[House Report 116-271]
[From the U.S. Government Publishing Office]


116th Congress    }                                     {       Report
                        HOUSE OF REPRESENTATIVES
 1st Session      }                                     {      116-271

======================================================================



 
            UNITED STATES EXPORT FINANCE AGENCY ACT OF 2019

                                _______
                                

November 8, 2019.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

  Ms. Waters, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                             together with

                             MINORITY VIEWS

                        [To accompany H.R. 4863]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 4863) to promote the competitiveness of the 
United States, to reform and reauthorize the United States 
Export Finance Agency, and for other purposes, having 
considered the same, report favorably thereon with an amendment 
and recommend that the bill as amended do pass.

                                CONTENTS

                                                                   Page
Purpose and Summary..............................................    10
Background and Need for Legislation..............................    10
Section-by-Section Analysis......................................    12
Hearing..........................................................    17
Committee Consideration..........................................    17
Committee Votes..................................................    17
Statement of Oversight Findings and Recommendations of the 
  Committee......................................................    30
Statement of Performance Goals and Objectives....................    30
New Budget Authority and CBO Cost Estimate.......................    30
Committee Cost Estimate..........................................    30
Unfunded Mandate Statement.......................................    31
Advisory Committee...............................................    31
Application of Law to the Legislative Branch.....................    31
Earmark Statement................................................    31
Duplication of Federal Programs..................................    31
Changes to Existing Law..........................................    32

    The amendment is as follows:
  Strike all after the enacting clause and insert the 
following:

SECTION 1. SHORT TITLE.

  This Act may be cited as the ``United States Export Finance Agency 
Act of 2019''.

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. Renaming of the Export-Import Bank of the United States.
Sec. 4. Authorization period.
Sec. 5. Aggregate loan, guarantee, and insurance authority.
Sec. 6. Office of Minority and Women Inclusion.
Sec. 7. Support for United States territories.
Sec. 8. Alternative procedures during quorum lapse.
Sec. 9. Strengthening support for U.S. small businesses.
Sec. 10. Enhancing flexibility to respond to predatory export financing 
by China.
Sec. 11. Restriction on financing for certain entities.
Sec. 12. Prohibitions on financing for certain persons involved in 
sanctionable activities.
Sec. 13. Promoting renewable energy exports, environmental and social 
standards, and accountability.
Sec. 14. Reinsurance program.
Sec. 15. Information technology systems.
Sec. 16. Administratively determined pay.

SEC. 3. RENAMING OF THE EXPORT-IMPORT BANK OF THE UNITED STATES.

  (a) In General.--The Export-Import Bank of the United States is 
hereby redesignated as the United States Export Finance Agency.
  (b) References.--Any reference to the Export-Import Bank of the 
United States in any law, rule, regulation, certificate, directive, 
instruction, or other official paper in force on the date of the 
enactment of this Act is deemed a reference to the United States Export 
Finance Agency.

SEC. 4. AUTHORIZATION PERIOD.

  Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2019'' and inserting ``2029''.

SEC. 5. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.

  Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635e(a)(2)) is amended to read as follows:
          ``(2) Applicable amount defined.--In this subsection, the 
        term `applicable amount' means--
                  ``(A) $145,000,000,000 for fiscal year 2020;
                  ``(B) $150,000,000,000 for fiscal year 2021;
                  ``(C) $155,000,000,000 for fiscal year 2022;
                  ``(D) $160,000,000,000 for fiscal year 2023;
                  ``(E) $165,000,000,000 for fiscal year 2024;
                  ``(F) $170,000,000,000 for fiscal year 2025; and
                  ``(G) $175,000,000,000 for each of fiscal years 2026 
                through 2029.''.

SEC. 6. OFFICE OF MINORITY AND WOMEN INCLUSION.

  (a) In General.--Section 3(i) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(i)) is amended to read as follows:
  ``(i) Office of Minority and Women Inclusion.--
          ``(1) Establishment.--The Agency shall establish an Office of 
        Minority and Women Inclusion which shall be responsible for 
        carrying out this subsection and all matters relating to 
        diversity in management, employment, and business activities in 
        accordance with such standards and requirements as the Director 
        of the Office shall establish.
          ``(2) Transfer of responsibilities.--The Agency shall ensure 
        that, to the extent that the responsibilities described in 
        paragraph (1) (or comparable responsibilities) were, as of the 
        date of the enactment of this subsection, performed by another 
        office of the Agency, the responsibilities shall be transferred 
        to the Office.
          ``(3) Duties with respect to civil rights laws.--The 
        responsibilities described in paragraph (1) shall not include 
        enforcement of statutes, regulations, or executive orders 
        pertaining to civil rights, except that the Director of the 
        Office shall coordinate with the President of the Agency, or 
        the designee of the President of the Agency, regarding the 
        design and implementation of any remedies resulting from 
        violations of the statutes, regulations, or executive orders.
          ``(4) Director.--
                  ``(A) In general.--The Director of the Office shall 
                be appointed by, and shall report directly to, the 
                President of the Agency. The position of Director of 
                the Office shall be a career reserved position in the 
                Senior Executive Service, as that position is defined 
                in section 3132 of title 5, United States Code, or an 
                equivalent designation.
                  ``(B) Duties.--The Director shall--
                          ``(i) develop standards for equal employment 
                        opportunity and the racial, ethnic, and gender 
                        diversity of the workforce and senior 
                        management of the Agency;
                          ``(ii) develop standards for increased 
                        participation of minority-owned and women-owned 
                        businesses in the programs and contracts of the 
                        Agency, including standards for coordinating 
                        technical assistance to the businesses; and
                          ``(iii) enhance the outreach activities of 
                        the Agency with respect to, and increase the 
                        total amount of loans, guarantees, and 
                        insurance provided by the Agency 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.
                  ``(C) Other duties.--The Director shall advise the 
                President of the Agency on the impact of the policies 
                of the Agency on minority-owned and women-owned 
                businesses.
          ``(5) Inclusion in all levels of business activities.--
                  ``(A) Contracts.--The Director of the Office shall 
                develop and implement standards and procedures to 
                ensure, to the maximum extent possible, the inclusion 
                and utilization of minorities (as defined in section 
                1204(c) of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and 
                women, and minority- and women-owned businesses (as 
                such terms are defined in section 21A(r)(4) of the 
                Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)) in 
                all business and activities of the Agency at all 
                levels, including in procurement, insurance, and all 
                types of contracts. The processes established by the 
                Agency for review and evaluation for contract proposals 
                and to hire service providers shall include a component 
                that gives consideration to the diversity of the 
                applicant.
                  ``(B) Applicability.--This paragraph shall apply to 
                all contracts for services of any kind, including all 
                contracts for all business and activities of the 
                Agency, at all levels.
                  ``(C) Outreach.--The Agency shall establish a 
                minority outreach program to ensure the inclusion (to 
                the maximum extent practicable) of contracts entered 
                into with the enterprises of minorities and women and 
                businesses owned by minorities and women, including 
                financial institutions, investment banking firms, 
                underwriters, accountants, brokers, and providers of 
                legal services.
          ``(6) Diversity in agency workforce.--The Agency shall take 
        affirmative steps to seek diversity in its workforce at all 
        levels of the Agency consistent with the demographic diversity 
        of the United States, in a manner consistent with applicable 
        law, including--
                  ``(A) to the extent the Agency engages in recruitment 
                efforts to fill vacancies--
                          ``(i) recruiting at historically Black 
                        colleges and universities, Hispanic-serving 
                        institutions, Tribal colleges and universities, 
                        women's colleges, and colleges that typically 
                        serve majority minority populations; and
                          ``(ii) recruiting at job fairs in urban 
                        communities, and placing employment 
                        advertisements in print and digital media 
                        oriented toward women and people of color;
                  ``(B) partnering with organizations that are focused 
                on developing opportunities for minorities and women to 
                place talented young minorities and women in industry 
                internships, summer employment, and full-time 
                positions; and
                  ``(C) by use of any other mass media communications 
                that the Director of the Office determines 
                necessary.''.
  (b) Inclusion in Annual Report.--Section 8 of such Act (12 U.S.C. 
635g) is amended by adding at the end the following:
  ``(l) Office of Minority and Women Inclusion.--
          ``(1) In general.--The Agency shall include in its annual 
        report to the Congress under subsection (a) a report from the 
        Office of Minority and Women Inclusion regarding the actions 
        taken by the Agency and the Office pursuant to section 3(i), 
        which shall include--
                  ``(A) a statement of the total amounts paid by the 
                Agency to contractors since the most recent report 
                under this subsection;
                  ``(B) the percentage of the amounts described in 
                subparagraph (A) that were paid to contractors as 
                described in section 3(i)(5)(A);
                  ``(C) the successes achieved and challenges faced by 
                the Agency in operating minority and women outreach 
                programs;
                  ``(D) a description of the progress made by the 
                Agency in supporting exports by minority-owned small 
                business concerns and the progress made by the Agency 
                in supporting small business concerns owned by women, 
                including estimates of the amounts made available to 
                finance exports directly by both categories of small 
                business concerns, a comparison of these amounts with 
                the amounts made available to all small business 
                concerns, and a comparison of such amounts with the 
                amounts so made available during the 2 preceding years;
                  ``(E) the challenges the Agency may face in hiring 
                qualified minority and women employees and contracting 
                with qualified minority-owned and women-owned 
                businesses; and
                  ``(F) any other information, findings, conclusions, 
                and recommendations for legislative or Agency action, 
                as the Director of the Office deems appropriate.
          ``(2) Definitions.--In this subsection:
                  ``(A) Minority-owned small business concern.--The 
                term `minority-owned small business concern' has the 
                meaning given the term `socially and economically 
                disadvantaged small business concern' under section 
                8(a)(4) of the Small Business Act.
                  ``(B) Small business concern.--The term `small 
                business concern' has the meaning given that term under 
                section 3(a) of the Small Business Act.''.
  (c) Conforming Amendment.--Section 8(f) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635g(f)) is amended--
          (1) by striking paragraph (4); and
          (2) by redesignating paragraphs (5) through (8) as paragraphs 
        (4) through (7), respectively.

SEC. 7. SUPPORT FOR UNITED STATES TERRITORIES.

  (a) Creation of the Office of Territorial Exporting.--Section 3 of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is amended by 
adding at the end the following:
  ``(n) Office of Territorial Exporting.--
          ``(1) In general.--The President of the Agency shall 
        establish an Office of Territorial Exporting, the functions of 
        which shall be to--
                  ``(A) promote the export of goods and services from 
                the territories;
                  ``(B) conduct outreach, education, and disseminate 
                information concerning export opportunities and the 
                availability of Agency support for such activities; and
                  ``(C) increase the total amount of loans, guarantees, 
                and insurance provided by the Agency benefitting the 
                territories.
          ``(2) Staff.--The President of the Agency shall hire such 
        staff as may be necessary to perform the functions of the 
        Office, including--
                  ``(A) at least 1 staffer responsible for liaising 
                with Puerto Rico and the United States Virgin Islands; 
                and
                  ``(B) at least 1 staffer responsible for liaising 
                with the United States territories of Guam, the 
                Commonwealth of the Northern Mariana Islands, and 
                American Samoa.
          ``(3) Definition of territory.--In this Act, the term 
        `territory' means the Commonwealth of Puerto Rico, the United 
        States Virgin Islands, Guam, the Commonwealth of the Northern 
        Mariana Islands, and American Samoa.''.
  (b) Annual Report.--Section 8 of such Act (12 U.S.C. 635g), as 
amended by section 6(b) of this Act, is amended by adding at the end 
the following:
  ``(m) Report on Activities in the Territories.--The Agency shall 
include in its annual report to Congress under subsection (a) a report 
on the steps taken by the Agency in the period covered by the report to 
increase--
          ``(1) awareness of the Agency and its services in the 
        territories; and
          ``(2) the provision of Agency support to export businesses in 
        the territories.''.

SEC. 8. ALTERNATIVE PROCEDURES DURING QUORUM LAPSE.

  (a) In General.--Section 3(c)(6) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635a(c)(6)) is amended--
          (1) by inserting ``(A)'' after ``(6)''; and
          (2) by adding at the end the following:
  ``(B)(i) If there is an insufficient number of directors to 
constitute a quorum under subparagraph (A) for 90 consecutive days 
during the term of a President of the United States, a temporary Board, 
consisting of the following members, shall act in the stead of the 
Board of Directors:
          ``(I) The United States Trade Representative,
          ``(II) The Secretary of the Treasury,
          ``(III) The Secretary of Commerce, and
          ``(IV) The members of the Board of Directors.
  ``(ii) If, at a meeting of the temporary Board--
          ``(I) a member referred to in clause (i)(IV) is present, the 
        meeting shall be chaired by such a member, consistent with 
        Agency bylaws; or
          ``(II) no such member is present, the meeting shall be 
        chaired by the United States Trade Representative.
  ``(iii) A member described in subclause (I), (II), or (III) of clause 
(i) may delegate the authority of the member to vote on whether to 
authorize a transaction, whose value does not exceed $100,000,000, to--
          ``(I) if the member is the United States Trade 
        Representative, the Deputy United States Trade Representative; 
        or
          ``(II) if the member is referred to in such subclause (II) or 
        (III), the Deputy Secretary of the department referred to in 
        the subclause.
  ``(iv) If the temporary Board consists of members of only 1 political 
party, the President of the United States shall, to the extent 
practicable, appoint to the temporary Board a qualified member of a 
different political party who occupies a position requiring nomination 
by the President, by and with the consent of the Senate.
  ``(v) The temporary board may not change or amend Agency policies, 
procedures, bylaws, or guidelines.
  ``(vi) The temporary Board shall expire at the end of the term of the 
President of the United States in office at the time the temporary 
Board was constituted or upon restoration of a quorum of the Board of 
Directors as defined in subparagraph (A).
  ``(vii) With respect to a transaction that equals or exceeds 
$100,000,000, the Chairperson of the temporary Board shall ensure that 
the Agency complies with section 2(b)(3).''.
  (b) Termination.--The amendments made by subsection (a) shall have no 
force or effect after the 10-year period that begins with the date of 
the enactment of this Act.

SEC. 9. STRENGTHENING SUPPORT FOR U.S. SMALL BUSINESSES.

  (a) Small Business Policy.--Section 2(b)(1) of the Export-Import Bank 
Act of 1945 (12 U.S.C. 635(b)(1)) is amended by striking subparagraph 
(E)(i)(I) and inserting the following:
  ``(E)(i)(I) It is further the policy of the United States to 
encourage the participation of small business (including women-owned 
businesses, minority-owned businesses, veteran-owned businesses, 
businesses owned by persons with disabilities, and businesses in rural 
areas) and start-up businesses in international commerce, and to 
educate such businesses about how to export goods using the United 
States Export Finance Agency.''.
  (b) Outreach.--
          (1) Plan.--Within 120 days after the date of the enactment of 
        this Act, the United States Export Finance Agency 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 a comprehensive outreach plan to 
        ensure that small business owners are aware of the financing 
        options available to them through the Agency. The plan shall 
        include--
                  (A) input from the Small Business Administration and 
                statewide small business coalitions with operations in 
                rural, urban, and suburban regions;
                  (B) an emphasis on outreach to businesses owned by 
                women, minorities, veterans, and persons with 
                disabilities; and
                  (C) a proposed budget for carrying out the plan 
                during fiscal years 2020 through 2029, that provides 
                for the spending of at least $1,000,000 annually for 
                outreach to small businesses.
          (2) Implementation.--Section 2(b)(1)(E) of such Act (12 
        U.S.C. 635(b)(1)(E)) is amended by adding at the end the 
        following:
  ``(xi) After consultation with the Committee on Financial Services of 
the House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate, the Agency shall implement the outreach 
plan referred to in section 9(b)(1) of the United States Export Finance 
Agency Act of 2019.''.
  (c) Exclusion of Unutilized Insurance Authority in Calculating Small 
Business Threshold.--Section 2(b)(1)(E)(v) of such Act (12 U.S.C. 
635(b)(1)(E)(v)) is amended by adding at the end the following: ``For 
the purpose of calculating the amounts of authority required under this 
clause, the Agency shall, with respect to insurance, exclude unutilized 
authorizations that terminated during the fiscal year.''.
  (d) Increase in Small Business Threshold.--
          (1) In general.--Section 2(b)(1)(E)(v) of such Act (12 U.S.C. 
        635(b)(1)(E)(v)) is amended by striking ``25'' and inserting 
        ``30''.
          (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect on October 1, 2028.

SEC. 10. ENHANCING FLEXIBILITY TO RESPOND TO PREDATORY EXPORT FINANCING 
                    BY CHINA.

  (a) Deeming Rule Under Tied Aid Credit Program.--Section 
10(b)(5)(B)(i)(III) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635i-3(b)(5)(B)(i)(III)) is amended by adding at the end the following 
new sentence: ``The requirement that there be credible evidence of a 
history of a foreign export credit agency making offers not subject to 
the Arrangement is deemed met in the case of exports likely to be 
supported by official financing from the People's Republic of China, 
unless the Secretary of the Treasury has reported to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate that China is in 
substantial compliance with the Arrangement.''.
  (b) Collaboration With USDA on Export Financing Programs.--Section 
13(1)(A) of such Act (12 U.S.C. 635i-7(1)(A)) is amended by inserting 
``, the Department of Agriculture,'' before ``and other Federal 
agencies''.

SEC. 11. RESTRICTION ON FINANCING FOR CERTAIN ENTITIES.

  Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is 
amended by adding at the end the following:
  ``(l) Restriction on Financing for Certain Entities.--
          ``(1) In general.--Beginning on the date that is 180 days 
        after the date of the enactment of this subsection, the Board 
        of Directors may not approve a transaction that is subject to 
        approval by the Board with respect to the provision by the 
        Agency of any guarantee, insurance, or extension of credit, or 
        the participation by the Agency in any extension of credit for 
        which the end user, obligor, or lender is described in 
        paragraph (2).
          ``(2) Prohibited end user, obligor, or lender.--An end user, 
        obligor, or lender is described in this paragraph if the end 
        user, obligor, or lender is known to the Agency to be:
                  ``(A) The People's Liberation Army of the People's 
                Republic of China.
                  ``(B) The Ministry of State Security of the People's 
                Republic of China.
                  ``(C) Included on the Denied Persons List or the 
                Entity List maintained by the Bureau of Industry and 
                Security of the Department of Commerce.
                  ``(D) Included on the Arms Export Control Act 
                debarred list maintained by the Directorate of Defense 
                Trade Controls of the Department of State.
                  ``(E) Any person who has paid a criminal fine or 
                penalty pursuant to a conviction or resolution or 
                settlement agreement with the Department of Justice for 
                a violation of the Foreign Corrupt Practices Act in the 
                preceding 3 years.
                  ``(F) A person who, in the preceding 3 years, 
                appeared on the Annual Intellectual Property Report to 
                Congress by the Intellectual Property Enforcement 
                Coordinator in the Executive Office of the President, 
                if the person was convicted in any court
          ``(3) Definitions.--In this subsection:
                  ``(A) Person.--The term `person' means an individual 
                or entity.
                  ``(B) Entity.--The term `entity' means a partnership, 
                association, trust, joint venture, corporation, group, 
                subgroup, or other organization.''.

SEC. 12. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN 
                    SANCTIONABLE ACTIVITIES.

  Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635), as 
amended by section 11 of this Act, is amended by adding at the end the 
following:
  ``(m) Prohibitions on Financing for Certain Persons Involved in 
Sanctionable Activities.--
          ``(1) In general.--Beginning on the date that is 180 days 
        after the date of the enactment of this subsection, the Board 
        of Directors of the Agency may not approve any transaction that 
        is subject to approval by the Board with respect to the 
        provision by the Agency of any guarantee, insurance, or 
        extension of credit, or the participation by the Agency in any 
        extension of credit, to a person in connection with the 
        exportation of any good or service unless the person provides 
        the certification described in paragraph (2).
          ``(2) Certification described.--The certification described 
        in this paragraph is a certification by a person who is an end 
        user, obligor, or lender that neither the person nor any other 
        person owned or controlled by the person engages in any 
        activity in contravention of any United States law, regulation, 
        or order applicable to the person concerning--
                  ``(A) trade and economic sanctions, including an 
                embargo;
                  ``(B) the freezing or blocking of assets of 
                designated persons; or
                  ``(C) other restrictions on exports, imports, 
                investment, payments, or other transactions targeted at 
                particular persons or countries.
          ``(3) Certification requirements.--The certification 
        described in paragraph (2) shall be made after reasonable due 
        diligence and based on best knowledge and belief.''.

SEC. 13. PROMOTING RENEWABLE ENERGY EXPORTS, ENVIRONMENTAL AND SOCIAL 
                    STANDARDS, AND ACCOUNTABILITY.

  (a) Office of Financing for Renewable Energy, Energy Efficiency and 
Energy Storage Exports.--Section 2(b)(1)(C) of the Export-Import Bank 
Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended to read as follows:
  ``(C) Office of Financing for Renewable Energy, Energy Efficiency and 
Energy Storage.--The President of the Agency shall establish an office 
whose functions shall be to promote the export of goods and services to 
be used in the development, production, and distribution of renewable 
energy resources, and energy efficiency and energy storage 
technologies, and disseminate information concerning export 
opportunities and the availability of Agency support for such 
activities, to increase the total amount of loans, guarantees, and 
insurance provided by the Agency to support exports related to 
renewable energy, energy efficiency, and energy storage.''.
  (b) Environmental Policy and Procedures.--Section 11(a) of such Act 
(12 U.S.C. 635i-5(a)) is amended--
          (1) in paragraph (1)--
                  (A) in the 2nd sentence, by inserting ``, including 
                to potentially impacted communities in the country in 
                which the activity will be carried out, at least 60 
                days before the date of the vote,'' before ``and 
                supplemental'';
                  (B) by inserting after the 2nd sentence the 
                following: ``The procedures shall include a requirement 
                for an analysis of the environmental and social 
                impacts, including worker impacts and anticipated 
                health impacts and costs, of the proposed activity and 
                of alternatives to the proposed activity, including 
                mitigation measures, where appropriate.''; and
                  (C) in the 3rd sentence, by striking ``The preceding 
                sentence'' and inserting ``This paragraph'';
          (2) by redesignating paragraph (2) as paragraph (7) and 
        inserting after paragraph (1) the following:
          ``(2) Consultations with potentially impacted communities.--
        In any credit or common terms agreements to which the Agency is 
        a party relating to a transaction described in paragraph (1), 
        the Agency shall include a provision to ensure that robust 
        consultations with potentially impacted communities in the 
        country in which the activity will be carried out have been and 
        will continue to be carried out throughout the project cycle.
          ``(3) Environmental and social due diligence procedures and 
        guidelines review.--By the end of 2020 and once at the end of 
        each subsequent 3-year period, the Board of Directors of the 
        Agency shall complete a review of the Environmental and Social 
        Due Diligence Procedures and Guidelines ensuring that the 
        procedures and guidelines incorporate requirements for project 
        consideration that are consistent to limit greenhouse gas 
        emissions and, to the maximum extent possible, to affirm that 
        the Board operates consistently with the multilateral 
        environmental agreements to which the United States is a party 
        that are directly related to transactions in which the Agency 
        is involved.
          ``(4) The Agency shall operate consistently with Annex VI of 
        the Arrangement on Officially Supported Export Credits, as 
        adopted by the Organisation for Economic Co-operation and 
        Development as of January 2019.
          ``(5) The Agency shall make publicly available the estimated 
        amounts of CO2 emissions expected to be produced 
        from pending projects that the Agency has designated as 
        Category A and B projects and work with other export credit 
        agencies to encourage them to do the same.
                  ``(A) The Agency shall report CO2 
                emissions associated with projects that the Agency has 
                designated as Category A and B fossil fuel projects in 
                its annual report by product categories.
                  ``(B) The Agency shall advocate within the OECD and 
                other multilateral fora for the full reporting of 
                CO2 emissions associated with appropriate 
                energy and non-energy projects including manufacturing 
                and agriculture.
                  ``(C) The Agency shall undertake periodic reviews 
                with stakeholders to ensure that the Agency employs the 
                most appropriate methodology of estimating and tracking 
                the CO2 emissions from Category A and B 
                projects the Agency supports.
          ``(6) The Agency shall develop and maintain measures to 
        provide increased financing support for evolving technologies 
        that reduce CO2 emissions.
                  ``(A) The Agency shall develop and maintain measures 
                to encourage foreign buyers to seek available, 
                commercially viable technology to reduce the 
                CO2 footprint of projects.
                  ``(B) The Agency shall develop and maintain 
                initiatives to finance aspects of project development 
                that reduce or mitigate CO2 emissions, such 
                as effective carbon capture and sequestration 
                technology, while maintaining the competitiveness of 
                United States exporters.
                  ``(C) In coordination with the Department of the 
                Treasury, the Agency shall advocate in international 
                fora for the availability of financing incentives for 
                low to net zero CO2-emitting projects, a 
                common methodology for evaluating and taking into 
                account the social cost of carbon.
                  ``(D) The Agency shall encourage export credit 
                agencies and other relevant lending institutions to 
                adopt similar CO2 policies, including 
                encouraging transparency and the involvement of 
                stakeholders.''; and
          (3) in paragraph (7) (as so redesignated by paragraph (2) of 
        this subsection), by striking ``paragraph (1)'' and inserting 
        ``this subsection''.
  (c) Annual Report to Congress.--Section 11(c) of such Act (12 U.S.C. 
635i-5(c)) is amended to read as follows:
  ``(c) Inclusion in Annual Report to Congress.--The Agency shall 
include in its annual report to Congress under section 8 a summary of 
its activities under subsections (a) and (b). The Board of Directors 
shall submit to the Congress a report, which shall be made publicly 
available on the Internet at the time of delivery--
          ``(1) that provides a detailed accounting of the methodology 
        used to make greenhouse gas emissions project determinations; 
        and
          ``(2) details the steps taken to ensure that the 
        Environmental and Social Due Diligence Procedures and 
        Guidelines of the Agency are consistent with--
                  ``(A) reducing greenhouse gas emissions; and
                  ``(B) operating consistently with the multilateral 
                environmental agreements to which the United States is 
                a party that are directly related to transactions in 
                which the Agency is involved.''.
  (d) Financing for Renewable Energy, Energy Efficiency, and Energy 
Storage Technologies.--Section 2(b)(1)(K) of such Act (12 U.S.C. 
635(b)(1)(K)) is amended by inserting ``, energy efficiency, and energy 
storage. It shall be a goal of the Bank to ensure that not less than 5 
percent of the applicable amount (as defined in section 6(a)(2)) is 
made available each fiscal year for the financing of renewable energy, 
energy efficiency, and energy storage technology exports'' before the 
period.
  (e) Sense of the Congress Regarding Agency Accountability.--It is the 
sense of the Congress that--
          (1) the Board of Directors of the United States Export 
        Finance Agency (in this section referred to as the ``Agency'') 
        should, after a public consultation process, establish a 
        formal, transparent, and independent accountability mechanism 
        to review, investigate, offer independent dispute resolution to 
        resolve, and publicly report on allegations by affected parties 
        of any failure of the Agency to follow its own policies and 
        procedures with regard to the environmental and social impacts 
        of projects, and on situations where the Agency is alleged to 
        have failed in ensuring the borrower is fulfilling its 
        obligations in financing agreements with respect to the 
        policies and procedures;
          (2) the accountability mechanism should be able to provide 
        advice to management on policies, procedures, guidelines, 
        resources, and systems established to ensure adequate review 
        and monitoring of the environmental and social impacts of 
        projects;
          (3) in carrying out its mandate, the confidentiality of 
        sensitive business information should be respected, as 
        appropriate, and, in consultation with potentially impacted 
        communities, project sponsors, Agency management, and other 
        relevant parties, a flexible process should be followed aimed 
        primarily at correcting project failures and achieving better 
        results on the ground;
          (4) the accountability mechanism should be independent of the 
        line operations of management, and report its findings and 
        recommendations directly to the Board of Directors of the 
        Agency and annually to the Congress;
          (5) the annual report of the Agency should include a detailed 
        accounting of the activities of the accountability mechanism 
        for the year covered by the report and the remedial actions 
        taken by the Agency in response to the findings of the 
        accountability mechanism;
          (6) in coordination with the accountability mechanism, the 
        Agency and relevant parties should engage in proactive outreach 
        to communities impacted or potentially impacted by Agency 
        financing and activities to provide information on the 
        existence and availability of the accountability mechanism;
          (7) the President of the Agency should, subject to the 
        approval of the Board of Directors of the Agency, and 
        consistent with applicable law, through an open and competitive 
        process, including solicitation of input from relevant 
        stakeholders, appoint a director of the accountability 
        mechanism, who would be responsible for the day-to-day 
        operations of the mechanism, and a panel of not less than 3 
        experts, including the director, who would also serve as chair 
        of the panel; and
          (8) The accountability mechanism director and members of the 
        panel should not have been employed by the Agency within the 5 
        years preceding their appointment, and should be ineligible 
        from future employment at the Agency.

SEC. 14. REINSURANCE PROGRAM.

  Section 51008 of the Fixing America's Surface Transportation Act (12 
U.S.C. 635 note) is amended--
          (1) in the section heading, by striking ``pilot'';
          (2) in subsection (a), by striking ``pilot'';
          (3) in subsection (b)(1), by striking ``$1,000,000,000'' and 
        inserting ``$2,000,000,000''; and
          (4) by striking subsections (c) through (e) and inserting the 
        following:
  ``(c) Factors for Consideration in Reinsurance Pools.--In 
implementing this section, the Agency shall, with respect to a 
reinsurance pool, pursue appropriate objectives to reduce risk and 
costs to the Agency, including by the following, to the extent 
practicable:
          ``(1) Ensuring a reasonable diversification of risks.
          ``(2) Including larger exposures where the possibility of 
        default raises overall portfolio risk for the Agency.
          ``(3) Excluding transactions from the pool that are covered 
        by first-loss protection.
          ``(4) Excluding transactions from the pool that are 
        collateralized at a rate greater than standard market practice.
          ``(5) Diversifying reinsurance pools by industry and other 
        appropriate factors.
          ``(6) Exploring different time periods of coverage.
          ``(7) Exploring both excess of loss structures on a per-
        borrower as well as an aggregate basis.
  ``(d) Biennial Reports.--Not later than 1 year after the date of the 
enactment of this subsection, and every 2 years thereafter through 
2029, the Agency 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 written report that contains an 
assessment of the use of the program carried out under subsection (a) 
since the most recent report under this subsection.
  ``(e) Rule of Construction.--Nothing in this section shall be 
construed to limit any authority of the Agency described in section 
2(a)(1) of the Export-Import Bank Act of 1945.''.

SEC. 15. INFORMATION TECHNOLOGY SYSTEMS.

  Section 3(j) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(j)) is amended--
          (1) in paragraph (1), by striking all that precedes 
        subparagraph (A) and inserting the following:
          ``(1) In general.--Subject to paragraphs (3) and (4), the 
        Agency may use an amount equal to 1.25 percent of the surplus 
        of the Agency during fiscal years 2020 through 2029 to--''; and
          (2) by striking paragraph (3) and inserting the following:
          ``(3) Limitation.--The aggregate of the amounts used in 
        accordance with paragraph (1) for fiscal years 2020 through 
        2029 shall not exceed $40,000,000.''.

SEC. 16. ADMINISTRATIVELY DETERMINED PAY.

  Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), as 
amended by section 7(a) of this Act, is amended by adding at the end 
the following:
  ``(o) Compensation of Employees.--
          ``(1) Rates of pay.--Subject to paragraph (2), the Board of 
        Directors of the Agency, consistent with standards established 
        by the Director of the Office of Minority and Women Inclusion, 
        may set and adjust rates of basic pay for employees and new 
        hires of the Agency without regard to the provisions of chapter 
        51 and subchapter III of chapter 53 of title 5, United States 
        Code, except that no employee of the Agency may receive a rate 
        of basic pay that exceeds the rate for level III of the 
        Executive Schedule under section 5313 of such title.
          ``(2) Limitations.--The Board of Directors of the Agency may 
        not apply paragraph (1) to more than 35 employees at any point 
        in time. Nothing in paragraph (1) may be construed to apply to 
        any position of a confidential or policy-determining character 
        that is excepted from the competitive service under section 
        3302 of title 5, United States Code, (pursuant to schedule C of 
        subpart C of part 213 of title 5 of the Code of Federal 
        Regulations) or to any position that would otherwise be subject 
        to section 5311 or 5376 of title 5, United States Code.''.

                          Purpose and Summary

    On October 28, 2019, Chairwoman Maxine Waters introduced 
H.R. 4863, the ``United States Export Finance Agency Act of 
2019,'' which renews the operating charter of the Export-Import 
Bank of the United States for ten years, through September 30, 
2029. H.R. 4863 also increases the Bank's statutory lending 
authority from $135 billion to $175 billion over a ten-year 
period, re-designates the Bank as the United States Export 
Finance Agency, and makes several reforms to modernize its 
practices. The long-term reauthorization of the Bank reflected 
in H.R. 4863 will provide certainty to U.S. businesses, large 
and small, that they will have the financing support necessary 
to compete in the global markets.

                  Background and Need for Legislation

    The Export-Import Bank of the United States (the Bank, or 
EXIM) was established by executive order in 1934\1\ and in 
1945, became an independent Federal agency. As the official 
export credit agency of the United States, the Bank's mission 
is to support U.S. jobs by facilitating the export of U.S. 
goods and services.
---------------------------------------------------------------------------
    \1\Executive Order 6581, Creating the Export-Import Bank of 
Washington, February 02, 1934. See at https://www.presidency.ucsb.edu/
node/208209.
---------------------------------------------------------------------------
    According to the Bank, over the last 10 years, EXIM has 
financed more than $255 billion in U.S. exports, supported more 
than 1.5 million American jobs, and remitted more than $3.4 
billion in deficit-reducing receipts to the Treasury. EXIM's 
charter requires ``reasonable assurance of repayment'' for the 
transactions it authorizes, and Congress subjects EXIM to 
statutory restrictions and oversight to safeguard its fiscal 
soundness, limit mismanagement, and prevent corruption. The 
U.S. Government Accountability Office (GAO) and the Bank's 
Office of Inspector General (OIG) also regularly audit the 
Bank's activities.
    By its charter, EXIM is not allowed to compete with the 
private sector. Rather, the role of the Bank is to fill export 
financing gaps through its insurance, loan guarantee, working 
capital, and direct lending programs when the private sector is 
unwilling or unable to provide such support.\2\ EXIM is one of 
more than 100 export credit agencies around the world that help 
their home-country exporters compete in the global markets. The 
Bank therefore also plays a key role in leveling the playing 
field for U.S. exporters by offsetting the financing provided 
by foreign governments to their exporters that are in 
competition with U.S. exporters for global sales.
---------------------------------------------------------------------------
    \2\``The Charter of the Export-Import Bank of the United States, as 
amended through P.L. 114-94, December 4, 2015.'' Updated February 29, 
2016. See at https://www.exim.gov/sites/default/files/2015_Charter_-
_Final_As_Codified_-_02-29-2016.pdf.
---------------------------------------------------------------------------
    To avoid a global race to the bottom on government-backed 
export credit financing, in 1978, the United States and other 
advanced economies that offer official export credit formed an 
``Arrangement on Officially Supported Export Credits'' through 
the Organization for Economic Cooperation and Development 
(OECD).\3\ The Arrangement generally establishes limitations on 
the terms and conditions for government-backed export 
financing, including minimum interest rates, risk fees, and 
maximum repayment terms. Although most large providers of 
export credit are party to the OECD Arrangement, over the past 
decade an increasing amount of official export credit support 
has been provided outside the OECD Arrangement. Much of this 
unregulated financing is offered by China, Brazil, India and 
Russia, which provide more generous terms than can be offered 
by the EXIM Bank and other members of the OECD Arrangement.
---------------------------------------------------------------------------
    \3\Organization for Economic Cooperation and Development (OECD), 
Arrangement on Officially Supported Export Credits. See at https://
www.oecd.org/trade/topics/export-credits/arrangement-and-sector-
understandings/.
---------------------------------------------------------------------------
    The charter under which the Bank operates requires periodic 
Congressional reauthorization, and over the past 85 years, the 
Bank has been reauthorized 17 times, under both Democratic and 
Republican Administrations. In December 2015, Congress voted to 
renew EXIM's operating charter through September 30, 2019.\4\ 
Despite strong bicameral support for the Bank's reauthorization 
in 2015, the Senate did not confirm the directors of EXIM until 
May 2019. As a result, EXIM lacked a quorum of its Board of 
Directors for almost 4 years, which meant that it was unable to 
approve transactions over $10,000,000. Without the ability to 
consider the full range of transactions pending approval, EXIM 
reported that it was unable to approve $40 billion worth of 
transactions, which would have supported an estimated 250,000 
jobs. In May of 2019, the Senate confirmed three new Board 
members of EXIM, thereby reviving the agency. On September 27, 
2019, a short-term continuing resolution for fiscal year 2020 
was enacted to keep the Federal government open until November 
21, 2019. The legislation also extended the Export-Import 
Bank's charter until November 21, 2019.
---------------------------------------------------------------------------
    \4\Public Law 114-94, December 4, 2015, Division E of the Fixing 
America's Surface Transportation Act at https://www.congress.gov/114/
plaws/publ94/PLAW-114publ94.pdf.
---------------------------------------------------------------------------
    H.R. 4863 provides for the long-term stability of the Bank 
in order to regain the confidence of U.S. exporters while 
sending a message to the world that the U.S. is prepared to 
compete in the overseas export markets. H.R. 4863 re-designates 
the Bank as the United States Export Finance Agency (USEFA or 
Agency). H.R. 4863 renews the operating charter of the Agency 
for ten years, through September 30, 2029. H.R. 4863 also 
increases the Agency's statutory lending authority from $135 
billion to $175 billion over a seven-year period and makes a 
number of reforms to modernize and improve the Bank's 
operations. H.R. 4863 also provides for an alternative approach 
to approving Agency transactions when there is not a quorum for 
the Board.
    H.R. 4863 also prohibits the Agency's Board from approving 
any transaction subject to Board approval for exports to 
Chinese military or security entities; any person who, in the 
preceding three years, has been subject to a criminal penalty 
for violation of the Foreign Corrupt Practices Act, or was 
convicted for violating U.S. intellectual property laws. H.R. 
4863 also prohibits EXIM support for any person who does not 
certify that they, or any other person owned or controlled by 
the person, is not violating any U.S. sanctions law, program, 
or restriction. The legislation also extends the Agency's 
authority to use a percentage of its annual surplus to 
modernize its Information Technology systems and authorizes the 
Agency to use ``Administratively Determined Pay'' to attract 
and retain highly qualified staff to serve in key roles.
    H.R. 4863 also includes provisions to enhance the Agency's 
attention to environmental and social concerns related to the 
exports it supports, including by creating an office of 
financing for renewable energy and related matters; 
establishing a goal of 5% of its annual transactions to finance 
renewable energy, energy efficiency, and energy storage 
technology exports; requiring consultation with potentially 
impacted communities; and, requiring finalization and periodic 
review of environmental and social due diligence procedures. 
H.R. 4863 also requires the Agency to increase financing 
support for evolving technologies that reduce carbon dioxide 
and to provide greater transparency on the carbon dioxide 
emissions of projects that it is supporting, in addition to 
advocating within the OECD and other multilateral for the 
international adoption of these standards and practices.
    In FY 2018, more than 90 percent of EXIM's transactions 
were authorized for the direct benefit of small business 
exporters, which amounted to 90.5% of total transactions. H.R. 
4863, strengthens the Agency's support for small business as 
well as women- and minority-owned businesses, and promotes an 
increased focus on exports from the U.S. territories. The bill 
also fosters more diversity and inclusion at the Agency and in 
its financing programs. It also codifies the Agency's 
reinsurance program and doubles the program's annual cap while 
also enhances oversight of the program.
    H.R. 4863 is supported by a broad coalition of 
organizations including the American Federation of Labor and 
Congress of Industrial Organizations, Aerospace Industries 
Association, International Association of Machinists and 
Aerospace Workers, International Brotherhood of Electrical 
Workers, International Brotherhood of Boilermakers, North 
America's Building Trades Unions, National Association of 
Manufacturers, and the U.S. Chamber of Commerce.

                      Section-by-Section Analysis


Section 1. Short title

    This section states that the title of the bill is the 
United States Export Finance Agency Act of 2019.

Section 2. Table of Contents

Section 3. Renaming of the Export-Import Bank of the United States

    This section re-designates the Export-Import Bank of the 
United States as the ``United States Export Finance Agency.''

Section 4. Authorization period

    This section amends section 7 of the Export-Import Bank Act 
of 1945 (the Act) to extend the authorization for the Agency 
for 10 years through September 30, 2029.

Section 5. Aggregate loan guarantee and insurance authority

    This section amends section 6(a)(2) of the Act to raise the 
Agency's aggregate loan, guarantee and insurance authority from 
its current $135 billion cap to $175 billion, by $10 billion in 
fiscal year 2020, and by $5 billion in each fiscal year from 
2020 through 2026.

Section 6. Office of Minority and Women Inclusion

    Subsection (a) amends section 3(i) of the Act to formally 
establish an office of Minority and Women Inclusion at the 
agency, and provides for its duties and responsibilities. These 
include developing standards for increased participation of 
minority-owned and women-owned businesses in agency's 
activities and enhancing outreach activities for increased 
Agency support for socially and economically disadvantaged 
small business concerns, as defined by the Small Business Act.
    Subsection (b) requires that the agency's annual report 
include a report from the Office of Minority and Women 
Inclusion.

Section 7. Support for the United States territories

    Subsection (a) adds a new subsection (n) to section 3 of 
the Act, which establishes a new Office of Territorial 
Exporting. The functions of the Office include promoting the 
export of goods and services from U.S. Territories, increasing 
outreach to businesses in the territories, and increasing the 
total amount of loans, guarantees, and insurance provided by 
the Agency benefitting the territories. The new subsection (n) 
also provides that one member of the staff shall be responsible 
for liaising with Puerto Rico and the United States Virgin 
Islands, and another member of the staff shall be responsible 
for liaising with the United States territories of Guam, the 
Commonwealth of the Northern Mariana Islands, and American 
Samoa.
    Subsection (b) that the Agency's annual report include a 
report on the steps taken by the Agency in the territories.

Section 8. Alternative procedures during quorum lapse

    Subsection (a) adds a new subparagraph (B) to section 
3(c)(6) of the Act to provide for procedures for approving 
transactions that come before the Agency's Board. In the 
absence of a quorum for 90 consecutive days, the new 
subparagraph (B) establishes a temporary Board consisting of 
the Agency's Board members, the U.S. Trade Representative, the 
Secretary of the Treasury and the Secretary of Commerce, which 
would have the authority to approve transactions that come 
before the Board. The temporary board would not have authority 
to change or amend Agency policies, procedures, bylaws or 
guidelines.
    Subsection (b) provides that the amendments made by this 
section would have no force or effect after the 10-year period 
that begins with the date of the enactment of this Act.

Section 9. Strengthening support for U.S. small business

    Subsection (a) amends section 2(b)(1) of the Act to provide 
that it is the policy of the United States to encourage the 
participation in international commerce of small business, 
including women-owned businesses, minority-owned businesses, 
veteran-owned businesses, businesses owned by persons with 
disabilities, and businesses in rural areas, and start-up 
businesses.
    Subsection (b) requires the Agency to prepare and submit to 
Congress a comprehensive outreach plan to ensure that small 
business owners are aware of financing options available to 
them through the Agency. It also amends section 2(b)(1)(E) of 
the Act to require implementation of the plan.
    Subsection (c) provides that unutilized authorizations of 
insurance authorities shall be excluded from calculating the 
small business threshold.
    Subsection (d) amends section 2(b)(1)(E)(v) of the Act to 
increase the small business threshold from 25 percent to 30 
percent, effective on October 1, 2028.

Section 10. Enhancing flexibility to respond to predatory export 
        financing by China

    This section amends the Act to provide more autonomy to the 
Agency and U.S. exporters in responding to China's predatory 
export credit practices through the Tied Aid Credit Fund, which 
can be used to offer special terms when a U.S. exporter is 
confronted by a subsidized offer from China when bidding for a 
capital project. EXIM has only authorized three matching tied 
aid offers since the Tied Aid Credit Program was established in 
2001. EXIM has had difficulty using this fund because it first 
must have proof that the other country is subsidizing its 
export financing, and then it has to gain approval from an 
interagency process led by the Treasury Department, which has 
historically strongly opposed the use of subsidized export 
credit financing. This provision would deem the requirement for 
credible evidence of subsidized foreign export credit financing 
met in the case of exports supported by official financing from 
China.

Section 11. Restriction on financing for certain entities

    This section adds a new section 2(l) to the Act that 
prohibits the Board of Directors from approving a transaction 
subject to approval of the Board when the end user, obligor, or 
lender is known to the Agency to be:
          (1) The People's Liberation Army of the People's 
        Republic of China.
          (2) The Ministry of State Security of the People's 
        Republic of China.
          (3) Included on the Denied Persons List or the Entity 
        List maintained by the Bureau of Industry and Security 
        of the Department of Commerce.
          (4) Included on the Arms Export Control Act debarred 
        list maintained by the Directorate of Defense Trade 
        Controls of the Department of State.
          (5) Any person who has paid a criminal fine or 
        penalty pursuant to a conviction or settlement 
        agreement with the Department of Justice for a 
        violation of the Foreign Corrupt Practices Act in the 
        preceding 3 years.
          (6) A person who, in the preceding 3 years, appeared 
        on the Annual Intellectual Property Report to Congress 
        by the Intellectual Property Enforcement Coordinator in 
        the Executive Office of the President, if the person 
        was convicted in any court.

Section 12. Prohibitions on financing for certain persons involved in 
        sanctionable activities

    This section adds a new section 2(m) of the Act that 
prohibits the Board of Directors from approving a transaction 
subject to approval of the Board unless the person receiving 
the Agency's support certifies that neither the person nor any 
other person owned or controlled by the person engages in any 
activity in contravention of any United States law, regulation, 
or order applicable to the person concerning the following:
          (1) trade and economic sanctions, including an 
        embargo;
          (2) the freezing or blocking of assets of designated 
        persons; or
          (3) other restrictions on exports, imports 
        investment, payments, or other transactions targeted at 
        particular persons or countries.

Section 13. Promoting renewable energy exports, environmental and 
        social standards, and accountability

    Subsection (a) amends Section 2(b)(1)(C) of the Act to 
establish an office within the Agency responsible for 
supporting exports related to renewable energy, energy 
efficiency, and energy storage.
    Subsection (b) amends section 11(a) of the Act, which 
provides for the Agency's environmental policy and procedures. 
The amendments made by this section require procedures for 
notification and consultation with communities potentially 
impacted by an Agency supported project at least 60 days ahead 
of a vote. The amended procedures also include requirement for 
analysis of environmental and social impacts, including worker 
impacts and anticipated health impacts of the proposed activity 
and potential alternatives and mitigation measures. The amended 
procedures also require the Board of Directors to conduct a 
review every three years of the Agency's environmental and 
social due diligence procedures to ensure that project 
guidelines are consistent with limiting greenhouse gas 
emissions and that to the maximum extent possible, the Board 
operates consistently with multilateral environmental 
agreements to which the United States is party to.
    Subsection (b) also codifies Agency practice and imposes 
new practices by requiring the Agency to:
          1. Operate consistent with the OECD Arrangement on 
        Officially Supported Export Credits;
          2. Make publicly available estimated amounts of 
        carbon dioxide emissions from pending Category A and B 
        fossil fuel projects and work with other export credit 
        agencies to encourage similar disclosure;
          3. Advocate within the OECD and other multilateral 
        institutions for full reporting of carbon dioxide 
        emissions associated with projects;
          4. Undertake periodic review with stakeholders to 
        ensure appropriate methodologies for estimating and 
        calculating carbon dioxide emissions from certain 
        projects; and,
          5. Develop and maintain measures to increase 
        financing support for technologies that reduce carbon 
        dioxide emissions, in particular:
                  a. encouraging foreign buyers to seek out 
                commercially viable technology to reduce the 
                carbon dioxide levels of a project;
                  b. develop initiatives to finance project 
                development that reduce or mitigate carbon 
                dioxide emissions;
                  c. coordinate with Treasury to advocate in 
                international fora to increase incentives for 
                low to net zero carbon dioxide-emitting 
                projects and develop a common methodology for 
                evaluating the social cost of carbon; and
                  d. encourage other export credit agencies, 
                and other relevant international lending 
                institutions that are involved in export 
                financing, to adopt similar carbon dioxide 
                policies that include transparency in 
                methodology and stakeholder involvement.
    With respect to the changes made to section 11(a) of the 
Act, the Committee intends paragraphs (6)(A) and (6)(B) to 
direct the Agency only to provide increased financing support 
for technologies that will reduce the life cycle emissions over 
the projected life of the project when compared to the no 
project alternative.
    Subsection (c) amends section 11(c) of the Act to provide 
that the Agency's annual report congress include a summary of 
its activities under the new subsections (a) and (b).
    Subsection (d) provides that the Agency shall have a goal 
to ensure that not less than 5 percent of the applicable amount 
of Agency activities is made available each fiscal year for the 
financing of renewable energy, energy efficiency and energy 
storage technology exports.
    Subsection (e) provides a Sense of Congress that urges the 
Agency to work with all stakeholders to establish an 
independent accountability mechanism, which can help decrease 
risk and provide stability for successful and sustainable 
business enterprise. Such a mechanism at the Agency should have 
two functions. One would be to provide a conflict resolution 
process for affected people seeking to solve problems with 
activities supported by the Agency. The purpose of this 
function is to allow complainants and the Agency client to 
enter into a structured dialogue with the help of an Agency 
mediator. This approach can address existing complaints about 
real, perceived, or potential harm from Agency activities, as 
well as prevent such harm from escalating or occurring at all. 
The second function would be compliance review, where a 
complainant may seek an independent review of the Agency's 
operation to determine whether the Agency has violated its own 
policies and procedures. Further, the mechanism should operate 
independently of Agency management, in a transparent manner 
with a public registry of complaints and clear rules of 
procedure. Independent accountability mechanisms are different 
from Offices of Inspector General, which focus on financial 
problems, such as fraud, waste and abuse, and internal economy, 
efficiency and effectiveness. The Committee views an 
independent accountability mechanism at the Agency as a good 
governance tool that would decrease project risk to the Agency 
and its clients, and help ensure successful project outcomes.

Section 14. Reinsurance program

    This section amends section 51008 of the Fixing Americas 
Surface Transportation Act to make the reinsurance program 
authorized by that section permanent and increases the total 
amount authorized from 1,000,000,0000 to $2,000,000,000. The 
amendments made by this section also require that the agency to 
pursue appropriate objectives to reduce risk and costs to the 
Agency and provide for biennial reports through 2029 to assess 
the use of the program.

Section 15. Information technology systems

    This section amends section 3(j) of the Act to authorize 
that the Agency may use up to 1.25 percent of its surplus to 
upgrade its information technology systems during fiscal years 
2020 to 2029, and caps those expenditures at $40,000,000.

Section 16. Administratively determined pay

    This section amends section 3 of the Act by adding a new 
subsection (o), which authorizes the Agency to provide 
administratively-determined pay for up to 35 employees, capped 
at a rate of basic pay for level III of the Executive Schedule.

                                Hearings

    For the purposes of section 103(i) of H. Res. 6 for the 
116th Congress, the Committee on Financial Services held a 
hearing entitled ``Promoting American Jobs: Reauthorization of 
the U.S. Export-Import Bank'' on June 4, 2019 to develop H.R. 
4863. Testifying on the panel was Ms. Linda Menghetti Dempsey, 
Vice President, International Economic Affairs, National 
Association of Manufacturers; Mr. Owen Hernstadt, Chief of 
Staff to the International President, International Association 
of Machinists & Aerospace Workers; Mr. David Hinson, Vice 
President, Institute for Diversity & Emerging Business, U.S. 
Chamber of Commerce; Mr. Roy Kamphausen, Senior Vice President 
for Research, The National Bureau of Asian Research; Ms. 
Archana Sharma, Chief Executive Officer, AKAS Tex, LLC; and, 
Mr. Steven Wilburn, Chief Executive Officer, FirmGreen 
Incorporated.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
October 31, 2019 and ordered H.R. 4863 to be reported favorably 
to the House with an amendment in the nature of a substitute by 
a vote of 30 yeas and 27 nays, a quorum being present.

                  Committee Votes and Roll Call Votes

    In compliance with clause 3(b) of rule XIII of the Rules of 
the House of Representatives, the Committee advises that the 
following roll call votes occurred during the Committee's 
consideration of H.R. 4863.

              [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]

  Statement of Oversight Findings and Recommendations of the Committee

    In compliance with clause 3(c)(1) of rule XIII and clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
the Committee's oversight findings and recommendations are 
reflected in the descriptive portions of this report.

             Statement of Performance Goals and Objectives

    Pursuant to clause (3)(c) of rule XIII of the Rules of the 
House of Representatives, the goals of H.R. 4863 are to provide 
for a more stable operating environment for the Agency, 
including authorizing the operations of the agency through 
September 30, 2029.

               New Budget Authority and CBO Cost Estimate

    Pursuant to clause 3(c)(2) of rule XIII of the Rules of the 
House of Representatives and section 308(a) of the 
Congressional Budget Act of 1974, and pursuant to clause 
3(c)(3) of rule XIII of the Rules of the House of 
Representatives and section 402 of the Congressional Budget Act 
of 1974, the Committee has received the following partial 
estimate for H.R. 4863 from the Director of the Congressional 
Budget Office relating to direct spending, revenue effects and 
applicability of pay-as-you-go procedures.

                                     U.S. Congress,
                               Congressional Budget Office,
                                  Washington, DC, November 4, 2019.
Re Direct Spending and Revenue Effects of H.R. 4863, the United States 
        Export Finance Agency Act of 2019.

Hon. Maxine Waters,
Chairwoman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Madam Chairwoman: The Congressional Budget Office has 
completed an initial review of H.R. 4863, the United States 
Export Finance Agency Act of 2019, as ordered reported by the 
House Committee on Financial Services on October 31, 2019. CBO 
estimates that enacting the bill would not affect direct 
spending or revenues; thus, statutory pay-as-you-go procedures 
do not apply.
    CBO is reviewing the bill for effects on spending subject 
to appropriation and will provide that estimate as soon as 
possible.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Sunita 
D'Monte.
            Sincerely,
                                         Phillip L. Swagel,
                                                          Director.
    Enclosure.

                        Committee Cost Estimate

    Clause 3(d)(1) of rule XIII of the Rules of the House of 
Representatives requires an estimate and a comparison of the 
costs that would be incurred in carrying out H.R. 4863. 
However, clause 3(d)(2)(B) of that rule provides that this 
requirement does not apply when the committee has included in 
its report a timely submitted cost estimate of the bill 
prepared by the Director of the Congressional Budget Office 
under section 402 of the Congressional Budget Act. While the 
Committee has received a partial cost estimate from the 
Congressional Budget Office providing that H.R. 4863 does not 
increase direct spending or increase the budget, the Committee 
has not received a timely estimate regarding H.R. 4863's 
effects on spending subject to appropriations. The Committee 
has reviewed CBO's estimate for the Export-Import Bank 
Reauthorization Act of 2015, which provided estimates for the 
FY2016-2020 time period. Based on this estimate and informal 
consultations with CBO and other interested entities, the 
Committee estimates that the reauthorization of U.S. Export 
Finance Agency by H.R. 4863 would reduce spending subject to 
appropriation. Given the reduced activity caused by the lack of 
a quorum and its impact on appropriations through fiscal year 
2018, the Committee estimates that the budgetary effect of new 
loans and guarantees issued by the bank during the FY2020-2024 
will, at a minimum, offset the administrative expenses of such 
activity and the additional requirements in H.R. 4863.

                       Unfunded Mandate Statement

    Pursuant to Section 423 of the Congressional Budget and 
Impoundment Control Act (as amended by Section 101(a)(2) of the 
Unfunded Mandates Reform Act, Pub. L. 104-4), the Committee 
adopts as its own the estimate of federal mandates regarding 
H.R. 4863, as amended, prepared by the Director of the 
Congressional Budget Office.

                           Advisory Committee

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

              Application of Law to the Legislative Branch

    Pursuant to section 102(b)(3) of the Congressional 
Accountability Act, Pub. L. No. 104-1, H.R. 4863, as amended, 
does not apply to terms and conditions of employment or to 
access to public services or accommodations within the 
legislative branch.

                           Earmark Statement

    In accordance with clause 9 of rule XXI of the Rules of the 
House of Representatives, H.R. 4863 does not contain any 
congressional earmarks, limited tax benefits, or limited tariff 
benefits as described in clauses 9(e), 9(f), and 9(g) of rule 
XXI.

                    Duplication of Federal Programs

    Pursuant to clause 3(c)(5) of rule XIII of the Rules of the 
House of Representatives, the Committee states that no 
provision of H.R. 4863 establishes or reauthorizes a program of 
the Federal Government known to be duplicative of another 
federal program, a program that was included in any report from 
the Government Accountability Office to Congress pursuant to 
section 21 of Public Law 111-139, or a program related to a 
program identified in the most recent Catalog of Federal 
Domestic Assistance.

                        Changes to Existing Law

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, H.R. 4863, as reported, are shown as follows:

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic, and existing law in which no 
change is proposed is shown in roman):

                     EXPORT-IMPORT BANK ACT OF 1945



           *       *       *       *       *       *       *
  Sec. 2. (a)(1) There is hereby created a corporation with the 
name Export-Import Bank of the United States which shall be an 
agency of the United States of America. The objects and 
purposes of the Bank shall be to aid in financing and to 
facilitate exports of goods and services, imports, and the 
exchange of commodities and services between the United States 
or any of its territories or insular possessions and any 
foreign country or the agencies or nationals of any such 
country, and in so doing to contribute to the employment of 
United States workers. The Bank's objective in authorizing 
loans, guarantees, insurance, and credits shall be to 
contribute to maintaining or increasing employment of United 
States workers. In connection with and in furtherance of its 
objects and purposes, the Bank is authorized and empowered to 
do a general banking business except that of circulation; to 
receive deposits; to purchase, discount, rediscount, sell, and 
negotiate, with or without its endorsement or guaranty, and to 
guarantee notes, drafts, checks, bills of exchange, 
acceptances, including bankers' acceptances, cable transfers, 
and other evidences of indebtedness; to guarantee, insure, co-
insure, reinsure against political and credit risks of loss; to 
purchase, sell, and guarantee securities but not to purchase 
with its funds any stock in any other corporation except that 
it may acquire any such stock, through the enforcement of any 
lien or pledge or otherwise to satisfy a previously contracted 
indebtedness to it; to accept bills and drafts drawn upon it; 
to issue letters of credit; to purchase and sell coin, bullion, 
and exchange; to borrow and to lend money; to perform any act 
herein authorized in participation with any other person, 
including any individual, partnership, corporation, or 
association; to adopt, alter, and use a corporate seal, which 
shall be judicially noticed; to sue and to be sued, to complain 
and to defend in any court of competent jurisdiction; to 
represent itself or to contract for representation in all legal 
and arbitral proceedings outside the United States; and the 
enumeration of the foregoing powers shall not be deemed to 
exclude other powers necessary to the achievement of the 
objects and purposes of the Bank. The Bank shall be entitled to 
the use of the United States mails in the same manner and upon 
the same conditions as the executive departments of the 
Government. The Bank is authorized to publish or arrange for 
the publications of any documents, reports, contracts, or other 
material necessary in connection with or in furtherance of its 
objects and purposes without regard to the provisions of 
section 501 of title 44, United States Code, whenever the Bank 
determines that publication in accordance with the provisions 
of such section would not be practicable. Subject to 
regulations which the Bank shall issue pursuant to section 553 
of title 5, United States Code, the Bank may impose and collect 
reasonable fees to cover the costs of conferences and seminars 
sponsored by, and publications provided by, the Bank, and may 
accept reimbursement for travel and subsistence expenses 
incurred by a director, officer, or employee of the Bank, in 
accordance with subchapter I of chapter 57 of title 5, United 
States Code. Amounts received under the preceding sentence 
shall be credited to the fund which initially paid for such 
activities and shall be offset against the expenses of the Bank 
for such activities. The Bank is hereby authorized to use all 
of its assets and all moneys which have been or may thereafter 
be allocated to or borrowed by it in the exercise of its 
functions. Net earnings of the Bank after reasonable provision 
for possible losses shall be used for payment of dividends on 
capital stock. Any such dividends shall be deposited into the 
Treasury as miscellaneous receipts.
  (2) In order for the Bank to be competitive in all of its 
financing programs with countries whose exports compete with 
United States exports, the Bank shall establish a program 
that--
          (A) provides medium-term financing where necessary to 
        be fully competitive--
                  (i) at rates of interest to the customer 
                which are equal to rates established in 
                international agreements;
                  (ii) in amounts up to 85 percent of the total 
                cost of the exports involved; and
                  (iii) with principal amounts of not more than 
                $25,000,000; and
          (B) enables the Bank to cooperate fully with the 
        Secretary of Commerce and the Administrator of the 
        Small Business Administration to develop a program for 
        purposes of disseminating information (using existing 
        private institutions) to small business concerns 
        regarding the medium-term financing provided under this 
        paragraph.
  (3) Enhancement of Medium-Term Program.--To enhance the 
medium-term financing program established pursuant to paragraph 
(2), the Bank shall establish measures to--
          (A) improve the competitiveness of the Bank's medium-
        term financing and ensure that its medium-term 
        financing is fully competitive with that of other major 
        official export credit agencies;
          (B) ease the administrative burdens and procedural 
        and documentary requirements imposed on the users of 
        medium-term financing;
          (C) attract the widest possible participation of 
        private financial institutions and other sources of 
        private capital in the medium-term financing of United 
        States exports; and
          (D) render the Bank's medium-term financing as 
        supportive of United States exports as is its Direct 
        Loan Program.
  (b)(1)(A) It is the policy of the United States to foster 
expansion of exports of manufactured goods, agricultural 
products, and other goods and services, thereby contributing to 
the promotion and maintenance of high levels of employment and 
real income, a commitment to reinvestment and job creation, and 
the increased development of the productive resources of the 
United States. To meet this objective in all its programs, the 
Export-Import Bank is directed, in the exercise of its 
functions, to provide guarantees, insurance, and extensions of 
credit at rates and on terms and other conditions which are 
fully competitive with the Government-supported rates and terms 
and other conditions available for the financing of exports of 
goods and services from the principal countries whose exporters 
compete with United States exporters, including countries the 
governments of which are not members of the Arrangement (as 
defined in section 10(h)(3)). The Bank shall, in cooperation 
with the export financing instrumentalities of other 
governments, seek to minimize competition in Government-
supported export financing and shall, in cooperation with other 
appropriate United States Government agencies, seek to reach 
international agreements to reduce government subsidized export 
financing.
  (B) It is further the policy of the United States that loans 
made by the Bank in all its programs shall bear interest at 
rates determined by the Board of Directors, consistent with the 
Bank's mandate to support United States exports at rates and on 
terms and conditions which are fully competitive with exports 
of other countries, and consistent with international 
agreements. For the purpose of the preceding sentence, rates 
and terms and conditions need not be identical in all respects 
to those offered by foreign countries, but should be 
established so that the effect of such rates, terms, and 
conditions for all the Bank's programs, including those for 
small businesses and for medium-term financing, will be to 
neutralize the effect of such foreign credit on international 
sales competition. The Bank shall consider its average cost of 
money as one factor in its determination of interest rates, 
where such consideration does not impair the Bank's primary 
function of expanding United States exports through fully 
competitive financing. The Bank may not impose a credit 
application fee unless (i) the fee is competitive with the 
average fee charged by the Bank's primary foreign competitors, 
and (ii) the borrower or the exporter is given the option of 
paying the fee at the outset of the loan or over the life of 
the loan and the present value of the fee determined under 
either such option is the same amount. It is also the policy of 
the United States that the Bank in the exercise of its 
functions should supplement and encourage, and not compete 
with, private capital; that the Bank, in determining whether to 
provide support for a transaction under the loan, guarantee, or 
insurance program, or any combination thereof, shall consider 
the need to involve private capital in support of United States 
exports as well as the cost of the transaction as calculated in 
accordance with the requirements of the Federal Credit Reform 
Act of 1990; that the Bank shall accord equal opportunity to 
export agents and managers, independent export firms, export 
trading companies, and small commercial banks in the 
formulation and implementation of its programs; that the Bank 
should give emphasis to assisting new and small business 
entrants in the agricultural export market, and shall, in 
cooperation with other relevant Government agencies, including 
the Commodity Credit Corporation, develop a program of 
education to increase awareness of export opportunities among 
small agribusinesses and cooperatives, that loans, so far as 
possible consistent with the carrying out of the purposes of 
subsection (a) of this section, shall generally be for specific 
purposes, and, in the judgment of the Board of Directors, offer 
reasonable assurance of repayment; and that in authorizing any 
loan or guarantee, the Board of Directors shall take into 
account any serious adverse effect of such loan or guarantee on 
the competitive position of United States industry, the 
availability of materials which are in short supply in the 
United States, and employment in the United States, and shall 
give particular emphasis to the objective of strengthening the 
competitive position of United States exporters and thereby of 
expanding total United States exports. Only in cases where the 
President, after consultation with the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate, determines 
that such action would be in the national interest where such 
action would clearly and importantly advance United States 
policy in such areas as international terrorism (including, 
when relevant, a foreign nation's lack of cooperation in 
efforts to eradicate terrorism), nuclear proliferation, the 
enforcement of the Foreign Corrupt Practices Act of 1977, the 
Arms Export Control Act, the International Emergency Economic 
Powers Act, or the Export Administration Act of 1979, 
environmental protection and human rights (such as are provided 
in the Universal Declaration of Human Rights adopted by the 
United Nations General Assembly on December 10, 1948) 
(including child labor), should the Export-Import Bank deny 
applications for credit for nonfinancial or noncommercial 
considerations. Each such determination shall be delivered in 
writing to the President of the Bank, shall state that the 
determination is made pursuant to this section, and shall 
specify the applications or categories of applications for 
credit which should be denied by the Bank in furtherance of the 
national interest.
  [(C) Consistent with the policy of section 501 of the Nuclear 
Non-Proliferation Act of 1978 and section 119 of the Foreign 
Assistance Act of 1961, the Board of Directors shall name an 
officer of the Bank whose duties shall include advising the 
President of the Bank on ways or promoting the export of goods 
and services to be used in the development, production, and 
distribution of nonnuclear renewable energy resources, 
disseminating information concerning export opportunities and 
the availability of Bank support for such activities, and 
acting as a liaison between the Bank and the Department of 
Commerce and other appropriate departments and agencies.]
  (C) Office of Financing for Renewable Energy, Energy 
Efficiency and Energy Storage.--The President of the Agency 
shall establish an office whose functions shall be to promote 
the export of goods and services to be used in the development, 
production, and distribution of renewable energy resources, and 
energy efficiency and energy storage technologies, and 
disseminate information concerning export opportunities and the 
availability of Agency support for such activities, to increase 
the total amount of loans, guarantees, and insurance provided 
by the Agency to support exports related to renewable energy, 
energy efficiency, and energy storage.
  (D) It is further the policy of the United States to foster 
the delivery of United States services in international 
commerce. In exercising its powers and functions, the Bank 
shall give full and equal consideration to making loans and 
providing guarantees for the export of services (independently, 
or in conjunction with the export of manufactured goods, 
equipment, hardware or other capital goods) consistent with the 
Bank's policy to neutralize foreign subsidized credit 
competition and to supplement the private capital market.
  (E)(i)[(I) It is further the policy of the United States to 
encourage the participation of small business in international 
commerce.] (I) It is further the policy of the United States to 
encourage the participation of small business (including women-
owned businesses, minority-owned businesses, veteran-owned 
businesses, businesses owned by persons with disabilities, and 
businesses in rural areas) and start-up businesses in 
international commerce, and to educate such businesses about 
how to export goods using the United States Export Finance 
Agency.
  (II) In exercising its authority, the Bank shall develop a 
program which gives fair consideration to making loans and 
providing guarantees for the export of goods and services by 
small businesses.
  (ii) It is further the policy of the United States that the 
Bank shall give due recognition to the policy stated in section 
2(a) of the Small Business Act that ``the Government should 
aid, counsel, assist, and protect, insofar as is possible, the 
interests of small business concerns in order to preserve free 
competitive enterprise''.
  (iii) In furtherance of this policy, the Board of Directors 
shall designate an officer of the Bank who--
          (I) shall be responsible to the President of the Bank 
        for all matters concerning or affecting small business 
        concerns; and
          (II) among other duties, shall be responsible for 
        advising small business concerns of the opportunities 
        for small business concerns in the functions of the 
        Bank, with particular emphasis on conducting outreach 
        and increasing loans to socially and economically 
        disadvantaged small business concerns (as defined in 
        section 8(a)(4) of the Small Business Act), small 
        business concerns (as defined in section 3(a) of the 
        Small Business Act) owned by women, and small business 
        concerns (as defined in section 3(a) of the Small 
        Business Act) employing fewer than 100 employees, and 
        for maintaining liaison with the Small Business 
        Administration and other departments and agencies in 
        matters affecting small business concerns.)
  (iv) The Director appointed to represent the interests of 
small business under section 3(c) of this Act shall ensure that 
the Bank carries out its responsibilities under clauses (ii) 
and (iii) of this subparagraph and that the Bank's financial 
and other resources are, to the maximum extent possible, 
appropriately used for small business needs.
  (v) To assure that the purposes of clauses (i) and (ii) of 
this subparagraph are carried out, the Bank shall make 
available, from the aggregate loan, guarantee, and insurance 
authority available to it, an amount to finance exports 
directly by small business concerns (as defined under section 3 
of the Small Business Act) which shall be not less than [25] 30 
percent of such authority for each fiscal year. From the amount 
made available under the preceding sentence, it shall be a goal 
of the Bank to increase the amount made available to finance 
exports directly by small business concerns referred to in 
section 3(i)(1). For the purpose of calculating the amounts of 
authority required under this clause, the Agency shall, with 
respect to insurance, exclude unutilized authorizations that 
terminated during the fiscal year.
  (vi) The Bank shall utilize the amount set-aside pursuant to 
clause (v) of this subparagraph to offer financing for small 
business exports on terms which are fully competitive with 
regard to interest rates and with regard to the portion of 
financing which may be provided, guaranteed, or insured. 
Financing under this clause (vi) shall be available without 
regard to whether financing for the particular transaction was 
disapproved by any other Federal agency.
  (vii)(I) The Bank shall utilize a part of the amount set 
aside pursuant to clause (v) to provide lines of credit or 
guarantees to consortia of small or medium size banks, export 
trading companies, State export finance agencies, export 
financing cooperatives, small business investment companies (as 
defined in section 103 of the Small Business Investment Act of 
1958), or other financing institutions or entities in order to 
finance small business exports.
  (II) Financing under this clause (vii) shall be made 
available only where the consortia or the participating 
institutions agree to undertake processing, servicing, and 
credit evaluation functions in connection with such financing.
  (III) To the maximum extent practicable, the Bank shall 
delegate to the consortia or other financing institutions or 
entities the authority to approve financing under this clause 
(vii).
  (IV) In the administration of the program under this clause 
(vii), the Bank shall provide appropriate technical assistance 
to participating consortia and may require such consortia 
periodically to furnish information to the Bank regarding the 
number and amount of loans made and the creditworthiness of the 
borrowers.
  (viii) In order to assure that the policy stated in clause 
(i) is carried out, the Bank shall promote small business 
exports and its small business export financing programs in 
cooperation with the Secretary of Commerce, the Office of 
International Trade of the Small Business Administration, and 
the private sector, particularly small business organizations, 
State agencies, chambers of commerce, banking organizations, 
export management companies, export trading companies and 
private industry.
  (ix) The Bank shall provide, through creditworthy trade 
associations, export trading companies, State export finance 
companies, export finance cooperatives, and other multiple-
exporter organizations, medium-term risk protection coverage 
for the members and clients of such organizations. Such 
coverage shall be made available to each such organization 
under a single risk protection policy covering its members or 
clients. Nothing in this provision shall be interpreted as 
limiting the Bank's authority to deny support for specific 
transactions or to disapprove a request by such an organization 
to participate in such coverage.
  (x) The Bank shall implement technology improvements that are 
designed to improve small business outreach, including allowing 
customers to use the Internet to apply for the Bank's small 
business programs.
  (xi) After consultation with the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate, the Agency 
shall implement the outreach plan referred to in section 
9(b)(1) of the United States Export Finance Agency Act of 2019.
  (F) Consistent with international agreements, the Bank shall 
urge the Foreign Credit Insurance Association to provide 
coverage against 100 per centum of any loss with respect to 
exports having a value of less than $100,000.
  (G) Participation in or access to long-, medium-, and short-
term financing, guarantees, and insurance provided by the Bank 
shall not be denied solely because the entity seeking 
participation or access is not a bank or is not a United States 
person.
  (H)(i) It is further the policy of the United States to 
foster the development of democratic institutions and market 
economies in countries seeking such development, and to assist 
the export of high technology items to such countries.
  (ii) In exercising its authority, the Bank shall develop a 
program for providing guarantees and insurance with respect to 
the export of high technology items to countries making the 
transition to market based economies, including eligible East 
European countries (within the meaning of section 3 of the 
Support For East European Democracy (SEED) Act of 1989).
  (iii) As part of the ongoing marketing and outreach efforts 
of the Bank, the Bank shall, to the maximum extent practicable, 
inform high technology companies, particularly small business 
concerns (as such term is defined in section 3 of the Small 
Business Act), about the programs of the Bank for United States 
companies interested in exporting high technology goods to 
countries making the transition to market based economies, 
including any eligible East European country (within the 
meaning of section 3 of the Support For East European Democracy 
(SEED) Act of 1989).
  (iv) In carrying out clause (iii), the Bank shall--
          (I) work with other agencies involved in export 
        promotion and finance; and
          (II) invite State and local governments, trade 
        centers, commercial banks, and other appropriate public 
        and private organizations to serve as intermediaries 
        for the outreach efforts.
  (I) The President of the Bank shall undertake efforts to 
enhance the Bank's capacity to provide information about the 
Bank's programs to small and rural companies which have not 
previously participated in the Bank's programs. Not later than 
1 year after the date of enactment of this subparagraph, the 
President of the Bank shall submit to Congress a report on the 
activities undertaken pursuant to this subparagraph.
  (J) The Bank shall implement an electronic system designed to 
track all pending transactions of the Bank.
  (K) The Bank shall promote the export of goods and services 
related to renewable energy sources, energy efficiency, and 
energy storage. It shall be a goal of the Bank to ensure that 
not less than 5 percent of the applicable amount (as defined in 
section 6(a)(2)) is made available each fiscal year for the 
financing of renewable energy, energy efficiency, and energy 
storage technology exports.
  (L) The Bank shall require an applicant for assistance from 
the Bank to disclose whether the applicant has been found by a 
court of the United States to have violated the Foreign Corrupt 
Practices Act of 1977, the Arms Export Control Act, the 
International Emergency Economic Powers Act, or the Export 
Administration Act of 1979 within the preceding 12 months, and 
shall maintain, in cooperation with the Department of Justice, 
for not less than 3 years a record of such applicants so found 
to have violated any such Act.
  (M) Not later than 2 years after the date of the enactment of 
the Export-Import Bank Reform and Reauthorization Act of 2015, 
the Bank shall implement policies--
          (i) to accept electronic documents with respect to 
        transactions whenever possible, including copies of 
        bills of lading, certifications, and compliance 
        documents, in such manner so as not to undermine any 
        potential civil or criminal enforcement related to the 
        transactions; and
          (ii) to accept electronic payments in all of its 
        programs.
  (2) Prohibition on Aid to Marxist-Leninist Countries.--
          (A) In general.--The Bank in the exercise of its 
        functions shall not guarantee, insure, extend credit, 
        or participate in the extension of credit--
                  (i) in connection with the purchase or lease 
                of any product by a Marxist-Leninist country, 
                or agency or national thereof; or
                  (ii) in connection with the purchase or lease 
                of any product by any other foreign country, or 
                agency or national thereof, if the product to 
                be purchased or leased by such other country, 
                agency, or national is, to the knowledge of the 
                Bank, principally for use in, or sale or lease 
                to, a Marxist-Leninist country.
          (B) Marxist-Leninist country defined.--
                  (i) In general.--For purposes of this 
                paragraph, the term ``Marxist-Leninist 
                country'' means any country that maintains a 
                centrally planned economy based on the 
                principles of Marxism-Leninism, or is 
                economically and militarily dependent on any 
                other such country.
                  (ii) Specific countries deemed to be marxist-
                leninist.--Unless otherwise determined by the 
                President in accordance with subparagraph (C), 
                the following countries are deemed to be 
                Marxist-Leninist countries for purposes of this 
                paragraph:
                          (I) Democratic People's Republic of 
                        Korea.
                          (II) Democratic Republic of 
                        Afghanistan.
                          (III) People's Republic of China.
                          (IV) Republic of Cuba.
                          (V) Socialist Republic of Vietnam.
                          (VI) Tibet.
          (C) Presidential determination that a country has 
        ceased to be Marxist-Leninist.--If the President 
        determines that any country on the list contained in 
        subparagraph (B)(ii) has ceased to be a Marxist-
        Leninist country (within the definition of such term in 
        subparagraph (B)(i)), such country shall not be treated 
        as a Marxist-Leninist country for purposes of this 
        paragraph after the date of such determination, unless 
        the President subsequently determines that such country 
        has again become a Marxist-Leninist country.
          (D) Presidential determination relating to financing 
        in the national interest.--
                  (i) In general.--Subparagraph (A) shall not 
                apply to guarantees, insurance, or extensions 
                of credit by the Bank to a country, agency, or 
                national described in clause (i) or (ii) of 
                subparagraph (A) (in connection with 
                transactions described in such clauses) if the 
                President determines that such guarantees, 
                insurance, or extensions of credit are in the 
                national interest.
                  (ii) Separate determination for certain 
                transactions.--The President shall make a 
                separate determination under clause (i) for 
                each transaction described in clause (i) or 
                (ii) of subparagraph (A) for which the Bank 
                would extend a loan in an amount equal to or 
                greater than $50,000,000.
                  (iii) Report of clause (i) determinations to 
                congress.--Any determination by the President 
                under clause (i) shall be reported to the 
                Congress not later than the earlier of--
                          (I) the end of the 30-day period 
                        beginning on the date of such 
                        determination; or
                          (II) the date the Bank takes final 
                        action with respect to the first 
                        transaction involving the country, 
                        agency, or national for which such 
                        determination is made after the date of 
                        the enactment of the Export-Import Bank 
                        Amendments of 1974, unless a report of 
                        a determination with respect to such 
                        date of enactment.
                  (iv) Report of clause (ii) determinations to 
                congress.--Any determination by the President 
                under clause (ii) shall be reported to the 
                Congress not later than the earlier of--
                          (I) the end of the 30-day period 
                        beginning on the date of such 
                        determination; or
                          (II) the date the Bank takes final 
                        action with respect to the transaction 
                        for which such determination is made.
  (3) Except as provided by the fourth sentence of this 
paragraph, no loan or financial guarantee or general guarantee 
or insurance facility or combination thereof (i) in an amount 
which equals or exceeds $100,000,000, or (ii) for the export of 
technology, fuel, equipment, materials, or goods or services to 
be used in the construction, alteration, operation, or 
maintenance of nuclear power, enrichment, reprocessing, 
research, or heavy water production facilities, shall be 
finally approved by the Board of Directors of the Bank, unless 
in each case the Bank has submitted to the Congress with 
respect to such loan, financial guarantee, or combination 
thereof, a detailed statement describing and explaining the 
transaction, at least 25 days of continuous session of the 
Congress prior to the date of final approval. For the purpose 
of the preceding sentence, continuity of a session of the 
Congress shall be considered as broken only by an adjournment 
of the Congress sine die, and the days on which either House is 
not in session because of an adjournment of more than 3 days to 
a day certain shall be excluded in the computation of the 25 
day period referred to in such sentence. Such statement shall 
contain--
          (A) in the case of a loan or financial guarantee--
                  (i) a brief description of the purposes of 
                the transaction;
                  (ii) the identity of the party or parties 
                requesting the loan or financial guarantee;
                  (iii) the nature of the goods or services to 
                be exported and the use for which the goods or 
                services are to be exported; and
                  (iv) in the case of a general guarantee or 
                insurance facility--
                          (I) a description of the nature and 
                        purpose of the facility;
                          (II) the total amount of guarantees 
                        or insurance; and
                          (III) the reasons for the facility 
                        and its methods of operation; and
          (B) a full explanation of the reasons for Bank 
        financing of the transaction, the amount of the loan to 
        be provided by the Bank, the approximate rate and 
        repayment terms at which such loan will be made 
        available and the approximate amount of the financial 
        guarantee.
If the Bank submits a statement to the Congress under this 
paragraph and either House of Congress is in an adjournment for 
a period which continues for at least ten days after the date 
of submission of the statement, then any such loan or guarantee 
or combination thereof may, subject to the second sentence of 
this paragraph, be finally approved by the Board of Directors 
upon the termination of the twenty-five-day period referred to 
in the first sentence of this paragraph or upon the termination 
of a thirty-five-calendar-day period (which commences upon the 
date of submission of the statement), whichever occurs sooner.
  (4)(A) If the Secretary of State determines that--
          (i) any country that has agreed to International 
        Atomic Energy Agency nuclear safeguards materially 
        violates, abrogates, or terminates, after October 26, 
        1977, such safeguards;
          (ii) any country that has entered into an agreement 
        for cooperation concerning the civil use of nuclear 
        energy with the United States materially violates, 
        abrogates, or terminates, after October 26, 1977, any 
        guarantee or other undertaking to the United States 
        made in such agreement;
          (iii) any country that is not a nuclear-weapon state 
        detonates, after October 26, 1977, a nuclear explosive 
        device;
          (iv) any country willfully aids or abets, after June 
        29, 1994, any non-nuclear-weapon state to acquire any 
        such nuclear explosive device or to acquire 
        unsafeguarded special nuclear material; or
          (v) any person knowingly aids or abets, after the 
        date of enactment of the National Defense Authorization 
        Act for Fiscal Year 1997, any non-nuclear-weapon state 
        to acquire any such nuclear explosive device or to 
        acquire unsafeguarded special nuclear material,
then the Secretary of State shall submit a report to the 
appropriate committees of the Congress and to the Board of 
Directors of the Bank stating such determination and 
identifying each country or person the Secretary determines has 
so acted.
  (B)(i) If the Secretary of State makes a determination under 
subparagraph (A)(v) with respect to a foreign person, the 
Congress urges the Secretary to initiate consultations 
immediately with the government with primary jurisdiction over 
that person with respect to the imposition of the prohibition 
contained in subparagraph (C).
  (ii) In order that consultations with that government may be 
pursued, the Board of Directors of the Bank shall delay 
imposition of the prohibition contained in subparagraph (C) for 
up to 90 days if the Secretary of State requests the Board to 
make such delay. Following these consultations, the prohibition 
contained in subparagraph (C) shall apply immediately unless 
the Secretary determines and certifies to the Congress that 
that government has taken specific and effective actions, 
including appropriate penalties, to terminate the involvement 
of the foreign person in the activities described in 
subparagraph (A)(v). The Board of Directors of the Bank shall 
delay the imposition of the prohibition contained in 
subparagraph (C) for up to an additional 90 days if the 
Secretary requests the Board to make such additional delay and 
if the Secretary determines and certifies to the Congress that 
that government is in the process of taking the actions 
described in the preceding sentence.
  (iii) Not later than 90 days after making a determination 
under subparagraph (A)(v), the Secretary of State shall submit 
to the appropriate committees of the Congress a report on the 
status of consultations with the appropriate government under 
this subparagraph, and the basis for any determination under 
clause (ii) that such government has taken specific corrective 
actions.
  (C) The Board of Directors of the Bank shall not give 
approval to guarantee, insure, or extend credit, or participate 
in the extension of credit in support of United States exports 
to any country, or to or by any person, identified in the 
report described in subparagraph (A).
  (D) The prohibition in subparagraph (C) shall not apply to 
approvals to guarantee, insure, or extend credit, or 
participate in the extension of credit in support of United 
States exports to a country with respect to which a 
determination is made under clause (i), (ii), (iii), or (iv) of 
subparagraph (A) regarding any specific event described in such 
clause if the President determines and certifies in writing to 
the Congress not less than 45 days prior to the date of the 
first approval following the determination that it is in the 
national interest for the Bank to give such approvals.
  (E) The prohibition in subparagraph (C) shall not apply to 
approvals to guarantee, insure, or extend credit, or 
participate in the extension of credit in support of United 
States exports to or by a person with respect to whom a 
determination is made under clause (v) of subparagraph (A) 
regarding any specific event described in such clause if--
          (i) the Secretary of State determines and certifies 
        to the Congress that the appropriate government has 
        taken the corrective actions described in subparagraph 
        (B)(ii); or
          (ii) the President determines and certifies in 
        writing to the Congress not less than 45 days prior to 
        the date of the first approval following the 
        determination that--
                  (I) reliable information indicates that--
                          (aa) such person has ceased to aid or 
                        abet any non-nuclear-weapon state to 
                        acquire any nuclear explosive device or 
                        to acquire unsafeguarded special 
                        nuclear material; and
                          (bb) steps have been taken to ensure 
                        that the activities described in item 
                        (aa) will not resume; or
                  (II) the prohibition would have a serious 
                adverse effect on vital United States 
                interests.
  (F) For purposes of this paragraph:
          (i) The term ``country'' has the meaning given to 
        ``foreign state'' in section 1603(a) of title 28, 
        United States Code.
          (ii) The term ``knowingly'' is used within the 
        meaning of the term ``knowing'' in section 104(h)(3) of 
        the Foreign Corrupt Practices Act (15 U.S.C. 78dd-
        2(h)(3)).
          (iii) The term ``person'' means a natural person as 
        well as a corporation, business association, 
        partnership, society, trust, any other nongovernmental 
        entity, organization, or group, and any governmental 
        entity operating as a business enterprise, and any 
        successor of any such entity.
          (iv) The term ``nuclear-weapon state'' has the 
        meaning given the term in Article IX(3) of the Treaty 
        on the Non-Proliferation of Nuclear Weapons, signed at 
        Washington, London, and Moscow on July 1, 1968.
          (v) The term ``non-nuclear-weapon state'' has the 
        meaning given the term in section 830(5) of the Nuclear 
        Proliferation Prevention Act of 1994 (Public Law 103-
        236; 108 Stat. 521).
          (vi) The term ``nuclear explosive device'' has the 
        meaning given the term in section 830(4) of the Nuclear 
        Proliferation Prevention Act of 1994 (Public Law 103-
        236; 108 Stat. 521).
          (vii) The term ``unsafeguarded special nuclear 
        material'' has the meaning given the term in section 
        830(8) of the Nuclear Proliferation Prevention Act of 
        1994.
  (5) The Bank shall not guarantee, insure, or extend credit, 
or participate in the extension of credit in connection with 
(A) the purchase of any product, technical data, or other 
information by a national or agency of any nation which engages 
in armed conflict declared or otherwise, with the Armed Forces 
of the United States, (B) the purchase by any nation (or 
national or agency thereof) of any product, technical data, or 
other information which is to be used principally by or in any 
such nation described in clause (A), or (C) the purchase of any 
liquid metal fast breeder nuclear reactor or any nuclear fuel 
reprocessing facility. The Bank shall not guarantee, insure, or 
extend credit, or participate in the extension of credit in 
connection with the purchase of any product, technical data, or 
other information by a national or agency of any nation if the 
President determines that any such transaction would be 
contrary to the national interest.
  (6)(A) The Bank shall not guarantee, insure, or extend 
credit, or participate in an extension of credit in connection 
with any credit sale of defense articles and defense services 
to any country.
  (B) Subparagraph (A) shall not apply to any sale of defense 
articles or services if--
          (i) the Bank is requested to provide a guarantee or 
        insurance for the sale;
          (ii) the President determines that the defense 
        articles or services are being sold primarily for anti-
        narcotics purposes;
          (iii) section 490(e) of the Foreign Assistance Act of 
        1961 does not apply with respect to the purchasing 
        country; and
          (iv) the President determines, in accordance with 
        subparagraph (C), that the sale is in the national 
        interest of the United States; and
          (v) the Bank determines that, notwithstanding the 
        provision of a guarantee or insurance for the sale, not 
        more than 5 percent of the guarantee and insurance 
        authority available to the Bank in any fiscal year will 
        be used by the Bank to support the sale of defense 
        articles or services.
  (C) In determining whether a sale of defense articles or 
services would be in the national interest of the United 
States, the President shall take into account whether the sale 
would--
          (i) be consistent with the anti-narcotics policy of 
        the United States;
          (ii) involve the end use of a defense article or 
        service in a major illicit drug producing or major 
        drug-transit country (as defined in section 481(e) of 
        the Foreign Assistance Act of 1961); and
          (iii) be made to a country with a democratic form of 
        government.
  (D)(i) The Board shall not give approval to guarantee or 
insure a sale of defense articles or services unless--
          (I) the President determines, in accordance with 
        subparagraph (C), that it is in the national interest 
        of the United States for the Bank to provide such 
        guarantee or insurance;
          (II) the President determines, after consultation 
        with the Assistant Secretary of State for Human Rights 
        and Humanitarian Affairs, that the purchasing country 
        has complied with all restrictions imposed by the 
        United States on the end use of any defense articles or 
        services for which a guarantee or insurance was 
        provided under subparagraph (B), and has not used any 
        such defense articles or services to engage in a 
        consistent pattern of gross violations of 
        internationally recognized human rights; and
          (III) such determinations have been reported to the 
        Speaker and the Committee on Financial Services of the 
        House of Representatives, and to the Committee on 
        Banking, Housing, and Urban Affairs and the Committee 
        on Foreign Relations of the Senate, not less than 25 
        days of continuous session of the Congress before the 
        date of such approval.
          (ii) For purposes of clause (i), continuity of a 
        session of the Congress shall be considered as broken 
        only by an adjournment of the Congress sine die, and 
        the days on which either House is not in session 
        because of an adjournment of more than 3 days to a day 
        certain shall be excluded in the computation of the 25-
        day period referred to in such clause.
  (E) The provision of a guarantee or insurance under 
subparagraph (B) shall be deemed to be the provision of 
security assistance for purposes of section 502B of the Foreign 
Assistance Act of 1961 (relating to governments which engage in 
a consistent pattern of gross violations of internationally 
recognized human rights).
  (F) To the extent that defense articles or services for which 
a guarantee or insurance is provided under subparagraph (B) are 
used for a purpose other than anti-narcotics purposes, they may 
be used only for those purposes for which defense articles and 
defense services sold under the Arms Export Control Act 
(relating to the foreign military sales program) may be used 
under section 4 of such Act.
  (G) As used in subparagraphs (B), (C), (D), and (F), the term 
``defense articles or services'' means articles, services, and 
related technical data that are designated as defense articles 
and defense services pursuant to sections 38 and 47(7) of the 
Arms Export Control Act and listed on the United States 
Munitions List (part 121 of title 22 of the Code of Federal 
Regulations).
  (H) Once in each calendar quarter, the Bank shall submit a 
report to the Committee on Banking, Housing, and Urban Affairs 
of the Senate, and the Committee on Financial Services of the 
House of Representatives on all instances in which the Bank, 
during the reporting quarter, guaranteed, insured, or extended 
credit or participated in an extension of credit in connection 
with any credit sale of an article, service, or related 
technical data described in subparagraph (G) that the Bank 
determined would not be put to a military use or described in 
subparagraph (I)(i). Such report shall include a description of 
each of the transactions and the justification for the Bank's 
actions.
  (I)(i) Subparagraph (A) shall not apply to a transaction 
involving defense articles or services if--
          (I) the Bank determines that--
                  (aa) the defense articles or services are 
                nonlethal; and
                  (bb) the primary end use of the defense 
                articles or services will be for civilian 
                purposes; and
          (II) at least 15 calendar days before the date on 
        which the Board of Directors of the Bank gives final 
        approval to Bank participation in the transaction, the 
        Bank provides notice of the transaction to the 
        Committees on Financial Services and on Appropriations 
        of the House of Representatives and the Committees on 
        Banking, Housing, and Urban Affairs and on 
        Appropriations of the Senate.
  (ii) Not more than 10 percent of the loan, guarantee, and 
insurance authority available to the Bank for a fiscal year may 
be used by the Bank to support the sale of defense articles or 
services to which subparagraph (A) does not apply by reason of 
clause (i) of this subparagraph.
  (iii) Not later than September 1 of each fiscal year, the 
Comptroller General of the United States, in consultation with 
the Bank, shall submit to the Committees on Financial Services 
and on Appropriations of the House of Representatives and the 
Committees on Banking, Housing, and Urban Affairs and on 
Appropriations of the Senate a report on the end uses of any 
defense articles or services described in clause (i) with 
respect to which the Bank provided support during the second 
preceding fiscal year.
  (7) In no event shall the Bank have outstanding at any time 
in excess of 7\1/2\ per centum of the limitation imposed by 
section 7 of this Act for such guarantees, insurance, credits 
or participation in credits with respect to exports of defense 
articles and services to countries which, in the judgment of 
the Board of Directors of the Bank, are less developed.
  (8) The Bank shall supplement but not compete with private 
capital and the programs of the Commodity Credit Corporation to 
ensure that adequate financing will be made available to assist 
the export of agricultural commodities, except that, consistent 
with section 2(b)(1)(A) of this Act, the Bank in assisting any 
such export transactions shall, in cooperation with the export 
financing instrumentalities of other governments, seek to 
minimize competition in Government-supported export financing, 
and shall, in cooperation with other appropriate United States 
Government agencies, seek to reach international agreements to 
reduce Government subsidized export financing. In order to 
carry out the purposes of this subsection, the Bank shall 
consult with the Secretary of Agriculture and where the 
Secretary of Agriculture has recommended against Bank financing 
of the export of a particular agricultural commodity, shall 
take such recommendation into consideration in determining 
whether to provide credit or other assistance for any export 
sale of such commodity, and shall consider the importance of 
agricultural commodity exports to the United States export 
market and the Nation's balance of trade in deciding whether or 
not to provide assistance under this subsection.
  (9)(A) The Board of Directors of the Bank shall, in 
consultation with the Secretary of Commerce and the Trade 
Promotion Coordinating Committee, take prompt measures, 
consistent with the credit standards otherwise required by law, 
to promote the expansion of the Bank's financial commitments in 
sub-Saharan Africa under the loan, guarantee, and insurance 
programs of the Bank.
  (B)(i) The Board of Directors shall establish and use an 
advisory committee to advise the Board of Directors on the 
development and implementation of policies and programs 
designed to support the expansion described in subparagraph 
(A).
  (ii) The advisory committee shall make recommendations to the 
Board of Directors on how the Bank can facilitate greater 
support by United States commercial banks for trade with sub-
Saharan Africa.
  (iii) The advisory committee shall terminate on the date on 
which the authority of the Bank expires under section 7.
  (C) The Bank shall include in the annual report to the 
Congress submitted under section 8(a) a separate section that 
contains a report on the efforts of the Bank to--
          (i) improve its working relationships with the 
        African Development Bank, the African Export-Import 
        Bank, and other institutions in the region that are 
        relevant to the purposes of subparagraph (A) of this 
        paragraph; and
          (ii) coordinate closely with the United States 
        Foreign Service and Foreign Commercial Service, and 
        with the overall strategy of the United States 
        Government for economic engagement with Africa pursuant 
        to the African Growth and Opportunity Act.
  (D) Consistent with the requirement that the Bank obtain a 
reasonable assurance of repayment in connection with each 
transaction the Bank supports, the Bank shall, in consultation 
with the entities described in subparagraph (C), seek to 
qualify a greater number of appropriate African entities for 
participation in programs of the Bank.
  (10)(A) The Bank shall not, without a specific authorization 
by law, guarantee, insure, or extend credit (or participate in 
the extension of credit) to--
          (i) assist specific countries with balance of 
        payments financing; or
          (ii) assist (as the primary purpose of any such 
        guarantee, insurance, or credit) any country in the 
        management of its international indebtedness, other 
        than its outstanding obligations to the Bank.
  (B) Nothing contained in subparagraph (A) shall preclude 
guarantees, insurance, or credit the primary purpose of which 
is to support United States exports.
  (11) Prohibition Relating to Angola.--The Bank may not 
guarantee, insure, or extend (or participate in the extension 
of) credit in connection with any export of any good (other 
than food or an agricultural commodity) or service to the 
People's Republic of Angola until the President certifies to 
the Congress that free and fair elections have been held in 
Angola in which all participants were afforded free and fair 
access, and that the government of Angola--
          (A) is willing, and is actively seeking, to achieve 
        an equitable political settlement of the conflict in 
        Angola, including free and fair elections, through a 
        mutual cease-fire and a dialogue with the opposition 
        armed forces;
          (B) has demonstrated progress in protecting 
        internationally recognized human rights, and 
        particularly in--
                  (i) ending, through prosecution or other 
                means, involvement of members of the military 
                and security forces in political violence and 
                abuses of internationally recognized human 
                rights;
                  (ii) vigorously prosecuting persons engaged 
                in political violence who are connected with 
                the government; and
                  (iii) bringing to justice those responsible 
                for the abduction, torture, and murder of 
                citizens of Angola and citizens of the United 
                States; and
          (C) has demonstrated progress in its respect for, and 
        protection of--
                  (i) the freedom of the press;
                  (ii) the freedom of speech;
                  (iii) the freedom of assembly;
                  (iv) the freedom of association (including 
                the right to organize for political purposes);
                  (v) internationally recognized worker rights; 
                and
                  (vi) other attributes of political pluralism 
                and democracy.
The President shall include in each report made pursuant to 
this paragraph a detailed statement with respect to each of the 
conditions set forth in this paragraph. This paragraph shall 
not be construed to impose any requirement with respect to 
Angola that is more restrictive than any requirement imposed by 
this section generally on all other countries.
  (12) Prohibition relating to russian transfers of certain 
missile systems.--If the President of the United States 
determines that the military or Government of the Russian 
Federation has transferred or delivered to the People's 
Republic of China an SS-N-22 missile system and that the 
transfer or delivery represents a significant and imminent 
threat to the security of the United States, the President of 
the United States shall notify the Bank of the transfer or 
delivery as soon as practicable. Upon receipt of the notice and 
if so directed by the President of the United States, the Board 
of Directors of the Bank shall not give approval to guarantee, 
insure, extend credit, or participate in the extension of 
credit in connection with the purchase of any good or service 
by the military or Government of the Russian Federation.
  (13) Prohibition on assistance to develop or promote certain 
railway connections and railway-related connections.--The Bank 
shall not guarantee, insure, or extend (or participate in the 
extension of) credit in connection with the export of any good 
or service relating to the development or promotion of any 
railway connection or railway-related connection that does not 
traverse or connect with Armenia and does traverse or connect 
Baku, Azerbaijan, Tbilisi, Georgia, and Kars, Turkey.
  (c)(1) The Bank shall charge fees and premiums commensurate, 
in the judgment of the Bank, with risks covered in connection 
with the contractual liability that the Bank incurs for 
guarantees, insurance, coinsurance, and reinsurance against 
political and credit risks of loss.
  (2) The Bank may issue such guarantees, insurance, 
coinsurance, and reinsurance to or with exporters, insurance 
companies, financial institutions, or others, or groups 
thereof, and where appropriate may employ any of the same to 
act as its agent in the issuance and servicing of such 
guarantees, insurance, coinsurance, and reinsurance, and the 
adjustment of claims arising thereunder.
  (3) Transferability of Guarantees.--
          (A) In general.--With respect to medium-term and 
        long-term obligation insured or guaranteed by the Bank 
        after the date of the enactment of the Export-Import 
        Bank Act Amendments of 1986, the Bank shall authorize 
        the unrestricted transfer of such obligations by the 
        originating lenders or their transferees to other 
        lenders without affecting, limiting, or terminating the 
        guarantee or insurance provided by the Bank.
          (B) Guarantee coverage.--For the guarantee program 
        provided for in this subsection, the Bank may provide 
        up to 100 percent coverage of the interest and 
        principal if the Board of Directors determines such 
        coverage to be necessary to ensure acceptance of Bank 
        guarantees by financial institutions for any 
        transaction in any export market in which the Bank is 
        open for business.
  (d)(1) In carrying out its responsibilities under this Act, 
the Bank shall work to ensure that United States companies are 
afforded an equal and nondiscriminatory opportunity to bid for 
insurance in connection with transactions assisted by the Bank.
  (2) Competitive opportunity for insurance companies.--In the 
case of any long-term loan or guarantee of not less than 
$25,000,000, the Bank shall seek to ensure that United States 
insurance companies are accorded a fair and open competitive 
opportunity to provide insurance against risk of loss in 
connection with any transaction with respect to which such loan 
or guarantee is provided.
  (3) Responsive actions.--If the Bank becomes aware that a 
fair and open competitive opportunity is not accorded to any 
United States insurance company in a foreign country with 
respect to which the Bank is considering a loan or guarantee, 
the Bank--
          (A) may approve or deny the loan or guarantee after 
        considering whether such action would be likely to 
        achieve competitive access for United States insurance 
        companies; and
          (B) shall forward information regarding any foreign 
        country that denies United States insurance companies a 
        fair and open competitive opportunity to the Secretary 
        of Commerce and to the United States Trade 
        Representative for consideration of a recommendation to 
        the President that access by such country to export 
        credit of the United States should be restricted.
  (4) Notice of approval.--If the Bank approves a loan or 
guarantee with respect to a foreign country notwithstanding 
information regarding denial by that foreign country of 
competitive opportunities for United States insurance 
companies, the Bank shall include notice of such approval and 
the reason for such approval in the report on competition in 
officially supported export credit required under subsection 
(b)(1)(A).
  (5) Definitions.--For purposes of this section--
          (A) the term ``United States insurance company''--
                  (i) includes an individual, partnership, 
                corporation, holding company, or other legal 
                entity which is authorized (or in the case of a 
                holding company, subsidiaries of which are 
                authorized) by a State to engage in the 
                business of issuing insurance contracts or 
                reinsuring the risk underwritten by insurance 
                companies; and
                  (ii) includes foreign operations, branches, 
                agencies, subsidiaries, affiliates, or joint 
                ventures of any entity described in clause (i); 
                and
          (B) the term ``fair and open competitive 
        opportunity'' means, with respect to the provision of 
        insurance by a United States insurance company, that 
        the company--
                  (i) has received notice of the opportunity to 
                provide such insurance; and
                  (ii) has been evaluated for such opportunity 
                on a nondiscriminatory basis.
  (e) Limitation on Assistance Which Adversely Affect the 
United States.--
          (1) In General.--The Bank may not extend any direct 
        credit of financial guarantee for establishing or 
        expanding production of any commodity for export by any 
        country other than the United States, if--
                  (A) the Bank determines that--
                          (i) the commodity is likely to be in 
                        surplus on world markets at the time 
                        the resulting commodity will first be 
                        sold; or
                          (ii) the resulting production 
                        capacity is expected to compete with 
                        United States production of the same, 
                        similar, or competing commodity; and
                  (B) the Bank determines that the extension of 
                such credit or guarantee will cause substantial 
                injury to United States producers of the same, 
                similar, or competing commodity.
        In making the determination under subparagraph (B), the 
        Bank shall determine whether the facility that would 
        benefit from the extension of a credit or guarantee is 
        reasonably likely to produce a commodity in addition 
        to, or other than, the commodity specified in the 
        application and whether the production of the 
        additional commodity may cause substantial injury to 
        United States producers of the same, or a similar or 
        competing, commodity.
          (2) Outstanding orders and preliminary injury 
        determinations.--
                  (A) Orders.--The Bank shall not provide any 
                loan or guarantee to an entity for the 
                resulting production of substantially the same 
                product that is the subject of--
                          (i) a countervailing duty or 
                        antidumping order under title VII of 
                        the Tariff Act of 1930; or
                          (ii) a determination under title II 
                        of the Trade Act of 1974.
                  (B) Affirmative determination.--Within 60 
                days after the date of the enactment of this 
                paragraph, the Bank shall establish procedures 
                regarding loans or guarantees provided to any 
                entity that is subject to a preliminary 
                determination of a reasonable indication of 
                material injury to an industry under title VII 
                of the Tariff Act of 1930. The procedures shall 
                help to ensure that these loans and guarantees 
                are likely to not result in a significant 
                increase in imports of substantially the same 
                product covered by the preliminary 
                determination and are likely to not have a 
                significant adverse impact on the domestic 
                industry. The Bank shall report to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, 
                Housing, and Urban Affairs of the Senate on the 
                implementation of these procedures.
                  (C) Comment period.--The Bank shall establish 
                procedures under which the Bank shall notify 
                interested parties and provide a comment period 
                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) with regard to 
                loans or guarantees reviewed pursuant to 
                subparagraph (B) or (D).
                  (D) Consideration of investigations under 
                title ii of the trade act of 1974.--In making 
                any determination under paragraph (1) for a 
                transaction involving more than $10,000,000, 
                the Bank shall consider investigations under 
                title II of the Trade Act of 1974 that have 
                been initiated at the request of the President 
                of the United States, the United States Trade 
                Representative, the Committee on Finance of the 
                Senate, or the Committee on Ways and Means of 
                the House of Representatives, or by the 
                International Trade Commission on its own 
                motion.
                  (E) Anti-circumvention.--The Bank shall not 
                provide a loan or guarantee if the Bank 
                determines that providing the loan or guarantee 
                will facilitate circumvention of an order or 
                determination referred to in subparagraph (A).
          (3) Exception.--Paragraphs (1) and (2) shall not 
        apply in any case where, in the judgment of the Board 
        of Directors of the Bank, the short- and long-term 
        benefits to industry and employment in the United 
        States are likely to outweigh the short- and long-term 
        injury to United States producers and employment of the 
        same, similar, or competing commodity.
          (4) Definition.--For purposes of paragraph (1)(B), 
        the extension of any credit or guarantee by the Bank 
        will cause substantial injury if the amount of the 
        capacity for production established, or the amount of 
        the increase in such capacity expanded, by such credit 
        or guarantee equals or exceeds 1 percent of United 
        States production.
          (5) Designation of sensitive commercial sectors and 
        products.--Not later than 120 days after the date of 
        the enactment of this Act, the Bank shall submit a list 
        to the Committee on Banking, Housing, and Urban Affairs 
        of the Senate and the Committee on Financial Services 
        of the House of Representatives, which designates 
        sensitive commercial sectors and products with respect 
        to which the provision of financing support by the Bank 
        is deemed unlikely by the President of the Bank due to 
        the significant potential for a determination that such 
        financing support would result in an adverse economic 
        impact on the United States. The President of the Bank 
        shall review on an annual basis thereafter the list of 
        sensitive commercial sectors and products and the Bank 
        shall submit an updated list to the Committee on 
        Banking, Housing, and Urban Affairs of the Senate and 
        the Committee on Financial Services of the House of 
        Representatives of such sectors and products.
          (6) Financial threshold determinations.--For purposes 
        of determining whether a proposed transaction exceeds a 
        financial threshold under this subsection or under the 
        procedures or rules of the Bank, the Bank shall 
        aggregate the dollar amount of the proposed transaction 
        and the dollar amounts of all loans and guarantees, 
        approved by the Bank in the preceding 24-month period, 
        that involved the same foreign entity and substantially 
        the same product to be produced.
          (7) Procedures to reduce adverse effects of loans and 
        guarantees on industries and employment in united 
        states.--
                  (A) Consideration of economic effects of 
                proposed transactions.--If, in making a 
                determination under this paragraph with respect 
                to a loan or guarantee, the Bank conducts a 
                detailed economic impact analysis or similar 
                study, the analysis or study, as the case may 
                be, shall include consideration of--
                          (i) the factors set forth in 
                        subparagraphs (A) and (B) of paragraph 
                        (1); and
                          (ii) the views of the public and 
                        interested parties.
                  (B) Notice and comment requirements.--
                          (i) In general.--If, in making a 
                        determination under this subsection 
                        with respect to a loan or guarantee, 
                        the Bank intends to conduct a detailed 
                        economic impact analysis or similar 
                        study, the Bank shall publish in the 
                        Federal Register a notice of the 
                        intent, and provide a period of not 
                        less than 14 days (which, on request by 
                        any affected party, shall be extended 
                        to a period of not more than 30 days) 
                        for the submission to the Bank of 
                        comments on the economic effects of the 
                        provision of the loan or guarantee, 
                        including comments on the factors set 
                        forth in subparagraphs (A) and (B) of 
                        paragraph (1). In addition, the Bank 
                        shall seek comments on the economic 
                        effects from the Department of 
                        Commerce, the Office of Management and 
                        Budget, the Committee on Banking, 
                        Housing, and Urban Affairs of the 
                        Senate, and the Committee on Financial 
                        Services of the House of 
                        Representatives.
                          (ii) Content of notice.--The notice 
                        shall include appropriate, 
                        nonproprietary information about--
                                  (I) the country to which the 
                                goods involved in the 
                                transaction will be shipped;
                                  (II) the type of goods being 
                                exported;
                                  (III) the amount of the loan 
                                or guarantee involved;
                                  (IV) the goods that would be 
                                produced as a result of the 
                                provision of the loan or 
                                guarantee;
                                  (V) the amount of increased 
                                production that will result 
                                from the transaction;
                                  (VI) the potential sales 
                                market for the resulting goods; 
                                and
                                  (VII) the value of the 
                                transaction.
                          (iii) Procedure regarding materially 
                        changed applications.--
                                  (I) In general.--If a 
                                material change is made to an 
                                application for a loan or 
                                guarantee from the Bank after a 
                                notice with respect to the 
                                intent described in clause (i) 
                                is published under this 
                                subparagraph, the Bank shall 
                                publish in the Federal Register 
                                a revised notice of the intent, 
                                and shall provide for a comment 
                                period, as provided in clauses 
                                (i) and (ii).
                                  (II) Material change 
                                defined.--As used in subclause 
                                (I), the term ``material 
                                change'', with respect to an 
                                application, includes--
                                          (aa) a change of at 
                                        least 25 percent in the 
                                        amount of a loan or 
                                        guarantee requested in 
                                        the application; and
                                          (bb) a change in the 
                                        principal product to be 
                                        produced as a result of 
                                        any transaction that 
                                        would be facilitated by 
                                        the provision of the 
                                        loan or guarantee.
                  (C) Requirement to address views of adversely 
                affected persons.--Before taking final action 
                on an application for a loan or guarantee to 
                which this section applies, the staff of the 
                Bank shall provide in writing to the Board of 
                Directors the views of any person who submitted 
                comments pursuant to subparagraph (B).
                  (D) Publication of conclusions.--Within 30 
                days after a party affected by a final decision 
                of the Board of Directors with respect to a 
                loan or guarantee makes a written request 
                therefor, the Bank shall provide to the 
                affected party a non-confidential summary of 
                the facts found and conclusions reached in any 
                detailed economic impact analysis or similar 
                study conducted pursuant to subparagraph (B) 
                with respect to the loan or guarantee, that 
                were submitted to the Board of Directors.
                  (E) Maintenance of documentation.--The Bank 
                shall maintain documentation relating to 
                economic impact analyses and similar studies 
                conducted under this subsection in a manner 
                consistent with the Standards for Internal 
                Control of the Federal Government issued by the 
                Comptroller General of the United States.
                  (F) 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.
                  (G) Regulations.--The Bank shall implement 
                such regulations and procedures as may be 
                appropriate to carry out this paragraph.
  (f) Authority To Deny Application for Assistance Based on 
Fraud or Corruption by Party Involved in the Transaction.--In 
addition to any other authority of the Bank, the Bank may deny 
an application for assistance with respect to a transaction if 
the Bank has substantial credible evidence that any party to 
the transaction or any party involved in the transaction has 
committed an act of fraud or corruption in connection with the 
transaction.
  (g) Process for Notifying Applicants of Application Status.--
The Bank shall establish and adhere to a clearly defined 
process for--
          (1) acknowledging receipt of applications;
          (2) informing applicants that their applications are 
        complete or, if incomplete or containing a minor 
        defect, of the additional material or changes that, if 
        supplied or made, would make the application eligible 
        for consideration; and
          (3) keeping applicants informed of the status of 
        their applications, including a clear and timely 
        notification of approval or disapproval, and, in the 
        case of disapproval, the reason for disapproval, as 
        appropriate.
  (h) Response to Application for Financing; Implementation of 
Online Loan Request and Tracking Process.--
          (1) Response to applications.--Within 5 days after 
        the Bank receives an application for financing, the 
        Bank shall notify the applicant that the application 
        has been received, and shall include in the notice--
                  (A) a request for such additional information 
                as may be necessary to make the application 
                complete;
                  (B) the name of a Bank employee who may be 
                contacted with questions relating to the 
                application; and
                  (C) a unique identification number which may 
                be used to review the status of the application 
                at a website established by the Bank.
          (2) Website.--Not later than September 1, 2007, the 
        Bank shall exercise the authority granted by 
        subparagraphs (E)(x) and (J) of subsection (b)(1) to 
        establish, and thereafter to maintain, a website 
        through which--
                  (A) Bank products may be applied for; and
                  (B) information may be obtained with respect 
                to--
                          (i) the status of any such 
                        application;
                          (ii) the Small Business Division of 
                        the Bank; and
                          (iii) incentives, preferences, 
                        targets, and goals relating to small 
                        business concerns (as defined in 
                        section 3(a) of the Small Business 
                        Act), including small business concerns 
                        exporting to Africa.
  (i) Due Diligence Standards for Lender Partners.--The Bank 
shall set due diligence standards for its lender partners and 
participants, which should be applied across all programs 
consistently. To minimize or prevent fraudulent activity, the 
Bank should require all delegated lenders to implement ``Know 
your customer practices''.
  (j) Non-subordination Requirement.--In entering into 
financing contracts, the Bank shall seek a creditor status 
which is not subordinate to that of all other creditors, in 
order to reduce the risk to, and enhance recoveries for, the 
Bank.
  (k) Prohibition on Discrimination Based on Industry.--
          (1) In general.--Except as provided in this Act, the 
        Bank may not--
                  (A) deny an application for financing based 
                solely on the industry, sector, or business 
                that the application concerns; or
                  (B) promulgate or implement policies that 
                discriminate against an application based 
                solely on the industry, sector, or business 
                that the application concerns.
          (2) Applicability.--The prohibitions under paragraph 
        (1) apply only to applications for financing by the 
        Bank for projects concerning the exploration, 
        development, production, or export of energy sources 
        and the generation or transmission of electrical power, 
        or combined heat and power, regardless of the energy 
        source involved.
  (l) Restriction on Financing for Certain Entities.--
          (1) In general.--Beginning on the date that is 180 
        days after the date of the enactment of this 
        subsection, the Board of Directors may not approve a 
        transaction that is subject to approval by the Board 
        with respect to the provision by the Agency of any 
        guarantee, insurance, or extension of credit, or the 
        participation by the Agency in any extension of credit 
        for which the end user, obligor, or lender is described 
        in paragraph (2).
          (2) Prohibited end user, obligor, or lender.--An end 
        user, obligor, or lender is described in this paragraph 
        if the end user, obligor, or lender is known to the 
        Agency to be:
                  (A) The People's Liberation Army of the 
                People's Republic of China.
                  (B) The Ministry of State Security of the 
                People's Republic of China.
                  (C) Included on the Denied Persons List or 
                the Entity List maintained by the Bureau of 
                Industry and Security of the Department of 
                Commerce.
                  (D) Included on the Arms Export Control Act 
                debarred list maintained by the Directorate of 
                Defense Trade Controls of the Department of 
                State.
                  (E) Any person who has paid a criminal fine 
                or penalty pursuant to a conviction or 
                resolution or settlement agreement with the 
                Department of Justice for a violation of the 
                Foreign Corrupt Practices Act in the preceding 
                3 years.
                  (F) A person who, in the preceding 3 years, 
                appeared on the Annual Intellectual Property 
                Report to Congress by the Intellectual Property 
                Enforcement Coordinator in the Executive Office 
                of the President, if the person was convicted 
                in any court
          (3) Definitions.--In this subsection:
                  (A) Person.--The term ``person'' means an 
                individual or entity.
                  (B) Entity.--The term ``entity'' means a 
                partnership, association, trust, joint venture, 
                corporation, group, subgroup, or other 
                organization.
  (m) Prohibitions on Financing for Certain Persons Involved in 
Sanctionable Activities.--
          (1) In general.--Beginning on the date that is 180 
        days after the date of the enactment of this 
        subsection, the Board of Directors of the Agency may 
        not approve any transaction that is subject to approval 
        by the Board with respect to the provision by the 
        Agency of any guarantee, insurance, or extension of 
        credit, or the participation by the Agency in any 
        extension of credit, to a person in connection with the 
        exportation of any good or service unless the person 
        provides the certification described in paragraph (2).
          (2) Certification described.--The certification 
        described in this paragraph is a certification by a 
        person who is an end user, obligor, or lender that 
        neither the person nor any other person owned or 
        controlled by the person engages in any activity in 
        contravention of any United States law, regulation, or 
        order applicable to the person concerning--
                  (A) trade and economic sanctions, including 
                an embargo;
                  (B) the freezing or blocking of assets of 
                designated persons; or
                  (C) other restrictions on exports, imports, 
                investment, payments, or other transactions 
                targeted at particular persons or countries.
          (3) Certification requirements.--The certification 
        described in paragraph (2) shall be made after 
        reasonable due diligence and based on best knowledge 
        and belief.
  Sec. 3. (a) The Export-Import Bank of the United States shall 
constitute an independent agency of the United States and 
neither the Bank nor any of its functions, powers, or duties 
shall be transferred to or consolidated with any other 
department, agency, or corporation of the Government unless the 
Congress shall otherwise by law provide.
  (b) There shall be a President of the Export-Import Bank of 
the United States, who shall be appointed by the President of 
the United States by and with the advice and consent of the 
Senate, who shall receive a salary at the rate of $40,000 per 
annum, and who shall serve as chief executive officer of the 
Bank. There shall be a First Vice President of the Bank, who 
shall be appointed by the President of the United States by and 
with the advice and consent of the Senate, who shall receive a 
salary at the rate of $38,000 per annum, who shall serve as 
President of the Bank during the absence or disability of or in 
the event of a vacancy in the office of President of the Bank, 
and who shall at other times perform such functions as the 
President of the Bank may from time to time prescribe.
  (c)(1) There shall be a Board of Directors of the Bank 
consisting of the President of the Export-Import Bank of the 
United States who shall serve as Chairman, the First Vice 
President who shall serve as Vice Chairman, and three 
additional persons appointed by the President of the United 
States by and with the advice and consent of the Senate.
  (2) Of the five members of the Board, not more than three 
shall be members of any one political party.
  (3) Each director, other than the President of the Export-
Import Bank and the Vice President of the Export-Import Bank, 
shall receive a salary at the rate of $38,000 per annum.
  (4) Before entering upon his duties, each of the directors 
shall take an oath faithfully to discharge the duties of his 
office.
  (5) The directors, in addition to their duties as members of 
the Board, shall perform such additional duties and may hold 
such other offices in the administration of the Bank as the 
President of the Bank may from time to time prescribe.
  (6)(A) A quorum of the Board of Directors shall consist of at 
least three members.
  (B)(i) If there is an insufficient number of directors to 
constitute a quorum under subparagraph (A) for 90 consecutive 
days during the term of a President of the United States, a 
temporary Board, consisting of the following members, shall act 
in the stead of the Board of Directors:
          (I) The United States Trade Representative,
          (II) The Secretary of the Treasury,
          (III) The Secretary of Commerce, and
          (IV) The members of the Board of Directors.
  (ii) If, at a meeting of the temporary Board--
          (I) a member referred to in clause (i)(IV) is 
        present, the meeting shall be chaired by such a member, 
        consistent with Agency bylaws; or
          (II) no such member is present, the meeting shall be 
        chaired by the United States Trade Representative.
  (iii) A member described in subclause (I), (II), or (III) of 
clause (i) may delegate the authority of the member to vote on 
whether to authorize a transaction, whose value does not exceed 
$100,000,000, to--
          (I) if the member is the United States Trade 
        Representative, the Deputy United States Trade 
        Representative; or
          (II) if the member is referred to in such subclause 
        (II) or (III), the Deputy Secretary of the department 
        referred to in the subclause.
  (iv) If the temporary Board consists of members of only 1 
political party, the President of the United States shall, to 
the extent practicable, appoint to the temporary Board a 
qualified member of a different political party who occupies a 
position requiring nomination by the President, by and with the 
consent of the Senate.
  (v) The temporary board may not change or amend Agency 
policies, procedures, bylaws, or guidelines.
  (vi) The temporary Board shall expire at the end of the term 
of the President of the United States in office at the time the 
temporary Board was constituted or upon restoration of a quorum 
of the Board of Directors as defined in subparagraph (A).
  (vii) With respect to a transaction that equals or exceeds 
$100,000,000, the Chairperson of the temporary Board shall 
ensure that the Agency complies with section 2(b)(3).
  (7) The Board of Directors shall adopt, and may from time to 
time amend, such bylaws as are necessary for the proper 
management and functioning of the Bank, and shall, in such 
bylaws, designate the vice presidents and other officers of the 
Bank and prescribe their duties.
  (8)(A) The terms of the directors, including the President 
and the First Vice President of the Bank, appointed under this 
section shall be four years, except that--
          (i) during their terms of office, the directors shall 
        serve at the pleasure of the President of the United 
        States;
          (ii) the term of any director appointed after the 
        date of enactment of this paragraph to serve before 
        January 20, 1985, shall expire on January 20, 1985;
          (iii) of the directors first appointed to serve 
        beginning on or after January 21, 1985, two directors 
        (other than the President and First Vice President of 
        the Bank) shall be appointed for terms of two years, as 
        designated by the President of the United States at the 
        time of their appointment; and
          (iv) any director first appointed to serve for a term 
        beginning on any date after January 21, 1985, shall 
        serve only for the remainder of the period for which 
        such director would have been appointed if such 
        director's term had begun on January 21, 1985. If such 
        term would have expired before the date on which such 
        director's term actually begins, the term of such 
        director shall be the four-year period, or remainder 
        thereof, as if such director had been preceded by a 
        director whose term had begun on January 21, 1985.
  (B) Of the five members of the Board appointed by the 
President, not less than one such member shall be selected from 
among the small business community and shall represent the 
interests of small business.
  (C) Any person chosen to fill a vacancy shall be appointed 
only for the unexpired term of the director whom such person 
succeeds.
  (D) Any director whose term has expired may be reappointed.
  (E) Any director whose term has expired may continue to serve 
on the Board of Directors until the earlier of--
          (i) the date on which such director's successor is 
        qualified; or
          (ii) the end of the 6-month period beginning on the 
        date such director's term expires.
  (9) At the request of any 2 members of the Board of 
Directors, the Chairman of the Board shall place an item 
pertaining to the policies or procedures of the Bank on the 
agenda for discussion by the Board. Within 30 days after the 
date such a request is made, the Chairman shall hold a meeting 
of the Board at which the item shall be discussed.
          (10) Notice and comment requirements.--
                  (A) In general.--Before any meeting of the 
                Board for final consideration of a long-term 
                transaction the value of which exceeds 
                $100,000,000, and concurrent with any statement 
                required to be submitted under section 2(b)(3) 
                with respect to the transaction, the Bank shall 
                provide a notice and comment period.
                  (B) Financial threshold determinations.--For 
                purposes of determining whether the value of a 
                proposed transaction exceeds the financial 
                threshold set forth in subparagraph (A), the 
                Bank shall aggregate the dollar amount of the 
                proposed transaction and the dollar amounts of 
                all long-term loans and guarantees, approved by 
                the Bank in the preceding 12-month period, that 
                involved the same foreign entity and 
                substantially the same product to be produced.
                  (C) Specific requirements.--
                          (i) In general.--The Bank shall--
                                  (I) publish in the Federal 
                                Register a notice of the 
                                application proposing the 
                                transaction;
                                  (II) provide a period of not 
                                less than 25 days for the 
                                submission to the Bank of 
                                comments on the application; 
                                and
                                  (III) notify the Committee on 
                                Banking, Housing, and Urban 
                                Affairs of the Senate, and the 
                                Committee on Financial Services 
                                of the House of Representatives 
                                of the application, and seek 
                                comments on the application 
                                from the Department of Commerce 
                                and the Office of Management 
                                and Budget.
                          (ii) Content of notice.--The notice 
                        published under clause (i)(I) with 
                        respect to an application for a loan or 
                        financial guarantee shall include 
                        appropriate information about--
                                  (I) a brief non-proprietary 
                                description of the purposes of 
                                the transaction and the 
                                anticipated use of any item 
                                being exported, including, to 
                                the extent the Bank is 
                                reasonably aware, whether the 
                                item may be used to produce 
                                exports or provide services in 
                                competition with the 
                                exportation of goods or the 
                                provision of services by a 
                                United States industry;
                                  (II) the identities of the 
                                obligor, principal supplier, 
                                and guarantor; and
                                  (III) a description, such as 
                                type or model number, of any 
                                item with respect to which Bank 
                                financing is being sought, but 
                                only to the extent the 
                                description does not disclose 
                                any information that is 
                                confidential or proprietary 
                                business information, that 
                                would violate the Trade Secrets 
                                Act, or that would jeopardize 
                                jobs in the United States by 
                                supplying information which 
                                competitors could use to 
                                compete with companies in the 
                                United States.
                  (D) Procedure regarding materially changed 
                applications.--
                          (i) In general.--If a material change 
                        is made to an application to which this 
                        paragraph applies, after a notice with 
                        respect to the application is published 
                        under subparagraph (C)(i)(I), the Bank 
                        shall publish in the Federal Register a 
                        revised notice of the application and 
                        provide for an additional comment 
                        period as provided in subparagraph 
                        (C)(i)(II).
                          (ii) Material change defined.--In 
                        clause (i), the term ``material 
                        change'', with respect to an 
                        application for a loan or guarantee, 
                        includes an increase of at least 25 
                        percent in the amount of a loan or 
                        guarantee requested in the application.
                  (E) Requirement to address views of 
                commenters.--Before taking final action on an 
                application to which this paragraph applies, 
                the staff of the Bank shall provide in writing 
                to the Board of Directors the views of any 
                person who submitted comments on the 
                application pursuant to this paragraph.
                  (F) Publication of conclusions.--Within 30 
                days after a final decision of the Board of 
                Directors with respect to an application to 
                which this paragraph applies, the Bank shall 
                provide to a commenter on the application or 
                the decision who makes a request therefor, a 
                non-confidential summary of the facts found and 
                conclusions reached in any detailed analysis or 
                similar study with respect to the loan or 
                guarantee that is the subject of the 
                application, that was submitted to the Board of 
                Directors. Such summary should be sent within 
                30 days of the receipt of the written request 
                or date of the final decision of the Board of 
                Directors, whichever is later.
                  (G) Rule of interpretation.--The obligations 
                imposed by this paragraph shall not be 
                interpreted to create, modify, or preclude any 
                legal right of action.
  (d)(1)(A) There is established an Advisory Committee to 
consist of 17 members who shall be appointed by the Board of 
Directors on the recommendation of the President of the Bank.
  (B) Such members shall be broadly representative of 
environment, production, commerce, finance, agriculture, labor, 
services, State government, and the textile industry.
  (2)(A) Not less than three members appointed to the Advisory 
Committee shall be representative of the small business 
community.
  (B) Not less than 2 members appointed to the Advisory 
Committee shall be representative of the labor community, 
except that no 2 representatives of the labor community shall 
be selected from the same labor union.
          (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.
  (3) The Advisory Committee shall meet at least once each 
quarter.
  (4) The Advisory Committee shall advise the Bank on its 
programs, and shall submit, with the report specified in 
section 2(b)(1)(A) of this Act, its own comments to the 
Congress on the extent to which the Bank is meeting its mandate 
to provide competitive financing to expand United States 
exports, and any suggestions for improvements in this regard.
  (5) In carrying out paragraph (4), the Advisory Committee 
shall consider ways to promote the financing of Bank 
transactions for the textile industry, consistent with the 
requirement that the Bank obtain a reasonable assurance of 
repayment, and determine ways to--
          (A) increase Bank support for the exports of textile 
        components or inputs made in the United States; and
          (B) support the maintenance, promotion and expansion 
        of jobs in the United States that are critical to the 
        manufacture of textile components and inputs.
  (e)(1) No director, officer, attorney, agent, or employee of 
the bank shall in any manner, directly or indirectly, 
participate in the deliberation upon or the determination of 
any question affecting such individual's personal interests, or 
the interests of any corporation, partnership, or association 
in which such individual is directly or indirectly personally 
interested.
  (2) The General Counsel of the Bank shall ensure that the 
directors, officers, and employees of the Bank have available 
appropriate legal counsel for advice on, and oversight of, 
issues relating to personnel matters and other administrative 
law matters by designating an attorney to serve as Assistant 
General Counsel for Administration, whose duties, under the 
supervision of the General Counsel, shall be concerned solely 
or primarily with such issues.
  (f) Small Business Division.--
          (1) Establishment.--There is established a Small 
        Business Division (in this subsection referred to as 
        the ``Division'') within the Bank in order to--
                  (A) carry out the provisions of subparagraphs 
                (E) and (I) of section 2(b)(1) relating to 
                outreach, feedback, product improvement, and 
                transaction advocacy for small business 
                concerns (as defined in section 3(a) of the 
                Small Business Act);
                  (B) advise and seek feedback from small 
                business concerns on the opportunities and 
                benefits for small business concerns in the 
                financing products offered by the Bank, with 
                particular emphasis on conducting outreach, 
                enhancing the tailoring of products to small 
                business needs and increasing loans to small 
                business concerns;
                  (C) maintain liaison with the Small Business 
                Administration and other departments and 
                agencies in matters affecting small business 
                concerns; and
                  (D) provide oversight of the development, 
                implementation, and operation of technology 
                improvements to strengthen small business 
                outreach, including the technology improvement 
                required by section 2(b)(1)(E)(x).
          (2) Management.--The President of the Bank shall 
        appoint an officer, who shall rank not lower than 
        senior vice president and whose sole executive function 
        shall be to manage the Division. The officer shall--
                  (A) have substantial recent experience in 
                financing exports by small business concerns; 
                and
                  (B) advise the Board, particularly the 
                director appointed under section 3(c)(8)(B) to 
                represent the interests of small business, on 
                matters of interest to, and concern for, small 
                business.
  (g) Small Business Specialists.--
          (1) Dedicated personnel.--The President of the Bank 
        shall ensure that each operating division within the 
        Bank has staff that specializes in processing 
        transactions that primarily benefit small business 
        concerns (as defined in section 3(a) of the Small 
        Business Act).
          (2) Responsibilities.--The small business specialists 
        shall be involved in all aspects of processing 
        applications for loans, guarantees, and insurance to 
        support exports by small business concerns, including 
        the approval or disapproval, or staff recommendations 
        of approval or disapproval, as applicable, of such 
        applications. In carrying out these responsibilities, 
        the small business specialists shall consider the 
        unique business requirements of small businesses and 
        shall develop exporter performance criteria tailored to 
        small business exporters.
          (3) Approval authority.--In an effort to maximize the 
        speed and efficiency with which the Bank processes 
        transactions primarily benefitting small business 
        concerns, the small business specialists shall be 
        authorized to approve applications for working capital 
        loans and guarantees, and insurance in accordance with 
        policies and procedures established by the Board. It is 
        the sense of Congress that the policies and procedures 
        should not prohibit, where appropriate, small business 
        specialists from approving applications for working 
        capital loans and guarantees, and for insurance, in 
        support of exports which have a value of less than 
        $25,000,000.
          (4) Identification.--The Bank shall prominently 
        identify the small business specialists on its website 
        and in promotional material.
          (5) Employee evaluations.--The evaluation of staff 
        designated by the President of the Bank under paragraph 
        (1), including annual reviews of performance of duties 
        related to transactions in support of exports by small 
        business concerns, and any resulting recommendations 
        for salary adjustments, promotions, and other personnel 
        actions, shall address the criteria established 
        pursuant to subsection (h)(2)(B)(iii) and shall be 
        conducted by the manager of the relevant operating 
        division following consultation with the officer 
        appointed to manage the Small Business Division 
        pursuant to subsection (f)(2).
          (6) Staff recommendations.--Staff recommendations of 
        denial or withdrawal for medium-term applications, 
        exporter held multi-buyer policies, single buyer 
        policies, and working capital applications processed by 
        the Bank shall be transmitted to the officer appointed 
        to manage the Small Business Division pursuant to 
        subsection (f)(2) not later than 2 business days before 
        a final decision.
          (7) Rule of interpretation.--Nothing in this Act 
        shall be construed to prevent the delegation to the 
        Division of any authority necessary to carry out 
        subparagraphs (E) and (I) of section 2(b)(1).
  (h) Small Business Committee.--
          (1) Establishment.--There is established a management 
        committee to be known as the ``Small Business 
        Committee''.
          (2) Purpose and duties.--
                  (A) Purpose.--The purpose of the Small 
                Business Committee shall be to coordinate the 
                Bank's initiatives and policies with respect to 
                small business concerns (as defined in section 
                3(a) of the Small Business Act), including the 
                timely processing and underwriting of 
                transactions involving direct exports by small 
                business concerns, and the development and 
                coordination of efforts to implement new or 
                enhanced Bank products and services pertaining 
                to small business concerns.
                  (B) Duties.--The duties of the Small Business 
                Committee shall be determined by the President 
                of the Bank and shall include the following:
                          (i) Assisting in the development of 
                        the Bank's small business strategic 
                        plans, including the Bank's plans for 
                        carrying out section 2(b)(1)(E) (v) and 
                        (x), and measuring and reporting in 
                        writing to the President of the Bank, 
                        at least once a year, on the Bank's 
                        progress in achieving the goals set 
                        forth in the plans.
                          (ii) Evaluating and reporting in 
                        writing to the President of the Bank, 
                        at least once a year, with respect to--
                                  (I) the performance of each 
                                operating division of the Bank 
                                in serving small business 
                                concerns;
                                  (II) the impact of processing 
                                and underwriting standards on 
                                transactions involving direct 
                                exports by small business 
                                concerns; and
                                  (III) the adequacy of the 
                                staffing and resources of the 
                                Small Business Division.
                          (iii) Establishing criteria for 
                        evaluating the performance of staff 
                        designated by the President of the Bank 
                        under subsection (g)(1).
                          (iv) Coordinating the provision of 
                        services with other United States 
                        Government departments and agencies to 
                        small business concerns.
          (3) Composition.--
                  (A) Chairperson.--The Chairperson of the 
                Small Business Committee shall be the officer 
                appointed to manage the Small Business Division 
                pursuant to subsection (f)(2). The Chairperson 
                shall have the authority to call meetings of 
                the Small Business Committee, set the agenda 
                for Committee meetings, and request policy 
                recommendations from the Committee's members.
                  (B) Other members.--Except as otherwise 
                provided in this subsection, the President of 
                the Bank shall determine the composition of the 
                Small Business Committee, and shall appoint or 
                remove the members of the Small Business 
                Committee. In making such appointments, the 
                President of the Bank shall ensure that the 
                Small Business Committee is comprised of--
                          (i) the senior managing officers 
                        responsible for underwriting and 
                        processing transactions; and
                          (ii) other officers and employees of 
                        the Bank with responsibility for 
                        outreach to small business concerns and 
                        underwriting and processing 
                        transactions that involve small 
                        business concerns.
          (4) Reporting.--The Chairperson shall provide to the 
        President of the Bank minutes of each meeting of the 
        Small Business Committee, including any recommendations 
        by the Committee or its individual members.
  [(i) Office of Financing for Socially and Economically 
Disadvantaged Small Business Concerns and Small Business 
Concerns Owned by Women.--
          [(1) Establishment.--The President of the Bank shall 
        establish in the Small Business Division an office 
        whose sole functions shall be to continue and enhance 
        the outreach activities of the Bank with respect to, 
        and increase the total amount of loans, guarantees, and 
        insurance provided by the Bank to support exports by, 
        socially and economically disadvantaged small business 
        concerns (as defined in section 8(a)(4) of the Small 
        Business Act) and small business concerns owned by 
        women.
          [(2) Management.--The office shall be managed by a 
        Bank officer of appropriate rank who shall report to 
        the Bank officer designated under subsection (f)(2).
          [(3) Staffing.--To the maximum extent practicable, 
        the President of the Bank shall ensure that qualified 
        minority and women applicants are considered when 
        filling any position in the office.]
  (i) Office of Minority and Women Inclusion.--
          (1) Establishment.--The Agency shall establish an 
        Office of Minority and Women Inclusion which shall be 
        responsible for carrying out this subsection and all 
        matters relating to diversity in management, 
        employment, and business activities in accordance with 
        such standards and requirements as the Director of the 
        Office shall establish.
          (2) Transfer of responsibilities.--The Agency shall 
        ensure that, to the extent that the responsibilities 
        described in paragraph (1) (or comparable 
        responsibilities) were, as of the date of the enactment 
        of this subsection, performed by another office of the 
        Agency, the responsibilities shall be transferred to 
        the Office.
          (3) Duties with respect to civil rights laws.--The 
        responsibilities described in paragraph (1) shall not 
        include enforcement of statutes, regulations, or 
        executive orders pertaining to civil rights, except 
        that the Director of the Office shall coordinate with 
        the President of the Agency, or the designee of the 
        President of the Agency, regarding the design and 
        implementation of any remedies resulting from 
        violations of the statutes, regulations, or executive 
        orders.
          (4) Director.--
                  (A) In general.--The Director of the Office 
                shall be appointed by, and shall report 
                directly to, the President of the Agency. The 
                position of Director of the Office shall be a 
                career reserved position in the Senior 
                Executive Service, as that position is defined 
                in section 3132 of title 5, United States Code, 
                or an equivalent designation.
                  (B) Duties.--The Director shall--
                          (i) develop standards for equal 
                        employment opportunity and the racial, 
                        ethnic, and gender diversity of the 
                        workforce and senior management of the 
                        Agency;
                          (ii) develop standards for increased 
                        participation of minority-owned and 
                        women-owned businesses in the programs 
                        and contracts of the Agency, including 
                        standards for coordinating technical 
                        assistance to the businesses; and
                          (iii) enhance the outreach activities 
                        of the Agency with respect to, and 
                        increase the total amount of loans, 
                        guarantees, and insurance provided by 
                        the Agency 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.
                  (C) Other duties.--The Director shall advise 
                the President of the Agency on the impact of 
                the policies of the Agency on minority-owned 
                and women-owned businesses.
          (5) Inclusion in all levels of business activities.--
                  (A) Contracts.--The Director of the Office 
                shall develop and implement standards and 
                procedures to ensure, to the maximum extent 
                possible, the inclusion and utilization of 
                minorities (as defined in section 1204(c) of 
                the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1811 
                note)) and women, and minority- and women-owned 
                businesses (as such terms are defined in 
                section 21A(r)(4) of the Federal Home Loan Bank 
                Act (12 U.S.C. 1441a(r)(4)) in all business and 
                activities of the Agency at all levels, 
                including in procurement, insurance, and all 
                types of contracts. The processes established 
                by the Agency for review and evaluation for 
                contract proposals and to hire service 
                providers shall include a component that gives 
                consideration to the diversity of the 
                applicant.
                  (B) Applicability.--This paragraph shall 
                apply to all contracts for services of any 
                kind, including all contracts for all business 
                and activities of the Agency, at all levels.
                  (C) Outreach.--The Agency shall establish a 
                minority outreach program to ensure the 
                inclusion (to the maximum extent practicable) 
                of contracts entered into with the enterprises 
                of minorities and women and businesses owned by 
                minorities and women, including financial 
                institutions, investment banking firms, 
                underwriters, accountants, brokers, and 
                providers of legal services.
          (6) Diversity in agency workforce.--The Agency shall 
        take affirmative steps to seek diversity in its 
        workforce at all levels of the Agency consistent with 
        the demographic diversity of the United States, in a 
        manner consistent with applicable law, including--
                  (A) to the extent the Agency engages in 
                recruitment efforts to fill vacancies--
                          (i) recruiting at historically Black 
                        colleges and universities, Hispanic-
                        serving institutions, Tribal colleges 
                        and universities, women's colleges, and 
                        colleges that typically serve majority 
                        minority populations; and
                          (ii) recruiting at job fairs in urban 
                        communities, and placing employment 
                        advertisements in print and digital 
                        media oriented toward women and people 
                        of color;
                  (B) partnering with organizations that are 
                focused on developing opportunities for 
                minorities and women to place talented young 
                minorities and women in industry internships, 
                summer employment, and full-time positions; and
                  (C) by use of any other mass media 
                communications that the Director of the Office 
                determines necessary.
  (j) Authority to Use Portion of Bank Surplus to Update 
Information Technology Systems.--
          (1) In general.--[Subject to paragraphs (3) and (4), 
        the Bank may use an amount equal to 1.25 percent of the 
        surplus of the Bank during fiscal years 2015 through 
        2019 to--] Subject to paragraphs (3) and (4), the 
        Agency may use an amount equal to 1.25 percent of the 
        surplus of the Agency during fiscal years 2020 through 
        2029 to--
                  (A) seek to remedy any of the operational 
                weakness and risk management vulnerabilities of 
                the Bank which are the result of the 
                information technology system of the Bank;
                  (B) remedy data fragmentation, enhance 
                information flow throughout the Bank, and 
                manage data across the Bank; and
                  (C) enhance the operational capacity and risk 
                management capabilities of the Bank to better 
                enable the Bank to increase exports and grow 
                jobs while protecting the taxpayer.
          (2) Surplus.--In paragraph (1), the term ``surplus'' 
        means the amount (if any) by which--
                  (A) the sum of the interest and fees 
                collected by the Bank; exceeds
                  (B) the sum of--
                          (i) the funds set aside to cover 
                        expected losses on transactions 
                        financed by the Bank; and
                          (ii) the costs incurred to cover the 
                        administrative expenses of the Bank.
          [(3) Limitation.--The aggregate of the amounts used 
        in accordance with paragraph (1) for fiscal years 2015 
        through 2019 shall not exceed $20,000,000.]
          (3) Limitation.--The aggregate of the amounts used in 
        accordance with paragraph (1) for fiscal years 2020 
        through 2029 shall not exceed $40,000,000.
          (4) Subject to appropriations.--The authority 
        provided by paragraph (1) may be exercised only to such 
        extent and in such amounts as are provided in advance 
        in appropriations Acts.
  (k) Office of Ethics.--
          (1) Establishment.--There is established an Office of 
        Ethics within the Bank, which shall oversee all ethics 
        issues within the Bank.
          (2) Head of office.--
                  (A) In general.--The head of the Office of 
                Ethics shall be the Chief Ethics Officer, who 
                shall report to the Board of Directors.
                  (B) Appointment.--Not later than 180 days 
                after the date of the enactment of the Export-
                Import Bank Reform and Reauthorization Act of 
                2015, the Chief Ethics Officer shall be--
                          (i) appointed by the President of the 
                        Bank from among persons--
                                  (I) with a background in law 
                                who have experience in the 
                                fields of law and ethics; and
                                  (II) who are not serving in a 
                                position requiring appointment 
                                by the President of the United 
                                States before being appointed 
                                to be Chief Ethics Officer; and
                          (ii) approved by the Board.
                  (C) Designated agency ethics official.--The 
                Chief Ethics Officer shall serve as the 
                designated agency ethics official for the Bank 
                pursuant to the Ethics in Government Act of 
                1978 (5 U.S.C. App. 101 et seq.).
          (3) Duties.--The Office of Ethics has jurisdiction 
        over all employees of, and ethics matters relating to, 
        the Bank. With respect to employees of the Bank, the 
        Office of Ethics shall--
                  (A) recommend administrative actions to 
                establish or enforce standards of official 
                conduct;
                  (B) refer to the Office of the Inspector 
                General of the Bank alleged violations of--
                          (i) the standards of ethical conduct 
                        applicable to employees of the Bank 
                        under parts 2635 and 6201 of title 5, 
                        Code of Federal Regulations;
                          (ii) the standards of ethical conduct 
                        established by the Chief Ethics 
                        Officer; and
                          (iii) any other laws, rules, or 
                        regulations governing the performance 
                        of official duties or the discharge of 
                        official responsibilities that are 
                        applicable to employees of the Bank;
                  (C) report to appropriate Federal or State 
                authorities substantial evidence of a violation 
                of any law applicable to the performance of 
                official duties that may have been disclosed to 
                the Office of Ethics; and
                  (D) render advisory opinions regarding the 
                propriety of any current or proposed conduct of 
                an employee or contractor of the Bank, and 
                issue general guidance on such matters as 
                necessary.
  (l) Chief Risk Officer.--
          (1) In general.--There shall be a Chief Risk Officer 
        of the Bank, who shall--
                  (A) oversee all issues relating to risk 
                within the Bank; and
                  (B) report to the President of the Bank.
          (2) Appointment.--Not later than 180 days after the 
        date of the enactment of the Export-Import Bank Reform 
        and Reauthorization Act of 2015, the Chief Risk Officer 
        shall be--
                  (A) appointed by the President of the Bank 
                from among persons--
                          (i) with a demonstrated ability in 
                        the general management of, and 
                        knowledge of and extensive practical 
                        experience in, financial risk 
                        evaluation practices in large 
                        governmental or business entities; and
                          (ii) who are not serving in a 
                        position requiring appointment by the 
                        President of the United States before 
                        being appointed to be Chief Risk 
                        Officer; and
                  (B) approved by the Board.
          (3) Duties.--The duties of the Chief Risk Officer 
        are--
                  (A) to be responsible for all matters related 
                to managing and mitigating all risk to which 
                the Bank is exposed, including the programs and 
                operations of the Bank;
                  (B) to establish policies and processes for 
                risk oversight, the monitoring of management 
                compliance with risk limits, and the management 
                of risk exposures and risk controls across the 
                Bank;
                  (C) to be responsible for the planning and 
                execution of all Bank risk management 
                activities, including policies, reporting, and 
                systems to achieve strategic risk objectives;
                  (D) to develop an integrated risk management 
                program that includes identifying, 
                prioritizing, measuring, monitoring, and 
                managing internal control and operating risks 
                and other identified risks;
                  (E) to ensure that the process for risk 
                assessment and underwriting for individual 
                transactions considers how each such 
                transaction considers the effect of the 
                transaction on the concentration of exposure in 
                the overall portfolio of the Bank, taking into 
                account fees, collateralization, and historic 
                default rates; and
                  (F) to review the adequacy of the use by the 
                Bank of qualitative metrics to assess the risk 
                of default under various scenarios.
  (m) Risk Management Committee.--
          (1) Establishment.--There is established a management 
        committee to be known as the ``Risk Management 
        Committee''.
          (2) Membership.--The membership of the Risk 
        Management Committee shall be the members of the Board 
        of Directors, with the President and First Vice 
        President of the Bank serving as ex officio members.
          (3) Duties.--The duties of the Risk Management 
        Committee shall be--
                  (A) to oversee, in conjunction with the 
                Office of the Chief Financial Officer of the 
                Bank--
                          (i) periodic stress testing on the 
                        entire Bank portfolio, reflecting 
                        different market, industry, and 
                        macroeconomic scenarios, and consistent 
                        with common practices of commercial and 
                        multilateral development banks; and
                          (ii) the monitoring of industry, 
                        geographic, and obligor exposure 
                        levels; and
                  (B) to review all required reports on the 
                default rate of the Bank before submission to 
                Congress under section 8(g).
  (n) Office of Territorial Exporting.--
          (1) In general.--The President of the Agency shall 
        establish an Office of Territorial Exporting, the 
        functions of which shall be to--
                  (A) promote the export of goods and services 
                from the territories;
                  (B) conduct outreach, education, and 
                disseminate information concerning export 
                opportunities and the availability of Agency 
                support for such activities; and
                  (C) increase the total amount of loans, 
                guarantees, and insurance provided by the 
                Agency benefitting the territories.
          (2) Staff.--The President of the Agency shall hire 
        such staff as may be necessary to perform the functions 
        of the Office, including--
                  (A) at least 1 staffer responsible for 
                liaising with Puerto Rico and the United States 
                Virgin Islands; and
                  (B) at least 1 staffer responsible for 
                liaising with the United States territories of 
                Guam, the Commonwealth of the Northern Mariana 
                Islands, and American Samoa.
          (3) Definition of territory.--In this Act, the term 
        ``territory'' means the Commonwealth of Puerto Rico, 
        the United States Virgin Islands, Guam, the 
        Commonwealth of the Northern Mariana Islands, and 
        American Samoa.
  (o) Compensation of Employees.--
          (1) Rates of pay.--Subject to paragraph (2), the 
        Board of Directors of the Agency, consistent with 
        standards established by the Director of the Office of 
        Minority and Women Inclusion, may set and adjust rates 
        of basic pay for employees and new hires of the Agency 
        without regard to the provisions of chapter 51 and 
        subchapter III of chapter 53 of title 5, United States 
        Code, except that no employee of the Agency may receive 
        a rate of basic pay that exceeds the rate for level III 
        of the Executive Schedule under section 5313 of such 
        title.
          (2) Limitations.--The Board of Directors of the 
        Agency may not apply paragraph (1) to more than 35 
        employees at any point in time. Nothing in paragraph 
        (1) may be construed to apply to any position of a 
        confidential or policy-determining character that is 
        excepted from the competitive service under section 
        3302 of title 5, United States Code, (pursuant to 
        schedule C of subpart C of part 213 of title 5 of the 
        Code of Federal Regulations) or to any position that 
        would otherwise be subject to section 5311 or 5376 of 
        title 5, United States Code.

           *       *       *       *       *       *       *


SEC. 6. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.

  (a) Limitation on Outstanding Amounts.--
          (1) In general.--The Export-Import Bank of the United 
        States shall not have outstanding at any one time 
        loans, guarantees, and insurance in an aggregate amount 
        in excess of the applicable amount.
          [(2) Applicable amount defined.--In this subsection, 
        the term ``applicable amount'', for each of fiscal 
        years 2015 through 2019, means $135,000,000,000.]
          (2) Applicable amount defined.--In this subsection, 
        the term ``applicable amount'' means--
                  (A) $145,000,000,000 for fiscal year 2020;
                  (B) $150,000,000,000 for fiscal year 2021;
                  (C) $155,000,000,000 for fiscal year 2022;
                  (D) $160,000,000,000 for fiscal year 2023;
                  (E) $165,000,000,000 for fiscal year 2024;
                  (F) $170,000,000,000 for fiscal year 2025; 
                and
                  (G) $175,000,000,000 for each of fiscal years 
                2026 through 2029.
          (3) Freezing of lending cap if default rate is 2 
        percent or more.--If the rate calculated under section 
        8(g)(1) is 2 percent or more for a quarter, the Bank 
        may not exceed the amount of loans, guarantees, and 
        insurance outstanding on the last day of that quarter 
        until the rate calculated under section 8(g)(1) is less 
        than 2 percent.
          (4) Subject to appropriations.--All spending and 
        credit authority provided under this Act shall be 
        effective for any fiscal year only to such extent or in 
        such amounts as are provided in appropriation Acts.
  (b) Reserve Requirement.--The Bank shall build to and hold in 
reserve, to protect against future losses, an amount that is 
not less than 5 percent of the aggregate amount of disbursed 
and outstanding loans, guarantees, and insurance of the Bank.
   (c) Presidential Determination.--
          (1) In general.--Not later than March 31 of each 
        fiscal year, the President of the United States shall 
        determine whether the authority available to the Bank 
        for such fiscal year will be sufficient to meet the 
        Bank's needs, particularly those needs arising from--
                  (A) increases in the level of exports 
                unforeseen at the time of the original budget 
                request for such fiscal year;
                  (B) any increased foreign export credit 
                subsidies; or
                  (C) the lack of progress in negotiations to 
                reduce or eliminate export credit subsidies.
          (2) Request for legislation.--
                  (A) In general.--If the President of the 
                United States finds that the amount of direct 
                loan authority or guarantee authority available 
                to the Bank for the fiscal year involved 
                exceeds the amount which will be necessary to 
                carry out the Bank's functions consistent with 
                the availability of qualified applications and 
                limitations imposed by law during such year, 
                the President of the United States shall 
                promptly transmit to the Congress a request for 
                legislation to eliminate the amount of such 
                excess direct loan, loan guarantee, or 
                insurance authority.
                  (B) Continued availability of authority.--The 
                Bank shall continue to make remaining amounts 
                of its authority available for the fiscal year 
                involved, in accordance with its practices and 
                the requirements of this Act, unless otherwise 
                directed pursuant to law.
  Sec. 7. The Export-Import Bank of the United States shall 
continue to exercise its functions in connection with and in 
furtherance of its object and purposes until the close of 
business on September 30, [2019] 2029, but the provisions of 
this section shall not be construed as preventing the Bank from 
acquiring obligations prior to such date which mature 
subsequent to such date or from assuming prior to such date 
liability as guarantor, endorser, or acceptor of obligations 
which mature subsequent to such date, or from issuing either 
prior or subsequent to such date, for purchase by the Secretary 
of the Treasury or any other purchasers, its notes, debentures, 
bonds, or other obligations which mature subsequent to such 
date or from continuing as a corporate agency of the United 
States and exercising any of its functions subsequent to such 
date for purposes of orderly liquidation, including the 
administration of its assets and the collection of any 
obligations held by the Bank.
  Sec. 8. (a) The Export-Import Bank of the United States shall 
transmit to the Congress annually a complete and detailed 
report of its operations. The report shall be as of the close 
of business on the last day of each fiscal year.
  (b)(1) The Bank shall include in its annual report to the 
Congress a report on the allocation of the sums set aside for 
small business exports pursuant to section 2(b)(1)(E).
  (2) Such report shall specify--
          (A) the total number and dollar volume of loans made 
        from the sums set aside;
          (B) the number and dollar volume of loans made 
        through the consortia program under section 
        2(b)(1)(E)(vii);
          (C) the amount of guarantees and insurance provided 
        for small business exports;
          (D) the number of recipients of financing from the 
        sums set aside who have not previously participated in 
        the Bank's programs;
          (E) the number of commitments entered into in amounts 
        less than $500,000; and
          (F) any recommendations for increasing the 
        participation of banks and other institutions in the 
        programs authorized under section 2(b)(1)(E).
  (3) For the purpose of this subsection, the Bank's report 
shall be transmitted to the Committee on Small Business of the 
Senate and the Committee on Small Business of the House of 
Representatives.
  (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 2002 through 2006 
a report on the efforts made by the Bank to carry out 
subparagraphs (E)(x) and (J) of section 2(b)(1) of this Act, 
and on how the efforts are assisting small business concerns 
(as defined in section 3(a) of the Small Business Act).
  (d) Number of Small Business Suppliers of Bank Users.--The 
Bank shall estimate on the basis of an annual survey or 
tabulation the number of entities that are suppliers of users 
of the Bank and that are small business concerns (as defined in 
section 3(a) of the Small Business Act) located in the United 
States, and shall include the estimate in its annual report to 
the Congress under subsection (a) of this section.
  (e) Outreach to Certain Small Businesses.--The Bank shall 
include in its annual report to the Congress under subsection 
(a) of this section a description of outreach efforts made by 
the Bank to any socially and economically disadvantaged small 
business concerns (as defined in section 8(a)(4) of the Small 
Business Act), small business concerns (as defined in section 
3(a) of the Small Business Act) owned by women, and small 
business concerns (as defined in section 3(a) of the Small 
Business Act) employing fewer than 100 employees.
  (f) Additional Reports.--Not later than March 31 of each 
year, the Bank shall submit to the Committee on Financial 
Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate reports on--
          (1) the extent to which the Bank has been able to use 
        the authority provided, and has complied with the 
        mandates contained, in section 2(b)(1)(E), and to the 
        extent the Bank has been unable to fully use such 
        authority and comply with such mandates, a report on 
        the reasons for the Bank's inability to do so and the 
        steps the Bank is taking to remedy such inability;
          (2) the extent to which financing has been made 
        available to small business concerns (described in 
        subsection (e)) to enable them to participate in 
        exports by major contractors, including through access 
        to the supply chains of the contractors through direct 
        or indirect funding;
          (3) the specific measures the Bank will take in the 
        upcoming year to achieve the small business objectives 
        of the Bank, including expanded outreach, product 
        improvements, and related actions;
          [(4) the progress made by the Bank in supporting 
        exports by socially and economically disadvantaged 
        small business concerns (defined in section 8(a)(4) of 
        the Small Business Act) and small business concerns (as 
        defined in section 3(a) of the Small Business Act) 
        owned by women, including estimates of the amounts made 
        available to finance exports directly by such small 
        business concerns, a comparison of these amounts with 
        the amounts made available to all small business 
        concerns, and a comparison of such amounts with the 
        amounts so made available during the 2 preceding 
        years;]
          [(5)] (4) with respect to each type of transaction, 
        the interest and fees charged by the Bank to exporters 
        (including a description of fees and interest, if any, 
        charged to small business concerns), buyers, and other 
        applicants in connection with each financing program of 
        the Bank, and the highest, lowest, and average fees 
        charged by the Bank for short term insurance 
        transactions;
          [(6)] (5) the effects of the fees on the ability of 
        the Bank to achieve the objectives of the Bank relating 
        to small business;
          [(7)] (6) the fee structure of the Bank as compared 
        with those of foreign export credit agencies; and
          [(8)] (7)(A) the efforts made by the Bank to carry 
        out subparagraphs (E)(x) and (J) of section 2(b)(1) of 
        the Export-Import Bank Act of 1945, including the total 
        amount expended by the Bank to do so; and
          (B) if the Bank has been unable to comply with such 
        subparagraphs--
                  (i) an analysis of the reasons therefor; and
                  (ii) what the Bank is doing to achieve, and 
                the date by which the Bank expects to have 
                achieved, such compliance.
  (g) Monitoring of Default Rates on Bank Financing; Reports on 
Default Rates; Safety and Soundness Review.--
          (1) Monitoring of default rates.--Not less frequently 
        than quarterly, the Bank shall calculate the rate at 
        which the entities to which the Bank has provided 
        short-, medium-, or long-term financing are in default 
        on a payment obligation under the financing, by 
        dividing the total amount of the required payments that 
        are overdue by the total amount of the financing 
        involved.
          (2) Additional calculation by type of product, by key 
        market, and by industry sector; report to congress.--In 
        addition, the Bank shall, not less frequently than 
        quarterly--
                  (A) calculate the rate of default--
                          (i) with respect to whether the 
                        products involved are short-term loans, 
                        medium-term loans, long-term loans, 
                        insurance, medium-term guarantees, or 
                        long-term guarantees;
                          (ii) with respect to each key market 
                        involved; and
                          (iii) with respect to each industry 
                        sector involved; and
                  (B) submit to the Committee on Banking, 
                Housing, and Urban Affairs of the Senate and 
                the Committee on Financial Services of the 
                House of Representatives a report on each such 
                rate and any information the Bank deems 
                relevant.
          (3) Report on causes of default rate; plan to reduce 
        default rate.--Within 45 days after a rate calculated 
        under paragraph (1) equals or exceeds 2 percent, the 
        Bank shall submit to the Congress a written report that 
        explains the circumstances that have caused the default 
        rate to be at least 2 percent, and includes a plan to 
        reduce the default rate to less than 2 percent.
          (4) Plan contents.--The plan referred to in paragraph 
        (3) shall--
                  (A) provide a detailed explanation of the 
                processes and controls by which the Bank 
                monitors and tracks outstanding loans;
                  (B) detail specific planned actions, 
                including a time frame for completing the 
                actions, to reduce the default rate described 
                in paragraph (1) to less than 2 percent.
          (5) Monthly reports required while default rate is at 
        least 2 percent.--For so long as the default rate 
        calculated under paragraph (1) is at least 2 percent, 
        the Bank shall submit monthly reports to the Congress 
        describing the specific actions taken during such 
        period to reduce the default rate.
          (6) Safety and soundness review.--If the default rate 
        calculated under paragraph (1) remains above 2 percent 
        for a period of 6 months, the Secretary of the Treasury 
        shall provide for an independent third party to--
                  (A) conduct a review of the loan programs and 
                funds of the Bank, which shall determine--
                          (i) the financial safety and 
                        soundness of the programs and funds; 
                        and
                          (ii) the extent of loan loss reserves 
                        and capital adequacy of the programs 
                        and funds; and
                  (B) submit to the Secretary, within 60 days 
                after the end of the 6-month period, a report 
                that--
                          (i) describes the methodology and 
                        standards used to conduct the review 
                        required by subparagraph (A);
                          (ii) sets forth the results and 
                        findings of the review, including the 
                        extent of loan loss reserves and 
                        capital adequacy of the programs and 
                        funds of the Bank; and
                          (iii) includes recommendations 
                        regarding restoring the reserves and 
                        capital to maintain the programs and 
                        funds in a safe and sound condition.
  (h) Categorization of Purpose of Loans and Long-term 
Guarantees.--In the annual report of the Bank under subsection 
(a), the Bank shall categorize each loan and long-term 
guarantee made by the Bank in the fiscal year covered by the 
report, and according to the following purposes:
          (1) ``To assume commercial or political risk that 
        exporter or private financial institutions are 
        unwilling or unable to undertake''.
          (2) ``To overcome maturity or other limitations in 
        private sector export financing''.
          (3) ``To meet competition from a foreign, officially 
        sponsored, export credit competition''.
          (4) ``Not identified'', and the reason why the 
        purpose is not identified.
  (i) Access to Bank Products by the Textile Industry.--The 
Bank shall include in its annual report to the Congress under 
subsection (a) of this section a report on the determinations 
made by the Advisory Committee under section 3(d)(5) in the 
year covered by the report.
  (j) Textile and Apparel Supply Chain Financing.--The Bank 
shall include in its annual report to the Congress under 
subsection (a) of this section a description of the success of 
the Bank in providing effective and reasonably priced financing 
to the United States textile and apparel industry for exports 
of goods manufactured in the United States that are used as 
components in global textile and apparel supply chains in the 
year covered by the report, and steps the Bank has taken to 
increase the use of Bank products by such firms.
  (k) Report on Programs for Small- and Medium-sized 
Businesses.--The Bank shall include in its annual report to 
Congress under subsection (a) a report on the programs of the 
Bank for United States businesses with less than $250,000,000 
in annual sales.
  (l) Office of Minority and Women Inclusion.--
          (1) In general.--The Agency shall include in its 
        annual report to the Congress under subsection (a) a 
        report from the Office of Minority and Women Inclusion 
        regarding the actions taken by the Agency and the 
        Office pursuant to section 3(i), which shall include--
                  (A) a statement of the total amounts paid by 
                the Agency to contractors since the most recent 
                report under this subsection;
                  (B) the percentage of the amounts described 
                in subparagraph (A) that were paid to 
                contractors as described in section 3(i)(5)(A);
                  (C) the successes achieved and challenges 
                faced by the Agency in operating minority and 
                women outreach programs;
                  (D) a description of the progress made by the 
                Agency in supporting exports by minority-owned 
                small business concerns and the progress made 
                by the Agency in supporting small business 
                concerns owned by women, including estimates of 
                the amounts made available to finance exports 
                directly by both categories of small business 
                concerns, a comparison of these amounts with 
                the amounts made available to all small 
                business concerns, and a comparison of such 
                amounts with the amounts so made available 
                during the 2 preceding years;
                  (E) the challenges the Agency may face in 
                hiring qualified minority and women employees 
                and contracting with qualified minority-owned 
                and women-owned businesses; and
                  (F) any other information, findings, 
                conclusions, and recommendations for 
                legislative or Agency action, as the Director 
                of the Office deems appropriate.
          (2) Definitions.--In this subsection:
                  (A) Minority-owned small business concern.--
                The term ``minority-owned small business 
                concern'' has the meaning given the term 
                ``socially and economically disadvantaged small 
                business concern'' under section 8(a)(4) of the 
                Small Business Act.
                  (B) Small business concern.--The term ``small 
                business concern'' has the meaning given that 
                term under section 3(a) of the Small Business 
                Act.
  (m) Report on Activities in the Territories.--The Agency 
shall include in its annual report to Congress under subsection 
(a) a report on the steps taken by the Agency in the period 
covered by the report to increase--
          (1) awareness of the Agency and its services in the 
        territories; and
          (2) the provision of Agency support to export 
        businesses in the territories.

           *       *       *       *       *       *       *


                    tied aid credit program and fund

  Sec. 10. (a) Findings.--The Congress finds that--
          (1) tied aid and partially untied aid credits offered 
        by other countries are a predatory method of financing 
        exports because of their market-distorting effects;
          (2) these distortions have caused the United States 
        to lose export sales, with resulting losses in economic 
        growth and employment;
          (3) these practices undermine market mechanisms that 
        would otherwise result in export purchase decisions 
        made on the basis of price, quality, delivery, and 
        other factors directly related to the export, where 
        official financing is not subsidized and would be a 
        neutral factor in the transaction.
          (4) support of commercial exports by donor countries 
        with tied aid and partially untied aid credits impedes 
        the growth of developing countries because it diverts 
        development assistance funds from essential 
        developmental purposes;
          (5) the Bank has, at a minimum, the following two 
        tasks--
                  (A)(i) first, the Bank should match foreign 
                export credit agencies and aid agencies when 
                they engage in tied aid outside the confines of 
                the Arrangement and when they exploit 
                loopholes, such as untied aid;
                  (ii) such matching is needed to provide the 
                United States with leverage in efforts at the 
                OECD to reduce the overall level of export 
                subsidies;
                  (iii) only through matching foreign export 
                credit offers can the Bank buttress United 
                States negotiators in their efforts to bring 
                these loopholes within the disciplines of the 
                Arrangement; and
                  (iv) in order to bring untied aid within the 
                discipline of the Arrangement, the Bank should 
                consider initiating highly competitive 
                financial support when the Bank learns that 
                foreign untied aid offers will be made; and
                  (B) second, the Bank should support United 
                States exporters when the exporters face 
                foreign competition that is consistent with the 
                Arrangement and the Subsidies Code of the World 
                Trade Organization, but which places United 
                States exporters at a competitive disadvantage; 
                and
          (6) there should be established in the Bank a tied 
        aid program to target the export markets of those 
        countries, including those that are not a party to the 
        Arrangement, which make extensive use of tied aid or 
        partially untied aid credits for, or untied aid used to 
        promote exports as if it were tied aid, commercial 
        advantage for the purposes of--
                  (A) enforcing compliance with the existing 
                Arrangement restricting the use of tied aid and 
                partially untied aid credits for commercial 
                purposes; and
                  (B) facilitating efforts to negotiate, 
                establish, and enforce new or revised 
                comprehensive international arrangements 
                effectively restricting the use of tied aid and 
                partially untied aid credits, or untied aid 
                used to promote exports as if it were tied aid, 
                for commercial purposes; and
                  (C) promoting compliance with Arrangement 
                rules among foreign export credit agencies that 
                are not a party to the Arrangement;
        and such program should be used aggressively for such 
        purposes.
  (b) Establishment of Tied Aid Credit Program.--
          (1) In general.--The Bank shall establish a tied aid 
        credit program under which grants shall be made from 
        funds available in the Tied Aid Credit fund established 
        under subsection (c)--
                  (A) to supplement the financing of a United 
                States export when there is a reasonable 
                expectation that predatory financing will be 
                provided by another country for a sale by a 
                competitor of the United States exporter with 
                respect to such export and with special 
                attention to matching tied aid and partially 
                untied aid credits extended by other 
                governments--
                          (i) in violation of the Arrangement; 
                        or
                          (ii) in cases in which the Bank 
                        determines that United States trade or 
                        economic interests justify the matching 
                        of tied aid credits extended in 
                        compliance with the Arrangement, 
                        including grandfathered cases;
                  (B) to supplement the financing of United 
                States exports to foreign markets which are 
                actual or potential export markets for any 
                country which the Bank determines--
                          (i) engages in predatory official 
                        export financing through the use of 
                        tied aid or partially untied aid 
                        credits, and impedes negotiations or 
                        violates agreements on tied aid to 
                        eliminate the use of such credits for 
                        commercial purposes; or
                          (ii) engages in predatory financing 
                        practices that seek to circumvent 
                        international agreements on tied aid; 
                        or
                  (C) to supplement the financing of United 
                States exports under such other circumstances 
                as the Bank may determine to be appropriate for 
                carrying out the purposes of this section.
          (2) Administration of program.--The tied aid credit 
        program shall be administrated by the Bank--
                  (A) in consultation with the Secretary and in 
                accordance with the principles, process, and 
                standards developed pursuant to paragraph (5) 
                of this subsection and the purposes described 
                in subsection (a)(5);
                  (B) in cooperation with United States 
                exporters and private financial institutions or 
                entities, and in consultation with other 
                Federal agencies, as appropriate; and
                  (C) in consultation with the National 
                Advisory Council on International Monetary and 
                Financial Policies.
          (3) Coordination with other export financing.--Under 
        the tied aid credit program, the Bank may combine 
        grants from the Tied Aid Credit Fund with--
                  (A) any guarantee, insurance, or other 
                extension of credit provided by the Bank under 
                this Act;
                  (B) any export financing provided by any 
                private financial institution or other entity; 
                and
                  (C) any other type of export financing,
        in such manner and under such terms as the Bank 
        determines to be appropriate, including combinations of 
        export financing in the form of blended financing and 
        parallel financing.
          (4) Information on countries which engage in official 
        predatory export financing and impede negotiations.--In 
        order to assist the Bank to make the most efficient use 
        of funds available for supplemental financing under 
        paragraph (1)(B), the United States Trade 
        Representative and the Secretary of Commerce may 
        provide information on principal sectors and key 
        markets of countries described in paragraph (1)(B) to 
        the Bank, the Secretary and the National Advisory 
        Council on International Monetary and Financial 
        Policies. The Bank shall also request and take into 
        consideration the views of the private sector on 
        principal sectors and key markets of countries 
        described in paragraph (1)(B).
          (5) Principles, process, and standards governing use 
        of the fund.--
                  (A) In general.--The Secretary and the Bank 
                jointly shall develop a process for, and the 
                principles and standards to be used in, 
                determining how the amounts in the Tied Aid 
                Credit Fund could be used most effectively and 
                efficiently to carry out the purposes of 
                subsection (a)(6).
                  (B) Content of principles, process, and 
                standards.--
                          (i) Consideration of certain 
                        principles and standards.--In 
                        developing the principles and standards 
                        referred to in subparagraph (A), the 
                        Secretary and the Bank shall consider 
                        administering the Tied Aid Credit Fund 
                        in accordance with the following 
                        principles and standards:
                                  (I) The Tied Aid Credit Fund 
                                should be used to leverage 
                                multilateral negotiations to 
                                restrict the scope for aid-
                                financed trade distortions 
                                through new multilateral rules, 
                                to police existing rules, and 
                                to seek compliance by those 
                                countries that are not a party 
                                to the Arrangement.
                                  (II) The Tied Aid Credit Fund 
                                will be used to counter a 
                                foreign tied aid credit 
                                confronted by a United States 
                                exporter when bidding for a 
                                capital project.
                                  (III) Credible information 
                                about an offer of foreign tied 
                                aid will be required before the 
                                Tied Aid Credit Fund is used to 
                                offer specific terms to match 
                                such an offer. 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. The 
                                requirement that there be 
                                credible evidence of a history 
                                of a foreign export credit 
                                agency making offers not 
                                subject to the Arrangement is 
                                deemed met in the case of 
                                exports likely to be supported 
                                by official financing from the 
                                People's Republic of China, 
                                unless the Secretary of the 
                                Treasury has reported to the 
                                Committee on Financial Services 
                                of the House of Representatives 
                                and the Committee on Banking, 
                                Housing, and Urban Affairs of 
                                the Senate that China is in 
                                substantial compliance with the 
                                Arrangement.
                                  (IV) The Tied Aid Credit Fund 
                                will be used to enable a 
                                competitive United States 
                                exporter to pursue further 
                                market opportunities on 
                                commercial terms made possible 
                                by the use of the Fund.
                                  (V) Each use of the Tied Aid 
                                Credit Fund will be in 
                                accordance with the Arrangement 
                                unless a breach of the 
                                Arrangement has been committed 
                                by a foreign export credit 
                                agency.
                                  (VI) The Tied Aid Credit Fund 
                                may only be used to defend 
                                potential sales by United 
                                States companies to a project 
                                that is environmentally sound.
                                  (VII) The Tied Aid Credit 
                                Fund may be used to 
                                preemptively counter potential 
                                foreign tied aid offers without 
                                triggering foreign tied aid 
                                use.
                          (ii) Process.--In handling individual 
                        applications involving the use or 
                        potential use of the Tied Aid Credit 
                        Fund the following process shall 
                        exclusively apply pursuant to 
                        subparagraph (A):
                                  (I) The Bank shall process an 
                                application for tied aid in 
                                accordance with the principles 
                                and standards developed 
                                pursuant to subparagraph (A) 
                                and clause (i) of this 
                                subparagraph.
                                  (II) Twenty days prior to the 
                                scheduled meeting of the Board 
                                of Directors at which an 
                                application will be considered 
                                (unless the Bank determines 
                                that an earlier discussion is 
                                appropriate based on the facts 
                                of a particular financing), the 
                                Bank shall brief the Secretary 
                                on the application and deliver 
                                to the Secretary such 
                                documents, information, or data 
                                as may reasonably be necessary 
                                to permit the Secretary to 
                                review the application to 
                                determine if the application 
                                complies with the principles 
                                and standards developed 
                                pursuant to subparagraph (A) 
                                and clause (i) of this 
                                subparagraph.
                                  (III) The Secretary may 
                                request a single postponement 
                                of the consideration by the 
                                Board of Directors of the 
                                application for up to 14 days 
                                to allow the Secretary to 
                                submit to the Board of 
                                Directors a memorandum 
                                objecting to the application.
                                  (IV) Case-by-case decisions 
                                on whether to approve the use 
                                of the Tied Aid Credit Fund 
                                shall be made by the Board of 
                                Directors, except that the 
                                approval of the Board of 
                                Directors (or a commitment 
                                letter based on that approval) 
                                shall not become final (except 
                                as provided in subclause (V)), 
                                if the Secretary indicates to 
                                the President of the Bank in 
                                writing the Secretary's 
                                intention to appeal the 
                                decision of the Board of 
                                Directors to the President of 
                                the United States and makes the 
                                appeal in writing not later 
                                than 20 days after the meeting 
                                at which the Board of Directors 
                                considered the application.
                                  (V) The Bank shall not grant 
                                final approval of an 
                                application for any tied aid 
                                credit (or a commitment letter 
                                based on that approval) if the 
                                President of the United States, 
                                after consulting with the 
                                President of the Bank and the 
                                Secretary, determines within 30 
                                days of an appeal by the 
                                Secretary under subclause (IV) 
                                that the extension of the tied 
                                aid credit would materially 
                                impede achieving the purposes 
                                described in subsection (a)(6). 
                                If no such Presidential 
                                determination is made during 
                                the 30-day period, the approval 
                                by the Bank of the application 
                                (or related commitment letter) 
                                that was the subject of such 
                                appeal shall become final.
                  (C) Initial principles, process, and 
                standards.--As soon as is practicable but not 
                later than 6 months after the date of the 
                enactment of this paragraph, the Secretary and 
                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 a copy 
                of the principles, process, and standards 
                developed pursuant to subparagraph (A).
                  (D) Transitional principles and standards.--
                The principles and standards set forth in 
                subparagraph (B)(i) shall govern the use of the 
                Tied Aid Credit Fund until the principles, 
                process, and standards required by subparagraph 
                (C) are submitted.
                  (E) Update and revision.--The Secretary and 
                the Bank jointly should update and revise, as 
                needed, the principles, process, and standards 
                developed pursuant to subparagraph (A), and, on 
                doing so, 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 copy 
                of the principles, process, and standards so 
                updated and revised.
          (6) Reconsideration of decisions.--
                  (A) In general.--Taking into consideration 
                the time sensitivity of transactions, the Board 
                of Directors of the Bank shall expeditiously 
                pursuant to paragraph (2) reconsider a decision 
                of the Board to deny an application for the use 
                of the Tied Aid Credit Fund if the applicant 
                submits the request for reconsideration within 
                3 months of the denial.
                  (B) Procedural rules.--In any such 
                reconsideration, the applicant may be required 
                to provide new information on the application.
  (c) Tied Aid Credit Fund.--
          (1) In general.--There is hereby established within 
        the Bank a fund to be known as the ``Tied Aid Credit 
        Fund'' (hereinafter in this section referred to as the 
        ``Fund''), consisting of such amounts as may be 
        appropriated to the Fund pursuant to the authorization 
        contained in subsection (e).
          (2) Expenditures from fund.--Amounts in the Fund 
        shall be available for grants made by the Bank under 
        the tied aid credit program established pursuant to 
        subsection (b) and to reimburse the Bank for the amount 
        equal to the concessionality level of any tied aid 
        credits authorized by the Bank.
  (d) Consistency With Arrangement.--Any export financing 
involving the use of a grant under the tied aid credit program 
shall be consistent with the procedures established by the 
Arrangement, as in effect at the time such financing is 
approved.
  (e) Authorization.--There are authorized to be appropriated 
to the Fund such sums as may be necessary to carry out the 
purposes of this section. Such sums are authorized to remain 
available until expended.
  (f) Nonreviewability.--No action taken under this section 
shall be reviewable by any court, except for abuse of 
discretion.
  (g) Report to Congress.--
          (1) In general.--The Bank, in consultation with the 
        Secretary, shall submit an annual report on tied aid 
        credits to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives.
          (2) Contents of reports.--Each report required under 
        paragraph (1) shall contain a description of--
                  (A) the implementation of the Arrangement 
                restricting tied aid and partially untied aid 
                credits for commercial purposes, including the 
                operation of notification and consultation 
                procedures;
                  (B) all principal offers of tied aid credit 
                financing by foreign countries during the 
                previous 6-month period, including all offers 
                notified by countries participating in the 
                Arrangement, and in particular--
                          (i) offers grandfathered under the 
                        Arrangement; and
                          (ii) notifications of exceptions 
                        under the Arrangement;
                  (C) any use by the Bank of the Tied Aid 
                Credit Fund to match specific offers, including 
                those that are grandfathered or exceptions 
                under the Arrangement; and
                  (D) other actions by the United States 
                Government to combat predatory financing 
                practices by foreign governments, including 
                additional negotiations among participating 
                governments in the Arrangement.
          (3) Confidential information.--To the extent the Bank 
        determines any information required to be included in 
        the report under this subsection should not be made 
        public, such information may be submitted separately on 
        a confidential basis or provided orally, rather than in 
        written form, to the Chairmen and ranking minority 
        Members of the Committees of the Senate and the House 
        of Representatives with jurisdiction over the subject 
        matter of the report.
  (h) Definitions.--For purposes of this section, the following 
definitions shall apply:
          (1) Tied aid and partially untied aid credit.--The 
        terms ``tied aid credit'' and ``partially untied aid 
        credit'' mean any credit which--
                  (A) has a grant element greater than zero 
                percent as determined by the Development 
                Assistance Committee of the Organization for 
                Economic Cooperation and Development;
                  (B) is, in fact or in effect, tied to--
                          (i) the procurement of goods or 
                        services from the donor country, in the 
                        case of tied aid credit; or
                          (ii) the procurement of goods or 
                        services from a restricted number of 
                        countries, in the case of partially 
                        united aid credit; and
                  (C) is financed either exclusively from 
                public funds or partly from public and partly 
                from private funds.
          (2) Secretary.--The term ``Secretary'' means the 
        Secretary of the Treasury.
          (3) Arrangement.--The term ``Arrangement'' means the 
        Arrangement on Guidelines for Officially Supported 
        Export Credits established through the Organization 
        from Economic Cooperation and Development.
          (4) Blended financing.--The term ``blended 
        financing'' means financing provided through any 
        combination of official development assistance, 
        official export credits, and private commercial credit 
        which is integrated into a single agreement with a 
        single set of financial terms.
          (5) Parallel financing.--The term ``parallel 
        financing'' means financing provided by any combination 
        of official development assistance, official export 
        credits, and private commercial credit which is not 
        integrated into a single agreement and does not have a 
        single set of financial terms.
          (6) Offers grandfathered under the arrangement.--The 
        term ``offers grandfathered under the Arrangement'' 
        means--
                  (A) financing offers made or lines of credit 
                extended on or before February 15, 1992; or
                  (B) financing offers extended for subloans 
                under lines of credit referred to in 
                subparagraph (A) made on or before August 15, 
                1992, or, in the case of Mexico, on or before 
                December 31, 1992.
          (7) Market window.--The Bank, in consultation with 
        the Secretary of the Treasury, shall define ``market 
        window'' for purposes of this section.

SEC. 11. ENVIRONMENTAL POLICY AND PROCEDURES.

  (a) Environmental Effects Consideration.--
          (1) In general.--Consistent with the objectives of 
        section 2(b)(1)(A), the Bank shall establish procedures 
        to take into account the potential beneficial and 
        adverse environmental effects of goods and services for 
        which support is requested under its direct lending and 
        guarantee programs. Such procedures shall provide for 
        the public disclosure of environmental assessments, 
        including to potentially impacted communities in the 
        country in which the activity will be carried out, at 
        least 60 days before the date of the vote, and 
        supplemental environmental reports required to be 
        submitted to the Bank, including remediation or 
        mitigation plans and procedures, and related monitoring 
        reports. The procedures shall include a requirement for 
        an analysis of the environmental and social impacts, 
        including worker impacts and anticipated health impacts 
        and costs, of the proposed activity and of alternatives 
        to the proposed activity, including mitigation 
        measures, where appropriate. [The preceding sentence] 
        This paragraph shall not be interpreted to require the 
        public disclosure of any information described in 
        section 1905 of title 18, United States Code. Such 
        procedures shall apply to any transaction involving a 
        project--
                  (A) for which long-term support of 
                $25,000,000 (or, if less than $25,000,000, the 
                threshold established pursuant to international 
                agreements, including the Common Approaches for 
                Officially Supported Export Credits and 
                Environmental and Social Due Diligence, as 
                adopted by the Organisation for Economic Co-
                operation and Development Council on June 28, 
                2012, and the risk-management framework adopted 
                by financial institutions for determining, 
                assessing, and managing environmental and 
                social risk in projects (commonly referred to 
                as the ``Equator Principles'')) or more is 
                requested from the Bank;
                  (B) for which the Bank's support would be 
                critical to its implementation; and
                  (C) which may have significant environmental 
                effects upon the global commons or any country 
                not participating in the project, or may 
                produce an emission, an effluent, or a 
                principal product that is prohibited or 
                strictly regulated pursuant to Federal 
                environmental law.
          (2) Consultations with potentially impacted 
        communities.--In any credit or common terms agreements 
        to which the Agency is a party relating to a 
        transaction described in paragraph (1), the Agency 
        shall include a provision to ensure that robust 
        consultations with potentially impacted communities in 
        the country in which the activity will be carried out 
        have been and will continue to be carried out 
        throughout the project cycle.
          (3) Environmental and social due diligence procedures 
        and guidelines review.--By the end of 2020 and once at 
        the end of each subsequent 3-year period, the Board of 
        Directors of the Agency shall complete a review of the 
        Environmental and Social Due Diligence Procedures and 
        Guidelines ensuring that the procedures and guidelines 
        incorporate requirements for project consideration that 
        are consistent to limit greenhouse gas emissions and, 
        to the maximum extent possible, to affirm that the 
        Board operates consistently with the multilateral 
        environmental agreements to which the United States is 
        a party that are directly related to transactions in 
        which the Agency is involved.
          (4) The Agency shall operate consistently with Annex 
        VI of the Arrangement on Officially Supported Export 
        Credits, as adopted by the Organisation for Economic 
        Co-operation and Development as of January 2019.
          (5) The Agency shall make publicly available the 
        estimated amounts of CO2 emissions expected 
        to be produced from pending projects that the Agency 
        has designated as Category A and B projects and work 
        with other export credit agencies to encourage them to 
        do the same.
                  (A) The Agency shall report CO2 
                emissions associated with projects that the 
                Agency has designated as Category A and B 
                fossil fuel projects in its annual report by 
                product categories.
                  (B) The Agency shall advocate within the OECD 
                and other multilateral fora for the full 
                reporting of CO2 emissions 
                associated with appropriate energy and non-
                energy projects including manufacturing and 
                agriculture.
                  (C) The Agency shall undertake periodic 
                reviews with stakeholders to ensure that the 
                Agency employs the most appropriate methodology 
                of estimating and tracking the CO2 
                emissions from Category A and B projects the 
                Agency supports.
          (6) The Agency shall develop and maintain measures to 
        provide increased financing support for evolving 
        technologies that reduce CO2 emissions.
                  (A) The Agency shall develop and maintain 
                measures to encourage foreign buyers to seek 
                available, commercially viable technology to 
                reduce the CO2 footprint of 
                projects.
                  (B) The Agency shall develop and maintain 
                initiatives to finance aspects of project 
                development that reduce or mitigate 
                CO2 emissions, such as effective 
                carbon capture and sequestration technology, 
                while maintaining the competitiveness of United 
                States exporters.
                  (C) In coordination with the Department of 
                the Treasury, the Agency shall advocate in 
                international fora for the availability of 
                financing incentives for low to net zero 
                CO2-emitting projects, a common 
                methodology for evaluating and taking into 
                account the social cost of carbon.
                  (D) The Agency shall encourage export credit 
                agencies and other relevant lending 
                institutions to adopt similar CO2 
                policies, including encouraging transparency 
                and the involvement of stakeholders.
          [(2)] (7) Authority to withhold financing.--The 
        procedures established under [paragraph (1)] this 
        subsection shall permit the Board of Directors, in its 
        judgment, to withhold financing from a project for 
        environmental reasons or to approve financing after 
        considering the potential environmental effects of a 
        project.
  (b) Use of Bank Programs To Encourage Certain Exports.--(1) 
In general.--The Bank shall encourage the use of its programs 
to support the export of goods and services that have 
beneficial effects on the environment or mitigate potential 
adverse environmental effects (such as exports of products and 
services used to aid in the monitoring, abatement, control, or 
prevention of air, water, and ground contaminants or pollution, 
or which provide protection in the handling of toxic 
substances, subject to a final determination by the Bank, and 
products and services for foreign environmental projects 
dedicated entirely to the prevention, control, or cleanup of 
air, water, or ground pollution, including facilities to 
provide for control or cleanup, and used in the retrofitting of 
facility equipment for the sole purpose of mitigating, 
controlling, or preventing adverse environmental effects, 
subject to a final determination by the Bank). The Board of 
Directors shall name an officer of the Bank to advise the Board 
on ways that the Bank's programs can be used to support the 
export of such goods and services. The officer shall act as 
liaison between the Bank and other Federal Government agencies, 
including the agencies whose representatives are members of the 
Environmental Trade Promotion Working Group of the Trade 
Promotion Coordinating Committee, with respect to overall 
United States Government policy on the environment.
  (2) Limitations on authorization of appropriations.--In 
addition to other funds available to support the export of 
goods and services described in paragraph (1), there are 
authorized to be appropriated to the Bank not more than 
$35,000,000 for the cost (as defined in section 502(5) of the 
Federal Credit Reform Act of 1990) of supporting such exports. 
If, in any fiscal year, the funds appropriated in accordance 
with this paragraph are not fully utilized due to insufficient 
qualified transactions for the export of such goods and 
services, such funds may be expended for other purposes 
eligible for support by the Bank.
  [(c) Inclusion in Report to Congress.--The Bank shall provide 
in its annual report to the Congress a summary of its 
activities under subsections (a) and (b).]
  (c) Inclusion in Annual Report to Congress.--The Agency shall 
include in its annual report to Congress under section 8 a 
summary of its activities under subsections (a) and (b). The 
Board of Directors shall submit to the Congress a report, which 
shall be made publicly available on the Internet at the time of 
delivery--
          (1) that provides a detailed accounting of the 
        methodology used to make greenhouse gas emissions 
        project determinations; and
          (2) details the steps taken to ensure that the 
        Environmental and Social Due Diligence Procedures and 
        Guidelines of the Agency are consistent with--
                  (A) reducing greenhouse gas emissions; and
                  (B) operating consistently with the 
                multilateral environmental agreements to which 
                the United States is a party that are directly 
                related to transactions in which the Agency is 
                involved.
  (d) Interpretation.--Nothing in this section shall be 
construed to create any cause of action.

           *       *       *       *       *       *       *


SEC. 13. COOPERATION ON EXPORT FINANCING PROGRAMS.

   The Bank shall, subject to appropriate memoranda of 
understanding--
          (1) provide complete and current information on all 
        of its programs and financing practices to--
                  (A) the Small Business Administration, the 
                Department of Agriculture, and other Federal 
                agencies involved in promoting exports and 
                marketing export financing programs; and
                  (B) State and local export financing 
                organizations that indicate a desire to 
                participate in export promotion; and
          (2) consistent with the provisions of section 
        2301(f)(2) of the Export Enhancement Act of 1988, 
        undertake a program to provide training for personnel 
        designated in such memoranda with respect to such 
        financing programs.

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                              ----------                              


              FIXING AMERICA'S SURFACE TRANSPORTATION ACT



           *       *       *       *       *       *       *
DIVISION E--EXPORT-IMPORT BANK OF THE UNITED STATES

           *       *       *       *       *       *       *


TITLE LI--TAXPAYER PROTECTION PROVISIONS AND INCREASED ACCOUNTABILITY

           *       *       *       *       *       *       *


SEC. 51008. [PILOT] PROGRAM FOR REINSURANCE.

  (a) In general.--Notwithstanding any provision of the Export-
Import Bank Act of 1945 (12 U.S.C. 635 et seq.), the Export-
Import Bank of the United States (in this section referred to 
as the ``Bank'') may establish a [pilot] program under which 
the Bank may enter into contracts and other arrangements to 
share risks associated with the provision of guarantees, 
insurance, or credit, or the participation in the extension of 
credit, by the Bank under that Act.
  (b) Limitations on Amount of Risk-Sharing.--
          (1) Per contract or other arrangement.--The aggregate 
        amount of liability the Bank may transfer through risk-
        sharing pursuant to a contract or other arrangement 
        entered into under subsection (a) may not exceed 
        [$1,000,000,000] $2,000,000,000.
          (2) Per year.--The aggregate amount of liability the 
        Bank may transfer through risk-sharing during a fiscal 
        year pursuant to contracts or other arrangements 
        entered into under subsection (a) during that fiscal 
        year may not exceed $10,000,000,000.
  [(c) Annual reports.--Not later than 1 year after the date of 
the enactment of this Act, and annually thereafter through 
2019, the Bank shall submit to Congress a written report that 
contains a detailed analysis of the use of the pilot program 
carried out under subsection (a) during the year preceding the 
submission of the report.
  [(d) Rule of Construction.--Nothing in this section shall be 
construed to affect, impede, or revoke any authority of the 
Bank.
  [(e) Termination.--The pilot program carried out under 
subsection (a) shall terminate on September 30, 2019.]
  (c) Factors for Consideration in Reinsurance Pools.--In 
implementing this section, the Agency shall, with respect to a 
reinsurance pool, pursue appropriate objectives to reduce risk 
and costs to the Agency, including by the following, to the 
extent practicable:
          (1) Ensuring a reasonable diversification of risks.
          (2) Including larger exposures where the possibility 
        of default raises overall portfolio risk for the 
        Agency.
          (3) Excluding transactions from the pool that are 
        covered by first-loss protection.
          (4) Excluding transactions from the pool that are 
        collateralized at a rate greater than standard market 
        practice.
          (5) Diversifying reinsurance pools by industry and 
        other appropriate factors.
          (6) Exploring different time periods of coverage.
          (7) Exploring both excess of loss structures on a 
        per-borrower as well as an aggregate basis.
  (d) Biennial Reports.--Not later than 1 year after the date 
of the enactment of this subsection, and every 2 years 
thereafter through 2029, the Agency 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 written report that contains an assessment of the use 
of the program carried out under subsection (a) since the most 
recent report under this subsection.
  (e) Rule of Construction.--Nothing in this section shall be 
construed to limit any authority of the Agency described in 
section 2(a)(1) of the Export-Import Bank Act of 1945.

           *       *       *       *       *       *       *


                             MINORITY VIEWS

    Committee Republicans support American businesses of all 
size that fuel our economy and create jobs. We also recognize 
the challenges of competing in a 21st century global market 
that has changed dramatically over the last decade. Committee 
Republicans understand that in order to compete in the global 
market, American exporters need tools and resources to be 
competitive. H.R. 3407, the Waters McHenry bipartisan bill, 
would provide American exporters with such tools and resources.
    Rather than pursue a bipartisan path, Committee Democrats 
forced the Chair to abandon this agreement and instead move 
H.R. 4863, a partisan bill that has no chance of moving in the 
Senate or being enacted into law.
    H.R. 4863 does nothing to address China's growing dominance 
in the global market nor does it ensure that the Export Import 
Bank will implement the needed reforms to ensure that it 
operates effectively. In fact, the bill received bipartisan 
opposition in Committee.
Republican Substitute
    During the markup, Representative Riggleman offered and 
Committee Republicans supported unanimously an amendment that 
would have restored the Waters-McHenry agreement. This is 
significant given that Ex-Im's previous reauthorization in 2015 
produced nearly equal levels of support and opposition among 
Republican Members. Unlike the actual text of H.R. 4863, the 
Republican substitute serves as a blueprint for a future 
bipartisan reauthorization of the Ex-Im Bank.
    The Republican alternative to H.R. 4863 would have provided 
long-term certainty to Ex-Im, focused the Bank on the 
technological exports of the future, strengthened its 
accountability to the public, and aligned Ex-Im more 
effectively with the national security interests of the United 
States. In particular, the Republican substitute would have 
accomplished the following:
          (1) Reauthorize the Bank for seven years and 
        gradually raise its overall authority to $175 billion
          (2) Starting in fiscal year 2023, raise the minimum 
        level of Bank support for U.S. small business exports 
        from 25 percent to 30 percent
          (3) Strengthen debarment penalties for fraud and 
        corruption
          (4) Require the Secretary of the Treasury to redouble 
        U.S. efforts to negotiate the global reduction of 
        export subsidies
          (5) Improve Ex-Im's lender-of-last-resort 
        documentation and economic impact analyses
          (6) Devote 20 percent of Ex-Im's assistance to 
        prioritize cutting-edge technologies (including 
        biotechnology, wireless communications, and 
        semiconductors) and to neutralize Chinese export 
        subsidies for any goods or services
          (7) Prohibit large authorizations of Ex-Im assistance 
        benefitting companies owned or controlled by the 
        Chinese government, if those companies are involved in 
        the following:
                   Chinese military and intelligence 
                operations
                   China's Belt and Road Initiative
                   Human rights abuses and corruption
                   Intellectual property theft and 
                illicit technology transfer
    The fact that this substitute amendment garnered unanimous 
Republican support highlights that the bipartisan agreement 
reached between Chairwoman Waters and Ranking Member McHenry 
represented a commonsense, reform-minded reauthorization around 
which Ex-Im's supporters and skeptics alike can coalesce. 
Instead of pursuing this path, Democrats chose to delete 
reforms from its bill, allowing Ex-Im assistance to be 
channeled to the Chinese government, and opening the Bank up to 
future abuse by administrations serving narrow environmental 
interests.
    H.R. 4863 represents a missed opportunity to legislate 
responsibly and will fail to secure a long-term reauthorization 
for Ex-Im. By pursuing a partisan approach, Committee Democrats 
do a disservice to the Bank and to American exporters. Instead 
of celebrating the passage of bipartisan legislation that could 
become law, the Democrat's failure necessitates a discussion on 
how to ensure that the Bank's authorities do not lapse on 
November 21, 2019. To that end, Republicans stand ready to work 
with Democrats once this unnecessarily partisan exercise 
concludes.

                                   David Kustoff.
                                   Barry Loudermilk.
                                   Lance Gooden.
                                   William R. Timmons, IV.
                                   Tom Emmer.
                                   Scott R. Tipton.
                                   Ted Budd.
                                   Peter T. King.
                                   Roger Williams.
                                   Trey Hollingsworth.
                                   J. French Hill.
                                   John W. Rose.
                                   Warren Davidson.
                                   Anthony Gonzalez.
                                   Denver Riggleman.
                                   Andy Barr.
                                   Bill Huizenga.
                                   Blaine Luetkemeyer.
                                   Steve Stivers.
                                   Alexander X. Mooney.
                                   Bill Posey.
                                   Patrick T. McHenry.
                                   Lee M. Zeldin.
                                   Bryan Steil.

                                  [all]