II 

114TH CONGRESS 

1ST SESSION S. 824 

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

purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 19, 2015 

Mrs. SHAHEEN (for herself, Mrs. FEINSTEIN, Mr. FRANKEN, and Mr. 

BLUMENTHAL) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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 ‘‘Promoting U.S. Jobs Through Exports Act of 2015’’. 

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

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—REAUTHORIZATION OF THE EXPORT-IMPORT BANK 

Sec. 101. Limitations on outstanding loans, guarantees, and insurance. 

Sec. 102. Extension of authority. 


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Sec. 103. Reauthorization of the Sub-Saharan Africa Advisory Committee. 

Sec. 104. Reauthorization of dual-use exports. 

TITLE II—EXPANDING BANK SUPPORT FOR UNITED STATES 

EXPORTS 

Sec. 201. Increase in small business lending requirements. 

Sec. 202. Recommendations to increase small business outreach. 

Sec. 203. Technical assistance for small businesses. 

Sec. 204. Exposure limit estimates. 

Sec. 205. Small business and medium-sized enterprises reports. 

Sec. 206. Medium-sized enterprises. 

Sec. 207. Participation and risk-sharing by private sector lenders. 

Sec. 208. Risk-sharing arrangements. 

Sec. 209. Promoting renewable energy exports. 

TITLE III—ETHICS AND FRAUD CONTROLS 

Sec. 301. Codifying the role of the Chief Risk Officer. 

Sec. 302. Reports on ethics requirements of the Bank. 

Sec. 303. Employee financial disclosures. 

Sec. 304. Supplemental ethics regulations. 

Sec. 305. Annual employee certifications. 

TITLE IV—ENHANCING EXTERNAL AUDITS AND REVIEWS 

Sec. 401. Enhanced audit controls. 

Sec. 402. Independent evaluation of Bank portfolio. 

Sec. 403. External review of fraud controls. 

TITLE V—STRENGTHENING PROJECT MONITORING AND DUE 

DILIGENCE 

Sec. 501. Enhanced monitoring and due diligence for structured and project finance transactions. 

Sec. 502. Monitoring plans and post-approval assessments for structured and 

project finance transactions. 

Sec. 503. Reserving the right of inspection. 

TITLE VI—MODERNIZATION OF BANK SYSTEMS 

Sec. 601. Electronic payments and documents. 

Sec. 602. Reauthorization of information technology updating. 

Sec. 603. Information technology modernization. 

Sec. 604. Modernizing the disclosure of environmental reports. 

TITLE VII—LEVELING THE PLAYING FIELD FOR UNITED STATES 

EXPORTERS 

Sec. 701. Leveling the playing field for United States exporters. 

Sec. 702. Prohibiting illegal support of foreign exports. 


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1 TITLE I—REAUTHORIZATION OF 

2 THE EXPORT-IMPORT BANK 

3 SEC. 101. LIMITATIONS ON OUTSTANDING LOANS, GUARAN4 TEES, AND INSURANCE. 

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

6 1945 (12 U.S.C. 635e(a)(2)) is amended to read as fol7 lows: 

8 ‘‘(2) APPLICABLE AMOUNT.—In paragraph (1), 

9 the term ‘applicable amount’ means, for fiscal year 

10 2015 and each fiscal year thereafter, 

11 $140,000,000,000, except that— 

12 ‘‘(A) the applicable amount for fiscal years 

13 2016 and 2017 shall be $145,000,000,000 if 

14 the rate calculated under section 8(g)(1) of this 

15 Act is less than 2 percent for the quarter end16 ing with the beginning of the fiscal year, or for 

17 any quarter in the fiscal year; 

18 ‘‘(B) notwithstanding subparagraph (A), 

19 the applicable amount for fiscal years 2018 and 

20 2019 shall be $150,000,000,000 if the rate cal21 culated under section 8(g)(1) of this Act is less 

22 than 2 percent for the quarter ending with the 

23 beginning of the fiscal year, or for any quarter 

24 in the fiscal year; 


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1 ‘‘(C) notwithstanding subparagraphs (A) 

2 and (B), the applicable amount for fiscal years 

3 2020 and 2021 shall be $155,000,000,000 if 

4 the rate calculated under section 8(g)(1) of this 

5 Act is less than 2 percent for the quarter end6 ing with the beginning of the fiscal year, or for 

7 any quarter in the fiscal year; and 

8 ‘‘(D) notwithstanding subparagraphs (A), 

9 (B), and (C), the applicable amount for fiscal 

10 year 2022 and each fiscal year thereafter shall 

11 be $160,000,000,000 if the rate calculated 

12 under section 8(g)(1) of this Act is less than 2 

13 percent for the quarter ending with the begin14 ning of the fiscal year, or for any quarter in the 

15 fiscal year.’’. 

16 SEC. 102. EXTENSION OF AUTHORITY. 

17 Section 7 of the Export-Import Bank Act of (12 

18 U.S.C. 635f) is amended by striking ‘‘2014’’ and inserting 

19 ‘‘2022’’. 

20 SEC. 103. REAUTHORIZATION OF THE SUB-SAHARAN AFRI21 CA ADVISORY COMMITTEE. 

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

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

24 striking ‘‘September 30, 2014’’ and inserting ‘‘the date 

25 specified in section 7’’. 


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1 SEC. 104. REAUTHORIZATION OF DUAL-USE EXPORTS. 

2 Section 1 of Public Law 103–428 (12 U.S.C. 635 

3 note) is amended by striking subsection (c). 

4 TITLE II—EXPANDING BANK 

5 SUPPORT FOR UNITED 

6 STATES EXPORTS 

7 SEC. 201. INCREASE IN SMALL BUSINESS LENDING RE8 QUIREMENTS. 

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

10 of 1945 (12 U.S.C. 635(b)(1)(E)(v)) is amended by strik11 ing ‘‘20 percent’’ and inserting ‘‘25 percent’’. 

12 SEC. 202. RECOMMENDATIONS TO INCREASE SMALL BUSI13 NESS OUTREACH. 

14 Section 3(d) of the Export-Import Bank Act of 1945 

15 (12 U.S.C. 635a(d)) is amended by adding at the end the 

16 following: 

17 ‘‘(6)(A) The Advisory Committee shall make 

18 recommendations to the Bank on ways to encourage 

19 increased participation by private financial institu20 tions in providing outreach about the Bank to small 

21 business concerns (as defined under section 3(a) of 

22 the Small Business Act (15 U.S.C. 632(a)). 

23 ‘‘(B) The Bank shall— 

24 ‘‘(i) review all recommendations made by 

25 the Advisory Committee under this paragraph 

26 and implement a program to expand outreach 


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1 about the Bank to small business concerns 

2 through increased participation by private fi3 nancial institutions; and 

4 ‘‘(ii) encourage commercial banks, commu5 nity banks, and insurance brokers to expand 

6 their outreach about the Bank to small business 

7 concerns.’’. 

8 SEC. 203. TECHNICAL ASSISTANCE FOR SMALL BUSI9 NESSES. 

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

11 of 1945 (12 U.S.C. 635(b)(1)(E)(i)) is amended by adding 

12 at the end the following: 

13 ‘‘(III) The Bank shall provide technical assistance to 

14 small businesses on how to apply for financial assistance 

15 provided by the Bank (such as through training classes 

16 and online webinars).’’. 

17 SEC. 204. EXPOSURE LIMIT ESTIMATES. 

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

19 (12 U.S.C. 635g) is amended by adding at the end the 

20 following: 

21 ‘‘(k) EXPOSURE LIMIT ESTIMATES.—The Bank shall 

22 include in its annual report to Congress under subsection 

23 (a)— 


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1 ‘‘(1) an estimate of the anticipated demand for 

2 the loan, guarantee, and insurance programs of the 

3 Bank for the 2 succeeding years, disaggregated by— 

4 ‘‘(A) industry sector; 

5 ‘‘(B) whether the products involved are 

6 short-term loans, medium-term loans, long-term 

7 loans, insurance, medium-term loan guarantees, 

8 or long-term loan guarantees; and 

9 ‘‘(C) key market; 

10 ‘‘(2) a justification for the estimate described in 

11 paragraph (1), including a discussion of the factors 

12 which could increase or decrease demand for the 

13 products of the Bank; 

14 ‘‘(3) an analysis of the ability of the Bank to 

15 meet its mandates with respect to small business, 

16 sub-Saharan Africa, and renewable energy under the 

17 estimated exposure limit described in paragraph (1); 

18 and 

19 ‘‘(4) an analysis of the adequacy of the admin20 istrative and programmatic resources of the Bank to 

21 effectively process, approve, and monitor financing 

22 provided by the Bank, including the conducting of 

23 required economic impact analyses and environ24 mental assessments, under the estimated exposure 

25 limit described in paragraph (1).’’. 


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1 SEC. 205. SMALL BUSINESS AND MEDIUM-SIZED ENTER2 PRISES REPORTS. 

3 (a) IN GENERAL.—The Export-Import Bank Act of 

4 1945 (12 U.S.C. 635 et seq.) is amended by inserting 

5 after section 8A the following: 

6 ‘‘SEC. 8B. SMALL BUSINESS CONCERNS AND MEDIUM-SIZED 

7 ENTERPRISES REPORTS. 

8 ‘‘(a) STUDY.—Not later than 360 days after the date 

9 of the enactment of this section, and annually thereafter, 

10 the Bank shall— 

11 ‘‘(1) carry out a study on the financial pro12 grams and products of the Bank that support ex13 ports from small business concerns and enterprises 

14 that use or seek to use the medium-term programs 

15 offered by the Bank, including the programs and 

16 products with respect to the implementation of the 

17 export credit insurance program, delegated lending 

18 authority, and direct loans of the Bank; and 

19 ‘‘(2) determine the extent to which financial 

20 programs and products adequately meet the needs of 

21 small business concerns and enterprises that use or 

22 seek to use the medium-term programs offered by 

23 the Bank in obtaining Bank financing to support the 

24 maintenance or creation of jobs in the United States 

25 through exports, consistent with the policies of the 


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1 Bank and the requirement that the Bank obtain a 

2 reasonable assurance of repayment. 

3 ‘‘(b) REPORT.—On the completion of the study re4 quired under subsection (a), the Bank shall submit to 

5 Congress a report containing— 

6 ‘‘(1) all findings and determinations made by 

7 the Bank in carrying out the study; 

8 ‘‘(2) an analysis of the extent to which small 

9 business concerns and enterprises that use or seek 

10 to use the medium-term programs offered by the 

11 Bank supply exporters with goods and services, the 

12 content of which is included in exports supported by 

13 a Bank program; and 

14 ‘‘(3) recommendations to enhance the support 

15 the Bank may provide small business concerns and 

16 enterprises that use or seek to use the medium-term 

17 programs offered by the Bank. 

18 ‘‘(c) SMALL BUSINESS CONCERN DEFINED.—In this 

19 section, the term ‘small business concern’ has the meaning 

20 given the term under section 3(a) of the Small Business 

21 Act (15 U.S.C. 632(a)).’’. 

22 (b) REPORT ON BANK SUPPORT FOR SMALL AND

23 MEDIUM-SIZED COMPANIES THROUGH SUPPLY

24 CHAINS.—Section 8 of such Act (12 U.S.C. 635g), as 


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1 amended by section 204 of this Act, is amended by adding 

2 at the end the following: 

3 ‘‘(l) BANK SUPPORT FOR SMALL AND MEDIUM-SIZED

4 COMPANIES THROUGH SUPPLY CHAINS.—For each trans5 action with respect to which the Bank is required to notify 

6 Congress under section 3(b)(3), the Bank shall collect in7 formation on the size of each company in the supply chain 

8 with respect to the transaction using the thresholds in the 

9 Statistics of U.S. Businesses of the Census Bureau. The 

10 Bank shall include a summary of the information collected 

11 under this subsection in its annual report to Congress 

12 under subsection (a).’’. 

13 SEC. 206. MEDIUM-SIZED ENTERPRISES. 

14 Section 2(b)(1)(F) of the Export-Import Bank Act 

15 of 1945 (12 U.S.C. 635(b)(1)(F)) is amended to read as 

16 follows: 

17 ‘‘(F) FAIR CONSIDERATION FOR MEDIUM-SIZED EN18 TERPRISES.—In addition to the programs of the Bank to 

19 encourage the participation of small businesses in inter20 national commerce, the policies of the Bank shall give fair 

21 consideration to making loans and providing guarantees 

22 for the export of goods and services by enterprises that 

23 use, or seek to use, the medium-term programs offered 

24 by the Bank.’’. 


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1 SEC. 207. PARTICIPATION AND RISK-SHARING BY PRIVATE 

2 SECTOR LENDERS. 

3 (a) ASSESSMENT REQUIRED.—Not later than 1 year 

4 after the date of the enactment of this Act, the Export5 Import Bank of the United States shall conduct a com6 parative assessment of the practices of export credit agen7 cies of other countries that are major providers of official 

8 export credit and member countries of the Organisation 

9 for Economic Co-operation and Development with respect 

10 to risk- or fee-sharing arrangements, to determine the ex11 tent to which the Bank could take steps to increase the 

12 share of loan-level risk borne by the private sector. 

13 (b) ESTABLISHMENT OF PROGRAMS.—On the conclu14 sion of the assessment required under subsection (a), the 

15 Bank shall, if warranted, establish programs under which 

16 private financial institutions may share risk in the loans, 

17 guarantees, and other products of the Bank in exchange 

18 for receiving fees received from the participants in the pro19 grams. The fees to a private financial institution shall be 

20 commensurate with the level of risk taken by the institu21 tion. 

22 SEC. 208. RISK-SHARING ARRANGEMENTS. 

23 (a) IN GENERAL.—Section 2(c)(2) of the Export-Im24 port Bank Act of 1945 (12 U.S.C. 635(c)(2)) is amend25 ed— 


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1 (1) by striking ‘‘(2) The Bank’’ and inserting 

2 the following: 

3 ‘‘(2) GUARANTEES, INSURANCE, COINSURANCE, AND

4 REINSURANCE.— 

5 ‘‘(A) IN GENERAL.—The Bank’’; and 

6 (2) by adding after and below the end the fol7 lowing new subparagraph: 

8 ‘‘(B) EXPANSION OF RISK-SHARING ACTIVITIES.— 

9 ‘‘(i) IN GENERAL.—In furtherance of subpara10 graph (A), in order to expand activities that reduce 

11 the share of risk borne by the Bank, the Bank may 

12 enter into contracts of reinsurance, co-finance, or 

13 other risk-sharing arrangements with respect to the 

14 Bank’s portfolio or individual transactions with in15 surance companies, financial institutions, or export 

16 credit agencies. 

17 ‘‘(ii) LIMITATION.—The total amount of out18 standing risk-sharing arrangements entered into 

19 under clause (i) shall not exceed $25,000,000,000. 

20 ‘‘(iii) SPECIAL RULE.— 

21 ‘‘(I) IN GENERAL.—To the extent that a 

22 loan, guarantee, or insurance obligation of the 

23 Bank is covered by a risk-sharing arrangement 

24 entered into under clause (i) with an entity that 

25 meets the standards of creditworthiness estabVerDate Sep 11 2014 04:19 Mar 27, 2015 Jkt 049200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\S824.IS S824

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1 lished under subclause (II), the obligation shall 

2 be discounted by an amount that reflects the 

3 extent to which the Bank has reduced its over4 all risk exposure as a result of the risk-sharing 

5 arrangement for the purposes of section 

6 6(a)(1). 

7 ‘‘(II) CREDITWORTHINESS STANDARDS.— 

8 The Bank shall establish the standards of cred9 itworthiness referred to in subclause (I) in con10 sultation with Federal banking and securities 

11 regulators and participants in the Interagency 

12 Country Risk Assessment System.’’. 

13 (b) PROGRESS REPORTS.—Section 8 of such Act (12 

14 U.S.C. 635g), as amended by sections 204 and 205(b) of 

15 this Act, is further amended by adding at the end the fol16 lowing: 

17 ‘‘(m) PROGRESS REPORT ON EXPANSION OF RISK18 SHARING ACTIVITIES.—The Bank shall include in its an19 nual report to Congress under subsection (a) a summary 

20 of— 

21 ‘‘(1) the extent to which the Bank has exercised 

22 the authority provided in section 2(c)(2)(B)(i); and 

23 ‘‘(2) the experience of the Bank in exercising 

24 such authority, including any lessons learned from 

25 exercising such authority.’’. 


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1 SEC. 209. PROMOTING RENEWABLE ENERGY EXPORTS. 

2 (a) IN GENERAL.—Not later than 1 year after the 

3 date of the enactment of this Act, the Export-Import 

4 Bank of the United States shall develop a clear and com5 prehensive strategic plan to identify how to most effec6 tively promote the export of goods and services related to 

7 renewable energy and end-use energy efficiency tech8 nology. 

9 (b) ELEMENTS.—The strategic plan required by sub10 section (a) shall include— 

11 (1) an assessment of the adequacy of resources, 

12 including the allocation of human capital and admin13 istrative funds, to meet the goal of allocating at least 

14 10 percent of the Bank’s aggregate financing to re15 newable energy or end-use energy efficiency tech16 nology related transactions; 

17 (2) benchmarks used to measure progress to18 wards meeting the goal described in paragraph (1); 

19 (3) outreach to stakeholders, including State20 level trade promotion agencies, environmental indus21 try associations and experts, delegated lenders, and 

22 others as determined by the President of the Bank 

23 to be appropriate; 

24 (4) an assessment of external and internal fac25 tors affecting progress towards meeting the goal de26 scribed in paragraph (1); and 


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1 (5) the specific steps the Bank will take 

2 through fiscal year 2022 to achieve the goal de3 scribed in paragraph (1). 

4 TITLE III—ETHICS AND FRAUD 

5 CONTROLS 

6 SEC. 301. CODIFYING THE ROLE OF THE CHIEF RISK OFFI7 CER. 

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

9 (12 U.S.C. 635a) is amended by adding at the end the 

10 following: 

11 ‘‘(k) CHIEF RISK OFFICER.— 

12 ‘‘(1) IN GENERAL.—Subject to the approval of 

13 the Board of Directors of the Bank, the President 

14 of the Bank shall appoint, from among individuals 

15 with experience at a senior level in financial risk 

16 management, a Chief Risk Officer— 

17 ‘‘(A) who shall rank not lower than senior 

18 vice president; 

19 ‘‘(B) whose sole function shall be to serve 

20 as the Chief Risk Officer of the Bank; and 

21 ‘‘(C) who shall report directly to the Presi22 dent of the Bank. 

23 ‘‘(2) DUTIES.—The Chief Risk Officer shall de24 velop, implement, and manage a comprehensive procVerDate Sep 11 2014 04:19 Mar 27, 2015 Jkt 049200 PO 00000 Frm 00015 Fmt 6652 Sfmt 6201 E:\BILLS\S824.IS S824

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1 ess for identifying, assessing, monitoring, and reduc2 ing Bank-wide risk.’’. 

3 SEC. 302. REPORTS ON ETHICS REQUIREMENTS OF THE 

4 BANK. 

5 Not later than 180 days after the date of the enact6 ment of this Act— 

7 (1) the Export-Import Bank of the United 

8 States shall submit to the Committee on Financial 

9 Services of the House of Representatives and the 

10 Committee on Banking, Housing, and Urban Affairs 

11 of the Senate a report that provides a detailed de12 scription of the ethics programs of the Bank, includ13 ing the applicable laws and regulations, ethics train14 ing programs, financial disclosure requirements, 

15 fraud detection training programs, advice rendered 

16 on ethics, conflicts of interest, protocols with the In17 spector General, and any other matters relating 

18 thereto; and 

19 (2) the Director of the Office of Government 

20 Ethics shall submit to the Committee on Financial 

21 Services of the House of Representatives and the 

22 Committee on Banking, Housing, and Urban Affairs 

23 of the Senate a report reviewing the ethics program 

24 of the Bank that— 


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1 (A) evaluates compliance by the Bank with 

2 ethics requirements set forth in relevant laws, 

3 regulations, and policies; and 

4 (B) evaluates the systems, processes, and 

5 procedures of the Bank for administering the 

6 ethics program of the Bank. 

7 SEC. 303. EMPLOYEE FINANCIAL DISCLOSURES. 

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

9 (12 U.S.C. 635g), as amended by sections 204, 205(b), 

10 and 208(b) of this Act, is further amended by adding at 

11 the end the following: 

12 ‘‘(n) EMPLOYEE FINANCIAL DISCLOSURES.—The 

13 Bank shall include in its annual report to Congress under 

14 subsection (a) the total number of Bank employees who 

15 are required to file a financial disclosure statement pursu16 ant to the Ethics in Government Act of 1978 (5 U.S.C. 

17 App.), a clear and concise summary of the financial disclo18 sure requirements that apply to Bank employees, and a 

19 summary of the rights of the public to access financial 

20 disclosures made by Bank employees.’’. 

21 SEC. 304. SUPPLEMENTAL ETHICS REGULATIONS. 

22 Not later than 1 year after the date of the enactment 

23 of this Act, the Export-Import Bank of the United States 

24 shall conduct a risk assessment of the vulnerability of its 

25 programs to employee misconduct based upon a historical 


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1 review of adverse employment actions taken by the Bank 

2 and, if appropriate, shall issue updated supplemental 

3 standards of ethical conduct for employees of the Bank 

4 pursuant to the Ethics in Government Act of 1978 (5 

5 U.S.C. App.). 

6 SEC. 305. ANNUAL EMPLOYEE CERTIFICATIONS. 

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

8 (12 U.S.C. 635a), as amended by section 301 of this Act, 

9 is amended by adding at the end the following: 

10 ‘‘(l) ANNUAL EMPLOYEE CERTIFICATIONS.—The 

11 President of the Bank shall implement a policy that re12 quires all directors, officers, and employees of the Bank 

13 to certify annually that they have read, understand, and 

14 complied with, and will continue to comply with, the 

15 Standards of Ethical Conduct for Employees of the Execu16 tive Branch under part 2635 of title 5, Code of Federal 

17 Regulations. The annual certifications shall contain a 

18 statement that notifies the signatory that section 1001 of 

19 title 18, United States Code, applies to the certification.’’. 

20 TITLE IV—ENHANCING EXTER21 NAL AUDITS AND REVIEWS 

22 SEC. 401. ENHANCED AUDIT CONTROLS. 

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: 


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1 ‘‘(k) CORPORATE GOVERNANCE AND INTERNAL CON2 TROLS.— 

3 ‘‘(1) AUDIT TRAIL.—The Bank shall ensure 

4 complete and accurate records are maintained to 

5 provide an audit trail for each transaction subject to 

6 approval by the Board from application through 

7 close-out, including eligibility and due diligence. 

8 ‘‘(2) QUALITY CONTROL REVIEW PROGRAM.— 

9 The Bank shall establish a quality control review 

10 program to ensure compliance with Bank policies 

11 and the accuracy of records for all types of trans12 actions subject to approval by the Board.’’. 

13 SEC. 402. INDEPENDENT EVALUATION OF BANK PORT14 FOLIO. 

15 (a) AUDIT.—The Inspector General of the Export16 Import Bank of the United States shall conduct an audit 

17 or evaluation of the portfolio risk management procedures 

18 of the Bank, including a review of the implementation by 

19 the Bank of the duties assigned to the Chief Risk Officer 

20 under section 3(k) of the Export-Import Bank Act of 

21 1945, as added by section 301 of this Act. 

22 (b) REPORT.—Not later than 18 months after the 

23 date the Board of Directors of the Bank approves the ap24 pointment of the Chief Risk Officer, the Inspector General 

25 shall submit to the Committee on Financial Services of 


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1 the House of Representatives and the Committee on 

2 Banking, Housing, and Urban Affairs of the Senate a 

3 written report containing all findings and determinations 

4 made in carrying out subsection (a). 

5 SEC. 403. EXTERNAL REVIEW OF FRAUD CONTROLS. 

6 Section 17(b) of the Export-Import Bank Reauthor7 ization Act of 2012 (12 U.S.C. 635a–6(b)) is amended 

8 to read as follows: 

9 ‘‘(b) REVIEW OF FRAUD CONTROLS.—Not less fre10 quently than every 4 years, the Comptroller General of 

11 the United States shall— 

12 ‘‘(1) review the adequacy of the design and ef13 fectiveness of the controls used by the Export-Im14 port Bank of the United States to prevent, detect, 

15 and investigate fraudulent applications for loans and 

16 guarantees and the compliance by the Bank with the 

17 controls, including by auditing a sample of Bank 

18 transactions; and 

19 ‘‘(2) submit to the Committees on Financial 

20 Services and Appropriations of the House of Rep21 resentatives and the Committees on Banking, Hous22 ing, and Urban Affairs and Appropriations of the 

23 Senate a written report regarding the findings of the 

24 review and providing such recommendations with reVerDate Sep 11 2014 04:19 Mar 27, 2015 Jkt 049200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S824.IS S824

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1 spect to the controls described in paragraph (1) as 

2 the Comptroller General deems appropriate.’’. 

3 TITLE V—STRENGTHENING 

4 PROJECT MONITORING AND 

5 DUE DILIGENCE 

6 SEC. 501. ENHANCED MONITORING AND DUE DILIGENCE 

7 FOR STRUCTURED AND PROJECT FINANCE 

8 TRANSACTIONS. 

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

10 (12 U.S.C. 635), as amended by section 401 of this Act, 

11 is further amended by adding at the end the following: 

12 ‘‘(l) CUSTOMER AND REPUTATIONAL ASSESS13 MENTS.—The Bank shall perform or cause to be per14 formed ‘risk-based due diligence’, ‘know your customer’, 

15 and ‘character, reputational, and transaction integrity’ as16 sessments (as those terms are defined by the Bank) of 

17 persons who benefit directly from Bank financing in struc18 tured finance and project finance transactions, to the ex19 tent practicable.’’. 

20 SEC. 502. MONITORING PLANS AND POST-APPROVAL AS21 SESSMENTS FOR STRUCTURED AND PROJECT 

22 FINANCE TRANSACTIONS. 

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

24 (12 U.S.C. 635), as amended by sections 401 and 501 


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1 of this Act, is further amended by adding at the end the 

2 following: 

3 ‘‘(m) INDIVIDUALIZED PLANS.— 

4 ‘‘(1) IN GENERAL.—The Bank shall develop a 

5 specific monitoring plan for each structured finance 

6 or project finance transaction prior to final approval 

7 by the Board that addresses the specific risks pre8 sented by the structure of the deal, including the fi9 nancial stability of the sponsor of the project, risks 

10 of unproven technology, social and environmental 

11 conditions, and interest rate or exchange rate vola12 tility. 

13 ‘‘(2) ELEMENTS.—A plan required by para14 graph (1) with respect to a transaction shall include, 

15 at a minimum— 

16 ‘‘(A) a review of financial statements; 

17 ‘‘(B) a review of engineering reports; 

18 ‘‘(C) a review of environmental assess19 ments; and 

20 ‘‘(D) site visits for engineers and members 

21 of the Asset Management Division of the Bank. 

22 ‘‘(n) POST-APPROVAL REVIEW.—The Bank shall— 

23 ‘‘(1) review each structured finance and project 

24 finance transaction referred to in subsection (m) not 

25 later than 2 years after funds are first disbursed for 


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1 the transaction, on a regular and ongoing basis as 

2 appropriate thereafter, and not later than 1 year 

3 after the final disbursement of funds with respect to 

4 the transaction; and 

5 ‘‘(2) submit to the Committee on Financial 

6 Services of the House of Representatives and the 

7 Committee on Banking, Housing, and Urban Affairs 

8 of the Senate a report summarizing all findings and 

9 determinations made in each review conducted under 

10 paragraph (1), subject to protections for business 

11 confidential information.’’. 

12 SEC. 503. RESERVING THE RIGHT OF INSPECTION. 

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

14 (12 U.S.C. 635), as amended by sections 401, 501, and 

15 502 of this Act, is further amended by adding at the end 

16 the following: 

17 ‘‘(o) MONITORING OF TRANSACTIONS THAT ARE

18 SUBJECT TO BOARD APPROVAL.— 

19 ‘‘(1) RIGHT OF INSPECTION.—The Bank, or its 

20 agent, shall reserve the right of inspection in any 

21 credit agreement for a transaction subject to the ap22 proval of the Board of Directors sufficient to vali23 date that disbursements pursuant to the agreement 

24 comply with the law and the policies and procedures 

25 of the Bank. The right of inspection shall include a 


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1 right to examine the books and records of the obli2 gor regarding the transaction. 

3 ‘‘(2) STAFFING.—The Bank shall ensure that 

4 sufficient staff are allocated to monitor and validate 

5 compliance by obligors with respect to transactions 

6 subject to the approval of the Board of Directors.’’. 

7 TITLE VI—MODERNIZATION OF 

8 BANK SYSTEMS 

9 SEC. 601. ELECTRONIC PAYMENTS AND DOCUMENTS. 

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

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

12 (1) by striking ‘‘The Bank’’ and inserting ‘‘(i) 

13 The Bank’’; and 

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

15 ‘‘(ii) Not later than 30 months after the date of the 

16 enactment of the Promoting U.S. Jobs Through Exports 

17 Act of 2015, the Bank shall implement policies— 

18 ‘‘(I) to accept electronic documents whenever 

19 possible, including copies of bills of lading, certifi20 cations, and compliance documents, in such a man21 ner as will not undermine any potential civil or 

22 criminal enforcement related to the transaction; and 

23 ‘‘(II) to accept electronic payments in all of its 

24 programs.’’. 


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1 SEC. 602. REAUTHORIZATION OF INFORMATION TECH2 NOLOGY UPDATING. 

3 Section 3(j) of the Export-Import Act of 1945 (12 

4 U.S.C. 635a(j)) is amended— 

5 (1) in the subsection heading, by striking 

6 ‘‘BANK SURPLUS’’ and inserting ‘‘ADMINISTRATIVE

7 FUNDS’’; 

8 (2) in paragraph (1), by striking ‘‘Subject to 

9 paragraphs (3) and (4), the Bank may use an 

10 amount equal to 1.25 percent of the surplus of the 

11 Bank during fiscal years 2012, 2013, and 2014 to’’ 

12 and inserting ‘‘Subject to paragraphs (2) and (3), 

13 the Bank may use amounts made available to the 

14 Bank for administrative expenses, including fees for 

15 systems infrastructure, to’’; 

16 (3) by striking paragraph (2) and redesignating 

17 paragraphs (3) and (4) as paragraphs (2) and (3), 

18 respectively; and 

19 (4) in paragraph (2) (as so redesignated), by 

20 striking ‘‘for fiscal years 2012, 2013, and 2014 shall 

21 not exceed $20,000,000’’ and inserting ‘‘, for the pe22 riod beginning on the date of the enactment of the 

23 Promoting U.S. Jobs Through Exports Act of 2015 

24 and ending on the date specified in section 7, shall 

25 not exceed $45,000,000’’. 


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1 SEC. 603. INFORMATION TECHNOLOGY MODERNIZATION. 

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

3 (12 U.S.C. 635a), as amended by sections 301 and 305 

4 of this Act, is further amended by adding at the end the 

5 following: 

6 ‘‘(m) INFORMATION TECHNOLOGY INFRASTRUCTURE

7 ASSESSMENT AND PLAN.—The Bank shall— 

8 ‘‘(1) conduct an assessment of its information 

9 technology infrastructure and its use of information 

10 technology; and 

11 ‘‘(2) develop a clear and comprehensive infor12 mation technology strategic plan that— 

13 ‘‘(A) meets the requirements of the Office 

14 of Management and Budget; 

15 ‘‘(B) takes into account best practices re16 lated to the security and privacy of the informa17 tion technology infrastructure and networks of 

18 the Bank; 

19 ‘‘(C) promotes technological innovation in 

20 order to enhance the efficiency and quality of 

21 services provided to users of the Bank, particu22 larly small businesses and their customers; 

23 ‘‘(D) includes a detailed assessment of the 

24 cost associated with implementing the plan, in25 cluding whether additional administrative funds 

26 are necessary to effectively implement the plan, 


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1 and, if so, a detailed justification summarizing 

2 how the additional funds will be spent. 

3 ‘‘(n) DATA MANAGEMENT POLICY.—The Bank shall 

4 develop formal data management policy and procedures 

5 that— 

6 ‘‘(1) ensure complete and accurate data with re7 spect to participants in the Bank’s programs is cap8 tured in the database of the Bank in a readily acces9 sible medium; and 

10 ‘‘(2) define which information is required for 

11 reporting purposes.’’. 

12 SEC. 604. MODERNIZING THE DISCLOSURE OF ENVIRON13 MENTAL REPORTS. 

14 Section 11 of the Export-Import Bank Act of 1945 

15 (12 U.S.C. 635i–5) is amended— 

16 (1) in subsection (a)(1), by striking ‘‘Such pro17 cedures shall provide’’ and all that follows through 

18 ‘‘The preceding sentence’’ and inserting the fol19 lowing: ‘‘Such procedures shall provide for the public 

20 disclosure on the Bank’s website of environmental 

21 assessments and supplemental environmental reports 

22 required to be submitted to the Bank, including re23 mediation or mitigation plans and procedures, and 

24 related monitoring reports. Public disclosure of re25 ports under the preceding sentence shall be provided 


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1 for not later than 15 business days after the Bank 

2 receives the reports. The preceding sentences’’; and 

3 (2) in subsection (b)— 

4 (A) by striking ‘‘(b)’’ and all that follows 

5 through ‘‘The Bank’’ and inserting the fol6 lowing: 

7 ‘‘(b) USE OF BANK PROGRAMS TO ENCOURAGE CER8 TAIN EXPORT.—The Bank’’; and 

9 (B) by striking paragraph (2). 

10 TITLE VII—LEVELING THE PLAY11 ING FIELD FOR UNITED 

12 STATES EXPORTERS 

13 SEC. 701. LEVELING THE PLAYING FIELD FOR UNITED 

14 STATES EXPORTERS. 

15 Section 11 of the Export-Import Bank Reauthoriza16 tion Act of 2012 (12 U.S.C. 635a–5) is amended by strik17 ing subsections (a) and (b) and inserting the following: 

18 ‘‘(a) NEGOTIATIONS TO BRING NON-OECD MEM19 BERS INTO THE OECD ARRANGEMENT ON OFFICIALLY

20 SUPPORTED EXPORT CREDITS.—The Secretary of the 

21 Treasury shall initiate and pursue negotiations with coun22 tries that are not members of the Organisation for Eco23 nomic Co-operation and Development to bring those coun24 tries into a multilateral agreement establishing rules and 

25 limitations on officially supported export credits. 


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1 ‘‘(b) ANNUAL REPORTS ON PROGRESS OF NEGOTIA2 TIONS.—Not later than 180 days after the date of the en3 actment of the Promoting U.S. Jobs Through Exports Act 

4 of 2015, and annually thereafter through calendar year 

5 2022, the Secretary shall submit to the Committee on Fi6 nancial Services of the House of Representatives and the 

7 Committee on Banking, Housing, and Urban Affairs of 

8 the Senate a report on the progress of any negotiations 

9 described in subsection (a).’’. 

10 SEC. 702. PROHIBITING ILLEGAL SUPPORT OF FOREIGN EX11 PORTS. 

12 The United States Trade Representative shall— 

13 (1) seek to identify the extent to which coun14 tries that are members of the World Trade Organi15 zation and are not parties to the Arrangement on 

16 Officially Supported Export Credits of the 

17 Organisation for Economic Co-operation and Devel18 opment are in compliance with the terms of the 

19 Agreement on Subsidies and Countervailing Meas20 ures referred to in section 101(d)(12) of the Uru21 guay Round Agreements Act (19 U.S.C. 

22 3511(d)(12)) with respect to export finance; and 


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1 (2) seek appropriate action within the World 

2 Trade Organization for each country that is not in 

3 compliance with the terms of that Agreement. 

Æ 


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