[Congressional Record Volume 152, Number 133 (Wednesday, December 6, 2006)]
[Senate]
[Pages S11391-S11396]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       REAUTHORIZING THE EXPORT-IMPORT BANK OF THE UNITED STATES

  Mr. FRIST. I ask unanimous consent the Chair now lay before the 
Senate the House measure to accompany S. 3938.
  The Chair laid before the Senate the following message from the House 
of Representatives:

                                S. 3938

       Resolved, That the bill from the Senate (S. 3938) entitled 
     ``An Act to reauthorize the Export-Import Bank of the United 
     States.'', do pass with the following amendment:
       Strike out all after the enacting clause and insert:

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Export-
     Import Bank Reauthorization Act of 2006''.
       (b) Table of Contents.--

Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Sub-Saharan Africa Advisory Committee.
Sec. 4. Extension of authority to provide financing for the export of 
              nonlethal defense articles or services the primary end 
              use of which will be for civilian purposes.
Sec. 5. Designation of sensitive commercial sectors and products.
Sec. 6. Increasing exports by small business.
Sec. 7. Anti-circumvention.
Sec. 8. Transparency.
Sec. 9. Aggregate loan, guarantee, and insurance authority.
Sec. 10. Tied aid credit program.
Sec. 11. Prohibition on assistance to develop or promote certain 
              railway connections and railway-related connections.
Sec. 12. Process for notifying applicants of application status; 
              implementation of Ex-Im Online.
Sec. 13. Competitiveness initiatives.
Sec. 14. Office of financing for socially and economically 
              disadvantaged small business concerns and small business 
              concerns owned by women.
Sec. 15. Governance.
Sec. 16. Sense of Congress regarding multi-buyer insurance and capital 
              guarantee programs.
Sec. 17. Sense of Congress regarding office of renewable energy 
              promotion.
Sec. 18. Environmental matters.
Sec. 19. Government Accountability Office study of bank performance 
              standards for assistance to small businesses, especially 
              those owned by social and economically disadvantaged 
              individuals and those owned by women.

[[Page S11392]]

Sec. 20. Reports.
Sec. 21. Study of how Export-Import Bank could assist United States 
              exporters to meet import needs of new or impoverished 
              democracies; report.

     SEC. 2. EXTENSION OF AUTHORITY.

       Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635f) is amended by striking ``2006'' and inserting ``2011''.

     SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

       (a) Extension of Authority.--Section 2(b)(9)(B)(iii) of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) 
     is amended by striking ``2006'' and inserting ``2011''.
       (b) Improved Liaison With African Regional Financial 
     Institutions.--
       (1) Master guarantee agreements.--Within 1 year after the 
     date of the enactment of this Act, the Export-Import Bank of 
     the United States shall seek to ensure that there is in 
     effect a contract between each approved lender in Africa and 
     the Bank, which sets forth the Bank's guarantee undertakings 
     and related obligations between the Bank and each lender.
       (2) Report on working relationships with the african 
     development bank, the african export-import bank, and other 
     institutions.--Section 2(b)(9) of such Act (12 U.S.C. 
     635(b)(9)) is amended by adding at the end the following:
       ``(C) The Bank shall include in the annual report to the 
     Congress submitted under section 8(a) a separate section that 
     contains a report on the efforts of the Bank to--
       ``(i) improve its working relationships with the African 
     Development Bank, the African Export-Import Bank, and other 
     institutions in the region that are relevant to the purposes 
     of subparagraph (A) of this paragraph; and
       ``(ii) coordinate closely with the United States Foreign 
     Service and Foreign Commercial Service, and with the overall 
     strategy of the United States Government for economic 
     engagement with Africa pursuant to the African Growth and 
     Opportunity Act.''.
       (c) Increasing the Number of Qualified African Entities.--
     Section 2(b)(9) of such Act (12 U.S.C. 635(b)(9)), as amended 
     by subsection (b), is amended by adding at the end the 
     following:
       ``(D) Consistent with the requirement that the Bank obtain 
     a reasonable assurance of repayment in connection with each 
     transaction the Bank supports, the Bank shall, in 
     consultation with the entities described in subparagraph (C), 
     seek to qualify a greater number of appropriate African 
     entities for participation in programs of the Bank.''.

     SEC. 4. EXTENSION OF AUTHORITY TO PROVIDE FINANCING FOR THE 
                   EXPORT OF NONLETHAL DEFENSE ARTICLES OR 
                   SERVICES THE PRIMARY END USE OF WHICH WILL BE 
                   FOR CIVILIAN PURPOSES.

       Section 1(c) of Public Law 103-428 (12 U.S.C. 635 note; 108 
     Stat. 4376) is amended by striking ``2001'' and inserting 
     ``2011''.

     SEC. 5. DESIGNATION OF SENSITIVE COMMERCIAL SECTORS AND 
                   PRODUCTS.

       Section 2(e) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)) is amended by adding at the end the following 
     new paragraph:
       ``(5) Designation of sensitive commercial sectors and 
     products.--Not later than 120 days after the date of the 
     enactment of this Act, the Bank shall submit a list to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives, which designates sensitive commercial 
     sectors and products with respect to which the provision of 
     financing support by the Bank is deemed unlikely by the 
     President of the Bank due to the significant potential for a 
     determination that such financing support would result in an 
     adverse economic impact on the United States. The President 
     of the Bank shall review on an annual basis thereafter the 
     list of sensitive commercial sectors and products and the 
     Bank shall submit an updated list to the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives of such sectors and products.''.

     SEC. 6. INCREASING EXPORTS BY SMALL BUSINESS.

       (a) In General.--Section 3 of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635a) is amended by adding at the end the 
     following:
       ``(f) Small Business Division.--
       ``(1) Establishment.--There is established a Small Business 
     Division (in this subsection referred to as the `Division') 
     within the Bank in order to--
       ``(A) carry out the provisions of subparagraphs (E) and (I) 
     of section 2(b)(1) relating to outreach, feedback, product 
     improvement, and transaction advocacy for small business 
     concerns (as defined in section 3(a) of the Small Business 
     Act);
       ``(B) advise and seek feedback from small business concerns 
     on the opportunities and benefits for small business concerns 
     in the financing products offered by the Bank, with 
     particular emphasis on conducting outreach, enhancing the 
     tailoring of products to small business needs and increasing 
     loans to small business concerns;
       ``(C) maintain liaison with the Small Business 
     Administration and other departments and agencies in matters 
     affecting small business concerns; and
       ``(D) provide oversight of the development, implementation, 
     and operation of technology improvements to strengthen small 
     business outreach, including the technology improvement 
     required by section 2(b)(1)(E)(x).
       ``(2) Management.--The President of the Bank shall appoint 
     an officer, who shall rank not lower than senior vice 
     president and whose sole executive function shall be to 
     manage the Division. The officer shall--
       ``(A) have substantial recent experience in financing 
     exports by small business concerns; and
       ``(B) advise the Board, particularly the director appointed 
     under section 3(c)(8)(B) to represent the interests of small 
     business, on matters of interest to, and concern for, small 
     business.
       ``(g) Small Business Specialists.--
       ``(1) Dedicated personnel.--The President of the Bank shall 
     ensure that each operating division within the Bank has staff 
     that specializes in processing transactions that primarily 
     benefit small business concerns (as defined in section 3(a) 
     of the Small Business Act).
       ``(2) Responsibilities.--The small business specialists 
     shall be involved in all aspects of processing applications 
     for loans, guarantees, and insurance to support exports by 
     small business concerns, including the approval or 
     disapproval, or staff recommendations of approval or 
     disapproval, as applicable, of such applications. In carrying 
     out these responsibilities, the small business specialists 
     shall consider the unique business requirements of small 
     businesses and shall develop exporter performance criteria 
     tailored to small business exporters.
       ``(3) Approval authority.--In an effort to maximize the 
     speed and efficiency with which the Bank processes 
     transactions primarily benefitting small business concerns, 
     the small business specialists shall be authorized to approve 
     applications for working capital loans and guarantees, and 
     insurance in accordance with policies and procedures 
     established by the Board. It is the sense of Congress that 
     the policies and procedures should not prohibit, where 
     appropriate, small business specialists from approving 
     applications for working capital loans and guarantees, and 
     for insurance, in support of exports which have a value of 
     less than $10,000,000.
       ``(4) Identification.--The Bank shall prominently identify 
     the small business specialists on its website and in 
     promotional material.
       ``(5) Employee evaluations.--The evaluation of staff 
     designated by the President of the Bank under paragraph (1), 
     including annual reviews of performance of duties related to 
     transactions in support of exports by small business 
     concerns, and any resulting recommendations for salary 
     adjustments, promotions, and other personnel actions, shall 
     address the criteria established pursuant to subsection 
     (h)(2)(B)(iii) and shall be conducted by the manager of the 
     relevant operating division following consultation with the 
     officer appointed to manage the Small Business Division 
     pursuant to subsection (f)(2).
       ``(6) Staff recommendations.--Staff recommendations of 
     denial or withdrawal for medium-term applications, exporter 
     held multi-buyer policies, single buyer policies, and working 
     capital applications processed by the Bank shall be 
     transmitted to the officer appointed to manage the Small 
     Business Division pursuant to subsection (f)(2) not later 
     than 2 business days before a final decision.
       ``(7) Rule of interpretation.--Nothing in this Act shall be 
     construed to prevent the delegation to the Division of any 
     authority necessary to carry out subparagraphs (E) and (I) of 
     section 2(b)(1).
       ``(h) Small Business Committee.--
       ``(1) Establishment.--There is established a management 
     committee to be known as the `Small Business Committee'.
       ``(2) Purpose and duties.--
       ``(A) Purpose.--The purpose of the Small Business Committee 
     shall be to coordinate the Bank's initiatives and policies 
     with respect to small business concerns (as defined in 
     section 3(a) of the Small Business Act), including the timely 
     processing and underwriting of transactions involving direct 
     exports by small business concerns, and the development and 
     coordination of efforts to implement new or enhanced Bank 
     products and services pertaining to small business concerns.
       ``(B) Duties.--The duties of the Small Business Committee 
     shall be determined by the President of the Bank and shall 
     include the following:
       ``(i) Assisting in the development of the Bank's small 
     business strategic plans, including the Bank's plans for 
     carrying out section 2(b)(1)(E) (v) and (x), and measuring 
     and reporting in writing to the President of the Bank, at 
     least once a year, on the Bank's progress in achieving the 
     goals set forth in the plans.
       ``(ii) Evaluating and reporting in writing to the President 
     of the Bank, at least once a year, with respect to--

       ``(I) the performance of each operating division of the 
     Bank in serving small business concerns;
       ``(II) the impact of processing and underwriting standards 
     on transactions involving direct exports by small business 
     concerns; and
       ``(III) the adequacy of the staffing and resources of the 
     Small Business Division.

       ``(iii) Establishing criteria for evaluating the 
     performance of staff designated by the President of the Bank 
     under subsection (g)(1).
       ``(iv) Coordinating the provision of services with other 
     United States Government departments and agencies to small 
     business concerns.
       ``(3) Composition.--
       ``(A) Chairperson.--The Chairperson of the Small Business 
     Committee shall be the officer appointed to manage the Small 
     Business Division pursuant to subsection (f)(2). The 
     Chairperson shall have the authority to call meetings of the 
     Small Business Committee, set the agenda for Committee 
     meetings, and request policy recommendations from the 
     Committee's members.
       ``(B) Other members.--Except as otherwise provided in this 
     subsection, the President of the Bank shall determine the 
     composition of the Small Business Committee, and shall 
     appoint or remove the members of the Small Business 
     Committee. In making such appointments, the President of the 
     Bank shall ensure that the Small Business Committee is 
     comprised of--

[[Page S11393]]

       ``(i) the senior managing officers responsible for 
     underwriting and processing transactions; and
       ``(ii) other officers and employees of the Bank with 
     responsibility for outreach to small business concerns and 
     underwriting and processing transactions that involve small 
     business concerns.
       ``(4) Reporting.--The Chairperson shall provide to the 
     President of the Bank minutes of each meeting of the Small 
     Business Committee, including any recommendations by the 
     Committee or its individual members.''.
       (b) Enhance Delegated Loan Authority for Medium Term 
     Transactions.--
       (1) In general.--The Export-Import Bank of the United 
     States shall seek to expand the exercise of authority under 
     section 2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945 
     (12 U.S.C. 635(b)(1)(E)(vii)) with respect to medium term 
     transactions for small business concerns.
       (2) Conforming amendment.--Section 2(b)(1)(E)(vii)(III) of 
     the Export-Import Bank Act of 1945 (12 U.S.C. 
     635(b)(1)(E)(vii)(III)) is amended by inserting ``or other 
     financing institutions or entities'' after ``consortia''.
       (3) Deadline.--Not later than 180 days after the date of 
     the enactment of this Act, the Export-Import Bank of the 
     United States shall make available lines of credit and 
     guarantees to carry out section 2(b)(1)(E)(vii) of the 
     Export-Import Bank Act of 1945 pursuant to policies and 
     procedures established by the Board of Directors of the 
     Export-Import Bank of the United States.

     SEC. 7. ANTI-CIRCUMVENTION.

       Section 2(e) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)), as amended by section 5 of this Act, is 
     amended--
       (1) by inserting after paragraph (1), the following flush 
     paragraph:

     ``In making the determination under subparagraph (B), the 
     Bank shall determine whether the facility that would benefit 
     from the extension of a credit or guarantee is reasonably 
     likely to produce a commodity in addition to, or other than, 
     the commodity specified in the application and whether the 
     production of the additional commodity may cause substantial 
     injury to United States producers of the same, or a similar 
     or competing, commodity.'';
       (2) in paragraph (2), by adding at the end the following:
       ``(E) Anti-circumvention.--The Bank shall not provide a 
     loan or guarantee if the Bank determines that providing the 
     loan or guarantee will facilitate circumvention of an order 
     or determination referred to in subparagraph (A).''; and
       (3) by adding at the end the following:
       ``(6) Financial threshold determinations.--For purposes of 
     determining whether a proposed transaction exceeds a 
     financial threshold under this subsection or under the 
     procedures or rules of the Bank, the Bank shall aggregate the 
     dollar amount of the proposed transaction and the dollar 
     amounts of all loans and guarantees, approved by the Bank in 
     the preceding 24-month period, that involved the same foreign 
     entity and substantially the same product to be produced.''.

     SEC. 8. TRANSPARENCY.

       (a) In General.--Section 2(e) of the Export-Import Bank Act 
     of 1945 (12 U.S.C. 635(e)), as amended by sections 5 and 7 of 
     this Act, is amended by adding at the end the following:
       ``(7) Procedures to reduce adverse effects of loans and 
     guarantees on industries and employment in united states.--
       ``(A) Consideration of economic effects of proposed 
     transactions.--If, in making a determination under this 
     paragraph with respect to a loan or guarantee, the Bank 
     conducts a detailed economic impact analysis or similar 
     study, the analysis or study, as the case may be, shall 
     include consideration of--
       ``(i) the factors set forth in subparagraphs (A) and (B) of 
     paragraph (1); and
       ``(ii) the views of the public and interested parties.
       ``(B) Notice and comment requirements.--
       ``(i) In general.--If, in making a determination under this 
     subsection with respect to a loan or guarantee, the Bank 
     intends to conduct a detailed economic impact analysis or 
     similar study, the Bank shall publish in the Federal Register 
     a notice of the intent, and provide a period of not less than 
     14 days (which, on request by any affected party, shall be 
     extended to a period of not more than 30 days) for the 
     submission to the Bank of comments on the economic effects of 
     the provision of the loan or guarantee, including comments on 
     the factors set forth in subparagraphs (A) and (B) of 
     paragraph (1). In addition, the Bank shall seek comments on 
     the economic effects from the Department of Commerce, the 
     Office of Management and Budget, the Committee on Banking, 
     Housing, and Urban Affairs of the Senate, and the Committee 
     on Financial Services of the House of Representatives.
       ``(ii) Content of notice.--The notice shall include 
     appropriate, nonproprietary information about--

       ``(I) the country to which the goods involved in the 
     transaction will be shipped;
       ``(II) the type of goods being exported;
       ``(III) the amount of the loan or guarantee involved;
       ``(IV) the goods that would be produced as a result of the 
     provision of the loan or guarantee;
       ``(V) the amount of increased production that will result 
     from the transaction;
       ``(VI) the potential sales market for the resulting goods; 
     and
       ``(VII) the value of the transaction.

       ``(iii) Procedure regarding materially changed 
     applications.--

       ``(I) In general.--If a material change is made to an 
     application for a loan or guarantee from the Bank after a 
     notice with respect to the intent described in clause (i) is 
     published under this subparagraph, the Bank shall publish in 
     the Federal Register a revised notice of the intent, and 
     shall provide for a comment period, as provided in clauses 
     (i) and (ii).
       ``(II) Material change defined.--As used in subclause (I), 
     the term `material change', with respect to an application, 
     includes--

       ``(aa) a change of at least 25 percent in the amount of a 
     loan or guarantee requested in the application; and
       ``(bb) a change in the principal product to be produced as 
     a result of any transaction that would be facilitated by the 
     provision of the loan or guarantee.
       ``(C) Requirement to address views of adversely affected 
     persons.--Before taking final action on an application for a 
     loan or guarantee to which this section applies, the staff of 
     the Bank shall provide in writing to the Board of Directors 
     the views of any person who submitted comments pursuant to 
     subparagraph (B).
       ``(D) Publication of conclusions.--Within 30 days after a 
     party affected by a final decision of the Board of Directors 
     with respect to a loan or guarantee makes a written request 
     therefor, the Bank shall provide to the affected party a non-
     confidential summary of the facts found and conclusions 
     reached in any detailed economic impact analysis or similar 
     study conducted pursuant to subparagraph (B) with respect to 
     the loan or guarantee, that were submitted to the Board of 
     Directors.
       ``(E) Rule of interpretation.--This paragraph shall not be 
     construed to make subchapter II of chapter 5 of title 5, 
     United States Code, applicable to the Bank.
       ``(F) Regulations.--The Bank shall implement such 
     regulations and procedures as may be appropriate to carry out 
     this paragraph.''.
       (b) Conforming Amendment.--Section 2(e)(2)(C) of such Act 
     (12 U.S.C. 635(e)(2)(C)) is amended by inserting ``of not 
     less than 14 days (which, on request of any affected party, 
     shall be extended to a period of not more than 30 days)'' 
     after ``comment period''.

     SEC. 9. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.

       Subparagraph (E) of 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:
       ``(E) during fiscal year 2006, and each fiscal year 
     thereafter through fiscal year 2011,''.

     SEC. 10. TIED AID CREDIT PROGRAM.

       (a) In General.--Section 10(b)(5)(B)(ii) of the Export-
     Import Bank Act of 1945 (12 U.S.C. 635i-3(b)(5)(B)(ii)) is 
     amended to read as follows:
       ``(ii) Process.--In handling individual applications 
     involving the use or potential use of the Tied Aid Credit 
     Fund the following process shall exclusively apply pursuant 
     to subparagraph (A):

       ``(I) The Bank shall process an application for tied aid in 
     accordance with the principles and standards developed 
     pursuant to subparagraph (A) and clause (i) of this 
     subparagraph.
       ``(II) Twenty days prior to the scheduled meeting of the 
     Board of Directors at which an application will be considered 
     (unless the Bank determines that an earlier discussion is 
     appropriate based on the facts of a particular financing), 
     the Bank shall brief the Secretary on the application and 
     deliver to the Secretary such documents, information, or data 
     as may reasonably be necessary to permit the Secretary to 
     review the application to determine if the application 
     complies with the principles and standards developed pursuant 
     to subparagraph (A) and clause (i) of this subparagraph.
       ``(III) The Secretary may request a single postponement of 
     the consideration by the Board of Directors of the 
     application for up to 14 days to allow the Secretary to 
     submit to the Board of Directors a memorandum objecting to 
     the application.
       ``(IV) Case-by-case decisions on whether to approve the use 
     of the Tied Aid Credit Fund shall be made by the Board of 
     Directors, except that the approval of the Board of Directors 
     (or a commitment letter based on that approval) shall not 
     become final (except as provided in subclause (V)), if the 
     Secretary indicates to the President of the Bank in writing 
     the Secretary's intention to appeal the decision of the Board 
     of Directors to the President of the United States and makes 
     the appeal in writing not later than 20 days after the 
     meeting at which the Board of Directors considered the 
     application.
       ``(V) The Bank shall not grant final approval of an 
     application for any tied aid credit (or a commitment letter 
     based on that approval) if the President of the United 
     States, after consulting with the President of the Bank and 
     the Secretary, determines within 30 days of an appeal by the 
     Secretary under subclause (IV) that the extension of the tied 
     aid credit would materially impede achieving the purposes 
     described in subsection (a)(6). If no such Presidential 
     determination is made during the 30-day period, the approval 
     by the Bank of the application (or related commitment letter) 
     that was the subject of such appeal shall become final.''.

       (b) Clarification of Use of Tied Aid Credit Fund to 
     Match.--Section 10 of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635i-3) is amended--
       (1) in subsection (a), in paragraph (6)--
       (A) in the matter preceding subparagraph (A), by inserting 
     ``, including those that are not a party to the 
     Arrangement,'' after ``countries'';
       (B) in subparagraph (B), by adding ``and'' at the end; and
       (C) by inserting after subparagraph (B) the following:
       ``(C) promoting compliance with Arrangement rules among 
     foreign export credit agencies that are not a party to the 
     Arrangement;''; and
       (2) in subsection (b), in paragraph (5)(B)--
       (A) in clause (i)--
       (i) in subclause (I), by striking ``and'' and by inserting 
     ``, and to seek compliance by those

[[Page S11394]]

     countries that are not a party to the Arrangement'' before 
     the period; and
       (ii) in subclause (III), by adding at the end the 
     following: ``In cases where information about a specific 
     offer of foreign tied aid (or untied aid used to promote 
     exports as if it were tied aid) is not available in a timely 
     manner, or is unavailable because the foreign export credit 
     agency involved is not subject to the reporting requirements 
     under the Arrangement, then the Bank may decide to use the 
     Tied Aid Credit Fund based on credible evidence of a history 
     of such offers under similar circumstances or other forms of 
     credible evidence.''.

     SEC. 11. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE 
                   CERTAIN RAILWAY CONNECTIONS AND RAILWAY-RELATED 
                   CONNECTIONS.

       Section 2(b) of the Export-Import Act of 1945 (12 U.S.C. 
     635(b)) is amended by adding at the end the following new 
     paragraph:
       ``(13) Prohibition on Assistance To Develop or Promote 
     Certain Railway Connections and Railway-Related 
     Connections.--The Bank shall not guarantee, insure, or extend 
     (or participate in the extension of) credit in connection 
     with the export of any good or service relating to the 
     development or promotion of any railway connection or 
     railway-related connection that does not traverse or connect 
     with Armenia and does traverse or connect Baku, Azerbaijan, 
     Tbilisi, Georgia, and Kars, Turkey.''.

     SEC. 12. PROCESS FOR NOTIFYING APPLICANTS OF APPLICATION 
                   STATUS; IMPLEMENTATION OF EX-IM ONLINE.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635) is amended by adding at the end the following:
       ``(g) Process for Notifying Applicants of Application 
     Status.--The Bank shall establish and adhere to a clearly 
     defined process for--
       ``(1) acknowledging receipt of applications;
       ``(2) informing applicants that their applications are 
     complete or, if incomplete or containing a minor defect, of 
     the additional material or changes that, if supplied or made, 
     would make the application eligible for consideration; and
       ``(3) keeping applicants informed of the status of their 
     applications, including a clear and timely notification of 
     approval or disapproval, and, in the case of disapproval, the 
     reason for disapproval, as appropriate.
       ``(h) Response to Application for Financing; Implementation 
     of Online Loan Request and Tracking Process.--
       ``(1) Response to applications.--Within 5 days after the 
     Bank receives an application for financing, the Bank shall 
     notify the applicant that the application has been received, 
     and shall include in the notice--
       ``(A) a request for such additional information as may be 
     necessary to make the application complete;
       ``(B) the name of a Bank employee who may be contacted with 
     questions relating to the application; and
       ``(C) a unique identification number which may be used to 
     review the status of the application at a website established 
     by the Bank.
       ``(2) Website.--Not later than September 1, 2007, the Bank 
     shall exercise the authority granted by subparagraphs (E)(x) 
     and (J) of subsection (b)(1) to establish, and thereafter to 
     maintain, a website through which--
       ``(A) Bank products may be applied for; and
       ``(B) information may be obtained with respect to--
       ``(i) the status of any such application;
       ``(ii) the Small Business Division of the Bank; and
       ``(iii) incentives, preferences, targets, and goals 
     relating to small business concerns (as defined in Section 
     3(a) of the Small Business Act), including small business 
     concerns exporting to Africa.''.

     SEC. 13. COMPETITIVENESS INITIATIVES.

       (a) Expansion of Scope of Annual Competitiveness Report.--
     The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is 
     amended by inserting after section 8 the following:

     ``SEC. 8A. ANNUAL COMPETITIVENESS REPORT.

       ``(a) In General.--Not later than June 30 of each year, the 
     Bank shall submit to the appropriate congressional committees 
     a report that includes the following:
       ``(1) Actions of bank in providing financing on a 
     competitive basis, and to minimize competition in government-
     supported export financing.--A description of the actions of 
     the Bank in complying with the second and third sentences of 
     section 2(b)(1)(A). In this part of the report, the Bank 
     shall include a survey of all other major export-financing 
     facilities available from other governments and government-
     related agencies through which foreign exporters compete with 
     United States exporters (including through use of market 
     windows (as defined pursuant to section 10(h)(7))) and, to 
     the extent such information is available to the Bank, 
     indicate in specific terms the ways in which the Bank's 
     rates, terms, and other conditions compare with those offered 
     from such other governments directly or indirectly. With 
     respect to the preceding sentence, the Bank shall use all 
     available information to estimate the annual amount of export 
     financing available from each such government and government-
     related agency. In this part of the report, the Bank shall 
     include a survey of a representative number of United States 
     exporters and United States commercial lending institutions 
     which provide export credit on the experience of the 
     exporters and institutions in meeting financial competition 
     from other countries whose exporters compete with United 
     States exporters.
       ``(2) Role of bank in implementing strategic plan prepared 
     by the trade promotion coordinating committee.--A description 
     of the role of the Bank in implementing the strategic plan 
     prepared by the Trade Promotion Coordinating Committee in 
     accordance with section 2312 of the Export Enhancement Act of 
     1988.
       ``(3) Tied aid credit program and fund.--The report 
     required by section 10(g).
       ``(4) Purpose of all bank transactions.--A description of 
     all Bank transactions which shall be classified according to 
     their principal purpose, such as to correct a market failure 
     or to provide matching support.
       ``(5) Efforts of bank to promote export of goods and 
     services related to renewable energy sources.--A description 
     of the activities of the Bank with respect to financing 
     renewable energy projects undertaken under section 
     2(b)(1)(K), and an analysis comparing the level of credit 
     extended by the Bank for renewable energy projects with the 
     level of credit so extended for the preceding fiscal year.
       ``(6) Size of bank program account.--A separate section 
     which--
       ``(A) compares, to the extent practicable, the size of the 
     Bank program account with the size of the program accounts of 
     the other major export-financing facilities referred to in 
     paragraph (1); and
       ``(B) makes recommendations, if appropriate, with respect 
     to the relative size of the Bank program account, based on 
     factors including whether the size differences are in the 
     best interests of the United States taxpayer.
       ``(7) Co-financing programs of the bank and of other export 
     credit agencies.--A description of the co-financing programs 
     of the Bank and of the other major export-financing 
     facilities referred to in paragraph (1), which includes a 
     list of countries with which the United States has in effect 
     a memorandum of understanding relating to export credit 
     agency co-financing and, if such a memorandum is not in 
     effect with any country with a major export credit-financing 
     facility, an explanation of why such a memorandum is not in 
     effect.
       ``(8) Services supported by the bank and by other export 
     credit agencies.--A separate section which describes the 
     participation of the Bank in providing funding, guarantees, 
     or insurance for services, which shall include appropriate 
     information on the involvement of the other major export-
     financing facilities referred to in paragraph (1) in 
     providing such support for services, and an explanation of 
     any differences among the facilities in providing the 
     support.
       ``(9) Export finance cases not in compliance with the 
     arrangement.--Detailed information on cases reported to the 
     Bank of export financing that appear not to comply with the 
     Arrangement (as defined in section 10(h)(3)) or that appear 
     to exploit loopholes in the Arrangement for the purpose of 
     obtaining a commercial competitive advantage. The President 
     of the Bank, in consultation with the Secretary of the 
     Treasury, may provide to the appropriate congressional 
     committees the information required by this subsection in a 
     separate and confidential report, instead of providing such 
     information in the report required by this subsection.
       ``(10) Foreign export credit agency activities not 
     consistent with the wto agreement on subsidies and 
     countervailing measures.--A description of the extent to 
     which the activities of foreign export credit agencies and 
     other entities sponsored by a foreign government, 
     particularly those that are not members of the Arrangement 
     (as defined in section 10(h)(3)), appear not to comply with 
     the Arrangement and appear to be inconsistent with the terms 
     of the Agreement on Subsidies and Countervailing Measures 
     referred to in section 101(d)(12) of the Uruguay Round 
     Agreements Act (19 U.S.C. 3511(d)(12)), and a description of 
     the actions taken by the United States Government to address 
     the activities. The President of the Bank, in consultation 
     with the Secretary of the Treasury, may provide to the 
     appropriate congressional committees, the information 
     required by this subsection in a separate and confidential 
     report, instead of providing such information in the report 
     required by this subsection.
       ``(b) Inclusion of Additional Comments.--The report 
     required by subsection (a) shall include such additional 
     comments as any member of the Board of Directors may submit 
     to the Board for inclusion in the report.
       ``(c) Appropriate Congressional Committees.--The term 
     `appropriate congressional committees' means the Committee on 
     Financial Services of the House of Representatives and the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate.''.
       (b) Conforming Amendment.--Section 2(b)(1)(A) of such Act 
     (12 U.S.C. 635(b)(1)(A)) is amended by striking all that 
     follows the third sentence.
       (c) Expansion of Countries in Competition With Which the 
     Bank Is to Provide Export Financing.--Section 2(b)(1)(A) of 
     such Act (12 U.S.C. 635(b)(1)(A)) is amended in the second 
     sentence by inserting ``, including countries the governments 
     of which are not members of the Arrangement (as defined in 
     section 10(h)(3))'' before the period.
       (d) Sense of Congress Regarding Negotiation of the OECD 
     Arrangement.--It is the sense of Congress that in the 
     negotiation of the Arrangement (as defined in section 
     10(h)(3) of the Export-Import Bank Act of 1945) the goals of 
     the United States include the following:
       (1) Seeking compliance with the Arrangement among countries 
     with significant export credit programs who are not members 
     of the Arrangement.
       (2) Seeking to identify within the World Trade Organization 
     the extent to which countries that are not a party to the 
     Arrangement are not in compliance with the terms of the 
     Agreement on Subsidies and Countervailing Measures referred 
     to in section 101(d)(12) of the Uruguay Round Agreements Act 
     (19 U.S.C. 3511(d)(12)) with respect to export finance, and 
     seeking appropriate action within the World Trade 
     Organization for each country that is not in such compliance.
       (3) Implementing new disciplines on the use of untied aid, 
     market windows, and other forms of

[[Page S11395]]

     export finance that seek to exploit loopholes in the 
     Arrangement for purposes of obtaining a commercial 
     competitive advantage.

     SEC. 14. OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY 
                   DISADVANTAGED SMALL BUSINESS CONCERNS AND SMALL 
                   BUSINESS CONCERNS OWNED BY WOMEN.

       (a) In General.--Section 3 of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635a), as added by section 6, is amended by 
     adding at the end the following:
       ``(i) Office of Financing for Socially and Economically 
     Disadvantaged Small Business Concerns and Small Business 
     Concerns Owned by Women.--
       ``(1) Establishment.--The President of the Bank shall 
     establish in the Small Business Division an office whose sole 
     functions shall be to continue and enhance the outreach 
     activities of the Bank with respect to, and increase the 
     total amount of loans, guarantees, and insurance provided by 
     the Bank to support exports by, socially and economically 
     disadvantaged small business concerns (as defined in section 
     8(a)(4) of the Small Business Act) and small business 
     concerns owned by women.
       ``(2) Management.--The office shall be managed by a Bank 
     officer of appropriate rank who shall report to the Bank 
     officer designated under subsection (f)(2).
       ``(3) Staffing.--To the maximum extent practicable, the 
     President of the Bank shall ensure that qualified minority 
     and women applicants are considered when filling any position 
     in the office.''.
       (b) Financing Directed Toward Small Businesses Owned by 
     Minorities or Women.--Section 2(b)(1)(E)(v) of such Act (12 
     U.S.C. 635(b)(1)(E)(v)) is amended by adding at the end the 
     following: ``From the amount made available under the 
     preceding sentence, it shall be a goal of the Bank to 
     increase the amount made available to finance exports 
     directly by small business concerns referred to in section 
     3(i)(1).''.

     SEC. 15. GOVERNANCE.

       Section 3(c) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635a(c)) is amended by adding at the end the 
     following:
       ``(9) At the request of any 2 members of the Board of 
     Directors, the Chairman of the Board shall place an item 
     pertaining to the policies or procedures of the Bank on the 
     agenda for discussion by the Board. Within 30 days after the 
     date such a request is made, the Chairman shall hold a 
     meeting of the Board at which the item shall be discussed.''.

     SEC. 16. SENSE OF CONGRESS REGARDING MULTI-BUYER INSURANCE 
                   AND WORKING CAPITAL GUARANTEE PROGRAMS.

       It is the sense of Congress that the Export-Import Bank of 
     the United States should seek to expand the number and size 
     of the regional multi-buyer insurance programs and working 
     capital guarantee programs operated by, through, or in 
     conjunction with the Bank.

     SEC. 17. SENSE OF CONGRESS REGARDING AN OFFICE OF RENEWABLE 
                   ENERGY PROMOTION.

       It is the sense of Congress that--
       (1) the Export-Import Bank of the United States should 
     establish, within 2 years of the date of the enactment of 
     this Act, an Office of Renewable Energy Promotion staffed by 
     individuals with appropriate expertise in renewable energy 
     technologies to proactively identify new opportunities for 
     renewable energy financing and to carry out section 
     2(b)(1)(K) of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635(b)(1)(K));
       (2) in carrying out the purposes of such an Office of 
     Renewable Energy Promotion, the head of such Office should 
     consider the recommendations of the Renewable Energy Exports 
     Advisory Committee of the Bank to promote renewable energy 
     technologies; and
       (3) the Bank should include in its annual report a 
     description of the activities carried out by such an Office 
     of Renewable Energy Promotion, including for each year a 
     description of the amount of credit extended by the Bank for 
     renewable energy technologies during that year and a 
     comparison between that amount and the amount of such credit 
     extended by the Bank in previous years.

     SEC. 18. ENVIRONMENTAL MATTERS.

       (a) Environmental Representatives on the Advisory 
     Committee.--Section 3(d) of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635a(d)) is amended--
       (1) in paragraph (1)--
       (A) in subparagraph (A), by striking ``15'' and inserting 
     ``17''; and
       (B) in subparagraph (B), by inserting ``environment,'' 
     before ``production,''; and
       (2) in paragraph (2), by adding at the end the following:
       ``(C) Not less than 2 members appointed to the Advisory 
     Committee shall be representative of the environmental 
     nongovernmental organization community, except that no 2 of 
     the members shall be from the same environmental 
     organization.''.
       (b) Public Disclosure of Certain Documents.--Section 
     11(a)(1) of the Export-Import Bank of 1945 (12 U.S.C. 635i-
     5(a)(1)) is amended by inserting after the first sentence the 
     following: ``Such procedures shall provide for the public 
     disclosure of environmental assessments and supplemental 
     environmental reports required to be submitted to the Bank, 
     including remediation or mitigation plans and procedures, and 
     related monitoring reports. The preceding sentence shall not 
     be interpreted to require the public disclosure of any 
     information described in section 1905 of title 18, United 
     States Code.''.

     SEC. 19. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF BANK 
                   PERFORMANCE STANDARDS FOR ASSISTANCE TO SMALL 
                   BUSINESSES, ESPECIALLY THOSE OWNED BY SOCIALLY 
                   AND ECONOMICALLY DISADVANTAGED INDIVIDUALS AND 
                   THOSE OWNED BY WOMEN.

       (a) Performance Standards.--The Bank shall develop a set of 
     performance standards for determining the extent to which the 
     Bank has carried out successfully subparagraphs (E) and (I) 
     of section 2(b)(1) of the Export-Import Bank Act of 1945, and 
     the functions described in subsections (f)(1), (g)(1), 
     (h)(1), and (i)(1) of section 3 of such Act.
       (b) Assessment of Standards.--Within 18 months after the 
     date of the enactment of this Act, the Comptroller General of 
     the United States shall transmit to the Committee on 
     Financial Services of the House of Representatives and the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate--
       (1) an assessment of the performance standards developed by 
     the Bank pursuant to subsection (a); and
       (2) using the performance standards developed pursuant to 
     subsection (a), an assessment of the Bank's efforts to carry 
     out subparagraphs (E) and (I) of section 2(b)(1) of the 
     Export-Import Bank Act of 1945, and the functions described 
     in subsections (f)(1), (g)(1), (h)(1), and (i)(1) of section 
     3 of such Act.

     SEC. 20. REPORTS.

       Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635g) is amended by adding at the end the following:
       ``(f) Additional Reports.--Not later than March 31 of each 
     year, the Bank 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 reports 
     on--
       ``(1) the extent to which the Bank has been able to use the 
     authority provided, and has complied with the mandates 
     contained, in section 2(b)(1)(E), and to the extent the Bank 
     has been unable to fully use such authority and comply with 
     such mandates, a report on the reasons for the Bank's 
     inability to do so and the steps the Bank is taking to remedy 
     such inability;
       ``(2) the extent to which financing has been made available 
     to small business concerns (described in subsection (e)) to 
     enable them to participate in exports by major contractors, 
     including through access to the supply chains of the 
     contractors through direct or indirect funding;
       ``(3) the specific measures the Bank will take in the 
     upcoming year to achieve the small business objectives of the 
     Bank, including expanded outreach, product improvements, and 
     related actions;
       ``(4) the progress made by the Bank in supporting exports 
     by socially and economically disadvantaged small business 
     concerns (defined in section 8(a)(4) of the Small Business 
     Act) and small business concerns (as defined in section 3(a) 
     of the Small Business Act) owned by women, including 
     estimates of the amounts made available to finance exports 
     directly by such small business concerns, a comparison of 
     these amounts with the amounts made available to all small 
     business concerns, and a comparison of such amounts with the 
     amounts so made available during the 2 preceding years;
       ``(5) with respect to each type of transaction, the 
     interest and fees charged by the Bank to exporters (including 
     a description of fees and interest, if any, charged to small 
     business concerns), buyers, and other applicants in 
     connection with each financing program of the Bank, and the 
     highest, lowest, and average fees charged by the Bank for 
     short term insurance transactions;
       ``(6) the effects of the fees on the ability of the Bank to 
     achieve the objectives of the Bank relating to small 
     business;
       ``(7) the fee structure of the Bank as compared with those 
     of foreign export credit agencies; and
       ``(8)(A) the efforts made by the Bank to carry out 
     subparagraphs (E)(x) and (J) of section 2(b)(1) of the 
     Export-Import Bank Act of 1945, including the total amount 
     expended by the Bank to do so; and
       ``(B) if the Bank has been unable to comply with such 
     subparagraphs--
       ``(i) an analysis of the reasons therefor; and
       ``(ii) what the Bank is doing to achieve, and the date by 
     which the Bank expects to have achieved, such compliance.''.

     SEC. 21. STUDY OF HOW EXPORT-IMPORT BANK COULD ASSIST UNITED 
                   STATES EXPORTERS TO MEET IMPORT NEEDS OF NEW OR 
                   IMPOVERISHED DEMOCRACIES; REPORT.

       (a) Study.--The Export-Import Bank of the United States 
     shall conduct a study designed to assess the needs of new or 
     impoverished democracies, such as Liberia and Haiti, for 
     imports from the United States, and shall determine what role 
     the Bank can play a role in helping United States exporters 
     seize the opportunities presented by the need for such 
     imports.
       (b) Report to Congress.--Within 12 months after the date of 
     the enactment of this Act, the Bank shall submit to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate, in writing, a final report that 
     contains the results of the study required by subsection (a).

  Mr. FRIST. I ask unanimous consent the Senate concur in the House 
amendment, the motion to reconsider be laid on the table, and any 
statements be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. FRIST. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. FRIST. Mr. President, I ask unanimous consent the order for the 
quorum call be rescinded.

[[Page S11396]]

  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________