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S. 1372 (107th): Export-Import Bank Reauthorization Act of 2002


The text of the bill below is as of Mar 14, 2002 (Passed the Senate).


S 1372 ES

107th CONGRESS

2d Session

S. 1372


AN ACT

To reauthorize the Export-Import Bank of the United States.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Export-Import Bank Reauthorization Act of 2001’.

SEC. 2. EXTENSION OF AUTHORITY.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking ‘2001’ and inserting ‘2006’.

SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

    Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended to read as follows:

      ‘(iii) The sub-Saharan Africa advisory committee shall terminate on September 30, 2006.’.

SEC. 4. GUARANTEES, INSURANCE, EXTENSION OF CREDIT.

    Section 2(b)(1)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(A)) is amended--

      (1) in the fourth sentence, by striking ‘on an annual basis’ and inserting ‘not later than June 30 each year’;

      (2) in the fifth sentence, by inserting ‘(including through use of market windows)’ after ‘United States exporters’; and

      (3) by inserting after the fifth sentence, the following new sentence: ‘With respect to the proceeding sentence, the Bank shall use all available information to estimate the annual amount of export financing available from other governments and government-related agencies.’.

SEC. 5. FINANCING FOR SMALL BUSINESS.

    Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)(v)) is amended by striking ‘10’ and inserting ‘18’.

SEC. 6. MARKET WINDOWS.

    The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended by adding at the end the following new section:

‘SEC. 15. MARKET WINDOWS.

    ‘(a) ENHANCED TRANSPARENCY- To ensure that the Bank financing remains fully competitive, the United States should seek enhanced transparency over the activities of market windows in the OECD Export Credit Arrangement. If such transparency indicates that market windows are disadvantaging United States exporters, the United States should seek negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement.

    ‘(b) AUTHORIZATION- The Bank is authorized to provide financing on terms and conditions that are inconsistent with those permitted under the OECD Export Credit Arrangement--

      ‘(1) to match financing terms and conditions that are being offered by market windows on terms that are inconsistent with those permitted under the OECD Export Credit Arrangement, if--

        ‘(A) matching such terms and conditions advances the negotiations for multilateral disciplines and transparency within the OECD Export Credit Arrangement; or

        ‘(B) transparency verifies that the market window financing is being offered on terms that are more favorable than the terms and conditions that are available from private financial markets; and

      ‘(2) when the foreign government-supported institution refuses to provide sufficient transparency to permit the Bank to make a determination under paragraph (1).

    ‘(c) DEFINITION- In this section, the term ‘OECD’ means the Organization for Economic Cooperation and Development.’.

SEC. 7. INSPECTOR GENERAL OF THE EXPORT-IMPORT BANK.

    (a) ESTABLISHMENT OF POSITION- Section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) is amended--

      (1) in paragraph (1), by striking ‘or the Board of Directors of the Tennessee Valley Authority;’ and inserting ‘the Board of Directors of the Tennessee Valley Authority; or the President of the Export-Import Bank;’; and

      (2) in paragraph (2), by striking ‘or the Tennessee Valley Authority;’ and inserting ‘the Tennessee Valley Authority, or the Export-Import Bank,’.

    (b) SPECIAL PROVISIONS- The Inspector General Act of 1978 is amended--

      (1) by redesignating section 8I as section 8J and inserting after section 8H the following new section:

‘Sec. 8I. Special Provisions Relating to the Export-Import Bank of the United States

    ‘(a) IN GENERAL- The Inspector General of the Export-Import Bank shall not prevent or prohibit the Audit Committee from initiating, carrying out, or completing any audit or investigation or undertaking any other activities in the performance of the duties and responsibilities of the Audit Committee, including auditing the financial statements of the Export-Import Bank, determining when it is appropriate to use independent external auditors, and selecting independent external auditors. In carrying out the duties and responsibilities of Inspector General, the Inspector General of the Export-Import Bank shall not be prevented or prohibited from initiating, carrying out, or completing any audit or investigation, or from issuing any subpoena during the course of any audit or investigation. The Audit Committee shall make available to the Inspector General of the Export-Import Bank the reports of all audits the Committee undertakes in the discharge of its duties and responsibilities.

    ‘(b) AUDIT COMMITTEE- For purposes of this section, the term ‘Audit Committee’ means the Audit Committee of the Board of Directors of the Export-Import Bank or any successor thereof.’;

      (2) in section 8J (as redesignated), by striking ‘or 8H of this Act’ and inserting ‘8H, or 8I of this Act’.

    (c) EXECUTIVE LEVEL IV- Section 5315 of title 5, United States Code, is amended by inserting after the item relating to the Inspector General of the Environmental Protection Agency the following:

      ‘Inspector General, Export-Import Bank.’.

    (d) INITIAL IMPLEMENTATION- Section 9(a)(2) of the Inspector General Act of 1978 is amended by inserting ‘to the Office of the Inspector General,’ after ‘(2)’.

    (e) TECHNICAL CORRECTIONS- Section 11 of the Inspector General Act of 1978 is amended--

      (1) in paragraph (1)--

        (A) by striking the second semicolon after ‘Community Service’;

        (B) by striking ‘and’ after ‘Financial Institutions Fund;’; and

        (C) by striking ‘and’ after ‘Trust Corporation;’; and

      (2) in paragraph (2), by striking the second comma after ‘Community Service’.

    (f) EFFECTIVE DATE- The amendments made by this section shall take effect on October 1, 2002.

Passed the Senate March 14, 2002.

Attest:

Secretary.

107th CONGRESS

2d Session

S. 1372

AN ACT

To reauthorize the Export-Import Bank of the United States.