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H.R. 597 (114th): Export-Import Bank Reform and Reauthorization Act of 2015

The text of the bill below is as of Jan 28, 2015 (Introduced).


I

114th CONGRESS

1st Session

H. R. 597

IN THE HOUSE OF REPRESENTATIVES

January 28, 2015

(for himself, Mr. Wilson of South Carolina, Mr. Aderholt, Mr. Hunter, Mr. Stivers, Mr. Collins of New York, Mr. Rodney Davis of Illinois, Mr. Dold, Mr. Cole, Mr. Hultgren, Mr. Lucas, Mr. Pitts, Mr. Reed, Mrs. Wagner, Mr. Bost, Mr. Harper, Mr. King of New York, Mr. Newhouse, Mr. Tiberi, Mr. Gibbs, Mr. Crenshaw, Mr. Long, Mr. Rogers of Alabama, Mr. Amodei, Mrs. Walorski, Mr. Graves of Missouri, Mr. Boustany, Mr. Joyce, Mr. Rice of South Carolina, Mr. Mica, Mr. Bucshon, Mr. Meehan, Mr. Costello of Pennsylvania, Mr. Thompson of Pennsylvania, Mr. Turner, Mr. Gibson, Mr. Hanna, Mr. Kelly of Pennsylvania, Mr. MacArthur, Mr. Shimkus, Mr. Barletta, Mr. Cramer, Mr. Shuster, Mr. Reichert, Mr. LoBiondo, Mr. Kinzinger of Illinois, Mr. Johnson of Ohio, Mr. Marino, Mr. Mullin, Ms. Stefanik, Mr. Katko, Mr. Crawford, Mr. Jolly, Mr. Calvert, Mrs. Comstock, Mr. Schock, Mrs. Hartzler, and Mr. Valadao) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To reauthorize the Export-Import Bank of the United States, and for other purposes.

1.

Short title

This Act may be cited as the Reform Exports and Expand the American Economy Act.

2.

Table of contents

The table of contents of this Act is as follows:

Sec. 1. Short title.

Sec. 2. Table of contents.

Title I—Improving Transparency of the Export-Import Bank of the United States

Sec. 101. Making the Office of Ethics statutory.

Sec. 102. Review of fraud controls.

Sec. 103. Review of Bank product pricing and credit standards to avoid crowding out of private export finance.

Sec. 104. Prohibited countries.

Sec. 105. Independent audit by the Comptroller General.

Sec. 106. Employee certification and financial disclosure.

Sec. 107. Study of financing for information and communications technology systems.

Sec. 108. Electronic payments and documents.

Sec. 109. Parallel GAAP reporting.

Sec. 110. Making the Bank the lender of last resort for loans, attempting private financing first.

Sec. 111. Audit committee.

Sec. 112. Report on privatizing the Bank.

Sec. 113. Independent audit of bank portfolio.

Title II—Improving the Accountability of the Export-Import Bank of the United States

Sec. 201. Earnings retention.

Sec. 202. Office of the President and term limits.

Sec. 203. Repayment as priority.

Sec. 204. Negotiations to end export credit financing.

Sec. 205. Limitations on outstanding loans, guarantees, and insurance.

Sec. 206. Credit risk.

Sec. 207. Chief Risk Officer.

Sec. 208. Participation and risk-sharing by private sector lenders and exporters.

Sec. 209. Reauthorization of information technology updating.

Title III—Job Growth

Sec. 301. Extension of authority.

Sec. 302. Dual use exports.

Sec. 303. Small business and medium-sized enterprises reports.

Sec. 304. Medium-sized enterprises.

Sec. 305. Extension of suspension of supplemental guidelines for high carbon intensity projects.

Sec. 306. Updated definition of loan terms.

Sec. 307. Updated loan amounts.

Sec. 308. Updated environmental effects consideration.

Sec. 309. Updated export amounts.

Sec. 310. Inflation adjustment.

I

Improving Transparency of the Export-Import Bank of the United States

101.

Making the Office of Ethics statutory

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is amended by adding at the end the following:

(k)

Office of Ethics

(1)

Establishment

There is hereby established an Office of Ethics within the Bank, which shall oversee all ethics issues within the Bank.

(2)

Head of office

The head of the Office of Ethics shall be the Chief Ethics Officer, who shall be appointed by the Board of Directors of the Bank, within 180 days after the date of the enactment of this paragraph, from among persons with a background in law who have experience in the fields of law and ethics, including the individual serving as a designated agency ethics official for the Bank pursuant to Ethics in Government Act of 1978. The Chief Ethics Officer shall report to the Board.

(3)

Duties

The Office of Ethics has jurisdiction over all employees and contractors of, and matters relating to, the Bank. With respect to employees and contractors of the Bank, the Office of Ethics may—

(A)

recommend administrative actions to establish or enforce standards of official conduct;

(B)

investigate alleged violations of the Code of Official Conduct or of any applicable rules, laws, or regulations governing the performance of official duties or the discharge of official responsibilities;

(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 in an Office of Ethics investigation, subject to approval of the report by an affirmative vote of a majority of the Board of Directors of the Bank; and

(D)

render advisory opinions regarding the propriety of any current or proposed conduct of employee or contractor of the Bank, and issue general guidance on such matters as necessary.

.

102.

Review of fraud controls

Section 17(b) of the Export-Import Bank Reauthorization Act of 2012 (12 U.S.C. 635a–6(b)) is amended to read as follows:

(b)

Review of fraud controls

Not less frequently than every 4 years, the Comptroller General of the United States shall—

(1)

review the adequacy of the design and effectiveness of the controls used by the Export-Import Bank of the United States to prevent, detect, and investigate fraudulent applications for loans and guarantees and the compliance by the Bank with the controls, including by auditing a sample of Bank transactions, and

(2)

submit to the Committees on Financial Services and Appropriations of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Appropriations of the Senate a written report regarding the findings of the review and providing such recommendations with respect to the controls as the Comptroller General deems appropriate.

.

103.

Review of Bank product pricing and credit standards to avoid crowding out of private export finance

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g) is amended by adding at the end the following:

(k)

Reports on private export financing and Bank pricing and credit standards

(1)

Private export financing

The Board of Governors of the Federal Reserve System shall issue a semiannual report to the Congress on the terms and conditions (including interest rates, maturities, and credit standards) that apply in the provision of export finance by private financial institutions.

(2)

Bank pricing and credit standards

The Bank shall issue an annual report to the Congress on the steps taken by the Bank to adjust the pricing of products offered, and the credit standards used, by the Bank to avoid crowding out private export finance.

.

104.

Prohibited countries

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g), as amended by section 103 of this Act, is amended by adding at the end the following:

(l)

Recommendations regarding prohibited countries

The Board of Directors of the Bank, in consultation with Congress, the President, and the Secretary of State, shall develop recommendations annually regarding the countries with whom and in which the Bank should not be doing business, and the Bank shall include the recommendations in its annual report to the Congress under subsection (a).

.

105.

Independent audit by the Comptroller General

Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(c)) is amended by redesignating paragraph (10) as paragraph (11) and inserting after paragraph (9) the following:

(10)

Independent audit by the Comptroller General

(A)

Annual audit

The Comptroller General of the United States shall, before the end of the 1-year period beginning on the date of the enactment of this paragraph and each year thereafter, carry out an audit of the Bank’s loan, guarantee, insurance, and credit programs.

(B)

Report

At the completion of each audit required under subparagraph (A), the Comptroller General shall issue a report to the Bank and the Congress containing—

(i)

all findings and determinations made in carrying out the audit; and

(ii)

any recommendations that the Comptroller General may have—

(I)

to assist the Bank in fulfilling the accounting and reporting responsibilities of the Bank;

(II)

to ensure that the Bank has adequate administrative and financial controls; and

(III)

with respect to procedures for the internal audit functions of, and the use of independent accountants by the Bank.

.

106.

Employee certification and financial disclosure

Section 3(e) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(e)) is amended by adding at the end the following:

(3)

Ethics

(A)

Code of ethics

(i)

In general

The Chief Ethics Officer shall draft a Code of Ethics that sets out strict and definite standards of official conduct for all Bank directors, officers, and employees, which Code shall include a policy that prohibits conflicts of interest, as described in paragraph (1) of this subsection, and other policies, prohibitions, and restrictions that the Chief Ethics Officer deems appropriate.

(ii)

Considerations

In drafting the Code of Ethics, the Chief Ethics Officer shall consider the Principles of Ethical Conduct for Government Officers and Employee set forth in Executive Order 12731 (Oct. 17, 1990).

(iii)

Consistency with Ethics in Government Act of 1978

The Chief Ethics Officer shall ensure that the Code of Ethics is consistent with the Ethics in Government Act of 1978 and the regulations promulgated under such Act.

(iv)

Effectiveness; amendment

The Code of Ethics (and an amendment to the Code) shall take effect on approval by the Board. The Code of Ethics may be amended only on the recommendation of the Chief Ethics Officer.

(v)

Annual employee certifications

The Board, in consultation with the Chief Ethics Officer, shall implement a policy that requires all Bank directors, officers, and employees to certify annually that they have read, understand, and complied with and will continue to comply with the Code of Ethics. The annual certifications shall contain a statement that notifies the signatory that section 1001 of title 18, United States Code, applies to the certification.

(B)

Financial disclosure

(i)

In general

Within 180 days after the date of the enactment of this paragraph, the Board, in consultation with the Chief Ethics Officer, shall prepare a financial disclosure form for Covered Individuals, which form shall—

(I)

require information about assets, income, debts, and any other financial information that the Board deems appropriate for ensuring that a Covered Individual is in compliance with the Code of Ethics established under subparagraph (A); and

(II)

be no less extensive than financial reports required to be filed under title I of the Ethics in Government Act of 1978 and the regulations promulgated under such Act.

(ii)

Financial reporting policy

The Board, in consultation with the Chief Ethics Officer, shall implement a policy that—

(I)

requires each Covered Individual and the spouse of the Covered Individual to annually complete the financial disclosure form and submit the completed form to the General Counsel or his or her designee for review; and

(II)

allows any Covered Individual who is required to file financial reports under title I of the Ethics in Government Act of 1978 or any other Federal law to file the financial reports under such title or other law in lieu of the financial disclosure form described in this subparagraph, but the Board may require those who do so to supplement the financial report with all information required to be disclosed under this subparagraph.

(iii)

Covered Individual defined

In this subparagraph, the term Covered Individual means any Bank director, officer, employee, or contractor with the ability to affect any Bank decision relating to financing, funding, insuring, or otherwise providing backing to any company or project.

(iv)

Availability of completed financial disclosure forms

(I)

In general

The Bank shall make completed financial disclosure forms available to the Office of Inspector General for the Bank.

(II)

Prohibitions

A completed financial disclosure form shall not be made available—

(aa)

to another Bank director, officer, employee, attorney, or agent, except as necessary to ensure compliance of a Covered Individual with this subparagraph, the Code of Ethics, or any applicable law; or

(bb)

to the public.

(C)

Rule of interpretation

Nothing in this paragraph shall supersede, modify, change, or otherwise affect any requirement, procedure, or restriction applicable to a Bank employee, officer, or director under the Ethics in Government Act of 1978 that applies in addition to the requirements, procedures, and restrictions applicable to a Bank employee, officer, or director under this paragraph.

.

107.

Study of financing for information and communications technology systems

(a)

Analysis of the information and communications technology industry use of bank products

The Export-Import Bank of the United States (in this section referred to as the Bank) shall conduct a study of the extent to which the products offered by the Bank are available and used by companies that export services and related goods. In conducting the study, the Bank shall examine the following:

(1)

The impediments to the use of Bank products by the companies.

(2)

The number of jobs in the United States that are supported by the export of goods and services, and the degree to which access to financing will increase exports.

(3)

The reduction in the financing by the Bank of information and communications technology (in this section referred to as ICT) services from 2003 through 2013.

(4)

The impediments posed by local content requirements to ICT companies that seek to use a Bank product.

(5)

The activities of foreign export credit agencies to facilitate the export of ICT goods and services.

(6)

Specific proposals for how the Bank, using its authority and products, could provide additional financing for ICT goods and services, including through risk-sharing with other export credit agencies and other third parties.

(7)

Ways in which the Bank can take into account the full global ICT goods and services supply chain—in particular, the ultimate manufacturer or provider of the finished goods or services that would result from the supply chain—in making credit and risk determinations and the creditworthiness of the ultimate purchaser.

(8)

Proposals for new products the Bank could offer to provide the financing, including—

(A)

the extent to which the Bank is authorized to offer new products;

(B)

the extent to which the Bank would need additional authority to offer the new products to meet the needs of the ICT industry;

(C)

specific proposals for changes in law that would enable the Bank to provide increased financing for ICT goods and services in compliance with the credit and risk standards of the Bank;

(D)

specific proposals that would enable the Bank to provide increased outreach to the ICT industry about the products the Bank offers; and

(E)

specific proposals for changes in law that would enable the Bank to provide the financing to build ICT infrastructure in compliance with the credit and risk standards of the Bank so as to allow for market access opportunities for United States ICT companies to operate services on the infrastructure being financed on receipt of funds from the Bank.

(b)

Report

Within 180 days after the date of the enactment of this Act, the Bank shall submit to the Congress a report that contains the results of the study required by subsection (a).

108.

Electronic payments and documents

Section 2(b)(1)(E) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)) is amended by adding at the end the following:

(xi)

Electronic documents

Not later than the end of the 2-year period beginning on the date of the enactment of this clause, the Bank shall implement policies to accept electronic documents whenever possible, including copies of bills of lading, certifications, and compliance documents.

(xii)

Electronic payments

Not later than the end of the 2-year period beginning on the date of the enactment of this clause, the Bank shall implement policies to accept electronic payments in all of its programs.

.

109.

Parallel GAAP reporting

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635g), as amended by sections 103 and 104 of this Act, is amended by adding at the end the following:

(m)

Parallel GAAP reporting

With any report issued by the Bank to the Congress or any committee of the Congress that contains accounting information that is not prepared using generally accepted accounting principles, the Bank shall issue a 2nd report providing the same accounting information prepared using generally accepted accounting principles.

.

110.

Making the Bank the lender of last resort for loans, attempting private financing first

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is amended by adding at the end the following:

(k)

Applicants for Bank assistance required To demonstrate inability To obtain credit elsewhere

The Bank shall not guarantee, insure, or extend credit, or participate in an extension of credit in connection with a transaction, to a privately owned foreign applicant, other than a financial institution, unless the applicant demonstrates to the Bank that—

(1)

the applicant has sought, and has been unable to obtain, competitive financing for the transaction without any support from the Overseas Private Investment Corporation or the Small Business Administration; or

(2)

financing from a foreign export credit agency is available to the applicant to support comparable foreign goods and services competing with the United States exports that would be financed by the Bank through the application.

.

111.

Audit committee

Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(c)), as amended by section 105 of this Act, is amended by redesignating paragraph (10) as paragraph (11) and inserting after paragraph (9) the following:

(10)

Audit committee

(A)

Membership

(i)

In general

In addition to such other duties as they may be appointed to perform under subparagraph (5), the directors who are neither Chairman nor Vice Chairman of the Board shall constitute the Audit Committee of the Board.

(ii)

Special rule

If that there is only 1 director who is neither Chairman nor Vice Chairman of the Board, the Chief Risk Officer of the Bank shall be a temporary member of the Audit Committee until a 2nd Bank director who is neither Chairman nor Vice Chairman of the Board is appointed to the Board.

(B)

Duties

(i)

Within 1 year after the date of the enactment of this paragraph, the Audit Committee shall develop and implement a program to audit, on a regular and routine basis, the loan, guarantee, insurance, and credit programs of the Bank.

(ii)

The Audit Committee shall—

(I)

provide assistance to the Board in fulfilling the accounting and reporting responsibilities of the Board;

(II)

evaluate whether the Bank has adequate administrative and financial controls;

(III)

review the financial statements prepared by management for distribution to the Congress and the public; and

(IV)

provide direction over the internal audit function and the independent accountants of the Bank.

(C)

Reports

The Audit Committee shall report to the Board regularly on its activities but may act independently of the Chairman and Vice Chairman.

(D)

Procedural rules

(i)

Quorum

2 members shall constitute a quorum of the Audit Committee.

(ii)

Action only by majority vote

The Audit Committee may act only by majority vote.

.

112.

Report on privatizing the Bank

Within 270 days after the date of the enactment of this Act, the President, in consultation with the Advisory Committee of the Bank, the Comptroller of the Currency, and the Governors of the Federal Reserve Board, shall submit to the Committees on Appropriations and Financial Services of the House of Representatives and the Committees on Appropriations and Banking, Housing, and Urban Affairs of the Senate a report on the programs of the Bank that may be fully or partially privatized, which report shall—

(1)

consider, but not be limited to, the establishment of a public-private partnership to create a market window, as allowed under Section 15 of the Export-Import Bank Act of 1945, to compete against similar foreign-supported market windows to maximize private-sector participation;

(2)

include an evaluation of whether the administration of the insurance and working-capital programs of the Bank could be partially or completely privatized; and

(3)

include an analysis of the current regulatory restrictions related to capital-allocation requirements for pre-export working capital and cross-border lending in amounts exceeding $25,000,000.

113.

Independent audit of bank portfolio

(a)

Audit

The Inspector General of the Export-Import Bank of the United States shall conduct an audit of the portfolio risk management procedures of the Bank, including a review of the implementation by the Bank of the duties assigned to the Chief Risk Officer under the Export-Import Bank Act of 1945.

(b)

Report

Not later than 1 year after the appointment of the Chief Risk Officer of the Export-Import Bank of the United Sates, the Inspector General 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 containing all findings and determinations made in carrying out subsection (a).

II

Improving the Accountability of the Export-Import Bank of the United States

201.

Earnings retention

Section 2(a)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(a)(1)) is amended by striking Net earnings of the Bank after reasonable provision for possible losses shall be used for payment of dividends on capital stock. and inserting The Bank shall retain not less than 30 percent of total net earnings as a provision for possible losses. Notwithstanding the previous sentence, during any period when the aggregate of such retained earnings is less than 10 percent of the applicable amount (as defined under section 6(a)(2)), the Bank shall retain not less than 80 percent of total net earning as a provision for possible losses. Net earnings that are not retained as a provision for possible losses shall be used for payment of dividends on capital stock..

202.

Office of the President and term limits

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is amended—

(1)

in subsection (b), by inserting who shall be chosen from among those individuals with at least 15 years of banking experience, before and who shall serve as chief executive; and

(2)

in subsection (c)(8)(A)—

(A)

in clause (iii), by striking and at the end;

(B)

in clause (iv), by striking the period at the end and inserting ; and; and

(C)

by adding at the end the following:

(v)

no person may serve as the President of the Bank for more than 2 terms.

.

203.

Repayment as priority

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

(1)

in subparagraph (B), by striking , 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

(2)

by striking subparagraph (C) and inserting the following:

(C)

The Bank shall conduct all programs of the Bank in a manner that, in the judgment of the Board of Directors, offers reasonable assurance of repayment and minimizes risk of loss. Loans made by the Bank shall be for specific purposes.

.

204.

Negotiations to end export credit financing

Section 11 of the Export-Import Bank Reauthorization Act of 2012 (12 U.S.C. 635i–5) is amended—

(1)

in subsection (a)—

(A)

by striking Secretary of the Treasury (in this section referred to as the Secretary) and inserting President; and

(B)

in paragraph (1), by striking goal of eliminating and inserting possible goal of eliminating, before the end of the 10-year period beginning on the date of the enactment of the Reform Exports and Expand the American Economy Act,;

(2)

in subsection (b), by striking Secretary each place such term appears and inserting President; and

(3)

by adding at the end the following:

(c)

Report on strategy

Not later than the end of the 180-day period beginning on the date of the enactment of this subsection, the President shall submit to the Congress a proposal, together with a strategy for achieving the proposal, that the United States Government will pursue with other major exporting countries, including members of the Organisation for Economic Co-operation and Development (OECD) and non-members of the OECD, to eliminate over a period of not more than 10 years subsidized export-financing programs, tied aid, export credits, and all other forms of government-supported export subsidies.

(d)

Negotiations with non-OECD countries

The President shall initiate and pursue negotiations with countries that are not members of the Organisation for Economic Co-operation and Development (OECD), to bring the non-members into a multilateral agreement establishing rules and limitations on officially supported export credits.

(e)

Annual reports on progress of negotiations

Not later than 180 days after the date of the enactment of this subsection, and annually thereafter through calendar year 2019, 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 progress of any negotiations described in subsection (d).

.

205.

Limitations on outstanding loans, guarantees, and insurance

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

In paragraph (1), the term applicable amount means $130,000,000,000.

.

206.

Credit risk

Section 2(b)(1)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(A)) is amended by inserting after (as defined in section 10(h)(3)) the following: , provided that this objective is accomplished in a manner calculated to minimize financial risk to the Bank.

207.

Chief Risk Officer

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), as amended by section 101 of this Act, is amended by adding at the end the following:

(l)

Chief Risk Officer

(1)

In general

Subject to the approval of the Board of Directors of the Bank, the President of the Bank shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who—

(A)

shall rank not lower than senior vice president;

(B)

shall have as the officer’s sole function to serve as chief risk officer of the Bank;

(C)

shall report directly to the Board; and

(D)

shall be removable only by the Board.

(2)

Duties

The Chief Risk Officer shall, in coordination with the Audit Committee of the Board of Directors, develop, implement, and manage a comprehensive process for identifying, assessing, monitoring, and reducing business risks to the Bank’s overall portfolio that may interfere with the ability of the Bank to fulfill its purposes, but may not exercise any authority over the operations of the Bank.

.

208.

Participation and risk-sharing by private sector lenders and exporters

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635), as amended by section 110 of this Act, is amended by adding at the end the following:

(l)

Participation and risk-Sharing by private sector lenders and exporters

(1)

The Bank shall develop and implement policies (in coordination and in consultation with private sector stakeholders) that incentivize transactions in which third parties share risks of loss with the Bank. In the policies, the Bank shall—

(A)

allow the retention of risk to be borne either by a lender or an exporter;

(B)

not require a lender to retain additional risk beyond the risk retained by an exporter;

(C)

share fees with the risk-sharing party equal to the risk retained, but not share the interest earned on a direct loan portion of a transaction; and

(D)

ensure that any administrative burdens for third parties are calculated to promote participation by third parties in the risk-sharing programs of the Bank.

(2)

The policies of the Bank to encourage risk-sharing shall give additional authority to a third party that retains risk of loss of greater than 50 percent of a transaction.

(3)

The Bank may guarantee a capital markets purchase of not more than 50 percent of an export portfolio by a captive finance company or affiliate to encourage expansion of equipment exports from the United States.

.

209.

Reauthorization of information technology updating

Section 3(j) of the Export-Import Act of 1945 (12 U.S.C. 635a(j)) is amended—

(1)

in the subsection heading, by striking bank surplus and inserting administrative funds;

(2)

in paragraph (1), by striking 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 2012, 2013, and 2014 to and inserting Subject to paragraphs (2) and (3), the Bank may use amounts, including fees, made available to the Bank for administrative expense for systems infrastructure, to;

(3)

by striking paragraph (2) and redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively; and

(4)

in paragraph (2) (as so redesignated), by striking 2012, 2013, and 2014 and inserting 2015 through 2019.

III

Job Growth

301.

Extension of authority

Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking 2014 and inserting 2019.

302.

Dual use exports

Section 1(c) of Public Law 103–428 (12 U.S.C. 635 note) is amended by striking 2014 and inserting 2019.

303.

Small business and medium-sized enterprises reports

(a)

In general

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

8B.

Small business concerns and medium-sized enterprises reports

(a)

Study

Not later than 180 days after the date of the enactment of this section, and annually thereafter, the Bank shall—

(1)

carry out a study on the programs, products, and policies of the Bank that support exports from small business concerns and medium-sized enterprises in the United States, including the programs, products, and polices with respect to the implementation of the export credit insurance program, delegated lending authority, and direct loans of the Bank; and

(2)

determine the extent to which the policies adequately meet the needs of small business concerns and medium-sized enterprises in obtaining Bank financing to support the maintenance or creation of jobs in the United States through exports, consistent with the requirement that the Bank obtain a reasonable assurance of repayment.

(b)

Report

On the completion of each study required under subsection (a), the Bank shall issue a report to the Congress containing—

(1)

all findings and determinations made by the Bank in carrying out the study;

(2)

an analysis of the extent to which small business concerns and medium-sized enterprises supply exporters with goods and services, the content of which is included in exports supported by a Bank program; and

(3)

recommendations to enhance the support the Bank may provide small business concerns and medium-sized enterprises.

(c)

Small business concern defined

In this section, the term small business concern has the meaning given the term under section 3(a) of the Small Business Act.

.

(b)

Report on Bank support for small- and medium-Sized companies through supply chains

Section 8 of such Act (12 U.S.C. 635g), as amended by sections 103, 104, and 109 of this Act, is amended by adding at the end the following:

(n)

Bank support for small- and medium-Sized companies through supply chains

The Bank shall include in its annual report to the Congress under subsection (a) an analysis of how, and to what extent, the Bank provides indirect support to small- and medium-sized companies through the supply chains of medium-sized and large companies to which the Bank has provided support.

.

304.

Medium-sized enterprises

Section 2(b)(1)(F) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(F)) is amended to read as follows:

(F)

Fair consideration for medium-Sized enterprises

In addition to the programs of the Bank to encourage the participation of small businesses in international commerce, the policies of the Bank shall give fair consideration to making loans and providing guarantees for the export of goods and services by medium-sized enterprises.

.

305.

Extension of suspension of supplemental guidelines for high carbon intensity projects

Notwithstanding section 7081 of division K of the Consolidated Appropriations Act, 2014, paragraph (4) of such section shall apply through September 30, 2019, with respect to the Supplemental Guidelines for High Carbon Intensity Projects, approved by the Export-Import Bank of the United States on December 12, 2013.

306.

Updated definition of loan terms

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

(1)

in clause (i), by striking and at the end; and

(2)

by adding at the end the following:

(iii)

with principal amounts of not more than $25,000,000; and

.

307.

Updated loan amounts

Section 2(d)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(d)(2)) is amended by striking $10,000,000 and inserting $25,000,000.

308.

Updated environmental effects consideration

Section 11(a)(1)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 635i–5(a)(1)(A)) is amended by striking $10,000,000 and inserting $25,000,000.

309.

Updated export amounts

Section 3(g)(3) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(g)(3)) is amended by striking $10,000,000 and inserting $25,000,000.

310.

Inflation adjustment

Section 12 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i–6) is amended to read as follows:

12.

Inflation adjustment

Beginning on the date on which the Bureau of Labor Statistics of the Department of Labor first publishes the Consumer Price Index after the date that is 1 year after the date of the enactment of this section, and annually thereafter, the Bank shall adjust all dollar amounts specified in this Act by the percentage change in the Consumer Price Index published on that date from the Consumer Price Index published the previous year.

.