II 

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. 

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 Termination Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress makes the following findings: 

8 (1) Export subsidies provide advantages to spe9 cific industries or businesses at the expense of their 

10 domestic competition, other sectors of the economy 


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1 of the United States, and the people of the United 

2 States. 

3 (2) Banks and other financial institutions that 

4 provide trade facilitation credit also profit from ex5 port subsidies such as loan guarantees and trade in6 surance. 

7 (3) International trade finance is well developed 

8 and supplied by the private sector at competitive 

9 rates that reflect market conditions. 

10 (4) The Export-Import Bank of the United 

11 States is an agency of the United States Govern12 ment that subsidizes exports by insuring or guaran13 teeing trade facilitation loans and other credit from 

14 private financial institutions and by providing direct 

15 loans to exporters in the United States. 

16 (5) Export subsidies impose risks on the tax17 payers of the United States. 

18 (6) In a June 2012 report, the Congressional 

19 Budget Office found, using accurate, fair value esti20 mation, that the expected return of the Export-Import Bank of the United States was less than 1 21 ⁄10

22 of the estimate under the current, flawed method23 ology used pursuant to the Federal Credit Reform 

24 Act of 1990 (2 U.S.C. 661 et seq.). 


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1 (7) Recent years have revealed other ‘‘safe’’ 

2 Federal credit programs to have large taxpayer 

3 costs, including Freddie Mac, Fannie Mae, and the 

4 Federal Housing Administration. 

5 (8) The Export-Import Bank of the United 

6 States claims to serve small businesses primarily but 

7 most of its financing subsidizes exports of large mul8 tinational corporations. 

9 SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISH10 MENT. 

11 (a) TERMINATION OF AUTHORITY TO ACCEPT AP12 PLICATIONS FOR ASSISTANCE.—Notwithstanding any 

13 other provision of law, the Export-Import Bank of the 

14 United States (in this Act referred to as the ‘‘Bank’’) may 

15 not accept an application for a loan, insurance, or a guar16 antee, and may not participate in an extension of credit 

17 by another entity after the 30-day period that begins on 

18 the date of the enactment of this Act. 

19 (b) TERMINATION OF AUTHORITY TO RENEW OR

20 ENTER INTO A CONTRACT FOR THE PROVISION OF AS21 SISTANCE BY THE BANK.—Notwithstanding any other 

22 provision of law, the Bank may not renew or enter into 

23 a contract that obligates the Bank to provide a loan, insur24 ance, or a guarantee, or to participate in an extension of 


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1 credit by another entity after the 12-month period that 

2 begins on the date of the enactment of this Act. 

3 SEC. 4. ABOLISHMENT OF EXPORT-IMPORT BANK OF THE 

4 UNITED STATES. 

5 (a) ABOLISHMENT.—The Bank is abolished on the 

6 date that is 3 years after the date of the enactment of 

7 this Act (in this Act referred to as the ‘‘abolishment 

8 date’’). 

9 (b) REPEAL OF STATUTORY AUTHORITY.—Effective 

10 on the abolishment date, the Export-Import Bank Act of 

11 1945 (12 U.S.C. 635 et seq.) is repealed. 

12 SEC. 5. TRANSFER AUTHORITIES. 

13 (a) TRANSFER OF FUNCTIONS.— 

14 (1) IN GENERAL.—All functions that are au15 thorized to be performed by the Bank, the Board of 

16 Directors of the Bank, any officer or employee of the 

17 Bank acting in that capacity, or any agency or office 

18 of the Bank on the day before the abolishment date 

19 are transferred to the Secretary on the abolishment 

20 date. 

21 (2) INSPECTOR GENERAL DUTIES.— 

22 (A) TERMINATION OF THE OFFICE OF IN23 SPECTOR GENERAL FOR THE EXPORT-IMPORT

24 BANK OF THE UNITED STATES.—Notwith25 standing any other provision of law, the Office 


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1 of Inspector General for the Bank shall termi2 nate on the abolishment date, and the assets 

3 and obligations of the Office shall be trans4 ferred to the Office of the Inspector General for 

5 the Department of the Treasury or otherwise 

6 disposed of as the Secretary determines to be 

7 appropriate. 

8 (B) SAVINGS PROVISION.— 

9 (i) IN GENERAL.—The provisions of 

10 this section shall not affect the perform11 ance of any pending audit, investigation, 

12 inspection, or report by the Office of the 

13 Inspector General for the Bank as of the 

14 abolishment date, with respect to functions 

15 transferred by this section. 

16 (ii) MODIFICATION OF PERFORM17 ANCE.—Nothing in this subsection shall be 

18 deemed to prohibit the discontinuance or 

19 modification of any performance under the 

20 same terms and conditions and to the 

21 same extent that performance could have 

22 been discontinued or modified if this sec23 tion had not been enacted. 

24 (3) PERFORMANCE OF TRANSFERRED FUNC25 TIONS.— 


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1 (A) IN GENERAL.—Except as otherwise 

2 provided by law, a Federal official to whom a 

3 function is transferred by this subsection may, 

4 for purposes of performing the function, exer5 cise all authorities under any other provision of 

6 law that were available with respect to the per7 formance of that function to the official respon8 sible for the performance of the function imme9 diately before the abolishment date. 

10 (B) DELEGATION AND ASSIGNMENT.— 

11 (i) IN GENERAL.—Except as otherwise 

12 expressly prohibited by law, a Federal offi13 cial to whom a function is transferred by 

14 this subsection (including the head of any 

15 office to which functions are transferred by 

16 this subsection) may delegate any of the 

17 functions so transferred to such officers 

18 and employees of the office of the official 

19 as the official may designate, and may au20 thorize successive redelegations of such 

21 functions as may be necessary or appro22 priate. 

23 (ii) ULTIMATE RESPONSIBILITY.—No 

24 delegation of functions under this subpara25 graph or under any other provision of this 


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1 Act shall relieve the official to whom a 

2 function is transferred under this Act of 

3 responsibility for the administration of the 

4 function. 

5 (4) AUTHORITY OF THE SECRETARY WITH RE6 SPECT TO TRANSFERRED FUNCTIONS.— 

7 (A) DETERMINATIONS.—If necessary, the 

8 Secretary shall make any determination of the 

9 functions that are transferred under this sub10 section. 

11 (B) INCIDENTAL TRANSFERS.—The Sec12 retary, at such time or times as the Secretary 

13 shall provide, may make such determinations as 

14 may be necessary with regard to the functions 

15 transferred by this subsection, and make such 

16 additional incidental dispositions of personnel, 

17 assets, liabilities, grants, contracts, property, 

18 records, and unexpended balances of appropria19 tions, authorizations, allocations, and other 

20 funds held, used, arising from, available to, or 

21 to be made available in connection with such 

22 functions, as may be necessary to carry out the 

23 provisions of this Act. 

24 (b) TRANSFER OF PERSONNEL.—All individuals who 

25 were officers or employees of the Bank immediately before 


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1 the abolishment date and performed functions that are 

2 transferred to the Secretary under subsection (a) are 

3 transferred to the Department of the Treasury on the 

4 abolishment date (other than members of the Board of 

5 Directors of the Bank). 

6 (c) TRANSFER OF ASSETS.—Except as otherwise pro7 vided in this Act, so much of the personnel, property, 

8 records, and unexpended balances of appropriations, allo9 cations, and other funds employed, used, held, available, 

10 or to be made available in connection with a function 

11 transferred to an official or agency by this Act shall be 

12 available to the official or the head of that agency, respec13 tively, at such time or times as the Director of the Office 

14 of Management and Budget directs for use in connection 

15 with the functions transferred. 

16 SEC. 6. RESOLUTION AND TERMINATION OF BANK FUNC17 TIONS. 

18 (a) RESOLUTION OF FUNCTIONS.—The Secretary 

19 shall— 

20 (1) complete the disposition and resolution of 

21 the functions of the Bank in accordance with this 

22 Act; and 

23 (2) resolve all functions that are transferred to 

24 the Secretary under section 5(a). 


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1 (b) TERMINATION OF FUNCTIONS.—All functions 

2 that are transferred to the Secretary under section 5(a) 

3 shall terminate on the date all obligations of the Bank, 

4 and all obligations of others to the Bank, in effect imme5 diately before the abolishment date, have been satisfied, 

6 as determined by the Secretary. 

7 (c) REPORT TO CONGRESS.—When the Secretary 

8 makes the determination described in subsection (b), the 

9 Secretary shall submit to the Committee on Banking, 

10 Housing, and Urban Affairs of the Senate and the Com11 mittee on Financial Services of the House of Representa12 tives a report on the determination. 

13 SEC. 7. DUTIES OF THE SECRETARY. 

14 (a) IN GENERAL.—The Secretary shall be responsible 

15 for the implementation of this Act as follows: 

16 (1) The administration and wind-up of all func17 tions transferred to the Secretary under section 

18 5(a). 

19 (2) The administration and wind-up of any out20 standing obligations of the Federal Government 

21 under any programs terminated by this Act. 

22 (3) Other actions as may be necessary to wind23 up any outstanding affairs of the Bank. 

24 (b) DELEGATION OF FUNCTIONS.—The Secretary 

25 may delegate to the head of any other Federal department 


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1 or agency the performance of the functions of the Sec2 retary under this Act to the extent that the Secretary de3 termines that the delegation would further the purposes 

4 of this Act. 

5 (c) TRANSFER OF ASSETS AND PERSONNEL.—In 

6 connection with any delegation of functions under sub7 section (b), the Secretary may transfer to the department 

8 or agency concerned such assets, funds, personnel, 

9 records, and other property relating to the delegated func10 tion as the Secretary determines to be appropriate. 

11 (d) AUTHORITIES OF THE SECRETARY.—For pur12 poses of performing the functions of the Secretary under 

13 this Act and subject to the availability of appropriations, 

14 the Secretary may— 

15 (1) enter into contracts; 

16 (2) employ experts and consultants in accord17 ance with section 3109 of title 5, United States 

18 Code, at rates not to exceed the daily rate paid a 

19 person occupying a position at level IV of the Execu20 tive Schedule under section 5313 of such title; and 

21 (3) utilize, on a reimbursable basis, the services, 

22 facilities, and personnel of other Federal agencies. 

23 SEC. 8. SAVINGS PROVISIONS. 

24 (a) LEGAL DOCUMENTS.— 


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1 (1) IN GENERAL.—All legal documents specified 

2 in paragraph (2) shall continue in effect according 

3 to their terms until modified, terminated, super4 seded, set aside, or revoked in accordance with law 

5 by the President, any other authorized official, a 

6 court of competent jurisdiction, or operation of law 

7 if such legal documents— 

8 (A) have been issued, made, granted, or al9 lowed to become effective by the President, the 

10 Bank, any officer or employee of any office 

11 transferred by this Act, or any other Govern12 ment official, or by a court of competent juris13 diction, in the performance of any function that 

14 is transferred by this Act; and 

15 (B) are in effect on the abolishment date 

16 (or become effective after such date pursuant to 

17 their terms as in effect on such effective date). 

18 (2) LEGAL DOCUMENTS SPECIFIED.—The legal 

19 documents specified in this paragraph are orders, 

20 determinations, rules, regulations, permits, grants, 

21 loans, contracts, agreements, certificates, licenses, 

22 and privileges. 

23 (b) PROCEEDINGS.— 

24 (1) IN GENERAL.—This Act shall not affect any 

25 proceedings or any application for any benefits, servVerDate Mar 15 2010 02:27 Jun 08, 2013 Jkt 029200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\S1102.IS S1102

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1 ice, license, permit, certificate, or financial assist2 ance pending on the date of the enactment of this 

3 Act before an office transferred by this Act. 

4 (2) ISSUANCE OF ORDERS.—Orders shall be 

5 issued in such proceedings, appeals shall be taken, 

6 and payments shall be made pursuant to such orders 

7 as if this Act had not been enacted, and orders 

8 issued in any such proceeding shall continue in ef9 fect until modified, terminated, superseded, or re10 voked by a duly authorized official, by a court of 

11 competent jurisdiction, or by operation of law. 

12 (3) MODIFICATION OF PROCEEDINGS.—Nothing 

13 in this subsection shall be considered to prohibit the 

14 discontinuance or modification of any proceeding 

15 under the same terms and conditions and to the 

16 same extent that such proceeding could have been 

17 discontinued or modified if this Act had not been en18 acted. 

19 (c) ACTIONS.— 

20 (1) IN GENERAL.—This Act shall not affect any 

21 civil or criminal action commenced before the date of 

22 the enactment of this Act. 

23 (2) CONTINUE AS IF NOT ENACTED.—In all 

24 such actions, proceedings shall be had, appeals shall 

25 be taken, and judgments shall be rendered in the 


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1 same manner and with the same effect as if this Act 

2 had not been enacted. 

3 (d) NONABATEMENT OF ACTIONS.—No action or 

4 other proceeding commenced by or against an office trans5 ferred by this Act, or by or against any individual in the 

6 official capacity of such individual as an officer or em7 ployee of such an office, shall abate by reason of the enact8 ment of this Act. 

9 (e) CONTINUANCE OF ACTIONS.—If any Government 

10 officer in the official capacity of such officer is party to 

11 an action with respect to a function of the officer, and 

12 under this Act such function is transferred to any other 

13 officer or office, then such action shall be continued with 

14 the other officer or the head of such other office, as appli15 cable, substituted or added as a party. 

16 (f) ADMINISTRATIVE PROCEDURE AND JUDICIAL RE17 VIEW.—Except as otherwise provided by this Act, any 

18 statutory requirements relating to notice, hearings, action 

19 upon the record, or administrative or judicial review that 

20 apply to any function transferred by this Act shall apply 

21 to the exercise of such function by the head of the Federal 

22 agency, and other officers of the agency, to which such 

23 function is transferred by this Act. 


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1 SEC. 9. AVAILABILITY OF EXISTING FUNDS. 

2 Existing appropriations and funds available for the 

3 performance of functions, programs, and activities termi4 nated pursuant to this Act shall remain available, for the 

5 duration of their period of availability, for necessary ex6 penses in connection with the termination and resolution 

7 of such functions, programs, and activities. 

8 SEC. 10. CONFORMING AMENDMENTS. 

9 (a) ELIMINATION OF RELATED AUTHORIZING PROVI10 SIONS.— 

11 (1) Section 103 of the International Develop12 ment and Finance Act of 1989 (Public Law 101– 

13 240; 12 U.S.C. 635 note) is repealed. 

14 (2) Section 303 of the Support for East Euro15 pean Democracy (SEED) Act of 1989 (Public Law 

16 101–179; 12 U.S.C. 635 note) is repealed. 

17 (3) The Export-Import Bank Act Amendments 

18 of 1978 (Public Law 95–630; 92 Stat. 3724) is 

19 amended— 

20 (A) in section 1908 (12 U.S.C. 635a–1)— 

21 (i) in subsection (a), by striking 

22 ‘‘(a)’’; and 

23 (ii) by striking subsection (b); 

24 (B) by repealing section 1911 (12 U.S.C. 

25 635a–2); and 


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1 (C) by repealing section 1912 (12 U.S.C. 

2 635a–3). 

3 (4) Section 206 of the Bank Export Services 

4 Act (12 U.S.C. 635a–4) is repealed. 

5 (5) Sections 1 through 5 of Public Law 90–390 

6 (12 U.S.C. 635j through 635n) are repealed. 

7 (6) Sections 641 through 647 of the Trade and 

8 Development Enhancement Act of 1983 (12 U.S.C. 

9 635o–635t) are repealed. 

10 (7) Section 534 of the Foreign Operations, Ex11 port Financing, and Related Programs Appropria12 tions Act, 1990 (Public Law 101–167; 12 U.S.C. 

13 635g note) is amended by striking subsection (d). 

14 (8) Section 3302 of the Omnibus Trade and 

15 Competitiveness Act of 1988 (Public Law 100–418; 

16 12 U.S.C. 635i–3 note) is amended by striking sub17 section (a). 

18 (9) Section 1105(a) of title 31, United States 

19 Code, is amended by striking paragraph (34) and re20 designating the succeeding paragraphs of such sec21 tion as paragraphs (34) through (38), respectively. 

22 (10) Section 9101(3) of title 31, United States 

23 Code, is amended by striking subparagraph (C). 

24 (b) ELIMINATION OF RELATED COMPENSATION PRO25 VISIONS.— 


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1 (1) POSITION AT LEVEL III.—Section 5314 of 

2 title 5, United States Code, is amended by striking 

3 the following item: 

4 ‘‘President of the Export-Import Bank of Wash5 ington.’’. 

6 (2) POSITIONS AT LEVEL IV.—Section 5315 of 

7 title 5, United States Code, is amended— 

8 (A) by striking the following item: 

9 ‘‘First Vice President of the Export-Import Bank of 

10 Washington.’’; and 

11 (B) by striking the following item: 

12 ‘‘Members, Board of Directors of the Export-Import 

13 Bank of Washington.’’. 

14 (c) ELIMINATION OF OFFICE OF INSPECTOR GEN15 ERAL FOR THE BANK.—Section 12 of the Inspector Gen16 eral Act of 1978 (5 U.S.C. App.) is amended— 

17 (1) in paragraph (1), by striking ‘‘the President 

18 of the Export-Import Bank;’’; and 

19 (2) in paragraph (2), by striking ‘‘the Export20 Import Bank,’’. 

21 (d) EFFECTIVE DATE.—The repeals and amend22 ments made by this section shall take effect on the abolish23 ment date. 

24 (e) REPORT TO CONGRESS ON OTHER AMENDMENTS

25 TO FEDERAL STATUTE.—The Secretary shall submit to 


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1 the Committee on Banking, Housing, and Urban Affairs 

2 of the Senate and the Committee on Financial Services 

3 of the House of Representatives a written report that con4 tains suggestions for such other amendments to Federal 

5 statutes as may be necessary or appropriate as a result 

6 of this Act. 

7 SEC. 11. REFERENCES. 

8 Any reference in any other Federal law, Executive 

9 order, rule, regulation, or delegation of authority, or any 

10 document of or pertaining to a department or office from 

11 which a function is transferred by this Act— 

12 (1) to the head of such department or office is 

13 deemed to refer to the head of the department or of14 fice to which the function is transferred; or 

15 (2) to such department or office is deemed to 

16 refer to the department or office to which the func17 tion is transferred. 

18 SEC. 12. DEFINITIONS. 

19 In this Act: 

20 (1) FUNCTION.—The term ‘‘function’’ includes 

21 any duty, obligation, power, authority, responsibility, 

22 right, privilege, activity, or program. 

23 (2) OFFICE.—The term ‘‘office’’ includes any 

24 office, administration, agency, bureau, institute, 


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1 council, unit, organizational entity, or component 

2 thereof. 

3 (3) SECRETARY.—The term ‘‘Secretary’’ means 

4 the Secretary of the Treasury. 

Æ 


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