Export-Import Bank Termination Act
This bill abolishes the Export-Import Bank of the United States three years after the bill's enactment.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1910 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 1910
To abolish the Export-Import Bank of the United States, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 27, 2019
Mr. Amash (for himself, Mr. Jordan, Mr. Massie, Mr. DesJarlais, Mr.
McClintock, and Mr. Buck) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To abolish the Export-Import Bank of the United States, 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 Termination
Act''.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) Export subsidies provide advantages to specific
industries or businesses at the expense of their domestic
competition, other sectors of the United States economy, and
the public at large.
(2) Banks and other financial institutions that provide
trade facilitation credit also profit from export subsidies
such as loan guarantees and trade insurance.
(3) International trade finance is well developed and
supplied by the private sector at competitive rates that
reflect market conditions.
(4) 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 United States exporters.
(5) Export subsidies impose risks on United States
taxpayers. In a June 2012 paper using accurate, fair value
estimation, the Congressional Budget Office found that the
expected return of the Export-Import Bank of the United States
was less than a tenth of the estimate under the current, flawed
methodology used pursuant to the Federal Credit Reform Act of
1990.
(6) In recent years, other ``safe'' Federal credit programs
have been shown to create significant risk for taxpayers, for
example, Fannie Mae, Freddie Mac, and the Federal Housing
Administration.
(7) 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.
SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISHMENT.
(a) In General.--Notwithstanding any other provision of law:
(1) Termination of authority to accept applications for
assistance.--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, or to
participate in an extension of credit by another entity, after
the 30-day period that begins with the date of the enactment of
this Act.
(2) Termination of authority to renew or enter into a
contract for the provision of assistance by the bank.--The Bank
may not renew or enter into a contract which would obligate the
Bank to provide a loan, insurance, or a guarantee, or
participate in an extension of credit by another entity, after
the 12-month period that begins with such date of enactment.
(b) Rule of Interpretation.--Nothing in this section shall be
construed to extend the expiration date of any authority provided by
section 7 of the Export-Import Bank Act of 1945.
SEC. 4. ABOLISHMENT OF EXPORT-IMPORT BANK OF THE UNITED STATES.
(a) In General.--Effective on the abolishment date:
(1) Abolishment.--The Bank is abolished.
(2) Transfer of functions.--All functions that, immediately
before the abolishment date 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, are transferred to the Secretary of the
Treasury (in this Act referred to as the ``Secretary'').
(b) Abolishment Date Defined.--In this Act, the term ``abolishment
date'' means the date that is 3 years after the date of the enactment
of this Act.
SEC. 5. RESOLUTION AND TERMINATION OF BANK FUNCTIONS.
(a) Resolution of Functions.--The Secretary shall--
(1) complete the disposition and resolution of functions of
the Bank in accordance with this Act; and
(2) resolve all functions that are transferred to the
Secretary under section 4(a)(2).
(b) Termination of Functions.--All functions that are transferred
to the Secretary under section 4(a)(2) 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.
(c) Report to the Congress.--When the Secretary makes the
determination described in subsection (b), the Secretary shall report
the determination to the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate.
SEC. 6. DUTIES OF THE SECRETARY OF THE TREASURY.
(a) In General.--The Secretary shall be responsible for the
implementation of this Act, including--
(1) the administration and wind-up of all functions
transferred to the Secretary under section 4(a)(2);
(2) the administration and wind-up of any outstanding
obligations of the Federal Government under any programs
terminated by this Act; and
(3) taking such other actions as may be necessary to wind-
up any outstanding affairs of the Bank.
(b) Delegation of Functions.--The Secretary may delegate to any
other Federal department or agency head 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.
(c) 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.
(d) 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--
(1) enter into contracts;
(2) employ experts and consultants in accordance with
section 3109 of title 5, United States Code, at rates for
individuals not to exceed the per diem rate equivalent to the
rate for level IV of the Executive Schedule; and
(3) utilize, on a reimbursable basis, the services,
facilities, and personnel of other Federal agencies.
SEC. 7. PERSONNEL.
Effective on the abolishment date, there are transferred to the
Department of the Treasury all individuals, other than members of the
Board of Directors of the Bank, who--
(1) immediately before the abolishment date, were officers
or employees of the Bank; and
(2) in their capacity as such an officer or employee,
performed functions that are transferred to the Secretary under
section 4(a)(2).
SEC. 8. TRANSFER OF INSPECTOR GENERAL DUTIES.
(a) 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.
(b) Authority and Responsibility for Transfer or Disposal.--The
Secretary shall have the authority and responsibility for transfer or
disposal under subsection (a).
(c) Savings Provision.--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. 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 such performance could have
been discontinued or modified if this section had not been enacted.
SEC. 9. EXERCISE OF AUTHORITIES.
Except as otherwise provided by law, a Federal official to whom a
function is transferred by this Act 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 effective date of the transfer of the function
under this Act.
SEC. 10. 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.
SEC. 11. DELEGATION AND ASSIGNMENT.
Except as otherwise expressly prohibited by law, an official to
whom functions are transferred under this Act (including the head of
any office to which functions are transferred under this Act) 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 section
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.
SEC. 12. AUTHORITY OF THE SECRETARY OF THE TREASURY WITH RESPECT TO
FUNCTIONS TRANSFERRED.
(a) Determinations.--If necessary, the Secretary shall make any
determination of the functions that are transferred under this Act.
(b) Incidental Transfers.--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 Act, and to
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.
SEC. 13. SAVINGS PROVISIONS.
(a) Legal Documents.--All orders, determinations, rules,
regulations, permits, grants, loans, contracts, agreements,
certificates, licenses, and privileges--
(1) that 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
(2) that are in effect on the effective date of the
transfer (or become effective after such date pursuant to their
terms as in effect on such effective date),
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.
(b) Proceedings.--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, but such proceedings and
applications shall be continued. Orders shall be issued in such
proceedings, appeals shall be taken therefrom, 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.
Nothing in this subsection shall be considered to prohibit the
discontinuance or modification of any such 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.
(c) Suits.--This Act shall not affect suits commenced before the
date of the enactment of this Act, and in all such suits, proceeding
shall be had, appeals taken, and judgments rendered in the same manner
and with the same effect as if this Act had not been enacted.
(d) Nonabatement of Actions.--No suit, 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.
(e) Continuance of Suits.--If any Government officer in the
official capacity of such officer is party to a suit with respect to a
function of the officer, and under this Act such function is
transferred to any other officer or office, then such suit shall be
continued with the other officer or the head of such other office, as
applicable, substituted or added as a party.
(f) 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.
SEC. 14. 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.
SEC. 15. CONFORMING AMENDMENTS AND REPEALS.
(a) Repeal of Primary Authorizing Statute.--The Export-Import Bank
Act of 1945 (12 U.S.C. 635--635i-9) is hereby repealed.
(b) Elimination of Related Authorizing Provisions.--
(1) Section 103 of the International Development and
Finance Act of 1989 (12 U.S.C. 635 note; Public Law 101-240) is
hereby repealed.
(2) Section 303 of the Support for East European Democracy
(SEED) Act of 1989 (12 U.S.C. 635 note; Public Law 101-179) is
hereby repealed.
(3) Section 1908 of the Export-Import Bank Act Amendments
of 1978 (12 U.S.C. 635a-1) is amended--
(A) by striking ``(a)''; and
(B) by striking subsection (b).
(4) Sections 1911 and 1912 of the Export-Import Bank Act
Amendments of 1978 (12 U.S.C. 635a-2 and 635a-3) are hereby
repealed.
(5) Section 206 of the Bank Export Services Act (12 U.S.C.
635a-4) is hereby repealed.
(6) Sections 1 through 5 of Public Law 90-390 (12 U.S.C.
635j through 635n) are hereby repealed.
(7) Sections 641 through 647 of the Trade and Development
Enhancement Act of 1983 (12 U.S.C. 635o-635t) are hereby
repealed.
(8) Section 534 of the Foreign Operations, Export
Financing, and Related Programs Appropriations Act, 1990 (12
U.S.C. 635g note; Public Law 101-167) is amended by striking
subsection (d).
(9) Section 3302 of the Omnibus Trade and Competitiveness
Act of 1988 (12 U.S.C. 635i-3 note; Public Law 100-418) is
amended by striking subsection (a).
(10) Section 1105(a) of title 31, United States Code, is
amended by striking paragraph (34) and redesignating the
succeeding paragraphs of such section as paragraphs (34)
through (38), respectively.
(11) Section 9101(3) of title 31, United States Code, is
amended by striking subparagraph (C).
(c) Elimination of Related Compensation Provisions.--
(1) 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.''.
(2) Positions at level iv.--Section 5315 of title 5, United
States Code, is amended--
(A) by striking the following item:
``First Vice President of the Export-Import Bank of Washington.'';
and
(B) by striking the following item:
``Members, Board of Directors of the Export-Import Bank of
Washington.''.
(d) 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--
(1) in paragraph (1), by striking ``the President of the
Export-Import Bank;''; and
(2) in paragraph (2), by striking ``the Export-Import
Bank,''.
(e) Effective Date.--The repeals and amendments made by this
section shall take effect on the abolishment date.
(f) Report to the Congress on Other Amendments to Federal
Statute.--The Secretary 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 that contains
suggestions for such other amendments to Federal statutes as may be
necessary or appropriate as a result of this Act.
SEC. 16. REFERENCES.
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--
(1) 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
(2) to such department or office is deemed to refer to the
department or office to which the function is transferred.
SEC. 17. DEFINITIONS.
In this Act:
(1) Function.--The term ``function'' includes any duty,
obligation, power, authority, responsibility, right, privilege,
activity, or program.
(2) Office.--The term ``office'' includes any office,
administration, agency, bureau, institute, council, unit,
organizational entity, or component thereof.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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