[United States Statutes at Large, Volume 120, 109th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

120 STAT. 3268

Public Law 109-438
109th Congress

An Act


 
To reauthorize the Export-Import Bank of the United States.  NOTE: Dec.
20, 2006 -  [S. 3938]

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,  NOTE: Export-Import
Bank Reauthorization Act of 2006.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This  NOTE: 12 USC 635 note.  Act may be cited
as the ``Export-Import Bank Reauthorization Act of 2006''.

(b) Table of Contents.--

Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Sub-Saharan Africa Advisory Committee.
Sec. 4. Extension of authority to provide financing for the export of
nonlethal defense articles or services the primary end use of
which will be for civilian purposes.
Sec. 5. Designation of sensitive commercial sectors and products.
Sec. 6. Increasing exports by small business.
Sec. 7. Anti-circumvention.
Sec. 8. Transparency.
Sec. 9. Aggregate loan, guarantee, and insurance authority.
Sec. 10. Tied aid credit program.
Sec. 11. Prohibition on assistance to develop or promote certain railway
connections and railway-related connections.
Sec. 12. Process for notifying applicants of application status;
implementation of Ex-Im Online.
Sec. 13. Competitiveness initiatives.
Sec. 14. Office of financing for socially and economically disadvantaged
small business concerns and small business concerns owned by
women.
Sec. 15. Governance.
Sec. 16. Sense of Congress regarding multi-buyer insurance and capital
guarantee programs.
Sec. 17. Sense of Congress regarding office of renewable energy
promotion.
Sec. 18. Environmental matters.
Sec. 19. Government Accountability Office study of bank performance
standards for assistance to small businesses, especially
those owned by social and economically disadvantaged
individuals and those owned by women.
Sec. 20. Reports.
Sec. 21. Study of how Export-Import Bank could assist United States
exporters to meet import needs of new or impoverished
democracies; report.

SEC. 2. EXTENSION OF AUTHORITY.

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

SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

(a) Extension of Authority.--Section 2(b)(9)(B)(iii) of the Export-
Import Bank Act of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by
striking ``2006'' and inserting ``2011''.
(b) Improved Liaison With African Regional Financial Institutions.--
(1) Master guarantee agreements.--Within
1  NOTE: Deadline. Contracts. 12 USC 635 note.  year after the
date of the enactment of this Act, the Export-Import Bank


[[Page 3269]]
120 STAT. 3269

of the United States shall seek to ensure that there is in
effect a contract between each approved lender in Africa and the
Bank, which sets forth the Bank's guarantee undertakings and
related obligations between the Bank and each lender.
(2) Report on working relationships with the african
development bank, the african export-import bank, and other
institutions.--Section 2(b)(9) of such Act (12 U.S.C. 635(b)(9))
is amended by adding at the end the following:

``(C) The Bank shall include in the annual report to the Congress
submitted under section 8(a) a separate section that contains a report
on the efforts of the Bank to--
``(i) improve its working relationships with the African
Development Bank, the African Export-Import Bank, and other
institutions in the region that are relevant to the purposes of
subparagraph (A) of this paragraph; and
``(ii) coordinate closely with the United States Foreign
Service and Foreign Commercial Service, and with the overall
strategy of the United States Government for economic engagement
with Africa pursuant to the African Growth and Opportunity
Act.''.

(c) Increasing the Number of Qualified African Entities.--Section
2(b)(9) of such Act (12 U.S.C. 635(b)(9)), as amended by subsection (b),
is amended by adding at the end the following:
``(D) Consistent with the requirement that the Bank obtain a
reasonable assurance of repayment in connection with each transaction
the Bank supports, the Bank shall, in consultation with the entities
described in subparagraph (C), seek to qualify a greater number of
appropriate African entities for participation in programs of the
Bank.''.

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

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

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

Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)) is amended by adding at the end the following new paragraph:
``(5) Designation of sensitive commercial sectors and
products.--Not later  NOTE: Deadline. Records.  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.''.

[[Page 3270]]
120 STAT. 3270

SEC. 6. INCREASING EXPORTS BY SMALL BUSINESS.

(a) In General.--Section 3 of the Export-Import Bank Act of 1945 (12
U.S.C. 635a) is amended by adding at the end the following:
``(f) Small Business Division.--
``(1) Establishment.--There is established a Small Business
Division (in this subsection referred to as the `Division')
within the Bank in order to--
``(A) carry out the provisions of subparagraphs (E)
and (I) of section 2(b)(1) relating to outreach,
feedback, product improvement, and transaction advocacy
for small business concerns (as defined in section 3(a)
of the Small Business Act);
``(B) advise and seek feedback from small business
concerns on the opportunities and benefits for small
business concerns in the financing products offered by
the Bank, with particular emphasis on conducting
outreach, enhancing the tailoring of products to small
business needs and increasing loans to small business
concerns;
``(C) maintain liaison with the Small Business
Administration and other departments and agencies in
matters affecting small business concerns; and
``(D) provide oversight of the development,
implementation, and operation of technology improvements
to strengthen small business outreach, including the
technology improvement required by section
2(b)(1)(E)(x).
``(2) Management.--The President of the Bank shall appoint
an officer, who shall rank not lower than senior vice president
and whose sole executive function shall be to manage the
Division. The officer shall--
``(A) have substantial recent experience in
financing exports by small business concerns; and
``(B) advise the Board, particularly the director
appointed under section 3(c)(8)(B) to represent the
interests of small business, on matters of interest to,
and concern for, small business.

``(g) Small Business Specialists.--
``(1) Dedicated personnel.--The President of the Bank shall
ensure that each operating division within the Bank has staff
that specializes in processing transactions that primarily
benefit small business concerns (as defined in section 3(a) of
the Small Business Act).
``(2) Responsibilities.--The small business specialists
shall be involved in all aspects of processing applications for
loans, guarantees, and insurance to support exports by small
business concerns, including the approval or disapproval, or
staff recommendations of approval or disapproval, as applicable,
of such applications. In carrying out these responsibilities,
the small business specialists shall consider the unique
business requirements of small businesses and shall develop
exporter performance criteria tailored to small business
exporters.
``(3) Approval authority.--In an effort to maximize the
speed and efficiency with which the Bank processes transactions
primarily benefitting small business concerns, the small
business specialists shall be authorized to approve applications
for working capital loans and guarantees, and insurance in
accordance with policies and procedures established by the

[[Page 3271]]
120 STAT. 3271

Board. It is the sense of Congress that the policies and
procedures should not prohibit, where appropriate, small
business specialists from approving applications for working
capital loans and guarantees, and for insurance, in support of
exports which have a value of less than $10,000,000.
``(4) Identification.--The Bank shall prominently identify
the small business specialists on its website and in promotional
material.
``(5) Employee evaluations.--The evaluation of staff
designated by the President of the Bank under paragraph (1),
including annual reviews of performance of duties related to
transactions in support of exports by small business concerns,
and any resulting recommendations for salary adjustments,
promotions, and other personnel actions, shall address the
criteria established pursuant to subsection (h)(2)(B)(iii) and
shall be conducted by the manager of the relevant operating
division following consultation with the officer appointed to
manage the Small Business Division pursuant to subsection
(f)(2).
``(6) Staff recommendations.--
Staff  NOTE: Deadline.  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  NOTE: Reports.  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;

[[Page 3272]]
120 STAT. 3272

``(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.''.

(b) Enhance Delegated Loan Authority for Medium Term Transactions.--
(1) In general.--The  NOTE: 12 USC 635 note.  Export-
Import Bank of the United States shall seek to expand the
exercise of authority under section 2(b)(1)(E)(vii) of the
Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)(vii))
with respect to medium term transactions for small business
concerns.
(2) Conforming amendment.--Section 2(b)(1)(E)(vii)(III) of
the Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(E)(vii)(III)) is amended by inserting ``or other
financing institutions or entities'' after ``consortia''.
(3) Deadline.--Not  NOTE: 12 USC 635 note.  later than 180
days after the date of the enactment of this Act, the Export-
Import Bank of the United States shall make available lines of
credit and guarantees to carry out section 2(b)(1)(E)(vii) of
the Export-Import Bank Act of 1945 pursuant to policies and
procedures established by the Board of Directors of the Export-
Import Bank of the United States.

[[Page 3273]]
120 STAT. 3273

SEC. 7. ANTI-CIRCUMVENTION.

Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)), as amended by section 5 of this Act, is amended--
(1) by inserting after paragraph (1), the following flush
paragraph:
``In making the determination under subparagraph (B), the Bank
shall determine whether the facility that would benefit from the
extension of a credit or guarantee is reasonably likely to
produce a commodity in addition to, or other than, the commodity
specified in the application and whether the production of the
additional commodity may cause substantial injury to United
States producers of the same, or a similar or competing,
commodity.'';
(2) in paragraph (2), by adding at the end the following:
``(E) Anti-circumvention.--The Bank shall not
provide a loan or guarantee if the Bank determines that
providing the loan or guarantee will facilitate
circumvention of an order or determination referred to
in subparagraph (A).''; and
(3) by adding at the end the following:
``(6) Financial threshold determinations.--For purposes of
determining whether a proposed transaction exceeds a financial
threshold under this subsection or under the procedures or rules
of the Bank, the Bank shall aggregate the dollar amount of the
proposed transaction and the dollar amounts of all loans and
guarantees, approved by the Bank in the preceding 24-month
period, that involved the same foreign entity and substantially
the same product to be produced.''.

SEC. 8. TRANSPARENCY.

(a) In General.--Section 2(e) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(e)), as amended by sections 5 and 7 of this Act, is
amended by adding at the end the following:
``(7) Procedures to reduce adverse effects of loans and
guarantees on industries and employment in united states.--
``(A) Consideration of economic effects of proposed
transactions.--If, in making a determination under this
paragraph with respect to a loan or guarantee, the Bank
conducts a detailed economic impact analysis or similar
study, the analysis or study, as the case may be, shall
include consideration of--
``(i) the factors set forth in subparagraphs
(A) and (B) of paragraph (1); and
``(ii) the views of the public and interested
parties.
``(B) Notice and comment requirements.--
``(i) In general.--If,  NOTE: Federal
Register, publication.  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)


[[Page 3274]]
120 STAT. 3274

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  NOTE: Federal
Register, publication.  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  NOTE: Deadline.  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.

[[Page 3275]]
120 STAT. 3275

``(E) Rule of interpretation.--This paragraph shall
not be construed to make subchapter II of chapter 5 of
title 5, United States Code, applicable to the Bank.
``(F) Regulations.--The Bank shall implement such
regulations and procedures as may be appropriate to
carry out this paragraph.''.

(b) Conforming Amendment.--Section 2(e)(2)(C) of such Act (12 U.S.C.
635(e)(2)(C)) is amended by inserting ``of not less than 14 days (which,
on request of any affected party, shall be extended to a period of not
more than 30 days)'' after ``comment period''.

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

Subparagraph (E) of section 6(a)(2) of the Export-Import Bank Act of
1945 (12 U.S.C. 635e(a)(2)) is amended to read as follows:
``(E) during fiscal year 2006, and each fiscal year
thereafter through fiscal year 2011,''.

SEC. 10. TIED AID CREDIT PROGRAM.

(a) In General.--Section 10(b)(5)(B)(ii) of the Export-Import Bank
Act of 1945 (12 U.S.C. 635i-3(b)(5)(B)(ii)) is amended to read as
follows:
``(ii) Process.--
In  NOTE: Applicability.  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)  NOTE: Deadline.  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


[[Page 3276]]
120 STAT. 3276

the appeal in writing not later than 20
days after the meeting at which the
Board of Directors considered the
application.

``(V)  NOTE: President. Deadline.  The
Bank shall not grant final approval of
an application for any tied aid credit
(or a commitment letter based on that
approval) if the President of the United
States, after consulting with the
President of the Bank and the Secretary,
determines within 30 days of an appeal
by the Secretary under subclause (IV)
that the extension of the tied aid
credit would materially impede achieving
the purposes described in subsection
(a)(6). If no such Presidential
determination is made during the 30-day
period, the approval by the Bank of the
application (or related commitment
letter) that was the subject of such
appeal shall become final.''.

(b) Clarification of Use of Tied Aid Credit Fund To Match.--Section
10 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-3) is amended--
(1) in subsection (a), in paragraph (6)--
(A) in the matter preceding subparagraph (A), by
inserting ``, including those that are not a party to
the Arrangement,'' after ``countries'';
(B) in subparagraph (B), by adding ``and'' at the
end; and
(C) by inserting after subparagraph (B) the
following:
``(C) promoting compliance with Arrangement rules
among foreign export credit agencies that are not a
party to the Arrangement;''; and
(2) in subsection (b), in paragraph (5)(B)--
(A) in clause (i)--
(i) in subclause (I), by striking ``and'' and
by inserting ``, and to seek compliance by those
countries that are not a party to the
Arrangement'' before the period; and
(ii) in subclause (III), by adding at the end
the following: ``In cases where information about
a specific offer of foreign tied aid (or untied
aid used to promote exports as if it were tied
aid) is not available in a timely manner, or is
unavailable because the foreign export credit
agency involved is not subject to the reporting
requirements under the Arrangement, then the Bank
may decide to use the Tied Aid Credit Fund based
on credible evidence of a history of such offers
under similar circumstances or other forms of
credible evidence.''.

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

Section 2(b) of the Export-Import Act of 1945 (12 U.S.C. 635(b)) is
amended by adding at the end the following new paragraph:
``(13) Prohibition on assistance to develop or promote certain
railway connections and railway-related connections.--The Bank shall not
guarantee, insure, or extend (or participate in the extension of) credit
in connection with the export of

[[Page 3277]]
120 STAT. 3277

any good or service relating to the development or promotion of any
railway connection or railway-related connection that does not traverse
or connect with Armenia and does traverse or connect Baku, Azerbaijan,
Tbilisi, Georgia, and Kars, Turkey.''.

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

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is
amended by adding at the end the following:
``(g) Process for Notifying Applicants of Application Status.--The
Bank shall establish and adhere to a clearly defined process for--
``(1) acknowledging receipt of applications;
``(2) informing applicants that their applications are
complete or, if incomplete or containing a minor defect, of the
additional material or changes that, if supplied or made, would
make the application eligible for consideration; and
``(3) keeping applicants informed of the status of their
applications, including a clear and timely notification of
approval or disapproval, and, in the case of disapproval, the
reason for disapproval, as appropriate.

``(h) Response to  NOTE: Deadlines.  Application for Financing;
Implementation of Online Loan Request and Tracking Process.--
``(1) Response to applications.--Within 5 days after the
Bank receives an application for financing, the Bank shall
notify the applicant that the application has been received, and
shall include in the notice--
``(A) a request for such additional information as
may be necessary to make the application complete;
``(B) the name of a Bank employee who may be
contacted with questions relating to the application;
and
``(C) a unique identification number which may be
used to review the status of the application at a
website established by the Bank.
``(2) Website.--Not later than September 1, 2007, the Bank
shall exercise the authority granted by subparagraphs (E)(x) and
(J) of subsection (b)(1) to establish, and thereafter to
maintain, a website through which--
``(A) Bank products may be applied for; and
``(B) information may be obtained with respect to--
``(i) the status of any such application;
``(ii) the Small Business Division of the
Bank; and
``(iii) incentives, preferences, targets, and
goals relating to small business concerns (as
defined in section 3(a) of the Small Business
Act), including small business concerns exporting
to Africa.''.

SEC. 13. COMPETITIVENESS INITIATIVES.

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

``SEC. 8A.  NOTE: 12 USC 635g-1.  ANNUAL COMPETITIVENESS REPORT.

``(a) In General.--Not later than June 30 of each year, the Bank
shall submit to the appropriate congressional committees a report that
includes the following:

[[Page 3278]]
120 STAT. 3278

``(1) Actions  NOTE: Surveys.  of bank in providing
financing on a competitive basis, and to minimize competition in
government-supported export financing.--A description of the
actions of the Bank in complying with the second and third
sentences of section 2(b)(1)(A). In this part of the report, the
Bank shall include a survey of all other major export-financing
facilities available from other governments and government-
related agencies through which foreign exporters compete with
United States exporters (including through use of market windows
(as defined pursuant to section 10(h)(7))) and, to the extent
such information is available to the Bank, indicate in specific
terms the ways in which the Bank's rates, terms, and other
conditions compare with those offered from such other
governments directly or indirectly. With respect to the
preceding sentence, the Bank shall use all available information
to estimate the annual amount of export financing available from
each such government and government-related agency. In this part
of the report, the Bank shall include a survey of a
representative number of United States exporters and United
States commercial lending institutions which provide export
credit on the experience of the exporters and institutions in
meeting financial competition from other countries whose
exporters compete with United States exporters.
``(2) Role of bank in implementing strategic plan prepared
by the trade promotion coordinating committee.--A description of
the role of the Bank in implementing the strategic plan prepared
by the Trade Promotion Coordinating Committee in accordance with
section 2312 of the Export Enhancement Act of 1988.
``(3) Tied aid credit program and fund.--The report required
by section 10(g).
``(4) Purpose of all bank transactions.--A description of
all Bank transactions which shall be classified according to
their principal purpose, such as to correct a market failure or
to provide matching support.
``(5) Efforts of bank to promote export of goods and
services related to renewable energy sources.--A description of
the activities of the Bank with respect to financing renewable
energy projects undertaken under section 2(b)(1)(K), and an
analysis comparing the level of credit extended by the Bank for
renewable energy projects with the level of credit so extended
for the preceding fiscal year.
``(6) Size of bank program account.--A separate section
which--
``(A) compares, to the extent practicable, the size
of the Bank program account with the size of the program
accounts of the other major export-financing facilities
referred to in paragraph (1); and
``(B) makes recommendations, if appropriate, with
respect to the relative size of the Bank program
account, based on factors including whether the size
differences are in the best interests of the United
States taxpayer.
``(7) Co-financing programs of the bank and of other export
credit agencies.--A description of the co-financing programs of
the Bank and of the other major export-financing facilities
referred to in paragraph (1), which includes a list

[[Page 3279]]
120 STAT. 3279

of countries with which the United States has in effect a
memorandum of understanding relating to export credit agency co-
financing and, if such a memorandum is not in effect with any
country with a major export credit-financing facility, an
explanation of why such a memorandum is not in effect.
``(8) Services supported by the bank and by other export
credit agencies.--A separate section which describes the
participation of the Bank in providing funding, guarantees, or
insurance for services, which shall include appropriate
information on the involvement of the other major export-
financing facilities referred to in paragraph (1) in providing
such support for services, and an explanation of any differences
among the facilities in providing the support.
``(9) Export finance cases not in compliance with the
arrangement.--Detailed information on cases reported to the Bank
of export financing that appear not to comply with the
Arrangement (as defined in section 10(h)(3)) or that appear to
exploit loopholes in the Arrangement for the purpose of
obtaining a commercial competitive advantage. The President of
the Bank, in consultation with the Secretary of the Treasury,
may provide to the appropriate congressional committees the
information required by this subsection in a separate and
confidential report, instead of providing such information in
the report required by this subsection.
``(10) Foreign export credit agency activities not
consistent with the wto agreement on subsidies and
countervailing measures.--A description of the extent to which
the activities of foreign export credit agencies and other
entities sponsored by a foreign government, particularly those
that are not members of the Arrangement (as defined in section
10(h)(3)), appear not to comply with the Arrangement and appear
to be inconsistent with the terms of the Agreement on Subsidies
and Countervailing Measures referred to in section 101(d)(12) of
the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(12)), and a
description of the actions taken by the United States Government
to address the activities. The President of the Bank, in
consultation with the Secretary of the Treasury, may provide to
the appropriate congressional committees, the information
required by this subsection in a separate and confidential
report, instead of providing such information in the report
required by this subsection.

``(b) Inclusion of Additional Comments.--The report required by
subsection (a) shall include such additional comments as any member of
the Board of Directors may submit to the Board for inclusion in the
report.
``(c) Appropriate Congressional Committees.--The term `appropriate
congressional committees' means the Committee on Financial Services of
the House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.''.
(b) Conforming Amendment.--Section 2(b)(1)(A) of such Act (12 U.S.C.
635(b)(1)(A)) is amended by striking all that follows the third
sentence.
(c) Expansion of Countries in Competition With Which the Bank Is To
Provide Export Financing.--Section 2(b)(1)(A) of such Act (12 U.S.C.
635(b)(1)(A)) is amended in the second sentence by inserting ``,
including countries the governments of

[[Page 3280]]
120 STAT. 3280

which are not members of the Arrangement (as defined in section
10(h)(3))'' before the period.
(d) Sense of Congress Regarding Negotiation of the OECD
Arrangement.--It is the sense of Congress that in the negotiation of the
Arrangement (as defined in section 10(h)(3) of the Export-Import Bank
Act of 1945) the goals of the United States include the following:
(1) Seeking compliance with the Arrangement among countries
with significant export credit programs who are not members of
the Arrangement.
(2) Seeking to identify within the World Trade Organization
the extent to which countries that are not a party to the
Arrangement are not in compliance with the terms of the
Agreement on Subsidies and Countervailing Measures referred to
in section 101(d)(12) of the Uruguay Round Agreements Act (19
U.S.C. 3511(d)(12)) with respect to export finance, and seeking
appropriate action within the World Trade Organization for each
country that is not in such compliance.
(3) Implementing new disciplines on the use of untied aid,
market windows, and other forms of export finance that seek to
exploit loopholes in the Arrangement for purposes of obtaining a
commercial competitive advantage.

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

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

(b) Financing Directed Toward Small Businesses Owned by Minorities
or Women.--Section 2(b)(1)(E)(v) of such Act (12 U.S.C. 635(b)(1)(E)(v))
is amended by adding at the end the following: ``From the amount made
available under the preceding sentence, it shall be a goal of the Bank
to increase the amount made available to finance exports directly by
small business concerns referred to in section 3(i)(1).''.

[[Page 3281]]
120 STAT. 3281

SEC. 15. GOVERNANCE.

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

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

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

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

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

SEC. 18. ENVIRONMENTAL MATTERS.

(a) Environmental Representatives on the Advisory Committee.--
Section 3(d) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(d))
is amended--
(1) in paragraph (1)--
(A) in subparagraph (A), by striking ``15'' and
inserting ``17''; and
(B) in subparagraph (B), by inserting
``environment,'' before ``production,''; and
(2) in paragraph (2), by adding at the end the following:
``(C) Not less than 2 members appointed to the Advisory
Committee shall be representative of the environmental
nongovernmental organization community, except that no 2 of the
members shall be from the same environmental organization.''.

(b) Public Disclosure of Certain Documents.--Section 11(a)(1) of the
Export-Import Bank of 1945 (12 U.S.C. 635i-5(a)(1)) is amended by
inserting after the first sentence the following:

[[Page 3282]]
120 STAT. 3282

``Such procedures shall provide for the public disclosure of
environmental assessments and supplemental environmental reports
required to be submitted to the Bank, including remediation or
mitigation plans and procedures, and related monitoring reports. The
preceding sentence shall not be interpreted to require the public
disclosure of any information described in section 1905 of title 18,
United States Code.''.

SEC. 19.  NOTE: 12 USC 635 note.  GOVERNMENT ACCOUNTABILITY OFFICE
STUDY OF BANK PERFORMANCE STANDARDS FOR ASSISTANCE TO SMALL
BUSINESSES, ESPECIALLY THOSE OWNED BY SOCIALLY AND
ECONOMICALLY DISADVANTAGED INDIVIDUALS AND THOSE OWNED BY
WOMEN.

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

SEC. 20. REPORTS.

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) is
amended by adding at the end the following:
``(f) Additional Reports.--Not later than March 31 of each year, the
Bank shall submit to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban Affairs
of the Senate reports on--
``(1) the extent to which the Bank has been able to use the
authority provided, and has complied with the mandates
contained, in section 2(b)(1)(E), and to the extent the Bank has
been unable to fully use such authority and comply with such
mandates, a report on the reasons for the Bank's inability to do
so and the steps the Bank is taking to remedy such inability;
``(2) the extent to which financing has been made available
to small business concerns (described in subsection (e)) to
enable them to participate in exports by major contractors,
including through access to the supply chains of the contractors
through direct or indirect funding;
``(3) the specific measures the Bank will take in the
upcoming year to achieve the small business objectives of the
Bank, including expanded outreach, product improvements, and
related actions;
``(4) the progress made by the Bank in supporting exports by
socially and economically disadvantaged small business concerns
(defined in section 8(a)(4) of the Small Business Act)

[[Page 3283]]
120 STAT. 3283

and small business concerns (as defined in section 3(a) of the
Small Business Act) owned by women, including estimates of the
amounts made available to finance exports directly by such small
business concerns, a comparison of these amounts with the
amounts made available to all small business concerns, and a
comparison of such amounts with the amounts so made available
during the 2 preceding years;
``(5) with respect to each type of transaction, the interest
and fees charged by the Bank to exporters (including a
description of fees and interest, if any, charged to small
business concerns), buyers, and other applicants in connection
with each financing program of the Bank, and the highest,
lowest, and average fees charged by the Bank for short term
insurance transactions;
``(6) the effects of the fees on the ability of the Bank to
achieve the objectives of the Bank relating to small business;
``(7) the fee structure of the Bank as compared with those
of foreign export credit agencies; and
``(8)(A) the efforts made by the Bank to carry out
subparagraphs (E)(x) and (J) of section 2(b)(1) of the Export-
Import Bank Act of 1945, including the total amount expended by
the Bank to do so; and
``(B) if the Bank has been unable to comply with such
subparagraphs--
``(i) an analysis of the reasons therefor; and
``(ii) what the Bank is doing to achieve, and the
date by which the Bank expects to have achieved, such
compliance.''.

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

(a) Study.--The  NOTE: Liberia. Haiti.  Export-Import Bank of the
United States shall conduct a study designed to assess the needs of new
or impoverished democracies, such as Liberia and Haiti, for imports from
the United States, and shall determine what role the Bank can play a
role in helping United States exporters seize the opportunities
presented by the need for such imports.

(b) Report to Congress.--Within 12 months after the date of the
enactment of this Act, the Bank shall submit to the Committee on
Financial Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the


[[Page 3284]]
120 STAT. 3284

Senate, in writing, a final report that contains the results of the
study required by subsection (a).

Approved December 20, 2006.

LEGISLATIVE HISTORY--S. 3938 (H.R. 5068):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 109-566 accompanying H.R. 5068 (Comm. on Financial
Services).
CONGRESSIONAL RECORD, Vol. 152 (2006):
Sept. 29, considered and passed Senate.
Dec. 6, considered and passed House, amended. Senate
concurred in House amendment.