I 

116TH CONGRESS 

1ST SESSION H. R. 3407 

To strengthen the competitiveness of the United States, to modernize and 

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

IN THE HOUSE OF REPRESENTATIVES 

JUNE 21, 2019 

Ms. WATERS (for herself and Mr. MCHENRY) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To strengthen the competitiveness of the United States, to 

modernize and reform the United States Export Finance 

Agency, 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 ‘‘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. Findings. 

Sec. 4. Renaming of the Export-Import Bank of the United States. 


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TITLE I—PROMOTING UNITED STATES LEADERSHIP AND 

INNOVATION 

Sec. 101. Authorization period. 

Sec. 102. Aggregate loan, guarantee, and insurance authority. 

Sec. 103. Program on China and transformational exports. 

Sec. 104. Strengthening support for U.S. small businesses. 

Sec. 105. Office of Minority and Women Inclusion. 

Sec. 106. Support for United States territories. 

Sec. 107. Promoting renewable energy exports. 

Sec. 108. Alternative procedures during quorum lapse. 

Sec. 109. Information technology systems. 

Sec. 110. Administratively determined pay. 

Sec. 111. Survey on blockchain use in the operations of United States exporters. 

TITLE II—IMPROVING AGENCY OPERATIONS AND ENHANCING 

TRANSPARENCY AND ACCOUNTABILITY 

Sec. 201. Annual testimony. 

Sec. 202. Independent audit of regional export finance centers. 

Sec. 203. Risk Management Committee. 

Sec. 204. Ensuring Agency compliance with additionality requirements. 

Sec. 205. Reinsurance program. 

Sec. 206. Report on new Agency policies, procedures, and bylaws. 

Sec. 207. Report on travel practices of Agency employees. 

Sec. 208. Report on steps taken to correct deficiencies related to information 

security. 

Sec. 209. Additional requirements involving certain transactions. 

Sec. 210. Anti-fraud reforms. 

TITLE III—FOREIGN POLICY CONSIDERATIONS 

Sec. 301. Chinese government-owned enterprises. 

Sec. 302. International negotiations on export subsidies. 

Sec. 303. Prohibition on financing for exports involving state sponsors of terrorism. 

TITLE IV—MISCELLANEOUS PROVISIONS 

Sec. 401. Miscellaneous updates relating to the United States Export Finance 

Agency. 

Sec. 402. Prohibition on financing for certain aviation-related vehicles. 

1 SEC. 3. FINDINGS. 

2 The Congress finds as follows: 

3 (1) The Export-Import Bank of the United 

4 States (EXIM)—the official export credit agency of 

5 the United States—is designed to help create and 

6 support U.S. jobs by providing American exporters 


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1 with the financing tools necessary to compete in the 

2 global markets. 

3 (2) Over its 85-year history, under both Repub4 lican and Democratic administrations, the Export5 Import Bank of the United States has been reau6 thorized 17 times with large bipartisan majorities in 

7 Congress. 

8 (3) Over the last 10 years, the Export-Import 

9 Bank of the United States has financed more than 

10 $186,000,000,000 in authorizations supporting more 

11 than $255,000,000,000 in United States exports 

12 and supported 1,600,000 United States jobs in all 

13 50 states; in fiscal year 2018, EXIM authorized 

14 $3,300,000,000 in financing and supported an esti15 mated 33,000 United States jobs. 

16 (4) By its charter, it is the policy of the United 

17 States that the Export-Import Bank of the United 

18 States should not compete with the private sector, 

19 but rather to fill export financing gaps through its 

20 insurance, loan guarantee, and direct lending pro21 grams when the private sector is unable or unwilling 

22 to do so. 

23 (5) With more than 100 export credit agencies 

24 globally, the Export-Import Bank of the United 

25 States, if appropriately utilized, can level the playing 


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1 field to ensure that United States companies will not 

2 lose out on a sale of United States exports because 

3 of financing terms offered by foreign governments. 

4 (6) In fiscal year 2018, 90.5 percent of the Ex5 port-Import Bank of the United States’ authoriza6 tions directly supported small businesses, including 

7 315 small businesses that used the Export-Import 

8 Bank of the United States for the first time. 

9 (7) In fiscal year 2014, when the Export-Im10 port Bank of the United States was last fully oper11 ational, EXIM authorized $751,000,000 to support 

12 minority- and women-owned business exports. 

13 (8) In fiscal year 2018, the Export-Import 

14 Bank of the United States approved $451,400,000 

15 in support of minority- or woman-owned businesses, 

16 which accounted for 21 percent of total small busi17 ness authorizations. 

18 (9) The charter of the Export-Import Bank of 

19 the United States requires the Bank to lend only if 

20 there exists reasonable assurance that it will be re21 paid, and Congress subjects EXIM to statutory re22 strictions and oversight to safeguard its fiscal sound23 ness, limit mismanagement, and prevent corruption. 

24 (10) EXIM was last reauthorized in December 

25 2015, and its charter expires September 30, 2019. 


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1 (11) Despite bicameral support for the Bank’s 

2 reauthorization in 2015, the Senate did not confirm 

3 the directors of EXIM until May 2019. As a result, 

4 the Bank did not have a quorum and could not ap5 prove transactions over $10,000,000. 

6 SEC. 4. RENAMING OF THE EXPORT-IMPORT BANK OF THE 

7 UNITED STATES. 

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

9 United States is hereby redesignated as the United States 

10 Export Finance Agency. 

11 (b) REFERENCES.—Any reference to the Export-Im12 port Bank of the United States in any law, rule, regula13 tion, certificate, directive, instruction, or other official 

14 paper in force on the date of the enactment of this Act 

15 shall be considered to refer and apply to the United States 

16 Export Finance Agency. 

17 TITLE I—PROMOTING UNITED 

18 STATES LEADERSHIP AND IN19 NOVATION 

20 SEC. 101. AUTHORIZATION PERIOD. 

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

22 (12 U.S.C. 635f) is amended by striking ‘‘2019’’ and in23 serting ‘‘2026’’. 


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1 SEC. 102. AGGREGATE LOAN, GUARANTEE, AND INSURANCE 

2 AUTHORITY. 

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

4 1945 (12 U.S.C. 635e(a)(2)) is amended to read as fol5 lows: 

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

7 subsection, the term ‘applicable amount’ means— 

8 ‘‘(A) $145,000,000,000 for fiscal year 

9 2020; 

10 ‘‘(B) $150,000,000,000 for fiscal year 

11 2021; 

12 ‘‘(C) $155,000,000,000 for fiscal year 

13 2022; 

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

15 2023; 

16 ‘‘(E) $165,000,000,000 for fiscal year 

17 2024; 

18 ‘‘(F) $170,000,000,000 for fiscal year 

19 2025; and 

20 ‘‘(G) $175,000,000,000 for fiscal year 

21 2026.’’. 

22 SEC. 103. PROGRAM ON CHINA AND TRANSFORMATIONAL 

23 EXPORTS. 

24 (a) IN GENERAL.—Section 2 of the Export-Import 

25 Bank Act of 1945 (12 U.S.C. 635) is amended by adding 

26 at the end the following: 


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1 ‘‘(l) PROGRAM ON CHINA AND TRANSFORMATIONAL

2 EXPORTS.— 

3 ‘‘(1) IN GENERAL.—The Agency shall establish 

4 a Program on China and Transformational Exports 

5 to support the extension of loans, guarantees, and 

6 insurance, at rates and on terms and other condi7 tions, to the extent practicable, that are fully com8 petitive with rates, terms, and other conditions es9 tablished by the People’s Republic of China or by a 

10 covered country, that aim to— 

11 ‘‘(A) directly neutralize export subsidies 

12 for competing goods and services financed by 

13 official export credit, tied aid, or blended fi14 nancing provided by the People’s Republic of 

15 China or by a covered country; or 

16 ‘‘(B) advance the comparative leadership 

17 of the United States with respect to the Peo18 ple’s Republic of China, or support United 

19 States innovation, employment, and techno20 logical standards, through direct exports in any 

21 of the following areas: 

22 ‘‘(i) Artificial intelligence. 

23 ‘‘(ii) Biotechnology. 

24 ‘‘(iii) Biomedical sciences. 


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1 ‘‘(iv) Wireless communications equip2 ment (including 5G or subsequent wireless 

3 technologies). 

4 ‘‘(v) Quantum computing. 

5 ‘‘(vi) Renewable energy, energy effi6 ciency, and energy storage. 

7 ‘‘(vii) Semiconductor and semicon8 ductor machinery manufacturing. 

9 ‘‘(viii) Emerging financial tech10 nologies, including technologies that facili11 tate— 

12 ‘‘(I) financial inclusion through 

13 increased access to capital and finan14 cial services; 

15 ‘‘(II) data security and privacy; 

16 ‘‘(III) payments, the transfer of 

17 funds, and associated messaging serv18 ices; and 

19 ‘‘(IV) efforts to combat money 

20 laundering and the financing of ter21 rorism. 

22 ‘‘(ix) Associated services necessary for 

23 use of any of the foregoing exports. 


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1 ‘‘(2) COVERED COUNTRIES.—In this subsection, 

2 the term ‘covered country’ means any country 

3 that— 

4 ‘‘(A) the Secretary of the Treasury des5 ignates as a covered country in a report to the 

6 Committee on Financial Services of the House 

7 of Representatives and the Committee on Bank8 ing, Housing, and Urban Development of the 

9 Senate; and 

10 ‘‘(B) is not a participant in the Arrange11 ment on Officially Supported Export Credits of 

12 the Organization for Economic Cooperation and 

13 Development (in this subsection referred to as 

14 the ‘Arrangement’); and 

15 ‘‘(C) is not in substantial compliance with 

16 the financial terms and conditions of the Ar17 rangement. 

18 ‘‘(3) FINANCING.— 

19 ‘‘(A) IN GENERAL.—It shall be a goal of 

20 the Agency to reserve not less than 20 percent 

21 of the applicable amount (as defined in section 

22 6(a)(2)) for support made pursuant to the Pro23 gram on China and Transformational Exports. 

24 ‘‘(B) EXCEPTION.—The Secretary of the 

25 Treasury may reduce or eliminate the 20 perVerDate Sep 11 2014 00:10 Jun 26, 2019 Jkt 089200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H3407.IH H3407

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1 cent goal in subparagraph (A), on reporting to 

2 the Committee on Financial Services of the 

3 House of Representatives and the Committee 

4 on Banking, Housing, and Urban Affairs of the 

5 Senate that the People’s Republic of China is in 

6 substantial compliance with— 

7 ‘‘(i) the financial terms and conditions 

8 of the Arrangement; and 

9 ‘‘(ii) the rules and principles of the 

10 Paris Club. 

11 ‘‘(C) SUNSET AND REPORT.—The program 

12 established under paragraph (1) shall expire on 

13 September 30, 2026. Not later than 4 years 

14 after enactment of this subsection, the Presi15 dent of the Agency shall submit a report to the 

16 Committee on Financial Services of the House 

17 of Representatives and the Committee on Bank18 ing, Housing, and Urban Affairs of the Senate 

19 assessing the following: 

20 ‘‘(i) The capacity and demand of 

21 United States entities to export goods and 

22 services in the areas described in para23 graph (1)(B) in consultation with the Sec24 retary of Commerce. 


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1 ‘‘(ii) The availability of private-sector 

2 financing for exports in the areas. 

3 ‘‘(iii) The feasibility and advisability 

4 of continuing the goal of subparagraph (A) 

5 of this paragraph with respect to para6 graph (1)(B) after September 30, 2026. 

7 ‘‘(D) NATIONAL ADVISORY COUNCIL ON

8 INTERNATIONAL FINANCIAL AND MONETARY

9 PROBLEMS.—The National Advisory Council on 

10 International Financial and Monetary Problems 

11 shall ensure that Agency authorizations pursu12 ant to the Program on China and Trans13 formational Exports are considered or reviewed 

14 expeditiously, consistent with the other credit 

15 standards required by law.’’. 

16 (b) REQUIRED REPORTING.—Section 8 of such Act 

17 (12 U.S.C. 635g) is amended by adding at the end the 

18 following: 

19 ‘‘(l) REPORT ON AUTHORIZATIONS UNDER THE PRO20 GRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.— 

21 The Agency shall include in its annual report to Congress 

22 under subsection (a) a narrative and financial summary 

23 of the authorizations made under the Program on China 

24 and Transformational Exports.’’. 


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1 (c) RULE OF CONSTRUCTION.—Nothing in section 

2 2(l)(1)(B) of the Export-Import Bank Act of 1945 shall 

3 be construed to weaken any export controls affecting crit4 ical technologies (as defined in section 721(a)(6)(A) of the 

5 Defense Production Act of 1950 (50 U.S.C. 

6 4565(a)(6)(A))). 

7 SEC. 104. STRENGTHENING SUPPORT FOR U.S. SMALL BUSI8 NESSES. 

9 (a) INCREASING SMALL BUSINESS THRESHOLD.— 

10 Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 

11 1945 (12 U.S.C. 635(b)(1)(E)(v)) is amended— 

12 (1) by striking ‘‘25 percent of such authority 

13 for each fiscal year’’ and inserting ‘‘25 percent of 

14 such authority for each of fiscal years 2020, 2021, 

15 and 2022, and 30 percent of such authority for each 

16 fiscal year thereafter’’; and 

17 (2) by adding at the end the following: ‘‘For the 

18 purpose of calculating the amounts of authority re19 quired under this clause, the Agency shall, with re20 spect to insurance, exclude unutilized authorizations 

21 that terminated during the fiscal year.’’. 

22 (b) SMALL BUSINESS POLICY.—Section 

23 2(b)(1)(E)(i)(I) of such Act (12 U.S.C. 

24 635(b)(1)(E)(i)(I)) is amended to read as follows: 


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

2 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 the 

7 public about how to export goods using the United States 

8 Export Finance Agency.’’. 

9 SEC. 105. OFFICE OF MINORITY AND WOMEN INCLUSION. 

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

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

12 as follows: 

13 ‘‘(i) OFFICE OF MINORITY AND WOMEN INCLU14 SION.— 

15 ‘‘(1) ESTABLISHMENT.—The Agency shall es16 tablish an Office of Minority and Women Inclusion 

17 which shall be responsible for carrying out this sub18 section and all matters relating to diversity in man19 agement, employment, and business activities in ac20 cordance with such standards and requirements as 

21 the Director of the Office shall establish. 

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

23 Agency shall ensure that, to the extent that the re24 sponsibilities described in paragraph (1) (or com25 parable responsibilities) were, as of the date of the 


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1 enactment of this subsection, performed by another 

2 office of the Agency, the responsibilities shall be 

3 transferred to the Office. 

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

5 LAWS.—The responsibilities described in paragraph 

6 (1) shall not include enforcement of statutes, regula7 tions, or executive orders pertaining to civil rights, 

8 except that the Director of the Office shall coordi9 nate with the President of the Agency, or the des10 ignee of the President of the Agency, regarding the 

11 design and implementation of any remedies resulting 

12 from violations of the statutes, regulations, or execu13 tive orders. 

14 ‘‘(4) DIRECTOR.— 

15 ‘‘(A) IN GENERAL.—The Director of the 

16 Office shall be appointed by, and shall report 

17 directly to, the President of the Agency. The 

18 position of Director of the Office shall be a ca19 reer reserved position in the Senior Executive 

20 Service, as that position is defined in section 

21 3132 of title 5, United States Code, or an 

22 equivalent designation. 

23 ‘‘(B) DUTIES.—The Director shall— 

24 ‘‘(i) develop standards for equal em25 ployment opportunity and the racial, ethVerDate Sep 11 2014 00:10 Jun 26, 2019 Jkt 089200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H3407.IH H3407

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1 nic, and gender diversity of the workforce 

2 and senior management of the Agency; 

3 ‘‘(ii) develop standards for increased 

4 participation of minority-owned and 

5 women-owned businesses in the programs 

6 and contracts of the Agency, including 

7 standards for coordinating technical assist8 ance to the businesses; and 

9 ‘‘(iii) enhance the outreach activities 

10 of the Agency with respect to, and increase 

11 the total amount of loans, guarantees, and 

12 insurance provided by the Agency to sup13 port exports by socially and economically 

14 disadvantaged small business concerns (as 

15 defined in section 8(a)(4) of the Small 

16 Business Act) and small business concerns 

17 owned by women. 

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

19 advise the President of the Agency on the im20 pact of the policies of the Agency on minority21 owned and women-owned businesses. 

22 ‘‘(5) INCLUSION IN ALL LEVELS OF BUSINESS

23 ACTIVITIES.— 

24 ‘‘(A) CONTRACTS.—The Director of the 

25 Office shall develop and implement standards 


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1 and procedures to ensure, to the maximum ex2 tent possible, the inclusion and utilization of 

3 minorities (as defined in section 1204(c) of the 

4 Financial Institutions Reform, Recovery, and 

5 Enforcement Act of 1989 (12 U.S.C. 1811 

6 note)) and women, and minority- and women7 owned businesses (as such terms are defined in 

8 section 21A(r)(4) of the Federal Home Loan 

9 Bank Act (12 U.S.C. 1441a(r)(4)) in all busi10 ness and activities of the Agency at all levels, 

11 including in procurement, insurance, and all 

12 types of contracts. The processes established by 

13 the Agency for review and evaluation for con14 tract proposals and to hire service providers 

15 shall include a component that gives consider16 ation to the diversity of the applicant. 

17 ‘‘(B) APPLICABILITY.—This subsection 

18 shall apply to all contracts for services of any 

19 kind, including all contracts for all business and 

20 activities of the Agency, at all levels. 

21 ‘‘(C) OUTREACH.—The Agency shall estab22 lish a minority outreach program to ensure the 

23 inclusion (to the maximum extent possible) in 

24 contracts entered into by the enterprises of mi25 norities and women and businesses owned by 


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1 minorities and women, including financial insti2 tutions, investment banking firms, under3 writers, accountants, brokers, and providers of 

4 legal services. 

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

6 Agency shall take affirmative steps to seek diversity 

7 in its workforce at all levels of the Agency consistent 

8 with the demographic diversity of the United States, 

9 in a manner consistent with applicable law, includ10 ing— 

11 ‘‘(A) to the extent the Agency engages in 

12 recruitment efforts to fill vacancies— 

13 ‘‘(i) recruiting at historically Black 

14 colleges and universities, Hispanic-serving 

15 institutions, women’s colleges, and colleges 

16 that typically serve majority minority pop17 ulations; and 

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

19 communities, and placing employment ad20 vertisements in newspapers and magazines 

21 oriented toward women and people of 

22 color; 

23 ‘‘(B) partnering with organizations that 

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1 norities and women in industry internships, 

2 summer employment, and full-time positions; 

3 and 

4 ‘‘(C) by use of any other mass media com5 munications that the Director of the Office de6 termines necessary.’’. 

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

8 such Act (12 U.S.C. 635g), as amended by section 103(b) 

9 of this Act, is amended by adding at the end the following: 

10 ‘‘(m) OFFICE OF MINORITY AND WOMEN INCLU11 SION.—The Agency shall include in its annual report to 

12 the Congress under subsection (a) a report from the Office 

13 of Minority and Women Inclusion regarding the actions 

14 taken by the Agency and the Office pursuant to section 

15 3(i), which shall include— 

16 ‘‘(1) a statement of the total amounts paid by 

17 the Agency to contractors since the most recent re18 port under this subsection; 

19 ‘‘(2) the percentage of the amounts described in 

20 paragraph (1) that were paid to contractors as de21 scribed in section 3(i)(5)(A); 

22 ‘‘(3) the successes achieved and challenges 

23 faced by the Agency in operating minority and 

24 women outreach programs; 


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1 ‘‘(4) the challenges the Agency may face in hir2 ing qualified minority and women employees and 

3 contracting with qualified minority-owned and 

4 women-owned businesses; and 

5 ‘‘(5) any other information, findings, conclu6 sions, and recommendations for legislative or Agency 

7 action, as the Director of the Office deems appro8 priate.’’. 

9 SEC. 106. SUPPORT FOR UNITED STATES TERRITORIES. 

10 (a) CREATION OF THE OFFICE OF TERRITORIAL EX11 PORTING.—Section 3 of the Export-Import Bank Act of 

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

13 the following: 

14 ‘‘(n) OFFICE OF TERRITORIAL EXPORTING.—The 

15 President of the Agency shall establish an Office of Terri16 torial Exporting, and shall hire such staff as may be nec17 essary, including at least 1 staffer responsible for liaising 

18 with Puerto Rico, to perform the functions of the Office, 

19 which shall be to promote the export of goods and services 

20 from the territories, conduct outreach, education, and dis21 seminate information concerning export opportunities and 

22 the availability of Agency support for such activities, and 

23 to increase the total amount of loans, guarantees, and in24 surance provided by the Agency benefitting the territories. 

25 In this Act, the term ‘territory’ means the Commonwealth 


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1 of Puerto Rico, the United States Virgin Islands, Guam, 

2 the Commonwealth of the Northern Mariana Islands, and 

3 American Samoa.’’. 

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

5 U.S.C. 635g), as amended by sections 103(b) and 105(b) 

6 of this Act, is amended by adding at the end the following: 

7 ‘‘(n) REPORT ON ACTIVITIES IN THE TERRI8 TORIES.—The Agency shall include in its annual report 

9 to Congress under subsection (a) a report on the steps 

10 taken by the Agency in the period covered by the report 

11 to increase— 

12 ‘‘(1) awareness of the Agency and its services 

13 in the territories; and 

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

15 businesses in the territories.’’. 

16 SEC. 107. PROMOTING RENEWABLE ENERGY EXPORTS. 

17 (a) OFFICE OF FINANCING FOR RENEWABLE EN18 ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE EX19 PORTS.—Section 2(b)(1)(C) of the Export-Import Bank 

20 Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended to read 

21 as follows: 

22 ‘‘(C) OFFICE OF FINANCING FOR RENEWABLE EN23 ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE.— 

24 The President of the Agency shall establish an office 

25 whose functions shall be to promote the export of goods 


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1 and services to be used in the development, production, 

2 and distribution of renewable energy resources, and energy 

3 efficiency and energy storage technologies, and dissemi4 nate information concerning export opportunities and the 

5 availability of Agency support for such activities, to in6 crease the total amount of loans, guarantees, and insur7 ance provided by the Agency to support exports related 

8 to renewable energy, energy efficiency, and energy stor9 age.’’. 

10 (b) FINANCING FOR RENEWABLE ENERGY, ENERGY

11 EFFICIENCY, AND ENERGY STORAGE TECHNOLOGIES.— 

12 Section 2(b)(1)(K) of such Act (12 U.S.C. 635(b)(1)(K)) 

13 is amended by inserting ‘‘, energy efficiency and energy 

14 storage. It shall be a goal of the Agency to ensure that 

15 not less than 5 percent of the applicable amount (as de16 fined in section 6(a)(2)) is made available each fiscal year 

17 for the financing of renewable energy, energy efficiency 

18 and energy storage technology exports’’ before the period. 

19 (c) ANNUAL REPORT.—Section 8 of such Act (12 

20 U.S.C. 635g), as amended by sections 103(b), 105(b), and 

21 106(b) of this Act, is amended by adding at the end the 

22 following: 

23 ‘‘(o) EFFORTS OF AGENCY TO PROMOTE EXPORT OF

24 GOODS AND SERVICES RELATED TO RENEWABLE EN25 ERGY SOURCES, ENERGY EFFICIENCY, AND ENERGY


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1 STORAGE.—A description of the activities of the Agency 

2 with respect to enhancing outreach and financing renew3 able energy, energy efficiency, and energy storage projects 

4 undertaken under section 2(b)(1)(K); an assessment of its 

5 success and failure in meeting the goal set out in section 

6 2(b)(1)(K); where applicable, the specific measures the 

7 Agency will take in the upcoming year to make progress 

8 towards meeting the goal outlined in section 2(b)(1)(K), 

9 including expanded outreach, product improvements, and 

10 related actions; and an analysis comparing the level of 

11 support extended by the Agency for renewable energy, en12 ergy efficiency and energy storage projects with the level 

13 of support so extended for the preceding fiscal year.’’. 

14 (d) SENSE OF THE CONGRESS REGARDING AGENCY

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

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

17 Export Finance Agency (in this section referred to 

18 as the ‘‘Agency’’) should, after a public consultation 

19 process, establish a formal, transparent, and inde20 pendent accountability mechanism to review, inves21 tigate, offer independent dispute resolution to re22 solve, and publicly report on allegations by affected 

23 parties of any failure of the Agency to follow its own 

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1 tions where the Agency is alleged to have failed in 

2 ensuring the borrower is fulfilling its obligations in 

3 financing agreements with respect to the policies and 

4 procedures; 

5 (2) the accountability mechanism should be able 

6 to provide advice to management on policies, proce7 dures, guidelines, resources, and systems established 

8 to ensure adequate review and monitoring of the en9 vironmental and social effects of projects; 

10 (3) in carrying out its mandate, the confiden11 tiality of sensitive business information should be re12 spected, as appropriate, and, in consultation with af13 fected parties, project sponsors, Agency manage14 ment, and other relevant parties, a flexible process 

15 should be followed aimed primarily at correcting 

16 project failures and achieving better results on the 

17 ground; 

18 (4) the accountability mechanism should be 

19 independent of the line operations of management, 

20 and report its findings and recommendations directly 

21 to the Board of Directors of the Agency and annu22 ally to the Congress; 

23 (5) the annual report of the Agency should in24 clude a detailed accounting of the activities of the 

25 accountability mechanism for the year covered by 


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1 the report and the remedial actions taken by the 

2 Agency in response to the findings of the account3 ability mechanism; 

4 (6) in coordination with the accountability 

5 mechanism, the Agency and relevant parties should 

6 engage in proactive outreach to communities af7 fected or potentially affected by Agency financing 

8 and activities to provide information on the existence 

9 and availability of the accountability mechanism; 

10 (7) the President of the Agency should, subject 

11 to the approval of the Board of Directors of the 

12 Agency, through an open and competitive process, 

13 including solicitation of input from relevant stake14 holders, appoint a director of the accountability 

15 mechanism, who would be responsible for the day-to16 day operations of the mechanism, and a panel of not 

17 less than 3 experts, including the director, who 

18 would also serve as chair of the panel; and 

19 (8) Agency employees should be ineligible to 

20 serve as the accountability mechanism chair or on 

21 the panel of experts until at least 5 years have 

22 elapsed from their time of employment at the Agen23 cy, and should be barred from future employment at 

24 the Agency after their tenure with the accountability 

25 mechanism. 


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1 SEC. 108. ALTERNATIVE PROCEDURES DURING QUORUM 

2 LAPSE. 

3 (a) IN GENERAL.—Section 3(c)(6) of the Export-Im4 port Bank Act of 1945 (12 U.S.C. 635a(c)(6)) is amend5 ed— 

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

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

8 ‘‘(B)(i) If a quorum of the Board of Directors has 

9 not been in place for 90 consecutive days during the term 

10 of a President, a temporary Board, consisting of the fol11 lowing members, shall act in the stead of the Board of 

12 Directors: 

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

14 who shall serve as Chairperson of the Temporary 

15 Board. 

16 ‘‘(II) The Secretary of the Treasury. 

17 ‘‘(III) The Secretary of Commerce. 

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

19 ‘‘(ii) A member described in subclause (I), (II), or 

20 (III) of clause (i) may delegate the authority of the mem21 ber to vote on whether to authorize a transaction, whose 

22 value does not exceed $100,000,000, to— 

23 ‘‘(I) if the member is in United States Trade 

24 Representative, the Deputy United States Trade 

25 Representative; or 


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1 ‘‘(II) if the member is referred to in such sub2 clause (II) or (III), the Deputy Secretary of the de3 partment referred to in the subclause. 

4 ‘‘(iii) If the temporary Board consists only of mem5 bers of 1 political party, the President of the United 

6 States shall, to the extent practicable, appoint to the tem7 porary Board a qualified member of a different political 

8 party who occupies a position requiring nomination by the 

9 President, by and with the advice and consent of the Sen10 ate. 

11 ‘‘(iv) The temporary Board may approve transactions 

12 over $25,000,000 only by a unanimous vote of the tem13 porary Board, and may not change or amend Agency poli14 cies, procedures, bylaws, or guidelines. 

15 ‘‘(v) The temporary Board shall expire at the end of 

16 the term of the President in office at the time the tem17 porary Board was constituted. 

18 ‘‘(vi) With respect to a transaction that equals or ex19 ceeds $100,000,000, the Chairperson of the Temporary 

20 Board shall ensure that the Agency complies with section 

21 2(b)(3).’’. 

22 (b) SUNSET.—The amendments made by subsection 

23 (a) shall have no force or effect after the 7-year period 

24 that begins with the date of the enactment of this Act. 


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1 SEC. 109. INFORMATION TECHNOLOGY SYSTEMS. 

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

3 (12 U.S.C. 635a(j)) is amended— 

4 (1) in paragraph (1), by striking all that pre5 cedes subparagraph (A) and inserting the following: 

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

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

8 1.25 percent of the surplus of the Agency during fis9 cal years 2020 through 2026 to—’’; and 

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

11 following: 

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

13 amounts used in accordance with paragraph (1) for 

14 fiscal years 2020 through 2026 shall not exceed 

15 $28,000,000.’’. 

16 SEC. 110. ADMINISTRATIVELY DETERMINED PAY. 

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

18 (12 U.S.C. 635a), as amended by the preceding provisions 

19 of this Act, is amended by adding at the end the following: 

20 ‘‘(o) COMPENSATION OF EMPLOYEES.— 

21 ‘‘(1) RATES OF PAY.—Subject to paragraph 

22 (2), the Board of Directors of the Agency, consistent 

23 with standards established by the Director of the Of24 fice of Minority and Women Inclusion, may set and 

25 adjust rates of basic pay for employees and new 

26 hires of the Agency without regard to the provisions 


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1 of chapter 51 and subchapter III of chapter 53 of 

2 title 5, United States Code, except that no employee 

3 of the Agency may receive a rate of basic pay that 

4 exceeds the rate for level III of the Executive Sched5 ule under section 5313 of such title. 

6 ‘‘(2) LIMITATIONS.—The Board of Directors of 

7 the Agency may not apply paragraph (1) to more 

8 than 35 employees at any point in time. Nothing in 

9 paragraph (1) may be construed to apply to any po10 sition of a confidential or policy-determining char11 acter that is excepted from the competitive service 

12 under section 3302 of title 5, United States Code, 

13 (pursuant to section C of subpart C of part 213 of 

14 title 5 of the Code of Federal Regulations) or to any 

15 position that would otherwise be subject to section 

16 5311 or 5376 of title 5, United States Code.’’. 

17 SEC. 111. SURVEY ON BLOCKCHAIN USE IN THE OPER18 ATIONS OF UNITED STATES EXPORTERS. 

19 Within 360 days after the date of the enactment of 

20 this Act, and annually thereafter for the succeeding 5 

21 years, the President of the United States Export Finance 

22 Agency shall submit to the Committee on Financial Serv23 ices of the House of Representatives and the Committee 

24 on Banking, Housing, and Urban Affairs of the Senate 

25 a written report that includes the following: 


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1 (1) A survey of United States exporters benefit2 ting from Agency support regarding the use of 

3 blockchain in their operations, including their man4 agement of supply chains, contracts, and payments. 

5 (2) An assessment of the effects of blockchain 

6 on reliability, transparency, and security in the oper7 ations. 

8 (3) Any policy recommendations to improve the 

9 development, use, and security of blockchain in the 

10 operations of United States exporters. 

11 TITLE II—IMPROVING AGENCY 

12 OPERATIONS AND ENHANC13 ING TRANSPARENCY AND AC14 COUNTABILITY 

15 SEC. 201. ANNUAL TESTIMONY. 

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

17 635–635i–9) is amended by inserting after section 8A the 

18 following: 

19 ‘‘SEC. 8B. ANNUAL TESTIMONY. 

20 ‘‘For each fiscal year through fiscal year 2026, after 

21 submitting the annual report to Congress under section 

22 8(a) for the fiscal year, the President of the United States 

23 Export Finance Agency shall, on request, appear before 

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1 resentatives and the Committee on Banking, Housing, and 

2 Urban Affairs of the Senate to present testimony on— 

3 ‘‘(1) the activities of the Agency in the fiscal 

4 year covered by the report, particularly activities 

5 pursuant to the Project on China and Trans6 formational Exports; 

7 ‘‘(2) the actions taken by Agency management 

8 to strengthen the ability of the Agency to comply 

9 with all statutory requirements, and with Agency 

10 policies and procedures, including policies and proce11 dures relating to anti-fraud controls, underwriting 

12 standards, and additionality; 

13 ‘‘(3) the results of the most recent Federal Em14 ployee Viewpoint Survey or other comparable re15 search on staff perspectives at the Agency; 

16 ‘‘(4) the status of Agency efforts in the pre17 ceding fiscal year to meaningfully address rec18 ommendations proposed by the Inspector General, 

19 United States Export Finance Agency; and 

20 ‘‘(5) outreach efforts to increase small business 

21 awareness and use of the Agency, including efforts 

22 undertaken pursuant to section 3(i).’’. 


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1 SEC. 202. INDEPENDENT AUDIT OF REGIONAL EXPORT FI2 NANCE CENTERS. 

3 (a) AUDIT.—The Inspector General of the United 

4 States Export Finance Agency shall conduct an audit of 

5 the operation of the Regional Export Finance Centers of 

6 the Agency, including a review of— 

7 (1) whether the metrics used by the Office of 

8 Small Business to evaluate regional office employees 

9 adhere to guidance issued by the United States Of10 fice of Personnel Management and the Civil Service 

11 Reform Act; 

12 (2) whether metrics used by the Office of Small 

13 Business to evaluate regional office employees are 

14 sufficiently tailored to performance requirements; 

15 (3) whether metrics have unintended con16 sequences in the use of Agency programs; and 

17 (4) metrics are aligned with the requirements of 

18 section 2(b)(1)(E)(v) of the Export-Import Bank 

19 Act of 1945. 

20 (b) REPORT.—Not later than 180 days after the 

21 audit required by subsection (a) is completed, the Agency 

22 shall submit to the Committee on Banking, Housing, and 

23 Urban Affairs of the Senate and the Committee on Finan24 cial Services of the House of Representatives a written re25 port detailing the Agency’s plan to address deficiencies 

26 outlined in the audit. 


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1 SEC. 203. RISK MANAGEMENT COMMITTEE. 

2 (a) IN GENERAL.—Section 3(m) of the Export-Im3 port Bank Act of 1945 (12 U.S.C. 635a(m)) is amended 

4 to read as follows: 

5 ‘‘(m) RISK MANAGEMENT COMMITTEE.— 

6 ‘‘(1) MEMBERSHIP; CHAIR.—There shall be a 

7 Risk Management Committee consisting of the Di8 rectors of the Agency other than the Chairman or 

9 the Vice Chairman. The Chairman of the Board of 

10 Directors of the Agency shall designate a member of 

11 the Risk Management Committee to serve as chair 

12 of the Risk Management Committee. If, because of 

13 1 or more vacancies in the offices of the Directors 

14 other than the Chairman or the Vice Chairman, the 

15 Risk Management Committee would have only 1 or 

16 2 members, the General Counsel shall also serve as 

17 a member of the Risk Management Committee, but 

18 shall not serve as chair. If the Chairman and the 

19 Vice Chairman are the only Directors in office, the 

20 Risk Management Committee shall consist of the 

21 Chairman and the General Counsel, and the General 

22 Counsel shall serve as chair. 

23 ‘‘(2) DUTIES.—The Risk Management Com24 mittee shall report to the Board of Directors, and 

25 shall be responsible for providing assistance to the 

26 Board in— 


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1 ‘‘(A) fulfilling the accounting and report2 ing responsibilities of the Board; 

3 ‘‘(B) determining that the Agency has ade4 quate administrative and financial controls; 

5 ‘‘(C) reviewing the financial statements 

6 prepared by management for distribution to the 

7 Congress and the public; 

8 ‘‘(D) providing direction over the internal 

9 audit function and the independent account10 ants; 

11 ‘‘(E) overseeing, in conjunction with the 

12 Office of the Chief Financial Officer of the 

13 Agency— 

14 ‘‘(i) periodic stress testing on the en15 tire Agency portfolio, reflecting different 

16 market, industry, and macroeconomic sce17 narios, and consistent with best practices 

18 of commercial and multilateral develop19 ment banks; and 

20 ‘‘(ii) the monitoring of industry, geo21 graphic, and obligor exposure levels; and 

22 ‘‘(F) reviewing all required reports on the 

23 default rate of the Agency before submission to 

24 Congress under section 8(g). 


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1 ‘‘(3) QUORUM.—2 members of the Risk Man2 agement Committee shall constitute a quorum.’’. 

3 (b) CONFORMING REPEAL.—Section 51006 of the 

4 Fixing America’s Surface Transportation Act (129 Stat. 

5 1766; Public Law 104–94) is hereby repealed. 

6 SEC. 204. ENSURING AGENCY COMPLIANCE WITH 

7 ADDITIONALITY REQUIREMENTS. 

8 (a) WRITTEN DOCUMENTATION REQUIREMENTS.— 

9 Not later than 180 days after the date of the enactment 

10 of this Act, the Board of Directors of the United States 

11 Export Finance Agency shall, with respect to an author12 ization in connection with a transaction equal to or in ex13 cess of $25,000,000— 

14 (1) adopt and implement policies and proce15 dures to ensure that the Agency includes written 

16 documentation of the determination and verification 

17 of additionality in its records, including— 

18 (A) a description of attempts by relevant 

19 parties to a transaction to obtain private-sector 

20 financing; 

21 (B) an explanation of how the level of 

22 Agency financing responds to limitations in the 

23 availability or terms of private capital; and 

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1 peting financing by a foreign export credit 

2 agency; 

3 (2) consult with the Chief Information Officer 

4 and the Inspector General of the Agency to imple5 ment appropriate recordkeeping practices for the 

6 written documentation, as well as for any other doc7 umentation required by Agency policies and proce8 dures; and 

9 (3) submit to the Committee on Financial Serv10 ices of the House of Representatives and the Com11 mittee on Banking, Housing, and Urban Affairs of 

12 the Senate a written report that includes a copy of 

13 the policies and procedures of the Agency regarding 

14 additionality, and an explanation of how the Agency 

15 uses the determination and verification of 

16 additionality to evaluate applications for support. as17 sistance. 

18 (b) GAO REVIEWS OF AGENCY POLICIES AND PRO19 CEDURES FOR ADDITIONALITY DETERMINATION AND

20 VERIFICATION.—In each of calendar years 2020, 2022, 

21 and 2024, and 2026, the Comptroller General of the 

22 United States shall review the policies and procedures of 

23 the United States Export Finance Agency relating to how 

24 the Agency makes a judgment that a transaction is un25 likely to proceed without support from the Agency, and 


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1 the documentation supporting such a judgment, and sub2 mit the result of the review to the Committee on Financial 

3 Services of the House of Representatives and the Com4 mittee on Banking, Housing, and Urban Affairs of the 

5 Senate, along with any recommendations to strengthen 

6 Agency policies and processes to determine additionality 

7 and prevent the Agency from competing with private cap8 ital, as described in section 2(b)(1)(B) of the Export-Im9 port Bank Act of 1945. 

10 (c) ADDITIONAL INFORMATION REQUIRED TO BE

11 PROVIDED TO CONGRESS BEFORE APPROVING CERTAIN

12 SUPPORT.—Section 2(b)(3)(B) of the Export-Import 

13 Bank Act of 1945 (12 U.S.C. 635(b)(3)(B)) is amended 

14 by inserting ‘‘, a determination by the Agency as to wheth15 er financing by the Agency fully meets the additionality 

16 policies of the Agency, and a non-confidential summary 

17 of the facts and conclusions reached in a detailed economic 

18 impact analysis or similar study conducted pursuant to 

19 subsection (e)(7)’’ before the period. 

20 SEC. 205. REINSURANCE PROGRAM. 

21 Section 51008 of the Fixing America’s Surface 

22 Transportation Act (12 U.S.C. 635 note) is amended— 

23 (1) in the section heading, by striking 

24 ‘‘PILOT’’; 

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


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1 (3) by striking subsections (c) through (e) and 

2 inserting the following: 

3 ‘‘(c) FACTORS FOR CONSIDERATION IN REINSUR4 ANCE POOLS.—In implementing this section, the Agency 

5 shall, with respect to a reinsurance pool, pursue appro6 priate objectives to reduce risk and costs to the Agency, 

7 including by the following, to the extent practicable: 

8 ‘‘(1) Ensuring a reasonable diversification of 

9 risks. 

10 ‘‘(2) Including larger exposures where the pos11 sibility of default raises overall portfolio risk for the 

12 Agency. 

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

14 are covered by first-loss protection. 

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

16 are collateralized at a rate greater than standard 

17 market practice. 

18 ‘‘(5) Diversifying reinsurance pools by industry 

19 and other appropriate factors. 

20 ‘‘(6) Exploring different time periods of cov21 erage. 

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

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

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

25 after the date of the enactment of this subsection, and 


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1 every 2 years thereafter through 2026, the Agency shall 

2 submit to the Committee on Financial Services of the 

3 House of Representatives and the Committee on Banking, 

4 Housing, and Urban Affairs of the Senate a written report 

5 that contains an assessment of the use of the program 

6 carried out under subsection (a) since the most recent re7 port under this subsection. 

8 ‘‘(e) RULE OF CONSTRUCTION.—Nothing in this sec9 tion shall be construed to limit any authority of the Agen10 cy described in section 2(a)(1) of the Export-Import Bank 

11 Act of 1945.’’. 

12 SEC. 206. REPORT ON NEW AGENCY POLICIES, PROCE13 DURES, AND BYLAWS. 

14 Not later than 90 days after the date of the enact15 ment of this Act, the President of the United States Ex16 port Finance Agency shall transmit to the Committee on 

17 Financial Services of the House of Representatives and 

18 the Committee on Banking, Housing, and Urban Affairs 

19 of the Senate a copy of all policies, procedures, and bylaws 

20 of the Agency approved by the Board of Directors of the 

21 Agency that are in effect on such date of enactment. With22 in 30 days after the Board of Directors of the United 

23 States Export Finance Agency adopts or amends such a 

24 policy, procedure, or bylaw, the President of the Agency 

25 shall transmit a copy of the adopted or amended policy, 


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1 procedure, or bylaw to the Committee on Financial Serv2 ices of the House of Representatives and the Committee 

3 on Banking, Housing, and Urban Affairs of the Senate. 

4 SEC. 207. REPORT ON TRAVEL PRACTICES OF AGENCY EM5 PLOYEES. 

6 Not later than 180 days after the date of the enact7 ment of this Act, and annually thereafter for the suc8 ceeding 7 years, the President of the United States Export 

9 Finance Agency shall submit to the Committee on Finan10 cial Services of the House of Representatives and the 

11 Committee on Banking, Housing, and Urban Affairs of 

12 the Senate a written report that provides details on au13 thorized travel by Agency officers and employees in the 

14 preceding year, including the following: 

15 (1) Travel start date and end date. 

16 (2) Destination or destinations. 

17 (3) The department and division employing the 

18 traveler. 

19 (4) Obligated travel costs. 

20 (5) Class of travel. 

21 (6) The amount of any reimbursed travel costs 

22 or other forms of sponsorship. 


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1 SEC. 208. REPORT ON STEPS TAKEN TO CORRECT DEFI2 CIENCIES RELATED TO INFORMATION SECU3 RITY. 

4 Not later than 180 days after the date of the enact5 ment of this Act, the President of the United States Ex6 port Finance Agency shall submit to the Committee on 

7 Financial Services of the House of Representatives and 

8 the Committee on Banking, Housing, and Urban Affairs 

9 of the Senate a written report on the steps the Agency 

10 is taking to correct the deficiencies in policies, procedures, 

11 and programs identified in the Independent Audit of the 

12 United States Export Finance Agency’s Information Secu13 rity Program Effectiveness for Fiscal Year 2018 (OIG– 

14 AR–19–03). 

15 SEC. 209. ADDITIONAL REQUIREMENTS INVOLVING CER16 TAIN TRANSACTIONS. 

17 (a) IN GENERAL.—Section 2(b) of the Export-Import 

18 Bank Act of 1945 (12 U.S.C. 635(b)) is amended by add19 ing at the end the following: 

20 ‘‘(14)(A) If the outstanding loans, guarantees, and 

21 insurance authorized by the Agency in association with a 

22 United States exporter or a United States lender equals 

23 or exceeds the prescribed amount at any point in a fiscal 

24 year, the President of the Agency shall transmit to the 

25 Committee on Financial Services of the House of Rep26 resentatives and the Committee on Banking, Housing, and 


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1 Urban Affairs of the Senate a detailed description of poli2 cies and practices by the United States exporter or United 

3 States lender, as the case may be, regarding— 

4 ‘‘(i) diversity in management, employment, and 

5 business activities, including data pertaining to— 

6 ‘‘(I) equal employment opportunity and the 

7 racial, ethnic, and gender diversity of the work8 force and senior management; 

9 ‘‘(II) outreach programs to hire qualified 

10 women and minority employees and contract 

11 with qualified minority-owned and women12 owned businesses; 

13 ‘‘(III) the participation of women-owned 

14 and minority-owned businesses in procurement 

15 and contracting, including as suppliers and sub16 contractors; and 

17 ‘‘(IV) developments with respect to this 

18 clause, including job creation for women and 

19 minority employees, suppliers, and contractors, 

20 resulting from the policies and practices de21 scribed in this subparagraph during the pre22 ceding year; and 

23 ‘‘(ii) outreach efforts to small businesses during 

24 the preceding year, including efforts that— 


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1 ‘‘(I) raise awareness of small business pro2 curement and contracting opportunities; 

3 ‘‘(II) educate small businesses involved in 

4 procurement and contracting on the objectives 

5 and activities of the Agency, with the purpose 

6 of expanding direct small business exports fi7 nanced by the Agency; and 

8 ‘‘(III) developments resulting from the out9 reach efforts described in this clause during the 

10 preceding year, including the number of small 

11 businesses contracted with and the number of 

12 jobs created, as well as any other benefits to 

13 the communities of the exporter, lender, or re14 lated small businesses, as the case may be. 

15 ‘‘(B) On authorization of financing that equals or ex16 ceeds $100,000,000 during the fiscal year involving the 

17 exporter or lender described in subparagraph (A), the 

18 President of the Agency shall transmit to the Committee 

19 on Financial Services of the House of Representatives and 

20 the Committee on Banking, Housing, and Urban Affairs 

21 of the Senate a report that includes— 

22 ‘‘(i) an economic impact analysis or similar 

23 study of the transaction performed by the Agency, in 

24 a manner consistent with the procedures described 

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1 ation of the views of the public and interested par2 ties and an assessment of adverse effects on United 

3 States employment, if any, that may result from 

4 Agency financing involving a foreign competitor of a 

5 United States entity; and 

6 ‘‘(ii) an assessment of how the Agency deter7 mined the need for financing of the transaction, in8 cluding— 

9 ‘‘(I) a description of attempts by relevant 

10 parties to the transaction to obtain private-sec11 tor financing, including a description of the 

12 written documentation of the attempts, or an 

13 explanation for the lack of any such attempt; 

14 and 

15 ‘‘(II)(aa) an explanation of why private16 sector financing is not available or not economi17 cally viable for the transaction; or 

18 ‘‘(bb) a certification that the Agency re19 ceived sufficient information to conclude that fi20 nancing is necessary to counter official export 

21 credit provided by a foreign government for a 

22 similar transaction involving the same foreign 

23 obligor. 

24 ‘‘(C) In this paragraph, the term ‘prescribed amount’ 

25 means an amount equal to 20 percent of the outstanding 


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1 loans, guarantees, and insurance of the Agency, as cal2 culated on the 1st day of the fiscal year.’’. 

3 (b) Section 8 of such Act (12 U.S.C. 635g), as 

4 amended by title I of this Act, is amended by adding at 

5 the end the following: 

6 ‘‘(p) ADDITION TO ANNUAL REPORT.—The Agency 

7 shall include in its annual report to the Congress under 

8 subsection (a) information on the 10 United States export9 ers benefitting from the highest level of Agency support 

10 and 10 foreign obligors utilizing the highest level of Agen11 cy support during the reporting period, including the share 

12 of total authorizations by value, and the industry or indus13 trial sector, connected with each such exporter and obli14 gor.’’. 

15 SEC. 210. ANTI-FRAUD REFORMS. 

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

17 (12 U.S.C. 635) is amended— 

18 (1) in subsection (f), by striking the period and 

19 inserting: ‘‘, and shall deny an application for assist20 ance if— 

21 ‘‘(1) the Agency has substantial credible evi22 dence that the end user, borrower, lender, or ex23 porter has committed an act of fraud or corruption 

24 in connection with the application; or 


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1 ‘‘(2) the end user, borrower, lender, or exporter 

2 has been convicted of an act of fraud or corruption 

3 in connection with an application for support from 

4 the Agency made in the preceding 5 years. 

5 The Agency may proceed with an application described 

6 under paragraph (1) or (2) of this subsection only if an 

7 end user, borrower, lender, or exporter can be fully ex8 cluded from the transaction.’’; and 

9 (2) in subsection (i), by striking ‘‘should re10 quire’’ and inserting ‘‘shall require’’. 

11 TITLE III—FOREIGN POLICY 

12 CONSIDERATIONS 

13 SEC. 301. CHINESE GOVERNMENT-OWNED ENTERPRISES. 

14 (a) IN GENERAL.—Section 2 of the Export-Import 

15 Bank Act of 1945 (12 U.S.C. 635), as amended by section 

16 103(a) of this Act, is amended by adding at the end the 

17 following: 

18 ‘‘(m) RESTRICTION ON FINANCING FOR ENTITIES

19 OWNED OR CONTROLLED BY THE CHINESE GOVERN20 MENT.— 

21 ‘‘(1) IN GENERAL.—An authorization approved 

22 by the Board of Directors after the effective date of 

23 this subsection may not take effect if a loan, guar24 antee, or insurance is approved for the benefit of 

25 any foreign entity that is at least 25 percent owned, 


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1 directly or indirectly, by the government of the Peo2 ple’s Republic of China, unless the United States 

3 Trade Representative, in consultation with appro4 priate Federal agencies, completes a due diligence 

5 review and certifies the financing, in accordance with 

6 paragraph (3), in a report to the Committee on Fi7 nancial Services of the House of Representatives and 

8 the Committee on Banking, Housing, and Urban Af9 fairs of the Senate. For the purposes of identifying 

10 whether a foreign entity is at least 25 percent 

11 owned, directly or indirectly, by the government of 

12 the People’s Republic of China, the Board of Direc13 tors may rely on any of the following: 

14 ‘‘(A) Information required of or provided 

15 by a party to the transaction. 

16 ‘‘(B) Any information provided to the 

17 Agency by a Federal department or agency. 

18 ‘‘(2) LIMITATION ON FINANCING OF LOCAL

19 COSTS.—The Agency may not approve financing for 

20 a transaction if more than 15 percent of local costs 

21 with respect to the transaction that are incurred in 

22 the People’s Republic of China would be covered by 

23 the financing. 

24 ‘‘(3) DUE DILIGENCE REVIEW AND REPORT.— 

25 For the purposes of the report described in paraVerDate Sep 11 2014 00:10 Jun 26, 2019 Jkt 089200 PO 00000 Frm 00046 Fmt 6652 Sfmt 6201 E:\BILLS\H3407.IH H3407

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1 graph (1), the United States Trade Representative 

2 shall present the findings of the due diligence review, 

3 but may not provide the certification referred to in 

4 paragraph (1), if— 

5 ‘‘(A) the foreign entity provides goods, 

6 services, or other material or financial support 

7 in connection with any of the following policies 

8 and operations of the government of the Peo9 ple’s Republic of China: 

10 ‘‘(i) Any military or intelligence oper11 ations; 

12 ‘‘(ii) Activities pursuant to the Belt 

13 and Road Initiative (or any successor or 

14 comparable activity of that government); 

15 ‘‘(iii) The abuse of human rights, in16 cluding the restriction of freedom of ex17 pression and the mistreatment of ethnic or 

18 religious minorities in China; 

19 ‘‘(iv) Any other policy or operation 

20 that, in the determination of the President, 

21 may threaten the national interest of the 

22 United States; 

23 ‘‘(B) the United States Trade Representa24 tive finds that the transaction would not proVerDate Sep 11 2014 00:10 Jun 26, 2019 Jkt 089200 PO 00000 Frm 00047 Fmt 6652 Sfmt 6201 E:\BILLS\H3407.IH H3407

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1 vide a meaningful net economic benefit for the 

2 United States; 

3 ‘‘(C) the foreign entity knowingly engages 

4 in the theft of United States intellectual prop5 erty or the illicit transfer of technology from a 

6 United States person; 

7 ‘‘(D) the transaction described in para8 graph (1) involves the export of critical tech9 nologies (as defined under section 721(a)(6) of 

10 the Defense Production Act of 1950) to the for11 eign entity; or 

12 ‘‘(E) the leadership of the foreign entity 

13 engages in a significant act or acts of corrup14 tion or money laundering, or has committed a 

15 violation of the Foreign Corrupt Practices Act 

16 of 1977, the Arms Export Control Act, the 

17 International Emergency Economic Powers Act, 

18 or the Export Administration Act of 1979. 

19 ‘‘(4) TIMING AND FORM OF REPORT.—The re20 port described in paragraph (3) shall be submitted 

21 not later than 45 days after approval by the Board 

22 of Directors, except that the United States Trade 

23 Representative may extend the required time in 

24 which to submit the report by one 15-day period on 

25 notifying the Committee on Financial Services of the 


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1 House of Representatives and the Committee on 

2 Banking, Housing, and Urban Affairs of the Senate 

3 that the extension is necessary. The report described 

4 in paragraph (3) shall be submitted in unclassified 

5 form but may contain a classified annex. 

6 ‘‘(5) PROCEDURES FOR CHINESE GOVERNMENT7 CONTROLLED ENTITIES.—The requirements of para8 graph (1) shall apply to any foreign entity, notwith9 standing the level of ownership by the government of 

10 the People’s Republic of China, if the Agency has 

11 reason to believe that the foreign entity is controlled 

12 by the government of the People’s Republic of 

13 China. 

14 ‘‘(6) EXEMPTION.—Paragraphs (1) and (2) 

15 shall not apply to the following if— 

16 ‘‘(A) financing would enable exports di17 rectly by United States small business concerns; 

18 or 

19 ‘‘(B) financing is required for the export of 

20 humanitarian goods or services, including life21 saving, rescue, and medical equipment (such as 

22 ambulances, firefighting vehicles, hospital sup23 plies, and medical devices). 

24 ‘‘(7) PRESIDENTIAL WAIVER.—The President 

25 may waive any requirement of paragraph (1) or (2) 


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1 for up to 1 year at a time, on reporting in writing 

2 to the Committee on Financial Services of the House 

3 of Representative and the Committee on Banking, 

4 Housing, and Urban Affairs of the Senate that the 

5 waiver is essential to the national interest of the 

6 United States, with a detailed explanation of the 

7 reasons therefor.’’. 

8 (b) SUNSET.—The amendment made by subsection 

9 (a) shall have no force or effect on and after the earlier 

10 of— 

11 (1) the date that is 30 days after the Secretary 

12 of the Treasury submits a report to the Committee 

13 on Financial Services of the House of Representa14 tives and the Committee on Banking, Housing, and 

15 Urban Affairs of the Senate certifying that the Peo16 ple’s Republic of China is in substantial compliance 

17 with— 

18 (A) the financial terms and conditions of 

19 the Arrangement on Officially Supported Ex20 port Credits of the Organization for Economic 

21 Cooperation and Development; and 

22 (B) the rules and principles of the Paris 

23 Club; or 

24 (2) the date that is 30 days after the President 

25 of the United States Export Finance Agency reports 


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1 to the Committee on Financial Services of the House 

2 of Representatives and the Committee on Banking, 

3 Housing, and Urban Affairs of the Senate that the 

4 Board of Directors of the Agency has voted in favor 

5 of terminating the requirement for a certification in 

6 section 2(m)(1) of the Export-Import Bank Act of 

7 1945, except that the Board of Directors may not 

8 hold such a vote before the date that is 5 years after 

9 the date of the enactment of this Act. 

10 SEC. 302. INTERNATIONAL NEGOTIATIONS ON EXPORT SUB11 SIDIES. 

12 (a) IN GENERAL.—Section 11(a)(1) of the Export13 Import Bank Reauthorization Act of 2012 (12 U.S.C. 

14 635a–5(a)(1)) is amended by striking ‘‘with possible goal 

15 of eliminating, before the date that is 10 years after De16 cember 4, 2015,’’ and inserting ‘‘with the goal of elimi17 nating, before the date that is 10 years after the date of 

18 the enactment of the United States Export Finance Agen19 cy Act of 2019’’. 

20 (b) PROGRESS REPORT.—Section 11(e) of such Act 

21 (12 U.S.C. 635a–5(e)) is amended by striking ‘‘2019’’ and 

22 inserting ‘‘2026’’. 

23 (c) CONDUCT OF NEGOTIATIONS.—Section 11 of 

24 such Act (12 U.S.C. 635a–5) is amended— 


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1 (1) in each of subsections (a) and (d), by strik2 ing ‘‘The President’’ and inserting ‘‘Not less fre3 quently than twice per calendar year, the Secretary 

4 of the Treasury, in consultation with the President 

5 of the United States Export Finance Agency and the 

6 United States Trade Representative,’’; and 

7 (2) in each of subsections (b), (c), and (e), by 

8 striking ‘‘President’’ each place it appears and in9 serting ‘‘Secretary of the Treasury’’. 

10 SEC. 303. PROHIBITION ON FINANCING FOR EXPORTS IN11 VOLVING STATE SPONSORS OF TERRORISM. 

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

13 1945 (12 U.S.C. 635(b)(2)) is amended— 

14 (1) in the paragraph heading, by inserting after 

15 ‘‘MARXIST-LENINIST COUNTRIES’’ the following: 

16 ‘‘AND STATE SPONSORS OF TERRORISM’’; and 

17 (2) in subparagraph (A), by inserting after 

18 ‘‘Marxist-Leninist country’’ each place it appears 

19 ‘‘or a state sponsor of terrorism’’. 

20 TITLE IV—MISCELLANEOUS 

21 PROVISIONS 

22 SEC. 401. MISCELLANEOUS UPDATES RELATING TO THE 

23 UNITED STATES EXPORT FINANCE AGENCY. 

24 (a) Section 2(a)(3) of the Export-Import Bank Act 

25 of 1945 (12 U.S.C. 635(a)(3)) is amended— 


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1 (1) by adding ‘‘and’’ at the end of subpara2 graph (B); 

3 (2) by striking ‘‘; and’’ at the end of subpara4 graph (C) and inserting a period; and 

5 (3) by striking subparagraph (D). 

6 (b) Section 2(b)(1)(H) of such Act (12 U.S.C. 

7 635(b)(1)(H)) is amended in each of clauses (ii) and (iii) 

8 by striking ‘‘including’’ and all that follows and inserting 

9 ‘‘including United States allies and partners eligible for 

10 assistance from the International Bank for Reconstruction 

11 and Development and the International Development As12 sociation.’’. 

13 (c) Section 2(b)(1)(I) of such Act (12 U.S.C. 

14 635(b)(1)(I)) is amended by striking the 2nd sentence. 

15 (d) Section 2(b)(3)(A)(iii) of such Act (12 U.S.C. 

16 635(b)(3)(A)(iii)) is amended by inserting ‘‘, the United 

17 States exporter,’’ before ‘‘and’’. 

18 (e) Section 2(b)(3)(B) of such Act (12 U.S.C. 

19 635(b)(3)(B)) is amended by inserting ‘‘a description, to 

20 the extent practicable, of any private financing, used or 

21 unused, available for the transaction, to the extent 

22 known,’’ before ‘‘the amount’’. 

23 (f) Section 3(d)(1)(B) of such Act (12 U.S.C. 

24 635a(d)(1)(B)) is amended by inserting ‘‘high tech25 nology,’’ before ‘‘and’’. 


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1 (g) Section 3(j)(2)(B)(ii) of such Act (12 U.S.C. 

2 635a(j)(2)(B)(ii)) is amended— 

3 (1) by inserting ‘‘, interest, and claim’’ before 

4 ‘‘expenses’’; and 

5 (2) by inserting ‘‘including broker commissions’’ 

6 before the period. 

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

8 635g(b)(3)) is amended— 

9 (1) by striking ‘‘Committee on Small Business’’ 

10 the 1st place it appears and inserting ‘‘Committees 

11 on Banking, Housing, and Urban Affairs and on 

12 Small Business’’; and 

13 (2) by striking ‘‘Committee on Small Business’’ 

14 the 2nd place it appears and inserting ‘‘Committees 

15 on Financial Services and on Small Business’’. 

16 (i)(1) Section 8 of such Act (12 U.S.C. 635g), as 

17 amended by the preceding provisions of this Act, is amend18 ed— 

19 (A) by striking subsection (c) and redesignating 

20 subsections (d) through (o) as subsections (c) 

21 through (p), respectively; and 

22 (B) in paragraph (2) of subsection (e) (as so 

23 redesignated by subparagraph (A) of this para24 graph), by striking ‘‘(e)’’ and inserting ‘‘(d)’’. 


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1 (2) Section 6(a)(3) of such Act (12 U.S.C. 

2 635e(a)(3)) is amended by striking ‘‘8(g)(1)’’ each place 

3 it appears and inserting ‘‘8(f)(1)’’. 

4 (j) Section 10(b)(4) of such Act (12 U.S.C. 635i– 

5 3(b)(4)) is amended by striking ‘‘may’’ and inserting 

6 ‘‘shall, on request’’. 

7 SEC. 402. PROHIBITION ON FINANCING FOR CERTAIN AVIA8 TION-RELATED VEHICLES. 

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

10 (12 U.S.C. 635(b)), as amended by section 209(a) of this 

11 Act, is amended by adding at the end the following: 

12 ‘‘(15) PROHIBITION ON FINANCING FOR CERTAIN

13 AVIATION-RELATED VEHICLES.—The Board of Directors 

14 of the Agency may not give approval to a transaction in15 volving an aviation-related vehicle during any period in 

16 which the Federal Government has prohibited its oper17 ation.’’. 

Æ 


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