II 

Calendar No. 164 

112TH CONGRESS 

1ST SESSION S. 1547 

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

purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 13, 2011 

Mr. JOHNSON of South Dakota, from the Committee on Banking, Housing, 

and Urban Affairs, reported the following original bill; which was read 

twice and placed on the calendar 

A BILL 

To reauthorize the Export-Import Bank of the United States, 

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 ‘‘Export-Import Bank 

5 Reauthorization Act of 2011’’. 


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1 SEC. 2. EXTENSION OF AUTHORITY. 

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

3 (12 U.S.C. 635f) is amended by striking ‘‘2011’’ and in4 serting ‘‘2015’’. 

5 SEC. 3. FOREIGN CREDIT INSURANCE ASSOCIATION. 

6 Section 2(b)(1) of the Export-Import Bank Act of 

7 1945 (12 U.S.C. 635(b)(1)) is amended by striking sub8 paragraph (F). 

9 SEC. 4. MARXIST-LENINIST COUNTRY DEFINED. 

10 Section 2(b)(2)(B)(ii) of the Export-Import Bank Act 

11 of 1945 (12 U.S.C. 635(b)(2)(B)(ii)) is amended by strik12 ing subclauses (I), (IV), and (VII) and by redesignating 

13 subclauses (II), (III), (V), (VI), (VIII), and (IX) as sub14 clauses (I), (II), (III), (IV), (V), and (VI), respectively. 

15 SEC. 5. SUB-SAHARAN AFRICA ADVISORY COMMITTEE. 

16 Section 2(b)(9)(B)(iii) of the Export-Import Bank 

17 Act of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by 

18 striking ‘‘2011’’ and inserting ‘‘2015’’. 

19 SEC. 6. AGGREGATE LOAN, GUARANTEE, AND INSURANCE 

20 AUTHORITY. 

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

22 1945 (12 U.S.C. 635e(a)(2)) is amended— 

23 (1) by striking ‘‘and’’ at the end of subpara24 graph (D); 


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1 (2) by striking ‘‘2011,’’ at the end of subpara2 graph (E) and inserting ‘‘2011, $100,000,000,000;’’; 

3 and 

4 (3) by adding at the end the following: 

5 ‘‘(F) during fiscal year 2012, 

6 $110,000,000,000; 

7 ‘‘(G) during fiscal year 2013, 

8 $120,000,000,000; 

9 ‘‘(H) during fiscal year 2014, 

10 $130,000,000,000; and 

11 ‘‘(I) during fiscal year 2015, 

12 $140,000,000,000.’’. 

13 SEC. 7. EXTENSION OF AUTHORITY TO PROVIDE FINANC14 ING FOR THE EXPORT OF NONLETHAL DE15 FENSE ARTICLES OR SERVICES THE PRIMARY 

16 END USE OF WHICH WILL BE FOR CIVILIAN 

17 PURPOSES. 

18 Section 4 of Public Law 109–438 (12 U.S.C. 635 

19 note; 108 Stat. 4376) is amended by striking ‘‘2011’’ and 

20 inserting ‘‘2015’’. 

21 SEC. 8. MODIFICATIONS TO PROVISIONS RELATING TO TEX22 TILES. 

23 (a) REPRESENTATION OF THE TEXTILE INDUSTRY

24 ON ADVISORY COMMITTEE.—Section 3(d)(1)(B) of the 

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


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1 635a(d)(1)(B)) is amended by striking ‘‘and State govern2 ment’’ and inserting ‘‘State government, and the textile 

3 industry’’. 

4 (b) ANNUAL REPORT REGARDING TEXTILE AND AP5 PAREL GOODS.—Section 8 of the Export-Import Bank Act 

6 of 1945 (12 U.S.C. 635g) is amended by adding at the 

7 end the following new subsection: 

8 ‘‘(g) TEXTILE AND APPAREL SUPPLY CHAIN FI9 NANCING.—The Bank shall include in its annual report 

10 to the Congress— 

11 ‘‘(1) a description of the efforts of the Bank to 

12 provide financing to the United States textile and 

13 apparel industry for exports of textile and apparel 

14 goods manufactured in the United States that are 

15 used as components in global textile and apparel 

16 supply chains; and 

17 ‘‘(2) the amount of support the Bank provided 

18 for the export of textiles and apparel goods for each 

19 of the 3 years preceding the report.’’. 

20 SEC. 9. REVIEW AND REPORT ON DOMESTIC CONTENT POL21 ICY. 

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

23 United States shall conduct a review of its domestic con24 tent policy for medium- and long-term transactions. The 


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1 review shall examine and evaluate the effectiveness of the 

2 Bank’s policy— 

3 (1) in maintaining and creating jobs in the 

4 United States; and 

5 (2) in contributing to a stronger national econ6 omy through the export of goods and services. 

7 (b) FACTORS TO CONSIDER.—In conducting the re8 view under subsection (a), the Bank shall consider the fol9 lowing: 

10 (1) Whether the domestic content policy accu11 rately captures the costs of United States production 

12 of goods and services, including the direct and indi13 rect costs of manufacturing costs, parts, compo14 nents, materials and supplies, research, planning en15 gineering, design, development, production, return 

16 on investment, marketing and other business costs 

17 and the effect of such policy on the maintenance and 

18 creation of jobs in the United States. 

19 (2) The ability of the Bank to provide financing 

20 that is competitive with the financing provided by 

21 foreign export credit agencies and the impact that 

22 such financing has in enabling companies with oper23 ations in the United States to contribute to a 

24 stronger United States economy by increasing em25 ployment through the export of goods and services. 


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1 (3) The effects of the domestic content policy 

2 on the manufacturing and service workforce of the 

3 United States. 

4 (4) Any recommendations the members of the 

5 Bank’s Advisory Committee have regarding the 

6 Bank’s domestic content policy. 

7 (5) The effect that changes to the Bank’s do8 mestic content requirements would have in providing 

9 companies an incentive to create and maintain oper10 ations in the United States and to increase jobs in 

11 the United States. 

12 (c) REPORT.—Not later than 1 year after the date 

13 of the enactment of this Act, the Bank shall submit a re14 port on the results of the review conducted under this sec15 tion to the Committee on Banking, Housing, and Urban 

16 Affairs of the Senate, and the Committee on Financial 

17 Services of the House of Representatives. 

18 SEC. 10. STRATEGIC PLAN. 

19 Section 8 of the Export-Import Bank Act of 1945 

20 (12 U.S.C. 635g), as amended by section 8, is further 

21 amended by adding at the end the following new sub22 section: 

23 ‘‘(h) STRATEGIC PLAN FOR THE BANK.— 

24 ‘‘(1) IN GENERAL.—The Bank shall include in 

25 its annual report to the Congress under subsection 


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1 (a) of this section, not less than every 4 years, be2 ginning in 2012, a 5-year strategic plan that pro3 vides— 

4 ‘‘(A) a comprehensive mission statement 

5 covering the major functions and operations of 

6 the Bank; 

7 ‘‘(B) general goals and objectives, includ8 ing outcome-oriented goals, for the major func9 tions of the Bank; 

10 ‘‘(C) a description of the Bank’s highest11 priority goals and how they can be achieved 

12 within the 5-year plan period, according to 

13 clearly defined milestones; and 

14 ‘‘(D) a description of how the goals and 

15 objectives incorporate views and suggestions ob16 tained through congressional consultations; 

17 ‘‘(2) PROGRESS.—The progress the Bank is 

18 making in meeting the milestones established by the 

19 strategic plan shall be updated in each annual report 

20 the Bank submits to the Congress. 

21 ‘‘(3) AVAILABILITY OF ANNUAL REPORT.—The 

22 Bank shall make its annual report available on its 

23 public website.’’. 


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1 SEC. 11. REVIEW AND REPORT ON BANK’S INFORMATION 

2 TECHNOLOGY INFRASTRUCTURE. 

3 (a) IN GENERAL.—Not later than 180 days after the 

4 date of the enactment of this Act, the Export-Import 

5 Bank of the United States shall conduct a review of the 

6 Bank’s information technology infrastructure and report 

7 to Congress on— 

8 (1) how the Bank will modernize and continue 

9 to maintain the technology infrastructure, taking 

10 into consideration commercially available tech11 nologies or other cost-savings measures; and 

12 (2) how modernization, maintenance, and other 

13 cost-saving measures will result— 

14 (A) in improved service delivery to cus15 tomers of the Bank; 

16 (B) in generally improving the Bank’s per17 formance; and 

18 (C) in mitigating taxpayer exposure to 

19 losses. 

20 SEC. 12. STUDY BY THE COMPTROLLER GENERAL ON RISK 

21 MANAGEMENT. 

22 (a) IN GENERAL.—Not later than 18 months after 

23 the date of the enactment of this Act, the Comptroller 

24 General of the United States shall complete and submit 

25 to the Export-Import Bank of the United States, the Com26 mittee on Banking, Housing, and Urban Affairs of the 


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1 Senate and the Committee on Financial Services of the 

2 House of Representatives a report— 

3 (1) on the financial position of the Bank and 

4 the risks it poses for American taxpayers; and 

5 (2) that contains recommendations to the Bank 

6 on how to properly account for risk and ensure the 

7 solvency of the Bank. 

8 (b) REPORT.—The report submitted under subsection 

9 (a) shall evaluate— 

10 (1) the effectiveness of the Bank’s risk manage11 ment; 

12 (2) the adequacy of the Bank’s loan loss re13 serves; 

14 (3) the exposure and potential for exposure to 

15 losses from each of the products offered by the 

16 Bank; 

17 (4) the overall risk of the Bank’s portfolio, tak18 ing into account— 

19 (A) market risk; 

20 (B) credit risk; 

21 (C) political risk; 

22 (D) industry-concentration risk; 

23 (E) geographic-concentration risk; 

24 (F) obligor-concentration risk; and 

25 (G) foreign-currency risk; 


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1 (5) the Bank’s use of historical default and re2 covery rates to calculate future program costs, tak3 ing into consideration cost estimates determined 

4 under the Federal Credit Reform Act of 1990 (2 

5 U.S.C. 661 et seq.) and whether discount rates ap6 plied to cost estimates should reflect the risks de7 scribed in paragraph (4); 

8 (6) the fees charged by the Bank for the prod9 ucts the Bank offers, whether the Bank’s fees prop10 erly reflect the risks described in paragraph (4), and 

11 how the fees are affected by United States participa12 tion in international agreements; and 

13 (7) whether the Bank’s loan loss reserves policy 

14 is sufficient to cover the risks described in para15 graph (4). 

16 (c) RECOMMENDATIONS AND REPORT BY THE

17 BANK.—If the Bank does not adopt the recommendations 

18 provided under subsection (a) by the Comptroller General, 

19 the Bank shall submit to Congress, not later than 60 days 

20 after the Bank receives the report, a report on why the 

21 Bank has not adopted the recommendations. 

22 SEC. 13. RENEWABLE ENERGY AND ENERGY EFFICIENCY 

23 TECHNOLOGIES. 

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

25 United States should work to increase the export of renewVerDate Mar 15 2010 00:03 Sep 14, 2011 Jkt 099200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S1547.PCS S1547

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1 able energy technologies and end-use energy efficiency 

2 technologies with a goal of significantly expanding, year3 after-year, the Bank’s annual aggregate loan, guarantee, 

4 and insurance authorizations supporting those tech5 nologies. 

6 (b) INCREASED REPORTING REQUIREMENTS.—The 

7 Export-Import Bank of the United States shall include in 

8 its annual report to the Congress an analysis of any bar9 riers to realizing the Bank’s congressional directive to in10 crease the Bank’s financing for renewable energy tech11 nology and end-use energy efficiency technology and any 

12 tools the Bank needs to assist the Bank in overcoming 

13 those barriers. The analysis shall include barriers such 

14 as— 

15 (1) inadequate staffing; 

16 (2) inadequate financial products; 

17 (3) lack of capital authority; and 

18 (4) limitations imposed by domestic markets. 

19 SEC. 14. TRANSPARENCY AND ACCOUNTABILITY OF BANK 

20 FINANCING. 

21 Section 2(b) of the Export-Import Bank Act of 1945 

22 (12 U.S.C. 635(b)) is amended by inserting after para23 graph (3) the following new paragraph: 

24 ‘‘(3A) TRANSPARENCY AND ACCOUNTABILITY OF

25 BANK FINANCING.— 


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1 ‘‘(A) PREAPPROVAL NOTICE.—Not later than 

2 14 days before any meeting of the Board of Direc3 tors for final approval of a transaction the value of 

4 which exceeds $100,000,000, and concurrent with 

5 any statement required to be submitted under para6 graph (3) with respect to the transaction, the Bank 

7 shall post a notice on the Bank’s website that in8 cludes— 

9 ‘‘(i) a description of the transaction pro10 posed to be financed; 

11 ‘‘(ii) the identities of the obligor, principal 

12 supplier, and guarantor involved in the trans13 action; and 

14 ‘‘(iii) a description of any item with respect 

15 to which Bank financing is being sought. 

16 ‘‘(B) MANNER OF DISCLOSURE.—Any informa17 tion required to be disclosed under subparagraph 

18 (A) shall be disclosed in a manner that does not dis19 close any information that is confidential or propri20 etary business information, that would violate sec21 tion 1905 of title 18, United States Code (commonly 

22 referred to as the ‘Trade Secrets Act’), or that 

23 would jeopardize jobs in the United States by sup24 plying information which competitors could use to 

25 compete with companies in the United States. 


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1 ‘‘(C) POST CONSIDERATION.—Not later than 30 

2 days after the final approval of a transaction the 

3 value of which exceeds $100,000,000, the Bank shall 

4 post a notice on the Bank’s website that includes the 

5 information required under subparagraph (A) in a 

6 manner that complies with subparagraph (B).’’. 

7 SEC. 15. ANNUAL COMPETITIVENESS REPORT. 

8 Section 8A(a) of the Export-Import Bank Act of 

9 1945 (12 U.S.C. 635g–1(a)) is amended by adding at the 

10 end the following: 

11 ‘‘(11) CASE PROCESSING.—A separate section 

12 detailing the Bank’s annual survey of exporters, fi13 nancial institutions, and brokers regarding the 

14 Bank’s processing of transactions, timeliness in re15 viewing transactions and processing applications, ad16 herence to financial standards, clarity and ease of 

17 use of applications, and general customer service 

18 during the application and approval process for each 

19 of the Bank’s major programs. 

20 ‘‘(12) OPERATIONS.—A separate section detail21 ing the Bank’s annual survey of exporters, financial 

22 institutions, and brokers regarding the Bank’s docu23 mentation requirements, certifications, and proc24 essing of applications for medium- and long-term 


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1 program transactions compared to the processing of 

2 applications by other export credit agencies. 

3 ‘‘(13) PROCESS IMPROVEMENT.—A description 

4 of the recommendations made by the Bank’s Advi5 sory Committee and the advisory committee on Sub6 Saharan Africa established under section 

7 2(b)(9)(B)(ii) regarding improving the Bank’s proc8 essing of transactions and customer service. The 

9 Bank shall make every reasonable effort to act on 

10 the recommendations of the advisory committees and 

11 shall include a separate section detailing the actions 

12 taken by the Bank to comply with the recommenda13 tions.’’. 

14 SEC. 16. PROHIBITIONS ON FINANCING FOR CERTAIN PER15 SONS INVOLVED IN SANCTIONABLE ACTIVI16 TIES WITH RESPECT TO IRAN. 

17 (a) PROHIBITION ON FINANCING FOR PERSONS

18 THAT ENGAGE IN CERTAIN SANCTIONABLE ACTIVI19 TIES.— 

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

21 is 90 days after the date of the enactment of this 

22 Act, the Board of Directors of the Export-Import 

23 Bank of the United States may not approve any 

24 transaction that is subject to approval by the Board 

25 with respect to the provision by the Bank of any 


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

2 participation by the Bank in any extension of credit, 

3 in connection with the exportation of any good or 

4 service by a person unless the person makes the cer5 tification described in paragraph (2). 

6 (2) CERTIFICATION DESCRIBED.—The certifi7 cation described in this paragraph is a certification 

8 by a person— 

9 (A) that neither the person nor any other 

10 person owned or controlled by the person— 

11 (i) engages in any activity described 

12 in section 5(a) of the Iran Sanctions Act 

13 of 1996 (Public Law 104–172; 50 U.S.C. 

14 1701 note) for which the person may be 

15 subject to sanctions under that Act; 

16 (ii) exports sensitive technology, as 

17 defined in section 106 of the Comprehen18 sive Iran Sanctions, Accountability, and 

19 Divestment Act of 2010 (22 U.S.C. 8515), 

20 to Iran; or 

21 (iii) engages in any activity prohibited 

22 by part 560 of title 31, Code of Federal 

23 Regulations (commonly known as the ‘‘Ira24 nian Transactions Regulations’’), unless 

25 the activity is disclosed to the Office of 


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1 Foreign Assets Control of the Department 

2 of the Treasury when the activity is discov3 ered; or 

4 (B) if the person or any other person 

5 owned or controlled by the person has engaged 

6 in an activity described in subparagraph (A), 

7 that— 

8 (i) in the case of an activity described 

9 in subparagraph (A)(i), the President— 

10 (I) has waived the imposition of 

11 sanctions with respect to the person 

12 that engaged in that activity pursuant 

13 to section 4(c), 6(b)(5), or 9(c) of the 

14 Iran Sanctions Act of 1996 (Public 

15 Law 104–172; 50 U.S.C. 1701 note); 

16 (II) has determined not to ini17 tiate, or has terminated, an investiga18 tion under section 4(e)(1) of that Act 

19 with respect to the person that en20 gaged in that activity pursuant to sec21 tion 4(e)(3) of that Act; or 

22 (III) has determined that the cri23 teria have been met for the exception 

24 provided for under section 5(a)(3)(C) 

25 of that Act to apply with respect to 


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1 the person that engaged in that activ2 ity; or 

3 (ii) in the case of an activity described 

4 in subparagraph (A)(ii), the President has 

5 waived, pursuant to section 401(b)(1) of 

6 the Comprehensive Iran Sanctions, Ac7 countability, and Divestment Act of 2010 

8 (22 U.S.C. 8551(b)(1)), the application of 

9 the prohibition under section 106(a) of 

10 that Act (22 U.S.C. 8515(a)) with respect 

11 to that person. 

12 (b) PROHIBITION ON FINANCINGS.—Beginning on 

13 the date that is 90 days after the date of the enactment 

14 of this Act, the Board of Directors of the Export-Import 

15 Bank of the United States may not approve any trans16 action that is subject to approval by the Board with re17 spect to the provision by the Bank of any guarantee, in18 surance, or extension of credit, or the participation by the 

19 Bank in any extension of credit, in connection with a fi20 nancing in which a borrower or controlling sponsor, or a 

21 person that is owned or controlled by such borrower or 

22 controlling sponsor, is subject to sanctions under section 

23 5(a) of the Iran Sanctions Act of 1996 (Public Law 104– 

24 172; 50 U.S.C. 1701 note). 

25 (c) DEFINITIONS.—In this section: 


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1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES; PERSON.—The terms ‘‘appropriate congres3 sional committees’’ and ‘‘person’’ have the meanings 

4 given those terms in section 14(14) of the Iran 

5 Sanctions Act of 1996 (Public Law 104–172; 50 

6 U.S.C. 1701 note). 

7 (2) CONTROLLING SPONSOR.—The term ‘‘con8 trolling sponsor’’ means an entity providing control9 ling direct private equity investment (excluding in10 vestments made through publicly held investment 

11 funds, publicly held securities, public offerings, or 

12 similar public market vehicles) in connection with a 

13 financing. 


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Calendar No. 164 

112TH CONGRESS 

1ST SESSION S. 1547 

A BILL 

To reauthorize the Export-Import Bank of the 

United States, and for other purposes. 

SEPTEMBER 13, 2011 

Read twice and placed on the calendar 


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