Export-Import Bank Reauthorization Act of 2006 - (Sec. 3) Amends the Export-Import Bank Act of 1945 to reauthorize the Export-Import Bank of the United States through FY2011.
(Sec. 4) Requires the President of the Bank to establish and maintain a Small Business Division to: (1) carry out functions related to outreach, feedback, product improvement, and transaction advocacy for small business concerns; (2) advise and seek feedback from small business concerns in financing products offered by the Bank, with particular emphasis on conducting outreach, better tailoring products to small business needs, and increased loans to small business concerns employing fewer than 100 employees; and (3) maintain liaison with the Small Business Administration (SBA) and other departments and agencies in matters affecting small business concerns.
Requires the Bank to establish a Small Business Committee to: (1) focus on small business concerns and coordinate the Bank's efforts with respect to them; and (2) evaluate jointly with the managers of relevant operating divisions the performance of Bank personnel related to transactions in support of exports by small business concerns and any resulting recommendations for personnel actions.
Requires the Bank to work with small or medium size banks, export trading companies, and other specified kinds of entities to: (1) streamline the processing of Bank financing applications from small business concerns; and (2) provide training and advice as required on the needs and benefits of export financing for them.
Requires the Bank to report annually to: (1) Congress on fees charged to, and transaction costs incurred by, small and medium businesses for Bank services; and (2) specified congressional committees on financing directed towards small businesses.
Requires the Bank to seek to expand certain line-of-credit and guarantee authority with respect to medium term transactions for small business concerns.
(Sec. 5) Amends the Export-Import Bank Act of 1945 to require the President of the Bank to establish within the Division an office for financing of exports by socially and economically disadvantaged small business concerns and small business concerns owned by women.
Requires the Bank to make at least 15% of certain funds available for financing exports directly by small businesses owned by minorities or women.
Prescribes Bank reporting requirements regarding: (1) financing directed toward such small businesses; and (2) its efforts to support exports by socially and economically disadvantaged small business concerns, small business concerns owned by women, and small- and medium-sized businesses owned by women and minorities.
(Sec. 6) Extends through FY2011 the Advisory Committee established to assist in the development and implementation of policies and programs designed to support the expansion of the Bank's financial commitments in sub-Saharan Africa under its loan, guarantee, and insurance programs.
Specifies requirements for the Bank's: (1) improved liaison with African regional financial institutions; (2) closer cooperation with other U.S. agencies working in Africa; (3) adjustments in procedures to promote qualification of African entities for participation in Bank programs; and (4) development of procedures allowing it to finance certain African programs in local currencies.
(Sec. 7) Extends through FY2011 Bank authority to provide financing for the export of nonlethal defense articles or services whose primary end use will be for civilian purposes.
(Sec. 8) Prescribes requirements for Bank transparency initiatives and revises specified reporting requirements.
(Sec. 9) Requires the Bank to report to the appropriate congressional committees on the revenues, expenditures, and resulting annual net income or expense to the United States for each of the 10 years most recently completed before the date of the report.
(Sec. 10) Requires an annual competitiveness report by the bank to such committees on: (1) its action in providing financing on a competitiveness basis and to minimize competition in government-supported export financing; (2) its role in implementing the strategic plan prepared by the Trade Promotion Coordinating Committee; (3) its Tied Aid Credit Program and Tied Aid Credit Fund (Fund); (4) its purpose for all transactions; (5) its efforts to promote export of goods and services related to renewable energy sources; (6) the size of its program account; (7) its co-financing programs and those of other export credit agencies; (8) its after-market services support and those of such other agencies; (9) export finance cases not in compliance with the Bank's arrangements; and (10) foreign export credit agency activities not consistent with the World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures.
Requires the Bank to report to Congress on its involvement and the involvement of other export credit agencies in regional multi-buyer insurance programs and working-capital guarantee programs.
Declares that, with respect to the Program, the Bank should have the task of supporting U.S. exporters when they face foreign competition supported by foreign export credit agencies or other entities sponsored by a foreign government that are not party to the Arrangement on Guidelines for Officially Supported Export Credits established through the Organization for Economic Cooperation and Development.
Repeals the requirement that the Bank consult with the Secretary of the Treasury in administering the Program. Repeals also the requirement that, in developing a process for determining how Fund amounts could be used most effectively and efficiently, the Bank do so jointly with the Secretary.
Modifies use of the Fund to include bringing into the Arrangement those countries that are not a party to the Arrangement.
Allows the Bank to decide to use the Fund based on credible evidence of a history of such offers if 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 Arrangement reporting requirements.
Requires the President, if he determines that the extension of the tied aid credit would materially impede achieving Program purposes, to notify Congress within 30 days of such determination.
Modifies U.S. policy to require the Bank to provide guarantees, insurance, and extensions of credit at rates and on terms and other conditions which are fully competitive with countries that are not members of the Arrangement.
Requires the Bank to seek to establish, consistent with the Arrangement, a mixed credit program, consisting of longer term financing and other forms of more flexible repayment terms, financing of transactions in local currencies, and other forms of concessional financing, that meets the needs of the product sector and foreign market involved.
Directs the Secretary to instruct his designee in the negotiation of the Arrangement to inform the other negotiation participants of specified U.S. goals.
(Sec. 11) Requires at least two members of the Advisory Committee to represent the environmental nongovernmental organization (NGO) community (although no two from the same organization). Requires the environmental organizations represented to have demonstrated experience with environmental issues associated with the Bank, the Export Credit Group of the Organization for Economic Cooperation and Development, or both.
(Sec. 12) Directs the Bank to: (1) assess and report to specified congressional committees on the needs of new or impoverished democracies, such as Liberia and Haiti, for U.S. imports; and (2) determine the Bank's role in helping U.S. exporters seize the opportunities presented by the need for such imports.
(Sec. 13) Requires the Inspector General of the Bank to report to specified congressional committees on the implications of limiting the requirement to conduct environmental screenings of projects proposed to be financed by the Bank to only those involving at least $10 million.
(Sec. 14) Requires the President of the Bank to establish an Office of Renewal Energy Promotion to identify proactively new opportunities for renewable energy financing and promote the export of goods and services related to renewable energy sources.
(Sec. 15) Requires the Bank, if it conducts a detailed economic impact analysis or similar study in making a determination about a loan or guarantee, to consider certain factors regarding adverse effects of loans and guarantees on U.S. industries and employment. Prescribes related notice and comment requirements.
(Sec. 16) Provides that, if the Bank determines that extension of credit or a guarantee will cause substantial injury to U.S. producers of the same, similar, or a competing commodity, it should determine whether the facility that would benefit from such extension is reasonably likely to produce products in addition to or other than the product specified in the application, and whether such production may cause such substantial injury.
Prohibits the Bank from providing a loan or guarantee if it would facilitate circumvention of a trade law order or determination.
Establishes a formula for determining whether a proposed transaction exceeds the financial threshold under this Act or under the Bank's procedures or rules.
(Sec. 17) Requires the Comptroller General to develop and transmit to the Board of Directors a set of: (1) standards which may be used to determine the extent to which the Bank has successfully provided assistance to small business concerns, socially and economically disadvantaged small business concerns, and small business concerns owned by women; and (2) rules for measuring the Bank's performance against the standards.
Requires the Bank to report annually to Congress on the success of providing such assistance by using the performance and rules.
(Sec. 18) Prohibits the Bank from guaranteeing, insuring, extending credit, or participating in an extension of credit in connection with the development or promotion of any rail connections or railway-related connections that do not traverse or connect with Armenia, and do traverse or connect Baku, Azerbaijan, Tbilisi, Georgia, and Kars, Turkey.
(Sec. 19) Modifies the definition of countries deemed to be Marxist-Leninist Countries under the Act to allow the Bank to provide aid, under specified conditions, to: (1) the Cambodian People's Republic; (2) the Democratic Republic of Afghanistan; (3) the Socialist Federal Republic of Yugoslavia; (4) the Socialist Republic of Vietnam; and (5) Tibet.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5068 Introduced in House (IH)]
109th CONGRESS
2d Session
H. R. 5068
To reauthorize the operations of the Export-Import Bank, and to reform
certain operations of the Bank, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 30, 2006
Ms. Pryce of Ohio (for herself, Mr. Oxley, Mr. Frank of Massachusetts,
Mrs. Maloney, Mr. Manzullo, Mrs. Biggert, and Ms. Velazquez) introduced
the following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To reauthorize the operations of the Export-Import Bank, and to reform
certain operations of the Bank, and for other purposes.
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 2006''.
SEC. 2. TABLE OF CONTENTS.
The table of contents of this Act is as follows:
Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Reauthorization.
Sec. 4. Increasing exports by small businesses.
Sec. 5. Office of financing for socially and economically disadvantaged
small business concerns and small business
concerns owned by women.
Sec. 6. Sub-Saharan Africa.
Sec. 7. Extension of authority.
Sec. 8. Transparency initiatives.
Sec. 9. Effect of the Bank on the budget of the United States.
Sec. 10. Competitiveness initiatives.
Sec. 11. Consideration of environmental matters by the Advisory
Committee.
Sec. 12. Technical corrections.
Sec. 13. Effective date.
SEC. 3. REAUTHORIZATION.
Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is
amended by striking ``2006'' and inserting ``2011''.
SEC. 4. INCREASING EXPORTS BY SMALL BUSINESSES.
(a) Establishment of Small Business Division.--
(1) 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.--The President of the Bank shall
establish and maintain a division of the Bank whose sole
functions shall be to--
``(A) carry out subparagraphs (E) and (I) of
section 2(b)(1), as such subparagraphs relate to
outreach, feedback, product improvement, and
transaction advocacy for small business concerns;
``(B) advise and seek feedback from small business
concerns of the opportunities and benefits for small
business concerns in the financing products offered by
the Bank, with particular emphasis on conducting
outreach, better tailoring products to small business
needs and increasing loans to small business concerns
employing fewer than 100 employees; and
``(C) maintain liaison with the Small Business
Administration and other departments and agencies in
matters affecting small business concerns.
``(2) Management.--The division shall be managed by a Bank
officer designated by the Board of Directors--
``(A) who shall have substantial recent experience
in financing exports by small business concerns;
``(B) whose sole executive duty shall be to ensure
that the division carries out the functions of the
division;
``(C) who shall 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;
``(D) who shall rank not lower than senior vice
president of the Bank; and
``(E) who shall report directly to the President of
the Bank.
``(3) Resources.--
``(A) In general.--The President of the Bank shall
ensure that the division has sufficient qualified staff
and budgetary resources to carry out subparagraphs (E)
and (I) of section 2(b)(1), as determined annually by
the President of the Bank, after consultation with--
``(i) the officer referred to in paragraph
(2) of this subsection;
``(ii) the Director appointed under
subsection (c)(8)(B) of this section;
``(iii) the Committee on Financial Services
of the House of Representatives; and
``(iv) the Committee on Banking, Housing,
and Urban Affairs of the Senate.
``(B) Uses.--
``(i) In general.--The President of the
Bank shall ensure that the staff and budgetary
resources of the division are devoted solely to
carrying out the functions of the division.
``(ii) Certain staff duties.--The division
shall include staff dedicated exclusively to
providing outreach, training, and advice to,
seeking feedback from, and advocating on behalf
of small business concerns regarding Bank
financing opportunities, products, and
programs.
``(C) 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).
``(4) Small business concern defined.--In this subsection
and subsections (g) and (h), the term `small business concern'
shall have the meaning established under section 3(a) of the
Small Business Act.
``(g) Handling of Applications of, and Processing of Transactions
Involving Small Business Concerns.--Consistent with the requirement
that the Bank obtain a reasonable assurance of repayment for each
transaction the Bank supports, the Bank shall establish and maintain
transaction standards tailored to the special circumstances of small
business concerns and shall use the standards in evaluating
applications by the concerns for Bank financing. The Bank shall ensure
that each appropriate division of the Bank has staff dedicated to the
processing of transactions involving small business concerns.
``(h) Small Business Committee.--
``(1) Establishment.--The Bank shall establish and maintain
a committee to be known as the `Small Business Committee'.
``(2) Principal purpose.--The principal purpose of the
Small Business Committee shall be to focus on small business
concerns and coordinate the efforts of the Bank with respect to
small business concerns, including the timely processing of
small business product applications and the evolution of new or
improved Bank products to better serve small business needs.
``(3) Composition.--
``(A) Chairman.--The chairman of the Small Business
Committee shall be the Senior Vice President of the
Bank who is responsible for management of the Small
Business Division of the Bank.
``(B) Other members.--The President of the Bank
shall ensure that the committee is comprised of
officers and employees throughout the Bank that have
responsibility for outreach and processing transactions
involving small business concerns.
``(4) Reports.--The Small Business Committee shall report
to the President of the Bank.''.
(2) Coordination in financing of small business exports.--
Section 2(b)(1)(E)(vii)(I) of such Act (12 U.S.C.
635(b)(1)(E)(vii)(I)) is amended by adding at the end the
following: ``The Bank shall work in coordination with the
entities described in the preceding sentence to streamline the
processing of applications for Bank financing from small
business concerns and to provide training and advice as
required on the needs and benefits of export financing for
small business concerns.''
(b) Report on Fees Charged to, and Transactions Costs Incurred by,
Small and Medium Business for Bank Services.--Section 8 of such Act (12
U.S.C. 635g) is amended by adding at the end the following:
``(f) Report on Fees Charged to, and Transactions Costs Incurred
by, Small and Medium Business for Bank Services.--The Bank shall submit
to the Congress annually, and include in a separate section of the
annual report to the Congress under subsection (a) of this section, a
report on--
``(1) 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;
``(2) the effects of the fees on the ability of the Bank to
achieve the objectives of the Bank relating to small business;
and
``(3) the fee structure of the Bank as compared with that
of other foreign export credit agencies.''.
(c) Report on Financing Directed Toward Small Business.--Section 8
of such Act (12 U.S.C. 635g), as amended by subsection (b) of this
section, is amended by adding at the end the following:
``(g) Report on Financing Directed Toward Small Business.--The Bank
shall submit annually to the Committees on Financial Services and on
Small Business of the House of Representatives--
``(1) a report on the extent to which the Bank has been
able to use the authorities referred to in section
2(b)(1)(E)(iv), and, to the extent the Bank has been unable to
fully do so, a report on the obstacles to doing so and on what
the Bank is doing to overcome the obstacles;
``(2) a report on the extent to which financing has been
made available to small business concerns to enable them to
participate in exports by major contractor, including through
access to the supply chains of the contractors through direct
or indirect funding; and
``(3) a strategic plan of action describing how, in the
upcoming year, the Bank will take specific measures to achieve
the small business objectives of the Bank, including expanded
outreach, product improvements, and related actions.''.
(d) Conforming Amendments.--
(1) In general.--
(A) Section 2(b)(1)(E) of such Act (12 U.S.C.
635(b)(1)(E)), as amended by subsection (a)(2) of this
section, is amended--
(i) in clause (i)(II), by striking ``gives
fair consideration to making loans and
providing'' and inserting ``make loans and
provide'';
(ii) by striking clause (iii);
(iii) in clause (iv), by striking ``clauses
(ii) and (iii) of this subparagraph'' and
inserting ``clause (ii)'';
(iv) in clause (vi)--
(I) by striking ``clause (v) of
this subparagraph'' and insert ``clause
(iv)''; and
(II) by striking ``clause (vi)''
and inserting ``clause'';
(v) in clause (vii)--
(I) in subclause (I), by striking
``(v)'' and inserting ``(iv)''; and
(II) in each of subclauses (II),
(III), and (IV), by striking ``clause
(vii)'' and inserting ``clause''; and
(vi) by redesignating clauses (iv) through
(x) as clauses (iii) through (ix),
respectively.
(B) Section 8 of such Act (12 U.S.C. 635g) is
amended--
(i) in subsection (b)(2)(B), by striking
``2(b)(1)(E)(vii)'' and inserting
``2(b)(1)(E)(vi)''; and
(ii) in subsection (c), by striking
``(E)(x)'' and inserting ``(E)(ix)''.
(2) Uniform meaning of small business.--Section 2(b)(1)(E)
of such Act (12 U.S.C. 635(b)(1)(E)), as amended by subsection
(a)(2) of this section and paragraph (1) of this subsection, is
amended--
(A) in clause (i)(II), by striking ``businesses''
and inserting ``business concerns'';
(B) in clause (iv), by striking ``(as defined under
section 3 of the Small Business Act)'';
(C) in each of clauses (v), (vi) and (vii), by
striking ``small business exports'' each place it
appears and inserting ``exports by small business
concerns''; and
(D) by adding at the end the following:
``(x) In this subparagraph, the term `small business concern' shall
have the meaning established under section 3(a) of the Small Business
Act.''.
(e) Enhance Delegated Loan Authority for Medium Term
Transactions.--
(1) In general.--The Export-Import Bank of the United
States shall seek to expand the exercise of authority under
section 2(b)(1)(E)(vi) of the Export-Import Bank Act of 1945
(as so redesignated by subsection (d)(1)(A)(vi) of this
section) with respect to medium term transactions for small
business concerns (as defined under section 3(a) of the Small
Business Act).
(2) Conforming amendment.--Section 2(b)(1)(E)(vi)(III) of
the Export-Import Bank Act of 1945 (12 U.S.C.
635(b)(1)(E)(vi)(III)), as so redesignated by subsection
(d)(1)(A)(vi) of this section, is amended by striking ``To the
maximum extent practicable, the'' and inserting ``The''.
(3) Deadline.--Within 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)(vi) of the Export-Import Bank Act
of 1945 (as so redesignated by subsection (d)(1)(A)(vi) of this
section), pursuant to policies and procedures established by
the Board of Directors of the Export-Import Bank of the United
States.
SEC. 5. OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY DISADVANTAGED
SMALL BUSINESS CONCERNS AND SMALL BUSINESS CONCERNS OWNED
BY WOMEN.
(a) In General.--Section 3(f) of the Export-Import Bank Act of 1945
(12 U.S.C. 635a(f)), as added by section 4(a) of this Act, is amended
by redesignating paragraph (4) as paragraph (5) and by inserting after
paragraph (3) the following:
``(4) Office of financing for socially and economically
disadvantaged small business concerns and small business
concerns owned by women.--
``(A) Establishment.--The President of the Bank
shall establish in the 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.
``(B) Management.--The office shall be managed by a
Bank officer of appropriate rank who shall report to
the Bank officer designated under section 3(f)(2).''.
(b) Financing Directed Toward Small Businesses Owned by Minorities
or Women.--Section 2(b)(1)(E)(iv) of such Act (12 U.S.C.
635(b)(1)(E)(iv)), as so redesignated by section 4(d)(1)(A)(vi) of this
Act, 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 make available not less than 10 percent of the amount to
finance exports directly by small business concerns referred to in
section 3(f)(4)(A).''.
(c) Report on Financing Directed Toward Small Businesses Owned by
Minorities or Women.--Section 8(g) of such Act (12 U.S.C. 635g(g)), as
added by section 4(c) of this Act, is amended by inserting ``and to
finance exports by small business concerns referred to in section
3(f)(4)(A),'' before ``and to the extent''.
(d) Report on Bank Efforts to Support Exports by Socially and
Economically Disadvantaged Small Business Concerns and Small Business
Concerns Owned by Women.--Section 8 of such Act (12 U.S.C. 635g), as
amended by section 4 of this Act, is amended by adding at the end the
following:
``(h) Report on Efforts to Support Exports by Small- and Medium-
Sized Businesses Owned by Women or Minorities.--Not later than March 1
of each year, the Director appointed under section 3(c)(8)(B) of this
Act shall prepare and submit to the Committee on Financial Services of
the House of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate, and the Bank shall include in a separate
section of the annual report submitted pursuant to subsection (a) of
this section, a written report that describes the progress made by the
Bank in supporting 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.''.
SEC. 6. SUB-SAHARAN AFRICA.
(a) Extension of 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 by striking ``2006'' and inserting ``2011''.
(b) Improved Liaison With African Regional Financial
Institutions.--
(1) Master guarantee agreements.--Within 1 year after the
date of the enactment of this Act, the Export-Import Bank 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 the lender.
(2) Report on working relationships with the african
development bank, the africa 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 improve working relationships with the
African Development Bank, the Africa Export-Import Bank, and other
institutions in the region that are relevant to the purposes of
subparagraph (A) of this paragraph.''.
(c) Closer Cooperation With Other United States Agencies Working in
Africa.--Section 2(b)(9) of such Act (12 U.S.C. 635(b)(9)) is further
amended by adding at the end the following:
``(D) The Bank shall closely coordinate with the United States
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.
``(E) The Bank shall develop initiatives to train Foreign Service
and Commercial Service officers serving at United State embassies in
Africa, in the use of Bank programs, so the officers can encourage
African buyers to take part in transactions supported by the Bank.''.
(d) Adjustments to Procedures to Promote Qualification of African
Entities.--Section 2(b)(9) of such Act (12 U.S.C. 635(b)(9)) is further
amended by adding at the end the following:
``(F) 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 greater flexibility in the due-
diligence procedures of the Bank for the purpose of qualifying a
greater number of appropriate African entities for participation in
programs of the Bank.''.
(e) Local Currency Financing.--Section 2(b)(9) of such Act (12
U.S.C. 635(b)(9)) is further amended by adding at the end the
following:
``(G) The Bank shall develop procedures under which the Bank is
capable of financing certain African programs in local currencies.''.
SEC. 7. EXTENSION OF AUTHORITY.
Section 1(c) of Public Law 103-428 (12 U.S.C. 635 note) is amended
by striking ``2001'' and inserting ``2011''.
SEC. 8. TRANSPARENCY INITIATIVES.
(a) Frequency of Meetings.--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) The Board of Directors shall meet not less frequently than
biweekly.''.
(b) Voting Required in Cases Involving Economic Impact Analysis.--
Section 2(e) of such Act (12 U.S.C. 635(e)) is amended by adding at the
end the following:
``(5) Board vote required.--Within 60 days after completing
a review, pursuant to this subsection, of a proposed loan or
guarantee (including any applicable comment period), the Board
of Directors shall hold a vote to determine whether or not to
proceed with the proposed loan or guarantee, unless the
applicant has withdrawn the application for the loan or
guarantee.''.
(c) Process for Notifying Applicants of Application Status.--
Section 2 of such Act (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.''.
(d) Response to Application for Financing; Implementation of on-
Line Loan Request and Tracking Process.--Section 2 of such Act (12
U.S.C. 635) is further amended by adding at the end the following:
``(h) Within 45 days after receipt of an application for financing
from the Bank, the Bank shall notify the applicant that the application
has been received, and shall include in the notice a request for such
additional information as may be necessary to make the application
complete, the name of a Bank employee who may be contacted with
questions relating to the application, and a unique identification
number which may be used to review the status of the application at a
website established as provided in the next sentence. Not later than
September 1, 2006, the Bank shall use the authorities provided by
subparagraphs (E)(ix) and (J) of subsection (b)(1) of this section to
establish, and thereafter to maintain, a website through which any Bank
product may be applied for, information may be obtained about the
status of any such application, about the small business division of
the Bank, or about incentives, preferences, targets, and goals relating
to small business concerns referred to in section 3(f)(4)(A) or small
business concerns exporting to Africa.''.
(e) Reports Relating to Technology to Assist Small Businesses.--
(1) Reports by the bank.--
(A) Initial report.--Within 60 days after the date
of the enactment of this Act, the President of the
Export-Import Bank of the United States 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 report on--
(i) the efforts made by the Bank to carry
out subparagraphs (E)(ix) 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
(ii) if the Bank has been unable to comply
with such subparagraphs--
(I) an analysis of the reasons
therefor;
(II) what the Bank is doing to
achieve, and the date by which the
Banks expects to have achieved, such
compliance; and
(III) the name of each Bank officer
who is responsible for ensuring that
the Bank achieves, and the name of the
person to whom the Bank officer reports
on progress in achieving, such
compliance.
(B) Subsequent annual reports.--Section 8(c) of the
Export-Import Bank Act of 1945 (12 U.S.C. 635g(c)) is
amended to read as follows:
``(c) Technology to Assist Small Businesses.--The Bank shall
include in its annual report to the Congress under subsection (a) of
this section for each of fiscal years 2007 through 2011 a separate
section that contains--
``(1) a report on the efforts made by the Bank to carry out
subparagraphs (E)(ix) and (J) of section 2(b)(1) of this Act,
the total amount expended in the fiscal year to do so, and how
the efforts are assisting small business concerns (as defined
under section 3(a) of the Small Business Act); and
``(2) if the Bank has been unable to comply fully with such
subparagraphs--
``(A) an analysis of the reasons therefor;
``(B) a description of what the Bank is doing to
achieve, and the date by which the Banks expects to
have achieved, such full compliance; and
``(C) the name of each Bank officer who is
responsible for ensuring that the Bank achieves, and
the name of the person to whom the Bank officer reports
on progress in achieving, such full compliance.''.
(2) Report by the inspector general of the bank.--Within
120 days after the date of the enactment of this Act or, if
later, within 30 days after the date the vacancy in the
position of the Inspector General of the Export-Import Bank of
the United States is filled, the Inspector General of the
Export-Import Bank of the United States 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) a report on the efforts made by the Bank to
carry out subparagraphs (E)(ix) and (J) of section
2(b)(1) of the Export-Import Bank Act of 1945, the
total amount expended to do so, and how the efforts are
assisting small business concerns (as defined under
section 3(a) of the Small Business Act); and
(B) if the Bank has been unable to comply with such
subparagraphs--
(i) an analysis of the reasons therefor;
(ii) a description of what the Bank is
doing to achieve, and the date by which the
Banks expects to have achieved, such
compliance; and
(iii) the name of each Bank officer who is
responsible for ensuring that the Bank
achieves, and the name of the person to whom
the Bank officer reports on progress in
achieving, such compliance.
(f) Public Disclosure of Certain Documents.--Section 11(a)(1) of
the Export-Import Bank Act of 1945 (12 U.S.C. 635i-5(a)(1)) is amended
by inserting after the 1st sentence the following: ``Such procedures
shall require the public disclosure of documents in addition to
environmental assessments, including environmental monitoring documents
and supplementary environmental documents and consultants' reports that
the Bank generates or requires clients to generate.''.
SEC. 9. EFFECT OF THE BANK ON THE BUDGET OF THE UNITED STATES.
Within 90 days after the date of the enactment of this Act, the
Export-Import Bank of the United States shall submit to the appropriate
committees of the Congress a report on the revenues, expenditures, and
resulting annual net income or expense to the United States for each of
the 10 years most recently completed before the date of the report.
SEC. 10. COMPETITIVENESS INITIATIVES.
(a) Expansion of Scope of Annual Competitiveness Report.--
(1) Consolidation and reorganization of provisions.--The
Export-Import Bank Act of 1945 (12 U.S.C. 635--635i-9) is
amended by inserting after section 8 the following:
``SEC. 8A. ANNUAL COMPETITIVENESS REPORT.
``(a) In General.--Not later than June 30 of each year, the Bank
shall submit to the appropriate committees of the Congress a report
that includes the following:
``(1) Actions 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 2nd and 3rd 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 in section 10(h)(7)) and 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 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 to determine 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 efforts undertaken under section 2(b)(1)(K).
``(6) Size of bank program account.--A separate section
which--
``(A) compares 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 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 separate section which describes the co-
financing programs of the Bank and of the other major export-
financing facilities referred to in paragraph (1), which shall
include a list of which countries with which the United States
has in effect a memorandum of understanding relating to export
credit agency co-financing and an explanation of why such a
memorandum is not in effect with the countries with which such
a memorandum is not in effect.
``(8) After-market services support 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 after-market 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 after-market 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 of export finance
that are not in compliance with the Arrangement (as defined in
section 10(h)(3)) or that exploit loopholes in the Arrangement
for the purpose of obtaining a commercial competitive
advantage.
``(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, particularly
those that are not members of the Arrangement (as defined in
section 10(h)(3)), are not in compliance with the Arrangement
and may not be consistent 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.
``(b) Board Vote on Report Required.--The Board of Directors shall
vote to approve and shall sign each report required by subsection (a).
``(c) Inclusion of Dissenting Views, Etc.--Each report required by
subsection (a) shall include such dissenting views and additional
comments as any member of the Board of Directors may submit to the
Board for inclusion in the report.''.
(2) 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 3rd sentence.
(b) Report on Involvement of the Bank and of Other Export Credit
Agencies in Regional Multi-Buyer Insurance Programs and Working-Capital
Guarantee Programs.--Section 8 of such Act (12 U.S.C. 635g), as amended
by sections 4 and 5 of this Act, is amended by adding at the end the
following:
``(i) Report on Involvement of the Bank and of Other Export Credit
Agencies in Regional Multi-Buyer Insurance Programs and Working-Capital
Guarantee Programs.--The Bank shall include in its annual report to the
Congress under subsection (a) of this section a separate section that
contains a report on--
``(1) regional multi-buyer insurance programs and working
capital guarantee programs operated by, through, or in
conjunction with the Bank, which shall include an analysis of
the effectiveness of the programs and of how effective the
programs would be in increasing export-related jobs in the
United States if the programs were larger;
``(2) the size of similar programs 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 in section 10(h)(7)); and
``(3) as a detailed explanation, with respect to the
programs, of the working relationship between the Bank and the
Small Business Administration, the Department of Commerce, and
other United States Government agencies concerned with
increasing the number of export-related jobs in the United
States.''.
(c) 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)--
(A) in paragraph (5)--
(i) in the matter preceding subparagraph
(A), by striking ``two'' and inserting ``3'';
(ii) in subparagraph (A)(iv), by striking
``and''; and
(iii) by adding at the end the following:
``(C) third, the Bank should support United States
exporters when the exporters face foreign competition
that is supported by foreign export credit agencies
that are not party to the Arrangement; and''; and
(B) in paragraph (6)--
(i) in the matter preceding subparagraph
(A), by inserting ``including those that are
not a party to the Arrangement'' after
``countries'';
(ii) in subparagraph (B), by striking the
period and inserting ``; and''; and
(iii) by adding at the end 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)--
(A) in paragraph (2)(A), by striking ``in
consultation with the Secretary and''; and
(B) in paragraph (5)--
(i) in subparagraph (A), by striking
``Secretary and the Bank jointly'' and
inserting ``Bank'';
(ii) in subparagraph (B)--
(I) in clause (i)--
(aa) in the matter
preceding subclause (I), by
striking ``Secretary and the'';
(bb) in subclause (I), by
inserting ``, and to bring into
the Arrangement those countries
that are not a party to the
Arrangement''; and
(cc) 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.''; and
(II) in clause (ii), by adding at
the end the following: ``The President
of the United States shall notify the
Congress of such a determination within
30 days, including an explanation for
the determination.'';
(iii) in subparagraph (C), by striking
``the Secretary and''; and
(iv) in subparagraph (E), by striking
``Secretary and the Bank jointly'' and
inserting ``Bank''.
(d) Expansion of Countries in Competition With Whom 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 2nd sentence by inserting ``, including
countries the governments of which are not members of the Arrangement
(as defined in section 10(h)(3))'' before the period.
(e) Authority to Seek Use of Mixed Forms of Concessional
Financing.--Section 10 of such Act (12 U.S.C. 635i-3) is amended by
adding at the end the following:
``(i) Authority to Seek Use of Mixed Forms of Concessional
Financing.--For purposes of improving the effects of Bank financing on
development in tied aid eligible markets (as defined under the
Arrangement) and of improving the competitiveness of the Bank in the
markets, the Bank shall, in consultation with United States government
aid agencies and, as appropriate, multilateral aid institutions, seek
to establish, consistent with the Arrangement, a mixed credit program
consisting of longer term financing and other forms of more flexible
repayment terms, financing of transactions in local currencies, and
other forms of concessional financing that meets the needs of the
product sector and foreign market involved.''.
(f) Instructions Regarding Negotiation of the OECD Arrangement.--
The Secretary of the Treasury shall instruct the designee of the
Secretary to the negotiation of the Arrangement (as defined in section
10(h)(3) of the Export-Import Bank Act of 1945) to inform the other
participants in the negotiation that 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)) in regards to export finance, and seeking
appropriate action within the World Trade Organization if such
a country 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. 11. CONSIDERATION OF ENVIRONMENTAL MATTERS BY 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. Environmental organizations
represented shall have demonstrated experience with environmental
issues associated with the Bank, the Export Credit Group of the
Organization for Economic Cooperation and Development, or both.''.
SEC. 12. TECHNICAL CORRECTIONS.
Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(b)(2)(B)(ii)) is amended by striking subclauses (I), (III),
(VII), (VIII), and (IX), and redesignating subclauses (II), (IV), (V),
and (VI) as subclauses (I) through (IV), respectively.
SEC. 13. EFFECTIVE DATE.
The amendments made by this Act shall take effect on October 1,
2006.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-566.
Reported (Amended) by the Committee on Financial Services. H. Rept. 109-566.
Placed on the Union Calendar, Calendar No. 322.
Mrs. Biggert moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5744-5754)
DEBATE - The House proceeded with forty minutes of debate on H.R. 5068.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H5744-5749)
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5744-5749)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.