[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3938 Engrossed Amendment House (EAH)]
In the House of Representatives, U. S.,
December 6, 2006.
Resolved, That the bill from the Senate (S. 3938) entitled ``An Act to
reauthorize the Export-Import Bank of the United States.'', do pass with the
following
AMENDMENT:
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Export-Import Bank
Reauthorization Act of 2006''.
(b) Table of Contents.--
Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Sub-Saharan Africa Advisory Committee.
Sec. 4. Extension of authority to provide financing for the export of
nonlethal defense articles or services the
primary end use of which will be for
civilian purposes.
Sec. 5. Designation of sensitive commercial sectors and products.
Sec. 6. Increasing exports by small business.
Sec. 7. Anti-circumvention.
Sec. 8. Transparency.
Sec. 9. Aggregate loan, guarantee, and insurance authority.
Sec. 10. Tied aid credit program.
Sec. 11. Prohibition on assistance to develop or promote certain
railway connections and railway-related
connections.
Sec. 12. Process for notifying applicants of application status;
implementation of Ex-Im Online.
Sec. 13. Competitiveness initiatives.
Sec. 14. Office of financing for socially and economically
disadvantaged small business concerns and
small business concerns owned by women.
Sec. 15. Governance.
Sec. 16. Sense of Congress regarding multi-buyer insurance and capital
guarantee programs.
Sec. 17. Sense of Congress regarding office of renewable energy
promotion.
Sec. 18. Environmental matters.
Sec. 19. Government Accountability Office study of bank performance
standards for assistance to small
businesses, especially those owned by
social and economically disadvantaged
individuals and those owned by women.
Sec. 20. Reports.
Sec. 21. Study of how Export-Import Bank could assist United States
exporters to meet import needs of new or
impoverished democracies; report.
SEC. 2. EXTENSION OF AUTHORITY.
Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is
amended by striking ``2006'' and inserting ``2011''.
SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.
(a) Extension of Authority.--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 by
striking ``2006'' and inserting ``2011''.
(b) Improved Liaison With African Regional Financial
Institutions.--
(1) Master guarantee agreements.--Within 1 year after the
date of the enactment of this Act, the Export-Import Bank of
the United States shall seek to ensure that there is in effect
a contract between each approved lender in Africa and the Bank,
which sets forth the Bank's guarantee undertakings and related
obligations between the Bank and each lender.
(2) Report on working relationships with the african
development bank, the african export-import bank, and other
institutions.--Section 2(b)(9) of such Act (12 U.S.C.
635(b)(9)) is amended by adding at the end the following:
``(C) The Bank shall include in the annual report to the Congress
submitted under section 8(a) a separate section that contains a report
on the efforts of the Bank to--
``(i) improve its working relationships with the African
Development Bank, the African Export-Import Bank, and other
institutions in the region that are relevant to the purposes of
subparagraph (A) of this paragraph; and
``(ii) coordinate closely with the United States Foreign
Service and Foreign Commercial Service, and with the overall
strategy of the United States Government for economic
engagement with Africa pursuant to the African Growth and
Opportunity Act.''.
(c) Increasing the Number of Qualified African Entities.--Section
2(b)(9) of such Act (12 U.S.C. 635(b)(9)), as amended by subsection
(b), is amended by adding at the end the following:
``(D) Consistent with the requirement that the Bank obtain a
reasonable assurance of repayment in connection with each transaction
the Bank supports, the Bank shall, in consultation with the entities
described in subparagraph (C), seek to qualify a greater number of
appropriate African entities for participation in programs of the
Bank.''.
SEC. 4. EXTENSION OF AUTHORITY TO PROVIDE FINANCING FOR THE EXPORT OF
NONLETHAL DEFENSE ARTICLES OR SERVICES THE PRIMARY END
USE OF WHICH WILL BE FOR CIVILIAN PURPOSES.
Section 1(c) of Public Law 103-428 (12 U.S.C. 635 note; 108 Stat.
4376) is amended by striking ``2001'' and inserting ``2011''.
SEC. 5. DESIGNATION OF SENSITIVE COMMERCIAL SECTORS AND PRODUCTS.
Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)) is amended by adding at the end the following new paragraph:
``(5) Designation of sensitive commercial sectors and
products.--Not later than 120 days after the date of the
enactment of this Act, the Bank shall submit a list to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives, which designates sensitive commercial sectors
and products with respect to which the provision of financing
support by the Bank is deemed unlikely by the President of the
Bank due to the significant potential for a determination that
such financing support would result in an adverse economic
impact on the United States. The President of the Bank shall
review on an annual basis thereafter the list of sensitive
commercial sectors and products and the Bank shall submit an
updated list to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives of such sectors and
products.''.
SEC. 6. INCREASING EXPORTS BY SMALL BUSINESS.
(a) In General.--Section 3 of the Export-Import Bank Act of 1945
(12 U.S.C. 635a) is amended by adding at the end the following:
``(f) Small Business Division.--
``(1) Establishment.--There is established a Small Business
Division (in this subsection referred to as the `Division')
within the Bank in order to--
``(A) carry out the provisions of subparagraphs (E)
and (I) of section 2(b)(1) relating to outreach,
feedback, product improvement, and transaction advocacy
for small business concerns (as defined in section 3(a)
of the Small Business Act);
``(B) advise and seek feedback from small business
concerns on the opportunities and benefits for small
business concerns in the financing products offered by
the Bank, with particular emphasis on conducting
outreach, enhancing the tailoring of products to small
business needs and increasing loans to small business
concerns;
``(C) maintain liaison with the Small Business
Administration and other departments and agencies in
matters affecting small business concerns; and
``(D) provide oversight of the development,
implementation, and operation of technology
improvements to strengthen small business outreach,
including the technology improvement required by
section 2(b)(1)(E)(x).
``(2) Management.--The President of the Bank shall appoint
an officer, who shall rank not lower than senior vice president
and whose sole executive function shall be to manage the
Division. The officer shall--
``(A) have substantial recent experience in
financing exports by small business concerns; and
``(B) advise the Board, particularly the director
appointed under section 3(c)(8)(B) to represent the
interests of small business, on matters of interest to,
and concern for, small business.
``(g) Small Business Specialists.--
``(1) Dedicated personnel.--The President of the Bank shall
ensure that each operating division within the Bank has staff
that specializes in processing transactions that primarily
benefit small business concerns (as defined in section 3(a) of
the Small Business Act).
``(2) Responsibilities.--The small business specialists
shall be involved in all aspects of processing applications for
loans, guarantees, and insurance to support exports by small
business concerns, including the approval or disapproval, or
staff recommendations of approval or disapproval, as
applicable, of such applications. In carrying out these
responsibilities, the small business specialists shall consider
the unique business requirements of small businesses and shall
develop exporter performance criteria tailored to small
business exporters.
``(3) Approval authority.--In an effort to maximize the
speed and efficiency with which the Bank processes transactions
primarily benefitting small business concerns, the small
business specialists shall be authorized to approve
applications for working capital loans and guarantees, and
insurance in accordance with policies and procedures
established by the Board. It is the sense of Congress that the
policies and procedures should not prohibit, where appropriate,
small business specialists from approving applications for
working capital loans and guarantees, and for insurance, in
support of exports which have a value of less than $10,000,000.
``(4) Identification.--The Bank shall prominently identify
the small business specialists on its website and in
promotional material.
``(5) Employee evaluations.--The evaluation of staff
designated by the President of the Bank under paragraph (1),
including annual reviews of performance of duties related to
transactions in support of exports by small business concerns,
and any resulting recommendations for salary adjustments,
promotions, and other personnel actions, shall address the
criteria established pursuant to subsection (h)(2)(B)(iii) and
shall be conducted by the manager of the relevant operating
division following consultation with the officer appointed to
manage the Small Business Division pursuant to subsection
(f)(2).
``(6) Staff recommendations.--Staff recommendations of
denial or withdrawal for medium-term applications, exporter
held multi-buyer policies, single buyer policies, and working
capital applications processed by the Bank shall be transmitted
to the officer appointed to manage the Small Business Division
pursuant to subsection (f)(2) not later than 2 business days
before a final decision.
``(7) Rule of interpretation.--Nothing in this Act shall be
construed to prevent the delegation to the Division of any
authority necessary to carry out subparagraphs (E) and (I) of
section 2(b)(1).
``(h) Small Business Committee.--
``(1) Establishment.--There is established a management
committee to be known as the `Small Business Committee'.
``(2) Purpose and duties.--
``(A) Purpose.--The purpose of the Small Business
Committee shall be to coordinate the Bank's initiatives
and policies with respect to small business concerns
(as defined in section 3(a) of the Small Business Act),
including the timely processing and underwriting of
transactions involving direct exports by small business
concerns, and the development and coordination of
efforts to implement new or enhanced Bank products and
services pertaining to small business concerns.
``(B) Duties.--The duties of the Small Business
Committee shall be determined by the President of the
Bank and shall include the following:
``(i) Assisting in the development of the
Bank's small business strategic plans,
including the Bank's plans for carrying out
section 2(b)(1)(E) (v) and (x), and measuring
and reporting in writing to the President of
the Bank, at least once a year, on the Bank's
progress in achieving the goals set forth in
the plans.
``(ii) Evaluating and reporting in writing
to the President of the Bank, at least once a
year, with respect to--
``(I) the performance of each
operating division of the Bank in
serving small business concerns;
``(II) the impact of processing and
underwriting standards on transactions
involving direct exports by small
business concerns; and
``(III) the adequacy of the
staffing and resources of the Small
Business Division.
``(iii) Establishing criteria for
evaluating the performance of staff designated
by the President of the Bank under subsection
(g)(1).
``(iv) Coordinating the provision of
services with other United States Government
departments and agencies to small business
concerns.
``(3) Composition.--
``(A) Chairperson.--The Chairperson of the Small
Business Committee shall be the officer appointed to
manage the Small Business Division pursuant to
subsection (f)(2). The Chairperson shall have the
authority to call meetings of the Small Business
Committee, set the agenda for Committee meetings, and
request policy recommendations from the Committee's
members.
``(B) Other members.--Except as otherwise provided
in this subsection, the President of the Bank shall
determine the composition of the Small Business
Committee, and shall appoint or remove the members of
the Small Business Committee. In making such
appointments, the President of the Bank shall ensure
that the Small Business Committee is comprised of--
``(i) the senior managing officers
responsible for underwriting and processing
transactions; and
``(ii) other officers and employees of the
Bank with responsibility for outreach to small
business concerns and underwriting and
processing transactions that involve small
business concerns.
``(4) Reporting.--The Chairperson shall provide to the
President of the Bank minutes of each meeting of the Small
Business Committee, including any recommendations by the
Committee or its individual members.''.
(b) Enhance Delegated Loan Authority for Medium Term
Transactions.--
(1) In general.--The Export-Import Bank of the United
States shall seek to expand the exercise of authority under
section 2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(b)(1)(E)(vii)) with respect to medium term
transactions for small business concerns.
(2) Conforming amendment.--Section 2(b)(1)(E)(vii)(III) of
the Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(E)(vii)(III)) is amended by inserting ``or other
financing institutions or entities'' after ``consortia''.
(3) Deadline.--Not later than 180 days after the date of
the enactment of this Act, the Export-Import Bank of the United
States shall make available lines of credit and guarantees to
carry out section 2(b)(1)(E)(vii) of the Export-Import Bank Act
of 1945 pursuant to policies and procedures established by the
Board of Directors of the Export-Import Bank of the United
States.
SEC. 7. ANTI-CIRCUMVENTION.
Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)), as amended by section 5 of this Act, is amended--
(1) by inserting after paragraph (1), the following flush
paragraph:
``In making the determination under subparagraph (B), the Bank
shall determine whether the facility that would benefit from
the extension of a credit or guarantee is reasonably likely to
produce a commodity in addition to, or other than, the
commodity specified in the application and whether the
production of the additional commodity may cause substantial
injury to United States producers of the same, or a similar or
competing, commodity.'';
(2) in paragraph (2), by adding at the end the following:
``(E) Anti-circumvention.--The Bank shall not
provide a loan or guarantee if the Bank determines that
providing the loan or guarantee will facilitate
circumvention of an order or determination referred to
in subparagraph (A).''; and
(3) by adding at the end the following:
``(6) Financial threshold determinations.--For purposes of
determining whether a proposed transaction exceeds a financial
threshold under this subsection or under the procedures or
rules of the Bank, the Bank shall aggregate the dollar amount
of the proposed transaction and the dollar amounts of all loans
and guarantees, approved by the Bank in the preceding 24-month
period, that involved the same foreign entity and substantially
the same product to be produced.''.
SEC. 8. TRANSPARENCY.
(a) In General.--Section 2(e) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(e)), as amended by sections 5 and 7 of this Act, is
amended by adding at the end the following:
``(7) Procedures to reduce adverse effects of loans and
guarantees on industries and employment in united states.--
``(A) Consideration of economic effects of proposed
transactions.--If, in making a determination under this
paragraph with respect to a loan or guarantee, the Bank
conducts a detailed economic impact analysis or similar
study, the analysis or study, as the case may be, shall
include consideration of--
``(i) the factors set forth in
subparagraphs (A) and (B) of paragraph (1); and
``(ii) the views of the public and
interested parties.
``(B) Notice and comment requirements.--
``(i) In general.--If, in making a
determination under this subsection with
respect to a loan or guarantee, the Bank
intends to conduct a detailed economic impact
analysis or similar study, the Bank shall
publish in the Federal Register a notice of the
intent, and provide a period of not less than
14 days (which, on request by any affected
party, shall be extended to a period of not
more than 30 days) for the submission to the
Bank of comments on the economic effects of the
provision of the loan or guarantee, including
comments on the factors set forth in
subparagraphs (A) and (B) of paragraph (1). In
addition, the Bank shall seek comments on the
economic effects from the Department of
Commerce, the Office of Management and Budget,
the Committee on Banking, Housing, and Urban
Affairs of the Senate, and the Committee on
Financial Services of the House of
Representatives.
``(ii) Content of notice.--The notice shall
include appropriate, nonproprietary information
about--
``(I) the country to which the
goods involved in the transaction will
be shipped;
``(II) the type of goods being
exported;
``(III) the amount of the loan or
guarantee involved;
``(IV) the goods that would be
produced as a result of the provision
of the loan or guarantee;
``(V) the amount of increased
production that will result from the
transaction;
``(VI) the potential sales market
for the resulting goods; and
``(VII) the value of the
transaction.
``(iii) Procedure regarding materially
changed applications.--
``(I) In general.--If a material
change is made to an application for a
loan or guarantee from the Bank after a
notice with respect to the intent
described in clause (i) is published
under this subparagraph, the Bank shall
publish in the Federal Register a
revised notice of the intent, and shall
provide for a comment period, as
provided in clauses (i) and (ii).
``(II) Material change defined.--As
used in subclause (I), the term
`material change', with respect to an
application, includes--
``(aa) a change of at least
25 percent in the amount of a
loan or guarantee requested in
the application; and
``(bb) a change in the
principal product to be
produced as a result of any
transaction that would be
facilitated by the provision of
the loan or guarantee.
``(C) Requirement to address views of adversely
affected persons.--Before taking final action on an
application for a loan or guarantee to which this
section applies, the staff of the Bank shall provide in
writing to the Board of Directors the views of any
person who submitted comments pursuant to subparagraph
(B).
``(D) Publication of conclusions.--Within 30 days
after a party affected by a final decision of the Board
of Directors with respect to a loan or guarantee makes
a written request therefor, the Bank shall provide to
the affected party a non-confidential summary of the
facts found and conclusions reached in any detailed
economic impact analysis or similar study conducted
pursuant to subparagraph (B) with respect to the loan
or guarantee, that were submitted to the Board of
Directors.
``(E) Rule of interpretation.--This paragraph shall
not be construed to make subchapter II of chapter 5 of
title 5, United States Code, applicable to the Bank.
``(F) Regulations.--The Bank shall implement such
regulations and procedures as may be appropriate to
carry out this paragraph.''.
(b) Conforming Amendment.--Section 2(e)(2)(C) of such Act (12
U.S.C. 635(e)(2)(C)) is amended by inserting ``of not less than 14 days
(which, on request of any affected party, shall be extended to a period
of not more than 30 days)'' after ``comment period''.
SEC. 9. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.
Subparagraph (E) of section 6(a)(2) of the Export-Import Bank Act
of 1945 (12 U.S.C. 635e(a)(2)) is amended to read as follows:
``(E) during fiscal year 2006, and each fiscal year
thereafter through fiscal year 2011,''.
SEC. 10. TIED AID CREDIT PROGRAM.
(a) In General.--Section 10(b)(5)(B)(ii) of the Export-Import Bank
Act of 1945 (12 U.S.C. 635i-3(b)(5)(B)(ii)) is amended to read as
follows:
``(ii) Process.--In handling individual
applications involving the use or potential use
of the Tied Aid Credit Fund the following
process shall exclusively apply pursuant to
subparagraph (A):
``(I) The Bank shall process an
application for tied aid in accordance
with the principles and standards
developed pursuant to subparagraph (A)
and clause (i) of this subparagraph.
``(II) Twenty days prior to the
scheduled meeting of the Board of
Directors at which an application will
be considered (unless the Bank
determines that an earlier discussion
is appropriate based on the facts of a
particular financing), the Bank shall
brief the Secretary on the application
and deliver to the Secretary such
documents, information, or data as may
reasonably be necessary to permit the
Secretary to review the application to
determine if the application complies
with the principles and standards
developed pursuant to subparagraph (A)
and clause (i) of this subparagraph.
``(III) The Secretary may request a
single postponement of the
consideration by the Board of Directors
of the application for up to 14 days to
allow the Secretary to submit to the
Board of Directors a memorandum
objecting to the application.
``(IV) Case-by-case decisions on
whether to approve the use of the Tied
Aid Credit Fund shall be made by the
Board of Directors, except that the
approval of the Board of Directors (or
a commitment letter based on that
approval) shall not become final
(except as provided in subclause (V)),
if the Secretary indicates to the
President of the Bank in writing the
Secretary's intention to appeal the
decision of the Board of Directors to
the President of the United States and
makes the appeal in writing not later
than 20 days after the meeting at which
the Board of Directors considered the
application.
``(V) The Bank shall not grant
final approval of an application for
any tied aid credit (or a commitment
letter based on that approval) if the
President of the United States, after
consulting with the President of the
Bank and the Secretary, determines
within 30 days of an appeal by the
Secretary under subclause (IV) that the
extension of the tied aid credit would
materially impede achieving the
purposes described in subsection
(a)(6). If no such Presidential
determination is made during the 30-day
period, the approval by the Bank of the
application (or related commitment
letter) that was the subject of such
appeal shall become final.''.
(b) Clarification of Use of Tied Aid Credit Fund to Match.--Section
10 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-3) is
amended--
(1) in subsection (a), in paragraph (6)--
(A) in the matter preceding subparagraph (A), by
inserting ``, including those that are not a party to
the Arrangement,'' after ``countries'';
(B) in subparagraph (B), by adding ``and'' at the
end; and
(C) by inserting after subparagraph (B) the
following:
``(C) promoting compliance with Arrangement rules
among foreign export credit agencies that are not a
party to the Arrangement;''; and
(2) in subsection (b), in paragraph (5)(B)--
(A) in clause (i)--
(i) in subclause (I), by striking ``and''
and by inserting ``, and to seek compliance by
those countries that are not a party to the
Arrangement'' before the period; and
(ii) in subclause (III), by adding at the
end the following: ``In cases where information
about a specific offer of foreign tied aid (or
untied aid used to promote exports as if it
were tied aid) is not available in a timely
manner, or is unavailable because the foreign
export credit agency involved is not subject to
the reporting requirements under the
Arrangement, then the Bank may decide to use
the Tied Aid Credit Fund based on credible
evidence of a history of such offers under
similar circumstances or other forms of
credible evidence.''.
SEC. 11. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE CERTAIN
RAILWAY CONNECTIONS AND RAILWAY-RELATED CONNECTIONS.
Section 2(b) of the Export-Import Act of 1945 (12 U.S.C. 635(b)) is
amended by adding at the end the following new paragraph:
``(13) Prohibition on Assistance To Develop or Promote Certain
Railway Connections and Railway-Related Connections.--The Bank shall
not guarantee, insure, or extend (or participate in the extension of)
credit in connection with the export of any good or service relating to
the development or promotion of any railway connection or railway-
related connection that does not traverse or connect with Armenia and
does traverse or connect Baku, Azerbaijan, Tbilisi, Georgia, and Kars,
Turkey.''.
SEC. 12. PROCESS FOR NOTIFYING APPLICANTS OF APPLICATION STATUS;
IMPLEMENTATION OF EX-IM ONLINE.
Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is
amended by adding at the end the following:
``(g) Process for Notifying Applicants of Application Status.--The
Bank shall establish and adhere to a clearly defined process for--
``(1) acknowledging receipt of applications;
``(2) informing applicants that their applications are
complete or, if incomplete or containing a minor defect, of the
additional material or changes that, if supplied or made, would
make the application eligible for consideration; and
``(3) keeping applicants informed of the status of their
applications, including a clear and timely notification of
approval or disapproval, and, in the case of disapproval, the
reason for disapproval, as appropriate.
``(h) Response to Application for Financing; Implementation of
Online Loan Request and Tracking Process.--
``(1) Response to applications.--Within 5 days after the
Bank receives an application for financing, the Bank shall
notify the applicant that the application has been received,
and shall include in the notice--
``(A) a request for such additional information as
may be necessary to make the application complete;
``(B) the name of a Bank employee who may be
contacted with questions relating to the application;
and
``(C) a unique identification number which may be
used to review the status of the application at a
website established by the Bank.
``(2) Website.--Not later than September 1, 2007, the Bank
shall exercise the authority granted by subparagraphs (E)(x)
and (J) of subsection (b)(1) to establish, and thereafter to
maintain, a website through which--
``(A) Bank products may be applied for; and
``(B) information may be obtained with respect to--
``(i) the status of any such application;
``(ii) the Small Business Division of the
Bank; and
``(iii) incentives, preferences, targets,
and goals relating to small business concerns
(as defined in Section 3(a) of the Small
Business Act), including small business
concerns exporting to Africa.''.
SEC. 13. COMPETITIVENESS INITIATIVES.
(a) Expansion of Scope of Annual Competitiveness Report.--The
Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended by
inserting after section 8 the following:
``SEC. 8A. ANNUAL COMPETITIVENESS REPORT.
``(a) In General.--Not later than June 30 of each year, the Bank
shall submit to the appropriate congressional committees a report that
includes the following:
``(1) Actions of bank in providing financing on a
competitive basis, and to minimize competition in government-
supported export financing.--A description of the actions of
the Bank in complying with the second and third sentences of
section 2(b)(1)(A). In this part of the report, the Bank shall
include a survey of all other major export-financing facilities
available from other governments and government-related
agencies through which foreign exporters compete with United
States exporters (including through use of market windows (as
defined pursuant to section 10(h)(7))) and, to the extent such
information is available to the Bank, indicate in specific
terms the ways in which the Bank's rates, terms, and other
conditions compare with those offered from such other
governments directly or indirectly. With respect to the
preceding sentence, the Bank shall use all available
information to estimate the annual amount of export financing
available from each such government and government-related
agency. In this part of the report, the Bank shall include a
survey of a representative number of United States exporters
and United States commercial lending institutions which provide
export credit on the experience of the exporters and
institutions in meeting financial competition from other
countries whose exporters compete with United States exporters.
``(2) Role of bank in implementing strategic plan prepared
by the trade promotion coordinating committee.--A description
of the role of the Bank in implementing the strategic plan
prepared by the Trade Promotion Coordinating Committee in
accordance with section 2312 of the Export Enhancement Act of
1988.
``(3) Tied aid credit program and fund.--The report
required by section 10(g).
``(4) Purpose of all bank transactions.--A description of
all Bank transactions which shall be classified according to
their principal purpose, such as to correct a market failure or
to provide matching support.
``(5) Efforts of bank to promote export of goods and
services related to renewable energy sources.--A description of
the activities of the Bank with respect to financing renewable
energy projects undertaken under section 2(b)(1)(K), and an
analysis comparing the level of credit extended by the Bank for
renewable energy projects with the level of credit so extended
for the preceding fiscal year.
``(6) Size of bank program account.--A separate section
which--
``(A) compares, to the extent practicable, the size
of the Bank program account with the size of the
program accounts of the other major export-financing
facilities referred to in paragraph (1); and
``(B) makes recommendations, if appropriate, with
respect to the relative size of the Bank program
account, based on factors including whether the size
differences are in the best interests of the United
States taxpayer.
``(7) Co-financing programs of the bank and of other export
credit agencies.--A description of the co-financing programs of
the Bank and of the other major export-financing facilities
referred to in paragraph (1), which includes a list of
countries with which the United States has in effect a
memorandum of understanding relating to export credit agency
co-financing and, if such a memorandum is not in effect with
any country with a major export credit-financing facility, an
explanation of why such a memorandum is not in effect.
``(8) Services supported by the bank and by other export
credit agencies.--A separate section which describes the
participation of the Bank in providing funding, guarantees, or
insurance for services, which shall include appropriate
information on the involvement of the other major export-
financing facilities referred to in paragraph (1) in providing
such support for services, and an explanation of any
differences among the facilities in providing the support.
``(9) Export finance cases not in compliance with the
arrangement.--Detailed information on cases reported to the
Bank of export financing that appear not to comply with the
Arrangement (as defined in section 10(h)(3)) or that appear to
exploit loopholes in the Arrangement for the purpose of
obtaining a commercial competitive advantage. The President of
the Bank, in consultation with the Secretary of the Treasury,
may provide to the appropriate congressional committees the
information required by this subsection in a separate and
confidential report, instead of providing such information in
the report required by this subsection.
``(10) Foreign export credit agency activities not
consistent with the wto agreement on subsidies and
countervailing measures.--A description of the extent to which
the activities of foreign export credit agencies and other
entities sponsored by a foreign government, particularly those
that are not members of the Arrangement (as defined in section
10(h)(3)), appear not to comply with the Arrangement and appear
to be inconsistent with the terms of the Agreement on Subsidies
and Countervailing Measures referred to in section 101(d)(12)
of the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(12)),
and a description of the actions taken by the United States
Government to address the activities. The President of the
Bank, in consultation with the Secretary of the Treasury, may
provide to the appropriate congressional committees, the
information required by this subsection in a separate and
confidential report, instead of providing such information in
the report required by this subsection.
``(b) Inclusion of Additional Comments.--The report required by
subsection (a) shall include such additional comments as any member of
the Board of Directors may submit to the Board for inclusion in the
report.
``(c) Appropriate Congressional Committees.--The term `appropriate
congressional committees' means the Committee on Financial Services of
the House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.''.
(b) Conforming Amendment.--Section 2(b)(1)(A) of such Act (12
U.S.C. 635(b)(1)(A)) is amended by striking all that follows the third
sentence.
(c) Expansion of Countries in Competition With Which the Bank Is to
Provide Export Financing.--Section 2(b)(1)(A) of such Act (12 U.S.C.
635(b)(1)(A)) is amended in the second sentence by inserting ``,
including countries the governments of which are not members of the
Arrangement (as defined in section 10(h)(3))'' before the period.
(d) Sense of Congress Regarding Negotiation of the OECD
Arrangement.--It is the sense of Congress that in the negotiation of
the Arrangement (as defined in section 10(h)(3) of the Export-Import
Bank Act of 1945) the goals of the United States include the following:
(1) Seeking compliance with the Arrangement among countries
with significant export credit programs who are not members of
the Arrangement.
(2) Seeking to identify within the World Trade Organization
the extent to which countries that are not a party to the
Arrangement are not in compliance with the terms of the
Agreement on Subsidies and Countervailing Measures referred to
in section 101(d)(12) of the Uruguay Round Agreements Act (19
U.S.C. 3511(d)(12)) with respect to export finance, and seeking
appropriate action within the World Trade Organization for each
country that is not in such compliance.
(3) Implementing new disciplines on the use of untied aid,
market windows, and other forms of export finance that seek to
exploit loopholes in the Arrangement for purposes of obtaining
a commercial competitive advantage.
SEC. 14. OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY
DISADVANTAGED SMALL BUSINESS CONCERNS AND SMALL BUSINESS
CONCERNS OWNED BY WOMEN.
(a) In General.--Section 3 of the Export-Import Bank Act of 1945
(12 U.S.C. 635a), as added by section 6, is amended by adding at the
end the following:
``(i) Office of Financing for Socially and Economically
Disadvantaged Small Business Concerns and Small Business Concerns Owned
by Women.--
``(1) Establishment.--The President of the Bank shall
establish in the Small Business Division an office whose sole
functions shall be to continue and enhance the outreach
activities of the Bank with respect to, and increase the total
amount of loans, guarantees, and insurance provided by the Bank
to support exports by, socially and economically disadvantaged
small business concerns (as defined in section 8(a)(4) of the
Small Business Act) and small business concerns owned by women.
``(2) Management.--The office shall be managed by a Bank
officer of appropriate rank who shall report to the Bank
officer designated under subsection (f)(2).
``(3) Staffing.--To the maximum extent practicable, the
President of the Bank shall ensure that qualified minority and
women applicants are considered when filling any position in
the office.''.
(b) Financing Directed Toward Small Businesses Owned by Minorities
or Women.--Section 2(b)(1)(E)(v) of such Act (12 U.S.C.
635(b)(1)(E)(v)) is amended by adding at the end the following: ``From
the amount made available under the preceding sentence, it shall be a
goal of the Bank to increase the amount made available to finance
exports directly by small business concerns referred to in section
3(i)(1).''.
SEC. 15. GOVERNANCE.
Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C.
635a(c)) is amended by adding at the end the following:
``(9) At the request of any 2 members of the Board of Directors,
the Chairman of the Board shall place an item pertaining to the
policies or procedures of the Bank on the agenda for discussion by the
Board. Within 30 days after the date such a request is made, the
Chairman shall hold a meeting of the Board at which the item shall be
discussed.''.
SEC. 16. SENSE OF CONGRESS REGARDING MULTI-BUYER INSURANCE AND WORKING
CAPITAL GUARANTEE PROGRAMS.
It is the sense of Congress that the Export-Import Bank of the
United States should seek to expand the number and size of the regional
multi-buyer insurance programs and working capital guarantee programs
operated by, through, or in conjunction with the Bank.
SEC. 17. SENSE OF CONGRESS REGARDING AN OFFICE OF RENEWABLE ENERGY
PROMOTION.
It is the sense of Congress that--
(1) the Export-Import Bank of the United States should
establish, within 2 years of the date of the enactment of this
Act, an Office of Renewable Energy Promotion staffed by
individuals with appropriate expertise in renewable energy
technologies to proactively identify new opportunities for
renewable energy financing and to carry out section 2(b)(1)(K)
of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(K));
(2) in carrying out the purposes of such an Office of
Renewable Energy Promotion, the head of such Office should
consider the recommendations of the Renewable Energy Exports
Advisory Committee of the Bank to promote renewable energy
technologies; and
(3) the Bank should include in its annual report a
description of the activities carried out by such an Office of
Renewable Energy Promotion, including for each year a
description of the amount of credit extended by the Bank for
renewable energy technologies during that year and a comparison
between that amount and the amount of such credit extended by
the Bank in previous years.
SEC. 18. ENVIRONMENTAL MATTERS.
(a) Environmental Representatives on the Advisory Committee.--
Section 3(d) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(d))
is amended--
(1) in paragraph (1)--
(A) in subparagraph (A), by striking ``15'' and
inserting ``17''; and
(B) in subparagraph (B), by inserting
``environment,'' before ``production,''; and
(2) in paragraph (2), by adding at the end the following:
``(C) Not less than 2 members appointed to the Advisory
Committee shall be representative of the environmental
nongovernmental organization community, except that no 2 of the
members shall be from the same environmental organization.''.
(b) Public Disclosure of Certain Documents.--Section 11(a)(1) of
the Export-Import Bank of 1945 (12 U.S.C. 635i-5(a)(1)) is amended by
inserting after the first sentence the following: ``Such procedures
shall provide for the public disclosure of environmental assessments
and supplemental environmental reports required to be submitted to the
Bank, including remediation or mitigation plans and procedures, and
related monitoring reports. The preceding sentence shall not be
interpreted to require the public disclosure of any information
described in section 1905 of title 18, United States Code.''.
SEC. 19. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF BANK PERFORMANCE
STANDARDS FOR ASSISTANCE TO SMALL BUSINESSES, ESPECIALLY
THOSE OWNED BY SOCIALLY AND ECONOMICALLY DISADVANTAGED
INDIVIDUALS AND THOSE OWNED BY WOMEN.
(a) Performance Standards.--The Bank shall develop a set of
performance standards for determining the extent to which the Bank has
carried out successfully subparagraphs (E) and (I) of section 2(b)(1)
of the Export-Import Bank Act of 1945, and the functions described in
subsections (f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of such
Act.
(b) Assessment of Standards.--Within 18 months after the date of
the enactment of this Act, the Comptroller General of the United States
shall transmit to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate--
(1) an assessment of the performance standards developed by
the Bank pursuant to subsection (a); and
(2) using the performance standards developed pursuant to
subsection (a), an assessment of the Bank's efforts to carry
out subparagraphs (E) and (I) of section 2(b)(1) of the Export-
Import Bank Act of 1945, and the functions described in
subsections (f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of
such Act.
SEC. 20. REPORTS.
Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) is
amended by adding at the end the following:
``(f) Additional Reports.--Not later than March 31 of each year,
the Bank shall submit to the Committee on Financial Services of the
House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate reports on--
``(1) the extent to which the Bank has been able to use the
authority provided, and has complied with the mandates
contained, in section 2(b)(1)(E), and to the extent the Bank
has been unable to fully use such authority and comply with
such mandates, a report on the reasons for the Bank's inability
to do so and the steps the Bank is taking to remedy such
inability;
``(2) the extent to which financing has been made available
to small business concerns (described in subsection (e)) to
enable them to participate in exports by major contractors,
including through access to the supply chains of the
contractors through direct or indirect funding;
``(3) the specific measures the Bank will take in the
upcoming year to achieve the small business objectives of the
Bank, including expanded outreach, product improvements, and
related actions;
``(4) the progress made by the Bank in supporting exports
by socially and economically disadvantaged small business
concerns (defined in section 8(a)(4) of the Small Business Act)
and small business concerns (as defined in section 3(a) of the
Small Business Act) owned by women, including estimates of the
amounts made available to finance exports directly by such
small business concerns, a comparison of these amounts with the
amounts made available to all small business concerns, and a
comparison of such amounts with the amounts so made available
during the 2 preceding years;
``(5) with respect to each type of transaction, the
interest and fees charged by the Bank to exporters (including a
description of fees and interest, if any, charged to small
business concerns), buyers, and other applicants in connection
with each financing program of the Bank, and the highest,
lowest, and average fees charged by the Bank for short term
insurance transactions;
``(6) the effects of the fees on the ability of the Bank to
achieve the objectives of the Bank relating to small business;
``(7) the fee structure of the Bank as compared with those
of foreign export credit agencies; and
``(8)(A) the efforts made by the Bank to carry out
subparagraphs (E)(x) and (J) of section 2(b)(1) of the Export-
Import Bank Act of 1945, including the total amount expended by
the Bank to do so; and
``(B) if the Bank has been unable to comply with such
subparagraphs--
``(i) an analysis of the reasons therefor; and
``(ii) what the Bank is doing to achieve, and the
date by which the Bank expects to have achieved, such
compliance.''.
SEC. 21. STUDY OF HOW EXPORT-IMPORT BANK COULD ASSIST UNITED STATES
EXPORTERS TO MEET IMPORT NEEDS OF NEW OR IMPOVERISHED
DEMOCRACIES; REPORT.
(a) Study.--The Export-Import Bank of the United States shall
conduct a study designed to assess the needs of new or impoverished
democracies, such as Liberia and Haiti, for imports from the United
States, and shall determine what role the Bank can play a role in
helping United States exporters seize the opportunities presented by
the need for such imports.
(b) Report to Congress.--Within 12 months after the date of the
enactment of this Act, the Bank shall submit to the Committee on
Financial Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate, in writing, a final
report that contains the results of the study required by subsection
(a).
Attest:
Clerk.
109th CONGRESS
2d Session
S. 3938
_______________________________________________________________________
AMENDMENT