(c) IMPLEMENTATION OF RECOMMENDATIONS.—If the 
report submitted pursuant to subsection (b) includes rec-
ommendations, the Bank may establish a more accurate 
methodology of the kind described in subsection (a) based 
on the recommendations. 
SEC. 7. BIENNIAL AUDITS OF BANK TRANSACTIONS. 
Section 2 of the Export-Import Bank Act of 1945 (12 
U.S.C. 635), as amended by section 5 of this Act, is amend-
ed by adding at the end the following: 
‘‘(j) AUDITS OF BANK TRANSACTIONS.—Every 2 years, 
the Comptroller General of the United States, in consulta-
tion with Inspector General of the Bank, shall audit a rep-
resentative sample of Bank transactions to ensure that 
Bank underwriting, policies, due diligence, and content 
guidelines are met by applicants who receive Bank sup-
port.’’. 
SEC. 8. USE OF PORTION OF BANK SURPLUS TO UPDATE IN-
FORMATION TECHNOLOGY SYSTEMS. 
Section 3 of the Export-Import Bank Act of 1945 (12 
U.S.C. 635a) is amended by adding at the end the fol-
lowing: 
‘‘(j) AUTHORITY TO USE PORTION OF BANK SURPLUS 
TO UPDATE INFORMATION TECHNOLOGY SYSTEMS.— 
‘‘(1) IN GENERAL.—Subject to paragraphs (3) 
and (4), the Bank may use an amount equal to 1.25 
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percent of the surplus of the Bank during each fiscal 
year to— 
‘‘(A) seek to remedy any of the operational 
weakness and risk management vulnerabilities of 
the Bank which are the result of the information 
technology system of the Bank; 
‘‘(B) remedy data fragmentation, enhance 
information flow throughout the Bank, and man-
age data across the Bank; and 
‘‘(C) enhance the operational capacity and 
risk management capabilities of the Bank to bet-
ter enable the Bank to increase exports and grow 
jobs while protecting the taxpayer. 
‘‘(2) SURPLUS.—In paragraph (1), the term 
‘surplus’ means the amount (if any) by which— 
‘‘(A) the sum of the interest and fees col-
lected by the Bank; exceeds 
‘‘(B) the sum of— 
‘‘(i) the funds set aside to cover ex-
pected losses on transactions financed by the 
Bank; and 
‘‘(ii) the costs incurred to cover the ad-
ministrative expenses of the Bank. 
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‘‘(3) LIMITATION.—The aggregate of the amounts 
used in accordance with paragraph (1) for all fiscal 
years shall not exceed $20,000,000. 
‘‘(4) SUBJECT
TO
APPROPRIATIONS.—The au-
thority provided by paragraph (1) may be exercised 
only to such extent and in such amounts as are pro-
vided in advance in appropriations Acts.’’. 
SEC. 9. MONITORING OF DEFAULT RATES ON BANK FINANC-
ING; REPORTS ON DEFAULT RATES. 
Section 8 of the Export-Import Bank Act of 1945 (12 
U.S.C. 635g) is amended by adding at the end the following: 
‘‘(g) MONITORING OF DEFAULT RATES ON BANK FI-
NANCING; REPORTS ON DEFAULT RATES.— 
‘‘(1) MONITORING OF DEFAULT RATES.—Not less 
frequently than quarterly, the Bank shall calculate the 
rate at which the entities to which the Bank has pro-
vided short-, medium-, or long-term financing are in 
default on a payment obligation under the financing, 
by dividing the total amount of the required pay-
ments that are overdue by the total amount of the fi-
nancing involved. 
‘‘(2) REPORTS.—Within 45 days after a rate cal-
culated under paragraph (1) equals or exceeds 2 per-
cent, the Bank shall submit to the Congress a written 
report that explains the circumstances that have 
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caused the default rate to equal or exceed 2 percent, 
and includes a plan to reduce the default rate to less 
than 2 percent.’’. 
SEC. 10. SENSE OF THE CONGRESS REGARDING BANK AC-
COUNTABILITY. 
It is the sense of the Congress that— 
(1) the Board of Directors of the Export-Import 
Bank of the United States (in this section referred to 
as the ‘‘Bank’’) should establish a formal, trans-
parent, and independent accountability mechanism 
that would review, investigate, and report on allega-
tions by affected parties of failure of the Bank to fol-
low its own policies and procedures, including situa-
tions where the Bank is alleged to have failed in its 
follow-up on the borrower’s obligations in financing 
agreements with respect to such policies and proce-
dures; 
(2) such an accountability mechanism should be 
able to provide advice to management on policies, 
procedures, guidelines, resources, and systems estab-
lished to ensure adequate review and monitoring of 
projects; 
(3) in carrying out its mandate, the confiden-
tiality of sensitive business information should be re-
spected, and, in consultation with affected parties, 
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project sponsors, and Bank management, a flexible 
process should be followed aimed primarily at cor-
recting project failures and achieving better results on 
the ground; and 
(4) the accountability mechanism should be inde-
pendent of the line operations of management, and re-
port its findings and recommendations directly to the 
Board of Directors of the Bank. 
SEC. 11. SUB-SAHARAN AFRICA ADVISORY COMMITTEE. 
Section 2(b)(9)(B)(iii) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by strik-
ing ‘‘2011’’ and inserting ‘‘2015’’. 
SEC. 12. EXTENSION OF AUTHORITY TO PROVIDE FINANC-
ING FOR THE EXPORT OF NONLETHAL DE-
FENSE ARTICLES OR SERVICES THE PRIMARY 
END USE OF WHICH WILL BE FOR CIVILIAN 
PURPOSES. 
Section 1(c) of Public Law 103–428 (12 U.S.C. 635 
note; 108 Stat. 4376) is amended by striking ‘‘2011’’ and 
inserting ‘‘2015’’. 
SEC. 13. ELIMINATION OF OBSOLETE PROVISIONS. 
(a) FOREIGN CREDIT INSURANCE ASSOCIATION.— 
(1) IN GENERAL.—Section 2(b)(1) of the Export- 
Import Bank Act of 1945 (12 U.S.C. 635(b)(1)) is 
amended by striking subparagraph (F) and redesig-
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