IN THE SENATE OF THE UNITED STATES
June 6, 2013
Mr. Lee introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To abolish the Export-Import Bank of the United States, and for other purposes.
This Act may be cited as the
Export-Import Bank Termination
Congress makes the following findings:
Export subsidies provide advantages to specific industries or businesses at the expense of their domestic competition, other sectors of the economy of the United States, and the people of the United States.
Banks and other financial institutions that provide trade facilitation credit also profit from export subsidies such as loan guarantees and trade insurance.
International trade finance is well developed and supplied by the private sector at competitive rates that reflect market conditions.
The Export-Import Bank of the United States is an agency of the United States Government that subsidizes exports by insuring or guaranteeing trade facilitation loans and other credit from private financial institutions and by providing direct loans to exporters in the United States.
Export subsidies impose risks on the taxpayers of the United States.
In a June 2012 report, the Congressional Budget Office found, using accurate, fair value estimation, that the expected return of the Export-Import Bank of the United States was less than 1/10 of the estimate under the current, flawed methodology used pursuant to the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).
Recent years have revealed other safe Federal credit programs to have large taxpayer costs, including Freddie Mac, Fannie Mae, and the Federal Housing Administration.
The Export-Import Bank of the United States claims to serve small businesses primarily but most of its financing subsidizes exports of large multinational corporations.
Reductions of authorities before abolishment
Termination of authority To accept applications for assistance
Notwithstanding any other provision of law, the Export-Import Bank of the United States (in this Act referred to as the Bank) may not accept an application for a loan, insurance, or a guarantee, and may not participate in an extension of credit by another entity after the 30-day period that begins on the date of the enactment of this Act.
Termination of authority To renew or enter into a contract for the provision of assistance by the Bank
Notwithstanding any other provision of law, the Bank may not renew or enter into a contract that obligates the Bank to provide a loan, insurance, or a guarantee, or to participate in an extension of credit by another entity after the 12-month period that begins on the date of the enactment of this Act.
Abolishment of Export-Import Bank of the United States
The Bank is abolished on the date that is 3 years after the date of the enactment of this Act (in this Act referred to as the abolishment date).
Repeal of statutory authority
Effective on the abolishment date, the Export-Import Bank Act of 1945 ( 12 U.S.C. 635 et seq. ) is repealed.
Transfer of functions
All functions that are authorized to be performed by the Bank, the Board of Directors of the Bank, any officer or employee of the Bank acting in that capacity, or any agency or office of the Bank on the day before the abolishment date are transferred to the Secretary on the abolishment date.
Inspector general duties
Termination of the Office of Inspector General for the Export-Import Bank of the United States
Notwithstanding any other provision of law, the Office of Inspector General for the Bank shall terminate on the abolishment date, and the assets and obligations of the Office shall be transferred to the Office of the Inspector General for the Department of the Treasury or otherwise disposed of as the Secretary determines to be appropriate.
The provisions of this section shall not affect the performance of any pending audit, investigation, inspection, or report by the Office of the Inspector General for the Bank as of the abolishment date, with respect to functions transferred by this section.
Modification of performance
Nothing in this subsection shall be deemed to prohibit the discontinuance or modification of any performance under the same terms and conditions and to the same extent that performance could have been discontinued or modified if this section had not been enacted.
Performance of transferred functions
Except as otherwise provided by law, a Federal official to whom a function is transferred by this subsection may, for purposes of performing the function, exercise all authorities under any other provision of law that were available with respect to the performance of that function to the official responsible for the performance of the function immediately before the abolishment date.
Delegation and assignment
Except as otherwise expressly prohibited by law, a Federal official to whom a function is transferred by this subsection (including the head of any office to which functions are transferred by this subsection) may delegate any of the functions so transferred to such officers and employees of the office of the official as the official may designate, and may authorize successive redelegations of such functions as may be necessary or appropriate.
No delegation of functions under this subparagraph or under any other provision of this Act shall relieve the official to whom a function is transferred under this Act of responsibility for the administration of the function.
Authority of the Secretary with respect to transferred functions
If necessary, the Secretary shall make any determination of the functions that are transferred under this subsection.
The Secretary, at such time or times as the Secretary shall provide, may make such determinations as may be necessary with regard to the functions transferred by this subsection, and make such additional incidental dispositions of personnel, assets, liabilities, grants, contracts, property, records, and unexpended balances of appropriations, authorizations, allocations, and other funds held, used, arising from, available to, or to be made available in connection with such functions, as may be necessary to carry out the provisions of this Act.
Transfer of personnel
All individuals who were officers or employees of the Bank immediately before the abolishment date and performed functions that are transferred to the Secretary under subsection (a) are transferred to the Department of the Treasury on the abolishment date (other than members of the Board of Directors of the Bank).
Transfer of assets
Except as otherwise provided in this Act, so much of the personnel, property, records, and unexpended balances of appropriations, allocations, and other funds employed, used, held, available, or to be made available in connection with a function transferred to an official or agency by this Act shall be available to the official or the head of that agency, respectively, at such time or times as the Director of the Office of Management and Budget directs for use in connection with the functions transferred.
Resolution and termination of Bank functions
Resolution of functions
The Secretary shall—
complete the disposition and resolution of the functions of the Bank in accordance with this Act; and
resolve all functions that are transferred to the Secretary under section 5(a).
Termination of functions
All functions that are transferred to the Secretary under section 5(a) shall terminate on the date all obligations of the Bank, and all obligations of others to the Bank, in effect immediately before the abolishment date, have been satisfied, as determined by the Secretary.
Report to Congress
When the Secretary makes the determination described in subsection (b), the Secretary shall 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 the determination.
Duties of the Secretary
The Secretary shall be responsible for the implementation of this Act as follows:
The administration and wind-up of all functions transferred to the Secretary under section 5(a).
The administration and wind-up of any outstanding obligations of the Federal Government under any programs terminated by this Act.
Other actions as may be necessary to wind-up any outstanding affairs of the Bank.
Delegation of functions
The Secretary may delegate to the head of any other Federal department or agency the performance of the functions of the Secretary under this Act to the extent that the Secretary determines that the delegation would further the purposes of this Act.
Transfer of assets and personnel
In connection with any delegation of functions under subsection (b), the Secretary may transfer to the department or agency concerned such assets, funds, personnel, records, and other property relating to the delegated function as the Secretary determines to be appropriate.
Authorities of the Secretary
For purposes of performing the functions of the Secretary under this Act and subject to the availability of appropriations, the Secretary may—
enter into contracts;
employ experts and consultants in accordance with section 3109 of title 5, United States Code, at rates not to exceed the daily rate paid a person occupying a position at level IV of the Executive Schedule under section 5313 of such title; and
utilize, on a reimbursable basis, the services, facilities, and personnel of other Federal agencies.
All legal documents specified in paragraph (2) shall continue in effect according to their terms until modified, terminated, superseded, set aside, or revoked in accordance with law by the President, any other authorized official, a court of competent jurisdiction, or operation of law if such legal documents—
have been issued, made, granted, or allowed to become effective by the President, the Bank, any officer or employee of any office transferred by this Act, or any other Government official, or by a court of competent jurisdiction, in the performance of any function that is transferred by this Act; and
are in effect on the abolishment date (or become effective after such date pursuant to their terms as in effect on such effective date).
Legal documents specified
The legal documents specified in this paragraph are orders, determinations, rules, regulations, permits, grants, loans, contracts, agreements, certificates, licenses, and privileges.
This Act shall not affect any proceedings or any application for any benefits, service, license, permit, certificate, or financial assistance pending on the date of the enactment of this Act before an office transferred by this Act.
Issuance of orders
Orders shall be issued in such proceedings, appeals shall be taken, and payments shall be made pursuant to such orders as if this Act had not been enacted, and orders issued in any such proceeding shall continue in effect until modified, terminated, superseded, or revoked by a duly authorized official, by a court of competent jurisdiction, or by operation of law.
Modification of proceedings
Nothing in this subsection shall be considered to prohibit the discontinuance or modification of any proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this Act had not been enacted.
This Act shall not affect any civil or criminal action commenced before the date of the enactment of this Act.
Continue as if not enacted
In all such actions, proceedings shall be had, appeals shall be taken, and judgments shall be rendered in the same manner and with the same effect as if this Act had not been enacted.
Nonabatement of actions
No action or other proceeding commenced by or against an office transferred by this Act, or by or against any individual in the official capacity of such individual as an officer or employee of such an office, shall abate by reason of the enactment of this Act.
Continuance of actions
If any Government officer in the official capacity of such officer is party to an action with respect to a function of the officer, and under this Act such function is transferred to any other officer or office, then such action shall be continued with the other officer or the head of such other office, as applicable, substituted or added as a party.
Administrative procedure and judicial review
Except as otherwise provided by this Act, any statutory requirements relating to notice, hearings, action upon the record, or administrative or judicial review that apply to any function transferred by this Act shall apply to the exercise of such function by the head of the Federal agency, and other officers of the agency, to which such function is transferred by this Act.
Availability of existing funds
Existing appropriations and funds available for the performance of functions, programs, and activities terminated pursuant to this Act shall remain available, for the duration of their period of availability, for necessary expenses in connection with the termination and resolution of such functions, programs, and activities.
Elimination of related authorizing provisions
in section 1908 ( 12 U.S.C. 635a–1 )—
subsection (a), by striking
by striking subsection (b);
by repealing section 1911 (12 U.S.C. 635a–2); and
by repealing section 1912 (12 U.S.C. 635a–3).
Section 206 of the Bank Export Services Act ( 12 U.S.C. 635a–4 ) is repealed.
Sections 641 through 647 of the Trade and Development Enhancement Act of 1983 (12 U.S.C. 635o–635t) are repealed.
Elimination of related compensation provisions
Position at Level III
Section 5314 of title 5, United States Code, is amended by striking the following item:
- President of the Export-Import Bank of Washington.
Positions at Level IV
Section 5315 of title 5, United States Code, is amended—
by striking the following item:
- First Vice President of the Export-Import Bank of Washington.
by striking the following item:
- Members, Board of Directors of the Export-Import Bank of Washington.
Elimination of office of inspector general for the bank
Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is amended—
in paragraph (1),
the President of the Export-Import Bank;; and
in paragraph (2),
the Export-Import Bank,.
The repeals and amendments made by this section shall take effect on the abolishment date.
Report to Congress on other amendments to Federal statute
The Secretary shall 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 written report that contains suggestions for such other amendments to Federal statutes as may be necessary or appropriate as a result of this Act.
Any reference in any other Federal law, Executive order, rule, regulation, or delegation of authority, or any document of or pertaining to a department or office from which a function is transferred by this Act—
to the head of such department or office is deemed to refer to the head of the department or office to which the function is transferred; or
to such department or office is deemed to refer to the department or office to which the function is transferred.
In this Act:
The term function includes any duty, obligation, power, authority, responsibility, right, privilege, activity, or program.
The term office includes any office, administration, agency, bureau, institute, council, unit, organizational entity, or component thereof.
The term Secretary means the Secretary of the Treasury.