[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4302 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 4302

To require the Secretary of the Treasury to pursue with other countries 
 the goal of the mutual elimination of government-backed export credit 
agencies, and to provide for the abolishment of the Export-Import Bank 
 of the United States if doing so would not put the United States at a 
                       competitive disadvantage.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 18, 2015

   Mr. Graves of Louisiana introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to pursue with other countries 
 the goal of the mutual elimination of government-backed export credit 
agencies, and to provide for the abolishment of the Export-Import Bank 
 of the United States if doing so would not put the United States at a 
                       competitive disadvantage.

    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 ``Entering Negotiations to Dissolve 
Outdated Financial Agencies Nationalizing Export Related Activities'' 
or the ``END OF AN ERA Act''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) Approximately 80 to 90 percent of world trade relies on 
        trade finance, and the approximate value of the global market 
        for trade finance is $10,000,000,000,000 per year.
            (2) In 2012, export credit agencies in Germany and France 
        extended roughly two-and-a-half times as much export 
        financing--measured as a share of their GDPs--as was extended 
        by the Export-Import Bank of the United States; export credit 
        agencies in China and India provided almost 3 times, and in 
        Korea provided 10 times, as much export financing as was 
        provided by the Export-Import Bank of the United States.
            (3) It is estimated that there are as many as 85 export 
        credit agencies globally.
            (4) In a true free market economy, private sector financing 
        options would negate the need for an export credit agency such 
        as the Export-Import Bank of the United States.
            (5) Unilateral abolishment of the Export-Import Bank of the 
        United States would place United States manufacturing at a 
        global competitive disadvantage.
            (6) The United States historically has led efforts to 
        impose international disciplines on government-backed export 
        credit activity.

SEC. 3. REQUIREMENT TO SEEK NEGOTIATIONS WITH OTHER COUNTRIES FOR THE 
              MUTUAL ELIMINATION OF GOVERNMENT-BACKED EXPORT CREDIT 
              AGENCIES; ANNUAL PROGRESS REPORTS.

    (a) In General.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall seek to enter into negotiations 
with other countries for the mutual elimination of government-backed 
export credit agencies.
    (b) Progress Reports.--The Secretary 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 this Act 
referred to as the ``relevant Committees'') annual reports, in writing, 
of--
            (1) progress made in arranging negotiations described in 
        subsection (a); and
            (2) progress made in any such negotiations, including 
        whether eliminating the Export-Import Bank of the United States 
        (in this Act referred to as the ``Bank'') at the time of the 
        report would put the United States at a competitive 
        disadvantage.

SEC. 4. CERTIFICATION THAT ELIMINATING THE EXPORT-IMPORT BANK OF THE 
              UNITED STATES WILL NOT PUT THE UNITED STATES AT A 
              COMPETITIVE DISADVANTAGE.

    On a determination by the Secretary that the Bank can be eliminated 
in a way that would not put the United States at a competitive 
disadvantage, considering job losses and a decrease in economic 
activity, the Secretary shall submit to the relevant Committees a 
certification of the determination.

SEC. 5. REDUCTIONS OF AUTHORITIES BEFORE ABOLISHMENT.

    (a) In General.--Notwithstanding any other provision of law:
            (1) Termination of authority to accept applications for 
        assistance.--The Bank may not accept an application for a loan, 
        insurance, or a guarantee, or to participate in an extension of 
        credit by another entity, after the date the Secretary provides 
        the certification described in section 4.
            (2) Termination of authority to renew or enter into a 
        contract for the provision of assistance by the bank.--The Bank 
        may not renew or enter into a contract which would obligate the 
        Bank to provide a loan, insurance, or a guarantee, or 
        participate in an extension of credit by another entity, after 
        the date the Secretary provides the certification described in 
        section 4.
    (b) Rule of Interpretation.--Nothing in this section shall be 
construed to extend the expiration date of any authority provided by 
section 7 of the Export-Import Bank Act of 1945.

SEC. 6. ABOLISHMENT OF THE EXPORT-IMPORT BANK OF THE UNITED STATES.

    (a) In General.--Effective on the abolishment date:
            (1) Abolishment.--The Bank is abolished.
            (2) Transfer of functions.--All functions that, immediately 
        before the abolishment date are authorized to be performed by 
        the Bank, the Board of Directors of the Bank, any officer or 
        employee of the Bank acting in that capacity, or any agency or 
        office of the Bank, are transferred to the Secretary.
    (b) Abolishment Date Defined.--In this Act, the term ``abolishment 
date'' means 180 days after the date the Secretary provides the 
certification described in section 4.

SEC. 7. RESOLUTION AND TERMINATION OF BANK FUNCTIONS.

    (a) Resolution of Functions.--The Secretary shall--
            (1) complete the disposition and resolution of functions of 
        the Bank in accordance with this Act; and
            (2) resolve all functions that are transferred to the 
        Secretary under section 6(a)(2).
    (b) Termination of Functions.--All functions that are transferred 
to the Secretary under section 6(a)(2) shall terminate on the date all 
obligations of the Bank, and all obligations of others to the Bank, in 
effect immediately before the abolishment date have been satisfied, as 
determined by the Secretary.
    (c) Report to the Congress.--When the Secretary makes the 
determination described in subsection (b) of this section, the 
Secretary shall report the determination to the Committees referred to 
in section 3(b).

SEC. 8. DUTIES OF THE SECRETARY OF THE TREASURY.

    (a) In General.--The Secretary shall be responsible for the 
implementation of this Act, including--
            (1) the administration and dissolution of all functions 
        transferred to the Secretary under section 6(a)(2);
            (2) the administration and dissolution of any outstanding 
        obligations of the Federal Government under any programs 
        terminated by this Act; and
            (3) taking such other actions as may be necessary to 
        dissolve any outstanding affairs of the Bank.
    (b) Delegation of Functions.--The Secretary may take such actions 
as may be necessary to wind up and dissolve all functions transferred 
to the Secretary under section 6(a)(2).
    (c) Rule of Interpretation.--Nothing in this Act may be construed 
to authorize positions and functions of the Bank after 60 days of 
abolishment.

SEC. 9. CONFORMING AMENDMENTS AND REPEALS.

    (a) Repeal of Primary Authorizing Statute.--The Export-Import Bank 
Act of 1945 (12 U.S.C. 635-635i-9) is hereby repealed.
    (b) Elimination of Related Authorizing Provisions.--
            (1) Section 103 of the International Development and 
        Finance Act of 1989 (12 U.S.C. 635 note; Public Law 101-240) is 
        hereby repealed.
            (2) Section 303 of the Support for East European Democracy 
        (SEED) Act of 1989 (12 U.S.C. 635 note; Public Law 101-179) is 
        hereby repealed.
            (3) Section 1908 of the Export-Import Bank Act Amendments 
        of 1978 (12 U.S.C. 635a-1) is amended--
                    (A) by striking ``(a)''; and
                    (B) by striking subsection (b).
            (4) Sections 1911 and 1912 of the Export-Import Bank Act 
        Amendments of 1978 (12 U.S.C. 635a-2 and 635a-3) are hereby 
        repealed.
            (5) Section 206 of the Bank Export Services Act (12 U.S.C. 
        635a-4) is hereby repealed.
            (6) Sections 1 through 5 of Public Law 90-390 (12 U.S.C. 
        635j through 635n) are hereby repealed.
            (7) Sections 641 through 647 of the Trade and Development 
        Enhancement Act of 1983 (12 U.S.C. 635o-635t) are hereby 
        repealed.
            (8) Section 534 of the Foreign Operations, Export 
        Financing, and Related Programs Appropriations Act, 1990 (12 
        U.S.C. 635g note; Public Law 101-167) is amended by striking 
        subsection (d).
            (9) Section 3302 of the Omnibus Trade and Competitiveness 
        Act of 1988 (12 U.S.C. 635i-3 note; Public Law 100-418) is 
        amended by striking subsection (a).
            (10) Section 1105(a) of title 31, United States Code, is 
        amended by striking paragraph (34) and redesignating the 
        succeeding paragraphs of such section as paragraphs (34) 
        through (38), respectively.
            (11) Section 9101(3) of title 31, United States Code, is 
        amended by striking subparagraph (C).
    (c) Elimination of Related Compensation Provisions.--
            (1) Position at level iii.--Section 5314 of title 5, United 
        States Code, is amended by striking the following item:
    ``President of the Export-Import Bank of Washington.''.
            (2) Positions at level iv.--Section 5315 of title 5, United 
        States Code, is amended--
                    (A) by striking the following item:
    ``First Vice President of the Export-Import Bank of Washington.''; 
and
                    (B) by striking the following item:
    ``Members, Board of Directors of the Export-Import Bank of 
Washington.''.
    (d) Elimination of Office of Inspector General for the Bank.--
Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is 
amended--
            (1) in paragraph (1), by striking ``the President of the 
        Export-Import Bank;''; and
            (2) in paragraph (2), by striking ``the Export-Import 
        Bank,''.
    (e) Effective Date.--The repeals and amendments made by this 
section shall take effect on the abolishment date.
    (f) Report to the Congress on Other Amendments to Federal 
Statute.--The Secretary shall submit to the relevant Committees a 
written report that contains suggestions for such other amendments to 
Federal statutes as may be necessary or appropriate as a result of this 
Act.

SEC. 10. REFERENCES.

    Any reference in any other Federal law, executive order, rule, 
regulation, or delegation of authority, or any document of or 
pertaining to a department or office from which a function is 
transferred by this Act--
            (1) to the head of such department or office is deemed to 
        refer to the head of the department or office to which the 
        function is transferred; or
            (2) to such department or office is deemed to refer to the 
        department or office to which the function is transferred.

SEC. 11. DEFINITIONS.

    In this Act:
            (1) Function.--The term ``function'' includes any duty, 
        obligation, power, authority, responsibility, right, privilege, 
        activity, or program.
            (2) Office.--The term ``office'' includes any office, 
        administration, agency, bureau, institute, council, unit, 
        organizational entity, or component thereof.
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