[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5444 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 5444

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 2012

Mr. McDermott introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
      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 2012''.

SEC. 2. EXTENSION OF AUTHORITY.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2011'' and inserting ``2021''.

SEC. 3. FOREIGN CREDIT INSURANCE ASSOCIATION.

    Section 2(b)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)) is amended by striking subparagraph (F).

SEC. 4. TECHNICAL CORRECTION.

    Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of 1945 (12 
U.S.C. 635(b)(2)(B)(ii)) is amended by striking subclauses (I), (IV), 
and (VII) and by redesignating subclauses (II), (III), (V), (VI), 
(VIII), and (IX) as subclauses (I), (II), (III), (IV), (V), and (VI), 
respectively.

SEC. 5. 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 by striking ``2011'' and inserting 
``2021''.

SEC. 6. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.

    Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635e(a)(2)) is amended--
            (1) by striking ``and'' at the end of subparagraph (D);
            (2) by striking ``2011,'' at the end of subparagraph (E) 
        and inserting ``2011, $100,000,000,000;''; and
            (3) by adding at the end the following:
                    ``(F) during fiscal year 2012, $120,000,000,000;
                    ``(G) during fiscal year 2013, $140,000,000,000;
                    ``(H) during fiscal year 2014, $160,000,000,000; 
                and
                    ``(I) during each of fiscal years 2015 through 
                2021, $200,000,000,000.''.

SEC. 7. DUAL USE EXPORTS.

    Section 4 of Public Law 109-438 (12 U.S.C. 635 note; 108 Stat. 
4376) is amended by striking ``2011'' and inserting ``2021''.

SEC. 8. MODIFICATIONS TO PROVISIONS RELATING TO TEXTILES.

    (a) Representation of the Textile Industry on Advisory Committee.--
Section 3(d)(1)(B) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(d)(1)(B)) is amended by striking ``and State government'' and 
inserting ``State government, and the textile industry''.
    (b) Annual Report Regarding Textile and Apparel Goods.--Section 8 
of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) is amended by 
adding at the end the following new subsection:
    ``(g) Textile and Apparel Supply Chain Financing.--The Bank shall 
include in its annual report to the Congress--
            ``(1) a description of the efforts of the Bank to provide 
        financing to the United States textile and apparel industry for 
        exports of textile and apparel goods manufactured in the United 
        States that are used as components in global textile and 
        apparel supply chains; and
            ``(2) the amount of support the Bank provided for the 
        export of textiles and apparel goods for each of the 3 years 
        preceding the report.''.

SEC. 9. REVIEW AND REPORT ON DOMESTIC CONTENT POLICY.

    (a) In General.--The Export-Import Bank of the United States shall 
conduct a review of its domestic content policy for medium- and long-
term transactions. The review shall examine and evaluate the 
effectiveness of the Bank's policy--
            (1) in maintaining and creating jobs in the United States; 
        and
            (2) in contributing to a stronger national economy through 
        the export of goods and services.
    (b) Factors To Consider.--In conducting the review under subsection 
(a), the Bank shall consider the following:
            (1) Whether the domestic content policy accurately captures 
        the costs of United States production of goods and services, 
        including the direct and indirect costs of manufacturing costs, 
        parts, components, materials and supplies, research, planning, 
        engineering, design, development, production, return on 
        investment, marketing and other business costs and the effect 
        of such policy on the maintenance and creation of jobs in the 
        United States.
            (2) The ability of the Bank to provide financing that is 
        competitive with the financing provided by foreign export 
        credit agencies and the impact that such financing has in 
        enabling companies with operations in the United States to 
        contribute to a stronger United States economy by increasing 
        employment through the export of goods and services.
            (3) The effects of the domestic content policy on the 
        manufacturing and service workforce of the United States.
            (4) Any recommendations the members of the Bank's Advisory 
        Committee have regarding the Bank's domestic content policy.
            (5) The effect that changes to the Bank's domestic content 
        requirements would have in providing companies an incentive to 
        create and maintain operations in the United States and to 
        increase jobs in the United States.
    (c) Report.--Not later than 1 year after the date of the enactment 
of this Act, the Bank shall submit a report on the results of the 
review conducted under this section to the Committee on Banking, 
Housing, and Urban Affairs of the Senate, and the Committee on 
Financial Services of the House of Representatives.

SEC. 10. STRATEGIC PLAN.

    Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g), 
as amended by section 8, is further amended by adding at the end the 
following new subsection:
    ``(h) Strategic Plan for the Bank.--
            ``(1) In general.--The Bank shall include in its annual 
        report to the Congress under subsection (a) of this section, 
        not less than every 4 years, beginning in 2012, a 5-year 
        strategic plan that provides--
                    ``(A) a comprehensive mission statement covering 
                the major functions and operations of the Bank;
                    ``(B) general goals and objectives, including 
                outcome-oriented goals, for the major functions of the 
                Bank;
                    ``(C) a description of the Bank's highest-priority 
                goals and how they can be achieved within the 5-year 
                plan period, according to clearly defined milestones; 
                and
                    ``(D) a description of how the goals and objectives 
                incorporate views and suggestions obtained through 
                congressional consultations.
            ``(2) Progress.--The progress the Bank is making in meeting 
        the milestones established by the strategic plan shall be 
        updated in each annual report the Bank submits to the Congress.
            ``(3) Availability of annual report.--The Bank shall make 
        its annual report available on its public website.''.

SEC. 11. REVIEW AND REPORT ON BANK'S INFORMATION TECHNOLOGY 
              INFRASTRUCTURE.

    (a) In General.--Not later than 180 days after the date of the 
enactment of this Act, the Export-Import Bank of the United States 
shall conduct a review of the Bank's information technology 
infrastructure and report to Congress on--
            (1) how the Bank will modernize and continue to maintain 
        the technology infrastructure, taking into consideration 
        commercially available technologies or other cost-saving 
        measures; and
            (2) how modernization, maintenance, and other cost-saving 
        measures will result--
                    (A) in improved service delivery to customers of 
                the Bank;
                    (B) in generally improving the Bank's performance; 
                and
                    (C) in mitigating taxpayer exposure to losses.

SEC. 12. STUDY BY THE COMPTROLLER GENERAL ON RISK MANAGEMENT.

    (a) In General.--Not later than 18 months after the date of the 
enactment of this Act, the Comptroller General of the United States 
shall complete and submit to the Export-Import Bank of the United 
States, the Committee on Banking, Housing, and Urban Affairs of the 
Senate, and the Committee on Financial Services of the House of 
Representatives a report--
            (1) on the financial position of the Bank and the risks it 
        poses for American taxpayers; and
            (2) that contains recommendations to the Bank on how to 
        properly account for risk and ensure the solvency of the Bank.
    (b) Report.--The report submitted under subsection (a) shall 
evaluate--
            (1) the effectiveness of the Bank's risk management;
            (2) the adequacy of the Bank's loan loss reserves;
            (3) the exposure and potential for exposure to losses from 
        each of the products offered by the Bank;
            (4) the overall risk of the Bank's portfolio, taking into 
        account--
                    (A) market risk;
                    (B) credit risk;
                    (C) political risk;
                    (D) industry-concentration risk;
                    (E) geographic-concentration risk;
                    (F) obligor-concentration risk; and
                    (G) foreign-currency risk;
            (5) the Bank's use of historical default and recovery rates 
        to calculate future program costs, taking into consideration 
        cost estimates determined under the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661 et seq.) and whether discount rates 
        applied to cost estimates should reflect the risks described in 
        paragraph (4);
            (6) the fees charged by the Bank for the products the Bank 
        offers, whether the Bank's fees properly reflect the risks 
        described in paragraph (4), and how the fees are affected by 
        United States participation in international agreements; and
            (7) whether the Bank's loan loss reserves policy is 
        sufficient to cover the risks described in paragraph (4).
    (c) Recommendations and Report by the Bank.--If the Bank does not 
adopt the recommendations provided under subsection (a) by the 
Comptroller General, the Bank shall submit to Congress, not later than 
60 days after the Bank receives the report, a report on why the Bank 
has not adopted the recommendations.

SEC. 13. RENEWABLE ENERGY AND ENERGY EFFICIENCY TECHNOLOGIES.

    (a) In General.--The Export-Import Bank of the United States should 
work to increase the export of renewable energy technologies and end-
use energy efficiency technologies with a goal of significantly 
expanding, year-after-year, the Bank's annual aggregate loan, 
guarantee, and insurance authorizations supporting those technologies.
    (b) Increased Reporting Requirements.--The Export-Import Bank of 
the United States shall include in its annual report to the Congress an 
analysis of any barriers to realizing the Bank's congressional 
directive to increase the Bank's financing for renewable energy 
technology and end-use energy efficiency technology and any tools the 
Bank needs to assist the Bank in overcoming those barriers. The 
analysis shall include barriers such as--
            (1) inadequate staffing;
            (2) inadequate financial products;
            (3) lack of capital authority; and
            (4) limitations imposed by domestic markets.

SEC. 14. TRANSPARENCY AND ACCOUNTABILITY OF BANK FINANCING.

    Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)) is amended by inserting after paragraph (3) the following new 
paragraph:
    ``(3A) Transparency and Accountability of Bank Financing.--
            ``(A) Preapproval notice.--Not later than 14 days before 
        any meeting of the Board of Directors for final approval of a 
        transaction the value of which exceeds $100,000,000, and 
        concurrent with any statement required to be submitted under 
        paragraph (3) with respect to the transaction, the Bank shall 
        post a notice on the Bank's website that includes--
                    ``(i) a description of the transaction proposed to 
                be financed;
                    ``(ii) the identities of the obligor, principal 
                supplier, and guarantor involved in the transaction; 
                and
                    ``(iii) a description of any item with respect to 
                which Bank financing is being sought.
            ``(B) Manner of disclosure.--Any information required to be 
        disclosed under subparagraph (A) shall be disclosed in a manner 
        that does not disclose any information that is confidential or 
        proprietary business information, that would violate section 
        1905 of title 18, United States Code (commonly referred to as 
        the `Trade Secrets Act'), or that would jeopardize jobs in the 
        United States by supplying information which competitors could 
        use to compete with companies in the United States.
            ``(C) Post consideration.--Not later than 30 days after the 
        final approval of a transaction the value of which exceeds 
        $100,000,000, the Bank shall post a notice on the Bank's 
        website that includes the information required under 
        subparagraph (A) in a manner that complies with subparagraph 
        (B).''.

SEC. 15. ANNUAL COMPETITIVENESS REPORT.

    Section 8A(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635g-1(a)) is amended by adding at the end the following:
            ``(11) Case processing.--A separate section detailing the 
        Bank's annual survey of exporters, financial institutions, and 
        brokers regarding the Bank's processing of transactions, 
        timeliness in reviewing transactions and processing 
        applications, adherence to financial standards, clarity and 
        ease of use of applications, and general customer service 
        during the application and approval process for each of the 
        Bank's major programs.
            ``(12) Operations.--A separate section detailing the Bank's 
        annual survey of exporters, financial institutions, and brokers 
        regarding the Bank's documentation requirements, 
        certifications, and processing of applications for medium- and 
        long-term program transactions compared to the processing of 
        applications by other export credit agencies.
            ``(13) Process improvement.--A description of the 
        recommendations made by the Bank's Advisory Committee and the 
        advisory committee on Sub-Saharan Africa established under 
        section 2(b)(9)(B) regarding improving the Bank's processing of 
        transactions and customer service. The Bank shall make every 
        reasonable effort to act on the recommendations of the advisory 
        committees and shall include a separate section detailing the 
        actions taken by the Bank to comply with the 
        recommendations.''.

SEC. 16. ANNUAL REPORT ON INTERNATIONAL COMPETITIVENESS AND IMPACT ON 
              JOBS OF THE EXPORT-IMPORT BANK.

    Not later than 270 days after the date of the enactment of this 
Act, the Comptroller General shall issue a report describing the 
following:
            (1) The ways in which the Export-Import Bank of the United 
        States compares to the export credit agencies of all the other 
        developed and middle-income countries that have such agencies, 
        including the industries covered, the amount of financing 
        provided by the agencies as compared to the total value of 
        exports, the quality of packaging of financing and the effects 
        of the support on completed competitive transactions, the 
        overall level and types of support offered by the agencies, and 
        the policy direction of each such country with respect to its 
        export credit agency and their support of their domestic export 
        promotion compared to those services provided by the Export-
        Import Bank of the United States; and
            (2) The estimated net gains in employment in the United 
        States enabled by the support provided by the Export-Import 
        Bank of the United States on an annual basis, by sector and, to 
        the extent possible, by State.

SEC. 17. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN 
              SANCTIONABLE ACTIVITIES WITH RESPECT TO IRAN.

    (a) Prohibition on Financing for Persons That Engage in Certain 
Sanctionable Activities.--
            (1) In general.--Beginning on the date that is 180 days 
        after the date of the enactment of this Act, the Board of 
        Directors of the Export-Import Bank of the United States may 
        not approve any transaction that is subject to approval by the 
        Board with respect to the provision by the Bank of any 
        guarantee, insurance, or extension of credit, or the 
        participation by the Bank in any extension of credit, to a 
        person in connection with the exportation of any good or 
        service unless the person makes the certification described in 
        paragraph (2).
            (2) Certification described.--The certification described 
        in this paragraph is a certification by a person--
                    (A) that neither the person nor any other person 
                owned or controlled by the person--
                            (i) engages in any activity described in 
                        section 5(a) of the Iran Sanctions Act of 1996 
                        (Public Law 104-172; 50 U.S.C. 1701 note) for 
                        which the person may be subject to sanctions 
                        under that Act;
                            (ii) exports sensitive technology, as 
                        defined in section 106 of the Comprehensive 
                        Iran Sanctions, Accountability, and Divestment 
                        Act of 2010 (22 U.S.C. 8515), to Iran; or
                            (iii) engages in any activity prohibited by 
                        part 560 of title 31, Code of Federal 
                        Regulations (commonly known as the ``Iranian 
                        Transactions Regulations''), unless the 
                        activity is disclosed to the Office of Foreign 
                        Assets Control of the Department of the 
                        Treasury when the activity is discovered; or
                    (B) if the person or any other person owned or 
                controlled by the person has engaged in an activity 
                described in subparagraph (A), that--
                            (i) in the case of an activity described in 
                        subparagraph (A)(i)--
                                    (I) the President has waived the 
                                imposition of sanctions with respect to 
                                the person that engaged in that 
                                activity pursuant to section 4(c), 
                                6(b)(5), or 9(c) of the Iran Sanctions 
                                Act of 1996 (Public Law 104-172; 50 
                                U.S.C. 1701 note);
                                    (II)(aa) the President has invoked 
                                the special rule described in section 
                                4(e)(3) of that Act with respect to the 
                                person that engaged in that activity; 
                                or
                                    (bb)(AA) the person that engaged in 
                                that activity determines, based on its 
                                best knowledge and belief, that the 
                                person meets the criteria described in 
                                subparagraph (A) of such section 
                                4(e)(3) and has provided to the 
                                President the assurances described in 
                                subparagraph (B) of that section; and
                                    (BB) the Secretary of State has 
                                issued an advisory opinion to that 
                                person that the person meets such 
                                criteria and has provided to the 
                                President those assurances; or
                                    (III) the President has determined 
                                that the criteria have been met for the 
                                exception provided for under section 
                                5(a)(3)(C) of the Iran Sanctions Act of 
                                1996 to apply with respect to the 
                                person that engaged in that activity; 
                                or
                            (ii) in the case of an activity described 
                        in subparagraph (A)(ii), the President has 
                        waived, pursuant to section 401(b)(1) of the 
                        Comprehensive Iran Sanctions, Accountability, 
                        and Divestment Act of 2010 (22 U.S.C. 
                        8551(b)(1)), the application of the prohibition 
                        under section 106(a) of that Act (22 U.S.C. 
                        8515(a)) with respect to that person.
    (b) Prohibition on Financings.--Beginning on the date that is 180 
days after the date of the enactment of this Act, the Board of 
Directors of the Export-Import Bank of the United States may not 
approve any transaction that is subject to approval by the Board with 
respect to the provision by the Bank of any guarantee, insurance, or 
extension of credit, or the participation by the Bank in any extension 
of credit, in connection with a financing in which a person that is a 
borrower or controlling sponsor, or a person that is owned or 
controlled by such borrower or controlling sponsor, is subject to 
sanctions under section 5(a) of the Iran Sanctions Act of 1996 (Public 
Law 104-172; 50 U.S.C. 1701 note).
    (c) Advisory Opinions.--
            (1) Authority.--The Secretary of State is authorized to 
        issue advisory opinions described in subsection 
        (a)(2)(B)(i)(II).
            (2) Notice to congress.--If the Secretary issues an 
        advisory opinion pursuant to paragraph (1), the Secretary shall 
        notify the appropriate congressional committees of the opinion 
        not later than 30 days after issuing the opinion.
    (d) Definitions.--In this section:
            (1) Appropriate congressional committees; person.--The 
        terms ``appropriate congressional committees'' and ``person'' 
        have the meanings given those terms in section 14 of the Iran 
        Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 
        note).
            (2) Controlling sponsor.--The term ``controlling sponsor'' 
        means a person providing controlling direct private equity 
        investment (excluding investments made through publicly held 
        investment funds, publicly held securities, public offerings, 
        or similar public market vehicles) in connection with a 
        financing.
                                 <all>