[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 597 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 597

  To reauthorize the Export-Import Bank of the United States, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2015

 Mr. Fincher (for himself, Mr. Wilson of South Carolina, Mr. Aderholt, 
 Mr. Hunter, Mr. Stivers, Mr. Collins of New York, Mr. Rodney Davis of 
 Illinois, Mr. Dold, Mr. Cole, Mr. Hultgren, Mr. Lucas, Mr. Pitts, Mr. 
  Reed, Mrs. Wagner, Mr. Bost, Mr. Harper, Mr. King of New York, Mr. 
Newhouse, Mr. Tiberi, Mr. Gibbs, Mr. Crenshaw, Mr. Long, Mr. Rogers of 
    Alabama, Mr. Amodei, Mrs. Walorski, Mr. Graves of Missouri, Mr. 
Boustany, Mr. Joyce, Mr. Rice of South Carolina, Mr. Mica, Mr. Bucshon, 
Mr. Meehan, Mr. Costello of Pennsylvania, Mr. Thompson of Pennsylvania, 
   Mr. Turner, Mr. Gibson, Mr. Hanna, Mr. Kelly of Pennsylvania, Mr. 
  MacArthur, Mr. Shimkus, Mr. Barletta, Mr. Cramer, Mr. Shuster, Mr. 
Reichert, Mr. LoBiondo, Mr. Kinzinger of Illinois, Mr. Johnson of Ohio, 
  Mr. Marino, Mr. Mullin, Ms. Stefanik, Mr. Katko, Mr. Crawford, Mr. 
 Jolly, Mr. Calvert, Mrs. Comstock, Mr. Schock, Mrs. Hartzler, and Mr. 
   Valadao) 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, and for 
                            other purposes.

    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 ``Reform Exports and Expand the 
American Economy Act''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
TITLE I--IMPROVING TRANSPARENCY OF THE EXPORT-IMPORT BANK OF THE UNITED 
                                 STATES

Sec. 101. Making the Office of Ethics statutory.
Sec. 102. Review of fraud controls.
Sec. 103. Review of Bank product pricing and credit standards to avoid 
                            crowding out of private export finance.
Sec. 104. Prohibited countries.
Sec. 105. Independent audit by the Comptroller General.
Sec. 106. Employee certification and financial disclosure.
Sec. 107. Study of financing for information and communications 
                            technology systems.
Sec. 108. Electronic payments and documents.
Sec. 109. Parallel GAAP reporting.
Sec. 110. Making the Bank the lender of last resort for loans, 
                            attempting private financing first.
Sec. 111. Audit committee.
Sec. 112. Report on privatizing the Bank.
Sec. 113. Independent audit of bank portfolio.
TITLE II--IMPROVING THE ACCOUNTABILITY OF THE EXPORT-IMPORT BANK OF THE 
                             UNITED STATES

Sec. 201. Earnings retention.
Sec. 202. Office of the President and term limits.
Sec. 203. Repayment as priority.
Sec. 204. Negotiations to end export credit financing.
Sec. 205. Limitations on outstanding loans, guarantees, and insurance.
Sec. 206. Credit risk.
Sec. 207. Chief Risk Officer.
Sec. 208. Participation and risk-sharing by private sector lenders and 
                            exporters.
Sec. 209. Reauthorization of information technology updating.
                         TITLE III--JOB GROWTH

Sec. 301. Extension of authority.
Sec. 302. Dual use exports.
Sec. 303. Small business and medium-sized enterprises reports.
Sec. 304. Medium-sized enterprises.
Sec. 305. Extension of suspension of supplemental guidelines for high 
                            carbon intensity projects.
Sec. 306. Updated definition of loan terms.
Sec. 307. Updated loan amounts.
Sec. 308. Updated environmental effects consideration.
Sec. 309. Updated export amounts.
Sec. 310. Inflation adjustment.

TITLE I--IMPROVING TRANSPARENCY OF THE EXPORT-IMPORT BANK OF THE UNITED 
                                 STATES

SEC. 101. MAKING THE OFFICE OF ETHICS STATUTORY.

    Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is 
amended by adding at the end the following:
    ``(k) Office of Ethics.--
            ``(1) Establishment.--There is hereby established an Office 
        of Ethics within the Bank, which shall oversee all ethics 
        issues within the Bank.
            ``(2) Head of office.--The head of the Office of Ethics 
        shall be the Chief Ethics Officer, who shall be appointed by 
        the Board of Directors of the Bank, within 180 days after the 
        date of the enactment of this paragraph, from among persons 
        with a background in law who have experience in the fields of 
        law and ethics, including the individual serving as a 
        designated agency ethics official for the Bank pursuant to 
        Ethics in Government Act of 1978. The Chief Ethics Officer 
        shall report to the Board.
            ``(3) Duties.--The Office of Ethics has jurisdiction over 
        all employees and contractors of, and matters relating to, the 
        Bank. With respect to employees and contractors of the Bank, 
        the Office of Ethics may--
                    ``(A) recommend administrative actions to establish 
                or enforce standards of official conduct;
                    ``(B) investigate alleged violations of the Code of 
                Official Conduct or of any applicable rules, laws, or 
                regulations governing the performance of official 
                duties or the discharge of official responsibilities;
                    ``(C) report to appropriate Federal or State 
                authorities substantial evidence of a violation of any 
                law applicable to the performance of official duties 
                that may have been disclosed in an Office of Ethics 
                investigation, subject to approval of the report by an 
                affirmative vote of a majority of the Board of 
                Directors of the Bank; and
                    ``(D) render advisory opinions regarding the 
                propriety of any current or proposed conduct of 
                employee or contractor of the Bank, and issue general 
                guidance on such matters as necessary.''.

SEC. 102. REVIEW OF FRAUD CONTROLS.

    Section 17(b) of the Export-Import Bank Reauthorization Act of 2012 
(12 U.S.C. 635a-6(b)) is amended to read as follows:
    ``(b) Review of Fraud Controls.--Not less frequently than every 4 
years, the Comptroller General of the United States shall--
            ``(1) review the adequacy of the design and effectiveness 
        of the controls used by the Export-Import Bank of the United 
        States to prevent, detect, and investigate fraudulent 
        applications for loans and guarantees and the compliance by the 
        Bank with the controls, including by auditing a sample of Bank 
        transactions, and
            ``(2) submit to the Committees on Financial Services and 
        Appropriations of the House of Representatives and the 
        Committees on Banking, Housing, and Urban Affairs and 
        Appropriations of the Senate a written report regarding the 
        findings of the review and providing such recommendations with 
        respect to the controls as the Comptroller General deems 
        appropriate.''.

SEC. 103. REVIEW OF BANK PRODUCT PRICING AND CREDIT STANDARDS TO AVOID 
              CROWDING OUT OF PRIVATE EXPORT FINANCE.

    Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) is 
amended by adding at the end the following:
    ``(k) Reports on Private Export Financing and Bank Pricing and 
Credit Standards.--
            ``(1) Private export financing.--The Board of Governors of 
        the Federal Reserve System shall issue a semiannual report to 
        the Congress on the terms and conditions (including interest 
        rates, maturities, and credit standards) that apply in the 
        provision of export finance by private financial institutions.
            ``(2) Bank pricing and credit standards.--The Bank shall 
        issue an annual report to the Congress on the steps taken by 
        the Bank to adjust the pricing of products offered, and the 
        credit standards used, by the Bank to avoid crowding out 
        private export finance.''.

SEC. 104. PROHIBITED COUNTRIES.

    Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g), 
as amended by section 103 of this Act, is amended by adding at the end 
the following:
    ``(l) Recommendations Regarding Prohibited Countries.--The Board of 
Directors of the Bank, in consultation with Congress, the President, 
and the Secretary of State, shall develop recommendations annually 
regarding the countries with whom and in which the Bank should not be 
doing business, and the Bank shall include the recommendations in its 
annual report to the Congress under subsection (a).''.

SEC. 105. INDEPENDENT AUDIT BY THE COMPTROLLER GENERAL.

    Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(c)) is amended by redesignating paragraph (10) as paragraph (11) 
and inserting after paragraph (9) the following:
    ``(10) Independent Audit by the Comptroller General.--
            ``(A) Annual audit.--The Comptroller General of the United 
        States shall, before the end of the 1-year period beginning on 
        the date of the enactment of this paragraph and each year 
        thereafter, carry out an audit of the Bank's loan, guarantee, 
        insurance, and credit programs.
            ``(B) Report.--At the completion of each audit required 
        under subparagraph (A), the Comptroller General shall issue a 
        report to the Bank and the Congress containing--
                    ``(i) all findings and determinations made in 
                carrying out the audit; and
                    ``(ii) any recommendations that the Comptroller 
                General may have--
                            ``(I) to assist the Bank in fulfilling the 
                        accounting and reporting responsibilities of 
                        the Bank;
                            ``(II) to ensure that the Bank has adequate 
                        administrative and financial controls; and
                            ``(III) with respect to procedures for the 
                        internal audit functions of, and the use of 
                        independent accountants by the Bank.''.

SEC. 106. EMPLOYEE CERTIFICATION AND FINANCIAL DISCLOSURE.

    Section 3(e) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(e)) is amended by adding at the end the following:
            ``(3) Ethics.--
                    ``(A) Code of ethics.--
                            ``(i) In general.--The Chief Ethics Officer 
                        shall draft a Code of Ethics that sets out 
                        strict and definite standards of official 
                        conduct for all Bank directors, officers, and 
                        employees, which Code shall include a policy 
                        that prohibits conflicts of interest, as 
                        described in paragraph (1) of this subsection, 
                        and other policies, prohibitions, and 
                        restrictions that the Chief Ethics Officer 
                        deems appropriate.
                            ``(ii) Considerations.--In drafting the 
                        Code of Ethics, the Chief Ethics Officer shall 
                        consider the Principles of Ethical Conduct for 
                        Government Officers and Employee set forth in 
                        Executive Order 12731 (Oct. 17, 1990).
                            ``(iii) Consistency with ethics in 
                        government act of 1978.--The Chief Ethics 
                        Officer shall ensure that the Code of Ethics is 
                        consistent with the Ethics in Government Act of 
                        1978 and the regulations promulgated under such 
                        Act.
                            ``(iv) Effectiveness; amendment.--The Code 
                        of Ethics (and an amendment to the Code) shall 
                        take effect on approval by the Board. The Code 
                        of Ethics may be amended only on the 
                        recommendation of the Chief Ethics Officer.
                            ``(v) Annual employee certifications.--The 
                        Board, in consultation with the Chief Ethics 
                        Officer, shall implement a policy that requires 
                        all Bank directors, officers, and employees to 
                        certify annually that they have read, 
                        understand, and complied with and will continue 
                        to comply with the Code of Ethics. The annual 
                        certifications shall contain a statement that 
                        notifies the signatory that section 1001 of 
                        title 18, United States Code, applies to the 
                        certification.
                    ``(B) Financial disclosure.--
                            ``(i) In general.--Within 180 days after 
                        the date of the enactment of this paragraph, 
                        the Board, in consultation with the Chief 
                        Ethics Officer, shall prepare a financial 
                        disclosure form for Covered Individuals, which 
                        form shall--
                                    ``(I) require information about 
                                assets, income, debts, and any other 
                                financial information that the Board 
                                deems appropriate for ensuring that a 
                                Covered Individual is in compliance 
                                with the Code of Ethics established 
                                under subparagraph (A); and
                                    ``(II) be no less extensive than 
                                financial reports required to be filed 
                                under title I of the Ethics in 
                                Government Act of 1978 and the 
                                regulations promulgated under such Act.
                            ``(ii) Financial reporting policy.--The 
                        Board, in consultation with the Chief Ethics 
                        Officer, shall implement a policy that--
                                    ``(I) requires each Covered 
                                Individual and the spouse of the 
                                Covered Individual to annually complete 
                                the financial disclosure form and 
                                submit the completed form to the 
                                General Counsel or his or her designee 
                                for review; and
                                    ``(II) allows any Covered 
                                Individual who is required to file 
                                financial reports under title I of the 
                                Ethics in Government Act of 1978 or any 
                                other Federal law to file the financial 
                                reports under such title or other law 
                                in lieu of the financial disclosure 
                                form described in this subparagraph, 
                                but the Board may require those who do 
                                so to supplement the financial report 
                                with all information required to be 
                                disclosed under this subparagraph.
                            ``(iii) Covered individual defined.--In 
                        this subparagraph, the term `Covered 
                        Individual' means any Bank director, officer, 
                        employee, or contractor with the ability to 
                        affect any Bank decision relating to financing, 
                        funding, insuring, or otherwise providing 
                        backing to any company or project.
                            ``(iv) Availability of completed financial 
                        disclosure forms.--
                                    ``(I) In general.--The Bank shall 
                                make completed financial disclosure 
                                forms available to the Office of 
                                Inspector General for the Bank.
                                    ``(II) Prohibitions.--A completed 
                                financial disclosure form shall not be 
                                made available--
                                            ``(aa) to another Bank 
                                        director, officer, employee, 
                                        attorney, or agent, except as 
                                        necessary to ensure compliance 
                                        of a Covered Individual with 
                                        this subparagraph, the Code of 
                                        Ethics, or any applicable law; 
                                        or
                                            ``(bb) to the public.
                    ``(C) Rule of interpretation.--Nothing in this 
                paragraph shall supersede, modify, change, or otherwise 
                affect any requirement, procedure, or restriction 
                applicable to a Bank employee, officer, or director 
                under the Ethics in Government Act of 1978 that applies 
                in addition to the requirements, procedures, and 
                restrictions applicable to a Bank employee, officer, or 
                director under this paragraph.''.

SEC. 107. STUDY OF FINANCING FOR INFORMATION AND COMMUNICATIONS 
              TECHNOLOGY SYSTEMS.

    (a) Analysis of the Information and Communications Technology 
Industry Use of Bank Products.--The Export-Import Bank of the United 
States (in this section referred to as the ``Bank'') shall conduct a 
study of the extent to which the products offered by the Bank are 
available and used by companies that export services and related goods. 
In conducting the study, the Bank shall examine the following:
            (1) The impediments to the use of Bank products by the 
        companies.
            (2) The number of jobs in the United States that are 
        supported by the export of goods and services, and the degree 
        to which access to financing will increase exports.
            (3) The reduction in the financing by the Bank of 
        information and communications technology (in this section 
        referred to as ``ICT'') services from 2003 through 2013.
            (4) The impediments posed by local content requirements to 
        ICT companies that seek to use a Bank product.
            (5) The activities of foreign export credit agencies to 
        facilitate the export of ICT goods and services.
            (6) Specific proposals for how the Bank, using its 
        authority and products, could provide additional financing for 
        ICT goods and services, including through risk-sharing with 
        other export credit agencies and other third parties.
            (7) Ways in which the Bank can take into account the full 
        global ICT goods and services supply chain--in particular, the 
        ultimate manufacturer or provider of the finished goods or 
        services that would result from the supply chain--in making 
        credit and risk determinations and the creditworthiness of the 
        ultimate purchaser.
            (8) Proposals for new products the Bank could offer to 
        provide the financing, including--
                    (A) the extent to which the Bank is authorized to 
                offer new products;
                    (B) the extent to which the Bank would need 
                additional authority to offer the new products to meet 
                the needs of the ICT industry;
                    (C) specific proposals for changes in law that 
                would enable the Bank to provide increased financing 
                for ICT goods and services in compliance with the 
                credit and risk standards of the Bank;
                    (D) specific proposals that would enable the Bank 
                to provide increased outreach to the ICT industry about 
                the products the Bank offers; and
                    (E) specific proposals for changes in law that 
                would enable the Bank to provide the financing to build 
                ICT infrastructure in compliance with the credit and 
                risk standards of the Bank so as to allow for market 
                access opportunities for United States ICT companies to 
                operate services on the infrastructure being financed 
                on receipt of funds from the Bank.
    (b) Report.--Within 180 days after the date of the enactment of 
this Act, the Bank shall submit to the Congress a report that contains 
the results of the study required by subsection (a).

SEC. 108. ELECTRONIC PAYMENTS AND DOCUMENTS.

    Section 2(b)(1)(E) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)(E)) is amended by adding at the end the following:
    ``(xi) Electronic Documents.--Not later than the end of the 2-year 
period beginning on the date of the enactment of this clause, the Bank 
shall implement policies to accept electronic documents whenever 
possible, including copies of bills of lading, certifications, and 
compliance documents.
    ``(xii) Electronic Payments.--Not later than the end of the 2-year 
period beginning on the date of the enactment of this clause, the Bank 
shall implement policies to accept electronic payments in all of its 
programs.''.

SEC. 109. PARALLEL GAAP REPORTING.

    Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g), 
as amended by sections 103 and 104 of this Act, is amended by adding at 
the end the following:
    ``(m) Parallel GAAP Reporting.--With any report issued by the Bank 
to the Congress or any committee of the Congress that contains 
accounting information that is not prepared using generally accepted 
accounting principles, the Bank shall issue a 2nd report providing the 
same accounting information prepared using generally accepted 
accounting principles.''.

SEC. 110. MAKING THE BANK THE LENDER OF LAST RESORT FOR LOANS, 
              ATTEMPTING PRIVATE FINANCING FIRST.

    Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is 
amended by adding at the end the following:
    ``(k) Applicants for Bank Assistance Required To Demonstrate 
Inability To Obtain Credit Elsewhere.--The Bank shall not guarantee, 
insure, or extend credit, or participate in an extension of credit in 
connection with a transaction, to a privately owned foreign applicant, 
other than a financial institution, unless the applicant demonstrates 
to the Bank that--
            ``(1) the applicant has sought, and has been unable to 
        obtain, competitive financing for the transaction without any 
        support from the Overseas Private Investment Corporation or the 
        Small Business Administration; or
            ``(2) financing from a foreign export credit agency is 
        available to the applicant to support comparable foreign goods 
        and services competing with the United States exports that 
        would be financed by the Bank through the application.''.

SEC. 111. AUDIT COMMITTEE.

    Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(c)), as amended by section 105 of this Act, is amended by 
redesignating paragraph (10) as paragraph (11) and inserting after 
paragraph (9) the following:
    ``(10) Audit Committee.--
            ``(A) Membership.--
                    ``(i) In general.--In addition to such other duties 
                as they may be appointed to perform under subparagraph 
                (5), the directors who are neither Chairman nor Vice 
                Chairman of the Board shall constitute the Audit 
                Committee of the Board.
                    ``(ii) Special rule.--If that there is only 1 
                director who is neither Chairman nor Vice Chairman of 
                the Board, the Chief Risk Officer of the Bank shall be 
                a temporary member of the Audit Committee until a 2nd 
                Bank director who is neither Chairman nor Vice Chairman 
                of the Board is appointed to the Board.
            ``(B) Duties.--
                    ``(i) Within 1 year after the date of the enactment 
                of this paragraph, the Audit Committee shall develop 
                and implement a program to audit, on a regular and 
                routine basis, the loan, guarantee, insurance, and 
                credit programs of the Bank.
                    ``(ii) The Audit Committee shall--
                            ``(I) provide assistance to the Board in 
                        fulfilling the accounting and reporting 
                        responsibilities of the Board;
                            ``(II) evaluate whether the Bank has 
                        adequate administrative and financial controls;
                            ``(III) review the financial statements 
                        prepared by management for distribution to the 
                        Congress and the public; and
                            ``(IV) provide direction over the internal 
                        audit function and the independent accountants 
                        of the Bank.
            ``(C) Reports.--The Audit Committee shall report to the 
        Board regularly on its activities but may act independently of 
        the Chairman and Vice Chairman.
            ``(D) Procedural rules.--
                    ``(i) Quorum.--2 members shall constitute a quorum 
                of the Audit Committee.
                    ``(ii) Action only by majority vote.--The Audit 
                Committee may act only by majority vote.''.

SEC. 112. REPORT ON PRIVATIZING THE BANK.

    Within 270 days after the date of the enactment of this Act, the 
President, in consultation with the Advisory Committee of the Bank, the 
Comptroller of the Currency, and the Governors of the Federal Reserve 
Board, shall submit to the Committees on Appropriations and Financial 
Services of the House of Representatives and the Committees on 
Appropriations and Banking, Housing, and Urban Affairs of the Senate a 
report on the programs of the Bank that may be fully or partially 
privatized, which report shall--
            (1) consider, but not be limited to, the establishment of a 
        public-private partnership to create a market window, as 
        allowed under Section 15 of the Export-Import Bank Act of 1945, 
        to compete against similar foreign-supported market windows to 
        maximize private-sector participation;
            (2) include an evaluation of whether the administration of 
        the insurance and working-capital programs of the Bank could be 
        partially or completely privatized; and
            (3) include an analysis of the current regulatory 
        restrictions related to capital-allocation requirements for 
        pre-export working capital and cross-border lending in amounts 
        exceeding $25,000,000.

SEC. 113. INDEPENDENT AUDIT OF BANK PORTFOLIO.

    (a) Audit.--The Inspector General of the Export-Import Bank of the 
United States shall conduct an audit of the portfolio risk management 
procedures of the Bank, including a review of the implementation by the 
Bank of the duties assigned to the Chief Risk Officer under the Export-
Import Bank Act of 1945.
    (b) Report.--Not later than 1 year after the appointment of the 
Chief Risk Officer of the Export-Import Bank of the United Sates, the 
Inspector General 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 a written report containing all 
findings and determinations made in carrying out subsection (a).

TITLE II--IMPROVING THE ACCOUNTABILITY OF THE EXPORT-IMPORT BANK OF THE 
                             UNITED STATES

SEC. 201. EARNINGS RETENTION.

    Section 2(a)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(a)(1)) is amended by striking ``Net earnings of the Bank after 
reasonable provision for possible losses shall be used for payment of 
dividends on capital stock.'' and inserting ``The Bank shall retain not 
less than 30 percent of total net earnings as a provision for possible 
losses. Notwithstanding the previous sentence, during any period when 
the aggregate of such retained earnings is less than 10 percent of the 
applicable amount (as defined under section 6(a)(2)), the Bank shall 
retain not less than 80 percent of total net earning as a provision for 
possible losses. Net earnings that are not retained as a provision for 
possible losses shall be used for payment of dividends on capital 
stock.''.

SEC. 202. OFFICE OF THE PRESIDENT AND TERM LIMITS.

    Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is 
amended--
            (1) in subsection (b), by inserting ``who shall be chosen 
        from among those individuals with at least 15 years of banking 
        experience,'' before ``and who shall serve as chief 
        executive''; and
            (2) in subsection (c)(8)(A)--
                    (A) in clause (iii), by striking ``and'' at the 
                end;
                    (B) in clause (iv), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(v) no person may serve as the President of the Bank for 
        more than 2 terms.''.

SEC. 203. REPAYMENT AS PRIORITY.

    Section 2(b)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)) is amended--
            (1) in subparagraph (B), by striking ``, that loans, so far 
        as possible consistent with the carrying out of the purposes of 
        subsection (a) of this section, shall generally be for specific 
        purposes, and, in the judgment of the Board of Directors, offer 
        reasonable assurance of repayment''; and
            (2) by striking subparagraph (C) and inserting the 
        following:
                    ``(C) The Bank shall conduct all programs of the 
                Bank in a manner that, in the judgment of the Board of 
                Directors, offers reasonable assurance of repayment and 
                minimizes risk of loss. Loans made by the Bank shall be 
                for specific purposes.''.

SEC. 204. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

    Section 11 of the Export-Import Bank Reauthorization Act of 2012 
(12 U.S.C. 635i-5) is amended--
            (1) in subsection (a)--
                    (A) by striking ``Secretary of the Treasury (in 
                this section referred to as the `Secretary')'' and 
                inserting ``President''; and
                    (B) in paragraph (1), by striking ``goal of 
                eliminating'' and inserting ``possible goal of 
                eliminating, before the end of the 10-year period 
                beginning on the date of the enactment of the Reform 
                Exports and Expand the American Economy Act,'';
            (2) in subsection (b), by striking ``Secretary'' each place 
        such term appears and inserting ``President''; and
            (3) by adding at the end the following:
    ``(c) Report on Strategy.--Not later than the end of the 180-day 
period beginning on the date of the enactment of this subsection, the 
President shall submit to the Congress a proposal, together with a 
strategy for achieving the proposal, that the United States Government 
will pursue with other major exporting countries, including members of 
the Organisation for Economic Co-operation and Development (OECD) and 
non-members of the OECD, to eliminate over a period of not more than 10 
years subsidized export-financing programs, tied aid, export credits, 
and all other forms of government-supported export subsidies.
    ``(d) Negotiations With Non-OECD Countries.--The President shall 
initiate and pursue negotiations with countries that are not members of 
the Organisation for Economic Co-operation and Development (OECD), to 
bring the non-members into a multilateral agreement establishing rules 
and limitations on officially supported export credits.
    ``(e) Annual Reports on Progress of Negotiations.--Not later than 
180 days after the date of the enactment of this subsection, and 
annually thereafter through calendar year 2019, the Secretary shall 
submit to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives a report on the progress of any negotiations described 
in subsection (d).''.

SEC. 205. LIMITATIONS ON OUTSTANDING LOANS, GUARANTEES, AND INSURANCE.

    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:
            ``(2) Applicable amount.--In paragraph (1), the term 
        `applicable amount' means $130,000,000,000.''.

SEC. 206. CREDIT RISK.

    Section 2(b)(1)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)(A)) is amended by inserting after ``(as defined in section 
10(h)(3))'' the following: ``, provided that this objective is 
accomplished in a manner calculated to minimize financial risk to the 
Bank''.

SEC. 207. CHIEF RISK OFFICER.

    Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), 
as amended by section 101 of this Act, is amended by adding at the end 
the following:
    ``(l) Chief Risk Officer.--
            ``(1) In general.--Subject to the approval of the Board of 
        Directors of the Bank, the President of the Bank shall appoint 
        a Chief Risk Officer, from among individuals with experience at 
        a senior level in financial risk management, who--
                    ``(A) shall rank not lower than senior vice 
                president;
                    ``(B) shall have as the officer's sole function to 
                serve as chief risk officer of the Bank;
                    ``(C) shall report directly to the Board; and
                    ``(D) shall be removable only by the Board.
            ``(2) Duties.--The Chief Risk Officer shall, in 
        coordination with the Audit Committee of the Board of 
        Directors, develop, implement, and manage a comprehensive 
        process for identifying, assessing, monitoring, and reducing 
        business risks to the Bank's overall portfolio that may 
        interfere with the ability of the Bank to fulfill its purposes, 
        but may not exercise any authority over the operations of the 
        Bank.''.

SEC. 208. PARTICIPATION AND RISK-SHARING BY PRIVATE SECTOR LENDERS AND 
              EXPORTERS.

    Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635), as 
amended by section 110 of this Act, is amended by adding at the end the 
following:
    ``(l) Participation and Risk-Sharing by Private Sector Lenders and 
Exporters.--
            ``(1) The Bank shall develop and implement policies (in 
        coordination and in consultation with private sector 
        stakeholders) that incentivize transactions in which third 
        parties share risks of loss with the Bank. In the policies, the 
        Bank shall--
                    ``(A) allow the retention of risk to be borne 
                either by a lender or an exporter;
                    ``(B) not require a lender to retain additional 
                risk beyond the risk retained by an exporter;
                    ``(C) share fees with the risk-sharing party equal 
                to the risk retained, but not share the interest earned 
                on a direct loan portion of a transaction; and
                    ``(D) ensure that any administrative burdens for 
                third parties are calculated to promote participation 
                by third parties in the risk-sharing programs of the 
                Bank.
            ``(2) The policies of the Bank to encourage risk-sharing 
        shall give additional authority to a third party that retains 
        risk of loss of greater than 50 percent of a transaction.
            ``(3) The Bank may guarantee a capital markets purchase of 
        not more than 50 percent of an export portfolio by a captive 
        finance company or affiliate to encourage expansion of 
        equipment exports from the United States.''.

SEC. 209. REAUTHORIZATION OF INFORMATION TECHNOLOGY UPDATING.

    Section 3(j) of the Export-Import Act of 1945 (12 U.S.C. 635a(j)) 
is amended--
            (1) in the subsection heading, by striking ``Bank Surplus'' 
        and inserting ``Administrative Funds'';
            (2) in paragraph (1), by striking ``Subject to paragraphs 
        (3) and (4), the Bank may use an amount equal to 1.25 percent 
        of the surplus of the Bank during fiscal years 2012, 2013, and 
        2014 to'' and inserting ``Subject to paragraphs (2) and (3), 
        the Bank may use amounts, including fees, made available to the 
        Bank for administrative expense for systems infrastructure, 
        to'';
            (3) by striking paragraph (2) and redesignating paragraphs 
        (3) and (4) as paragraphs (2) and (3), respectively; and
            (4) in paragraph (2) (as so redesignated), by striking 
        ``2012, 2013, and 2014'' and inserting ``2015 through 2019''.

                         TITLE III--JOB GROWTH

SEC. 301. EXTENSION OF AUTHORITY.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2014'' and inserting ``2019''.

SEC. 302. DUAL USE EXPORTS.

    Section 1(c) of Public Law 103-428 (12 U.S.C. 635 note) is amended 
by striking ``2014'' and inserting ``2019''.

SEC. 303. SMALL BUSINESS AND MEDIUM-SIZED ENTERPRISES REPORTS.

    (a) In General.--The Export-Import Bank Act of 1945 (12 U.S.C. 635 
et seq.) is amended by inserting after section 8A the following:

``SEC. 8B. SMALL BUSINESS CONCERNS AND MEDIUM-SIZED ENTERPRISES 
              REPORTS.

    ``(a) Study.--Not later than 180 days after the date of the 
enactment of this section, and annually thereafter, the Bank shall--
            ``(1) carry out a study on the programs, products, and 
        policies of the Bank that support exports from small business 
        concerns and medium-sized enterprises in the United States, 
        including the programs, products, and polices with respect to 
        the implementation of the export credit insurance program, 
        delegated lending authority, and direct loans of the Bank; and
            ``(2) determine the extent to which the policies adequately 
        meet the needs of small business concerns and medium-sized 
        enterprises in obtaining Bank financing to support the 
        maintenance or creation of jobs in the United States through 
        exports, consistent with the requirement that the Bank obtain a 
        reasonable assurance of repayment.
    ``(b) Report.--On the completion of each study required under 
subsection (a), the Bank shall issue a report to the Congress 
containing--
            ``(1) all findings and determinations made by the Bank in 
        carrying out the study;
            ``(2) an analysis of the extent to which small business 
        concerns and medium-sized enterprises supply exporters with 
        goods and services, the content of which is included in exports 
        supported by a Bank program; and
            ``(3) recommendations to enhance the support the Bank may 
        provide small business concerns and medium-sized enterprises.
    ``(c) Small Business Concern Defined.--In this section, the term 
`small business concern' has the meaning given the term under section 
3(a) of the Small Business Act.''.
    (b) Report on Bank Support for Small- and Medium-Sized Companies 
Through Supply Chains.--Section 8 of such Act (12 U.S.C. 635g), as 
amended by sections 103, 104, and 109 of this Act, is amended by adding 
at the end the following:
    ``(n) Bank Support for Small- and Medium-Sized Companies Through 
Supply Chains.--The Bank shall include in its annual report to the 
Congress under subsection (a) an analysis of how, and to what extent, 
the Bank provides indirect support to small- and medium-sized companies 
through the supply chains of medium-sized and large companies to which 
the Bank has provided support.''.

SEC. 304. MEDIUM-SIZED ENTERPRISES.

    Section 2(b)(1)(F) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)(F)) is amended to read as follows:
    ``(F) Fair Consideration for Medium-Sized Enterprises.--In addition 
to the programs of the Bank to encourage the participation of small 
businesses in international commerce, the policies of the Bank shall 
give fair consideration to making loans and providing guarantees for 
the export of goods and services by medium-sized enterprises.''.

SEC. 305. EXTENSION OF SUSPENSION OF SUPPLEMENTAL GUIDELINES FOR HIGH 
              CARBON INTENSITY PROJECTS.

    Notwithstanding section 7081 of division K of the Consolidated 
Appropriations Act, 2014, paragraph (4) of such section shall apply 
through September 30, 2019, with respect to the Supplemental Guidelines 
for High Carbon Intensity Projects, approved by the Export-Import Bank 
of the United States on December 12, 2013.

SEC. 306. UPDATED DEFINITION OF LOAN TERMS.

    Section 2(a)(2)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(a)(2)(A)) is amended--
            (1) in clause (i), by striking ``and'' at the end; and
            (2) by adding at the end the following:
                    ``(iii) with principal amounts of not more than 
                $25,000,000; and''.

SEC. 307. UPDATED LOAN AMOUNTS.

    Section 2(d)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(d)(2)) is amended by striking ``$10,000,000'' and inserting 
``$25,000,000''.

SEC. 308. UPDATED ENVIRONMENTAL EFFECTS CONSIDERATION.

    Section 11(a)(1)(A) of the Export-Import Bank Act of 1945 (12 
U.S.C. 635i-5(a)(1)(A)) is amended by striking ``$10,000,000'' and 
inserting ``$25,000,000''.

SEC. 309. UPDATED EXPORT AMOUNTS.

    Section 3(g)(3) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(g)(3)) is amended by striking ``$10,000,000'' and inserting 
``$25,000,000''.

SEC. 310. INFLATION ADJUSTMENT.

    Section 12 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-6) 
is amended to read as follows:

``SEC. 12. INFLATION ADJUSTMENT.

    ``Beginning on the date on which the Bureau of Labor Statistics of 
the Department of Labor first publishes the Consumer Price Index after 
the date that is 1 year after the date of the enactment of this 
section, and annually thereafter, the Bank shall adjust all dollar 
amounts specified in this Act by the percentage change in the Consumer 
Price Index published on that date from the Consumer Price Index 
published the previous year.''.
                                 <all>