[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1372 Engrossed in Senate (ES)]

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
107th CONGRESS
  2d Session
                                S. 1372

_______________________________________________________________________

                                 AN ACT


 
      To reauthorize the Export-Import Bank of the United States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Export-Import Bank Reauthorization 
Act of 2001''.

SEC. 2. EXTENSION OF AUTHORITY.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2001'' and inserting ``2006''.

SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

    Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of 1945 (12 
U.S.C. 635(b)(9)(B)(iii)) is amended to read as follows:
            ``(iii) The sub-Saharan Africa advisory committee shall 
        terminate on September 30, 2006.''.

SEC. 4. GUARANTEES, INSURANCE, EXTENSION OF CREDIT.

    Section 2(b)(1)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)(A)) is amended--
            (1) in the fourth sentence, by striking ``on an annual 
        basis'' and inserting ``not later than June 30 each year'';
            (2) in the fifth sentence, by inserting ``(including 
        through use of market windows)'' after ``United States 
        exporters''; and
            (3) by inserting after the fifth sentence, the following 
        new sentence: ``With respect to the proceeding sentence, the 
        Bank shall use all available information to estimate the annual 
        amount of export financing available from other governments and 
        government-related agencies.''.

SEC. 5. FINANCING FOR SMALL BUSINESS.

    Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 1945 (12 
U.S.C. 635(b)(1)(E)(v)) is amended by striking ``10'' and inserting 
``18''.

SEC. 6. MARKET WINDOWS.

    The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is 
amended by adding at the end the following new section:

``SEC. 15. MARKET WINDOWS.

    ``(a) Enhanced Transparency.--To ensure that the Bank financing 
remains fully competitive, the United States should seek enhanced 
transparency over the activities of market windows in the OECD Export 
Credit Arrangement. If such transparency indicates that market windows 
are disadvantaging United States exporters, the United States should 
seek negotiations for multilateral disciplines and transparency within 
the OECD Export Credit Arrangement.
    ``(b) Authorization.--The Bank is authorized to provide financing 
on terms and conditions that are inconsistent with those permitted 
under the OECD Export Credit Arrangement--
            ``(1) to match financing terms and conditions that are 
        being offered by market windows on terms that are inconsistent 
        with those permitted under the OECD Export Credit Arrangement, 
        if--
                    ``(A) matching such terms and conditions advances 
                the negotiations for multilateral disciplines and 
                transparency within the OECD Export Credit Arrangement; 
                or
                    ``(B) transparency verifies that the market window 
                financing is being offered on terms that are more 
                favorable than the terms and conditions that are 
                available from private financial markets; and
            ``(2) when the foreign government-supported institution 
        refuses to provide sufficient transparency to permit the Bank 
        to make a determination under paragraph (1).
    ``(c) Definition.--In this section, the term `OECD' means the 
Organization for Economic Cooperation and Development.''.

SEC. 7. INSPECTOR GENERAL OF THE EXPORT-IMPORT BANK.

    (a) Establishment of Position.--Section 11 of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended--
            (1) in paragraph (1), by striking ``or the Board of 
        Directors of the Tennessee Valley Authority;'' and inserting 
        ``the Board of Directors of the Tennessee Valley Authority; or 
        the President of the Export-Import Bank;''; and
            (2) in paragraph (2), by striking ``or the Tennessee Valley 
        Authority;'' and inserting ``the Tennessee Valley Authority, or 
        the Export-Import Bank,''.
    (b) Special Provisions.--The Inspector General Act of 1978 is 
amended--
            (1) by redesignating section 8I as section 8J and inserting 
        after section 8H the following new section:
``Sec.  8I. Special Provisions Relating to the Export-Import Bank of 
              the United States
    ``(a) In General.--The Inspector General of the Export-Import Bank 
shall not prevent or prohibit the Audit Committee from initiating, 
carrying out, or completing any audit or investigation or undertaking 
any other activities in the performance of the duties and 
responsibilities of the Audit Committee, including auditing the 
financial statements of the Export-Import Bank, determining when it is 
appropriate to use independent external auditors, and selecting 
independent external auditors. In carrying out the duties and 
responsibilities of Inspector General, the Inspector General of the 
Export-Import Bank shall not be prevented or prohibited from 
initiating, carrying out, or completing any audit or investigation, or 
from issuing any subpoena during the course of any audit or 
investigation. The Audit Committee shall make available to the 
Inspector General of the Export-Import Bank the reports of all audits 
the Committee undertakes in the discharge of its duties and 
responsibilities.
    ``(b) Audit Committee.--For purposes of this section, the term 
`Audit Committee' means the Audit Committee of the Board of Directors 
of the Export-Import Bank or any successor thereof.'';
            (2) in section 8J (as redesignated), by striking ``or 8H of 
        this Act'' and inserting ``8H, or 8I of this Act''.
    (c) Executive Level IV.--Section 5315 of title 5, United States 
Code, is amended by inserting after the item relating to the Inspector 
General of the Environmental Protection Agency the following:
            ``Inspector General, Export-Import Bank.''.
    (d) Initial Implementation.--Section 9(a)(2) of the Inspector 
General Act of 1978 is amended by inserting ``to the Office of the 
Inspector General,'' after ``(2)''.
    (e) Technical Corrections.--Section 11 of the Inspector General Act 
of 1978 is amended--
            (1) in paragraph (1)--
                    (A) by striking the second semicolon after 
                ``Community Service'';
                    (B) by striking ``and'' after ``Financial 
                Institutions Fund;''; and
                    (C) by striking ``and'' after ``Trust 
                Corporation;''; and
            (2) in paragraph (2), by striking the second comma after 
        ``Community Service''.
    (f) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2002.

            Passed the Senate March 14, 2002.

            Attest:

                                                             Secretary.
107th CONGRESS

  2d Session

                                S. 1372

_______________________________________________________________________

                                 AN ACT

      To reauthorize the Export-Import Bank of the United States.