I 
114TH CONGRESS 
1ST SESSION H. R. 1605 
To abolish the Export-Import Bank of the United States, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 25, 2015 
Mr. AMASH introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To abolish the Export-Import Bank of the United States, 
and for other purposes. 
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 ‘‘Export-Import Bank 
Termination Act’’. 
SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) Export subsidies provide advantages to spe-
cific industries or businesses at the expense of their 
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domestic competition, other sectors of the United 
States economy, and the public at large. 
(2) Banks and other financial institutions that 
provide trade facilitation credit also profit from ex-
port subsidies such as loan guarantees and trade in-
surance. 
(3) International trade finance is well developed 
and supplied by the private sector at competitive 
rates that reflect market conditions. 
(4) The Export-Import Bank of the United 
States is an agency of the United States Govern-
ment that subsidizes exports by insuring or guaran-
teeing trade facilitation loans and other credit from 
private financial institutions and by providing direct 
loans to United States exporters. 
(5) Export subsidies impose risks on United 
States taxpayers. In a June 2012 paper using accu-
rate, fair value estimation, the Congressional Budget 
Office found that the expected return of the Export- 
Import Bank of the United States was less than a 
tenth of the estimate under the current, flawed 
methodology used pursuant to the Federal Credit 
Reform Act of 1990. 
(6) Recent years have revealed other ‘‘safe’’ 
Federal credit programs to have large taxpayer 
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costs, for example, Freddie Mac, Fannie Mae, and 
the Federal Housing Administration. 
(7) The Export-Import Bank of the United 
States claims to serve small businesses primarily, 
but most of its financing subsidizes exports of large 
multinational corporations. 
SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISH-
MENT. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law: 
(1) TERMINATION OF AUTHORITY TO ACCEPT 
APPLICATIONS
FOR
ASSISTANCE.—The Export-Im-
port Bank of the United States (in this Act referred 
to as the ‘‘Bank’’) may not accept an application for 
a loan, insurance, or a guarantee, or to participate 
in an extension of credit by another entity, after the 
30-day period that begins with the date of the enact-
ment of this Act. 
(2) TERMINATION OF AUTHORITY TO RENEW 
OR ENTER INTO A CONTRACT FOR THE PROVISION 
OF ASSISTANCE BY THE BANK.—The Bank may not 
renew or enter into a contract which would obligate 
the Bank to provide a loan, insurance, or a guar-
antee, or participate in an extension of credit by an-
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other entity, after the 12-month period that begins 
with such date of enactment. 
(b) RULE
OF INTERPRETATION.—Nothing in this 
section shall be construed to extend the expiration date 
of any authority provided by section 7 of the Export-Im-
port Bank Act of 1945. 
SEC. 4. ABOLISHMENT OF EXPORT-IMPORT BANK OF THE 
UNITED STATES. 
(a) IN GENERAL.—Effective on the abolishment date: 
(1) ABOLISHMENT.—The Bank is abolished. 
(2) TRANSFER OF FUNCTIONS.—All functions 
that, immediately before the abolishment date are 
authorized to be performed by the Bank, the Board 
of Directors of the Bank, any officer or employee of 
the Bank acting in that capacity, or any agency or 
office of the Bank, are transferred to the Secretary 
of the Treasury (in this Act referred to as the ‘‘Sec-
retary’’). 
(b) ABOLISHMENT DATE DEFINED.—In this Act, the 
term ‘‘abolishment date’’ means the date that is 3 years 
after the date of the enactment of this Act. 
SEC. 5. RESOLUTION AND TERMINATION OF BANK FUNC-
TIONS. 
(a) RESOLUTION
OF FUNCTIONS.—The Secretary 
shall— 
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(1) complete the disposition and resolution of 
functions of the Bank in accordance with this Act; 
and 
(2) resolve all functions that are transferred to 
the Secretary under section 4(a)(2). 
(b) TERMINATION
OF FUNCTIONS.—All functions 
that are transferred to the Secretary under section 4(a)(2) 
shall terminate on the date all obligations of the Bank, 
and all obligations of others to the Bank, in effect imme-
diately before the abolishment date have been satisfied, as 
determined by the Secretary. 
(c) REPORT TO THE CONGRESS.—When the Sec-
retary makes the determination described in subsection 
(b), the Secretary shall report the determination to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
SEC. 6. DUTIES OF THE SECRETARY OF THE TREASURY. 
(a) IN GENERAL.—The Secretary shall be responsible 
for the implementation of this Act, including— 
(1) the administration and wind-up of all func-
tions transferred to the Secretary under section 
4(a)(2); 
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(2) the administration and wind-up of any out-
standing obligations of the Federal Government 
under any programs terminated by this Act; and 
(3) taking such other actions as may be nec-
essary to wind-up any outstanding affairs of the 
Bank. 
(b) DELEGATION
OF FUNCTIONS.—The Secretary 
may delegate to any other Federal department or agency 
head the performance of the functions of the Secretary 
under this Act, to the extent that the Secretary determines 
that the delegation would further the purposes of this Act. 
(c) TRANSFER
OF ASSETS
AND PERSONNEL.—In 
connection with any delegation of functions under sub-
section (b), the Secretary may transfer to the department 
or agency concerned such assets, funds, personnel, 
records, and other property relating to the delegated func-
tion as the Secretary determines to be appropriate. 
(d) AUTHORITIES OF THE SECRETARY.—For pur-
poses of performing the functions of the Secretary under 
this Act and subject to the availability of appropriations, 
the Secretary may— 
(1) enter into contracts; 
(2) employ experts and consultants in accord-
ance with section 3109 of title 5, United States 
Code, at rates for individuals not to exceed the per 
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diem rate equivalent to the rate for level IV of the 
Executive Schedule; and 
(3) utilize, on a reimbursable basis, the services, 
facilities, and personnel of other Federal agencies. 
SEC. 7. PERSONNEL. 
Effective on the abolishment date, there are trans-
ferred to the Department of the Treasury all individuals, 
other than members of the Board of Directors of the 
Bank, who— 
(1) immediately before the abolishment date, 
were officers or employees of the Bank; and 
(2) in their capacity as such an officer or em-
ployee, performed functions that are transferred to 
the Secretary under section 4(a)(2). 
SEC. 8. TRANSFER OF INSPECTOR GENERAL DUTIES. 
(a) TERMINATION OF THE OFFICE OF INSPECTOR 
GENERAL
FOR
THE EXPORT-IMPORT BANK
OF
THE 
UNITED STATES.—Notwithstanding any other provision 
of law, the Office of Inspector General for the Bank shall 
terminate on the abolishment date, and the assets and ob-
ligations of the Office shall be transferred to the Office 
of the Inspector General for the Department of the Treas-
ury or otherwise disposed of. 
(b) AUTHORITY AND RESPONSIBILITY FOR TRANS-
FER OR DISPOSAL.—The Secretary shall have the author-
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ity and responsibility for transfer or disposal under sub-
section (a). 
(c) SAVINGS PROVISION.—The provisions of this sec-
tion shall not affect the performance of any pending audit, 
investigation, inspection, or report by the Office of the In-
spector General for the Bank as of the abolishment date, 
with respect to functions transferred by this section. Noth-
ing in this subsection shall be deemed to prohibit the dis-
continuance or modification of any performance under the 
same terms and conditions and to the same extent that 
such performance could have been discontinued or modi-
fied if this section had not been enacted. 
SEC. 9. EXERCISE OF AUTHORITIES. 
Except as otherwise provided by law, a Federal offi-
cial to whom a function is transferred by this Act may, 
for purposes of performing the function, exercise all au-
thorities under any other provision of law that were avail-
able with respect to the performance of that function to 
the official responsible for the performance of the function 
immediately before the effective date of the transfer of the 
function under this Act. 
SEC. 10. TRANSFER OF ASSETS. 
Except as otherwise provided in this Act, so much 
of the personnel, property, records, and unexpended bal-
ances of appropriations, allocations, and other funds em-
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SEC. 12. AUTHORITY OF THE SECRETARY OF THE TREAS-
URY WITH RESPECT TO FUNCTIONS TRANS-
FERRED. 
(a) DETERMINATIONS.—If necessary, the Secretary 
shall make any determination of the functions that are 
transferred under this Act. 
(b) INCIDENTAL TRANSFERS.—The Secretary, at 
such time or times as the Secretary shall provide, may 
make such determinations as may be necessary with re-
gard to the functions transferred by this Act, and to make 
such additional incidental dispositions of personnel, assets, 
liabilities, grants, contracts, property, records, and unex-
pended balances of appropriations, authorizations, alloca-
tions, and other funds held, used, arising from, available 
to, or to be made available in connection with such func-
tions, as may be necessary to carry out the provisions of 
this Act. 
SEC. 13. SAVINGS PROVISIONS. 
(a) LEGAL DOCUMENTS.—All orders, determinations, 
rules, regulations, permits, grants, loans, contracts, agree-
ments, certificates, licenses, and privileges— 
(1) that have been issued, made, granted, or al-
lowed to become effective by the President, the 
Bank, any officer or employee of any office trans-
ferred by this Act, or any other Government official, 
or by a court of competent jurisdiction, in the per-
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formance of any function that is transferred by this 
Act, and 
(2) that are in effect on the effective date of the 
transfer (or become effective after such date pursu-
ant to their terms as in effect on such effective 
date), 
shall continue in effect according to their terms until 
modified, terminated, superseded, set aside, or revoked in 
accordance with law by the President, any other author-
ized official, a court of competent jurisdiction, or operation 
of law. 
(b) PROCEEDINGS.—This Act shall not affect any 
proceedings or any application for any benefits, service, 
license, permit, certificate, or financial assistance pending 
on the date of the enactment of this Act before an office 
transferred by this Act, but such proceedings and applica-
tions shall be continued. Orders shall be issued in such 
proceedings, appeals shall be taken therefrom, and pay-
ments shall be made pursuant to such orders, as if this 
Act had not been enacted, and orders issued in any such 
proceeding shall continue in effect until modified, termi-
nated, superseded, or revoked by a duly authorized official, 
by a court of competent jurisdiction, or by operation of 
law. Nothing in this subsection shall be considered to pro-
hibit the discontinuance or modification of any such pro-
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ceeding under the same terms and conditions and to the 
same extent that such proceeding could have been discon-
tinued or modified if this Act had not been enacted. 
(c) SUITS.—This Act shall not affect suits com-
menced before the date of the enactment of this Act, and 
in all such suits, proceeding shall be had, appeals taken, 
and judgments rendered in the same manner and with the 
same effect as if this Act had not been enacted. 
(d) NONABATEMENT OF ACTIONS.—No suit, action, 
or other proceeding commenced by or against an office 
transferred by this Act, or by or against any individual 
in the official capacity of such individual as an officer or 
employee of such an office, shall abate by reason of the 
enactment of this Act. 
(e) CONTINUANCE OF SUITS.—If any Government of-
ficer in the official capacity of such officer is party to a 
suit with respect to a function of the officer, and under 
this Act such function is transferred to any other officer 
or office, then such suit shall be continued with the other 
officer or the head of such other office, as applicable, sub-
stituted or added as a party. 
(f) ADMINISTRATIVE PROCEDURE AND JUDICIAL RE-
VIEW.—Except as otherwise provided by this Act, any 
statutory requirements relating to notice, hearings, action 
upon the record, or administrative or judicial review that 
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apply to any function transferred by this Act shall apply 
to the exercise of such function by the head of the Federal 
agency, and other officers of the agency, to which such 
function is transferred by this Act. 
SEC. 14. AVAILABILITY OF EXISTING FUNDS. 
Existing appropriations and funds available for the 
performance of functions, programs, and activities termi-
nated pursuant to this Act shall remain available, for the 
duration of their period of availability, for necessary ex-
penses in connection with the termination and resolution 
of such functions, programs, and activities. 
SEC. 15. CONFORMING AMENDMENTS AND REPEALS. 
(a) REPEAL OF PRIMARY AUTHORIZING STATUTE.— 
The Export-Import Bank Act of 1945 (12 U.S.C. 635— 
635i–9) is hereby repealed. 
(b) ELIMINATION OF RELATED AUTHORIZING PROVI-
SIONS.— 
(1) Section 103 of the International Develop-
ment and Finance Act of 1989 (12 U.S.C. 635 note; 
Public Law 101–240) is hereby repealed. 
(2) Section 303 of the Support for East Euro-
pean Democracy (SEED) Act of 1989 (12 U.S.C. 
635 note; Public Law 101–179) is hereby repealed. 
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(3) Section 1908 of the Export-Import Bank 
Act Amendments of 1978 (12 U.S.C. 635a–1) is 
amended— 
(A) by striking ‘‘(a)’’; and 
(B) by striking subsection (b). 
(4) Sections 1911 and 1912 of the Export-Im-
port Bank Act Amendments of 1978 (12 U.S.C. 
635a–2 and 635a–3) are hereby repealed. 
(5) Section 206 of the Bank Export Services 
Act (12 U.S.C. 635a–4) is hereby repealed. 
(6) Sections 1 through 5 of Public Law 90–390 
(12 U.S.C. 635j through 635n) are hereby repealed. 
(7) Sections 641 through 647 of the Trade and 
Development Enhancement Act of 1983 (12 U.S.C. 
635o–635t) are hereby repealed. 
(8) Section 534 of the Foreign Operations, Ex-
port Financing, and Related Programs Appropria-
tions Act, 1990 (12 U.S.C. 635g note; Public Law 
101–167) is amended by striking subsection (d). 
(9) Section 3302 of the Omnibus Trade and 
Competitiveness Act of 1988 (12 U.S.C. 635i–3 
note; Public Law 100–418) is amended by striking 
subsection (a). 
(10) Section 1105(a) of title 31, United States 
Code, is amended by striking paragraph (34) and re-
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designating the succeeding paragraphs of such sec-
tion as paragraphs (34) through (38), respectively. 
(11) Section 9101(3) of title 31, United States 
Code, is amended by striking subparagraph (C). 
(c) ELIMINATION OF RELATED COMPENSATION PRO-
VISIONS.— 
(1) POSITION AT LEVEL III.—Section 5314 of 
title 5, United States Code, is amended by striking 
the following item: 
‘‘President of the Export-Import Bank of Wash-
ington.’’. 
(2) POSITIONS AT LEVEL IV.—Section 5315 of 
title 5, United States Code, is amended— 
(A) by striking the following item: 
‘‘First Vice President of the Export-Import Bank of 
Washington.’’; and 
(B) by striking the following item: 
‘‘Members, Board of Directors of the Export-Import 
Bank of Washington.’’. 
(d) ELIMINATION OF OFFICE OF INSPECTOR GEN-
ERAL FOR THE BANK.—Section 12 of the Inspector Gen-
eral Act of 1978 (5 U.S.C. App.) is amended— 
(1) in paragraph (1), by striking ‘‘the President 
of the Export-Import Bank;’’; and 
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