environmental and social risk in projects (commonly referred to as the <quote>Equator Principles</quote>)) or more</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idCDB8F8918C4146ED960EB27F5C10378D"><enum>(e)</enum><header display-inline="yes-display-inline">Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply with respect to fiscal year 2016 and each fiscal year thereafter.</text>
</subsection></section><enum>V</enum><header>Other matters</header>
<section id="id8F361C7E33A7423996F388B771487D94">
<enum>501.</enum>
<header>Prohibition on discrimination based on industry</header><text display-inline="no-display-inline">Section 2 of the Export-Import Bank Act of 1945 (<external-xref legal-doc="usc" parsable-cite="usc/6/635">6 U.S.C. 635 et seq.</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idAF39D185C5ED44CC8AC63471076A1F5A" style="OLC">
<subsection id="id7746D83632554EAB95084A56405916F1"><enum>(k)</enum><header>Prohibition on discrimination based on industry</header>
<paragraph id="ide1431309450d476aa73fe2adf6244ff4"><enum>(1)</enum><header>In general</header><text>Except as provided in this Act, the Bank may not—</text> <subparagraph id="idd2a8f624f3b24076a8644e7419d545d2"><enum>(A)</enum><text>deny an application for financing based solely on the industry, sector, or business that the application concerns; or</text>
</subparagraph><subparagraph id="id57fecfe9d6f344cba85d70183686744f"><enum>(B)</enum><text>promulgate or implement policies that discriminate against an application based solely on the industry, sector, or business that the application concerns.</text>
</subparagraph></paragraph><paragraph id="ide7c9562dd5b64607829198475a4dc755"><enum>(2)</enum><header>Applicability</header><text>The prohibitions under paragraph (1) apply only to applications for financing by the Bank for projects concerning the exploration, development, production, or export of energy sources and the generation or transmission of electrical power, or combined heat and power, regardless of the energy source involved.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section commented="no" id="H20A0138057B241F9A968A6C7F22C00EE"><enum>502.</enum><header>Negotiations to end export credit financing</header>
<subsection commented="no" id="idE0CE3D084DE74115955E7FFE34A17B19"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 11 of the Export-Import Bank Reauthorization Act of 2012 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a-5">12 U.S.C. 635a–5</external-xref>) is amended—</text> <paragraph commented="no" id="HFBAC60B87AC14A9698DE125C8E083A4C"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="H1E2F34AA3A8F4030AA432850BA01D89D"><enum>(A)</enum><text>in the matter preceding paragraph (1), by striking <quote>Secretary of the Treasury (in this section referred to as the <quote>Secretary</quote>)</quote> and inserting <quote>President</quote>; and</text> </subparagraph><subparagraph id="H5D111851BB1445B5AFB2D7F11AEDDD0E"><enum>(B)</enum><text>in paragraph (1)—</text>
<clause id="idDE3C481DA6904844B9F3B09E27541AD8"><enum>(i)</enum><text>by striking <quote>(OECD)</quote> and inserting <quote>(in this section referred to as the <quote>OECD</quote>)</quote>; and</text> </clause><clause id="idC86A82DB79114320BAB0ACB41651E899"><enum>(ii)</enum><text>by striking <quote>ultimate goal of eliminating</quote> and inserting <quote>possible goal of eliminating, before the date that is 10 years after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>,</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="HD069655020944ABAB87887C6A7772080"><enum>(2)</enum><text>in subsection (b), by striking <quote>Secretary</quote> each place it appears and inserting <quote>President</quote>; and</text> </paragraph><paragraph id="HBFB0F4320A8B4E1ABF70D134D0C1206C"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H1350795DF2C84CB7B4A31447B07606FE" style="OLC">
<subsection id="HD899133496FD4CEB8DF18361ED87546B"><enum>(c)</enum><header>Report on strategy</header><text display-inline="yes-display-inline">Not later than 180 days after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, the President shall submit to Congress a proposal, and a strategy for achieving the proposal, that the United States Government will pursue with other major exporting countries, including OECD members and non-OECD members, to eliminate over a period of not more than 10 years subsidized export-financing programs, tied aid, export credits, and all other forms of government-supported export subsidies.</text>
</subsection><subsection id="H87AF53F519744429B542652D526E5B61"><enum>(d)</enum><header>Negotiations with non-OECD members</header><text display-inline="yes-display-inline">The President shall initiate and pursue negotiations with countries that are not OECD members to bring those countries into a multilateral agreement establishing rules and limitations on officially supported export credits.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H67B586E4674F4CB0BA5857D1FE971F81"><enum>(e)</enum><header>Annual reports on progress of negotiations</header><text>Not later than 180 days after the date of the enactment of the <short-title>Export-Import Bank Reform and Reauthorization Act of 2015</short-title>, and annually thereafter through calendar year 2019, the President 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 progress of any negotiations described in subsection (d).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id6BD52AEBFE4E4F8D93A48C6993924BA9"><enum>(b)</enum><header>Effective date</header><text>The amendments made by paragraphs (1) and (2) of subsection (a) shall apply with respect to reports required to be submitted under section 11(b) of the Export-Import Bank Reauthorization Act of 2012 (<external-xref legal-doc="usc" parsable-cite="usc/12/635a-5">12 U.S.C. 635a–5(b)</external-xref>) after the date of the enactment of this Act.</text>
</subsection></section><section id="HAAD65BC9434E4587A159202FC59503D3"><enum>503.</enum><header>Study of financing for information and communications technology systems</header>
<subsection id="H29A1B0617B2A47619194EE302C690B18"><enum>(a)</enum><header>Analysis of information and communications technology industry use of bank products</header><text display-inline="yes-display-inline">The Export-Import Bank of the United States (in this section referred to as the <quote>Bank</quote>) shall conduct a study of the extent to which the products offered by the Bank are available and used by companies that export information and communications technology services and related goods.</text>
</subsection><subsection id="idAD2D2616023D404E9E71D533B8020C27"><enum>(b)</enum><header>Elements</header><text display-inline="yes-display-inline">In conducting the study required by subsection (a), the Bank shall examine the following:</text>
<paragraph id="H77D05FD9C4E440FC882AF32BE428479F"><enum>(1)</enum><text>The number of jobs in the United States that are supported by the export of information and communications technology services and related goods, and the degree to which access to financing will increase exports of such services and related goods.</text>
</paragraph><paragraph id="H749289F46A674CD0B8F325ABF664C494"><enum>(2)</enum><text display-inline="yes-display-inline">The reduction in the financing by the Bank of exports of information and communications technology services from 2003 through 2014.</text>
</paragraph><paragraph id="HDE87B336FD904CB0ABE37BC804345BC3"><enum>(3)</enum><text>The activities of foreign export credit agencies to facilitate the export of information and communications technology services and related goods.</text>
</paragraph><paragraph id="H751895930DDB4831BC5307840F4A227E"><enum>(4)</enum><text>Specific proposals for how the Bank could provide additional financing for the exportation of information and communications technology services and related goods through risk-sharing with other export credit agencies and other third parties.</text>
</paragraph><paragraph id="H9F5158B19434477A9253D191F7209A30"><enum>(5)</enum><text>Proposals for new products the Bank could offer to provide financing for exports of information and communications technology services and related goods, including—</text>
<subparagraph id="H43265FF403B14B9DB6AAC89709145FD0"><enum>(A)</enum><text>the extent to which the Bank is authorized to offer new products;</text> </subparagraph><subparagraph id="H600F8CB1AA37480F9C3E67EE48D36DC4"><enum>(B)</enum><text>the extent to which the Bank would need additional authority to offer new products to meet the needs of the information and communications technology industry;</text>
</subparagraph><subparagraph id="H4580A4F818394DC4BA075F25B8925BC8"><enum>(C)</enum><text>specific proposals for changes in law that would enable the Bank to provide increased financing for exports of information and communications technology services and related goods in compliance with the credit and risk standards of the Bank;</text>
</subparagraph><subparagraph id="H80CE1EF5E3EF430E908170C87F01AC1A"><enum>(D)</enum><text>specific proposals that would enable the Bank to provide increased outreach to the information and communications technology industry about the products the Bank offers; and</text>
</subparagraph><subparagraph id="H1B71ABE494E3416A82E2DE58D0B9D121"><enum>(E)</enum><text>specific proposals for changes in law that would enable the Bank to provide the financing to build information and communications technology infrastructure, in compliance with the credit and risk standards of the Bank, to allow for market access opportunities for United States information and communications technology companies to provide services on the infrastructure being financed by the Bank.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H167AA944BDC34D28910C64EB22DCB822"><enum>(c)</enum><header>Report</header><text>Not later than 181 days after the date of the enactment of this Act, the Bank shall submit to Congress a report that contains the results of the study required by subsection (a).</text></subsection></section>
October 20, 2015Read the second time and placed on the calendar