I 

112TH CONGRESS 

1ST SESSION H. R. 2072 

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

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 1, 2011 

Mr. GARY G. MILLER of California (for himself, Mr. BACHUS, Mr. FRANK of 

Massachusetts, and Mrs. MCCARTHY of New York) introduced the following bill; which was referred to the Committee on Financial Services 

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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Securing American Jobs Through Exports Act of 2011’’. 

6 (b) TABLE OF CONTENTS.—The table of contents of 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings; statement of purpose. 

Sec. 3. Extension of authority. 

Sec. 4. Limitations on outstanding loans, guarantees, and insurance. 

Sec. 5. Content guidelines for the provision of Bank financing. 

Sec. 6. Biennial audits of Bank transactions. 


jlentini on DSK4TPTVN1PROD with BILLS
2 

•HR 2072 IH

Sec. 7. Use of portion of Bank surplus to update information technology systems. 

Sec. 8. Monitoring of default rates on Bank financing; reports on default rates. 

Sec. 9. Sense of the Congress regarding Bank accountability. 

Sec. 10. Sub-Saharan Africa Advisory Committee. 

Sec. 11. Extension of authority to provide financing for the export of nonlethal 

defense articles or services the primary end use of which will 

be for civilian purposes. 

Sec. 12. Elimination of obsolete provisions. 

Sec. 13. Effective date. 

1 SEC. 2. FINDINGS; STATEMENT OF PURPOSE. 

2 (a) FINDINGS.—The Congress finds as follows: 

3 (1) Export sales by United States companies 

4 are critical to national economic growth. 

5 (2) Increased demand for United States exports 

6 in emerging markets will help small and large com7 panies maintain and create United States jobs. 

8 (3) The Export-Import Bank contributes to a 

9 stronger national economy by financing the export of 

10 United States goods and services in markets where 

11 private capital is limited or unavailable. 

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

13 States does not compete with private sector lenders. 

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

15 States helps finance United States exports to 183 

16 countries. 

17 (6) A large percentage of global growth will be 

18 centered in markets served by the Export-Import 

19 Bank of the United States, and the Bank will be 


jlentini on DSK4TPTVN1PROD with BILLS
3 

•HR 2072 IH

1 critical to helping United States companies compete 

2 for these opportunities. 

3 (7) Through its support for exports, in fiscal 

4 year 2010 the Export-Import Bank of the United 

5 States supported 227,000 American jobs at over 

6 3,300 companies. 

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

8 States helps to level the playing field for United 

9 States exporters by matching the financing that 

10 other governments provide to their exporters. 

11 (9) All the leading exporting nations have offi12 cial export credit agencies that are used actively to 

13 support their exporters. 

14 (10) Through its insurance, loan, and loan 

15 guarantee products, the Export-Import Bank of the 

16 United States supports the promotion and mainte17 nance of high levels of employment and real income 

18 and increased development of the productive re19 sources of the United States. 

20 (11) The Export-Import Bank of the United 

21 States requires reasonable assurance of repayment 

22 for the transactions it authorizes, and the Bank 

23 closely monitors credit and other risks in its port24 folio. The Bank prices transactions based on its risk 

25 assessment of the buyers. 


jlentini on DSK4TPTVN1PROD with BILLS
4 

•HR 2072 IH

1 (12) Since 1934, the net loss rate for all 

2 long-, medium-, and short-term loans made by the 

3 Export-Import Bank of the United States is 1.5 per4 cent. 

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

6 States has been a self-sustaining institution since 

7 fiscal year 2008, and surpluses of the Bank are re8 mitted to the United States Treasury. From fiscal 

9 years 2008 through 2010, the Bank generated a 

10 surplus of $551,000,000. 

11 (14) In fiscal year 2010, the Export-Import 

12 Bank of the United States provided a record 

13 $5,000,000,000 directly supporting United States 

14 small business exporters through 3,091 transactions, 

15 representing 20 percent of the total value of the 

16 Bank’s authorizations and nearly 88 percent of the 

17 total number of the Bank’s authorizations. 

18 (b) STATEMENT OF PURPOSE.—The purpose of this 

19 Act is to reauthorize the activities and operations of the 

20 Export-Import Bank of the United States to ensure that 

21 the Bank provides financing, when commercial banks are 

22 unable or unwilling to do so, competitive with the financ23 ing provided by foreign export credit agencies, in order 

24 to enable United States companies to contribute to a 

25 stronger national economy by maintaining or increasing 


jlentini on DSK4TPTVN1PROD with BILLS
5 

•HR 2072 IH

1 the employment of workers in the United States through 

2 the export of goods and services. 

3 SEC. 3. EXTENSION OF AUTHORITY. 

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

5 (12 U.S.C. 635f) is amended by striking ‘‘2011’’ and in6 serting ‘‘2015’’. 

7 SEC. 4. LIMITATIONS ON OUTSTANDING LOANS, GUARAN8 TEES, AND INSURANCE. 

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

10 1945 (12 U.S.C. 635e(a)(2)) is amended— 

11 (1) in subparagraph (D), by striking ‘‘and’’; 

12 (2) in subparagraph (E), by striking the comma 

13 at the end and inserting a semicolon; and 

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

15 ‘‘(F) during fiscal year 2012, 

16 $120,000,000,000; 

17 ‘‘(G) during fiscal year 2013, 

18 $140,000,000,000; and 

19 ‘‘(H) during fiscal year 2014 and each fiscal 

20 year thereafter, $160,000,000,000.’’. 

21 SEC. 5. CONTENT GUIDELINES FOR THE PROVISION OF 

22 BANK FINANCING. 

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

24 (12 U.S.C. 635) is amended by adding at the end the fol25 lowing: 


jlentini on DSK4TPTVN1PROD with BILLS
6 

•HR 2072 IH

1 ‘‘(i) CONTENT GUIDELINES FOR THE PROVISION OF

2 FINANCING.— 

3 ‘‘(1) IN GENERAL.—The Bank shall, after no4 tice and comment and Board approval, establish 

5 clear and comprehensive guidelines with respect to 

6 the content of the goods and services involved in a 

7 transaction for which the Bank will provide financ8 ing, which shall be aimed at ensuring that the Bank 

9 enables companies with operations in the United 

10 States to maintain and create jobs in the United 

11 States and contribute to a stronger national econ12 omy through the export of their goods and services. 

13 ‘‘(2) REQUIRED CONSIDERATIONS.—In estab14 lishing the guidelines, the Bank shall take into ac15 count such considerations as the Bank deems rel16 evant to meet the purposes described in paragraph 

17 (1), including the following: 

18 ‘‘(A) The needs of different industry sec19 tors to obtain financing from the Bank for ex20 porting their products or services in order to 

21 create and maintain jobs in the United States. 

22 ‘‘(B) The ability of companies with oper23 ations in the United States to compete effec24 tively for export opportunities that will create 

25 and maintain jobs in the United States, parVerDate Mar 15 2010 22:06 Jun 06, 2011 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H2072.IH H2072

jlentini on DSK4TPTVN1PROD with BILLS
7 

•HR 2072 IH

1 ticularly with respect to the Bank’s content re2 quirements and co-financing arrangements. 

3 ‘‘(C) The totality of support, including fi4 nancing and subsidies, extended by export cred5 it agencies to support the exports of goods and 

6 services, as well as key differences in, types of 

7 trade-offs among, and national trade promotion 

8 strategies of OECD member countries and of 

9 non-OECD member countries. 

10 ‘‘(D) Recommendations from the advisory 

11 committee established under section 3(d), in12 cluding any dissenting views. 

13 ‘‘(E) Any findings or recommendations of 

14 the Government Accountability Office per15 taining to the ability of the Bank to provide fi16 nancing that is competitive with the financing 

17 provided by foreign export credit agencies, to 

18 enable companies with operations in the United 

19 States to contribute to a stronger United States 

20 economy by maintaining or increasing the em21 ployment of workers in the United States 

22 through the export of goods and services. 

23 ‘‘(F) The effects of the guidelines on the 

24 manufacturing workforce and service workforce 

25 of the United States. 


jlentini on DSK4TPTVN1PROD with BILLS
8 

•HR 2072 IH

1 ‘‘(G) The effect of changes to current 

2 Bank content requirements on the incentive for 

3 companies to create and maintain operations in 

4 the United States in order to increase the em5 ployment of workers in the United States. 

6 ‘‘(3) SEPARATE GUIDELINES.— 

7 ‘‘(A) The Bank may establish separate 

8 guidelines under this subsection for services and 

9 for goods. 

10 ‘‘(B) The Bank may establish separate 

11 guidelines under this subsection for small busi12 ness concerns (as defined in section 3(a) of the 

13 Small Business Act). 

14 ‘‘(C) The Bank may continue separate 

15 guidelines under this subsection with respect to 

16 different terms and products. 

17 ‘‘(4) CERTIFICATION THAT DOMESTIC CONTENT

18 HAS NOT BEEN REDUCED BECAUSE OF THE GUIDE19 LINES.—In determining whether to provide financ20 ing for a proposed transaction, the exporter shall 

21 certify that the domestic content of a good has not 

22 been reduced solely as a result of the guidelines. 

23 ‘‘(5) PROCEDURAL PROVISIONS.—Within 60 

24 days after the date of the enactment of this Act, the 

25 Bank shall publish a notice with respect to the 


jlentini on DSK4TPTVN1PROD with BILLS
9 

•HR 2072 IH

1 issuance or modification of guidelines under this 

2 subsection. Within 60 days after the end of the pub3 lic comment period otherwise required by law with 

4 respect to the issuance or modification of the guide5 lines, the Bank shall submit to the Congress, for its 

6 review, the guidelines in proposed final form. At the 

7 end of the 30-day period that begins with the date 

8 the proposed final guidelines are so submitted, the 

9 proposed final guidelines shall be considered a final 

10 agency action for all purposes and shall take effect 

11 and be implemented immediately. 

12 ‘‘(6) TERM.—Every 2 years, the Bank shall re13 view and, as appropriate, modify the guidelines, sub14 ject to paragraph (5). 

15 ‘‘(7) REPORT TO CONGRESS.—Within 1 year 

16 after the implementation of new or modified guide17 lines under this subsection, the Inspector General of 

18 the Bank shall submit to the Congress a report eval19 uating the guidelines, which shall include— 

20 ‘‘(A) a discussion of the considerations re21 quired to be taken into account in establishing 

22 the guidelines, a comparison of how the guide23 lines reflect each consideration, and a descrip24 tion of the extent to which the guidelines en25 abled companies with operations in the United 


jlentini on DSK4TPTVN1PROD with BILLS
10 

•HR 2072 IH

1 States who submitted an application for financ2 ing from the Bank to maintain and create jobs 

3 in the United States and contribute to a strong4 er national economy through the export of their 

5 goods and services; 

6 ‘‘(B) a description of the effect of the 

7 guidelines on the number of domestic jobs to be 

8 supported, the kinds of domestic jobs to be sup9 ported, including their duration and geographic 

10 location, and the existence and nature of any 

11 transfers of technology or production; and 

12 ‘‘(C) recommendations for how the guide13 lines could be modified to better facilitate ex14 ports of goods and services from the United 

15 States in order to maintain and create jobs in 

16 the United States and contribute to a stronger 

17 national economy.’’. 

18 SEC. 6. BIENNIAL AUDITS OF BANK TRANSACTIONS. 

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

20 (12 U.S.C. 635), as amended by section 5 of this Act, 

21 is amended by adding at the end the following: 

22 ‘‘(j) AUDITS OF BANK TRANSACTIONS.—Every 2 

23 years, the Comptroller General of the United States, in 

24 consultation with Inspector General of the Bank, shall 

25 audit a representative sample of Bank transactions to enVerDate Mar 15 2010 22:06 Jun 06, 2011 Jkt 099200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H2072.IH H2072

jlentini on DSK4TPTVN1PROD with BILLS
11 

•HR 2072 IH

1 sure that Bank underwriting, policies, due diligence, and 

2 content guidelines are met by applicants who receive Bank 

3 support.’’. 

4 SEC. 7. USE OF PORTION OF BANK SURPLUS TO UPDATE IN5 FORMATION TECHNOLOGY SYSTEMS. 

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

7 (12 U.S.C. 635a) is amended by adding at the end the 

8 following: 

9 ‘‘(j) AUTHORITY TO USE PORTION OF BANK SUR10 PLUS TO UPDATE INFORMATION TECHNOLOGY SYS11 TEMS.— 

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

13 and (4), the Bank may use an amount equal to 1.25 

14 percent of the surplus of the Bank during each fiscal 

15 year to— 

16 ‘‘(A) seek to remedy any of the operational 

17 weakness and risk management vulnerabilities 

18 of the Bank which are the result of the infor19 mation technology system of the Bank; 

20 ‘‘(B) remedy data fragmentation, enhance 

21 information flow throughout the Bank, and 

22 manage data across the Bank; and 

23 ‘‘(C) enhance the operational capacity and 

24 risk management capabilities of the Bank to 


jlentini on DSK4TPTVN1PROD with BILLS
12 

•HR 2072 IH

1 better enable the Bank to increase exports and 

2 grow jobs while protecting the taxpayer. 

3 ‘‘(2) SURPLUS.—In paragraph (1), the term 

4 ‘surplus’ means the amount (if any) by which— 

5 ‘‘(A) the sum of the interest and fees col6 lected by the Bank; exceeds 

7 ‘‘(B) the sum of— 

8 ‘‘(i) the funds set aside to cover ex9 pected losses on transactions financed by 

10 the Bank; and 

11 ‘‘(ii) the costs incurred to cover the 

12 administrative expenses of the Bank. 

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

14 amounts used in accordance with paragraph (1) for 

15 all fiscal years shall not exceed $20,000,000. 

16 ‘‘(4) SUBJECT TO APPROPRIATIONS.—The au17 thority provided by paragraph (1) may be exercised 

18 only to such extent and in such amounts as are pro19 vided in advance in appropriations Acts.’’. 

20 SEC. 8. MONITORING OF DEFAULT RATES ON BANK FI21 NANCING; REPORTS ON DEFAULT RATES. 

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

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

24 following: 


jlentini on DSK4TPTVN1PROD with BILLS
13 

•HR 2072 IH

1 ‘‘(g) MONITORING OF DEFAULT RATES ON BANK FI2 NANCING; REPORTS ON DEFAULT RATES.— 

3 ‘‘(1) MONITORING OF DEFAULT RATES.—Not 

4 less frequently than quarterly, the Bank shall cal5 culate the rate at which the entities to which the 

6 Bank has provided short-, medium-, or long-term fi7 nancing are in default on a payment obligation 

8 under the financing, by dividing the total amount of 

9 the required payments that are overdue by the total 

10 amount of the financing involved. 

11 ‘‘(2) REPORTS.—Within 45 days after a rate 

12 calculated under paragraph (1) equals or exceeds 2 

13 percent, the Bank shall submit to the Congress a 

14 written report that explains the circumstances that 

15 have caused the default rate to equal or exceed 2 

16 percent, and includes a plan to reduce the default 

17 rate to less than 2 percent.’’. 

18 SEC. 9. SENSE OF THE CONGRESS REGARDING BANK AC19 COUNTABILITY. 

20 It is the sense of the Congress that— 

21 (1) the Board of Directors of the Export-Im22 port Bank of the United States (in this section re23 ferred to as the ‘‘Bank’’) should establish a formal, 

24 transparent, and independent accountability mecha25 nism that would review, investigate, and report on 


jlentini on DSK4TPTVN1PROD with BILLS
14 

•HR 2072 IH

1 allegations by affected parties of failure of the Bank 

2 to follow its own policies and procedures, including 

3 situations where the Bank is alleged to have failed 

4 in its follow-up on the borrower’s obligations in fi5 nancing agreements with respect to such policies and 

6 procedures; 

7 (2) such an accountability mechanism should be 

8 able to provide advice to management on policies, 

9 procedures, guidelines, resources, and systems estab10 lished to ensure adequate review and monitoring of 

11 projects; 

12 (3) in carrying out its mandate, the confiden13 tiality of sensitive business information should be re14 spected, and, in consultation with affected parties, 

15 project sponsors, and Bank management, a flexible 

16 process should be followed aimed primarily at cor17 recting project failures and achieving better results 

18 on the ground; and 

19 (4) the accountability mechanism should be 

20 independent of the line operations of management, 

21 and report its findings and recommendations directly 

22 to the Board of Directors of the Bank. 


jlentini on DSK4TPTVN1PROD with BILLS
15 

•HR 2072 IH

1 SEC. 10. SUB-SAHARAN AFRICA ADVISORY COMMITTEE. 

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

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

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

5 SEC. 11. EXTENSION OF AUTHORITY TO PROVIDE FINANC6 ING FOR THE EXPORT OF NONLETHAL DE7 FENSE ARTICLES OR SERVICES THE PRIMARY 

8 END USE OF WHICH WILL BE FOR CIVILIAN 

9 PURPOSES. 

10 Section 1(c) of Public Law 103–428 (12 U.S.C. 635 

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

12 inserting ‘‘2015’’. 

13 SEC. 12. ELIMINATION OF OBSOLETE PROVISIONS. 

14 (a) FOREIGN CREDIT INSURANCE ASSOCIATION.— 

15 (1) IN GENERAL.—Section 2(b)(1) of the Ex16 port-Import Bank Act of 1945 (12 U.S.C. 

17 635(b)(1)) is amended by striking subparagraph (F) 

18 and redesignating subparagraphs (G) through (L) as 

19 subparagraphs (F) through (K), respectively. 

20 (2) CONFORMING AMENDMENTS.— 

21 (A) Section 2(h)(2) of such Act (12 U.S.C. 

22 635(h)(2)) is amended by striking ‘‘(J)’’ and 

23 inserting ‘‘(I)’’. 

24 (B) Section 3 of such Act (12 U.S.C. 

25 635a) is amended in each of subsections 


jlentini on DSK4TPTVN1PROD with BILLS
16 

•HR 2072 IH

1 (f)(1)(A) and (g)(7) by striking ‘‘(I)’’ and in2 serting ‘‘(H)’’. 

3 (C) Section 8 of such Act (12 U.S.C. 

4 635g) is amended in each of subsections (c) and 

5 (f)(8)(A) by striking ‘‘(J)’’ and inserting ‘‘(I)’’. 

6 (D) Section 8A(a)(5) of such Act (12 

7 U.S.C. 635g–1(a)(5)) is amended by striking 

8 ‘‘2(b)(1)(K)’’ and inserting ‘‘2(b)(1)(J)’’. 

9 (b) DEFINITION OF MARXIST-LENINIST COUNTRY.— 

10 Section 2(b)(2)(B)(ii) of such Act (12 U.S.C. 

11 635(b)(2)(B)(ii)) is amended by striking subclause (VII) 

12 and redesignating subclauses (VIII) and (IX) as sub13 clauses (VII) and (VIII), respectively. 

14 SEC. 13. EFFECTIVE DATE. 

15 This Act and the amendments made by this Act shall 

16 take effect on October 1, 2011. 

Æ 


jlentini on DSK4TPTVN1PROD with BILLS