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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1102 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1102

 To abolish the Export-Import Bank of the United States, and for other 
                               purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              June 6, 2013

    Mr. Lee introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
 To abolish the Export-Import Bank of the United States, and for other 
                               purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Export-Import Bank Termination 
Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Export subsidies provide advantages to specific 
        industries or businesses at the expense of their domestic 
        competition, other sectors of the economy of the United States, 
        and the people of the United States.
            (2) Banks and other financial institutions that provide 
        trade facilitation credit also profit from export subsidies 
        such as loan guarantees and trade insurance.
            (3) International trade finance is well developed and 
        supplied by the private sector at competitive rates that 
        reflect market conditions.
            (4) The Export-Import Bank of the United States is an 
        agency of the United States Government that subsidizes exports 
        by insuring or guaranteeing trade facilitation loans and other 
        credit from private financial institutions and by providing 
        direct loans to exporters in the United States.
            (5) Export subsidies impose risks on the taxpayers of the 
        United States.
            (6) In a June 2012 report, the Congressional Budget Office 
        found, using accurate, fair value estimation, that the expected 
        return of the Export-Import Bank of the United States was less 
        than \1/10\ of the estimate under the current, flawed 
        methodology used pursuant to the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661 et seq.).
            (7) Recent years have revealed other ``safe'' Federal 
        credit programs to have large taxpayer costs, including Freddie 
        Mac, Fannie Mae, and the Federal Housing Administration.
            (8) The Export-Import Bank of the United States claims to 
        serve small businesses primarily but most of its financing 
        subsidizes exports of large multinational corporations.

SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISHMENT.

    (a) Termination of Authority To Accept Applications for 
Assistance.--Notwithstanding any other provision of law, the Export-
Import Bank of the United States (in this Act referred to as the 
``Bank'') may not accept an application for a loan, insurance, or a 
guarantee, and may not participate in an extension of credit by another 
entity after the 30-day period that begins on the date of the enactment 
of this Act.
    (b) Termination of Authority To Renew or Enter Into a Contract for 
the Provision of Assistance by the Bank.--Notwithstanding any other 
provision of law, the Bank may not renew or enter into a contract that 
obligates the Bank to provide a loan, insurance, or a guarantee, or to 
participate in an extension of credit by another entity after the 12-
month period that begins on the date of the enactment of this Act.

SEC. 4. ABOLISHMENT OF EXPORT-IMPORT BANK OF THE UNITED STATES.

    (a) Abolishment.--The Bank is abolished on the date that is 3 years 
after the date of the enactment of this Act (in this Act referred to as 
the ``abolishment date'').
    (b) Repeal of Statutory Authority.--Effective on the abolishment 
date, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is 
repealed.

SEC. 5. TRANSFER AUTHORITIES.

    (a) Transfer of Functions.--
            (1) In general.--All functions that are authorized to be 
        performed by the Bank, the Board of Directors of the Bank, any 
        officer or employee of the Bank acting in that capacity, or any 
        agency or office of the Bank on the day before the abolishment 
        date are transferred to the Secretary on the abolishment date.
            (2) Inspector general duties.--
                    (A) Termination of the office of inspector general 
                for the export-import bank of the united states.--
                Notwithstanding any other provision of law, the Office 
                of Inspector General for the Bank shall terminate on 
                the abolishment date, and the assets and obligations of 
                the Office shall be transferred to the Office of the 
                Inspector General for the Department of the Treasury or 
                otherwise disposed of as the Secretary determines to be 
                appropriate.
                    (B) Savings provision.--
                            (i) In general.--The provisions of this 
                        section shall not affect the performance of any 
                        pending audit, investigation, inspection, or 
                        report by the Office of the Inspector General 
                        for the Bank as of the abolishment date, with 
                        respect to functions transferred by this 
                        section.
                            (ii) Modification of performance.--Nothing 
                        in this subsection shall be deemed to prohibit 
                        the discontinuance or modification of any 
                        performance under the same terms and conditions 
                        and to the same extent that performance could 
                        have been discontinued or modified if this 
                        section had not been enacted.
            (3) Performance of transferred functions.--
                    (A) In general.--Except as otherwise provided by 
                law, a Federal official to whom a function is 
                transferred by this subsection may, for purposes of 
                performing the function, exercise all authorities under 
                any other provision of law that were available with 
                respect to the performance of that function to the 
                official responsible for the performance of the 
                function immediately before the abolishment date.
                    (B) Delegation and assignment.--
                            (i) In general.--Except as otherwise 
                        expressly prohibited by law, a Federal official 
                        to whom a function is transferred by this 
                        subsection (including the head of any office to 
                        which functions are transferred by this 
                        subsection) may delegate any of the functions 
                        so transferred to such officers and employees 
                        of the office of the official as the official 
                        may designate, and may authorize successive 
                        redelegations of such functions as may be 
                        necessary or appropriate.
                            (ii) Ultimate responsibility.--No 
                        delegation of functions under this subparagraph 
                        or under any other provision of this Act shall 
                        relieve the official to whom a function is 
                        transferred under this Act of responsibility 
                        for the administration of the function.
            (4) Authority of the secretary with respect to transferred 
        functions.--
                    (A) Determinations.--If necessary, the Secretary 
                shall make any determination of the functions that are 
                transferred under this subsection.
                    (B) Incidental transfers.--The Secretary, at such 
                time or times as the Secretary shall provide, may make 
                such determinations as may be necessary with regard to 
                the functions transferred by this subsection, and make 
                such additional incidental dispositions of personnel, 
                assets, liabilities, grants, contracts, property, 
                records, and unexpended balances of appropriations, 
                authorizations, allocations, and other funds held, 
                used, arising from, available to, or to be made 
                available in connection with such functions, as may be 
                necessary to carry out the provisions of this Act.
    (b) Transfer of Personnel.--All individuals who were officers or 
employees of the Bank immediately before the abolishment date and 
performed functions that are transferred to the Secretary under 
subsection (a) are transferred to the Department of the Treasury on the 
abolishment date (other than members of the Board of Directors of the 
Bank).
    (c) Transfer of Assets.--Except as otherwise provided in this Act, 
so much of the personnel, property, records, and unexpended balances of 
appropriations, allocations, and other funds employed, used, held, 
available, or to be made available in connection with a function 
transferred to an official or agency by this Act shall be available to 
the official or the head of that agency, respectively, at such time or 
times as the Director of the Office of Management and Budget directs 
for use in connection with the functions transferred.

SEC. 6. RESOLUTION AND TERMINATION OF BANK FUNCTIONS.

    (a) Resolution of Functions.--The Secretary shall--
            (1) complete the disposition and resolution of the 
        functions of the Bank in accordance with this Act; and
            (2) resolve all functions that are transferred to the 
        Secretary under section 5(a).
    (b) Termination of Functions.--All functions that are transferred 
to the Secretary under section 5(a) shall terminate on the date all 
obligations of the Bank, and all obligations of others to the Bank, in 
effect immediately before the abolishment date, have been satisfied, as 
determined by the Secretary.
    (c) Report to Congress.--When the Secretary makes the determination 
described in subsection (b), the Secretary shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of Representatives a 
report on the determination.

SEC. 7. DUTIES OF THE SECRETARY.

    (a) In General.--The Secretary shall be responsible for the 
implementation of this Act as follows:
            (1) The administration and wind-up of all functions 
        transferred to the Secretary under section 5(a).
            (2) The administration and wind-up of any outstanding 
        obligations of the Federal Government under any programs 
        terminated by this Act.
            (3) Other actions as may be necessary to wind-up any 
        outstanding affairs of the Bank.
    (b) Delegation of Functions.--The Secretary may delegate to the 
head of any other Federal department or agency the performance of the 
functions of the Secretary under this Act to the extent that the 
Secretary determines that the delegation would further the purposes of 
this Act.
    (c) Transfer of Assets and Personnel.--In connection with any 
delegation of functions under subsection (b), the Secretary may 
transfer to the department or agency concerned such assets, funds, 
personnel, records, and other property relating to the delegated 
function as the Secretary determines to be appropriate.
    (d) Authorities of the Secretary.--For purposes of performing the 
functions of the Secretary under this Act and subject to the 
availability of appropriations, the Secretary may--
            (1) enter into contracts;
            (2) employ experts and consultants in accordance with 
        section 3109 of title 5, United States Code, at rates not to 
        exceed the daily rate paid a person occupying a position at 
        level IV of the Executive Schedule under section 5313 of such 
        title; and
            (3) utilize, on a reimbursable basis, the services, 
        facilities, and personnel of other Federal agencies.

SEC. 8. SAVINGS PROVISIONS.

    (a) Legal Documents.--
            (1) In general.--All legal documents specified in paragraph 
        (2) shall continue in effect according to their terms until 
        modified, terminated, superseded, set aside, or revoked in 
        accordance with law by the President, any other authorized 
        official, a court of competent jurisdiction, or operation of 
        law if such legal documents--
                    (A) have been issued, made, granted, or allowed to 
                become effective by the President, the Bank, any 
                officer or employee of any office transferred by this 
                Act, or any other Government official, or by a court of 
                competent jurisdiction, in the performance of any 
                function that is transferred by this Act; and
                    (B) are in effect on the abolishment date (or 
                become effective after such date pursuant to their 
                terms as in effect on such effective date).
            (2) Legal documents specified.--The legal documents 
        specified in this paragraph are orders, determinations, rules, 
        regulations, permits, grants, loans, contracts, agreements, 
        certificates, licenses, and privileges.
    (b) Proceedings.--
            (1) In general.--This Act shall not affect any proceedings 
        or any application for any benefits, service, license, permit, 
        certificate, or financial assistance pending on the date of the 
        enactment of this Act before an office transferred by this Act.
            (2) Issuance of orders.--Orders shall be issued in such 
        proceedings, appeals shall be taken, and payments shall be made 
        pursuant to such orders as if this Act had not been enacted, 
        and orders issued in any such proceeding shall continue in 
        effect until modified, terminated, superseded, or revoked by a 
        duly authorized official, by a court of competent jurisdiction, 
        or by operation of law.
            (3) Modification of proceedings.--Nothing in this 
        subsection shall be considered to prohibit the discontinuance 
        or modification of any proceeding under the same terms and 
        conditions and to the same extent that such proceeding could 
        have been discontinued or modified if this Act had not been 
        enacted.
    (c) Actions.--
            (1) In general.--This Act shall not affect any civil or 
        criminal action commenced before the date of the enactment of 
        this Act.
            (2) Continue as if not enacted.--In all such actions, 
        proceedings shall be had, appeals shall be taken, and judgments 
        shall be rendered in the same manner and with the same effect 
        as if this Act had not been enacted.
    (d) Nonabatement of Actions.--No action or other proceeding 
commenced by or against an office transferred by this Act, or by or 
against any individual in the official capacity of such individual as 
an officer or employee of such an office, shall abate by reason of the 
enactment of this Act.
    (e) Continuance of Actions.--If any Government officer in the 
official capacity of such officer is party to an action with respect to 
a function of the officer, and under this Act such function is 
transferred to any other officer or office, then such action shall be 
continued with the other officer or the head of such other office, as 
applicable, substituted or added as a party.
    (f) Administrative Procedure and Judicial Review.--Except as 
otherwise provided by this Act, any statutory requirements relating to 
notice, hearings, action upon the record, or administrative or judicial 
review that apply to any function transferred by this Act shall apply 
to the exercise of such function by the head of the Federal agency, and 
other officers of the agency, to which such function is transferred by 
this Act.

SEC. 9. AVAILABILITY OF EXISTING FUNDS.

    Existing appropriations and funds available for the performance of 
functions, programs, and activities terminated pursuant to this Act 
shall remain available, for the duration of their period of 
availability, for necessary expenses in connection with the termination 
and resolution of such functions, programs, and activities.

SEC. 10. CONFORMING AMENDMENTS.

    (a) Elimination of Related Authorizing Provisions.--
            (1) Section 103 of the International Development and 
        Finance Act of 1989 (Public Law 101-240; 12 U.S.C. 635 note) is 
        repealed.
            (2) Section 303 of the Support for East European Democracy 
        (SEED) Act of 1989 (Public Law 101-179; 12 U.S.C. 635 note) is 
        repealed.
            (3) The Export-Import Bank Act Amendments of 1978 (Public 
        Law 95-630; 92 Stat. 3724) is amended--
                    (A) in section 1908 (12 U.S.C. 635a-1)--
                            (i) in subsection (a), by striking ``(a)''; 
                        and
                            (ii) by striking subsection (b);
                    (B) by repealing section 1911 (12 U.S.C. 635a-2); 
                and
                    (C) by repealing section 1912 (12 U.S.C. 635a-3).
            (4) Section 206 of the Bank Export Services Act (12 U.S.C. 
        635a-4) is repealed.
            (5) Sections 1 through 5 of Public Law 90-390 (12 U.S.C. 
        635j through 635n) are repealed.
            (6) Sections 641 through 647 of the Trade and Development 
        Enhancement Act of 1983 (12 U.S.C. 635o-635t) are repealed.
            (7) Section 534 of the Foreign Operations, Export 
        Financing, and Related Programs Appropriations Act, 1990 
        (Public Law 101-167; 12 U.S.C. 635g note) is amended by 
        striking subsection (d).
            (8) Section 3302 of the Omnibus Trade and Competitiveness 
        Act of 1988 (Public Law 100-418; 12 U.S.C. 635i-3 note) is 
        amended by striking subsection (a).
            (9) Section 1105(a) of title 31, United States Code, is 
        amended by striking paragraph (34) and redesignating the 
        succeeding paragraphs of such section as paragraphs (34) 
        through (38), respectively.
            (10) Section 9101(3) of title 31, United States Code, is 
        amended by striking subparagraph (C).
    (b) Elimination of Related Compensation Provisions.--
            (1) Position at level iii.--Section 5314 of title 5, United 
        States Code, is amended by striking the following item:
    ``President of the Export-Import Bank of Washington.''.
            (2) Positions at level iv.--Section 5315 of title 5, United 
        States Code, is amended--
                    (A) by striking the following item:
    ``First Vice President of the Export-Import Bank of Washington.''; 
and
                    (B) by striking the following item:
    ``Members, Board of Directors of the Export-Import Bank of 
Washington.''.
    (c) Elimination of Office of Inspector General for the Bank.--
Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is 
amended--
            (1) in paragraph (1), by striking ``the President of the 
        Export-Import Bank;''; and
            (2) in paragraph (2), by striking ``the Export-Import 
        Bank,''.
    (d) Effective Date.--The repeals and amendments made by this 
section shall take effect on the abolishment date.
    (e) Report to Congress on Other Amendments to Federal Statute.--The 
Secretary shall submit to the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services of the 
House of Representatives a written report that contains suggestions for 
such other amendments to Federal statutes as may be necessary or 
appropriate as a result of this Act.

SEC. 11. REFERENCES.

    Any reference in any other Federal law, Executive order, rule, 
regulation, or delegation of authority, or any document of or 
pertaining to a department or office from which a function is 
transferred by this Act--
            (1) to the head of such department or office is deemed to 
        refer to the head of the department or office to which the 
        function is transferred; or
            (2) to such department or office is deemed to refer to the 
        department or office to which the function is transferred.

SEC. 12. DEFINITIONS.

    In this Act:
            (1) Function.--The term ``function'' includes any duty, 
        obligation, power, authority, responsibility, right, privilege, 
        activity, or program.
            (2) Office.--The term ``office'' includes any office, 
        administration, agency, bureau, institute, council, unit, 
        organizational entity, or component thereof.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
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