Short title

This Act may be cited as the

Export-Import Bank Reauthorization Act of 2011

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 2015.

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).

Marxist-Leninist country defined

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.

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 2015.

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, $110,000,000,000; (G)during fiscal year 2013, $120,000,000,000; (H)during fiscal year 2014, $130,000,000,000; and (I)during fiscal year 2015, $140,000,000,000.

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 4 of Public Law 109–438 (12 U.S.C. 635 note; 108 Stat. 4376) is amended by striking 2011 and inserting 2015.

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.

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.

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.

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-savings 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.

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.

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.

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).

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)(ii) 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.

16.

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 90 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 the exportation of any good or service by a person 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), the President— (I)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)has determined not to initiate, or has terminated, an investigation under section 4(e)(1) of that Act with respect to the person that engaged in that activity pursuant to section 4(e)(3) of that Act; or (III)has determined that the criteria have been met for the exception provided for under section 5(a)(3)(C) of that Act 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 90 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 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)

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(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 an entity 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.