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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘United States Export 
Finance Agency Act of 2019’’. 
SEC. 2. TABLE OF CONTENTS. 
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 export-
ers. 
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 ter-
rorism. 
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. 
SEC. 3. FINDINGS. 
The Congress finds as follows: 
(1) The Export-Import Bank of the United 
States (EXIM)—the official export credit agency of 
the United States—is designed to help create and 
support U.S. jobs by providing American exporters 
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with the financing tools necessary to compete in the 
global markets. 
(2) Over its 85-year history, under both Repub-
lican and Democratic administrations, the Export- 
Import Bank of the United States has been reau-
thorized 17 times with large bipartisan majorities in 
Congress. 
(3) Over the last 10 years, the Export-Import 
Bank of the United States has financed more than 
$186,000,000,000 in authorizations supporting more 
than $255,000,000,000 in United States exports 
and supported 1,600,000 United States jobs in all 
50 states; in fiscal year 2018, EXIM authorized 
$3,300,000,000 in financing and supported an esti-
mated 33,000 United States jobs. 
(4) By its charter, it is the policy of the United 
States that the Export-Import Bank of the United 
States should not compete with the private sector, 
but rather to fill export financing gaps through its 
insurance, loan guarantee, and direct lending pro-
grams when the private sector is unable or unwilling 
to do so. 
(5) With more than 100 export credit agencies 
globally, the Export-Import Bank of the United 
States, if appropriately utilized, can level the playing 
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field to ensure that United States companies will not 
lose out on a sale of United States exports because 
of financing terms offered by foreign governments. 
(6) In fiscal year 2018, 90.5 percent of the Ex-
port-Import Bank of the United States’ authoriza-
tions directly supported small businesses, including 
315 small businesses that used the Export-Import 
Bank of the United States for the first time. 
(7) In fiscal year 2014, when the Export-Im-
port Bank of the United States was last fully oper-
ational, EXIM authorized $751,000,000 to support 
minority- and women-owned business exports. 
(8) In fiscal year 2018, the Export-Import 
Bank of the United States approved $451,400,000 
in support of minority- or woman-owned businesses, 
which accounted for 21 percent of total small busi-
ness authorizations. 
(9) The charter of the Export-Import Bank of 
the United States requires the Bank to lend only if 
there exists reasonable assurance that it will be re-
paid, and Congress subjects EXIM to statutory re-
strictions and oversight to safeguard its fiscal sound-
ness, limit mismanagement, and prevent corruption. 
(10) EXIM was last reauthorized in December 
2015, and its charter expires September 30, 2019. 
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(11) Despite bicameral support for the Bank’s 
reauthorization in 2015, the Senate did not confirm 
the directors of EXIM until May 2019. As a result, 
the Bank did not have a quorum and could not ap-
prove transactions over $10,000,000. 
SEC. 4. RENAMING OF THE EXPORT-IMPORT BANK OF THE 
UNITED STATES. 
(a) IN GENERAL.—The Export-Import Bank of the 
United States is hereby redesignated as the United States 
Export Finance Agency. 
(b) REFERENCES.—Any reference to the Export-Im-
port Bank of the United States in any law, rule, regula-
tion, certificate, directive, instruction, or other official 
paper in force on the date of the enactment of this Act 
shall be considered to refer and apply to the United States 
Export Finance Agency. 
TITLE 
I—PROMOTING 
UNITED 
STATES LEADERSHIP AND IN-
NOVATION 
SEC. 101. AUTHORIZATION PERIOD. 
Section 7 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635f) is amended by striking ‘‘2019’’ and in-
serting ‘‘2026’’. 
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‘‘(iv) Wireless communications equip-
ment (including 5G or subsequent wireless 
technologies). 
‘‘(v) Quantum computing. 
‘‘(vi) Renewable energy, energy effi-
ciency, and energy storage. 
‘‘(vii) Semiconductor and semicon-
ductor machinery manufacturing. 
‘‘(viii) 
Emerging 
financial 
tech-
nologies, including technologies that facili-
tate— 
‘‘(I) financial inclusion through 
increased access to capital and finan-
cial services; 
‘‘(II) data security and privacy; 
‘‘(III) payments, the transfer of 
funds, and associated messaging serv-
ices; and 
‘‘(IV) efforts to combat money 
laundering and the financing of ter-
rorism. 
‘‘(ix) Associated services necessary for 
use of any of the foregoing exports. 
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‘‘(2) COVERED COUNTRIES.—In this subsection, 
the term ‘covered country’ means any country 
that— 
‘‘(A) the Secretary of the Treasury des-
ignates as a covered country in a report to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Development of the 
Senate; and 
‘‘(B) is not a participant in the Arrange-
ment on Officially Supported Export Credits of 
the Organization for Economic Cooperation and 
Development (in this subsection referred to as 
the ‘Arrangement’); and 
‘‘(C) is not in substantial compliance with 
the financial terms and conditions of the Ar-
rangement. 
‘‘(3) FINANCING.— 
‘‘(A) IN GENERAL.—It shall be a goal of 
the Agency to reserve not less than 20 percent 
of the applicable amount (as defined in section 
6(a)(2)) for support made pursuant to the Pro-
gram on China and Transformational Exports. 
‘‘(B) EXCEPTION.—The Secretary of the 
Treasury may reduce or eliminate the 20 per-
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cent goal in subparagraph (A), on reporting to 
the Committee on Financial Services of the 
House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate that the People’s Republic of China is in 
substantial compliance with— 
‘‘(i) the financial terms and conditions 
of the Arrangement; and 
‘‘(ii) the rules and principles of the 
Paris Club. 
‘‘(C) SUNSET AND REPORT.—The program 
established under paragraph (1) shall expire on 
September 30, 2026. Not later than 4 years 
after enactment of this subsection, the Presi-
dent of the Agency shall submit a report to the 
Committee on Financial Services of the House 
of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate 
assessing the following: 
‘‘(i) The capacity and demand of 
United States entities to export goods and 
services in the areas described in para-
graph (1)(B) in consultation with the Sec-
retary of Commerce. 
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‘‘(ii) The availability of private-sector 
financing for exports in the areas. 
‘‘(iii) The feasibility and advisability 
of continuing the goal of subparagraph (A) 
of this paragraph with respect to para-
graph (1)(B) after September 30, 2026. 
‘‘(D) NATIONAL
ADVISORY
COUNCIL
ON 
INTERNATIONAL
FINANCIAL
AND
MONETARY 
PROBLEMS.—The National Advisory Council on 
International Financial and Monetary Problems 
shall ensure that Agency authorizations pursu-
ant to the Program on China and Trans-
formational Exports are considered or reviewed 
expeditiously, consistent with the other credit 
standards required by law.’’. 
(b) REQUIRED REPORTING.—Section 8 of such Act 
(12 U.S.C. 635g) is amended by adding at the end the 
following: 
‘‘(l) REPORT ON AUTHORIZATIONS UNDER THE PRO-
GRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.— 
The Agency shall include in its annual report to Congress 
under subsection (a) a narrative and financial summary 
of the authorizations made under the Program on China 
and Transformational Exports.’’. 
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(c) RULE OF CONSTRUCTION.—Nothing in section 
2(l)(1)(B) of the Export-Import Bank Act of 1945 shall 
be construed to weaken any export controls affecting crit-
ical technologies (as defined in section 721(a)(6)(A) of the 
Defense 
Production 
Act 
of 
1950 
(50 
U.S.C. 
4565(a)(6)(A))). 
SEC. 104. STRENGTHENING SUPPORT FOR U.S. SMALL BUSI-
NESSES. 
(a) INCREASING SMALL BUSINESS THRESHOLD.— 
Section 2(b)(1)(E)(v) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(b)(1)(E)(v)) is amended— 
(1) by striking ‘‘25 percent of such authority 
for each fiscal year’’ and inserting ‘‘25 percent of 
such authority for each of fiscal years 2020, 2021, 
and 2022, and 30 percent of such authority for each 
fiscal year thereafter’’; and 
(2) by adding at the end the following: ‘‘For the 
purpose of calculating the amounts of authority re-
quired under this clause, the Agency shall, with re-
spect to insurance, exclude unutilized authorizations 
that terminated during the fiscal year.’’. 
(b) 
SMALL
BUSINESS
POLICY.—Section 
2(b)(1)(E)(i)(I) 
of 
such 
Act 
(12 
U.S.C. 
635(b)(1)(E)(i)(I)) is amended to read as follows: 
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‘‘(I) It is further the policy of the United States to 
encourage the participation of small business (including 
women-owned businesses, minority- owned businesses, vet-
eran-owned businesses, businesses owned by persons with 
disabilities, and businesses in rural areas) and start-up 
businesses in international commerce, and to educate the 
public about how to export goods using the United States 
Export Finance Agency.’’. 
SEC. 105. OFFICE OF MINORITY AND WOMEN INCLUSION. 
(a) IN GENERAL.—Section 3(i) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635a(i)) is amended to read 
as follows: 
‘‘(i) OFFICE
OF MINORITY
AND WOMEN INCLU-
SION.— 
‘‘(1) ESTABLISHMENT.—The Agency shall es-
tablish an Office of Minority and Women Inclusion 
which shall be responsible for carrying out this sub-
section and all matters relating to diversity in man-
agement, employment, and business activities in ac-
cordance with such standards and requirements as 
the Director of the Office shall establish. 
‘‘(2) TRANSFER
OF
RESPONSIBILITIES.—The 
Agency shall ensure that, to the extent that the re-
sponsibilities described in paragraph (1) (or com-
parable responsibilities) were, as of the date of the 
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enactment of this subsection, performed by another 
office of the Agency, the responsibilities shall be 
transferred to the Office. 
‘‘(3) DUTIES WITH RESPECT TO CIVIL RIGHTS 
LAWS.—The responsibilities described in paragraph 
(1) shall not include enforcement of statutes, regula-
tions, or executive orders pertaining to civil rights, 
except that the Director of the Office shall coordi-
nate with the President of the Agency, or the des-
ignee of the President of the Agency, regarding the 
design and implementation of any remedies resulting 
from violations of the statutes, regulations, or execu-
tive orders. 
‘‘(4) DIRECTOR.— 
‘‘(A) IN GENERAL.—The Director of the 
Office shall be appointed by, and shall report 
directly to, the President of the Agency. The 
position of Director of the Office shall be a ca-
reer reserved position in the Senior Executive 
Service, as that position is defined in section 
3132 of title 5, United States Code, or an 
equivalent designation. 
‘‘(B) DUTIES.—The Director shall— 
‘‘(i) develop standards for equal em-
ployment opportunity and the racial, eth-
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nic, and gender diversity of the workforce 
and senior management of the Agency; 
‘‘(ii) develop standards for increased 
participation 
of 
minority-owned 
and 
women-owned businesses in the programs 
and contracts of the Agency, including 
standards for coordinating technical assist-
ance to the businesses; and 
‘‘(iii) enhance the outreach activities 
of the Agency with respect to, and increase 
the total amount of loans, guarantees, and 
insurance provided by the Agency to sup-
port exports by socially and economically 
disadvantaged small business concerns (as 
defined in section 8(a)(4) of the Small 
Business Act) and small business concerns 
owned by women. 
‘‘(C) OTHER DUTIES.—The Director shall 
advise the President of the Agency on the im-
pact of the policies of the Agency on minority- 
owned and women-owned businesses. 
‘‘(5) INCLUSION IN ALL LEVELS OF BUSINESS 
ACTIVITIES.— 
‘‘(A) CONTRACTS.—The Director of the 
Office shall develop and implement standards 
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and procedures to ensure, to the maximum ex-
tent possible, the inclusion and utilization of 
minorities (as defined in section 1204(c) of the 
Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1811 
note)) and women, and minority- and women- 
owned businesses (as such terms are defined in 
section 21A(r)(4) of the Federal Home Loan 
Bank Act (12 U.S.C. 1441a(r)(4)) in all busi-
ness and activities of the Agency at all levels, 
including in procurement, insurance, and all 
types of contracts. The processes established by 
the Agency for review and evaluation for con-
tract proposals and to hire service providers 
shall include a component that gives consider-
ation to the diversity of the applicant. 
‘‘(B) 
APPLICABILITY.—This 
subsection 
shall apply to all contracts for services of any 
kind, including all contracts for all business and 
activities of the Agency, at all levels. 
‘‘(C) OUTREACH.—The Agency shall estab-
lish a minority outreach program to ensure the 
inclusion (to the maximum extent possible) in 
contracts entered into by the enterprises of mi-
norities and women and businesses owned by 
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minorities and women, including financial insti-
tutions, investment banking firms, under-
writers, accountants, brokers, and providers of 
legal services. 
‘‘(6) DIVERSITY IN AGENCY WORKFORCE.—The 
Agency shall take affirmative steps to seek diversity 
in its workforce at all levels of the Agency consistent 
with the demographic diversity of the United States, 
in a manner consistent with applicable law, includ-
ing— 
‘‘(A) to the extent the Agency engages in 
recruitment efforts to fill vacancies— 
‘‘(i) recruiting at historically Black 
colleges and universities, Hispanic-serving 
institutions, women’s colleges, and colleges 
that typically serve majority minority pop-
ulations; and 
‘‘(ii) recruiting at job fairs in urban 
communities, and placing employment ad-
vertisements in newspapers and magazines 
oriented toward women and people of 
color; 
‘‘(B) partnering with organizations that 
are focused on developing opportunities for mi-
norities and women to place talented young mi-
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norities and women in industry internships, 
summer employment, and full-time positions; 
and 
‘‘(C) by use of any other mass media com-
munications that the Director of the Office de-
termines necessary.’’. 
(b) INCLUSION IN ANNUAL REPORT.—Section 8 of 
such Act (12 U.S.C. 635g), as amended by section 103(b) 
of this Act, is amended by adding at the end the following: 
‘‘(m) OFFICE OF MINORITY AND WOMEN INCLU-
SION.—The Agency shall include in its annual report to 
the Congress under subsection (a) a report from the Office 
of Minority and Women Inclusion regarding the actions 
taken by the Agency and the Office pursuant to section 
3(i), which shall include— 
‘‘(1) a statement of the total amounts paid by 
the Agency to contractors since the most recent re-
port under this subsection; 
‘‘(2) the percentage of the amounts described in 
paragraph (1) that were paid to contractors as de-
scribed in section 3(i)(5)(A); 
‘‘(3) the successes achieved and challenges 
faced by the Agency in operating minority and 
women outreach programs; 
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‘‘(4) the challenges the Agency may face in hir-
ing qualified minority and women employees and 
contracting 
with 
qualified 
minority-owned 
and 
women-owned businesses; and 
‘‘(5) any other information, findings, conclu-
sions, and recommendations for legislative or Agency 
action, as the Director of the Office deems appro-
priate.’’. 
SEC. 106. SUPPORT FOR UNITED STATES TERRITORIES. 
(a) CREATION OF THE OFFICE OF TERRITORIAL EX-
PORTING.—Section 3 of the Export-Import Bank Act of 
1945 (12 U.S.C. 635a) is amended by adding at the end 
the following: 
‘‘(n) OFFICE
OF TERRITORIAL EXPORTING.—The 
President of the Agency shall establish an Office of Terri-
torial Exporting, and shall hire such staff as may be nec-
essary, including at least 1 staffer responsible for liaising 
with Puerto Rico, to perform the functions of the Office, 
which shall be to promote the export of goods and services 
from the territories, conduct outreach, education, and dis-
seminate information concerning export opportunities and 
the availability of Agency support for such activities, and 
to increase the total amount of loans, guarantees, and in-
surance provided by the Agency benefitting the territories. 
In this Act, the term ‘territory’ means the Commonwealth 
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of Puerto Rico, the United States Virgin Islands, Guam, 
the Commonwealth of the Northern Mariana Islands, and 
American Samoa.’’. 
(b) ANNUAL REPORT.—Section 8 of such Act (12 
U.S.C. 635g), as amended by sections 103(b) and 105(b) 
of this Act, is amended by adding at the end the following: 
‘‘(n) REPORT
ON
ACTIVITIES
IN
THE
TERRI-
TORIES.—The Agency shall include in its annual report 
to Congress under subsection (a) a report on the steps 
taken by the Agency in the period covered by the report 
to increase— 
‘‘(1) awareness of the Agency and its services 
in the territories; and 
‘‘(2) the provision of Agency support to export 
businesses in the territories.’’. 
SEC. 107. PROMOTING RENEWABLE ENERGY EXPORTS. 
(a) OFFICE OF FINANCING FOR RENEWABLE EN-
ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE EX-
PORTS.—Section 2(b)(1)(C) of the Export-Import Bank 
Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended to read 
as follows: 
‘‘(C) OFFICE OF FINANCING FOR RENEWABLE EN-
ERGY, ENERGY EFFICIENCY AND ENERGY STORAGE.— 
The President of the Agency shall establish an office 
whose functions shall be to promote the export of goods 
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and services to be used in the development, production, 
and distribution of renewable energy resources, and energy 
efficiency and energy storage technologies, and dissemi-
nate information concerning export opportunities and the 
availability of Agency support for such activities, to in-
crease the total amount of loans, guarantees, and insur-
ance provided by the Agency to support exports related 
to renewable energy, energy efficiency, and energy stor-
age.’’. 
(b) FINANCING FOR RENEWABLE ENERGY, ENERGY 
EFFICIENCY, AND ENERGY STORAGE TECHNOLOGIES.— 
Section 2(b)(1)(K) of such Act (12 U.S.C. 635(b)(1)(K)) 
is amended by inserting ‘‘, energy efficiency and energy 
storage. It shall be a goal of the Agency to ensure that 
not less than 5 percent of the applicable amount (as de-
fined in section 6(a)(2)) is made available each fiscal year 
for the financing of renewable energy, energy efficiency 
and energy storage technology exports’’ before the period. 
(c) ANNUAL REPORT.—Section 8 of such Act (12 
U.S.C. 635g), as amended by sections 103(b), 105(b), and 
106(b) of this Act, is amended by adding at the end the 
following: 
‘‘(o) EFFORTS OF AGENCY TO PROMOTE EXPORT OF 
GOODS AND SERVICES RELATED TO RENEWABLE EN-
ERGY SOURCES, ENERGY EFFICIENCY, AND ENERGY 
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STORAGE.—A description of the activities of the Agency 
with respect to enhancing outreach and financing renew-
able energy, energy efficiency, and energy storage projects 
undertaken under section 2(b)(1)(K); an assessment of its 
success and failure in meeting the goal set out in section 
2(b)(1)(K); where applicable, the specific measures the 
Agency will take in the upcoming year to make progress 
towards meeting the goal outlined in section 2(b)(1)(K), 
including expanded outreach, product improvements, and 
related actions; and an analysis comparing the level of 
support extended by the Agency for renewable energy, en-
ergy efficiency and energy storage projects with the level 
of support so extended for the preceding fiscal year.’’. 
(d) SENSE OF THE CONGRESS REGARDING AGENCY 
ACCOUNTABILITY.—It is the sense of the Congress that— 
(1) the Board of Directors of the United States 
Export Finance Agency (in this section referred to 
as the ‘‘Agency’’) should, after a public consultation 
process, establish a formal, transparent, and inde-
pendent accountability mechanism to review, inves-
tigate, offer independent dispute resolution to re-
solve, and publicly report on allegations by affected 
parties of any failure of the Agency to follow its own 
policies and procedures with regard to the environ-
mental and social effects of projects, and on situa-
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tions where the Agency is alleged to have failed in 
ensuring the borrower is fulfilling its obligations in 
financing agreements with respect to the policies and 
procedures; 
(2) the accountability mechanism should be able 
to provide advice to management on policies, proce-
dures, guidelines, resources, and systems established 
to ensure adequate review and monitoring of the en-
vironmental and social effects of projects; 
(3) in carrying out its mandate, the confiden-
tiality of sensitive business information should be re-
spected, as appropriate, and, in consultation with af-
fected parties, project sponsors, Agency manage-
ment, and other relevant parties, a flexible process 
should be followed aimed primarily at correcting 
project failures and achieving better results on the 
ground; 
(4) the accountability mechanism should be 
independent of the line operations of management, 
and report its findings and recommendations directly 
to the Board of Directors of the Agency and annu-
ally to the Congress; 
(5) the annual report of the Agency should in-
clude a detailed accounting of the activities of the 
accountability mechanism for the year covered by 
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the report and the remedial actions taken by the 
Agency in response to the findings of the account-
ability mechanism; 
(6) in coordination with the accountability 
mechanism, the Agency and relevant parties should 
engage in proactive outreach to communities af-
fected or potentially affected by Agency financing 
and activities to provide information on the existence 
and availability of the accountability mechanism; 
(7) the President of the Agency should, subject 
to the approval of the Board of Directors of the 
Agency, through an open and competitive process, 
including solicitation of input from relevant stake-
holders, appoint a director of the accountability 
mechanism, who would be responsible for the day-to- 
day operations of the mechanism, and a panel of not 
less than 3 experts, including the director, who 
would also serve as chair of the panel; and 
(8) Agency employees should be ineligible to 
serve as the accountability mechanism chair or on 
the panel of experts until at least 5 years have 
elapsed from their time of employment at the Agen-
cy, and should be barred from future employment at 
the Agency after their tenure with the accountability 
mechanism. 
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SEC. 108. ALTERNATIVE PROCEDURES DURING QUORUM 
LAPSE. 
(a) IN GENERAL.—Section 3(c)(6) of the Export-Im-
port Bank Act of 1945 (12 U.S.C. 635a(c)(6)) is amend-
ed— 
(1) by inserting ‘‘(A)’’ after ‘‘(6)’’; and 
(2) by adding at the end the following: 
‘‘(B)(i) If a quorum of the Board of Directors has 
not been in place for 90 consecutive days during the term 
of a President, a temporary Board, consisting of the fol-
lowing members, shall act in the stead of the Board of 
Directors: 
‘‘(I) The United States Trade Representative, 
who shall serve as Chairperson of the Temporary 
Board. 
‘‘(II) The Secretary of the Treasury. 
‘‘(III) The Secretary of Commerce. 
‘‘(IV) The members of the Board of Directors. 
‘‘(ii) A member described in subclause (I), (II), or 
(III) of clause (i) may delegate the authority of the mem-
ber to vote on whether to authorize a transaction, whose 
value does not exceed $100,000,000, to— 
‘‘(I) if the member is in United States Trade 
Representative, the Deputy United States Trade 
Representative; or 
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‘‘(II) if the member is referred to in such sub-
clause (II) or (III), the Deputy Secretary of the de-
partment referred to in the subclause. 
‘‘(iii) If the temporary Board consists only of mem-
bers of 1 political party, the President of the United 
States shall, to the extent practicable, appoint to the tem-
porary Board a qualified member of a different political 
party who occupies a position requiring nomination by the 
President, by and with the advice and consent of the Sen-
ate. 
‘‘(iv) The temporary Board may approve transactions 
over $25,000,000 only by a unanimous vote of the tem-
porary Board, and may not change or amend Agency poli-
cies, procedures, bylaws, or guidelines. 
‘‘(v) The temporary Board shall expire at the end of 
the term of the President in office at the time the tem-
porary Board was constituted. 
‘‘(vi) With respect to a transaction that equals or ex-
ceeds $100,000,000, the Chairperson of the Temporary 
Board shall ensure that the Agency complies with section 
2(b)(3).’’. 
(b) SUNSET.—The amendments made by subsection 
(a) shall have no force or effect after the 7-year period 
that begins with the date of the enactment of this Act. 
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SEC. 109. INFORMATION TECHNOLOGY SYSTEMS. 
Section 3(j) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(j)) is amended— 
(1) in paragraph (1), by striking all that pre-
cedes subparagraph (A) and inserting the following: 
‘‘(1) IN GENERAL.—Subject to paragraphs (3) 
and (4), the Agency may use an amount equal to 
1.25 percent of the surplus of the Agency during fis-
cal years 2020 through 2026 to—’’; and 
(2) by striking paragraph (3) and inserting the 
following: 
‘‘(3) 
LIMITATION.—The 
aggregate 
of 
the 
amounts used in accordance with paragraph (1) for 
fiscal years 2020 through 2026 shall not exceed 
$28,000,000.’’. 
SEC. 110. ADMINISTRATIVELY DETERMINED PAY. 
Section 3 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a), as amended by the preceding provisions 
of this Act, is amended by adding at the end the following: 
‘‘(o) COMPENSATION OF EMPLOYEES.— 
‘‘(1) RATES
OF
PAY.—Subject to paragraph 
(2), the Board of Directors of the Agency, consistent 
with standards established by the Director of the Of-
fice of Minority and Women Inclusion, may set and 
adjust rates of basic pay for employees and new 
hires of the Agency without regard to the provisions 
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of chapter 51 and subchapter III of chapter 53 of 
title 5, United States Code, except that no employee 
of the Agency may receive a rate of basic pay that 
exceeds the rate for level III of the Executive Sched-
ule under section 5313 of such title. 
‘‘(2) LIMITATIONS.—The Board of Directors of 
the Agency may not apply paragraph (1) to more 
than 35 employees at any point in time. Nothing in 
paragraph (1) may be construed to apply to any po-
sition of a confidential or policy-determining char-
acter that is excepted from the competitive service 
under section 3302 of title 5, United States Code, 
(pursuant to section C of subpart C of part 213 of 
title 5 of the Code of Federal Regulations) or to any 
position that would otherwise be subject to section 
5311 or 5376 of title 5, United States Code.’’. 
SEC. 111. SURVEY ON BLOCKCHAIN USE IN THE OPER-
ATIONS OF UNITED STATES EXPORTERS. 
Within 360 days after the date of the enactment of 
this Act, and annually thereafter for the succeeding 5 
years, the President of the United States Export Finance 
Agency shall submit to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate 
a written report that includes the following: 
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(1) A survey of United States exporters benefit-
ting from Agency support regarding the use of 
blockchain in their operations, including their man-
agement of supply chains, contracts, and payments. 
(2) An assessment of the effects of blockchain 
on reliability, transparency, and security in the oper-
ations. 
(3) Any policy recommendations to improve the 
development, use, and security of blockchain in the 
operations of United States exporters. 
TITLE II—IMPROVING AGENCY 
OPERATIONS AND ENHANC-
ING TRANSPARENCY AND AC-
COUNTABILITY 
SEC. 201. ANNUAL TESTIMONY. 
The Export-Import Bank Act of 1945 (12 U.S.C. 
635–635i–9) is amended by inserting after section 8A the 
following: 
‘‘SEC. 8B. ANNUAL TESTIMONY. 
‘‘For each fiscal year through fiscal year 2026, after 
submitting the annual report to Congress under section 
8(a) for the fiscal year, the President of the United States 
Export Finance Agency shall, on request, appear before 
the Committee on Financial Services of the House of Rep-
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resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate to present testimony on— 
‘‘(1) the activities of the Agency in the fiscal 
year covered by the report, particularly activities 
pursuant to the Project on China and Trans-
formational Exports; 
‘‘(2) the actions taken by Agency management 
to strengthen the ability of the Agency to comply 
with all statutory requirements, and with Agency 
policies and procedures, including policies and proce-
dures relating to anti-fraud controls, underwriting 
standards, and additionality; 
‘‘(3) the results of the most recent Federal Em-
ployee Viewpoint Survey or other comparable re-
search on staff perspectives at the Agency; 
‘‘(4) the status of Agency efforts in the pre-
ceding fiscal year to meaningfully address rec-
ommendations proposed by the Inspector General, 
United States Export Finance Agency; and 
‘‘(5) outreach efforts to increase small business 
awareness and use of the Agency, including efforts 
undertaken pursuant to section 3(i).’’. 
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SEC. 202. INDEPENDENT AUDIT OF REGIONAL EXPORT FI-
NANCE CENTERS. 
(a) AUDIT.—The Inspector General of the United 
States Export Finance Agency shall conduct an audit of 
the operation of the Regional Export Finance Centers of 
the Agency, including a review of— 
(1) whether the metrics used by the Office of 
Small Business to evaluate regional office employees 
adhere to guidance issued by the United States Of-
fice of Personnel Management and the Civil Service 
Reform Act; 
(2) whether metrics used by the Office of Small 
Business to evaluate regional office employees are 
sufficiently tailored to performance requirements; 
(3) whether metrics have unintended con-
sequences in the use of Agency programs; and 
(4) metrics are aligned with the requirements of 
section 2(b)(1)(E)(v) of the Export-Import Bank 
Act of 1945. 
(b) REPORT.—Not later than 180 days after the 
audit required by subsection (a) is completed, the Agency 
shall submit to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives a written re-
port detailing the Agency’s plan to address deficiencies 
outlined in the audit. 
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SEC. 203. RISK MANAGEMENT COMMITTEE. 
(a) IN GENERAL.—Section 3(m) of the Export-Im-
port Bank Act of 1945 (12 U.S.C. 635a(m)) is amended 
to read as follows: 
‘‘(m) RISK MANAGEMENT COMMITTEE.— 
‘‘(1) MEMBERSHIP; CHAIR.—There shall be a 
Risk Management Committee consisting of the Di-
rectors of the Agency other than the Chairman or 
the Vice Chairman. The Chairman of the Board of 
Directors of the Agency shall designate a member of 
the Risk Management Committee to serve as chair 
of the Risk Management Committee. If, because of 
1 or more vacancies in the offices of the Directors 
other than the Chairman or the Vice Chairman, the 
Risk Management Committee would have only 1 or 
2 members, the General Counsel shall also serve as 
a member of the Risk Management Committee, but 
shall not serve as chair. If the Chairman and the 
Vice Chairman are the only Directors in office, the 
Risk Management Committee shall consist of the 
Chairman and the General Counsel, and the General 
Counsel shall serve as chair. 
‘‘(2) DUTIES.—The Risk Management Com-
mittee shall report to the Board of Directors, and 
shall be responsible for providing assistance to the 
Board in— 
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‘‘(A) fulfilling the accounting and report-
ing responsibilities of the Board; 
‘‘(B) determining that the Agency has ade-
quate administrative and financial controls; 
‘‘(C) reviewing the financial statements 
prepared by management for distribution to the 
Congress and the public; 
‘‘(D) providing direction over the internal 
audit function and the independent account-
ants; 
‘‘(E) overseeing, in conjunction with the 
Office of the Chief Financial Officer of the 
Agency— 
‘‘(i) periodic stress testing on the en-
tire Agency portfolio, reflecting different 
market, industry, and macroeconomic sce-
narios, and consistent with best practices 
of commercial and multilateral develop-
ment banks; and 
‘‘(ii) the monitoring of industry, geo-
graphic, and obligor exposure levels; and 
‘‘(F) reviewing all required reports on the 
default rate of the Agency before submission to 
Congress under section 8(g). 
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‘‘(3) QUORUM.—2 members of the Risk Man-
agement Committee shall constitute a quorum.’’. 
(b) CONFORMING REPEAL.—Section 51006 of the 
Fixing America’s Surface Transportation Act (129 Stat. 
1766; Public Law 104–94) is hereby repealed. 
SEC. 
204. 
ENSURING 
AGENCY 
COMPLIANCE 
WITH 
ADDITIONALITY REQUIREMENTS. 
(a) WRITTEN DOCUMENTATION REQUIREMENTS.— 
Not later than 180 days after the date of the enactment 
of this Act, the Board of Directors of the United States 
Export Finance Agency shall, with respect to an author-
ization in connection with a transaction equal to or in ex-
cess of $25,000,000— 
(1) adopt and implement policies and proce-
dures to ensure that the Agency includes written 
documentation of the determination and verification 
of additionality in its records, including— 
(A) a description of attempts by relevant 
parties to a transaction to obtain private-sector 
financing; 
(B) an explanation of how the level of 
Agency financing responds to limitations in the 
availability or terms of private capital; and 
(C) an assessment, to the extent prac-
ticable, of the availability and terms of com-
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peting financing by a foreign export credit 
agency; 
(2) consult with the Chief Information Officer 
and the Inspector General of the Agency to imple-
ment appropriate recordkeeping practices for the 
written documentation, as well as for any other doc-
umentation required by Agency policies and proce-
dures; and 
(3) submit to the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate a written report that includes a copy of 
the policies and procedures of the Agency regarding 
additionality, and an explanation of how the Agency 
uses 
the 
determination 
and 
verification 
of 
additionality to evaluate applications for support. as-
sistance. 
(b) GAO REVIEWS OF AGENCY POLICIES AND PRO-
CEDURES
FOR
ADDITIONALITY
DETERMINATION
AND 
VERIFICATION.—In each of calendar years 2020, 2022, 
and 2024, and 2026, the Comptroller General of the 
United States shall review the policies and procedures of 
the United States Export Finance Agency relating to how 
the Agency makes a judgment that a transaction is un-
likely to proceed without support from the Agency, and 
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the documentation supporting such a judgment, and sub-
mit the result of the review to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate, along with any recommendations to strengthen 
Agency policies and processes to determine additionality 
and prevent the Agency from competing with private cap-
ital, as described in section 2(b)(1)(B) of the Export-Im-
port Bank Act of 1945. 
(c) ADDITIONAL INFORMATION REQUIRED TO BE 
PROVIDED TO CONGRESS BEFORE APPROVING CERTAIN 
SUPPORT.—Section 2(b)(3)(B) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635(b)(3)(B)) is amended 
by inserting ‘‘, a determination by the Agency as to wheth-
er financing by the Agency fully meets the additionality 
policies of the Agency, and a non-confidential summary 
of the facts and conclusions reached in a detailed economic 
impact analysis or similar study conducted pursuant to 
subsection (e)(7)’’ before the period. 
SEC. 205. REINSURANCE PROGRAM. 
Section 51008 of the Fixing America’s Surface 
Transportation Act (12 U.S.C. 635 note) is amended— 
(1) in the section heading, by striking 
‘‘PILOT’’; 
(2) in subsection (a), by striking ‘‘pilot’’; and 
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(3) by striking subsections (c) through (e) and 
inserting the following: 
‘‘(c) FACTORS
FOR CONSIDERATION
IN REINSUR-
ANCE POOLS.—In implementing this section, the Agency 
shall, with respect to a reinsurance pool, pursue appro-
priate objectives to reduce risk and costs to the Agency, 
including by the following, to the extent practicable: 
‘‘(1) Ensuring a reasonable diversification of 
risks. 
‘‘(2) Including larger exposures where the pos-
sibility of default raises overall portfolio risk for the 
Agency. 
‘‘(3) Excluding transactions from the pool that 
are covered by first-loss protection. 
‘‘(4) Excluding transactions from the pool that 
are collateralized at a rate greater than standard 
market practice. 
‘‘(5) Diversifying reinsurance pools by industry 
and other appropriate factors. 
‘‘(6) Exploring different time periods of cov-
erage. 
‘‘(7) Exploring both excess of loss structures on 
a per-borrower as well as an aggregate basis. 
‘‘(d) BIENNIAL REPORTS.—Not later than 1 year 
after the date of the enactment of this subsection, and 
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every 2 years thereafter through 2026, the Agency shall 
submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate a written report 
that contains an assessment of the use of the program 
carried out under subsection (a) since the most recent re-
port under this subsection. 
‘‘(e) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to limit any authority of the Agen-
cy described in section 2(a)(1) of the Export-Import Bank 
Act of 1945.’’. 
SEC. 206. REPORT ON NEW AGENCY POLICIES, PROCE-
DURES, AND BYLAWS. 
Not later than 90 days after the date of the enact-
ment of this Act, the President of the United States Ex-
port Finance Agency shall transmit to the Committee on 
Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate a copy of all policies, procedures, and bylaws 
of the Agency approved by the Board of Directors of the 
Agency that are in effect on such date of enactment. With-
in 30 days after the Board of Directors of the United 
States Export Finance Agency adopts or amends such a 
policy, procedure, or bylaw, the President of the Agency 
shall transmit a copy of the adopted or amended policy, 
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procedure, or bylaw to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate. 
SEC. 207. REPORT ON TRAVEL PRACTICES OF AGENCY EM-
PLOYEES. 
Not later than 180 days after the date of the enact-
ment of this Act, and annually thereafter for the suc-
ceeding 7 years, the President of the United States Export 
Finance Agency shall submit to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of 
the Senate a written report that provides details on au-
thorized travel by Agency officers and employees in the 
preceding year, including the following: 
(1) Travel start date and end date. 
(2) Destination or destinations. 
(3) The department and division employing the 
traveler. 
(4) Obligated travel costs. 
(5) Class of travel. 
(6) The amount of any reimbursed travel costs 
or other forms of sponsorship. 
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SEC. 208. REPORT ON STEPS TAKEN TO CORRECT DEFI-
CIENCIES RELATED TO INFORMATION SECU-
RITY. 
Not later than 180 days after the date of the enact-
ment of this Act, the President of the United States Ex-
port Finance Agency shall submit to the Committee on 
Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate a written report on the steps the Agency 
is taking to correct the deficiencies in policies, procedures, 
and programs identified in the Independent Audit of the 
United States Export Finance Agency’s Information Secu-
rity Program Effectiveness for Fiscal Year 2018 (OIG– 
AR–19–03). 
SEC. 209. ADDITIONAL REQUIREMENTS INVOLVING CER-
TAIN TRANSACTIONS. 
(a) IN GENERAL.—Section 2(b) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635(b)) is amended by add-
ing at the end the following: 
‘‘(14)(A) If the outstanding loans, guarantees, and 
insurance authorized by the Agency in association with a 
United States exporter or a United States lender equals 
or exceeds the prescribed amount at any point in a fiscal 
year, the President of the Agency shall transmit to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
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Urban Affairs of the Senate a detailed description of poli-
cies and practices by the United States exporter or United 
States lender, as the case may be, regarding— 
‘‘(i) diversity in management, employment, and 
business activities, including data pertaining to— 
‘‘(I) equal employment opportunity and the 
racial, ethnic, and gender diversity of the work-
force and senior management; 
‘‘(II) outreach programs to hire qualified 
women and minority employees and contract 
with qualified minority-owned and women- 
owned businesses; 
‘‘(III) the participation of women-owned 
and minority-owned businesses in procurement 
and contracting, including as suppliers and sub-
contractors; and 
‘‘(IV) developments with respect to this 
clause, including job creation for women and 
minority employees, suppliers, and contractors, 
resulting from the policies and practices de-
scribed in this subparagraph during the pre-
ceding year; and 
‘‘(ii) outreach efforts to small businesses during 
the preceding year, including efforts that— 
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‘‘(I) raise awareness of small business pro-
curement and contracting opportunities; 
‘‘(II) educate small businesses involved in 
procurement and contracting on the objectives 
and activities of the Agency, with the purpose 
of expanding direct small business exports fi-
nanced by the Agency; and 
‘‘(III) developments resulting from the out-
reach efforts described in this clause during the 
preceding year, including the number of small 
businesses contracted with and the number of 
jobs created, as well as any other benefits to 
the communities of the exporter, lender, or re-
lated small businesses, as the case may be. 
‘‘(B) On authorization of financing that equals or ex-
ceeds $100,000,000 during the fiscal year involving the 
exporter or lender described in subparagraph (A), the 
President of the Agency shall transmit to the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate a report that includes— 
‘‘(i) an economic impact analysis or similar 
study of the transaction performed by the Agency, in 
a manner consistent with the procedures described 
in subsection (e)(7), which shall include consider-
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ation of the views of the public and interested par-
ties and an assessment of adverse effects on United 
States employment, if any, that may result from 
Agency financing involving a foreign competitor of a 
United States entity; and 
‘‘(ii) an assessment of how the Agency deter-
mined the need for financing of the transaction, in-
cluding— 
‘‘(I) a description of attempts by relevant 
parties to the transaction to obtain private-sec-
tor financing, including a description of the 
written documentation of the attempts, or an 
explanation for the lack of any such attempt; 
and 
‘‘(II)(aa) an explanation of why private- 
sector financing is not available or not economi-
cally viable for the transaction; or 
‘‘(bb) a certification that the Agency re-
ceived sufficient information to conclude that fi-
nancing is necessary to counter official export 
credit provided by a foreign government for a 
similar transaction involving the same foreign 
obligor. 
‘‘(C) In this paragraph, the term ‘prescribed amount’ 
means an amount equal to 20 percent of the outstanding 
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loans, guarantees, and insurance of the Agency, as cal-
culated on the 1st day of the fiscal year.’’. 
(b) Section 8 of such Act (12 U.S.C. 635g), as 
amended by title I of this Act, is amended by adding at 
the end the following: 
‘‘(p) ADDITION TO ANNUAL REPORT.—The Agency 
shall include in its annual report to the Congress under 
subsection (a) information on the 10 United States export-
ers benefitting from the highest level of Agency support 
and 10 foreign obligors utilizing the highest level of Agen-
cy support during the reporting period, including the share 
of total authorizations by value, and the industry or indus-
trial sector, connected with each such exporter and obli-
gor.’’. 
SEC. 210. ANTI-FRAUD REFORMS. 
Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635) is amended— 
(1) in subsection (f), by striking the period and 
inserting: ‘‘, and shall deny an application for assist-
ance if— 
‘‘(1) the Agency has substantial credible evi-
dence that the end user, borrower, lender, or ex-
porter has committed an act of fraud or corruption 
in connection with the application; or 
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‘‘(2) the end user, borrower, lender, or exporter 
has been convicted of an act of fraud or corruption 
in connection with an application for support from 
the Agency made in the preceding 5 years. 
The Agency may proceed with an application described 
under paragraph (1) or (2) of this subsection only if an 
end user, borrower, lender, or exporter can be fully ex-
cluded from the transaction.’’; and 
(2) in subsection (i), by striking ‘‘should re-
quire’’ and inserting ‘‘shall require’’. 
TITLE III—FOREIGN POLICY 
CONSIDERATIONS 
SEC. 301. CHINESE GOVERNMENT-OWNED ENTERPRISES. 
(a) IN GENERAL.—Section 2 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635), as amended by section 
103(a) of this Act, is amended by adding at the end the 
following: 
‘‘(m) RESTRICTION ON FINANCING FOR ENTITIES 
OWNED
OR CONTROLLED
BY
THE CHINESE GOVERN-
MENT.— 
‘‘(1) IN GENERAL.—An authorization approved 
by the Board of Directors after the effective date of 
this subsection may not take effect if a loan, guar-
antee, or insurance is approved for the benefit of 
any foreign entity that is at least 25 percent owned, 
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directly or indirectly, by the government of the Peo-
ple’s Republic of China, unless the United States 
Trade Representative, in consultation with appro-
priate Federal agencies, completes a due diligence 
review and certifies the financing, in accordance with 
paragraph (3), in a report to the Committee on Fi-
nancial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate. For the purposes of identifying 
whether a foreign entity is at least 25 percent 
owned, directly or indirectly, by the government of 
the People’s Republic of China, the Board of Direc-
tors may rely on any of the following: 
‘‘(A) Information required of or provided 
by a party to the transaction. 
‘‘(B) Any information provided to the 
Agency by a Federal department or agency. 
‘‘(2) LIMITATION
ON
FINANCING
OF
LOCAL 
COSTS.—The Agency may not approve financing for 
a transaction if more than 15 percent of local costs 
with respect to the transaction that are incurred in 
the People’s Republic of China would be covered by 
the financing. 
‘‘(3) DUE DILIGENCE REVIEW AND REPORT.— 
For the purposes of the report described in para-
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graph (1), the United States Trade Representative 
shall present the findings of the due diligence review, 
but may not provide the certification referred to in 
paragraph (1), if— 
‘‘(A) the foreign entity provides goods, 
services, or other material or financial support 
in connection with any of the following policies 
and operations of the government of the Peo-
ple’s Republic of China: 
‘‘(i) Any military or intelligence oper-
ations; 
‘‘(ii) Activities pursuant to the Belt 
and Road Initiative (or any successor or 
comparable activity of that government); 
‘‘(iii) The abuse of human rights, in-
cluding the restriction of freedom of ex-
pression and the mistreatment of ethnic or 
religious minorities in China; 
‘‘(iv) Any other policy or operation 
that, in the determination of the President, 
may threaten the national interest of the 
United States; 
‘‘(B) the United States Trade Representa-
tive finds that the transaction would not pro-
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vide a meaningful net economic benefit for the 
United States; 
‘‘(C) the foreign entity knowingly engages 
in the theft of United States intellectual prop-
erty or the illicit transfer of technology from a 
United States person; 
‘‘(D) the transaction described in para-
graph (1) involves the export of critical tech-
nologies (as defined under section 721(a)(6) of 
the Defense Production Act of 1950) to the for-
eign entity; or 
‘‘(E) the leadership of the foreign entity 
engages in a significant act or acts of corrup-
tion or money laundering, or has committed a 
violation of the Foreign Corrupt Practices Act 
of 1977, the Arms Export Control Act, the 
International Emergency Economic Powers Act, 
or the Export Administration Act of 1979. 
‘‘(4) TIMING AND FORM OF REPORT.—The re-
port described in paragraph (3) shall be submitted 
not later than 45 days after approval by the Board 
of Directors, except that the United States Trade 
Representative may extend the required time in 
which to submit the report by one 15-day period on 
notifying the Committee on Financial Services of the 
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House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
that the extension is necessary. The report described 
in paragraph (3) shall be submitted in unclassified 
form but may contain a classified annex. 
‘‘(5) PROCEDURES FOR CHINESE GOVERNMENT- 
CONTROLLED ENTITIES.—The requirements of para-
graph (1) shall apply to any foreign entity, notwith-
standing the level of ownership by the government of 
the People’s Republic of China, if the Agency has 
reason to believe that the foreign entity is controlled 
by the government of the People’s Republic of 
China. 
‘‘(6) EXEMPTION.—Paragraphs (1) and (2) 
shall not apply to the following if— 
‘‘(A) financing would enable exports di-
rectly by United States small business concerns; 
or 
‘‘(B) financing is required for the export of 
humanitarian goods or services, including life-
saving, rescue, and medical equipment (such as 
ambulances, firefighting vehicles, hospital sup-
plies, and medical devices). 
‘‘(7) PRESIDENTIAL
WAIVER.—The President 
may waive any requirement of paragraph (1) or (2) 
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for up to 1 year at a time, on reporting in writing 
to the Committee on Financial Services of the House 
of Representative and the Committee on Banking, 
Housing, and Urban Affairs of the Senate that the 
waiver is essential to the national interest of the 
United States, with a detailed explanation of the 
reasons therefor.’’. 
(b) SUNSET.—The amendment made by subsection 
(a) shall have no force or effect on and after the earlier 
of— 
(1) the date that is 30 days after the Secretary 
of the Treasury submits a report to the Committee 
on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate certifying that the Peo-
ple’s Republic of China is in substantial compliance 
with— 
(A) the financial terms and conditions of 
the Arrangement on Officially Supported Ex-
port Credits of the Organization for Economic 
Cooperation and Development; and 
(B) the rules and principles of the Paris 
Club; or 
(2) the date that is 30 days after the President 
of the United States Export Finance Agency reports 
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to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate that the 
Board of Directors of the Agency has voted in favor 
of terminating the requirement for a certification in 
section 2(m)(1) of the Export-Import Bank Act of 
1945, except that the Board of Directors may not 
hold such a vote before the date that is 5 years after 
the date of the enactment of this Act. 
SEC. 302. INTERNATIONAL NEGOTIATIONS ON EXPORT SUB-
SIDIES. 
(a) IN GENERAL.—Section 11(a)(1) of the Export- 
Import Bank Reauthorization Act of 2012 (12 U.S.C. 
635a–5(a)(1)) is amended by striking ‘‘with possible goal 
of eliminating, before the date that is 10 years after De-
cember 4, 2015,’’ and inserting ‘‘with the goal of elimi-
nating, before the date that is 10 years after the date of 
the enactment of the United States Export Finance Agen-
cy Act of 2019’’. 
(b) PROGRESS REPORT.—Section 11(e) of such Act 
(12 U.S.C. 635a–5(e)) is amended by striking ‘‘2019’’ and 
inserting ‘‘2026’’. 
(c) CONDUCT
OF NEGOTIATIONS.—Section 11 of 
such Act (12 U.S.C. 635a–5) is amended— 
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(1) in each of subsections (a) and (d), by strik-
ing ‘‘The President’’ and inserting ‘‘Not less fre-
quently than twice per calendar year, the Secretary 
of the Treasury, in consultation with the President 
of the United States Export Finance Agency and the 
United States Trade Representative,’’; and 
(2) in each of subsections (b), (c), and (e), by 
striking ‘‘President’’ each place it appears and in-
serting ‘‘Secretary of the Treasury’’. 
SEC. 303. PROHIBITION ON FINANCING FOR EXPORTS IN-
VOLVING STATE SPONSORS OF TERRORISM. 
Section 2(b)(2) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(b)(2)) is amended— 
(1) in the paragraph heading, by inserting after 
‘‘MARXIST-LENINIST
COUNTRIES’’ the following: 
‘‘AND STATE SPONSORS OF TERRORISM’’; and 
(2) in subparagraph (A), by inserting after 
‘‘Marxist-Leninist country’’ each place it appears 
‘‘or a state sponsor of terrorism’’. 
TITLE IV—MISCELLANEOUS 
PROVISIONS 
SEC. 401. MISCELLANEOUS UPDATES RELATING TO THE 
UNITED STATES EXPORT FINANCE AGENCY. 
(a) Section 2(a)(3) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(a)(3)) is amended— 
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(2) Section 6(a)(3) of such Act (12 U.S.C. 
635e(a)(3)) is amended by striking ‘‘8(g)(1)’’ each place 
it appears and inserting ‘‘8(f)(1)’’. 
(j) Section 10(b)(4) of such Act (12 U.S.C. 635i– 
3(b)(4)) is amended by striking ‘‘may’’ and inserting 
‘‘shall, on request’’. 
SEC. 402. PROHIBITION ON FINANCING FOR CERTAIN AVIA-
TION-RELATED VEHICLES. 
Section 2(b) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(b)), as amended by section 209(a) of this 
Act, is amended by adding at the end the following: 
‘‘(15) PROHIBITION ON FINANCING FOR CERTAIN 
AVIATION-RELATED VEHICLES.—The Board of Directors 
of the Agency may not give approval to a transaction in-
volving an aviation-related vehicle during any period in 
which the Federal Government has prohibited its oper-
ation.’’. 
Æ 
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