‘‘(b) NATIONAL INTEREST REPORT.— 
‘‘(1) IN GENERAL.—Before providing a working 
capital guarantee or export credit insurance to a 
United States exporter in a transaction involving an 
amount equal to or greater than $25,000,000, pur-
suant to subsection (a), the President of the Bank 
shall— 
‘‘(A) report 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 Bank has 
obtained from the President of the United 
States and any other relevant department or 
agency, as deemed appropriate by the President 
of the United States, a determination that the 
provision of the guarantee or insurance would 
not violate the national security interests of the 
United States; 
‘‘(B) include a verification from the Bank 
that the transaction does not violate any export 
law of the United States; and 
‘‘(C) include a summary of the transaction 
and the consultation. 
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‘‘(2) FORM.—The report described in para-
graph (1) shall be submitted in unclassified form but 
may include a classified annex. 
‘‘(c) DEFINITION OF GOVERNMENT OF THE PEO-
PLE’S REPUBLIC OF CHINA.—In this section, the term 
‘government of the People’s Republic of China’ means any 
person that the Bank has reason to believe is— 
‘‘(1) the state and the government of the Peo-
ple’s Republic of China, including any political sub-
division, agency, or instrumentality thereof; 
‘‘(2) any entity controlled, directly or indirectly, 
by any of the foregoing, including any partnership, 
association, or other entity in which any of the fore-
going owns a 50 percent or greater interest or a con-
trolling interest, and any entity which is otherwise 
controlled by any of the foregoing; 
‘‘(3) any person that is or has been acting or 
purporting to act, directly or indirectly, for or on be-
half of any of the foregoing; and 
‘‘(4) any other person that the Secretary of the 
Treasury has notified the Bank is included in any of 
the foregoing.’’. 
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SEC. 3. INCREASE IN RESERVE GOAL FOR THE PROGRAM 
ON CHINA AND TRANSFORMATIONAL EX-
PORTS. 
Section 2(l)(3) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(l)(3)) is amended in each of sub-
paragraphs (A) and (B) by striking ‘‘20’’ and inserting 
‘‘33’’. 
SEC. 4. SUSPENSION OF LOAN AUTHORITY UNDER THE 
PROGRAM 
ON 
CHINA 
AND 
TRANS-
FORMATIONAL EXPORTS WHILE DEFAULT 
RATE IS EXCESSIVE. 
(a) IN GENERAL.—Section 2(l) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635(l)) is amended by add-
ing at the end the following: 
‘‘(4) FREEZING OF LOANS UNDER THE PRO-
GRAM ON CHINA AND TRANSFORMATIONAL EXPORTS 
IF DEFAULT RATE FOR LOANS UNDER THAT PRO-
GRAM IS 5 PERCENT OR MORE.—If the rate cal-
culated under section 8(g)(1) with respect to loans 
under section 2(l) is 5 percent or more for a quar-
ter, the Bank may not exceed the amount of loans 
under such section that are outstanding on the last 
day of that quarter until the rate calculated under 
section 8(g)(1) with respect to loans under such sec-
tion is less than 5 percent.’’. 
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(b) CONFORMING AMENDMENT.—Section 6(a)(3) of 
such Act (12 U.S.C. 635e(a)(3)) is amended by adding 
at the end the following: ‘‘If the rate calculated under sec-
tion 8(g)(1) with respect to loans under section 2(l) is 2 
percent or more for a quarter, then loans under section 
2(l) shall not be taken into account for the quarter for 
purposes of this paragraph.’’. 
SEC. 5. ADVISORY COMMITTEE FOR PROGRAM ON CHINA 
AND TRANSFORMATIONAL EXPORTS. 
(a) IN GENERAL.—Section 2(b) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635(b)) is amended by in-
serting after paragraph (12) the following: 
‘‘(14)(A) The Board of Directors of the Bank shall 
take prompt measures, consistent with the credit stand-
ards otherwise required by law, to promote the expansion 
of the financial commitments of the Bank in accordance 
with the Program on China and Transformational Exports 
under the loan, guarantee, and insurance programs of the 
Bank. 
‘‘(B)(i) The Board of Directors shall establish and 
use an advisory committee to advise the Board of Direc-
tors on the development and implementation of policies 
and programs designed to support the expansion described 
in subparagraph (A). 
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‘‘(ii) At least 1 member of the advisory committee 
shall be a member of the U.S.-China Economic and Secu-
rity Review Commission. 
‘‘(iii) The advisory committee shall make rec-
ommendations to the Board of Directors on how the Bank 
can facilitate greater support by United States commercial 
banks for trade in accordance with the Program on China 
and Transformational Exports. 
‘‘(iv) The advisory committee shall terminate on the 
date on which the authority of the Bank expires under 
section 7.’’. 
(b) REPORTS TO THE CONGRESS.—Within 6 months 
after the date of the enactment of this Act, and annually 
thereafter, the Board of Directors of the Export-Import 
Bank of the United States shall submit to the Congress 
a report on the steps that the Board has taken to imple-
ment section 2(b)(14)(B) of the Export-Import Bank Act 
of 1945 (as added by subsection (a) of this section) and 
any recommendations of the advisory committee estab-
lished pursuant to such section 2(b)(14)(B). 
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SEC. 6. WAIVER OF DOMESTIC CONTENT REQUIREMENTS 
FOR CERTAIN TRANSACTIONS SUBJECT TO 
THE 
PROGRAM 
ON 
CHINA 
AND 
TRANS-
FORMATIONAL EXPORTS. 
Section 2(l) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(l)), as amended by section 4(a) of this 
Act, is amended by adding at the end the following: 
‘‘(5) WAIVER OF DOMESTIC CONTENT REQUIRE-
MENTS.— 
‘‘(A) IN GENERAL.—The Bank may waive 
some or all of the domestic content require-
ments that would otherwise apply to a trans-
action described in paragraph (1)(B), if the 
Bank determines that doing so would be in the 
national security interest of the United States, 
and shall establish a process for requesting 
such a waiver. 
‘‘(B) REPORTS TO THE CONGRESS.—Not 
less frequently than twice each year, the Bank 
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 report specifying 
the transactions for which a waiver is provided 
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