[Congressional Record Volume 172, Number 100 (Monday, June 15, 2026)]
[Senate]
[Pages S2786-S2791]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By 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):
S. 4781. 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; to the Committee on Banking, Housing, and Urban
Affairs.
Mr. SCHUMER. Mr. President, the Make More in America Act--if we have
learned anything from the past few years, it is that the American
people will pay the price when wars, pandemics, and other shocks
disrupt America's supply chains.
Today, I led Senate Democrats in introducing the Make More in America
Act, which will invest in American manufacturing to create jobs, lower
costs, strengthen our national security, and build a more resilient
economy. The Make More in America Act is going to help us face the
challenges that China and other countries present, and we should move
it as quickly as we can.
If the United States is going to continue to outcompete China, we
need to make sure that the technologies that will define the 21st-
century economy are made in American factories by American workers.
The U.S. Export-Import Bank has long helped American businesses stay
competitive, and our bill will empower the Ex-Im Bank to provide even
more support to building here at home the industries critical to our
economy and our national security.
From COVID-19 to Trump's disastrous war with Iran, to China
weaponizing our reliance on them for certain products, America cannot
afford to depend on the unreliable when the security and prosperity of
our people are at stake.
Our bill would rebuild American manufacturing, strengthen our supply
chains to lower costs, and give us an edge over the Chinese Communist
Party, all of which--all of which--should be bipartisan priorities.
For the good of the country, we can and must make progress on these
issues as we reauthorize the Export-Import Bank this year.
Mr. SCHUMER. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 4781
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
[[Page S2787]]
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
[[Page S2788]]
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
[[Page S2789]]
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
[[Page S2790]]
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'';
(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,
[[Page S2791]]
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.''.
____________________