I 

116TH CONGRESS 

1ST SESSION H. R. 1910 

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

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 27, 2019 

Mr. AMASH (for himself, Mr. JORDAN, Mr. MASSIE, Mr. DESJARLAIS, Mr. 

MCCLINTOCK, and Mr. BUCK) introduced the following bill; which was referred to the Committee on Financial Services 

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 The Congress finds as follows: 

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


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1 domestic competition, other sectors of the United 

2 States economy, and the public at large. 

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 United States exporters. 

16 (5) Export subsidies impose risks on United 

17 States taxpayers. In a June 2012 paper using accu18 rate, fair value estimation, the Congressional Budget 

19 Office found that the expected return of the Export20 Import Bank of the United States was less than a 

21 tenth of the estimate under the current, flawed 

22 methodology used pursuant to the Federal Credit 

23 Reform Act of 1990. 

24 (6) In recent years, other ‘‘safe’’ Federal credit 

25 programs have been shown to create significant risk 


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1 for taxpayers, for example, Fannie Mae, Freddie 

2 Mac, and the Federal Housing Administration. 

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

4 States claims to serve small businesses primarily, 

5 but most of its financing subsidizes exports of large 

6 multinational corporations. 

7 SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISH8 MENT. 

9 (a) IN GENERAL.—Notwithstanding any other provi10 sion of law: 

11 (1) TERMINATION OF AUTHORITY TO ACCEPT

12 APPLICATIONS FOR ASSISTANCE.—The Export-Im13 port Bank of the United States (in this Act referred 

14 to as the ‘‘Bank’’) may not accept an application for 

15 a loan, insurance, or a guarantee, or to participate 

16 in an extension of credit by another entity, after the 

17 30-day period that begins with the date of the enact18 ment of this Act. 

19 (2) TERMINATION OF AUTHORITY TO RENEW

20 OR ENTER INTO A CONTRACT FOR THE PROVISION

21 OF ASSISTANCE BY THE BANK.—The Bank may not 

22 renew or enter into a contract which would obligate 

23 the Bank to provide a loan, insurance, or a guar24 antee, or participate in an extension of credit by anVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 other entity, after the 12-month period that begins 

2 with such date of enactment. 

3 (b) RULE OF INTERPRETATION.—Nothing in this 

4 section shall be construed to extend the expiration date 

5 of any authority provided by section 7 of the Export-Im6 port Bank Act of 1945. 

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

8 UNITED STATES. 

9 (a) IN GENERAL.—Effective on the abolishment date: 

10 (1) ABOLISHMENT.—The Bank is abolished. 

11 (2) TRANSFER OF FUNCTIONS.—All functions 

12 that, immediately before the abolishment date are 

13 authorized to be performed by the Bank, the Board 

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

15 the Bank acting in that capacity, or any agency or 

16 office of the Bank, are transferred to the Secretary 

17 of the Treasury (in this Act referred to as the ‘‘Sec18 retary’’). 

19 (b) ABOLISHMENT DATE DEFINED.—In this Act, the 

20 term ‘‘abolishment date’’ means the date that is 3 years 

21 after the date of the enactment of this Act. 

22 SEC. 5. RESOLUTION AND TERMINATION OF BANK FUNC23 TIONS. 

24 (a) RESOLUTION OF FUNCTIONS.—The Secretary 

25 shall— 


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1 (1) complete the disposition and resolution of 

2 functions of the Bank in accordance with this Act; 

3 and 

4 (2) resolve all functions that are transferred to 

5 the Secretary under section 4(a)(2). 

6 (b) TERMINATION OF FUNCTIONS.—All functions 

7 that are transferred to the Secretary under section 4(a)(2) 

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

9 and all obligations of others to the Bank, in effect imme10 diately before the abolishment date have been satisfied, as 

11 determined by the Secretary. 

12 (c) REPORT TO THE CONGRESS.—When the Sec13 retary makes the determination described in subsection 

14 (b), the Secretary shall report the determination to the 

15 Committee on Financial Services of the House of Rep16 resentatives and the Committee on Banking, Housing, and 

17 Urban Affairs of the Senate. 

18 SEC. 6. DUTIES OF THE SECRETARY OF THE TREASURY. 

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

20 for the implementation of this Act, including— 

21 (1) the administration and wind-up of all func22 tions transferred to the Secretary under section 

23 4(a)(2); 


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1 (2) the administration and wind-up of any out2 standing obligations of the Federal Government 

3 under any programs terminated by this Act; and 

4 (3) taking such other actions as may be nec5 essary to wind-up any outstanding affairs of the 

6 Bank. 

7 (b) DELEGATION OF FUNCTIONS.—The Secretary 

8 may delegate to any other Federal department or agency 

9 head the performance of the functions of the Secretary 

10 under this Act, to the extent that the Secretary determines 

11 that the delegation would further the purposes of this Act. 

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

13 connection with any delegation of functions under sub14 section (b), the Secretary may transfer to the department 

15 or agency concerned such assets, funds, personnel, 

16 records, and other property relating to the delegated func17 tion as the Secretary determines to be appropriate. 

18 (d) AUTHORITIES OF THE SECRETARY.—For pur19 poses of performing the functions of the Secretary under 

20 this Act and subject to the availability of appropriations, 

21 the Secretary may— 

22 (1) enter into contracts; 

23 (2) employ experts and consultants in accord24 ance with section 3109 of title 5, United States 

25 Code, at rates for individuals not to exceed the per 


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1 diem rate equivalent to the rate for level IV of the 

2 Executive Schedule; and 

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

4 facilities, and personnel of other Federal agencies. 

5 SEC. 7. PERSONNEL. 

6 Effective on the abolishment date, there are trans7 ferred to the Department of the Treasury all individuals, 

8 other than members of the Board of Directors of the 

9 Bank, who— 

10 (1) immediately before the abolishment date, 

11 were officers or employees of the Bank; and 

12 (2) in their capacity as such an officer or em13 ployee, performed functions that are transferred to 

14 the Secretary under section 4(a)(2). 

15 SEC. 8. TRANSFER OF INSPECTOR GENERAL DUTIES. 

16 (a) TERMINATION OF THE OFFICE OF INSPECTOR

17 GENERAL FOR THE EXPORT-IMPORT BANK OF THE

18 UNITED STATES.—Notwithstanding any other provision 

19 of law, the Office of Inspector General for the Bank shall 

20 terminate on the abolishment date, and the assets and ob21 ligations of the Office shall be transferred to the Office 

22 of the Inspector General for the Department of the Treas23 ury or otherwise disposed of. 

24 (b) AUTHORITY AND RESPONSIBILITY FOR TRANS25 FER OR DISPOSAL.—The Secretary shall have the authorVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 ity and responsibility for transfer or disposal under sub2 section (a). 

3 (c) SAVINGS PROVISION.—The provisions of this sec4 tion shall not affect the performance of any pending audit, 

5 investigation, inspection, or report by the Office of the In6 spector General for the Bank as of the abolishment date, 

7 with respect to functions transferred by this section. Noth8 ing in this subsection shall be deemed to prohibit the dis9 continuance or modification of any performance under the 

10 same terms and conditions and to the same extent that 

11 such performance could have been discontinued or modi12 fied if this section had not been enacted. 

13 SEC. 9. EXERCISE OF AUTHORITIES. 

14 Except as otherwise provided by law, a Federal offi15 cial to whom a function is transferred by this Act may, 

16 for purposes of performing the function, exercise all au17 thorities under any other provision of law that were avail18 able with respect to the performance of that function to 

19 the official responsible for the performance of the function 

20 immediately before the effective date of the transfer of the 

21 function under this Act. 

22 SEC. 10. TRANSFER OF ASSETS. 

23 Except as otherwise provided in this Act, so much 

24 of the personnel, property, records, and unexpended bal25 ances of appropriations, allocations, and other funds emVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 ployed, used, held, available, or to be made available in 

2 connection with a function transferred to an official or 

3 agency by this Act shall be available to the official or the 

4 head of that agency, respectively, at such time or times 

5 as the Director of the Office of Management and Budget 

6 directs for use in connection with the functions trans7 ferred. 

8 SEC. 11. DELEGATION AND ASSIGNMENT. 

9 Except as otherwise expressly prohibited by law, an 

10 official to whom functions are transferred under this Act 

11 (including the head of any office to which functions are 

12 transferred under this Act) may delegate any of the func13 tions so transferred to such officers and employees of the 

14 office of the official as the official may designate, and may 

15 authorize successive redelegations of such functions as 

16 may be necessary or appropriate. No delegation of func17 tions under this section or under any other provision of 

18 this Act shall relieve the official to whom a function is 

19 transferred under this Act of responsibility for the admin20 istration of the function. 


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1 SEC. 12. AUTHORITY OF THE SECRETARY OF THE TREAS2 URY WITH RESPECT TO FUNCTIONS TRANS3 FERRED. 

4 (a) DETERMINATIONS.—If necessary, the Secretary 

5 shall make any determination of the functions that are 

6 transferred under this Act. 

7 (b) INCIDENTAL TRANSFERS.—The Secretary, at 

8 such time or times as the Secretary shall provide, may 

9 make such determinations as may be necessary with re10 gard to the functions transferred by this Act, and to make 

11 such additional incidental dispositions of personnel, assets, 

12 liabilities, grants, contracts, property, records, and unex13 pended balances of appropriations, authorizations, alloca14 tions, and other funds held, used, arising from, available 

15 to, or to be made available in connection with such func16 tions, as may be necessary to carry out the provisions of 

17 this Act. 

18 SEC. 13. SAVINGS PROVISIONS. 

19 (a) LEGAL DOCUMENTS.—All orders, determinations, 

20 rules, regulations, permits, grants, loans, contracts, agree21 ments, certificates, licenses, and privileges— 

22 (1) that have been issued, made, granted, or al23 lowed to become effective by the President, the 

24 Bank, any officer or employee of any office trans25 ferred by this Act, or any other Government official, 

26 or by a court of competent jurisdiction, in the perVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 formance of any function that is transferred by this 

2 Act, and 

3 (2) that are in effect on the effective date of the 

4 transfer (or become effective after such date pursu5 ant to their terms as in effect on such effective 

6 date), 

7 shall continue in effect according to their terms until 

8 modified, terminated, superseded, set aside, or revoked in 

9 accordance with law by the President, any other author10 ized official, a court of competent jurisdiction, or operation 

11 of law. 

12 (b) PROCEEDINGS.—This Act shall not affect any 

13 proceedings or any application for any benefits, service, 

14 license, permit, certificate, or financial assistance pending 

15 on the date of the enactment of this Act before an office 

16 transferred by this Act, but such proceedings and applica17 tions shall be continued. Orders shall be issued in such 

18 proceedings, appeals shall be taken therefrom, and pay19 ments shall be made pursuant to such orders, as if this 

20 Act had not been enacted, and orders issued in any such 

21 proceeding shall continue in effect until modified, termi22 nated, superseded, or revoked by a duly authorized official, 

23 by a court of competent jurisdiction, or by operation of 

24 law. Nothing in this subsection shall be considered to pro25 hibit the discontinuance or modification of any such proVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 ceeding under the same terms and conditions and to the 

2 same extent that such proceeding could have been discon3 tinued or modified if this Act had not been enacted. 

4 (c) SUITS.—This Act shall not affect suits com5 menced before the date of the enactment of this Act, and 

6 in all such suits, proceeding shall be had, appeals taken, 

7 and judgments rendered in the same manner and with the 

8 same effect as if this Act had not been enacted. 

9 (d) NONABATEMENT OF ACTIONS.—No suit, action, 

10 or other proceeding commenced by or against an office 

11 transferred by this Act, or by or against any individual 

12 in the official capacity of such individual as an officer or 

13 employee of such an office, shall abate by reason of the 

14 enactment of this Act. 

15 (e) CONTINUANCE OF SUITS.—If any Government of16 ficer in the official capacity of such officer is party to a 

17 suit with respect to a function of the officer, and under 

18 this Act such function is transferred to any other officer 

19 or office, then such suit shall be continued with the other 

20 officer or the head of such other office, as applicable, sub21 stituted or added as a party. 

22 (f) ADMINISTRATIVE PROCEDURE AND JUDICIAL RE23 VIEW.—Except as otherwise provided by this Act, any 

24 statutory requirements relating to notice, hearings, action 

25 upon the record, or administrative or judicial review that 


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1 apply to any function transferred by this Act shall apply 

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

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

4 function is transferred by this Act. 

5 SEC. 14. AVAILABILITY OF EXISTING FUNDS. 

6 Existing appropriations and funds available for the 

7 performance of functions, programs, and activities termi8 nated pursuant to this Act shall remain available, for the 

9 duration of their period of availability, for necessary ex10 penses in connection with the termination and resolution 

11 of such functions, programs, and activities. 

12 SEC. 15. CONFORMING AMENDMENTS AND REPEALS. 

13 (a) REPEAL OF PRIMARY AUTHORIZING STATUTE.— 

14 The Export-Import Bank Act of 1945 (12 U.S.C. 635— 

15 635i–9) is hereby repealed. 

16 (b) ELIMINATION OF RELATED AUTHORIZING PROVI17 SIONS.— 

18 (1) Section 103 of the International Develop19 ment and Finance Act of 1989 (12 U.S.C. 635 note; 

20 Public Law 101–240) is hereby repealed. 

21 (2) Section 303 of the Support for East Euro22 pean Democracy (SEED) Act of 1989 (12 U.S.C. 

23 635 note; Public Law 101–179) is hereby repealed. 


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1 (3) Section 1908 of the Export-Import Bank 

2 Act Amendments of 1978 (12 U.S.C. 635a–1) is 

3 amended— 

4 (A) by striking ‘‘(a)’’; and 

5 (B) by striking subsection (b). 

6 (4) Sections 1911 and 1912 of the Export-Im7 port Bank Act Amendments of 1978 (12 U.S.C. 

8 635a–2 and 635a–3) are hereby repealed. 

9 (5) Section 206 of the Bank Export Services 

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

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

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

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

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

15 635o–635t) are hereby repealed. 

16 (8) Section 534 of the Foreign Operations, Ex17 port Financing, and Related Programs Appropria18 tions Act, 1990 (12 U.S.C. 635g note; Public Law 

19 101–167) is amended by striking subsection (d). 

20 (9) Section 3302 of the Omnibus Trade and 

21 Competitiveness Act of 1988 (12 U.S.C. 635i–3 

22 note; Public Law 100–418) is amended by striking 

23 subsection (a). 

24 (10) Section 1105(a) of title 31, United States 

25 Code, is amended by striking paragraph (34) and reVerDate Sep 11 2014 18:32 Apr 09, 2019 Jkt 089200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H1910.IH H1910

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1 designating the succeeding paragraphs of such sec2 tion as paragraphs (34) through (38), respectively. 

3 (11) Section 9101(3) of title 31, United States 

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

5 (c) ELIMINATION OF RELATED COMPENSATION PRO6 VISIONS.— 

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

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

9 the following item: 

10 ‘‘President of the Export-Import Bank of Wash11 ington.’’. 

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

13 title 5, United States Code, is amended— 

14 (A) by striking the following item: 

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

16 Washington.’’; and 

17 (B) by striking the following item: 

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

19 Bank of Washington.’’. 

20 (d) ELIMINATION OF OFFICE OF INSPECTOR GEN21 ERAL FOR THE BANK.—Section 12 of the Inspector Gen22 eral Act of 1978 (5 U.S.C. App.) is amended— 

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

24 of the Export-Import Bank;’’; and 


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1 (2) in paragraph (2), by striking ‘‘the Export2 Import Bank,’’. 

3 (e) EFFECTIVE DATE.—The repeals and amend4 ments made by this section shall take effect on the abolish5 ment date. 

6 (f) REPORT TO THE CONGRESS ON OTHER AMEND7 MENTS TO FEDERAL STATUTE.—The Secretary shall sub8 mit to the Committee on Financial Services of the House 

9 of Representatives and the Committee on Banking, Hous10 ing, and Urban Affairs of the Senate a written report that 

11 contains suggestions for such other amendments to Fed12 eral statutes as may be necessary or appropriate as a re13 sult of this Act. 

14 SEC. 16. REFERENCES. 

15 Any reference in any other Federal law, Executive 

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

17 document of or pertaining to a department or office from 

18 which a function is transferred by this Act— 

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

20 deemed to refer to the head of the department or of21 fice to which the function is transferred; or 

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

23 refer to the department or office to which the func24 tion is transferred. 


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1 SEC. 17. DEFINITIONS. 

2 In this Act: 

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

4 any duty, obligation, power, authority, responsibility, 

5 right, privilege, activity, or program. 

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

7 office, administration, agency, bureau, institute, 

8 council, unit, organizational entity, or component 

9 thereof. 

Æ 


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