[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4781 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
2d Session
S. 4781
To expand the mission of the Export-Import Bank of the United States
and focus on building export-related domestic critical industries that
produce goods and services that support employment in the United States
and strengthen global competitiveness, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 15, 2026
Mr. Schumer (for himself, Mr. Reed, Ms. Klobuchar, Mr. Coons, Mr.
Schatz, Ms. Warren, Mr. Booker, Mr. Van Hollen, Ms. Duckworth, Mr.
Kelly, Mr. Kim, Ms. Blunt Rochester, and Ms. Alsobrooks) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To expand the mission of the Export-Import Bank of the United States
and focus on building export-related domestic critical industries that
produce goods and services that support employment in the United States
and strengthen global competitiveness, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Make More in
America Act of 2026''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Purposes.
Sec. 4. Modification of powers and functions.
Sec. 5. Make More in America Program.
Sec. 6. Modification of aggregate loan, guarantee, and insurance
authority.
Sec. 7. Modification of default rate and lending cap.
Sec. 8. Investment Committee.
Sec. 9. Interagency coordination.
Sec. 10. Limitation on eligibility for support.
Sec. 11. Modification of Program on China and Transformational Exports.
Sec. 12. Increase in goal for export of goods and services related to
renewable energy sources, energy
efficiency, and energy storage.
Sec. 13. Employment authority.
Sec. 14. Expansion of guarantee coverage.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) The People's Republic of China poses a significant
competitive threat to the United States, accounting, as of the
date of the enactment of this Act, for 35 percent of
manufacturing volume globally and 29 percent of value-add (as
opposed to 12 percent of volume and 16 percent of value-add for
the United States). The People's Republic of China continues to
gain ground in higher value-add technologies that were
traditionally United States strengths.
(2) The People's Republic of China's increased
competitiveness can be traced to multiple sources, including
coordinated initiatives such as Made in China 2025, which
channeled resources toward manufacturing in higher value-add
industries. However, the People's Republic of China also, as of
the date of the enactment of this Act, leads in research and
development in 66 of 74 areas.
(3) Taken together, the two trends described in paragraphs
(1) and (2) suggest that the People's Republic of China's lead
in exports will grow, not shrink, unless serious action is
taken by the United States to strengthen its domestic
innovation and industrial investment.
(4) This is especially true for critical industries of the
future, such as next-generation automotives and drones,
industrial automation, biotechnology, biomanufacturing, quantum
technology, and fusion energy, unless the United States takes
steps to support technology development in those markets. Many
of those markets are, or could be, vital export opportunities
with meaningful economic, national security, and job creation
implications for the United States.
(5) The United States also faces supply chain
vulnerabilities in critical inputs for those industries of the
future, including energy, semiconductors and associated
technologies like circuit boards, critical minerals, batteries,
and other technology components.
(6) Capital-intensive industries with long production
cycles, such as shipbuilding, chemical processing, and nuclear
energy systems, face particularly acute financing challenges
during the commercialization phase and the scaling of domestic
production. Similarly, drone manufacturing and advanced
robotics require coordinated investments in both production
capacity and workforce training that private markets struggle
to provide. The result is that countries with patient public
capital, particularly the People's Republic of China, have
captured dominant market positions in sectors where United
States innovation initially led.
(7) If the United States does not respond, manufacturers in
the People's Republic of China will continue gaining global
market share in critical technologies at the expense of United
States companies and the United States stands to lose critical
industries that provide jobs, create production capacity, and
serve essential national security goals.
(8) As such, Federal policy should focus on ensuring that
technologies that are invented and developed in the United
States are commercialized and produced in the United States,
along with the products and services those technologies create.
That will require a whole-of-government effort dedicated to
revitalizing the ``innovation and industrial infrastructure''
of the United States.
(9) While this is a multi-faceted issue that the Export-
Import Bank of the United States (in this section referred to
as the ``Bank'') cannot solve alone, the Bank can play a much
more strategic role than the Bank is playing as of the date of
the enactment of this Act by supporting the development phase
of future technologies in areas that are underfunded by
existing private sector tools.
(10) The Bank has an opportunity to create the export
markets of tomorrow by helping to fund the development,
commercialization, and production of critical technologies in
the United States, which will expand the long-term export base
of the United States by increasing the overall competitive edge
of the United States, and in doing so, support employment in
the United States.
(11) There exists an opportunity to enhance the Bank's
strategic planning capabilities and deepen the Bank's focus on
catalytic and scale-up financing. Such a repositioning would
support technologies with substantial domestic manufacturing
footprints in industries that represent not only strategic
national security and competitiveness priorities but also
significant employment opportunities across manufacturing
communities in the United States.
(12) Congress has already directed the Bank to undertake
efforts in that direction, such as through the Program on China
and Transformational Exports established under section 2(l) of
the Export-Import Bank Act of 1945 (12 U.S.C. 635(l)), which
explicitly requires 20 percent of the Bank's funds to be
invested in certain areas deemed highly strategic, including
artificial intelligence, biotechnology, renewable energy,
semiconductors, quantum technology, and fusion energy, among
other industries. A logical next step would be to expand that
program to broaden its aperture and importance within the Bank,
while reaffirming the Bank's mission to support export-related
transactions that directly support United States jobs.
(13) In 2022, the Bank's Board of Directors with a
unanimous vote launched the Make More in America Initiative to
support ``export-oriented domestic manufacturing projects'',
extending some of the Bank's existing demand-driven, export-
contingent financing programs to a more domestic focus to help
revitalize United States manufacturing, directly support United
States jobs, improve the resiliency of domestic supply chains,
and level the playing field for United States companies
competing in overseas markets.
(14) There is an opportunity for the Bank to play a
convening role in developing a cohesive investment roadmap for
the Bank's own mandate, informed by input from across the
Federal Government, including the industrial investment efforts
of other Federal agencies, such as the Department of Commerce,
the Department of Energy, the Department of Defense, the
Department of Agriculture, the Department of Labor, the
Department of Health and Human Services, the United States
International Development Finance Corporation, and the Small
Business Administration.
SEC. 3. PURPOSES.
The purposes of this Act are--
(1) to ensure that advanced technologies critical to
economic growth and national security are developed,
commercialized, and produced in, and exported by, the United
States and allies and partners of the United States, rather
than adversaries of the United States;
(2) to address capital market failures in sectors where
United States production capacity and innovation is in the
national interest;
(3) to coordinate the resources of the Federal Government--
(A) to promote domestic technology invention,
development, commercialization, production, and
exportation;
(B) to support the unmet capital needs of
manufacturing companies of all sizes to grow
domestically;
(C) to encourage workforce training to support the
growth and resilience of domestic manufacturing;
(D) to accelerate permitting related to domestic
manufacturing projects; and
(E) to improve access to physical infrastructure,
such as energy and logistics, for the growth of
domestic manufacturing; and
(4) to promote the creation of good jobs in communities
across the United States, along with the benefits of advanced
industry development on local development.
SEC. 4. MODIFICATION OF POWERS AND FUNCTIONS.
Section 2(a) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(a)) is amended--
(1) in paragraph (1)--
(A) in the second sentence, by striking ``to
facilitate exports of'' and inserting ``to facilitate
the development, commercialization, and production in
the United States, and the export of''; and
(B) by inserting after the third sentence the
following: ``The Bank shall provide loans, guarantees,
grants, cooperative agreements, offtake agreements,
price insurance and other insurance facilities, and
other instruments through other transaction authority
under paragraph (4)(A) to accelerate the development,
commercialization, and production of technologies that
are critical to the national security, innovation, and
economic growth of the United States and direct
employment of United States workers, including
technologies that emerge from federally funded
research.''; and
(2) by adding at the end the following:
``(4) Additional Powers.--In addition to the powers and authorities
set forth in paragraph (1), the Bank may--
``(A) to the extent authorized by law, enter into such
agreements, including contracts, grants, cooperative
agreements, offtake agreements, price insurance and other
insurance facilities, and other instruments, and may enter into
other transactions, including providing subordinated capital,
to facilitate investments and the provision of financial
assistance on such terms as the President of the Bank and the
Board of Directors consider appropriate;
``(B) make advance payments under agreements and other
transactions authorized under subparagraph (A) without regard
to section 3324 of title 31, United States Code;
``(C) procure temporary and intermittent services of
experts and consultants in accordance with section 3109 of
title 5, United States Code;
``(D) notwithstanding section 3104 of title 5, United
States Code, or any other provision of other law relating to
the appointment, number, classification, or compensation of
employees, make appointments of scientific, engineering, and
professional personnel, and fix the basic pay of such personnel
at a rate to be determined by the President of the Bank at
rates not in excess of the highest total annual compensation
payable at the rate determined under section 104 of title 3,
United States Code;
``(E) with the consent of another Federal agency, enter
into an agreement with that Federal agency to use, with or
without reimbursement, any service, equipment, personnel, or
facility of that Federal agency; and
``(F) establish such rules, regulations, and procedures as
the President of the Bank and the Board of Directors consider
appropriate and that are consistent with other statutes.''.
SEC. 5. MAKE MORE IN AMERICA PROGRAM.
(a) In General.--Section 2 of the Export-Import Bank Act of 1945
(12 U.S.C. 635) is amended by adding at the end the following:
``(m) Make More in America Program.--
``(1) Establishment.--
``(A) In general.--The Bank shall establish the
Make More in America Program (in this subsection
referred to as the `Program'), under which the Bank
shall provide support, by providing financing and
entering into other agreements and transactions
authorized under paragraphs (1) and (4) of subsection
(a), for export-related manufacturing projects in the
United States, in support of manufacturing companies of
all sizes, including startups, in priority industries
described in paragraph (2), industries described in
paragraph (3), and suppliers that enable those
industries, all of which directly support employment in
the United States.
``(B) Future exports.--The Bank may provide support
under the Program to support future exports by an
applicant for such support, even if the applicant does
not produce goods for export at the time the support is
awarded.
``(2) Priority focus areas.--Under the Program, the Bank
shall advance export-related manufacturing in the following
industries:
``(A) Strategic industries for which there is
evidence of subsidies or production support by other
countries that--
``(i) has resulted in overreliance or
created foreign chokepoints for United States
supply chains; or
``(ii) otherwise presents a persistent risk
to United States supply chains.
``(B) Strategic industries critical to the national
security and economic competitiveness of the United
States, including, at a minimum, industries described
in paragraph (3).
``(C) Emerging industries that--
``(i) are critical to the national security
and economic competitiveness of the United
States; and
``(ii) have not reached commercial scale
and therefore are unable to receive sufficient
private capital funding for demonstration scale
operations, equipment purchasing,
commercialization, or sustained manufacturing
for export.
``(3) Industries of interest.--The industries described in
this paragraph are industries, and components thereof, critical
to the national security and economic competitiveness of the
United States, which may include the following:
``(A) The transformational export areas under the
Program on China and Transformational Exports specified
in subsection (l)(1)(B).
``(B) Critical minerals (as defined in section
7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a))).
``(C) Shipbuilding and ship repair.
``(D) Cyber-physical systems and mechatronics,
including robotics.
``(E) Aerospace and aviation, including unmanned
aircraft systems (as defined in section 44801 of title
49, United States Code) and the components and
subsystems thereof, including propulsion systems.
``(F) Transport systems.
``(G) Advanced energy and industrial efficiency
technologies, such as batteries and advanced nuclear
technologies, including for the purposes of electric
generation, consistent with the restrictions on the
National Science Foundation under section 15 of the
National Science Foundation Act of 1950 (42 U.S.C.
1874).
``(H) Advanced materials science, including
composites 2D materials, other next-generation
materials, and related manufacturing technologies.
``(I) Critical sensing technologies.
``(J) Such other industries as the Bank, with the
approval of the Board of Directors, considers
appropriate.
``(4) Requirements for projects.--An applicant seeking
support from the Bank under paragraph (1) with respect to a
project is required--
``(A) to demonstrate that the project--
``(i) aligns with the goals of the
investment roadmap developed under section
3(n)(3);
``(ii) has a credible pathway to financial
sustainability and, as appropriate, provides
reasonable assurance of repayment; and
``(iii) supports employment in the United
States directly related to the project; and
``(B) to submit documentation on the number of jobs
in the United States that the applicant estimates will
be created, and the quality of those jobs, if the
support for the project is approved; and
``(C) to make commitments to investing in--
``(i) workers and communities associated
with the project, including through training
and education benefits paid by the applicant,
wrap around services that support workforce
reliability, and commitments secured from
regional educational and training entities,
including joint labor-management organizations,
and institutions of higher education to provide
workforce training, including apprenticeship
programs registered under the Act of August 16,
1937 (50 Stat. 664, chapter 663; 29 U.S.C. 50
et seq.) (commonly known as the `National
Apprenticeship Act'); and
``(ii) the quality of jobs associated with
the project, as determined based on higher wage
levels than the local median wage, incentive
programs (which may include employee ownership
plans and profit sharing arrangements),
benefits, and worker protections.
``(5) Preferential terms for certain projects.--
``(A) In general.--The Bank may provide support
under paragraph (1) on more favorable terms or in a
larger amount for a project--
``(i) that is located in or directly
benefits an economically distressed region; or
``(ii) if more than 70 percent of the jobs
created by the project are expected to pay more
than 110 percent of the mean pay for the county
in which the project is located.
``(B) Economically distressed region defined.--In
this paragraph, the term `economically distressed
region' means a region--
``(i) described in--
``(I) section 301 of the Public
Works and Economic Development Act of
1965 (42 U.S.C. 3161);
``(II) section 29(j)(1) of the
Stevenson-Wydler Technology Innovation
Act of 1980 (15 U.S.C. 3722b(j)(1)); or
``(III) section 6702(a)(1) of title
49, United States Code; or
``(ii) that meets the definition of
`persistent poverty county' in section 736 of
division A of the Consolidated Appropriations
Act, 2023 (Public Law 117-328; 136 Stat. 4503).
``(6) Use of funds.--
``(A) Authorized uses.--A project that receives
support under paragraph (1) may use the support for any
purpose that--
``(i) is reasonably related to development,
commercialization, or domestic production in
industries described in paragraph (3),
including support for workforce development by
means of direct training, support for building
or expanding a facility, or for related site
development; or
``(ii) the President of the Bank and the
Board of Directors determines to be consistent
with the objectives of the Program.
``(B) Prohibited uses.--Support provided under
paragraph (1) may not be used--
``(i) to repay debts incurred by the person
receiving the support before the disbursement
of the support;
``(ii) to make distributions, dividends, or
other payments to shareholders or equity
holders of the person; or
``(iii) to fund the acquisition of another
entity unrelated to the project.
``(7) Target dates; clawback for failure to meet.--
``(A) Target dates.--For each award of financing or
financial assistance provided under paragraph (1) with
respect to a project, the President of the Bank shall,
before distributing the award, determine target dates
by which a project shall commence and complete.
``(B) Progressive recovery for delays.--
``(i) In general.--If a project does not
commence and complete by the target dates
established under subparagraph (A), the
President of the Bank shall progressively
recover up to the full amount of the award
provided under paragraph (1) with respect to
the project.
``(ii) Clawback provisions.--The President
of the Bank and the Board of Directors shall--
``(I) include, in each agreement
providing for an award made under
paragraph (1), clawback provisions to
govern recovery under clause (i); and
``(II) notify the Committee on
Banking, Housing, and Urban Affairs of
the Senate and the Committee on
Financial Services of the House of
Representatives with respect to those
provisions.
``(C) Waiver.--In the case of a project that
receives financing or financial assistance under
paragraph (1) and experiences delays, the President of
the Bank may waive elements of the clawback provisions
incorporated into the agreement providing for the
award--
``(i) after making a formal determination
that circumstances beyond the ability of the
person that received the award to foresee or
control are responsible for delays; and
``(ii) not less than 15 days after
notifying the Committee on Banking, Housing,
and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives of the intention of the
President of the Bank to issue the waiver.
``(8) Workforce protections.--An applicant seeking support
from the Bank under paragraph (1) with respect to a project and
that has 100 or more employees shall make a good-faith
certification that--
``(A) the applicant will not abrogate existing
collective bargaining agreements for--
``(i) the duration of the project; or
``(ii) the term of the support and 2 years
after the termination of the support; and
``(B) the applicant will remain neutral in any
union organizing effort for the term of the support.
``(9) Monitoring of job creation and job quality.--The Bank
shall develop a process for--
``(A) verifying that the estimates made under
paragraph (4)(B) are reasonable when made;
``(B) monitoring the creation and sustainment of
jobs through the portfolio of projects for which
financing or financial assistance is provided under
paragraph (1) over time, including estimated downstream
and supply chain employment effects and measures of job
quality, such as median wages, incentive programs and
benefits for workers, and labor representation;
``(C) monitoring compliance with the prevailing
wage requirements under paragraph (12), in coordination
with the Department of Labor; and
``(D) reporting, not less frequently than annually,
to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services
of the House of Representatives on the aggregate
employment impact of the portfolio described in
subparagraph (B).
``(10) Support goal.--It shall be a goal of the Bank to
ensure that not less than 30 percent of the applicable amount
(as defined in section 6(a)(2)) in each fiscal year is made
available for financing or financial assistance under this
subsection.
``(11) Approval of certain transactions by board.--The
approval of the Board is required for financing or financial
assistance in excess of $50,000,000 to be provided to a project
under this subsection.
``(12) Prevailing wage protections; clawback for failure to
comply.--
``(A) In general.--All laborers and mechanics
employed by contractors or subcontractors in the
performance of construction, alteration, or repair work
carried out, in whole or in part, with financing or
financial assistance from the Bank under this
subsection shall be paid wages at rates not less than
those prevailing on projects of a character similar in
the locality as determined by the Secretary of Labor in
accordance with subchapter IV of chapter 31 of title
40, United States Code.
``(B) Authority.--With respect to the labor
standards specified in subparagraph (A), the Secretary
of Labor shall have the authority and functions set
forth in Reorganization Plan Numbered 14 of 1950 (64
Stat. 1267; 5 U.S.C. App.) and section 3145 of title
40, United States Code.
``(C) Progressive recovery for failure to comply.--
``(i) In general.--If a project does not
comply with subparagraph (A), the President of
the Bank shall progressively recover up to the
full amount of the award provided under
paragraph (1) with respect to the project.
``(ii) Clawback provisions.--The President
of the Bank and the Board of Directors shall--
``(I) include, in each agreement
providing for an award made under
paragraph (1), clawback provisions to
govern recovery under clause (i); and
``(II) notify the Committee on
Banking, Housing, and Urban Affairs of
the Senate and the Committee on
Financial Services of the House of
Representatives with respect to those
provisions.
``(13) Waiver of repayment assurance.--In the case of loans
provided under this subsection, the Board may waive the
requirement for reasonable assurance of repayment under
subsection (b)(1)(B) if amounts are appropriated to provide
financing for purposes that are inconsistent with such
requirement.
``(14) Guarantee coverage for participating lenders.--
``(A) In general.--In providing a loan guarantee
under this subsection, the Bank shall provide a 100
percent guarantee to an acceptable commercial bank or
community lender--
``(i) for up to 90 percent of the value of
the loan, in the case of a loan for a small or
medium-sized exporter; or
``(ii) for up to 80 percent of the value of
the loan in any case not described in clause
(i).
``(B) Delegated authority program.--
``(i) In general.--Under the Program, the
Bank shall develop a delegated authority
program under which the Bank provides 100
percent guarantee coverage for up to
$50,000,000 per loan made by a commercial bank
or community lender to a small or medium-sized
exporter.
``(ii) Standards.--The Bank, in
consultation with private lenders, shall
develop set of lending standards that offer a
sufficient likelihood of repayment for purposes
of the delegated authority program required by
clause (i).
``(C) Small or medium-sized exporter defined.--In
this paragraph, the term `small or medium-sized
exporter' means an exporter with annual sales of
$1,000,000,000 or less.''.
(b) Inclusion in Annual Report.--Section 8 of the Export-Import
Bank Act of 1945 (12 U.S.C. 635g) is amended by adding at the end the
following:
``(m) Report on Make More in America Program.--The Bank shall
include in its annual report to Congress under subsection (a)--
``(1) a list of all projects supported under the Make More
in America Program pursuant to section 2(m);
``(2) a description of the geographic distribution of those
projects;
``(3) an analysis of the financial performance of those
projects;
``(4) an estimate of the number and quality of jobs in the
United States created through those projects;
``(5) an estimate of the private capital mobilized by those
projects, in aggregate and by project;
``(6) a description of the strategic production capacity
created through those projects, including production volumes,
supply chain positions secured, and import dependencies
reduced; and
``(7) the ratio of private capital mobilized to public
financing provided under the Program.''.
SEC. 6. MODIFICATION OF 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 to read as follows:
``(2) Applicable amount defined.--In this subsection, the
term `applicable amount', for each of fiscal years 2027 through
2033, means $205,000,000,000.''.
SEC. 7. MODIFICATION OF DEFAULT RATE AND LENDING CAP.
(a) In General.--Section 6(a)(3) of the Export-Import Bank Act of
1945 (12 U.S.C. 635e(a)(3)) is amended to read as follows:
``(3) Freezing of lending cap if default rate exceeds
certain limitations.--
``(A) Traditional export credit portfolio.--The
Bank may not exceed the amount of loans, guarantees,
and insurance in the traditional export credit
portfolio (as defined in section 8(g)(1)(B))
outstanding on the last day of a quarter if the rate
calculated under section 8(g)(1) with respect to--
``(i) oil and gas transactions is 2 percent
or more for that quarter; or
``(ii) all transactions in that portfolio
other than oil and gas transactions is 4
percent or more for that quarter.
``(B) Make more in america program portfolio.--The
Bank may not exceed the amount of loans, guarantees,
and insurance in the Make More in America Program
portfolio (as defined in section 8(g)(1)(B))
outstanding on the last day of a quarter if the rate
calculated under section 8(g)(1) with respect to that
portfolio is 10 percent or more for that quarter.
``(C) China and transformational exports program
portfolio.--The Bank may not exceed the amount of
loans, guarantees, and insurance in the China and
Transformational Exports Program portfolio (as defined
in section 8(g)(1)(B)) outstanding on the last day of a
quarter if the rate calculated under section 8(g)(1)
with respect to that portfolio is 10 percent or more
for that quarter.
``(D) Termination of freeze.--
``(i) Traditional export credit
portfolio.--A freeze under clause (i) or (ii)
of paragraph (1)(A) shall remain in effect
until the rate calculated under section 8(g)(1)
with respect to--
``(I) in the case of a freeze under
clause (i) of that paragraph, oil and
gas transactions is less than 2 percent
for that quarter; or
``(II) in the case of a freeze
under clause (ii) of that paragraph,
all transactions in the traditional
export credit portfolio other than oil
and gas transactions is less than 4
percent for that quarter.
``(ii) Make more in america program
portfolio.--A freeze under paragraph (1)(B)
shall remain in effect until the rate
calculated under section 8(g)(1) with respect
to the Make More in America Program portfolio
is less than 10 percent.
``(iii) China and transformational exports
portfolio.--A freeze under paragraph (1)(C)
shall remain in effect until the rate
calculated under section 8(g)(1) with respect
to the China and Transformational Exports
Program portfolio is less than 10 percent.
``(iv) Contingencies.--Notwithstanding
subparagraph (A), (B), or (C) of paragraph (1),
a freeze under any such subparagraph shall
terminate if--
``(I) the Secretary of Commerce
determines that the continued operation
of the Bank is in the national security
or economic interests of the United
States and notifies Congress not later
than 30 days after making that
determination; or
``(II) the Secretary of the
Treasury determines that a financial
crisis exists that requires the Bank to
provide liquidity or risk enhancements
to protect United States exports and
notifies Congress not later than 30
days after making that
determination.''.
(b) Calculating of Default Rates by Portfolio.--Section 8(g)(1) of
the Export-Import Bank Act of 1945 (12 U.S.C. 635g(g)(1)) is amended to
read as follows:
``(1) Monitoring of default rates.--
``(A) In general.--Not less frequently than
quarterly, the Bank shall calculate the rate at which
the entities to which the Bank has provided short-,
medium-, or long-term financing are in default on a
payment obligation under the financing, by dividing--
``(i) the total amount of the required
payments that are overdue and are expected to
become net losses after using the Bank's
reserves from collected interest and fees, by
``(ii) the applicable amount (as defined in
section 6(a)(2)).
``(B) Accounting and default rates by portfolio.--
The Bank shall maintain separate accounting of, and
calculate a separate default rate under subparagraph
(A) for--
``(i) all loans, guarantees, and insurance
provided under the Make More in America Program
pursuant to section 2(m) (in this Act referred
to as the `Make More in America Program
portfolio');
``(ii) all loans, guarantees, and insurance
provided under the China and Transformational
Exports Program pursuant to section 2(l) (in
this Act referred to as the `China and
Transformational Exports Program portfolio');
and
``(iii) all loans, guarantees, and
insurance provided under authorities other than
the Make More in America Program pursuant to
section 2(m) or the China and Transformational
Exports Program pursuant to section 2(l) (in
this Act referred to as the `traditional export
credit portfolio').
``(C) Separate risk reporting.--Not less frequently
than quarterly, the Chief Risk Officer of the Bank
shall report separately on the default rate, risk
exposure, and portfolio performance of the traditional
export credit portfolio and the Make More in America
Program portfolio.''.
(c) Exclusion of Transactions Relating to Make More In America and
China and Transformational Exports Programs.--Section 8(g) of the
Export-Import Bank Act of 1945 (12 U.S.C. 635g(g)), as amended by
subsection (b), is further amended by adding at the end the following:
``(7) Exclusion of transactions relating to make more in
america and china and transformational exports programs.--For
the purposes of this subsection, if financing provided under
the Make More in America Program pursuant to section 2(m) or
the China and Transformational Exports Program pursuant to
section 2(l) results in a default rate calculated under
paragraph (1) exceeding an applicable limitation under
subparagraph (B) or (C) of section 6(a)(3), the Bank may,
subject to the approval of the Board of Directors, exclude such
financing from the calculation of the default rate.''.
(d) Conforming Amendments.--Section 8(g) of the Export-Import Bank
Act of 1945 (12 U.S.C. 635g(g)), as amended by subsections (b) and (c),
is further amended--
(1) in paragraph (3)--
(A) by striking ``exceeds 2 percent'' and inserting
``exceeds a limitation under subparagraph (A), (B), or
(C) of section 6(a)(3)'';
(B) by striking ``be at least 2 percent'' and
inserting ``equal or exceed that limitation''; and
(C) by striking ``less than 2 percent'' and
inserting ``less than that limitation'';
(2) in paragraph (4)(B), by striking ``less than 2
percent'' and inserting ``less than the applicable limitation
under subparagraph (A), (B), or (C) of section 6(a)(3)'';
(3) in paragraph (5)--
(A) in the paragraph heading, by striking ``is at
least 2 percent'' and inserting ``equals or exceeds
applicable limitation'';
(B) by striking ``the default rate'' and inserting
``a default rate''; and
(C) by striking ``is at least 2 percent'' and
inserting ``equals or exceeds the applicable limitation
under subparagraph (A), (B), or (C) of section
6(a)(3)''; and
(4) in paragraph (6), in the matter preceding subparagraph
(A)--
(A) by striking ``the default rate'' and inserting
``a default rate''; and
(B) by striking ``remains above 2 percent'' and
inserting ``continues to equal or exceed the applicable
limitation under subparagraph (A), (B), or (C) of
section 6(a)(3)''.
SEC. 8. INVESTMENT COMMITTEE.
Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is
amended by adding at the end the following:
``(n) Investment Committee.--
``(1) Establishment.--There is established a management
committee to be known as the `Investment Committee'.
``(2) Membership.--The Investment Committee shall be
composed of--
``(A) the President of the Bank, who shall serve as
chairperson;
``(B) the Board of Directors;
``(C) a representative of the Department of the
Treasury, designated by the Secretary of the Treasury;
``(D) a representative of the Department of
Commerce, designated by the Secretary of Commerce;
``(E) a representative of the Department of Energy,
designated by the Secretary of Energy;
``(F) a representative of the Department of
Defense, designated by the Secretary of Defense;
``(G) a representative of the Office of the United
States Trade Representative, designated by the United
States Trade Representative;
``(H) a representative of the Small Business
Administration, designated by the Administrator of the
Small Business Administration;
``(I) a representative of the Department of
Agriculture, designated by the Secretary of
Agriculture;
``(J) a representative of the Department of Health
and Human Services, designated by the Secretary of
Health and Human Services;
``(K) a representative of the Department of Labor;
``(L) a representative of the Department of
Transportation;
``(M) three Members of the Senate appointed by the
President of the Senate, each for a 2-year term; and
``(N) three Members of the House of Representatives
appointed by the Speaker of the House of
Representatives, each for a 2-year term.
``(3) Investment roadmap.--
``(A) In general.--The Investment Committee shall
be responsible for--
``(i) developing a 10-year investment
roadmap for--
``(I) identified technology areas
and industry priorities for public
sector investment; and
``(II) identified missions of
national interest to focus public
sector investment and coordination
across sectors to improve the lives of
the people of the United States through
greater capacity in innovation,
production, deployment, lower costs,
and problem-solving; and
``(ii) obtaining the approval of the
National Economic Council, the National
Security Council, and the Office of Science and
Technology Policy with respect to the
investment roadmap.
``(B) Use of roadmap.--The investment roadmap
required by subparagraph (A) may inform the Bank and
other agencies represented on the investment committee
with respect to investment strategies that are
consistent with their missions and policies.
``(C) Consideration of models.--In developing the
investment roadmap required by subparagraph (A), the
Investment Committee shall be informed by other
technology roadmaps (such as the National Security
Strategy and the Critical Technology Areas of the
Department of Defense) and supply chain risk analyses.
``(D) Updates.--The investment roadmap required by
subparagraph (A) shall be updated not less frequently
than once every 4 years.
``(E) Public availability.--The investment roadmap
required by subparagraph (A) and each update under
subparagraph (C) shall be made available to the public.
``(4) Advisory committees.--
``(A) In general.--The Investment Committee shall
establish advisory committees for each technology area
of interest or mission of national interest identified
in the investment roadmap required by paragraph (3).
``(B) Role.--An advisory committee established
under subparagraph (A) with respect to a technology
area of interest or mission of national interest shall
be responsible for providing to the Investment
Committee critical inputs into overarching goals,
milestones, and focus areas in the technology area of
interest.
``(C) Membership.--An advisory committee
established under subparagraph (A) shall include
representatives from other Federal agencies, State
governments, industry, labor organizations, research
institutions, and other entities.''.
SEC. 9. INTERAGENCY COORDINATION.
Section 13 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-7)
is amended--
(1) in the section heading, by striking ``cooperation on
export financing programs'' and inserting ``interagency
cooperation'';
(2) by striking ``The Bank'' and inserting the following:
``(a) Cooperation on Export Financing and Financial Assistance
Programs.--The Bank''; and
(3) by adding at the end the following:
``(b) Interagency Working Group.--
``(1) Establishment.--There is established an interagency
working group.
``(2) Duties.--The working group established by paragraph
(1) shall be responsible for--
``(A) providing guidance to the Bank on priority
advanced manufacturing and critical technology
industries;
``(B) ensuring coordination across Federal programs
for financing and supporting advanced manufacturing and
critical technology development in service of strategic
economic competitiveness imperatives, including efforts
to align performance metrics and to ensure timely
review of applications and deployment of capital;
``(C) aligning the work of the working group with
the activities of the Trade Promotion Coordinating
Committee established under section 2312 of the Export
Enhancement Act of 1988 (15 U.S.C. 4727); and
``(D) conducting briefings required by paragraph
(6).
``(3) Co-chairpersons.--The President of the Bank and the
Director of the National Economic Council shall serve as co-
chairpersons of the working group established by paragraph (1).
``(4) Domain-specific working groups.--
``(A) In general.--The Investment Committee
established under section 3(n) shall establish domain-
specific working groups corresponding to the technology
areas identified in the investment roadmap required by
section 3(n)(3). Such domains may include biotechnology
(including biomanufacturing), next-generation energy
(including fusion energy), advanced computing,
robotics, and critical minerals.
``(B) Missions of national interest.--One of the
domain-specific working groups established under
subparagraph (A) shall be established to identify
missions of national interest to focus public sector
investment and coordination across sectors to improve
the lives of the people of the United States through
greater capacity in innovation, production, deployment,
lower costs, and problem-solving.
``(C) Composition.--Subject to subparagraph (D),
the Investment Committee shall determine the membership
of each domain-specific working group established under
subparagraph (A), drawing from relevant Federal
agencies, including the agencies described in paragraph
(5), and from such other entities as the Committee
considers appropriate.
``(D) Standing membership.--Each domain-specific
working group established under subparagraph (A) shall
include representatives of the Department of Energy,
the Department of Defense, the Department of Commerce,
and the Department of State.
``(5) Technical input.--In carrying out the duties
described in paragraph (2), the working group established by
paragraph (1) and domain-specific working groups established
under paragraph (4) shall seek technical input from relevant
Federal agencies and entities, and other partners, including--
``(A) Federal investment entities, including the
Office of Strategic Capital of the Department of
Defense, the United States International Development
Finance Corporation, the Loan Programs Office of the
Department of Energy, and Federal agencies to which
authorities under the Defense Production Act of 1950
(50 U.S.C. 4501 et seq.) have been delegated;
``(B) Federal research and innovation agencies,
including the National Science Foundation, the Advanced
Research Projects Agency-Energy, the Advanced Research
Projects Agency for Health, and the Small Business
Innovation Research program, with a focus on agencies
conducting aligned federally funded research with
support from the Federal Government, including from the
Bank, to translate research into new startups and to
scale companies in the United States;
``(C) mission agencies, including the National
Aeronautics and Space Administration, the National
Institutes of Health, the Small Business
Administration, and the National Institute of Standards
and Technology;
``(D) State governments, to coordinate with respect
to, and align, where possible, with, State investment
to strengthen domestic industrial capacity in critical
industries, including federally funded initiatives like
the State Small Business Credit Initiative; and
``(E) such other agencies and entities as the Bank
or the Investment Committee considers appropriate.
``(6) Annual briefings.--Not less frequently than annually,
the working group established by paragraph (1) shall brief the
Committee on Banking, Housing, and Urban Affairs of the Senate,
the Committee on Financial Services of the House of
Representatives, and the Executive Office of the President with
respect to, for the year preceding the briefing--
``(A) requests for financial assistance considered
by the Bank;
``(B) agreements made under this Act;
``(C) opportunities for and consideration of policy
changes to improve coordination across Federal programs
with the goal of ensuring the success of investments
facilitated by financing or financial assistance under
this Act; and
``(D) challenges identified by applicants for
financial assistance across Federal programs.
``(c) Coordination With Respect to Technology Development.--The
Bank shall convene meetings with other agencies to coordinate with
respect to enhancing capacity for critical technology development in
the United States.''.
SEC. 10. LIMITATION ON ELIGIBILITY FOR SUPPORT.
Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a),
as amended by section 9, is further amended by adding at the end the
following:
``(p) Limitations on Eligibility for Support.--
``(1) In general.--Notwithstanding any other provision of
this Act or any other Act, a covered entity is not eligible for
financing or other support under this Act.
``(2) Definitions.--In this section:
``(A) Covered entity.--
``(i) In general.--The term `covered
entity' means an entity in which a covered
individual directly or indirectly holds a
significant interest.
``(ii) Aggregation of securities.--For
purposes of determining whether an entity is a
covered entity for purposes of clause (i), if
securities of the entity are owned, controlled,
or held by 2 or more covered individuals who
are related as described in subparagraph (B),
such securities shall be aggregated.
``(B) Covered individual.--The term `covered
individual' means--
``(i) the President;
``(ii) the Vice President;
``(iii) a Member of Congress;
``(iv) an individual appointed to a
position in an agency (as defined in section
551 of title 5, United States Code) for which
appointment is required to be made by the
President;
``(v) a special Government employee, as
defined in section 202 of title 18, United
States Code, associated with the Executive
Office of the President;
``(vi) a member of the Investment Committee
established under subsection (n); and
``(vii) the spouse, child, son-in-law, or
daughter-in-law of an individual described in
any of clauses (i) through (vi).
``(C) De minimis interest.--The term `de minimis
interest' means an equity interest in an entity that--
``(i) does not exceed the threshold
specified in section 2640.202(a)(2) of title 5,
Code of Federal Regulations (or a successor
regulation);
``(ii) is purchased and owned as part of an
Excepted Investment Fund or a mutual fund; or
``(iii) is purchased and owned as part of a
widely diversified employee benefit plan or a
pension established and maintained by a
Federal, State, or local government.
``(D) Equity interest.--The term `equity interest'
means--
``(i) a share in an entity, without regard
to whether the share is--
``(I) transferable; or
``(II) classified as stock or
anything similar;
``(ii) a capital or profit interest in a
limited liability company or partnership; and
``(iii) a warrant or right (other than a
right to convert) to purchase, sell, or
subscribe to a share or interest described in
clause (i) or (ii), respectively.
``(E) Excepted investment fund.--The term `Excepted
Investment Fund' means a widely held investment fund
described in section 13104(f)(8) of title 5, United
States Code.
``(F) Significant interest.--The term `significant
interest', with respect to an entity, means owning,
controlling, or holding any equity interest, other than
a de minimis interest, in the entity.''.
SEC. 11. MODIFICATION OF PROGRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.
Section 2(l)(1) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(l)(1)) is amended--
(1) in the matter preceding subparagraph (A), by striking
``or by a covered country'' and inserting ``, the Russian
Federation, or a covered country'';
(2) in subparagraph (A), by striking ``or by a covered
country'' and inserting ``, the Russian Federation, or a
covered country''; and
(3) in subparagraph (B)--
(A) in clause (v), by striking ``computing'' and
inserting ``technologies''; and
(B) in clause (vi), by inserting ``nuclear
energy,'' after ``Renewable energy,''.
SEC. 12. INCREASE IN GOAL FOR EXPORT OF GOODS AND SERVICES RELATED TO
RENEWABLE ENERGY SOURCES, ENERGY EFFICIENCY, AND ENERGY
STORAGE.
Section 2(b)(1)(K) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(K)) is amended by striking ``5 percent'' and inserting ``10
percent''.
SEC. 13. EMPLOYMENT AUTHORITY.
(a) In General.--Section 3 of the Export-Import Bank Act of 1945
(12 U.S.C. 635a), as amended by section 10, is further amended by
adding at the end the following:
``(q) Employment Authority.--The Board may compensate not more than
150 employees of the Bank without regard to the provisions of chapter
51 or subchapter III or VIII of chapter 53 of title 5, United States
Code.''.
(b) Conforming Repeal.--Section 117 of the Export Enhancement Act
of 1992 (Public Law 102-429; 12 U.S.C. 635a note) is repealed.
SEC. 14. EXPANSION OF GUARANTEE COVERAGE.
Section 2(c)(3)(B) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(c)(3)(B)) is amended--
(1) by striking ``For the guarantee program provided for in
this subsection,'' and inserting the following:
``(i) In general.--For a guarantee program
described in clause (ii),''; and
(2) by adding at the end the following:
``(ii) Programs described.--A guarantee
program described in this clause is--
``(I) a guarantee program provided
for in this subsection;
``(II) the Make More in America
Program established under subsection
(m); and
``(III) subject to clause (iii),
the Working Capital Guarantee Program.
``(iii) Limitation on working capital
guarantee program.--Under the Working Capital
Guarantee Program, the Bank may not provide 100
percent coverage of an amount of principal that
exceeds $50,000,000.''.
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