I 

116TH CONGRESS 

1ST SESSION H. R. 4863 

To promote the competitiveness of the United States, to reform and 

reauthorize the United States Export Finance Agency, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 28, 2019 

Ms. WATERS (for herself, Mr. HECK, Mr. SAN NICOLAS, Mrs. CAROLYN B. 

MALONEY of New York, Ms. VELA ́ZQUEZ, Mr. SHERMAN, Mr. MEEKS, 

Mr. DAVID SCOTT of Georgia, Mr. CLAY, Mr. GREEN of Texas, Mr. 

CLEAVER, Mr. PERLMUTTER, Mr. FOSTER, Mrs. BEATTY, Mr. VARGAS, 

Mr. MCADAMS, Ms. WEXTON, Mr. LYNCH, Ms. ADAMS, Ms. DEAN, Ms. 

GARCIA of Texas, Mr. PHILLIPS, and Mr. STANTON) introduced the following bill; which was referred to the Committee on Financial Services 

A BILL 

To promote the competitiveness of the United States, to 

reform and reauthorize the United States Export Finance Agency, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘United States Export 

5 Finance Agency Act of 2019’’. 

6 SEC. 2. TABLE OF CONTENTS. 

7 The table of contents of this Act is as follows: 


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Sec. 1. Short title. 

Sec. 2. Table of contents. 

Sec. 3. Renaming of the Export-Import Bank of the United States. 

Sec. 4. Authorization period. 

Sec. 5. Aggregate loan, guarantee, and insurance authority. 

Sec. 6. Office of Minority and Women Inclusion. 

Sec. 7. Support for United States territories. 

Sec. 8. Alternative procedures during quorum lapse. 

Sec. 9. Strengthening support for U.S. small businesses. 

Sec. 10. Supporting United States exporters and outreach to prospective foreign buyers. 

Sec. 11. Restriction on financing for certain entities. 

Sec. 12. Prohibitions on financing for certain persons involved in sanctionable 

activities. 

Sec. 13. Promoting renewable energy. 

Sec. 14. Reinsurance program. 

Sec. 15. Information technology systems. 

Sec. 16. Administratively determined pay. 

1 SEC. 3. RENAMING OF THE EXPORT-IMPORT BANK OF THE 

2 UNITED STATES. 

3 (a) IN GENERAL.—The Export-Import Bank of the 

4 United States is hereby redesignated as the United States 

5 Export Finance Agency. 

6 (b) REFERENCES.—Any reference to the Export-Im7 port Bank of the United States in any law, rule, regula8 tion, certificate, directive, instruction, or other official 

9 paper in force on the date of the enactment of this Act 

10 is deemed a reference to the United States Export Finance 

11 Agency. 

12 SEC. 4. AUTHORIZATION PERIOD. 

13 Section 7 of the Export-Import Bank Act of 1945 

14 (12 U.S.C. 635f) is amended by striking ‘‘2019’’ and in15 serting ‘‘2029’’. 


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1 SEC. 5. AGGREGATE LOAN, GUARANTEE, AND INSURANCE 

2 AUTHORITY. 

3 Section 6(a)(2) of the Export-Import Bank Act of 

4 1945 (12 U.S.C. 635e(a)(2)) is amended to read as fol5 lows: 

6 ‘‘(2) APPLICABLE AMOUNT DEFINED.—In this 

7 subsection, the term ‘applicable amount’ means— 

8 ‘‘(A) $145,000,000,000 for fiscal year 

9 2020; 

10 ‘‘(B) $150,000,000,000 for fiscal year 

11 2021; 

12 ‘‘(C) $155,000,000,000 for fiscal year 

13 2022; 

14 ‘‘(D) $160,000,000,000 for fiscal year 

15 2023; 

16 ‘‘(E) $165,000,000,000 for fiscal year 

17 2024; 

18 ‘‘(F) $170,000,000,000 for fiscal year 

19 2025; and 

20 ‘‘(G) $175,000,000,000 for each of fiscal 

21 years 2026 through 2029.’’. 

22 SEC. 6. OFFICE OF MINORITY AND WOMEN INCLUSION. 

23 (a) IN GENERAL.—Section 3(i) of the Export-Import 

24 Bank Act of 1945 (12 U.S.C. 635a(i)) is amended to read 

25 as follows: 


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1 ‘‘(i) OFFICE OF MINORITY AND WOMEN INCLU2 SION.— 

3 ‘‘(1) ESTABLISHMENT.—The Agency shall es4 tablish an Office of Minority and Women Inclusion 

5 which shall be responsible for carrying out this sub6 section and all matters relating to diversity in man7 agement, employment, and business activities in ac8 cordance with such standards and requirements as 

9 the Director of the Office shall establish. 

10 ‘‘(2) TRANSFER OF RESPONSIBILITIES.—The 

11 Agency shall ensure that, to the extent that the re12 sponsibilities described in paragraph (1) (or com13 parable responsibilities) were, as of the date of the 

14 enactment of this subsection, performed by another 

15 office of the Agency, the responsibilities shall be 

16 transferred to the Office. 

17 ‘‘(3) DUTIES WITH RESPECT TO CIVIL RIGHTS

18 LAWS.—The responsibilities described in paragraph 

19 (1) shall not include enforcement of statutes, regula20 tions, or Executive orders pertaining to civil rights, 

21 except that the Director of the Office shall coordi22 nate with the President of the Agency, or the des23 ignee of the President of the Agency, regarding the 

24 design and implementation of any remedies resulting 


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1 from violations of the statutes, regulations, or Exec2 utive orders. 

3 ‘‘(4) DIRECTOR.— 

4 ‘‘(A) IN GENERAL.—The Director of the 

5 Office shall be appointed by, and shall report 

6 directly to, the President of the Agency. The 

7 position of Director of the Office shall be a ca8 reer reserved position in the Senior Executive 

9 Service, as that position is defined in section 

10 3132 of title 5, United States Code, or an 

11 equivalent designation. 

12 ‘‘(B) DUTIES.—The Director shall— 

13 ‘‘(i) develop standards for equal em14 ployment opportunity and the racial, eth15 nic, and gender diversity of the workforce 

16 and senior management of the Agency; 

17 ‘‘(ii) develop standards for increased 

18 participation of minority-owned and 

19 women-owned businesses in the programs 

20 and contracts of the Agency, including 

21 standards for coordinating technical assist22 ance to the businesses; and 

23 ‘‘(iii) enhance the outreach activities 

24 of the Agency with respect to, and increase 

25 the total amount of loans, guarantees, and 


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1 insurance provided by the Agency to sup2 port exports by socially and economically 

3 disadvantaged small business concerns (as 

4 defined in section 8(a)(4) of the Small 

5 Business Act) and small business concerns 

6 owned by women. 

7 ‘‘(C) OTHER DUTIES.—The Director shall 

8 advise the President of the Agency on the im9 pact of the policies of the Agency on minority10 owned and women-owned businesses. 

11 ‘‘(5) INCLUSION IN ALL LEVELS OF BUSINESS

12 ACTIVITIES.— 

13 ‘‘(A) CONTRACTS.—The Director of the 

14 Office shall develop and implement standards 

15 and procedures to ensure, to the maximum ex16 tent possible, the inclusion and utilization of 

17 minorities (as defined in section 1204(c) of the 

18 Financial Institutions Reform, Recovery, and 

19 Enforcement Act of 1989 (12 U.S.C. 1811 

20 note)) and women, and minority- and women21 owned businesses (as such terms are defined in 

22 section 21A(r)(4) of the Federal Home Loan 

23 Bank Act (12 U.S.C. 1441a(r)(4)) in all busi24 ness and activities of the Agency at all levels, 

25 including in procurement, insurance, and all 


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1 types of contracts. The processes established by 

2 the Agency for review and evaluation for con3 tract proposals and to hire service providers 

4 shall include a component that gives consider5 ation to the diversity of the applicant. 

6 ‘‘(B) APPLICABILITY.—This paragraph 

7 shall apply to all contracts for services of any 

8 kind, including all contracts for all business and 

9 activities of the Agency, at all levels. 

10 ‘‘(C) OUTREACH.—The Agency shall estab11 lish a minority outreach program to ensure the 

12 inclusion (to the maximum extent practicable) 

13 of contracts entered into with the enterprises of 

14 minorities and women and businesses owned by 

15 minorities and women, including financial insti16 tutions, investment banking firms, under17 writers, accountants, brokers, and providers of 

18 legal services. 

19 ‘‘(6) DIVERSITY IN AGENCY WORKFORCE.—The 

20 Agency shall take affirmative steps to seek diversity 

21 in its workforce at all levels of the Agency consistent 

22 with the demographic diversity of the United States, 

23 in a manner consistent with applicable law, includ24 ing— 


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1 ‘‘(A) to the extent the Agency engages in 

2 recruitment efforts to fill vacancies— 

3 ‘‘(i) recruiting at historically Black 

4 colleges and universities, Hispanic-serving 

5 institutions, Tribal colleges and univer6 sities, women’s colleges, and colleges that 

7 typically serve majority minority popu8 lations; and 

9 ‘‘(ii) recruiting at job fairs in urban 

10 communities, and placing employment ad11 vertisements in print and digital media ori12 ented toward women and people of color; 

13 ‘‘(B) partnering with organizations that 

14 are focused on developing opportunities for mi15 norities and women to place talented young mi16 norities and women in industry internships, 

17 summer employment, and full-time positions; 

18 and 

19 ‘‘(C) by use of any other mass media com20 munications that the Director of the Office de21 termines necessary.’’. 

22 (b) INCLUSION IN ANNUAL REPORT.—Section 8 of 

23 such Act (12 U.S.C. 635g) is amended by adding at the 

24 end the following: 


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1 ‘‘(l) OFFICE OF MINORITY AND WOMEN INCLU2 SION.—The Agency shall include in its annual report to 

3 the Congress under subsection (a) a report from the Office 

4 of Minority and Women Inclusion regarding the actions 

5 taken by the Agency and the Office pursuant to section 

6 3(i), which shall include— 

7 ‘‘(1) a statement of the total amounts paid by 

8 the Agency to contractors since the most recent re9 port under this subsection; 

10 ‘‘(2) the percentage of the amounts described in 

11 paragraph (1) that were paid to contractors as de12 scribed in section 3(i)(5)(A); 

13 ‘‘(3) the successes achieved and challenges 

14 faced by the Agency in operating minority and 

15 women outreach programs; 

16 ‘‘(4) the challenges the Agency may face in hir17 ing qualified minority and women employees and 

18 contracting with qualified minority-owned and 

19 women-owned businesses; and 

20 ‘‘(5) any other information, findings, conclu21 sions, and recommendations for legislative or Agency 

22 action, as the Director of the Office deems appro23 priate.’’. 


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1 SEC. 7. SUPPORT FOR UNITED STATES TERRITORIES. 

2 (a) CREATION OF THE OFFICE OF TERRITORIAL EX3 PORTING.—Section 3 of the Export-Import Bank Act of 

4 1945 (12 U.S.C. 635a) is amended by adding at the end 

5 the following: 

6 ‘‘(n) OFFICE OF TERRITORIAL EXPORTING.—The 

7 President of the Agency shall establish an Office of Terri8 torial Exporting, and shall hire such staff as may be nec9 essary, including at least 1 staffer responsible for liaising 

10 with Puerto Rico, to perform the functions of the Office, 

11 which shall be to promote the export of goods and services 

12 from the territories, conduct outreach, education, and dis13 seminate information concerning export opportunities and 

14 the availability of Agency support for such activities, and 

15 to increase the total amount of loans, guarantees, and in16 surance provided by the Agency benefitting the territories. 

17 In this Act, the term ‘territory’ means the Commonwealth 

18 of Puerto Rico, the United States Virgin Islands, Guam, 

19 the Commonwealth of the Northern Mariana Islands, and 

20 American Samoa.’’. 

21 (b) ANNUAL REPORT.—Section 8 of such Act (12 

22 U.S.C. 635g), as amended by section 6(b) of this Act, is 

23 amended by adding at the end the following: 

24 ‘‘(m) REPORT ON ACTIVITIES IN THE TERRI25 TORIES.—The Agency shall include in its annual report 

26 to Congress under subsection (a) a report on the steps 


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1 taken by the Agency in the period covered by the report 

2 to increase— 

3 ‘‘(1) awareness of the Agency and its services 

4 in the territories; and 

5 ‘‘(2) the provision of Agency support to export 

6 businesses in the territories.’’. 

7 SEC. 8. ALTERNATIVE PROCEDURES DURING QUORUM 

8 LAPSE. 

9 (a) IN GENERAL.—Section 3(c)(6) of the Export-Im10 port Bank Act of 1945 (12 U.S.C. 635a(c)(6)) is amend11 ed— 

12 (1) by inserting ‘‘(A)’’ after ‘‘(6)’’; and 

13 (2) by adding at the end the following: 

14 ‘‘(B)(i) If there is an insufficient number of directors 

15 to constitute a quorum under subparagraph (A) for 90 

16 consecutive days during the term of a President of the 

17 United States, a temporary Board, consisting of the fol18 lowing members, shall act in the stead of the Board of 

19 Directors: 

20 ‘‘(I) The United States Trade Representative. 

21 ‘‘(II) The Secretary of the Treasury. 

22 ‘‘(III) The Secretary of Commerce. 

23 ‘‘(IV) The members of the Board of Directors. 

24 ‘‘(ii) If, at a meeting of the temporary Board— 


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1 ‘‘(I) a member referred to in clause (i)(IV) is 

2 present, the meeting shall be chaired by such a 

3 member, consistent with Agency bylaws; or 

4 ‘‘(II) no such member is present, the meeting 

5 shall be chaired by the United States Trade Rep6 resentative. 

7 ‘‘(iii) A member described in subclause (I), (II), or 

8 (III) of clause (i) may delegate the authority of the mem9 ber to vote on whether to authorize a transaction, whose 

10 value does not exceed $100,000,000, to— 

11 ‘‘(I) if the member is the United States Trade 

12 Representative, the Deputy United States Trade 

13 Representative; or 

14 ‘‘(II) if the member is referred to in such sub15 clause (II) or (III), the Deputy Secretary of the de16 partment referred to in the subclause. 

17 ‘‘(iv) If the temporary Board consists of members of 

18 only 1 political party, the President of the United States 

19 shall, to the extent practicable, appoint to the temporary 

20 Board a qualified member of a different political party 

21 who occupies a position requiring nomination by the Presi22 dent, by and with the consent of the Senate. 

23 ‘‘(v) The temporary board may not change or amend 

24 Agency policies, procedures, bylaws, or guidelines. 


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1 ‘‘(vi) The temporary Board shall expire at the end 

2 of the term of the President of the United States in office 

3 at the time the temporary Board was constituted or upon 

4 restoration of a quorum of the Board of Directors as de5 fined in subparagraph (A). 

6 ‘‘(vii) With respect to a transaction that equals or 

7 exceeds $100,000,000, the Chairperson of the temporary 

8 Board shall ensure that the Agency complies with section 

9 2(b)(3).’’. 

10 (b) TERMINATION.—The amendments made by sub11 section (a) shall have no force or effect after the 10-year 

12 period that begins with the date of the enactment of this 

13 Act. 

14 SEC. 9. STRENGTHENING SUPPORT FOR U.S. SMALL BUSI15 NESSES. 

16 (a) SMALL BUSINESS POLICY.—Section 2(b)(1) of 

17 the Export-Import Bank Act of 1945 (12 U.S.C. 

18 635(b)(1)) is amended by striking subparagraph (E)(i)(I) 

19 and inserting the following: 

20 ‘‘(E)(i)(I) It is further the policy of the United States 

21 to encourage the participation of small business (including 

22 women-owned businesses, minority-owned businesses, vet23 eran-owned businesses, businesses owned by persons with 

24 disabilities, and businesses in rural areas) and start-up 

25 businesses in international commerce, and to educate such 


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1 businesses about how to export goods using the United 

2 States Export Finance Agency.’’. 

3 (b) OUTREACH.— 

4 (1) PLAN.—Within 120 days after the date of 

5 the enactment of this Act, the United States Export 

6 Finance Agency shall prepare and submit to the 

7 Committee on Financial Services of the House of 

8 Representatives and the Committee on Banking, 

9 Housing, and Urban Affairs of the Senate a com10 prehensive outreach plan to ensure that small busi11 ness owners are aware of the financing options avail12 able to them through the Agency. The plan shall in13 clude— 

14 (A) input from the Small Business Admin15 istration and statewide small business coalitions 

16 with operations in rural, urban, and suburban 

17 regions; 

18 (B) an emphasis on outreach to businesses 

19 owned by women, minorities, veterans, and per20 sons with disabilities; and 

21 (C) a proposed budget for carrying out the 

22 plan during fiscal years 2020 through 2029, 

23 that provides for the spending of at least 

24 $1,000,000 annually for outreach to small busi25 nesses. 


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1 (2) IMPLEMENTATION.—Section 2(b)(1)(E) of 

2 such Act (12 U.S.C. 635(b)(1)(E)) is amended by 

3 adding at the end the following: 

4 ‘‘(xi) After consultation with the Committee on Fi5 nancial Services of the House of Representatives and the 

6 Committee on Banking, Housing, and Urban Affairs of 

7 the Senate, the Agency shall implement the outreach plan 

8 referred to in section 9(b)(1) of the United States Export 

9 Finance Agency Act of 2019.’’. 

10 (c) EXCLUSION OF UNUTILIZED INSURANCE AU11 THORITY IN CALCULATING SMALL BUSINESS THRESH12 OLD.—Section 2(b)(1)(E)(v) of such Act (12 U.S.C. 

13 635(b)(1)(E)(v)) is amended by adding at the end the fol14 lowing: ‘‘In determining the amount required to be made 

15 available under this clause, the Agency shall exclude unuti16 lized insurance authority.’’. 

17 (d) INCREASE IN SMALL BUSINESS THRESHOLD.— 

18 (1) IN GENERAL.—Section 2(b)(1)(E)(v) of 

19 such Act (12 U.S.C. 635(b)(1)(E)(v)) is amended by 

20 striking ‘‘25’’ and inserting ‘‘30’’. 

21 (2) EFFECTIVE DATE.—The amendment made 

22 by paragraph (1) shall take effect on October 1, 

23 2028. 


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1 SEC. 10. SUPPORTING UNITED STATES EXPORTERS AND 

2 OUTREACH TO PROSPECTIVE FOREIGN BUY3 ERS. 

4 (a) DEEMING RULE UNDER TIED AID CREDIT PRO5 GRAM.—Section 10(b)(5)(B)(i)(III) of the Export-Import 

6 Bank Act of 1945 (12 U.S.C 635i–3(b)(5)(B)(i)(III)) is 

7 amended by adding at the end the following new sentence: 

8 ‘‘The requirement that there be credible evidence of a his9 tory of a foreign export credit agency making offers not 

10 subject to the Arrangement is deemed met in the case of 

11 exports likely to be supported by official financing from 

12 the People’s Republic of China, unless the Secretary of 

13 the Treasury has reported to the Committee on Financial 

14 Services of the House of Representatives and the Com15 mittee on Banking, Housing, and Urban Affairs of the 

16 Senate that China is in substantial compliance with the 

17 Arrangement.’’. 

18 (b) COLLABORATION WITH USDA ON EXPORT FI19 NANCING PROGRAMS.—Section 13(1)(A) of such Act (12 

20 U.S.C. 635i–7(1)(A)) is amended by inserting ‘‘, the De21 partment of Agriculture,’’ before ‘‘and other Federal agen22 cies’’. 


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1 SEC. 11. RESTRICTION ON FINANCING FOR CERTAIN ENTI2 TIES. 

3 Section 2 of the Export-Import Bank Act of 1945 

4 (12 U.S.C. 635) is amended by adding at the end the fol5 lowing: 

6 ‘‘(m) RESTRICTION ON FINANCING FOR CERTAIN

7 ENTITIES.— 

8 ‘‘(1) IN GENERAL.—Beginning on the date that 

9 is 180 days after the date of the enactment of this 

10 subsection, the Board of Directors may not approve 

11 a transaction that is subject to approval by the 

12 Board with respect to the provision by the Agency 

13 of any guarantee, insurance, or extension of credit, 

14 or the participation by the Agency in any extension 

15 of credit for which the end user, obligor, or lender 

16 is described in paragraph (2). 

17 ‘‘(2) PROHIBITED END USER, OBLIGOR, OR

18 LENDER.—An end user, obligor, or lender is de19 scribed in this paragraph if the end user, obligor, or 

20 lender is known to the Agency to be: 

21 ‘‘(A) The People’s Liberation Army of the 

22 People’s Republic of China. 

23 ‘‘(B) The Ministry of State Security of the 

24 People’s Republic of China. 

25 ‘‘(C) Included on the Denied Persons List 

26 or the Entity List maintained by the Bureau of 


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1 Industry and Security of the Department of 

2 Commerce. 

3 ‘‘(D) Included on the Nonproliferation 

4 Sanctions list maintained by the Bureau of 

5 International Security and Non-Proliferation of 

6 the Department of State. 

7 ‘‘(E) Included on the Arms Export Control 

8 Act debarred list maintained by the Directorate 

9 of Defense Trade Controls of the Department 

10 of State. 

11 ‘‘(F) Included on the Specially Designated 

12 Nationals List, Foreign Sanctions Evaders List, 

13 Sectoral Sanctions Identifications List, Pales14 tinian Legislative Council List, List of Foreign 

15 Financial Institutions Subject to Part 561, or 

16 Persons Identified as Blocked solely pursuant 

17 to Executive Order 13599 maintained by the 

18 Office of Foreign Asset Controls of the Depart19 ment of the Treasury. 

20 ‘‘(G) Any person who has paid a criminal 

21 fine or penalty pursuant to a conviction or reso22 lution or settlement agreement with the Depart23 ment of Justice for a violation of the Foreign 

24 Corrupt Practices Act in the preceding 3 years. 


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1 ‘‘(H) A person who, in the preceding 3 

2 years, appeared on— 

3 ‘‘(i) the Section 337 injunction list 

4 maintained by the United States Inter5 national Trade Commission, if the person 

6 is subject to an exclusion order; or 

7 ‘‘(ii) the Annual Intellectual Property 

8 Report to Congress by the Intellectual 

9 Property Enforcement Coordinator in the 

10 Executive Office of the President, if the 

11 person was convicted in any court. 

12 ‘‘(3) DEFINITIONS.—In this subsection: 

13 ‘‘(A) PERSON.—The term ‘person’ means 

14 an individual or entity. 

15 ‘‘(B) ENTITY.—The term ‘entity’ means a 

16 partnership, association, trust, joint venture, 

17 corporation, group, subgroup, or other organi18 zation.’’. 

19 SEC. 12. PROHIBITIONS ON FINANCING FOR CERTAIN PER20 SONS INVOLVED IN SANCTIONABLE ACTIVI21 TIES. 

22 Section 2 of the Export-Import Bank Act of 1945 

23 (12 U.S.C. 635), as amended by section 11 of this Act, 

24 is amended by adding at the end the following: 


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1 ‘‘(n) PROHIBITIONS ON FINANCING FOR CERTAIN

2 PERSONS INVOLVED IN SANCTIONABLE ACTIVITIES.— 

3 ‘‘(1) PERSONS NOT PROVIDING CERTIFI4 CATION.— 

5 ‘‘(A) IN GENERAL.—Beginning on the date 

6 that is 180 days after the date of the enact7 ment of this subsection, the Board of Directors 

8 of the Agency may not approve any transaction 

9 that is subject to approval by the Board with 

10 respect to the provision by the Agency of any 

11 guarantee, insurance, or extension of credit, or 

12 the participation by the Agency in any exten13 sion of credit, to a person in connection with 

14 the exportation of any good or service unless 

15 the person provides the certification described 

16 in subparagraph (B). 

17 ‘‘(B) CERTIFICATION DESCRIBED.—The 

18 certification described in this subparagraph is a 

19 certification by a person that neither the person 

20 nor any other person owned or controlled by the 

21 person engages in any activity in contravention 

22 of any law, regulation, decree, order, or other 

23 act with force of law of the United States con24 cerning— 


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1 ‘‘(i) trade and economic sanctions, in2 cluding an embargo; 

3 ‘‘(ii) the freezing or blocking of assets 

4 of designated persons; or 

5 ‘‘(iii) other restrictions on exports, im6 ports, investment, payments, or other 

7 transactions targeted at particular persons 

8 or countries. 

9 ‘‘(2) PERSONS SUBJECT TO OFAC-ADMINIS10 TERED SANCTION.— 

11 ‘‘(A) IN GENERAL.—Beginning on the date 

12 that is 180 days after the date of the enact13 ment of this subsection, the Board of Directors 

14 of the Agency may not approve any transaction 

15 that is subject to approval by the Board with 

16 respect to the provision by the Agency of any 

17 guarantee, insurance, or extension of credit, or 

18 the participation by the Agency in any exten19 sion of credit, in connection with a financing in 

20 which a person that is a borrower or controlling 

21 sponsor, or a person that is owned or controlled 

22 by the borrower or controlling sponsor, is sub23 ject to a sanction administered by the Office of 

24 Foreign Assets Control of the Department of 

25 the Treasury. 


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1 ‘‘(B) CONTROLLING SPONSOR DEFINED.— 

2 In subparagraph (A), the term ‘controlling 

3 sponsor’ means a person providing controlling 

4 direct private equity investment (excluding in5 vestments made through publicly held invest6 ment funds, publicly held securities, public of7 ferings, or similar public market vehicles) in 

8 connection with a financing.’’. 

9 SEC. 13. PROMOTING RENEWABLE ENERGY. 

10 (a) OFFICE OF FINANCING FOR RENEWABLE EN11 ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE EX12 PORTS.—Section 2(b)(1)(C) of the Export-Import Bank 

13 Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended to read 

14 as follows: 

15 ‘‘(C) OFFICE OF FINANCING FOR RENEWABLE EN16 ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE.— 

17 The President of the Agency shall establish an office 

18 whose functions shall be to promote the export of goods 

19 and services to be used in the development, production, 

20 and distribution of renewable energy resources, and energy 

21 efficiency and energy storage technologies, and dissemi22 nate information concerning export opportunities and the 

23 availability of Agency support for such activities, to in24 crease the total amount of loans, guarantees, and insur25 ance provided by the Agency to support exports related 


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1 to renewable energy, energy efficiency, and energy stor2 age.’’. 

3 (b) ENVIRONMENTAL POLICY AND PROCEDURES.— 

4 Section 11(a) of such Act (12 U.S.C. 635i–5(a)) is amend5 ed— 

6 (1) in paragraph (1)— 

7 (A) in the 2nd sentence, by inserting ‘‘, in8 cluding to potentially impacted communities in 

9 the country in which the activity will be carried 

10 out, at least 60 days before the date of the 

11 vote,’’ before ‘‘and supplemental’’; 

12 (B) by inserting after the 2nd sentence the 

13 following: ‘‘The procedures shall include a re14 quirement for an analysis of the environmental 

15 and social impacts, including worker impacts 

16 and anticipated health impacts and costs, of the 

17 proposed activity and of alternatives to the pro18 posed activity, including mitigation measures, 

19 where appropriate.’’; and 

20 (C) in the 3rd sentence, by striking ‘‘The 

21 preceding sentence’’ and inserting ‘‘This para22 graph’’; and 

23 (2) by redesignating paragraph (2) as para24 graph (3) and inserting after paragraph (1) the fol25 lowing: 


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1 ‘‘(2) CONSULTATIONS WITH POTENTIALLY IM2 PACTED COMMUNITIES.—In any credit or common 

3 terms agreements to which the Agency is a party re4 lating to a transaction described in paragraph (1), 

5 the Agency shall include a provision to ensure that 

6 robust consultations with potentially impacted com7 munities in the country in which the activity will be 

8 carried out have been and will continue to be carried 

9 out throughout the project cycle.’’. 

10 (c) SENSE OF THE CONGRESS REGARDING AGENCY

11 ACCOUNTABILITY.—It is the sense of the Congress that— 

12 (1) the Board of Directors of the United States 

13 Export Finance Agency (in this section referred to 

14 as the ‘‘Agency’’) should, after a public consultation 

15 process, establish a formal, transparent, and inde16 pendent accountability mechanism to review, inves17 tigate, offer independent dispute resolution to re18 solve, and publicly report on allegations by affected 

19 parties of any failure of the Agency to follow its own 

20 policies and procedures with regard to the environ21 mental and social effects of projects, and on situa22 tions where the Agency is alleged to have failed in 

23 ensuring the borrower is fulfilling its obligations in 

24 financing agreements with respect to the policies and 

25 procedures; 


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1 (2) the accountability mechanism should be able 

2 to provide advice to management on policies, proce3 dures, guidelines, resources, and systems established 

4 to ensure adequate review and monitoring of the en5 vironmental and social effects of projects; 

6 (3) in carrying out its mandate, the confiden7 tiality of sensitive business information should be re8 spected, as appropriate, and, in consultation with 

9 potentially affected communities, project sponsors, 

10 Agency management, and other relevant parties, a 

11 flexible process should be followed aimed primarily 

12 at correcting project failures and achieving better re13 sults on the ground; 

14 (4) the accountability mechanism should be 

15 independent of the line operations of management, 

16 and report its findings and recommendations directly 

17 to the Board of Directors of the Agency and annu18 ally to the Congress; 

19 (5) the annual report of the Agency should in20 clude a detailed accounting of the activities of the 

21 accountability mechanism for the year covered by 

22 the report and the remedial actions taken by the 

23 Agency in response to the findings of the account24 ability mechanism; 


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1 (6) in coordination with the accountability 

2 mechanism, the Agency and relevant parties should 

3 engage in proactive outreach to communities af4 fected or potentially affected by Agency financing 

5 and activities to provide information on the existence 

6 and availability of the accountability mechanism; 

7 (7) the President of the Agency should, subject 

8 to the approval of the Board of Directors of the 

9 Agency, and consistent with applicable law, through 

10 an open and competitive process, including solicita11 tion of input from relevant stakeholders, appoint a 

12 director of the accountability mechanism, who would 

13 be responsible for the day-to-day operations of the 

14 mechanism, and a panel of not less than 3 experts, 

15 including the director, who would also serve as chair 

16 of the panel; and 

17 (8) the accountability mechanism director and 

18 members of the panel should not have been em19 ployed by the Agency within the 5 years preceding 

20 their appointment, and should be ineligible from fu21 ture employment at the Agency. 

22 SEC. 14. REINSURANCE PROGRAM. 

23 Section 51008 of the Fixing America’s Surface 

24 Transportation Act (12 U.S.C. 635 note) is amended— 


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1 (1) in the section heading, by striking 

2 ‘‘PILOT’’; 

3 (2) in subsection (a), by striking ‘‘pilot’’; 

4 (3) in subsection (b)(1), by striking 

5 ‘‘$1,000,000,000’’ and inserting ‘‘$2,000,000,000’’; 

6 and 

7 (4) by striking subsections (c) through (e) and 

8 inserting the following: 

9 ‘‘(c) FACTORS FOR CONSIDERATION IN REINSUR10 ANCE POOLS.—In implementing this section, the Agency 

11 shall, with respect to a reinsurance pool, pursue appro12 priate objectives to reduce risk and costs to the Agency, 

13 including by the following, to the extent practicable: 

14 ‘‘(1) Ensuring a reasonable diversification of 

15 risks. 

16 ‘‘(2) Including larger exposures where the pos17 sibility of default raises overall portfolio risk for the 

18 Agency. 

19 ‘‘(3) Excluding transactions from the pool that 

20 are covered by first-loss protection. 

21 ‘‘(4) Excluding transactions from the pool that 

22 are collateralized at a rate greater than standard 

23 market practice. 

24 ‘‘(5) Diversifying reinsurance pools by industry 

25 and other appropriate factors. 


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1 ‘‘(6) Exploring different time periods of cov2 erage. 

3 ‘‘(7) Exploring both excess of loss structures on 

4 a per-borrower as well as an aggregate basis. 

5 ‘‘(d) BIENNIAL REPORTS.—Not later than 1 year 

6 after the date of the enactment of this subsection, and 

7 every 2 years thereafter through 2029, the Agency shall 

8 submit to the Committee on Financial Services of the 

9 House of Representatives and the Committee on Banking, 

10 Housing, and Urban Affairs of the Senate a written report 

11 that contains an assessment of the use of the program 

12 carried out under subsection (a) since the most recent re13 port under this subsection. 

14 ‘‘(e) RULE OF CONSTRUCTION.—Nothing in this sec15 tion shall be construed to limit any authority of the Agen16 cy described in section 2(a)(1) of the Export-Import Bank 

17 Act of 1945.’’. 

18 SEC. 15. INFORMATION TECHNOLOGY SYSTEMS. 

19 Section 3(j) of the Export-Import Bank Act of 1945 

20 (12 U.S.C. 635a(j)) is amended— 

21 (1) in paragraph (1), by striking all that pre22 cedes subparagraph (A) and inserting the following: 

23 ‘‘(1) IN GENERAL.—Subject to paragraphs (3) 

24 and (4), the Agency may use an amount equal to 


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1 1.25 percent of the surplus of the Agency during fis2 cal years 2020 through 2029 to—’’; and 

3 (2) by striking paragraph (3) and inserting the 

4 following: 

5 ‘‘(3) LIMITATION.—The aggregate of the 

6 amounts used in accordance with paragraph (1) for 

7 fiscal years 2020 through 2029 shall not exceed 

8 $40,000,000.’’. 

9 SEC. 16. ADMINISTRATIVELY DETERMINED PAY. 

10 Section 3 of the Export-Import Bank Act of 1945 

11 (12 U.S.C. 635a), as amended by section 7(a) of this Act, 

12 is amended by adding at the end the following: 

13 ‘‘(o) COMPENSATION OF EMPLOYEES.— 

14 ‘‘(1) RATES OF PAY.—Subject to paragraph 

15 (2), the Board of Directors of the Agency, consistent 

16 with standards established by the Director of the Of17 fice of Minority and Women Inclusion, may set and 

18 adjust rates of basic pay for employees and new 

19 hires of the Agency without regard to the provisions 

20 of chapter 51 and subchapter III of chapter 53 of 

21 title 5, United States Code, except that no employee 

22 of the Agency may receive a rate of basic pay that 

23 exceeds the rate for level III of the Executive Sched24 ule under section 5313 of such title. 


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1 ‘‘(2) LIMITATIONS.—The Board of Directors of 

2 the Agency may not apply paragraph (1) to more 

3 than 35 employees at any point in time. Nothing in 

4 paragraph (1) may be construed to apply to any po5 sition of a confidential or policy-determining char6 acter that is excepted from the competitive service 

7 under section 3302 of title 5, United States Code, 

8 (pursuant to schedule C of subpart C of part 213 of 

9 title 5 of the Code of Federal Regulations) or to any 

10 position that would otherwise be subject to section 

11 5311 or 5376 of title 5, United States Code.’’. 

Æ 


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