IB 

Union Calendar No. 216 

116TH CONGRESS 

1ST SESSION H. R. 4863 

[Report No. 116–271] 

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 

NOVEMBER 8, 2019 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on October 28, 2019] 


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A BILL 

To promote the competitiveness of the United States, to 

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


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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: 

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. Enhancing flexibility to respond to predatory export financing by China. 

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 exports, environmental and social standards, and accountability. 

Sec. 14. Reinsurance program. 

Sec. 15. Information technology systems. 

Sec. 16. Administratively determined pay. 

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

9 UNITED STATES. 

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

11 United States is hereby redesignated as the United States 

12 Export Finance Agency. 

13 (b) REFERENCES.—Any reference to the Export-Im14 port Bank of the United States in any law, rule, regulation, 

15 certificate, directive, instruction, or other official paper in 

16 force on the date of the enactment of this Act is deemed 

17 a reference to the United States Export Finance Agency. 


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1 SEC. 4. AUTHORIZATION PERIOD. 

2 Section 7 of the Export-Import Bank Act of 1945 (12 

3 U.S.C. 635f) is amended by striking ‘‘2019’’ and inserting 

4 ‘‘2029’’. 

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

6 AUTHORITY. 

7 Section 6(a)(2) of the Export-Import Bank Act of 1945 

8 (12 U.S.C. 635e(a)(2)) is amended to read as follows: 

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

10 subsection, the term ‘applicable amount’ means— 

11 ‘‘(A) $145,000,000,000 for fiscal year 2020; 

12 ‘‘(B) $150,000,000,000 for fiscal year 2021; 

13 ‘‘(C) $155,000,000,000 for fiscal year 2022; 

14 ‘‘(D) $160,000,000,000 for fiscal year 2023; 

15 ‘‘(E) $165,000,000,000 for fiscal year 2024; 

16 ‘‘(F) $170,000,000,000 for fiscal year 2025; 

17 and 

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

19 years 2026 through 2029.’’. 

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

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

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

23 as follows: 

24 ‘‘(i) OFFICE OF MINORITY AND WOMEN INCLUSION.— 

25 ‘‘(1) ESTABLISHMENT.—The Agency shall estab26 lish an Office of Minority and Women Inclusion 


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1 which shall be responsible for carrying out this sub2 section and all matters relating to diversity in man3 agement, employment, and business activities in ac4 cordance with such standards and requirements as the 

5 Director of the Office shall establish. 

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

7 Agency shall ensure that, to the extent that the re8 sponsibilities described in paragraph (1) (or com9 parable responsibilities) were, as of the date of the en10 actment of this subsection, performed by another office 

11 of the Agency, the responsibilities shall be transferred 

12 to the Office. 

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

14 LAWS.—The responsibilities described in paragraph 

15 (1) shall not include enforcement of statutes, regula16 tions, or executive orders pertaining to civil rights, 

17 except that the Director of the Office shall coordinate 

18 with the President of the Agency, or the designee of 

19 the President of the Agency, regarding the design and 

20 implementation of any remedies resulting from viola21 tions of the statutes, regulations, or executive orders. 

22 ‘‘(4) DIRECTOR.— 

23 ‘‘(A) IN GENERAL.—The Director of the Of24 fice shall be appointed by, and shall report di25 rectly to, the President of the Agency. The posiVerDate Sep 11 2014 22:23 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H4863.RH H4863

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1 tion of Director of the Office shall be a career re2 served position in the Senior Executive Service, 

3 as that position is defined in section 3132 of title 

4 5, United States Code, or an equivalent designa5 tion. 

6 ‘‘(B) DUTIES.—The Director shall— 

7 ‘‘(i) develop standards for equal em8 ployment opportunity and the racial, eth9 nic, and gender diversity of the workforce 

10 and senior management of the Agency; 

11 ‘‘(ii) develop standards for increased 

12 participation of minority-owned and 

13 women-owned businesses in the programs 

14 and contracts of the Agency, including 

15 standards for coordinating technical assist16 ance to the businesses; and 

17 ‘‘(iii) enhance the outreach activities of 

18 the Agency with respect to, and increase the 

19 total amount of loans, guarantees, and in20 surance provided by the Agency to support 

21 exports by socially and economically dis22 advantaged small business concerns (as de23 fined in section 8(a)(4) of the Small Busi24 ness Act) and small business concerns 

25 owned by women. 


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

2 advise the President of the Agency on the impact 

3 of the policies of the Agency on minority-owned 

4 and women-owned businesses. 

5 ‘‘(5) INCLUSION IN ALL LEVELS OF BUSINESS AC6 TIVITIES.— 

7 ‘‘(A) CONTRACTS.—The Director of the Of8 fice shall develop and implement standards and 

9 procedures to ensure, to the maximum extent 

10 possible, the inclusion and utilization of minori11 ties (as defined in section 1204(c) of the Finan12 cial Institutions Reform, Recovery, and Enforce13 ment Act of 1989 (12 U.S.C. 1811 note)) and 

14 women, and minority- and women-owned busi15 nesses (as such terms are defined in section 

16 21A(r)(4) of the Federal Home Loan Bank Act 

17 (12 U.S.C. 1441a(r)(4)) in all business and ac18 tivities of the Agency at all levels, including in 

19 procurement, insurance, and all types of con20 tracts. The processes established by the Agency 

21 for review and evaluation for contract proposals 

22 and to hire service providers shall include a com23 ponent that gives consideration to the diversity 

24 of the applicant. 


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1 ‘‘(B) APPLICABILITY.—This paragraph 

2 shall apply to all contracts for services of any 

3 kind, including all contracts for all business and 

4 activities of the Agency, at all levels. 

5 ‘‘(C) OUTREACH.—The Agency shall estab6 lish a minority outreach program to ensure the 

7 inclusion (to the maximum extent practicable) of 

8 contracts entered into with the enterprises of mi9 norities and women and businesses owned by mi10 norities and women, including financial institu11 tions, investment banking firms, underwriters, 

12 accountants, brokers, and providers of legal serv13 ices. 

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

15 Agency shall take affirmative steps to seek diversity 

16 in its workforce at all levels of the Agency consistent 

17 with the demographic diversity of the United States, 

18 in a manner consistent with applicable law, includ19 ing— 

20 ‘‘(A) to the extent the Agency engages in re21 cruitment efforts to fill vacancies— 

22 ‘‘(i) recruiting at historically Black 

23 colleges and universities, Hispanic-serving 

24 institutions, Tribal colleges and univer25 sities, women’s colleges, and colleges that 


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1 typically serve majority minority popu2 lations; and 

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

4 communities, and placing employment ad5 vertisements in print and digital media ori6 ented toward women and people of color; 

7 ‘‘(B) partnering with organizations that are 

8 focused on developing opportunities for minori9 ties and women to place talented young minori10 ties and women in industry internships, summer 

11 employment, and full-time positions; and 

12 ‘‘(C) by use of any other mass media com13 munications that the Director of the Office deter14 mines necessary.’’. 

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

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

17 following: 

18 ‘‘(l) OFFICE OF MINORITY AND WOMEN INCLUSION.— 

19 ‘‘(1) IN GENERAL.—The Agency shall include in 

20 its annual report to the Congress under subsection (a) 

21 a report from the Office of Minority and Women In22 clusion regarding the actions taken by the Agency and 

23 the Office pursuant to section 3(i), which shall in24 clude— 


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1 ‘‘(A) a statement of the total amounts paid 

2 by the Agency to contractors since the most re3 cent report under this subsection; 

4 ‘‘(B) the percentage of the amounts de5 scribed in subparagraph (A) that were paid to 

6 contractors as described in section 3(i)(5)(A); 

7 ‘‘(C) the successes achieved and challenges 

8 faced by the Agency in operating minority and 

9 women outreach programs; 

10 ‘‘(D) a description of the progress made by 

11 the Agency in supporting exports by minority12 owned small business concerns and the progress 

13 made by the Agency in supporting small busi14 ness concerns owned by women, including esti15 mates of the amounts made available to finance 

16 exports directly by both categories of small busi17 ness concerns, a comparison of these amounts 

18 with the amounts made available to all small 

19 business concerns, and a comparison of such 

20 amounts with the amounts so made available 

21 during the 2 preceding years; 

22 ‘‘(E) the challenges the Agency may face in 

23 hiring qualified minority and women employees 

24 and contracting with qualified minority-owned 

25 and women-owned businesses; and 


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1 ‘‘(F) any other information, findings, con2 clusions, and recommendations for legislative or 

3 Agency action, as the Director of the Office 

4 deems appropriate. 

5 ‘‘(2) DEFINITIONS.—In this subsection: 

6 ‘‘(A) MINORITY-OWNED SMALL BUSINESS

7 CONCERN.—The term ‘minority-owned small 

8 business concern’ has the meaning given the term 

9 ‘socially and economically disadvantaged small 

10 business concern’ under section 8(a)(4) of the 

11 Small Business Act. 

12 ‘‘(B) SMALL BUSINESS CONCERN.—The 

13 term ‘small business concern’ has the meaning 

14 given that term under section 3(a) of the Small 

15 Business Act.’’. 

16 (c) CONFORMING AMENDMENT.—Section 8(f) of the 

17 Export-Import Bank Act of 1945 (12 U.S.C. 635g(f)) is 

18 amended— 

19 (1) by striking paragraph (4); and 

20 (2) by redesignating paragraphs (5) through (8) 

21 as paragraphs (4) through (7), respectively. 

22 SEC. 7. SUPPORT FOR UNITED STATES TERRITORIES. 

23 (a) CREATION OF THE OFFICE OF TERRITORIAL EX24 PORTING.—Section 3 of the Export-Import Bank Act of 


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1 1945 (12 U.S.C. 635a) is amended by adding at the end 

2 the following: 

3 ‘‘(n) OFFICE OF TERRITORIAL EXPORTING.— 

4 ‘‘(1) IN GENERAL.—The President of the Agency 

5 shall establish an Office of Territorial Exporting, the 

6 functions of which shall be to— 

7 ‘‘(A) promote the export of goods and serv8 ices from the territories; 

9 ‘‘(B) conduct outreach, education, and dis10 seminate information concerning export opportu11 nities and the availability of Agency support for 

12 such activities; and 

13 ‘‘(C) increase the total amount of loans, 

14 guarantees, and insurance provided by the Agen15 cy benefitting the territories. 

16 ‘‘(2) STAFF.—The President of the Agency shall 

17 hire such staff as may be necessary to perform the 

18 functions of the Office, including— 

19 ‘‘(A) at least 1 staffer responsible for 

20 liaising with Puerto Rico and the United States 

21 Virgin Islands; and 

22 ‘‘(B) at least 1 staffer responsible for 

23 liaising with the United States territories of 

24 Guam, the Commonwealth of the Northern Mar25 iana Islands, and American Samoa. 


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1 ‘‘(3) DEFINITION OF TERRITORY.—In this Act, 

2 the term ‘territory’ means the Commonwealth of Puer3 to Rico, the United States Virgin Islands, Guam, the 

4 Commonwealth of the Northern Mariana Islands, and 

5 American Samoa.’’. 

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

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

8 amended by adding at the end the following: 

9 ‘‘(m) REPORT ON ACTIVITIES IN THE TERRITORIES.— 

10 The Agency shall include in its annual report to Congress 

11 under subsection (a) a report on the steps taken by the 

12 Agency in the period covered by the report to increase— 

13 ‘‘(1) awareness of the Agency and its services in 

14 the territories; and 

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

16 businesses in the territories.’’. 

17 SEC. 8. ALTERNATIVE PROCEDURES DURING QUORUM 

18 LAPSE. 

19 (a) IN GENERAL.—Section 3(c)(6) of the Export-Im20 port Bank Act of 1945 (12 U.S.C. 635a(c)(6)) is amended— 

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

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

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

24 to constitute a quorum under subparagraph (A) for 90 con25 secutive days during the term of a President of the United 


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1 States, a temporary Board, consisting of the following mem2 bers, shall act in the stead of the Board of Directors: 

3 ‘‘(I) The United States Trade Representative, 

4 ‘‘(II) The Secretary of the Treasury, 

5 ‘‘(III) The Secretary of Commerce, and 

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

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

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

9 present, the meeting shall be chaired by such a mem10 ber, consistent with Agency bylaws; or 

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

12 shall be chaired by the United States Trade Rep13 resentative. 

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

15 (III) of clause (i) may delegate the authority of the member 

16 to vote on whether to authorize a transaction, whose value 

17 does not exceed $100,000,000, to— 

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

19 Representative, the Deputy United States Trade Rep20 resentative; or 

21 ‘‘(II) if the member is referred to in such sub22 clause (II) or (III), the Deputy Secretary of the de23 partment referred to in the subclause. 

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

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


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

2 Board a qualified member of a different political party who 

3 occupies a position requiring nomination by the President, 

4 by and with the consent of the Senate. 

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

6 Agency policies, procedures, bylaws, or guidelines. 

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

8 the term of the President of the United States in office at 

9 the time the temporary Board was constituted or upon res10 toration of a quorum of the Board of Directors as defined 

11 in subparagraph (A). 

12 ‘‘(vii) With respect to a transaction that equals or ex13 ceeds $100,000,000, the Chairperson of the temporary 

14 Board shall ensure that the Agency complies with section 

15 2(b)(3).’’. 

16 (b) TERMINATION.—The amendments made by sub17 section (a) shall have no force or effect after the 10-year 

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

19 Act. 

20 SEC. 9. STRENGTHENING SUPPORT FOR U.S. SMALL BUSI21 NESSES. 

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

23 Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)) is 

24 amended by striking subparagraph (E)(i)(I) and inserting 

25 the following: 


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

2 to encourage the participation of small business (including 

3 women-owned businesses, minority-owned businesses, vet4 eran-owned businesses, businesses owned by persons with 

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

6 businesses in international commerce, and to educate such 

7 businesses about how to export goods using the United 

8 States Export Finance Agency.’’. 

9 (b) OUTREACH.— 

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

11 enactment of this Act, the United States Export Fi12 nance Agency shall prepare and submit to the Com13 mittee on Financial Services of the House of Rep14 resentatives and the Committee on Banking, Housing, 

15 and Urban Affairs of the Senate a comprehensive out16 reach plan to ensure that small business owners are 

17 aware of the financing options available to them 

18 through the Agency. The plan shall include— 

19 (A) input from the Small Business Admin20 istration and statewide small business coalitions 

21 with operations in rural, urban, and suburban 

22 regions; 

23 (B) an emphasis on outreach to businesses 

24 owned by women, minorities, veterans, and per25 sons with disabilities; and 


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1 (C) a proposed budget for carrying out the 

2 plan during fiscal years 2020 through 2029, that 

3 provides for the spending of at least $1,000,000 

4 annually for outreach to small businesses. 

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

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

7 adding at the end the following: 

8 ‘‘(xi) After consultation with the Committee on Finan9 cial Services of the House of Representatives and the Com10 mittee on Banking, Housing, and Urban Affairs of the Sen11 ate, the Agency shall implement the outreach plan referred 

12 to in section 9(b)(1) of the United States Export Finance 

13 Agency Act of 2019.’’. 

14 (c) EXCLUSION OF UNUTILIZED INSURANCE AUTHOR15 ITY IN CALCULATING SMALL BUSINESS THRESHOLD.—Sec16 tion 2(b)(1)(E)(v) of such Act (12 U.S.C. 635(b)(1)(E)(v)) 

17 is amended by adding at the end the following: ‘‘For the 

18 purpose of calculating the amounts of authority required 

19 under this clause, the Agency shall, with respect to insur20 ance, exclude unutilized authorizations that terminated 

21 during the fiscal year.’’. 

22 (d) INCREASE IN SMALL BUSINESS THRESHOLD.— 

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

24 Act (12 U.S.C. 635(b)(1)(E)(v)) is amended by strik25 ing ‘‘25’’ and inserting ‘‘30’’. 


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1 (2) EFFECTIVE DATE.—The amendment made by 

2 paragraph (1) shall take effect on October 1, 2028. 

3 SEC. 10. ENHANCING FLEXIBILITY TO RESPOND TO PREDA4 TORY EXPORT FINANCING BY CHINA. 

5 (a) DEEMING RULE UNDER TIED AID CREDIT PRO6 GRAM.—Section 10(b)(5)(B)(i)(III) of the Export-Import 

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

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

9 ‘‘The requirement that there be credible evidence of a history 

10 of a foreign export credit agency making offers not subject 

11 to the Arrangement is deemed met in the case of exports 

12 likely to be supported by official financing from the People’s 

13 Republic of China, unless the Secretary of the Treasury has 

14 reported to the Committee on Financial Services of the 

15 House of Representatives and the Committee on Banking, 

16 Housing, and Urban Affairs of the Senate that China is 

17 in substantial compliance with the Arrangement.’’. 

18 (b) COLLABORATION WITH USDA ON EXPORT FINANC19 ING PROGRAMS.—Section 13(1)(A) of such Act (12 U.S.C. 

20 635i–7(1)(A)) is amended by inserting ‘‘, the Department 

21 of Agriculture,’’ before ‘‘and other Federal agencies’’. 

22 SEC. 11. RESTRICTION ON FINANCING FOR CERTAIN ENTI23 TIES. 

24 Section 2 of the Export-Import Bank Act of 1945 (12 

25 U.S.C. 635) is amended by adding at the end the following: 


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1 ‘‘(l) RESTRICTION ON FINANCING FOR CERTAIN ENTI2 TIES.— 

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

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

5 subsection, the Board of Directors may not approve a 

6 transaction that is subject to approval by the Board 

7 with respect to the provision by the Agency of any 

8 guarantee, insurance, or extension of credit, or the 

9 participation by the Agency in any extension of cred10 it for which the end user, obligor, or lender is de11 scribed in paragraph (2). 

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

13 LENDER.—An end user, obligor, or lender is described 

14 in this paragraph if the end user, obligor, or lender 

15 is known to the Agency to be: 

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

17 People’s Republic of China. 

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

19 People’s Republic of China. 

20 ‘‘(C) Included on the Denied Persons List or 

21 the Entity List maintained by the Bureau of In22 dustry and Security of the Department of Com23 merce. 

24 ‘‘(D) Included on the Arms Export Control 

25 Act debarred list maintained by the Directorate 


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1 of Defense Trade Controls of the Department of 

2 State. 

3 ‘‘(E) Any person who has paid a criminal 

4 fine or penalty pursuant to a conviction or reso5 lution or settlement agreement with the Depart6 ment of Justice for a violation of the Foreign 

7 Corrupt Practices Act in the preceding 3 years. 

8 ‘‘(F) A person who, in the preceding 3 

9 years, appeared on the Annual Intellectual Prop10 erty Report to Congress by the Intellectual Prop11 erty Enforcement Coordinator in the Executive 

12 Office of the President, if the person was con13 victed in any court 

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

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

16 individual or entity. 

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

18 partnership, association, trust, joint venture, 

19 corporation, group, subgroup, or other organiza20 tion.’’. 


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1 SEC. 12. PROHIBITIONS ON FINANCING FOR CERTAIN PER2 SONS INVOLVED IN SANCTIONABLE ACTIVI3 TIES. 

4 Section 2 of the Export-Import Bank Act of 1945 (12 

5 U.S.C. 635), as amended by section 11 of this Act, is 

6 amended by adding at the end the following: 

7 ‘‘(m) PROHIBITIONS ON FINANCING FOR CERTAIN

8 PERSONS INVOLVED IN SANCTIONABLE ACTIVITIES.— 

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

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

11 subsection, the Board of Directors of the Agency may 

12 not approve any transaction that is subject to ap13 proval by the Board with respect to the provision by 

14 the Agency of any guarantee, insurance, or extension 

15 of credit, or the participation by the Agency in any 

16 extension of credit, to a person in connection with the 

17 exportation of any good or service unless the person 

18 provides the certification described in paragraph (2). 

19 ‘‘(2) CERTIFICATION DESCRIBED.—The certifi20 cation described in this paragraph is a certification 

21 by a person who is an end user, obligor, or lender 

22 that neither the person nor any other person owned 

23 or controlled by the person engages in any activity in 

24 contravention of any United States law, regulation, 

25 or order applicable to the person concerning— 


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1 ‘‘(A) trade and economic sanctions, includ2 ing an embargo; 

3 ‘‘(B) the freezing or blocking of assets of des4 ignated persons; or 

5 ‘‘(C) other restrictions on exports, imports, 

6 investment, payments, or other transactions tar7 geted at particular persons or countries. 

8 ‘‘(3) CERTIFICATION REQUIREMENTS.—The cer9 tification described in paragraph (2) shall be made 

10 after reasonable due diligence and based on best 

11 knowledge and belief.’’. 

12 SEC. 13. PROMOTING RENEWABLE ENERGY EXPORTS, ENVI13 RONMENTAL AND SOCIAL STANDARDS, AND 

14 ACCOUNTABILITY. 

15 (a) OFFICE OF FINANCING FOR RENEWABLE ENERGY, 

16 ENERGY EFFICIENCY AND ENERGY STORAGE EXPORTS.— 

17 Section 2(b)(1)(C) of the Export-Import Bank Act of 1945 

18 (12 U.S.C. 635(b)(1)(C)) is amended to read as follows: 

19 ‘‘(C) OFFICE OF FINANCING FOR RENEWABLE EN20 ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE.—The 

21 President of the Agency shall establish an office whose func22 tions shall be to promote the export of goods and services 

23 to be used in the development, production, and distribution 

24 of renewable energy resources, and energy efficiency and en25 ergy storage technologies, and disseminate information conVerDate Sep 11 2014 22:23 Nov 08, 2019 Jkt 099200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6203 E:\BILLS\H4863.RH H4863

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1 cerning export opportunities and the availability of Agency 

2 support for such activities, to increase the total amount of 

3 loans, guarantees, and insurance provided by the Agency 

4 to support exports related to renewable energy, energy effi5 ciency, and energy storage.’’. 

6 (b) ENVIRONMENTAL POLICY AND PROCEDURES.—Sec7 tion 11(a) of such Act (12 U.S.C. 635i–5(a)) is amended— 

8 (1) in paragraph (1)— 

9 (A) in the 2nd sentence, by inserting ‘‘, in10 cluding to potentially impacted communities in 

11 the country in which the activity will be carried 

12 out, at least 60 days before the date of the vote,’’ 

13 before ‘‘and supplemental’’; 

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

15 following: ‘‘The procedures shall include a re16 quirement for an analysis of the environmental 

17 and social impacts, including worker impacts 

18 and anticipated health impacts and costs, of the 

19 proposed activity and of alternatives to the pro20 posed activity, including mitigation measures, 

21 where appropriate.’’; and 

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

23 preceding sentence’’ and inserting ‘‘This para24 graph’’; 


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1 (2) by redesignating paragraph (2) as para2 graph (7) and inserting after paragraph (1) the fol3 lowing: 

4 ‘‘(2) CONSULTATIONS WITH POTENTIALLY IM5 PACTED COMMUNITIES.—In any credit or common 

6 terms agreements to which the Agency is a party re7 lating to a transaction described in paragraph (1), 

8 the Agency shall include a provision to ensure that 

9 robust consultations with potentially impacted com10 munities in the country in which the activity will be 

11 carried out have been and will continue to be carried 

12 out throughout the project cycle. 

13 ‘‘(3) ENVIRONMENTAL AND SOCIAL DUE DILI14 GENCE PROCEDURES AND GUIDELINES REVIEW.—By 

15 the end of 2020 and once at the end of each subse16 quent 3-year period, the Board of Directors of the 

17 Agency shall complete a review of the Environmental 

18 and Social Due Diligence Procedures and Guidelines 

19 ensuring that the procedures and guidelines incor20 porate requirements for project consideration that are 

21 consistent to limit greenhouse gas emissions and, to 

22 the maximum extent possible, to affirm that the 

23 Board operates consistently with the multilateral en24 vironmental agreements to which the United States is 


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1 a party that are directly related to transactions in 

2 which the Agency is involved. 

3 ‘‘(4) The Agency shall operate consistently with 

4 Annex VI of the Arrangement on Officially Supported 

5 Export Credits, as adopted by the Organisation for 

6 Economic Co-operation and Development as of Janu7 ary 2019. 

8 ‘‘(5) The Agency shall make publicly available 

9 the estimated amounts of CO2 emissions expected to 

10 be produced from pending projects that the Agency 

11 has designated as Category A and B projects and 

12 work with other export credit agencies to encourage 

13 them to do the same. 

14 ‘‘(A) The Agency shall report CO2 emissions 

15 associated with projects that the Agency has des16 ignated as Category A and B fossil fuel projects 

17 in its annual report by product categories. 

18 ‘‘(B) The Agency shall advocate within the 

19 OECD and other multilateral fora for the full re20 porting of CO2 emissions associated with appro21 priate energy and non-energy projects including 

22 manufacturing and agriculture. 

23 ‘‘(C) The Agency shall undertake periodic 

24 reviews with stakeholders to ensure that the 

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1 ology of estimating and tracking the CO2 emis2 sions from Category A and B projects the Agency 

3 supports. 

4 ‘‘(6) The Agency shall develop and maintain 

5 measures to provide increased financing support for 

6 evolving technologies that reduce CO2 emissions. 

7 ‘‘(A) The Agency shall develop and main8 tain measures to encourage foreign buyers to seek 

9 available, commercially viable technology to re10 duce the CO2 footprint of projects. 

11 ‘‘(B) The Agency shall develop and main12 tain initiatives to finance aspects of project de13 velopment that reduce or mitigate CO2 emis14 sions, such as effective carbon capture and se15 questration technology, while maintaining the 

16 competitiveness of United States exporters. 

17 ‘‘(C) In coordination with the Department 

18 of the Treasury, the Agency shall advocate in 

19 international fora for the availability of financ20 ing incentives for low to net zero CO2-emitting 

21 projects, a common methodology for evaluating 

22 and taking into account the social cost of carbon. 

23 ‘‘(D) The Agency shall encourage export 

24 credit agencies and other relevant lending insti25 tutions to adopt similar CO2 policies, including 


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1 encouraging transparency and the involvement 

2 of stakeholders.’’; and 

3 (3) in paragraph (7) (as so redesignated by 

4 paragraph (2) of this subsection), by striking ‘‘para5 graph (1)’’ and inserting ‘‘this subsection’’. 

6 (c) ANNUAL REPORT TO CONGRESS.—Section 11(c) of 

7 such Act (12 U.S.C. 635i–5(c)) is amended to read as fol8 lows: 

9 ‘‘(c) INCLUSION IN ANNUAL REPORT TO CONGRESS.— 

10 The Agency shall include in its annual report to Congress 

11 under section 8 a summary of its activities under sub12 sections (a) and (b). The Board of Directors shall submit 

13 to the Congress a report, which shall be made publicly 

14 available on the Internet at the time of delivery— 

15 ‘‘(1) that provides a detailed accounting of the 

16 methodology used to make greenhouse gas emissions 

17 project determinations; and 

18 ‘‘(2) details the steps taken to ensure that the 

19 Environmental and Social Due Diligence Procedures 

20 and Guidelines of the Agency are consistent with— 

21 ‘‘(A) reducing greenhouse gas emissions; 

22 and 

23 ‘‘(B) operating consistently with the multi24 lateral environmental agreements to which the 

25 United States is a party that are directly related 


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1 to transactions in which the Agency is in2 volved.’’. 

3 (d) FINANCING FOR RENEWABLE ENERGY, ENERGY

4 EFFICIENCY, AND ENERGY STORAGE TECHNOLOGIES.—Sec5 tion 2(b)(1)(K) of such Act (12 U.S.C. 635(b)(1)(K)) is 

6 amended by inserting ‘‘, energy efficiency, and energy stor7 age. It shall be a goal of the Bank to ensure that not less 

8 than 5 percent of the applicable amount (as defined in sec9 tion 6(a)(2)) is made available each fiscal year for the fi10 nancing of renewable energy, energy efficiency, and energy 

11 storage technology exports’’ before the period. 

12 (e) SENSE OF THE CONGRESS REGARDING AGENCY

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

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

15 Export Finance Agency (in this section referred to as 

16 the ‘‘Agency’’) should, after a public consultation 

17 process, establish a formal, transparent, and inde18 pendent accountability mechanism to review, inves19 tigate, offer independent dispute resolution to resolve, 

20 and publicly report on allegations by affected parties 

21 of any failure of the Agency to follow its own policies 

22 and procedures with regard to the environmental and 

23 social impacts of projects, and on situations where the 

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1 rower is fulfilling its obligations in financing agree2 ments with respect to the policies and procedures; 

3 (2) the accountability mechanism should be able 

4 to provide advice to management on policies, proce5 dures, guidelines, resources, and systems established to 

6 ensure adequate review and monitoring of the envi7 ronmental and social impacts of projects; 

8 (3) in carrying out its mandate, the confiden9 tiality of sensitive business information should be re10 spected, as appropriate, and, in consultation with po11 tentially impacted communities, project sponsors, 

12 Agency management, and other relevant parties, a 

13 flexible process should be followed aimed primarily at 

14 correcting project failures and achieving better results 

15 on the ground; 

16 (4) the accountability mechanism should be inde17 pendent of the line operations of management, and re18 port its findings and recommendations directly to the 

19 Board of Directors of the Agency and annually to the 

20 Congress; 

21 (5) the annual report of the Agency should in22 clude a detailed accounting of the activities of the ac23 countability mechanism for the year covered by the 

24 report and the remedial actions taken by the Agency 


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1 in response to the findings of the accountability mech2 anism; 

3 (6) in coordination with the accountability 

4 mechanism, the Agency and relevant parties should 

5 engage in proactive outreach to communities im6 pacted or potentially impacted by Agency financing 

7 and activities to provide information on the existence 

8 and availability of the accountability mechanism; 

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

10 the approval of the Board of Directors of the Agency, 

11 and consistent with applicable law, through an open 

12 and competitive process, including solicitation of 

13 input from relevant stakeholders, appoint a director 

14 of the accountability mechanism, who would be re15 sponsible for the day-to-day operations of the mecha16 nism, and a panel of not less than 3 experts, includ17 ing the director, who would also serve as chair of the 

18 panel; and 

19 (8) The accountability mechanism director and 

20 members of the panel should not have been employed 

21 by the Agency within the 5 years preceding their ap22 pointment, and should be ineligible from future em23 ployment at the Agency. 


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1 SEC. 14. REINSURANCE PROGRAM. 

2 Section 51008 of the Fixing America’s Surface Trans3 portation Act (12 U.S.C. 635 note) is amended— 

4 (1) in the section heading, by striking ‘‘PILOT’’; 

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

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

7 ‘‘$1,000,000,000’’ and inserting ‘‘$2,000,000,000’’; 

8 and 

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

10 inserting the following: 

11 ‘‘(c) FACTORS FOR CONSIDERATION IN REINSURANCE

12 POOLS.—In implementing this section, the Agency shall, 

13 with respect to a reinsurance pool, pursue appropriate ob14 jectives to reduce risk and costs to the Agency, including 

15 by the following, to the extent practicable: 

16 ‘‘(1) Ensuring a reasonable diversification of 

17 risks. 

18 ‘‘(2) Including larger exposures where the possi19 bility of default raises overall portfolio risk for the 

20 Agency. 

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

22 are covered by first-loss protection. 

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

24 are collateralized at a rate greater than standard 

25 market practice. 


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1 ‘‘(5) Diversifying reinsurance pools by industry 

2 and other appropriate factors. 

3 ‘‘(6) Exploring different time periods of coverage. 

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

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

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

7 the date of the enactment of this subsection, and every 2 

8 years thereafter through 2029, the Agency shall submit to 

9 the Committee on Financial Services of the House of Rep10 resentatives and the Committee on Banking, Housing, and 

11 Urban Affairs of the Senate a written report that contains 

12 an assessment of the use of the program carried out under 

13 subsection (a) since the most recent report under this sub14 section. 

15 ‘‘(e) RULE OF CONSTRUCTION.—Nothing in this sec16 tion shall be construed to limit any authority of the Agency 

17 described in section 2(a)(1) of the Export-Import Bank Act 

18 of 1945.’’. 

19 SEC. 15. INFORMATION TECHNOLOGY SYSTEMS. 

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

21 (12 U.S.C. 635a(j)) is amended— 

22 (1) in paragraph (1), by striking all that pre23 cedes subparagraph (A) and inserting the following: 

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

25 and (4), the Agency may use an amount equal to 1.25 


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1 percent of the surplus of the Agency during fiscal 

2 years 2020 through 2029 to—’’; and 

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

4 following: 

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

6 used in accordance with paragraph (1) for fiscal 

7 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 (12 

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

12 amended by adding at the end the following: 

13 ‘‘(o) COMPENSATION OF EMPLOYEES.— 

14 ‘‘(1) RATES OF PAY.—Subject to paragraph (2), 

15 the Board of Directors of the Agency, consistent with 

16 standards established by the Director of the Office of 

17 Minority and Women Inclusion, may set and adjust 

18 rates of basic pay for employees and new hires of the 

19 Agency without regard to the provisions of chapter 51 

20 and subchapter III of chapter 53 of title 5, United 

21 States Code, except that no employee of the Agency 

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

23 for level III of the Executive Schedule under section 

24 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.’’. 


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Union Calendar No. 216 

116TH CONGRESS 

1ST SESSION H. R. 4863 

[Report No. 116–271] 

A BILL 

To promote the competitiveness of the United 

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

NOVEMBER 8, 2019 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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