[Congressional Record (Bound Edition), Volume 152 (2006), Part 12]
[House]
[Pages 15735-15745]
[From the U.S. Government Publishing Office, www.gpo.gov]




             EXPORT-IMPORT BANK REAUTHORIZATION ACT OF 2006

  Mrs. BIGGERT. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 5068) to reauthorize the operations of the Export-Import 
Bank, and to reform certain operations of the Bank, and for other 
purposes, as amended.
  The Clerk read as follows:

                               H.R. 5068

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Export-Import Bank 
     Reauthorization Act of 2006''.

     SEC. 2. TABLE OF CONTENTS.

       The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Reauthorization.
Sec. 4. Increasing exports by small businesses.
Sec. 5. Office of financing for socially and economically disadvantaged 
              small business concerns and small business concerns owned 
              by women.
Sec. 6. Sub-Saharan Africa.
Sec. 7. Extension of authority.
Sec. 8. Transparency initiatives.
Sec. 9. Effect of the Bank on the budget of the United States.
Sec. 10. Competitiveness initiatives.
Sec. 11. Consideration of environmental matters by the Advisory 
              Committee.
Sec. 12. Study of how Export-Import Bank could assist United States 
              exporters to meet import needs of new or impoverished 
              democracies; reports.
Sec. 13. Review of environmental screening requirement.
Sec. 14. Office of Renewable Energy Promotion.
Sec. 15. Transparency.
Sec. 16. Anti-circumvention.
Sec. 17. Performance standards applicable to Bank assistance for small 
              businesses, especially those owned by social and 
              economically disadvantaged individuals and those owned by 
              women.
Sec. 18. Prohibition on assistance to develop or promote any rail 
              connections or railway-related connections that traverse 
              or connect Baku, Azerbaijan, Tbilisi, Georgia, and Kars, 
              Turkey, and that specifically exclude cities in Armenia.
Sec. 19. Technical corrections.
Sec. 20. Effective date.

     SEC. 3. REAUTHORIZATION.

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

     SEC. 4. INCREASING EXPORTS BY SMALL BUSINESSES.

       (a) Establishment of Small Business Division.--

[[Page 15736]]

       (1) 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.--The President of the Bank shall 
     establish and maintain a division of the Bank whose sole 
     functions shall be to--
       ``(A) carry out subparagraphs (E) and (I) of section 
     2(b)(1), as such subparagraphs relate to outreach, feedback, 
     product improvement, and transaction advocacy for small 
     business concerns;
       ``(B) advise and seek feedback from small business concerns 
     of the opportunities and benefits for small business concerns 
     in the financing products offered by the Bank, with 
     particular emphasis on conducting outreach, better tailoring 
     products to small business needs and increasing loans to 
     small business concerns employing fewer than 100 employees; 
     and
       ``(C) maintain liaison with the Small Business 
     Administration and other departments and agencies in matters 
     affecting small business concerns.
       ``(2) Management.--The division shall be managed by a Bank 
     officer designated by the Board of Directors--
       ``(A) who shall have substantial recent experience in 
     financing exports by small business concerns;
       ``(B) whose sole executive duties shall be to ensure that 
     the division carries out the functions of the division, and 
     to be the chairman of the Small Business Committee 
     established under subsection (h);
       ``(C) who shall 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;
       ``(D) who shall rank not lower than senior vice president 
     of the Bank; and
       ``(E) who shall report directly to the President of the 
     Bank.
       ``(3) Staff.--
       ``(A) Functions.--The President of the Bank shall designate 
     staff in each operating division of the Bank, as appropriate, 
     to specialize in transactions in support of exports by small 
     business concerns, including receipt and all aspects of 
     processing (including approval or disapproval, or staff 
     recommendation of approval or disapproval, as appropriate) 
     applications for loans, guarantees, and insurance. The staff 
     so designated may approve applications for working capital 
     loans and guarantees, and for insurance, in support of 
     exports which have a value of less than $10,000,000, subject 
     to the policies and procedures established by the Board of 
     Directors other than those which provide for a lower limit on 
     the dollar amount of exports with respect to which such an 
     approval may be granted.
       ``(B) Coordination.--The staff designated under 
     subparagraph (A) of this paragraph shall carry out their 
     duties in their respective operating divisions, under the 
     coordination of the officer designated under paragraph (2) of 
     this subsection.
       ``(4) Resources.--
       ``(A) In general.--The President of the Bank shall ensure 
     that the division has sufficient qualified staff and 
     budgetary resources to carry out subparagraphs (E) and (I) of 
     section 2(b)(1), as determined annually by the President of 
     the Bank, after consultation with--
       ``(i) the officer referred to in paragraph (2) of this 
     subsection;
       ``(ii) the Director appointed under subsection (c)(8)(B) of 
     this section;
       ``(iii) the Committee on Financial Services of the House of 
     Representatives; and
       ``(iv) the Committee on Banking, Housing, and Urban Affairs 
     of the Senate.
       ``(B) Uses.--
       ``(i) In general.--The President of the Bank shall ensure 
     that the staff and budgetary resources of the division are 
     devoted solely to carrying out the functions of the division.
       ``(ii) Certain staff duties.--The division shall include 
     staff dedicated exclusively to providing outreach, training, 
     and advice to, seeking feedback from, and advocating on 
     behalf of small business concerns regarding Bank financing 
     opportunities, products, and programs.
       ``(C) 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).
       ``(5) Small business concern defined.--In this subsection 
     and subsections (g), (h), and (i), the term `small business 
     concern' shall have the meaning established under section 
     3(a) of the Small Business Act.
       ``(g) Handling of Applications of, and Processing of 
     Transactions Involving Small Business Concerns.--Consistent 
     with the requirement that the Bank obtain a reasonable 
     assurance of repayment for each transaction the Bank 
     supports, the Bank shall establish and maintain transaction 
     standards tailored to the special circumstances of small 
     business concerns and shall use the standards in evaluating 
     applications by the concerns for Bank financing. The Bank 
     shall ensure that each appropriate division of the Bank has 
     staff dedicated to the processing of transactions involving 
     small business concerns.
       ``(h) Small Business Committee.--
       ``(1) Establishment.--The Bank shall establish and maintain 
     a committee to be known as the `Small Business Committee'.
       ``(2) Principal purpose.--The principal purpose of the 
     Small Business Committee shall be to focus on small business 
     concerns and coordinate the efforts of the Bank with respect 
     to small business concerns, including the timely processing 
     of transactions in support of exports by small business 
     concerns and the evolution of new or improved Bank products 
     to better serve small business needs.
       ``(3) Composition.--
       ``(A) Chairman.--The chairman of the Small Business 
     Committee shall be the Senior Vice President of the Bank who 
     is responsible for management of the Small Business Division 
     of the Bank.
       ``(B) Other members.--The other members of the committee 
     shall consist of the staff designated under subsection 
     (f)(3)(A), and the President of the Bank shall ensure that 
     the committee is comprised of officers and employees 
     throughout the Bank that have responsibility for outreach and 
     processing transactions involving small business concerns.
       ``(4) Reports.--The Small Business Committee shall report 
     to the President of the Bank.
       ``(i) Staff Evaluations.--The evaluation of staff 
     designated by the President of the Bank under subsection 
     (f)(3)(A), 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 be conducted jointly by the managers of the relevant 
     operating division and the chairman of the Small Business 
     Committee established under subsection (h), under the 
     direction of the Director appointed under subsection 
     (c)(8)(B).''.
       (2) Coordination in financing of small business exports.--
     Section 2(b)(1)(E)(vii)(I) of such Act (12 U.S.C. 
     635(b)(1)(E)(vii)(I)) is amended by adding at the end the 
     following: ``The Bank shall work in coordination with the 
     entities described in the preceding sentence to streamline 
     the processing of applications for Bank financing from small 
     business concerns and to provide training and advice as 
     required on the needs and benefits of export financing for 
     small business concerns.''
       (b) Report on Fees Charged to, and Transactions Costs 
     Incurred by, Small and Medium Business for Bank Services.--
     Section 8 of such Act (12 U.S.C. 635g) is amended by adding 
     at the end the following:
       ``(f) Report on Fees Charged to, and Transactions Costs 
     Incurred by, Small and Medium Business for Bank Services.--
     The Bank shall submit to the Congress annually, and include 
     in a separate section of the annual report to the Congress 
     under subsection (a) of this section, a report on--
       ``(1) 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;
       ``(2) the effects of the fees on the ability of the Bank to 
     achieve the objectives of the Bank relating to small 
     business; and
       ``(3) the fee structure of the Bank as compared with that 
     of other foreign export credit agencies.''.
       (c) Report on Financing Directed Toward Small Business.--
     Section 8 of such Act (12 U.S.C. 635g), as amended by 
     subsection (b) of this section, is amended by adding at the 
     end the following:
       ``(g) Report on Financing Directed Toward Small Business.--
     The Bank shall submit annually to the Committees on Financial 
     Services and on Small Business of the House of 
     Representatives--
       ``(1) a report on the extent to which the Bank has been 
     able to use the authorities referred to in section 
     2(b)(1)(E)(iv), and, to the extent the Bank has been unable 
     to fully do so, a report on the obstacles to doing so and on 
     what the Bank is doing to overcome the obstacles;
       ``(2) a report on the extent to which financing has been 
     made available to small business concerns to enable them to 
     participate in exports by major contractor, including through 
     access to the supply chains of the contractors through direct 
     or indirect funding; and
       ``(3) a strategic plan of action describing how, in the 
     upcoming year, the Bank will take specific measures to 
     achieve the small business objectives of the Bank, including 
     expanded outreach, product improvements, and related 
     actions.''.
       (d) Conforming Amendments.--
       (1) In general.--
       (A) Section 2(b)(1)(E) of such Act (12 U.S.C. 
     635(b)(1)(E)), as amended by subsection (a)(2) of this 
     section, is amended--
       (i) in clause (i)(II), by striking ``gives fair 
     consideration to making loans and providing'' and inserting 
     ``make loans and provide'';
       (ii) by striking clause (iii);

[[Page 15737]]

       (iii) in clause (iv), by striking ``clauses (ii) and (iii) 
     of this subparagraph'' and inserting ``clause (ii)'';
       (iv) in clause (vi)--

       (I) by striking ``clause (v) of this subparagraph'' and 
     insert ``clause (iv)''; and
       (II) by striking ``clause (vi)'' and inserting ``clause'';

       (v) in clause (vii)--

       (I) in subclause (I), by striking ``(v)'' and inserting 
     ``(iv)''; and
       (II) in each of subclauses (II), (III), and (IV), by 
     striking ``clause (vii)'' and inserting ``clause''; and

       (vi) by redesignating clauses (iv) through (x) as clauses 
     (iii) through (ix), respectively.
       (B) Section 8 of such Act (12 U.S.C. 635g) is amended--
       (i) in subsection (b)(2)(B), by striking 
     ``2(b)(1)(E)(vii)'' and inserting ``2(b)(1)(E)(vi)''; and
       (ii) in subsection (c), by striking ``(E)(x)'' and 
     inserting ``(E)(ix)''.
       (2) Uniform meaning of small business.--Section 2(b)(1)(E) 
     of such Act (12 U.S.C. 635(b)(1)(E)), as amended by 
     subsection (a)(2) of this section and paragraph (1) of this 
     subsection, is amended--
       (A) in clause (i)(II), by striking ``businesses'' and 
     inserting ``business concerns'';
       (B) in clause (iv), by striking ``(as defined under section 
     3 of the Small Business Act)'';
       (C) in each of clauses (v), (vi) and (vii), by striking 
     ``small business exports'' each place it appears and 
     inserting ``exports by small business concerns''; and
       (D) by adding at the end the following:
       ``(x) In this subparagraph, the term `small business 
     concern' shall have the meaning established under section 
     3(a) of the Small Business Act.''.
       (e) 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)(vi) of the Export-Import Bank Act of 1945 
     (as so redesignated by subsection (d)(1)(A)(vi) of this 
     section) with respect to medium term transactions for small 
     business concerns (as defined under section 3(a) of the Small 
     Business Act).
       (2) Conforming amendment.--Section 2(b)(1)(E)(vi)(III) of 
     the Export-Import Bank Act of 1945 (12 U.S.C. 
     635(b)(1)(E)(vi)(III)), as so redesignated by subsection 
     (d)(1)(A)(vi) of this section, is amended by striking ``To 
     the maximum extent practicable, the'' and inserting ``The''.
       (3) Deadline.--Within 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)(vi) of the Export-Import Bank 
     Act of 1945 (as so redesignated by subsection (d)(1)(A)(vi) 
     of this section), pursuant to policies and procedures 
     established by the Board of Directors of the Export-Import 
     Bank of the United States.

     SEC. 5. OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY 
                   DISADVANTAGED SMALL BUSINESS CONCERNS AND SMALL 
                   BUSINESS CONCERNS OWNED BY WOMEN.

       (a) In General.--Section 3(f) of the Export-Import Bank Act 
     of 1945 (12 U.S.C. 635a(f)), as added by section 4(a) of this 
     Act, is amended by redesignating paragraph (5) as paragraph 
     (6) and by inserting after paragraph (4) the following:
       ``(5) Office of financing for socially and economically 
     disadvantaged small business concerns and small business 
     concerns owned by women.--
       ``(A) Establishment.--The President of the Bank shall 
     establish in the 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.
       ``(B) Management.--The office shall be managed by a Bank 
     officer of appropriate rank who shall report to the Bank 
     officer designated under section 3(f)(2).
       ``(C) 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)(iv) of such Act (12 
     U.S.C. 635(b)(1)(E)(iv)), as so redesignated by section 
     4(d)(1)(A)(vi) of this Act, 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 make 
     available not less than 15 percent of the amount to finance 
     exports directly by small business concerns referred to in 
     section 3(f)(5)(A).''.
       (c) Report on Financing Directed Toward Small Businesses 
     Owned by Minorities or Women.--Section 8(g)(1) of such Act 
     (12 U.S.C. 635g(g)(1)), as added by section 4(c) of this Act, 
     is amended by inserting ``and to finance exports by small 
     business concerns referred to in section 3(f)(5)(A),'' before 
     ``and, to the extent''.
       (d) Report on Bank Efforts to Support Exports by Socially 
     and Economically Disadvantaged Small Business Concerns and 
     Small Business Concerns Owned by Women.--Section 8 of such 
     Act (12 U.S.C. 635g), as amended by section 4 of this Act, is 
     amended by adding at the end the following:
       ``(h) Report on Efforts to Support Exports by Small- and 
     Medium-Sized Businesses Owned by Women or Minorities.--Not 
     later than March 1 of each year, the Director appointed under 
     section 3(c)(8)(B) of this Act shall prepare and submit to 
     the Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate, and the Bank shall include in a 
     separate section of the annual report submitted pursuant to 
     subsection (a) of this section, a written report that 
     describes the progress made by the Bank in supporting 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.''.

     SEC. 6. SUB-SAHARAN AFRICA.

       (a) Extension of Advisory Committee.--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 the lender.
       (2) Report on working relationships with the african 
     development bank, the africa 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 improve 
     working relationships with the African Development Bank, the 
     Africa Export-Import Bank, and other institutions in the 
     region that are relevant to the purposes of subparagraph (A) 
     of this paragraph.''.
       (c) Closer Cooperation With Other United States Agencies 
     Working in Africa.--Section 2(b)(9) of such Act (12 U.S.C. 
     635(b)(9)) is further amended by adding at the end the 
     following:
       ``(D) The Bank shall closely coordinate with the United 
     States 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.
       ``(E) The Bank shall develop initiatives to train Foreign 
     Service and Commercial Service officers serving at United 
     State embassies in Africa, in the use of Bank programs, so 
     the officers can encourage African buyers to take part in 
     transactions supported by the Bank.''.
       (d) Adjustments to Procedures To Promote Qualification of 
     African Entities.--Section 2(b)(9) of such Act (12 U.S.C. 
     635(b)(9)) is further amended by adding at the end the 
     following:
       ``(F) 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 greater flexibility in the due-diligence procedures of 
     the Bank for the purpose of qualifying a greater number of 
     appropriate African entities for participation in programs of 
     the Bank.''.
       (e) Local Currency Financing.--Section 2(b)(9) of such Act 
     (12 U.S.C. 635(b)(9)) is further amended by adding at the end 
     the following:
       ``(G) The Bank shall develop procedures under which the 
     Bank is capable of financing certain African programs in 
     local currencies.''.

     SEC. 7. EXTENSION OF AUTHORITY.

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

     SEC. 8. TRANSPARENCY INITIATIVES.

       (a) Frequency of Meetings.--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) The Board of Directors shall meet not less frequently 
     than biweekly.
       ``(10) At the request of any 2 members of the Board of 
     Directors, the Chairman shall place an item on the agenda for 
     consideration 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 will be considered.''.
       (b) Voting Required in Cases Involving Economic Impact 
     Analysis.--Section 2(e) of such Act (12 U.S.C. 635(e)) is 
     amended by adding at the end the following:
       ``(5) Board vote required.--Within 60 days after completing 
     a review, pursuant to this subsection, of a proposed loan or 
     guarantee (including any applicable comment period), the 
     Board of Directors shall hold a vote to determine whether or 
     not to proceed with the proposed loan or guarantee, unless 
     the applicant has withdrawn the application for the loan or 
     guarantee.''.

[[Page 15738]]

       (c) Process for Notifying Applicants of Application 
     Status.--Section 2 of such Act (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.''.
       (d) Response to Application for Financing; Implementation 
     of Online Loan Request and Tracking Process.--Section 2 of 
     such Act (12 U.S.C. 635) is further amended by adding at the 
     end the following:
       ``(h) Response to Application for Financing; Implementation 
     of Online Loan Request and Tracking Process.--Within 5 days 
     after receipt of an application for financing from the Bank, 
     the Bank shall notify the applicant that the application has 
     been received, and shall include in the notice a request for 
     such additional information as may be necessary to make the 
     application complete, the name of a Bank employee who may be 
     contacted with questions relating to the application, and a 
     unique identification number which may be used to review the 
     status of the application at a website established as 
     provided in the next sentence. Not later than September 1, 
     2006, the Bank shall use the authorities provided by 
     subparagraphs (E)(ix) and (J) of subsection (b)(1) of this 
     section to establish, and thereafter to maintain, a website 
     through which any Bank product may be applied for, 
     information may be obtained about the status of any such 
     application, about the small business division of the Bank, 
     or about incentives, preferences, targets, and goals relating 
     to small business concerns referred to in section 3(f)(5)(A) 
     or small business concerns exporting to Africa.''.
       (e) Reports Relating to Technology To Assist Small 
     Businesses.--
       (1) Reports by the bank.--
       (A) Initial report.--Within 60 days after the date of the 
     enactment of this Act, the President of the Export-Import 
     Bank of the United States shall submit to the Committee on 
     Financial Services of the House of Representatives and the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate a report on--
       (i) the efforts made by the Bank to carry out subparagraphs 
     (E)(ix) 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
       (ii) if the Bank has been unable to comply with such 
     subparagraphs--

       (I) an analysis of the reasons therefor;
       (II) what the Bank is doing to achieve, and the date by 
     which the Banks expects to have achieved, such compliance; 
     and
       (III) the name of each Bank officer who is responsible for 
     ensuring that the Bank achieves, and the name of the person 
     to whom the Bank officer reports on progress in achieving, 
     such compliance.

       (B) Subsequent annual reports.--Section 8(c) of the Export-
     Import Bank Act of 1945 (12 U.S.C. 635g(c)), as amended by 
     section 4(d)(1)(B)(ii) of this Act, is amended to read as 
     follows:
       ``(c) Technology to Assist Small Businesses.--The Bank 
     shall include in its annual report to the Congress under 
     subsection (a) of this section for each of fiscal years 2007 
     through 2011 a separate section that contains--
       ``(1) a report on the efforts made by the Bank to carry out 
     subparagraphs (E)(ix) and (J) of section 2(b)(1) of this Act, 
     the total amount expended in the fiscal year to do so, and 
     how the efforts are assisting small business concerns (as 
     defined under section 3(a) of the Small Business Act); and
       ``(2) if the Bank has been unable to comply fully with such 
     subparagraphs--
       ``(A) an analysis of the reasons therefor;
       ``(B) a description of what the Bank is doing to achieve, 
     and the date by which the Banks expects to have achieved, 
     such full compliance; and
       ``(C) the name of each Bank officer who is responsible for 
     ensuring that the Bank achieves, and the name of the person 
     to whom the Bank officer reports on progress in achieving, 
     such full compliance.''.
       (2) Report by the inspector general of the bank.--Within 
     120 days after the date of the enactment of this Act or, if 
     later, within 30 days after the date the vacancy in the 
     position of the Inspector General of the Export-Import Bank 
     of the United States is filled, the Inspector General of the 
     Export-Import Bank of the United States shall submit to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate--
       (A) a report on the efforts made by the Bank to carry out 
     subparagraphs (E)(ix) and (J) of section 2(b)(1) of the 
     Export-Import Bank Act of 1945, the total amount expended to 
     do so, and how the efforts are assisting small business 
     concerns (as defined under section 3(a) of the Small Business 
     Act); and
       (B) if the Bank has been unable to comply with such 
     subparagraphs--
       (i) an analysis of the reasons therefor;
       (ii) a description of what the Bank is doing to achieve, 
     and the date by which the Banks expects to have achieved, 
     such compliance; and
       (iii) the name of each Bank officer who is responsible for 
     ensuring that the Bank achieves, and the name of the person 
     to whom the Bank officer reports on progress in achieving, 
     such compliance.
       (f) 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. 9. EFFECT OF THE BANK ON THE BUDGET OF THE UNITED 
                   STATES.

       Within 90 days after the date of the enactment of this Act, 
     the Export-Import Bank of the United States shall submit to 
     the appropriate committees of the Congress a report on the 
     revenues, expenditures, and resulting annual net income or 
     expense to the United States for each of the 10 years most 
     recently completed before the date of the report.

     SEC. 10. COMPETITIVENESS INITIATIVES.

       (a) Expansion of Scope of Annual Competitiveness Report.--
       (1) Consolidation and reorganization of provisions.--The 
     Export-Import Bank Act of 1945 (12 U.S.C. 635-635i-9) 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 committees of the 
     Congress 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 2nd and 3rd 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 in section 10(h)(7)) and 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 to determine 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 efforts undertaken under section 2(b)(1)(K).
       ``(6) Size of bank program account.--A separate section 
     which--
       ``(A) compares 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 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 separate section which describes the co-
     financing programs of the Bank and of the other major export-
     financing facilities referred to in paragraph (1), which 
     shall include a list of which countries with which the United 
     States has in effect a memorandum of understanding relating 
     to export credit agency co-financing and an explanation of 
     why such a memorandum is not in effect with the countries 
     with which such a memorandum is not in effect.
       ``(8) After-market services support by the bank and by 
     other export credit agencies.--A separate section which 
     describes the

[[Page 15739]]

     participation of the Bank in providing funding, guarantees, 
     or insurance for after-market 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 after-market 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 of export finance 
     that are not in compliance with the Arrangement (as defined 
     in section 10(h)(3)) or that exploit loopholes in the 
     Arrangement for the purpose of obtaining a commercial 
     competitive advantage.
       ``(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)), are not in compliance with 
     the Arrangement and may not be consistent 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.
       ``(b) Board Vote on Report Required.--The Board of 
     Directors shall vote to approve and shall sign each report 
     required by subsection (a).
       ``(c) Inclusion of Dissenting Views, Etc.--Each report 
     required by subsection (a) shall include such dissenting 
     views and additional comments as any member of the Board of 
     Directors may submit to the Board for inclusion in the 
     report.''.
       (2) 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 3rd sentence.
       (b) Report on Involvement of the Bank and of Other Export 
     Credit Agencies in Regional Multi-Buyer Insurance Programs 
     and Working-Capital Guarantee Programs.--Section 8 of such 
     Act (12 U.S.C. 635g), as amended by sections 4 and 5 of this 
     Act, is amended by adding at the end the following:
       ``(i) Report on Involvement of the Bank and of Other Export 
     Credit Agencies in Regional Multi-Buyer Insurance Programs 
     and Working-Capital Guarantee Programs.--The Bank shall 
     include in its annual report to the Congress under subsection 
     (a) of this section a separate section that contains a report 
     on--
       ``(1) regional multi-buyer insurance programs and working 
     capital guarantee programs operated by, through, or in 
     conjunction with the Bank, which shall include an analysis of 
     the effectiveness of the programs and of how effective the 
     programs would be in increasing export-related jobs in the 
     United States if the programs were larger;
       ``(2) the size of similar programs 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 in section 
     10(h)(7)); and
       ``(3) as a detailed explanation, with respect to the 
     programs, of the working relationship between the Bank and 
     the Small Business Administration, the Department of 
     Commerce, and other United States Government agencies 
     concerned with increasing the number of export-related jobs 
     in the United States.''.
       (c) 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)--
       (A) in paragraph (5)--
       (i) in the matter preceding subparagraph (A), by striking 
     ``two'' and inserting ``3'';
       (ii) in subparagraph (A)(iv), by striking ``and''; and
       (iii) by adding at the end the following:
       ``(C) third, the Bank should support United States 
     exporters when the exporters face foreign competition that is 
     supported by foreign export credit agencies or other entities 
     sponsored by a foreign government that are not party to the 
     Arrangement; and''; and
       (B) in paragraph (6)--
       (i) in the matter preceding subparagraph (A), by inserting 
     ``including those that are not a party to the Arrangement'' 
     after ``countries'';
       (ii) in subparagraph (B), by adding ``and'' at the end; and
       (iii) 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)--
       (A) in paragraph (2)(A), by striking ``in consultation with 
     the Secretary and''; and
       (B) in paragraph (5)--
       (i) in subparagraph (A), by striking ``Secretary and the 
     Bank jointly'' and inserting ``Bank'';
       (ii) in subparagraph (B)--

       (I) in clause (i)--

       (aa) in the matter preceding subclause (I), by striking 
     ``Secretary and the'';
       (bb) in subclause (I), by inserting ``, and to bring into 
     the Arrangement those countries that are not a party to the 
     Arrangement'' before the period; and
       (cc) 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.''; and

       (II) in clause (ii), by adding at the end the following: 
     ``The President of the United States shall notify the 
     Congress of such a determination within 30 days, including an 
     explanation for the determination.'';

       (iii) in subparagraph (C), by striking ``the Secretary 
     and''; and
       (iv) in subparagraph (E), by striking ``Secretary and the 
     Bank jointly'' and inserting ``Bank''.
       (d) Expansion of Countries in Competition With Whom 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 2nd 
     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.
       (e) Authority to Seek Use of Mixed Forms of Concessional 
     Financing.--Section 10 of such Act (12 U.S.C. 635i-3) is 
     amended by adding at the end the following:
       ``(i) Authority to Seek Use of Mixed Forms of Concessional 
     Financing.--For purposes of improving the effects of Bank 
     financing on development in tied aid eligible markets (as 
     defined under the Arrangement) and of improving the 
     competitiveness of the Bank in the markets, the Bank shall, 
     in consultation with United States government aid agencies 
     and, as appropriate, multilateral aid institutions, seek to 
     establish, consistent with the Arrangement, a mixed credit 
     program consisting of longer term financing and other forms 
     of more flexible repayment terms, financing of transactions 
     in local currencies, and other forms of concessional 
     financing that meets the needs of the product sector and 
     foreign market involved.''.
       (f) Instructions Regarding Negotiation of the OECD 
     Arrangement.--The Secretary of the Treasury shall instruct 
     the designee of the Secretary to the negotiation of the 
     Arrangement (as defined in section 10(h)(3) of the Export-
     Import Bank Act of 1945) to inform the other participants in 
     the negotiation that 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)) in regards to export finance, and 
     seeking appropriate action within the World Trade 
     Organization if such a country is not in such compliance.
       (3) Implementing new disciplines on the use of untied aid, 
     market windows, and other forms of export finance that seek 
     to exploit loopholes in the Arrangement for purposes of 
     obtaining a commercial competitive advantage.

     SEC. 11. CONSIDERATION OF ENVIRONMENTAL MATTERS BY 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. Environmental organizations represented shall 
     have demonstrated experience with environmental issues 
     associated with the Bank, the Export Credit Group of the 
     Organization for Economic Cooperation and Development, or 
     both.''.

     SEC. 12. STUDY OF HOW EXPORT-IMPORT BANK COULD ASSIST UNITED 
                   STATES EXPORTERS TO MEET IMPORT NEEDS OF NEW OR 
                   IMPOVERISHED DEMOCRACIES; REPORTS.

       (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) Reports to the Congress.--
       (1) Interim report.--Within 6 months after the date of the 
     enactment of this Act, the

[[Page 15740]]

     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, an 
     interim report that contains the results of the study 
     required by subsection (a).
       (2) Final report.--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).

     SEC. 13. REVIEW OF ENVIRONMENTAL SCREENING REQUIREMENT.

       (a) In General.--Within 6 months after the position of 
     Inspector General of the Export-Import Bank of the United 
     States is filled, the Inspector General of the Export-Import 
     Bank of the United States shall submit to the Committee on 
     Resources and the Committee on Financial Services of the 
     House of Representatives, and to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate a report on the 
     implications of limiting the requirement to conduct 
     environmental screenings of projects proposed to be financed 
     by the Bank to only those involving at least $10,000,000.
       (b) Contents of Report.--The report shall--
       (1) determine whether the $10,000,000 limitation prevents 
     the identification of any project that may have an adverse 
     effect on the environment; and
       (2) propose guidelines for how project applications may be 
     screened more effectively to determine whether a project may 
     have such an effect.

     SEC. 14. OFFICE OF RENEWABLE ENERGY PROMOTION.

       Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 
     635a), as amended by section 4(a)(1) of this Act, is amended 
     by adding at the end the following:
       ``(j) Office of Renewable Energy Promotion.--
       ``(1) Establishment.--Within 1 year after the date of the 
     enactment of this subsection, the President of the Bank shall 
     establish and maintain in the Bank an office which shall be 
     known as the `Office of Renewable Energy Promotion' (in this 
     subsection referred to as the `Office').
       ``(2) Functions.--The Office shall be responsible for 
     proactively identifying new opportunities for renewable 
     energy financing and carrying out section 2(b)(1)(K). In 
     carrying out its function of promoting renewable energy 
     technologies, the Office should, among other things, consider 
     the recommendations made by the Renewable Energy Export 
     Advisory Committee.
       ``(3) Staff.--The President of the Bank shall ensure that 
     the Office has staff with appropriate expertise in renewable 
     energy technologies.
       ``(4) Annual reports.--The Bank shall submit annually to 
     the Committee on Resources and the Committee on Financial 
     Services of the House of Representatives, and to the 
     Committee on Banking, Housing, and Urban Affairs of the 
     Senate, a report that contains, for the fiscal year covered 
     by the report--
       ``(A) a detailed description of the activities of the 
     Office; and
       ``(B) 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.
       ``(5) Renewable energy technologies defined.--In this 
     subsection, the term `renewable energy technologies' means 
     technologies for producing power through the use of solar 
     energy, wind energy, and energy from biomass, fuel cells, or 
     geothermal sources, and technologies for producing less than 
     10 megawatts in hydropower.''.

     SEC. 15. TRANSPARENCY.

       (a) In General.--Section 2(e) of the Export-Import Bank Act 
     of 1945 (12 U.S.C. 635(e)), as amended by section 8(b) of 
     this Act, is amended by adding at the end the following:
       ``(6) 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 cause to be published 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. 
     In addition, the Bank shall seek comments on the effects from 
     the Department of Commerce, the International Trade 
     Commission, 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 name of the applicant;
       ``(II) the country to which the goods involved in the 
     transaction will be shipped;
       ``(III) the type of goods being exported;
       ``(IV) the amount of the loan or guarantee involved;
       ``(V) the goods that would be produced as a result of the 
     provision of the loan or guarantee;
       ``(VI) the amount of increased production that will result 
     from the transaction;
       ``(VII) the potential sales market for the resulting goods;
       ``(VIII) the value of the transaction; and
       ``(IX) any other relevant information.

       ``(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 cause to be 
     published 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.--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 consider and address views of 
     adversely affected persons.--Before taking final action on an 
     application for a loan or guarantee from the Bank to which 
     this subsection applies, the Bank shall consider and address 
     in writing the views of any person who may be substantially 
     adversely affected by the provision of the loan or guarantee.
       ``(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. 16. ANTI-CIRCUMVENTION.

       Section 2(e) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(e)), as amended by sections 8(b) and 15(a) of this 
     Act, is amended--
       (1) in paragraph (1), by adding after and below the end the 
     following:
     ``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 products in addition to or other than the 
     product specified in the application and whether the 
     production of the products 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 a trade 
     law order or determination referred to in subparagraph 
     (A).''; and
       (3) by adding at the end the following:
       ``(7) 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. 17. PERFORMANCE STANDARDS APPLICABLE TO BANK ASSISTANCE 
                   FOR SMALL BUSINESSES, ESPECIALLY THOSE OWNED BY 
                   SOCIAL AND ECONOMICALLY DISADVANTAGED 
                   INDIVIDUALS AND THOSE OWNED BY WOMEN.

       (a) Development of Performance Standards.--Within 120 days 
     after the date of the

[[Page 15741]]

     enactment of this Act, the Comptroller General of the United 
     States shall develop and transmit to the Board of Directors 
     of the Export-Import Bank of the United States--
       (1) a set of standards which may be used to determine 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)(A), (f)(5)(A), and (h)(2) of section 3 of 
     such Act; and
       (2) a set of rules for measuring the performance of the 
     Bank against the standards.
       (b) Report on Performance.--Section 8 of the Export-Import 
     Bank Act of 1945 (12 U.S.C. 635g), as amended by sections 4, 
     5, and 10(b) of this Act, is amended by adding at the end the 
     following:
       ``(j) Report on Achievement of Performance Standards 
     Applicable to Small Business Concerns, Socially and 
     Economically Disadvantaged Small Business Conerns, and Small 
     Business Concerns Owned by Women.--The Bank shall submit 
     annually to the Congress, and include in a separate section 
     of the annual report to the Congress under subsection (a) of 
     this section, a report on the extent to which the Bank has 
     carried out successfully subparagraphs (E) and (I) of section 
     2(b)(1), and the functions described in subsections 
     (f)(1)(A), (f)(5)(A), and (h)(2) of section 3, of this Act, 
     using the performance standards and measuring rules developed 
     pursuant to section 12(a) of the Export-Import Bank 
     Reauthorization Act of 2006. ''.

     SEC. 18. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE ANY 
                   RAIL CONNECTIONS OR RAILWAY-RELATED CONNECTIONS 
                   THAT TRAVERSE OR CONNECT BAKU, AZERBAIJAN, 
                   TBILISI, GEORGIA, AND KARS, TURKEY, AND THAT 
                   SPECIFICALLY EXCLUDE CITIES IN ARMENIA.

       Section 2(b) of the Export-Import Bank Act of 1945 (12 
     U.S.C. 635(b)) is amended by adding at the end the following:
       ``(13) The Bank shall not guarantee, insure, extend credit, 
     or participate in an extension of credit in connection with 
     the development or promotion of any rail connections or 
     railway-related connections that do not traverse or connect 
     with Armenia, and do traverse or connect Baku, Azerbaijan, 
     Tbilisi, Georgia, and Kars, Turkey. ''.

     SEC. 19. TECHNICAL CORRECTIONS.

       Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of 
     1945 (12 U.S.C. 635(b)(2)(B)(ii)) is amended by striking 
     subclauses (I), (III), (VII), (VIII), and (IX), and 
     redesignating subclauses (II), (IV), (V), and (VI) as 
     subclauses (I) through (IV), respectively.

     SEC. 20. EFFECTIVE DATE.

       The amendments made by this Act shall take effect on 
     October 1, 2006.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Illinois (Mrs. Biggert) and the gentlewoman from New York (Mrs. 
Maloney) each will control 20 minutes.
  The Chair recognizes the gentlewoman from Illinois.
  Mrs. BIGGERT. Mr. Speaker, I yield myself 30 seconds.
  I rise in support of H.R. 5068, the Export-Import Bank 
Reauthorization Act of 2006. I would like to thank the gentlewoman from 
Ohio, Chairman Pryce, for her leadership on this bill. It has been a 
long process of meetings and negotiations, but I believe that we have 
crafted a solid product that focuses on the core mission of the Ex-Im 
Bank. This mission is to increase U.S. exports and, most importantly, 
U.S. jobs.
  Mr. Speaker, I yield 3 minutes to my colleague from Illinois, the 
chairman of the Small Business Committee, Mr. Manzullo.
  Mr. MANZULLO. Mr. Speaker, I also want to join in praising Chairmen 
Oxley and Pryce for the tremendous work that they have done on 
reauthorizing the Ex-Im Bank.
  Mr. Speaker, now more than ever we need the Ex-Im Bank. With the 
collapse of the Doha round of the WTO, other nations will continue to 
vigorously use their government-sponsored export credit agencies to 
promote their exports. The unfortunate reality is that American 
companies often win export sales on quality and price only to later 
lose because their competitors were able to obtain faster, less 
expensive export credit funded by other countries. Supporting this bill 
will ensure that an attractive foreign financing package will not be 
the deciding factor in winning an export opportunity. Defeating the 
bill will amount to unilateral disarmament in global trade.
  While Ex-Im Bank supports large business deals, this bill should 
actually be renamed the Small Business Exporters Acts of 2006. H.R. 
5068 restores a viable small business division and creates a Small 
Business Committee within Ex-Im Bank to better serve the needs of 
America's small exporters. The legislation also enhances the bank's 
delegated loan authority with respect to medium-term transactions by 
private lenders for small businesses.

                              {time}  1400

  This is one key tool to help Ex-Im reach and exceed its 20 percent 
statutory mandate for small businesses.
  The manager's amendment contains further improvements to the bill to 
make small business truly the focus of the bank. This reform designates 
adequate staff at each of the bank's operating divisions to specialize 
in the needs of small business exporters. This staff will also be 
jointly supervised by the Small Business Division. Furthermore, these 
small business specialists will have the authority under appropriate 
guidelines to approve loan guarantee and insurance applications of up 
to $10 million. This provision will help small business exporters 
overcome the obstacles of the slow internal approval process within Ex-
Im Bank.
  Finally, the manager's amendment automatically appoints these small 
business specialists to serve as members of the Small Business 
Committee at the bank. These small business specialists will be on the 
front line of assisting small business and will have firsthand 
knowledge of Ex-Im products at work and what needs to be changed.
  I was pleased to work with many of the industry groups which support 
Ex-Im Bank, particularly the Small Business Exporters Association, in 
the development of the small business provisions in H.R. 5068.
  Mr. Speaker, passage of this bill will send a powerful positive 
signal to small business exporters around the Nation that there will be 
internal advocates for them within the bank from the time they enter 
the door until the time they exit with a decision. With these new 
legislative enhancements to Ex-Im's charter, small business exporters 
will have strong shoulders to stand on to win trade deals overseas.
  I urge the adoption of H.R. 5068.
  Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, as the ranking member of the Financial Services 
Subcommittee with jurisdiction over the Export-Import Bank, I am 
delighted to stand and speak in support of H.R. 5068, the Export-Import 
Bank Reauthorization Act of 2006, introduced by our Subcommittee Chair, 
Deborah Pryce.
  This bipartisan legislation was overwhelmingly supported in the 
Financial Services Committee and is also supported by the Small 
Business Committee on a bipartisan basis. The original cosponsors 
include not only Representative Pryce and myself, but the majority and 
minority leadership of both committees. We have all worked together in 
this bill to fairly address the concerns of many viewpoints, and I want 
to thank those Members and their staffs for their hard work and effort 
to listen to many points of view and to produce a bill on which we can 
all agree.
  I also want to take a moment to thank Chairman Oxley for his 
leadership on this bill and on so many others throughout his tenure. 
The Financial Services Committee and this Congress will feel his 
absence. This bill is a good example of the bipartisan work of the 
committee that Chairman Oxley helped to make possible. We don't always 
agree, but we can often work together to find points of agreement, as 
we have done on this bill.
  This bill responds to concerns that the committees involved have had 
for some time and that we heard repeatedly from our constituents, both 
businesses and interest groups, as we began work on this very important 
piece of legislation.
  First, the bill reaffirms Congress' strong intent that the bank 
support small businesses to a greater extent than at present, 
consistent with sound lending practices. To this end, the bill creates 
a Small Business Division within the bank run by a senior VP who 
reports directly to the chairman. The staff of this new division are 
dedicated exclusively to small business transactions, reflecting the 
fact that these deals and these clients need unique skills. Within this 
division, the bill creates an office charged with expanding outreach to 
women and minority-

[[Page 15742]]

owned businesses. On these sections, the leadership of the Small 
Business Committee was especially valuable, and I want to thank my 
colleague Representative Velazquez from New York.
  Secondly, based on numerous comments, we also concluded that the bank 
could increase its activity in Sub-Saharan Africa consistent with sound 
lending principles by being more flexible in its financing and 
underwriting terms. And the bill contains a mandate to that effect.
  Third, as a proud member of the Congressional Caucus on Armenian 
Issues and the representative of a large and vibrant Armenian-American 
community, I support the provisions which would prohibit the Export-
Import Bank from funding railroad projects in South Caucasus region 
that deliberately exclude Armenia.
  Fourth, in listening to my constituents and others talk about their 
experiences with the bank, it became clear to me that businesses, large 
and small, were frustrated by the lack of transparency and 
unfriendliness in the bank process. Several of them said that their 
applications simply disappeared.
  At my initiative, the bill contains several transparency reforms that 
respond to this concern. I expect these relatively low-cost changes 
will provide significant benefits to Ex-Im clients. They include 
notification requirements, so that applicants know what is happening to 
their application.
  Ex-Im has recently put up an improved Web site, and the bill requires 
that applicants be able to access their application on that site and 
see where it is in the process. Most colleges manage student 
applications in a similar manner, and it is time for Ex-Im to implement 
simple steps like this to help the American public.
  In the same vein, the bill contains a requirement for board action on 
applications that have been subject to economic impact analysis. These 
applications tended to die a lingering death as Ex-Im sat on them. That 
is really not fair. The bank should tell applicants whether it can 
support them or not in a reasonable time frame.
  Finally, and very important, the bill contains new provisions to make 
the bank more competitive with other countries' export credit agencies, 
or ECAs, so that the bank and U.S. companies are not fighting with one 
hand tied behind their backs. In particular, the bill gives the bank 
authority to use the Tied Aid Fund, a fund established several years 
ago by Congress to combat unfair export practices by other countries' 
ECAs. To date, Treasury has blocked the use of this fund as Congress 
intended, and this underlying bill will correct that.
  This reform and reauthorization legislation is urgently needed. 
Today, more than ever, the future of the Export-Import Bank is of great 
interest and concern because it has significant potential to affect the 
national economy, job growth and our trade imbalance.
  We are faced with the need to pass reauthorization legislation for 
our Nation's export credit agency at a time when the demands of the 
global marketplace seem increasingly pressing and difficult and the 
agenda of the Ex-Im Bank is more critical to our economy than ever 
before.
  The Ex-Im Bank has long played a key role in the economy of many of 
the districts we each represent. As the independent U.S. Government 
agency that assists in financing the export of U.S. goods and services 
to markets around the world, through export credit insurance, loan 
guarantees and direct loans. But the bank's mission of creating and 
maintaining U.S. jobs through financing exports takes on a new urgency 
and importance in the new global economy.
  Tom Friedman's book, The World is Flat, brought home to many of us 
the fact that an economic tsunami is occurring under our feet. The 
convergence of events that have brought India, China and many other 
countries into the global supply chain for services and manufacturing 
has created an explosion of wealth in the middle classes of the world's 
two biggest nations, giving them a huge new stake in globalization.
  As former Chairman Greenspan was fond of telling us when we asked him 
about the loss of jobs in this country, we need to recognize, he said, 
that all of a sudden a huge number of highly educated people from 
formally noncompetitive countries have entered the global workforce. We 
cannot afford to be uncompetitive in the rapidly changing global market 
or complacent about our status in the global market.
  As leadership on both sides of the House recognize, we must empower 
and support Ex-Im now more than ever. I think we have crafted a bill 
that Members from both sides can support and that is much needed. I 
urge my colleagues to support H.R. 5068.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, this bipartisan bill will strengthen the Ex-Im Bank's 
ability to help our exporters increase their businesses abroad. During 
a February roundtable meeting held in my district, many businesses said 
that they only learned about the bank's tremendous resources by 
accident. I am pleased that this and other suggestions made by these 
businesses were incorporated into the bill, including language that 
directs the bank to increase its outreach to small business.
  I encourage Members of this body to spread the word about the bank's 
export financing opportunities, and I encourage Members to contact the 
bank to determine what businesses, large and small, directly and 
indirectly, are being supported by the bank's services.
  For example, I learned that Ex-Im financing for one aircraft can 
translate into work for over 100 small businesses in my district alone. 
And I received a report issued by the bank last Friday that showed 
businesses in my district, ranging from a knee guard company to one 
that makes printing presses, have benefited from about $4.6 million in 
Ex-Im products over the past decade.
  On another note, I would like to take this opportunity commend the 
bank's new chairman, Jim Lambright and his team for aggressively moving 
on several important fronts; helping our U.S. businesses to keep a 
competitive edge in the global marketplace, listening to businesses and 
implementing bank reforms.
  For example, to help them beat foreign competitors, businesses in my 
district suggested that the bank enhance application transparency and 
provide electronic on-line processing. The bank has done just that. A 
business can now register with the Ex-Im Bank online and easily track 
its application as it moves through the review process.
  Mr. Speaker, in our increasingly competitive global environment, we 
must ensure that we provide every advantage, and remove every 
disadvantage, for U.S. businesses to ``win the sale'' over foreign 
competitors. Make no mistake about it: Ex-Im is one of the best tools 
we have to ensure that our businesses are allowed to beat the 
competition abroad. More importantly, it is jumper cables to the 
economy, helping U.S. businesses increase exports and create more and 
better U.S. jobs.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. MALONEY. Mr. Speaker, I yield 3 minutes to the honorable 
gentlewoman from New York (Ms. Velazquez), the ranking member of the 
Small Business Committee. I thank her once again for her leadership on 
this legislation.
  Ms. VELAZQUEZ. Mr. Speaker, I would like to take this opportunity to 
thank the gentlelady from New York for yielding, and also for the great 
leadership that she exhibited in working in a bipartisan manner on this 
legislation.
  Mr. Speaker, I rise in strong support of H.R. 5068, the Export-Import 
Bank Reauthorization Act of 2006. The legislation before us today will 
increase lending opportunities for all of our Nation's exporters and 
will improve the country's trade performance.
  The Nation's rapidly and exponentially rising trade deficit indicates 
that our businesses are losing their competitive edge in the global 
economy. One sector of American industry, small businesses, has bucked 
this

[[Page 15743]]

trend, demonstrating success exporting to markets across the world. 
Today, these businesses are the Nation's leading exporters, dominating 
many sectors, operating with a trade surplus, and are growing two times 
faster than their corporate counterparts. However, due to limited 
finances and production capacity, these firms face obstacles trading 
internationally.
  The Export-Import Bank was established to increase the capacity for 
all United States businesses to competitively engage in international 
trade by providing access to affordable financing and insurance. Yet 
the bank has failed to fulfill its congressional mandate established in 
the previous reauthorization to ensure that small businesses are a 
priority in lending decisions.
  To establish a culture that prioritizes these businesses, the bank's 
institutional structure on policies must be enhanced to focus on small 
exporter issues. I believe the new changes adopted in the legislation 
will significantly expand lending opportunities as it creates a new 
Small Business Division, an Office for Minority Exporters and a 
minority financing goal at the bank. These changes will ensure that the 
bank fulfills its mandate to support a successful component of the 
Nation's trade strategy.
  The country will significantly benefit from challenging the bank to 
expand financing opportunities for all of our entrepreneurs. By 
approving this legislation, we have the opportunity to keep small and 
minority businesses on the path to success. By supporting a diverse and 
successful set of exporters, we will also ensure that the Nation 
improves its trade performance.

                              {time}  1415

  I urge Members to support the bill to ensure that all of our 
promising businesses can succeed in the global economy.
  Mrs. BIGGERT. Mr. Speaker, I yield 3 minutes to the gentleman from 
Texas (Mr. Paul).
  Mr. PAUL. Mr. Speaker, I thank the gentlewoman for yielding me time.
  Mr. Speaker, Congress should reject H.R. 5068, the Export-Import 
Reauthorization Act, for economic, constitutional, and moral reasons. 
The Export-Import Bank takes money from American taxpayers to subsidize 
exports by American companies. Of course it is not just any company 
that receives Ex-Im support.
  The vast majority of Ex-Im Bank funds benefit Enron-like outfits that 
must rely on political connections and government subsidies to survive 
and/or multinational corporations who can afford to support their own 
efforts without relying on the American taxpayers.
  In fact, according to journalist Robert Novak, Enron itself received 
over $640 million in taxpayer-funded assistance from Ex-Im. The 
taxpayer-provided largess no doubt helped postpone Enron's inevitable 
day of reckoning. It is not only bad economics to force working 
American small businesses and entrepreneurs to subsidize the exports of 
large corporations; it is also immoral.
  Redistribution from the poor and middle class to the wealthy is the 
most indefensible aspect of the welfare state, yet it is the most 
accepted form of welfare.
  Mr. Speaker, it never ceases to amaze me how Members who criticize 
welfare for the poor on moral and constitutional grounds see no problem 
with the even more objectionable programs that provide welfare for the 
rich.
  The moral case against Ex-Im is strengthened when one considers that 
one of the governments which benefits most from Ex-Im funds is 
Communist China. In fact, Ex-Im actually underwrites joint ventures 
with firms owned by the Chinese Government. Whatever one's position is 
on trading with China, I would hope all of us would agree that it is 
wrong to force taxpayers to subsidize in any way this regime.
  Unfortunately, China is not an isolated case. Colombia and Sudan 
benefit from taxpayer subsidized trade as well, courtesy of the Ex-Im 
Bank. At a time when the Federal Government is running huge deficits 
and Congress is once again preparing to raid Social Security and 
Medicare trust funds, does it really make sense to use taxpayers' funds 
to benefit future Enrons, Fortune 500 companies, and Communist China?
  One project funded by Ex-Im in China is an $18 million loan guarantee 
to expand steel manufacturing. This is not an isolated example of how 
Ex-Im helps foreign steel producers. According to the most recent 
figures available, the five countries with the greatest Ex-Im exposure 
are all among the top 10 exporters of steel and of steel-to-products to 
the United States.
  In fact, Ex-Im provides almost $20 billion of U.S. taxpayer support 
to these countries. Mr. Speaker, I find it hard to see how taxing 
American steel producers to benefit their foreign competitors 
strengthens the American economy.
  Proponents of continued American support for the Ex-Im Bank claim 
that the bank creates jobs and promotes economic growth. However, this 
is a fallacy worth looking in to.
  However, this claim rests on a version of what the great economist 
Henry Hazlitt called the ``broken window'' fallacy. When a hoodlum 
throws a rock through a store window, it can be said he has contributed 
to the economy, as the storeowner will have to spend money having the 
window fixed. The benefits to those who repaired the window are visible 
for all to see, therefore it is easy to see the broken window as 
economically beneficial. However, the ``benefits'' of the broken window 
are revealed as an illusion when one takes into account what is not 
seen: the businesses and workers who would have benefited had the store 
owner not spent money repairing a window, but rather had been free to 
spend his money as he chose.
  Similarly, the beneficiaries of Eximbank are visible to all. What is 
not seen is the products that would have been built, the businesses 
that would have been started, and the jobs that would have been created 
had the funds used for the Eximbank been left in the hands of 
consumers. Leaving the resources in the private sector ensures the 
resources will be put to the use most highly valued by individual 
consumers. In contrast, when the government diverts resources into the 
public sector via programs such as the Eximbank, their use is 
determined by bureaucrats and politically powerful special interests, 
resulting in a distorted market and a misallocation of resources. By 
distorting the market and preventing resources from achieving their 
highest valued use, Eximbank actually costs Americans jobs and reduces 
America's standard of living!
  Some supporters of this bill equate supporting Eximbank with 
supporting ``free trade,'' and claim that opponents are 
``protectionists'' and ``isolationists.'' Mr. Speaker, this is 
nonsense, Eximbank has nothing to do with free trade. True free trade 
involves the peaceful, voluntary exchange of goods across borders, not 
forcing taxpayers to subsidize the exports of politically powerful 
companies. Eximbank is not free trade, but rather managed trade, where 
winners and losers are determined by how well they please government 
bureaucrats instead of how well they please consumers.
  Finally, Mr. Speaker, I would like to remind my colleagues that there 
is simply no constitutional justification for the expenditure of funds 
on programs such as Eximbank. In fact, the drafters of the Constitution 
would be horrified to think the Federal Government was taking hard-
earned money from the American people in order to benefit the 
politically powerful.
  In conclusion, Mr. Speaker, Eximbank distorts the market by allowing 
government bureaucrats to make economic decisions in place of 
individual consumers. Eximbank also violates basic principles of 
morality, by forcing working Americans to subsidize the trade of 
wealthy companies that could easily afford to subsidize their own 
trade, as well as subsidizing brutal governments like Red China and the 
Sudan. Eximbank also violates the limitations on congressional power to 
take the property of individual citizens and use it to benefit powerful 
special interests. It is for these reasons that I urge my colleagues to 
reject H.R. 5068, the Export-Import Bank Reauthorization Act.
  Mrs. MALONEY. Mr. Speaker, may I inquire as to the remaining time.
  The SPEAKER pro tempore. The gentlewoman from New York has 9\1/2\ 
minutes remaining, and the gentlewoman from Illinois has 11 minutes 
remaining.
  Mrs. MALONEY. Mr. Speaker, I yield 3 minutes to the gentlewoman from 
California (Ms. Waters), the ranking member of the housing subcommittee 
of the Financial Services Committee.
  Ms. WATERS. Mr. Speaker, I rise in support of H.R. 5068, the Export-
Import Bank reauthorization bill.

[[Page 15744]]

  I would like to thank the Committee on Financial Services chairman, 
Mr. Oxley, and Ranking Member Frank for moving this important measure 
through our committee.
  Ms. Pryce, the chairwoman on the Subcommittee on Domestic and 
International Monetary Policy, Trade and Technology, and, of course, 
our ranking member, Mrs. Maloney, who has provided leadership on this 
issue as well as many other issues, has done a fabulous job on making 
sure that the members of our committee understood very well the 
importance of the Ex-Im Bank and how it benefits our entire country and 
small businesses as well as some large businesses. I thank her for 
bringing this measure to the floor.
  The reauthorization of the Export-Import Bank, H.R. 5068, is 
particularly important in light of our current trade deficit which 
stands at more than $60 billion. Indeed, we must continue to be 
proactive in terms of programs that will encourage the expansion of our 
exports. The export sector of our economy is critical to job creation 
at the local level.
  This bill makes the Ex-Im Bank more relevant in today's global 
economy, because it better supports U.S. exports. Last year the bank 
was engaged in more than 3,000 transactions, with an export value of 
$17.9 billion and returned over $1.7 billion to the Treasury.
  This bill should increase the overall level of exports. Of course, I 
am encouraged by the provisions of the bill related to small 
businesses. Under the bill, an Office of Small Business is established 
to be dedicated to small business issues.
  Ex-Im needs to be viewed as a resource, not just for large exporters 
but for small exporters as well. The management of the office of our 
senior official sends a strong signal to the small business community 
that small businesses are an important part of the Export-Import 
equation. Equally important, the office should be required to interface 
with the U.S. Small Business Administration, which has built an 
excellent reputation as a repository of information for small 
exporters.
  This reverses a trend that I believe developed as a result of the 
weakening of policies at the bank that have been in place to encourage 
the participation of small businesses in our export market, 
particularly minority-and women-owned business.
  During markup of this bill, an amendment that I sponsored had been 
made part of the bill reported to the full House. It requires the bank 
to develop performance measures related to minority- and women-owned 
business programs. This will ensure that the management of Ex-Im Bank 
is directly involved in developing programs designed to increase 
participation of minority- and women-owned businesses in Ex-Im Bank 
programs.
  The performance measures will be developed in concert with GAO and 
will enable Congress to determine how the small business programs for 
minorities and women that are put in place are performing. In addition, 
I am pleased that the bill contains a provision to promote increased 
trade with Africa.
  I consider Mr. Paul as a serious person. I take him seriously. I will 
look into some of that which he has said.
  Mrs. BIGGERT. Mr. Speaker, I yield 3 minutes to the gentlewoman from 
New York (Mrs. Kelly), the vice chair of the Financial Services 
Committee.
  Mrs. KELLY. Mr. Speaker, I rise in strong support of today's H.R. 
5068, to reauthorize the Export-Import Bank. I want to thank Chairwoman 
Pryce, Chairman Oxley, and Chairman Manzullo. We have created a strong 
bill that will empower small businesses in America to export.
  This legislation gives small businesses dedicated loan officers and 
creates a structure for dealing with small business concerns that 
ensures that they are dealt with at the highest level of the bank. 
America's competitiveness and economic growth depends on small business 
exporters.
  American-made products are still the best in the world, and they 
deserve to have the same support from our government in making sales 
that our foreign rivals do. Today's bill recognizes that fact and 
challenges Ex-Im to meet its commitment that 20 percent of all the 
lending goes to small business.
  Passage of H.R. 5068 today will not end the strong oversight of Ex-Im 
that Chairmen Manzullo and Pryce have provided in the last few years. 
Our success will not be measured by passing this bill, but it will be 
measured by the number of small business jobs that we create through 
increased exports by supporting America's small businesses. I urge 
passage of H.R. 5068.
  Mrs. MALONEY. Mr. Speaker, I yield 3 minutes to the gentlewoman from 
Texas (Ms. Jackson-Lee)
  Ms. JACKSON-LEE of Texas. Mr. Speaker, I thank the distinguished 
gentlewoman from New York for yielding me time.
  Mr. Speaker, I acknowledge the leadership of the Small Business 
Committee and your leadership, the leadership of the Financial Services 
Committee. I would like to say that this bill spells relief, r-e-l-i-e-
f, I believe. The reason is because we have heard over and over again 
that Export-Import Bank gives gifts to large corporations, tax 
giveaways, if you will, using the American people's money simply to 
provide to those who already have.
  I have repeatedly said that the backbone of America are small and 
medium-sized businesses. These are the businesses that are in our 
neighborhoods, in our cities, large and small, our counties, our rural 
hamlets.
  The opportunity for small business to engage in Export-Import with 
the financial assistance and the collaboration with the Small Business 
Administration is long in coming. And this fix is long in coming.
  I would argue that many of the regions that we are attempting to 
engage and break the barriers or break the concrete wall of a trade 
deficit has to do with small and medium-sized businesses, because the 
continent of Africa is filled with small and medium-sized businesses.
  Their cultural traditions, their tribal traditions focus on the 
tribal hierarchy of women entrepreneurs in the marketplace. We find in 
south Asia, in India, Pakistan, Bangladesh there are opportunities for 
small and medium-size businesses to work with our small and medium-
sized businesses, or for our small and medium-sized businesses to be 
able to engage internationally, if you will.
  China, to break that very huge trade deficit, this now gives the 
financial anchor for small and medium-sized businesses to get the job 
done. I have always supported the Ex-Im Bank. I do think that any leg 
up or leverage that we can get, as we are on the international trade 
arena or development, is an important one; but now we have an 
opportunity to build on small and medium-sized businesses, and I hope 
as this legislation is passed, the word will go quickly out and that 
the lines will form to the left and the right for small businesses to 
become engaged.
  With that, again, let me thank the proponents of the legislation. I 
ask my colleagues to support it.
  Mrs. BIGGERT. Mr. Speaker, I reserve the balance of my time.
  Mrs. MALONEY. Mr. Speaker, at this point we do not have any further 
speakers. I urge a strong vote on this bill. It is supported by the 
Financial Services Committee, the Chair and the ranking member, the 
Chair and the ranking member of the subcommittee, and the Chair and 
ranking member of the Small Business Committee.
  It has a very special focus on enabling small businesses to compete 
in the global market, and it will help America's competitiveness and 
economic growth.
  I urge a ``yes'' vote on this bill.
  Mr. Speaker, I yield back the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I would just like to say that looking at 
my district, and seeing the value of exports, $4.6 million that our 
companies have found for export value, and that works down to $295 
million for small businesses.
  I think that the Ex-Im Bank is one that is, the mission is so 
important that we increase U.S. exports and more importantly U.S. jobs. 
I think that is exactly what this bill is set up to improve and to make 
sure that that happens.
  We are in a global economy. We are in competition with countries from 
all

[[Page 15745]]

over the world. If we are to maintain our high standards, we have got 
to compete in the export market. I think this bill will help to do 
that. I would urge all Members to support the bill.
  Mr. Speaker, I would be remiss not to thank Chairman Oxley for all 
the work that he has done on this bill, again Chairman Pryce and 
Ranking Member Maloney for all of the work that they have put into 
this.
  Mr. Speaker, I would urge an ``aye'' vote.
  Mr. CROWLEY. Mr. Speaker, I rise in support of the Export-Import Bank 
Reauthorization under suspension vote today.
  This is a sound, bipartisan bill.
  So often, people see the acrimonious side of this House rife with 
partisanship and member distrust.
  We do not have that on the Financial Services Committee, and that is 
due in large part to the leadership of Chairman Mike Oxley and our 
Ranking Member, Barney Frank.
  While I am working hard to see Barney become our chairman in the 
110th Congress, I just want to salute our outgoing Chair, Mike Oxley.
  He is a hard working member who is not afraid to roll up his sleeves 
and work with people across the aisle to get the important work done. 
He is results oriented.
  Legislatively, he has a long list of accomplishments to be proud of, 
including this bill, but it is his spirit of bipartisanship, friendship 
and class for which we should all look to him for.
  But he can also be a formidable foe, from the committee room to the 
baseball diamond.
  He will be missed next year.
  Stating that I do support this bipartisan bill--it is a real jobs 
bill.
  This bill will strengthen the Export-Import Bank's abilities to allow 
American companies to compete in the global market as we try to 
increase our exports, increase our global competitiveness and create 
more and better paying jobs in the U.S.A.
  This is a bill about exporting products not jobs.
  Additionally, besides the overall nature of this bill, I was able to 
add important language to this reauthorization pertaining to the nation 
of Armenia--a strong U.S. ally in the Caucasus.
  My amendment, done with Congressmen Ed Royce and Brad Sherman, 
prohibits the Export-Import Bank from funding any railway projects from 
Azerbaijan, through Georgia and Turkey, which specifically bypass 
Armenia. I am very pleased that this language was included in the final 
version of this legislation being debated on the House floor today.
  This language will assist in promoting stability in the Caucasus 
region, help in ending long standing conflicts, and save U.S. taxpayers 
the responsibility of funding a project that goes against U.S. 
interests.
  For over 10 years, Armenia has fought an illegal blockade, imposed on 
them by the countries of Turkey and Azerbaijan. These two countries 
continually exclude Armenia from regional development.
  Just recently, Turkey, Azerbaijan, and Georgia finished construction 
on the Baku-Tblisi-Ceyhan pipeline. This pipeline does not pass through 
Armenia, even though the fastest and most economically sound route is 
through the country.
  Now Turkey, Azerbaijan, and Georgia plan on constructing a railway 
that will completely bypass Armenia once again; once again excluding 
Armenia from regional development.
  Exclusion of one country in regional projects only fosters 
instability. Having Export-Import Bank support a railway project which 
excludes Armenia is not the way to include all countries in regional 
development. I am pleased that the Bank is now prohibited from doing so 
in this bill.
  Besides possibly creating a regional crisis, this project, if funded 
by the Export-Import Bank could cost taxpayers millions. I do not 
believe that U.S. taxpayers should be funding a project that goes 
against U.S. interests.
  I am pleased this good language was added to an already good bill--a 
jobs bill for America
  Therefore, I urge my colleagues to support the Export-Import 
Reauthorization.
  Mr. KNOLLENBERG. Mr. Speaker, today the House is considering H.R. 
5068, legislation that will reauthorize the Export-Import Bank for the 
next 5 years. I support this legislation.
  Since it was created over 60 years ago, the Export-Import Bank has 
provided crucial support for American exporting businesses--especially 
small businesses. Because small businesses provide the majority of jobs 
here in the U.S., the work of the Bank translates into real jobs for 
American workers.
  I am particularly pleased this bill includes a provision that 
prohibits assistance from the Export-Import Bank for a proposed new 
railroad that would connect Turkey, Georgia, and Azerbaijan, but would 
intentionally circumvent Armenia. This provision is extremely similar 
to H.R. 3361, the South Caucasus Integration and Open Railroads Act, 
legislation I introduced to ensure U.S. taxpayer funds are not used to 
promote a proposal or program that directly undermines the United 
States goal of fostering integration and cooperation among the 
countries in the South Caucasus.
  Open and integrated transportation routes among Armenia, Azerbaijan, 
Georgia, and Turkey are necessary to promote cooperation, support 
economic growth, and help resolve regional conflicts. Unfortunately, 
this policy is being undermined in an effort to push Armenia further 
into isolation.
  The design for the new rail line defies logistical and geographical 
logic, and intends to prevent future economic development from reaching 
Armenia. The proposed rail link would cost between $400 million and 
$800 million and would take years to construct, even though a perfectly 
workable rail link that goes through the city of Gyumri, Armenia 
already exists and would be fully operational with a few minor repairs.
  Mr. Speaker, I commend my colleagues on the House Financial Services 
Committee that included this provision into this bill and I urge 
support for passage of H.R. 5068.
  Mrs. BIGGERT. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Illinois (Mrs. Biggert) that the House suspend the 
rules and pass the bill, H.R. 5068, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of 
those present have voted in the affirmative.
  Mr. PAUL. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were refused.
  So (two-thirds having voted in favor thereof) the rules were 
suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________