[Congressional Record Volume 158, Number 66 (Thursday, May 10, 2012)]
[Senate]
[Pages S3091-S3093]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2099. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill H.R. 2072, to reauthorize the Export-Import Bank of the 
United States, and for other purposes; which was ordered to lie on the 
table; as follows:

       Strike section 8 and insert the following:

     SEC. 8. NONSUBORDINATION REQUIREMENT.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635), as amended by section 7 of this Act, is further amended 
     by adding at the end the following:
       ``(j) Nonsubordination Requirement.--Notwithstanding any 
     other provision of law, the Bank may not make or guarantee a 
     loan that is subordinate to any other loan.''.

     SEC. 8A. FINANCING OF DOMESTIC FOSSIL FUEL PROJECTS; 
                   RESTRICTION ON FINANCING OF FOSSIL FUEL 
                   PROJECTS OUTSIDE THE UNITED STATES.

       (a) Identification of Domestic Fossil Fuel Projects.--Not 
     later than 90 days after the date of the enactment of this 
     Act, the Export-Import Bank of the United States shall 
     identify projects involving the production, refining, or 
     transportation of fossil fuels in the United States that 
     could benefit from the provision of financing by the Bank.
       (b) Financing of Fossil Fuel Projects.--Notwithstanding any 
     other provision of law, if the Export-Import Bank of the 
     United States identifies projects involving the production, 
     refining, or transportation of fossil fuels in the United 
     States that could benefit from the provision of financing by 
     the Bank under subsection (a)--
       (1) the Bank may provide financing (including guarantees, 
     insurance, or extensions of credit, or participation in the 
     extension of credit) with respect to those projects; and
       (2) the Bank shall not provide financing with respect to 
     any project that involves the production, refining, or 
     transportation of fossil fuels in a foreign country until the 
     Bank certifies to Congress that--
       (A) all projects identified under subsection (a) have been 
     reviewed; and

[[Page S3092]]

       (B) with respect to each such project, the Bank--
       (i) has provided financing;
       (ii) has determined that the persons conducting the project 
     have no interest in receiving financing from the Bank; or
       (iii) has determined that providing financing with respect 
     to the project would present a risk of loss that is 
     unacceptable under the standards of the Bank.
       (c) Attorney and Consulting Fees.--Notwithstanding any 
     other provision of law, the Export-Import Bank of the United 
     States may, in providing financing with respect to a project 
     identified under subsection (a), increase the amount of the 
     financing to take into account the costs of any attorney or 
     consulting fees incurred in--
       (1) meeting the requirements necessary to obtain a permit 
     from any Federal agency with respect to the project; or
       (2) responding to any civil action relating to the 
     environmental impact of the project filed in any Federal or 
     State court by a nongovernmental organization.
       (d) Definition of Fossil Fuel.--In this section, the term 
     ``fossil fuel'' means natural gas, petroleum, coal, or any 
     form of solid, liquid, or gaseous fuel derived from natural 
     gas, petroleum, or coal.

     SEC. 8B. PROHIBITION ON, AND REPEAL OF MINIMUM INVESTMENT 
                   GOALS FOR, FINANCING OF RENEWABLE ENERGY 
                   PROJECTS.

       (a) Prohibition on Financing of Certain Renewable Energy 
     Projects.--Notwithstanding any other provision of law, the 
     Export-Import Bank of the United States may not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) with respect to any project that 
     involves the manufacture of renewable energy products in a 
     foreign country.
       (b) Repeal of Minimum Investment Goal for Financing of 
     Renewable Energy Projects.--Section 534(d) of the Foreign 
     Operations, Export Financing, and Related Programs 
     Appropriations Act, 1990 (12 U.S.C. 635g note) is repealed.
                                 ______
                                 
  SA 2100. Mr. LEE (for himself and Mr. DeMint) submitted an amendment 
intended to be proposed by him to the bill H.R. 2072, to reauthorize 
the Export-Import Bank of the United States, and for other purposes; 
which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED 
                   STATES.

       (a) One-year Extension of Authority.--Notwithstanding any 
     other provision of this Act or any other provision of law, 
     the authority of the Export-Import Bank of the United States 
     under section 7 of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635f) terminates on May 31, 2013.
       (b) Termination of Authority.--Notwithstanding any other 
     provision of this Act or any other provision of law, on and 
     after June 1, 2013--
       (1) the Export-Import Bank of the United States may not 
     enter into any new agreement for the provision of a loan, a 
     loan guarantee, or insurance, the extension of credit, or any 
     other form of financing;
       (2) the Bank shall continue to operate only to the extent 
     necessary to fulfill the obligations of the Bank pursuant to 
     agreements described in paragraph (1) entered into before 
     June 1, 2013; and
       (3) the President of the Bank shall take such measures as 
     are necessary to wind up the affairs of the Bank, including 
     by reducing the operations of the Bank and the number of 
     employees of the Bank as the number of remaining agreements 
     described in paragraph (1) decreases.
       (c) Repeal of Export-Import Bank Act of 1945.--
     Notwithstanding any other provision of this Act or any other 
     provision of law, effective on the date on which the Export-
     Import Bank of the United States has fulfilled all 
     outstanding obligations of the Bank pursuant to agreements 
     described in subsection (b)(1) entered into before June 1, 
     2013, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et 
     seq.) is repealed.

     SEC. __. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.

       (a) In General.--The President shall initiate and pursue 
     negotiations with other major exporting countries, including 
     members of the Organisation for Economic Co-operation and 
     Development and countries that are not members of that 
     Organisation, to end subsidized export financing programs and 
     other forms of export subsidies.
       (b) Report Required.--Not later than 180 days after the 
     date of the enactment of this Act, and annually thereafter, 
     the President shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     on the progress of the negotiations described in subsection 
     (a) until the President certifies in writing to those 
     committees that all countries that support subsidized export 
     financing programs have agreed to end the support.
                                 ______
                                 
  SA 2101. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill H.R. 2072, to reauthorize the Export-Import Bank of the 
United States, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROHIBITION ON FINANCING BY THE EXPORT-IMPORT BANK 
                   OF THE UNITED STATES FOR PERSONS OR PROJECTS IN 
                   COUNTRIES THAT HOLD DEBT INSTRUMENTS OF THE 
                   UNITED STATES.

       (a) In General.--Notwithstanding any provision of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the 
     Export-Import Bank of the United States may not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) to a person or with respect to a 
     project in a country the government or central bank of which 
     holds debt instruments of the United States.
       (b) Debt Instruments of the United States Defined.--In this 
     section, the term ``debt instruments of the United States'' 
     means bills, notes, and bonds issued or guaranteed by the 
     United States or by an entity of the United States 
     Government.
                                 ______
                                 
  SA 2102. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill H.R. 2072, to reauthorize the Export-Import Bank of the 
United States, and for other purposes; which was ordered to lie on the 
table; as follows:

       Strike section 25 and insert the following:

     SEC. 25. LIMITATION ON FINANCING BY THE EXPORT-IMPORT BANK OF 
                   THE UNITED STATES TO TRANSACTIONS SUBSIDIZED BY 
                   OTHER COUNTRIES OR FOR WHICH PRIVATE SECTOR 
                   FINANCING IS UNAVAILABLE OR PROHIBITIVELY 
                   EXPENSIVE.

       (a) In General.--Notwithstanding any provision of the 
     Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) or any 
     other provision of law, the Export-Import Bank of the United 
     States may not provide any financing (including any 
     guarantee, insurance, or extension of credit, or 
     participation in any extension of credit) for the exportation 
     of any article unless the Bank certifies to Congress in 
     writing that--
       (1) an export credit agency of a foreign country is 
     providing financing for the exportation of a substantially 
     similar article from that country; or
       (2) private sector financing for the exportation of the 
     article is not available or is prohibitively expensive.
       (b) Additional Information Required.--If the Export-Import 
     Bank of the United States certifies under subsection (a)(2) 
     that private sector financing for the exportation of an 
     article is not available or is prohibitively expensive, the 
     Bank shall also include in the certification the following:
       (1) An explanation of why private sector financing is not 
     available or is prohibitively expensive.
       (2) An explanation of how financing by the Bank for the 
     exportation of the article does not put the United States at 
     a substantial risk of loss.
       (3) If private sector financing is available but 
     prohibitively expensive, an assessment of the difference 
     between the cost of private sector financing and the cost of 
     financing provided by the Bank.
       (c) Report on Regulatory Barriers.--For any transaction 
     relating to the exportation of an article financed by the 
     Export-Import Bank of the United States after certifying 
     under subsection (a)(2) that private sector financing is 
     unavailable, the Secretary of the Treasury shall submit to 
     Congress a report that--
       (1) assesses the extent to which private sector financing 
     is unavailable as a result of excessive regulation of 
     domestic financial institutions by the Federal Government or 
     the obligations of the United States under international 
     agreements relating to risk management by financial 
     institutions; and
       (2) makes recommendations for eliminating the barriers to 
     private sector financing identified under paragraph (1).

     SEC. 26. CAPITAL RATIO REQUIREMENT FOR THE EXPORT-IMPORT BANK 
                   OF THE UNITED STATES.

       (a) In General.--Notwithstanding any other provision of 
     law, the Export-Import Bank of the United States shall 
     maintain a capital ratio of not less than 10 percent.
       (b) Capital Ratio Defined.--In this section, the term 
     ``capital ratio'' means the ratio of the capital of the 
     Export-Import Bank of the United States to the total 
     outstanding principal balance of all loans made or guaranteed 
     by the Bank.

     SEC. 27. EFFECTIVE DATE.

       Except as provided in section 9(b), this Act and the 
     amendments made by this Act shall take effect on the earlier 
     of June 1, 2012, or the date of the enactment of this Act.
                                 ______
                                 
  SA 2103. Mr. VITTER submitted an amendment intended to be proposed by 
him to the bill H.R. 2072, to reauthorize the Export-Import Bank of the 
United States, and for other purposes; which was ordered to lie on the 
table; as follows:

       Strike section 8 and insert the following:

     SEC. 8. NONSUBORDINATION REQUIREMENT.

       Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635), as amended by section 7 of this Act, is further amended 
     by adding at the end the following:
       ``(j) Nonsubordination Requirement.--Notwithstanding any 
     other provision of law, the Bank shall not make or guarantee 
     a loan that is subordinate to any other loan.''.

[[Page S3093]]

     SEC. 8A. PROHIBITION ON FINANCING OF FOSSIL FUEL PROJECTS IN 
                   FOREIGN COUNTRIES THAT ARE SUBSTANTIALLY 
                   SIMILAR TO CERTAIN FOSSIL FUEL PROJECTS IN THE 
                   UNITED STATES.

       (a) Identification of Certain Domestic Fossil Fuel 
     Projects.--Not later than 90 days after the date of the 
     enactment of this Act, the Export-Import Bank of the United 
     States shall identify projects involving the production, 
     refining, or transportation of fossil fuels in the United 
     States that could benefit from the provision of a loan, loan 
     guarantee, or other form of financing by a Federal agency.
       (b) Prohibition on Financing of Certain Fossil Fuel 
     Projects.--
       (1) In general.--Notwithstanding any other provision of 
     law, on and after the date that is 90 days after the date of 
     the enactment of this Act, the Bank shall not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) with respect to any project in a 
     foreign country that the Bank determines is substantially 
     similar to a project identified under subsection (a).
       (2) Certification required.--If, on and after the date that 
     is 90 days after the date of the enactment of this Act, the 
     Export-Import Bank of the United States provides financing 
     with respect to a project involving the production, refining, 
     or transportation of fossil fuels in a foreign country, the 
     Bank shall certify to Congress that to the knowledge of the 
     Bank there are no projects in the United States that are 
     substantially similar to the project in the foreign country 
     that could benefit from the provision of a loan, loan 
     guarantee, or other form of financing by a Federal agency.
       (c) Definition of Fossil Fuel.--In this section, the term 
     ``fossil fuel'' means natural gas, petroleum, coal, or any 
     form of solid, liquid, or gaseous fuel derived from natural 
     gas, petroleum, or coal.

     SEC. 8B. PROHIBITION ON, AND REPEAL OF MINIMUM INVESTMENT 
                   GOALS FOR, FINANCING OF RENEWABLE ENERGY 
                   PROJECTS.

       (a) Prohibition on Financing of Certain Renewable Energy 
     Projects.--Notwithstanding any other provision of law, the 
     Export-Import Bank of the United States shall not provide any 
     guarantee, insurance, or extension of credit (or participate 
     in the extension of credit) with respect to any project that 
     involves the manufacture of renewable energy products in a 
     foreign country.
       (b) Repeal of Minimum Investment Goal for Financing of 
     Renewable Energy Projects.--Section 534(d) of the Foreign 
     Operations, Export Financing, and Related Programs 
     Appropriations Act, 1990 (12 U.S.C. 635g note) is repealed.
                                 ______
                                 
  SA 2104. Mr. TOOMEY (for himself, Mr. DeMint, and Mr. Lee) submitted 
an amendment intended to be proposed by him to the bill H.R. 2072, to 
reauthorize the Export-Import Bank of the United States, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 3 and insert the following:

     SEC. 3. LIMITATIONS ON OUTSTANDING LOANS, GUARANTEES, AND 
                   INSURANCE.

       Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635e(a)(2)) is amended--
       (1) in subparagraph (D), by striking ``and'';
       (2) in subparagraph (E), by striking the comma at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(F) during fiscal year 2012 and each succeeding fiscal 
     year, $100,000,000,000, except that--
       ``(i) the applicable amount for each of fiscal years 2013 
     and 2014 shall be $120,000,000,000 if--

       ``(I) the Bank has submitted a report as required by 
     section 4(a) of the Export-Import Bank Reauthorization Act of 
     2012;
       ``(II) the rate calculated under section 8(g)(1) of this 
     Act is less than 2 percent for the quarter ending with the 
     beginning of the fiscal year, or for any quarter in the 
     fiscal year; and
       ``(III) the Secretary of the Treasury has certified in 
     writing to the Committee on Banking, Housing, and Urban 
     Affairs of the Senate and the Committee on Financial Services 
     of the House of Representatives that the Secretary has 
     initiated the negotiations required by section 11(a) of the 
     Export-Import Bank Reauthorization Act of 2012; and

       ``(ii) notwithstanding clause (i), the applicable amount 
     for fiscal year 2014 shall be $140,000,000,000 if--

       ``(I) the rate calculated under section 8(g)(1) of this Act 
     is less than 2 percent for the quarter ending with the 
     beginning of the fiscal year, or for any quarter in the 
     fiscal year;
       ``(II) the Bank has submitted a report as required by 
     subsection (b) of section 5 of the Export-Import Bank 
     Reauthorization Act of 2012, except that the preceding 
     provisions of this subclause shall not apply if the 
     Comptroller General has not submitted the report required by 
     subsection (a) of such section 5 on or before July 1, 2013; 
     and
       ``(III) the Secretary of the Treasury has submitted to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives the text of a multilateral agreement to 
     eliminate subsidized export financing programs (including 
     aircraft export credit financing) agreed to by--

       ``(aa) each country that is a member of the Organisation 
     for Economic Co-operation and Development; and
       ``(bb) each country that is not a member of that 
     Organisation that, during fiscal year 2012 or any fiscal year 
     thereafter, provided export financing in excess of 
     $50,000,000,000.''.

                          ____________________