I 
114TH CONGRESS 
1ST SESSION H. R. 3847 
To provide for reforms of the Export-Import Bank of the United States. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 28, 2015 
Mr. ISSA (for himself, Mr. PETERSON, and Mr. HUNTER) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To provide for reforms of the Export-Import Bank of the 
United States. 
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 
Reform Act’’. 
SEC. 2. TABLE OF CONTENTS. 
The table of contents of this Act is as follows: 
Sec. 1. Short title. 
Sec. 2. Table of contents. 
TITLE I—IMPROVING TRANSPARENCY OF THE EXPORT-IMPORT 
BANK OF THE UNITED STATES 
Sec. 101. Review of Bank product pricing and credit standards to avoid crowd-
ing out of private export finance. 
Sec. 102. Prohibited countries. 
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Sec. 103. Employee certification and financial disclosure. 
Sec. 104. Parallel GAAP reporting. 
Sec. 105. Making the Bank the lender of last resort for loans, attempting pri-
vate financing first. 
Sec. 106. Audit committee. 
Sec. 107. Report on privatizing the Bank. 
Sec. 108. Independent audit of Bank portfolio. 
TITLE II—IMPROVING THE ACCOUNTABILITY OF THE EXPORT- 
IMPORT BANK OF THE UNITED STATES 
Sec. 201. Earnings retention. 
Sec. 202. Office of the President and term limits. 
Sec. 203. Repayment as priority. 
Sec. 204. Limitations on outstanding loans, guarantees, and insurance. 
Sec. 205. Credit risk. 
TITLE III—JOB GROWTH 
Sec. 301. Medium-sized enterprises. 
Sec. 302. Inflation adjustment. 
TITLE 
I—IMPROVING 
TRANS-
PARENCY OF THE EXPORT-IM-
PORT BANK OF THE UNITED 
STATES 
SEC. 101. REVIEW OF BANK PRODUCT PRICING AND CRED-
IT STANDARDS TO AVOID CROWDING OUT OF 
PRIVATE EXPORT FINANCE. 
Section 8 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635g) is amended by adding at the end the 
following: 
‘‘(l) REPORTS ON PRIVATE EXPORT FINANCING AND 
BANK PRICING AND CREDIT STANDARDS.— 
‘‘(1) PRIVATE EXPORT FINANCING.—The Board 
of Governors of the Federal Reserve System shall 
issue a semiannual report to the Congress on the 
terms and conditions (including interest rates, matu-
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rities, and credit standards) that apply in the provi-
sion of export finance by private financial institu-
tions. 
‘‘(2) BANK
PRICING
AND
CREDIT
STAND-
ARDS.—The Bank shall issue an annual report to 
the Congress on the steps taken by the Bank to ad-
just the pricing of products offered, and the credit 
standards used, by the Bank to avoid crowding out 
private export finance.’’. 
SEC. 102. PROHIBITED COUNTRIES. 
Section 8 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635g), as amended by section 101 of this Act, 
is amended by adding at the end the following: 
‘‘(m) RECOMMENDATIONS REGARDING PROHIBITED 
COUNTRIES.—The Board of Directors of the Bank, in 
consultation with Congress, the President, and the Sec-
retary of State, shall develop recommendations annually 
regarding the countries with whom and in which the Bank 
should not be doing business, and the Bank shall include 
the recommendations in its annual report to the Congress 
under subsection (a).’’. 
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SEC. 103. EMPLOYEE CERTIFICATION AND FINANCIAL DIS-
CLOSURE. 
Section 3(e) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(e)) is amended by adding at the end the 
following: 
‘‘(3) ETHICS.— 
‘‘(A) CODE OF ETHICS.— 
‘‘(i) IN GENERAL.—The Chief Ethics 
Officer shall draft a Code of Ethics that 
sets out strict and definite standards of of-
ficial conduct for all Bank directors, offi-
cers, and employees, which Code shall in-
clude a policy that prohibits conflicts of in-
terest, as described in paragraph (1) of 
this subsection, and other policies, prohibi-
tions, and restrictions that the Chief Eth-
ics Officer deems appropriate. 
‘‘(ii) CONSIDERATIONS.—In drafting 
the Code of Ethics, the Chief Ethics Offi-
cer shall consider the Principles of Ethical 
Conduct for Government Officers and Em-
ployee set forth in Executive Order 12731 
(Oct. 17, 1990). 
‘‘(iii) CONSISTENCY WITH ETHICS IN 
GOVERNMENT
ACT
OF
1978.—The Chief 
Ethics Officer shall ensure that the Code 
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of Ethics is consistent with the Ethics in 
Government Act of 1978 and the regula-
tions promulgated under such Act. 
‘‘(iv) 
EFFECTIVENESS; 
AMEND-
MENT.—The Code of Ethics (and an 
amendment to the Code) shall take effect 
on approval by the Board. The Code of 
Ethics may be amended only on the rec-
ommendation of the Chief Ethics Officer. 
‘‘(v) ANNUAL
EMPLOYEE
CERTIFI-
CATIONS.—The Board, in consultation with 
the Chief Ethics Officer, shall implement a 
policy that requires all Bank directors, of-
ficers, and employees to certify annually 
that they have read, understand, and com-
plied with and will continue to comply with 
the Code of Ethics. The annual certifi-
cations shall contain a statement that noti-
fies the signatory that section 1001 of title 
18, United States Code, applies to the cer-
tification. 
‘‘(B) FINANCIAL DISCLOSURE.— 
‘‘(i) IN GENERAL.—Within 180 days 
after the date of the enactment of this 
paragraph, the Board, in consultation with 
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the Chief Ethics Officer, shall prepare a fi-
nancial disclosure form for Covered Indi-
viduals, which form shall— 
‘‘(I) require information about 
assets, income, debts, and any other 
financial information that the Board 
deems appropriate for ensuring that a 
Covered Individual is in compliance 
with the Code of Ethics established 
under subparagraph (A); and 
‘‘(II) be no less extensive than fi-
nancial reports required to be filed 
under title I of the Ethics in Govern-
ment Act of 1978 and the regulations 
promulgated under such Act. 
‘‘(ii) FINANCIAL
REPORTING
POL-
ICY.—The Board, in consultation with the 
Chief Ethics Officer, shall implement a 
policy that— 
‘‘(I) requires each Covered Indi-
vidual and the spouse of the Covered 
Individual to annually complete the fi-
nancial disclosure form and submit 
the completed form to the General 
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Counsel or his or her designee for re-
view; and 
‘‘(II) allows any Covered Indi-
vidual who is required to file financial 
reports under title I of the Ethics in 
Government Act of 1978 or any other 
Federal law to file the financial re-
ports under such title or other law in 
lieu of the financial disclosure form 
described in this subparagraph, but 
the Board may require those who do 
so to supplement the financial report 
with all information required to be 
disclosed under this subparagraph. 
‘‘(iii) 
COVERED
INDIVIDUAL
DE-
FINED.—In this subparagraph, the term 
‘Covered Individual’ means any Bank di-
rector, officer, employee, or contractor with 
the ability to affect any Bank decision re-
lating to financing, funding, insuring, or 
otherwise providing backing to any com-
pany or project. 
‘‘(iv) AVAILABILITY
OF
COMPLETED 
FINANCIAL DISCLOSURE FORMS.— 
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‘‘(I) IN
GENERAL.—The Bank 
shall make completed financial disclo-
sure forms available to the Office of 
Inspector General for the Bank. 
‘‘(II) PROHIBITIONS.—A com-
pleted financial disclosure form shall 
not be made available— 
‘‘(aa) to another Bank direc-
tor, officer, employee, attorney, 
or agent, except as necessary to 
ensure compliance of a Covered 
Individual with this subpara-
graph, the Code of Ethics, or any 
applicable law; or 
‘‘(bb) to the public. 
‘‘(C) RULE OF INTERPRETATION.—Noth-
ing in this paragraph shall supersede, modify, 
change, or otherwise affect any requirement, 
procedure, or restriction applicable to a Bank 
employee, officer, or director under the Ethics 
in Government Act of 1978 that applies in ad-
dition to the requirements, procedures, and re-
strictions applicable to a Bank employee, offi-
cer, or director under this paragraph.’’. 
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SEC. 104. PARALLEL GAAP REPORTING. 
Section 8 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635g), as amended by sections 101 and 102 
of this Act, is amended by adding at the end the following: 
‘‘(n) PARALLEL GAAP REPORTING.—With any re-
port issued by the Bank to the Congress or any committee 
of the Congress that contains accounting information that 
is not prepared using generally accepted accounting prin-
ciples, the Bank shall issue a 2nd report providing the 
same accounting information prepared using generally ac-
cepted accounting principles.’’. 
SEC. 105. MAKING THE BANK THE LENDER OF LAST RE-
SORT FOR LOANS, ATTEMPTING PRIVATE FI-
NANCING FIRST. 
Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635) is amended by adding at the end the fol-
lowing: 
‘‘(l) APPLICANTS FOR BANK ASSISTANCE REQUIRED 
TO DEMONSTRATE INABILITY TO OBTAIN CREDIT ELSE-
WHERE.—The Bank shall not guarantee, insure, or extend 
credit, or participate in an extension of credit in connec-
tion with a transaction, to a privately owned foreign appli-
cant, other than a financial institution, unless the appli-
cant demonstrates to the Bank that— 
‘‘(1) the applicant has sought, and has been un-
able to obtain, competitive financing for the trans-
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action without any support from the Overseas Pri-
vate Investment Corporation or the Small Business 
Administration; or 
‘‘(2) financing from a foreign export credit 
agency is available to the applicant to support com-
parable foreign goods and services competing with 
the United States exports that would be financed by 
the Bank through the application.’’. 
SEC. 106. AUDIT COMMITTEE. 
Section 3(c) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(c)) is amended by redesignating para-
graph (10) as paragraph (11) and inserting after para-
graph (9) the following: 
‘‘(10) AUDIT COMMITTEE.— 
‘‘(A) MEMBERSHIP.— 
‘‘(i) IN
GENERAL.—In addition to such 
other duties as they may be appointed to per-
form under subparagraph (5), the directors who 
are neither Chairman nor Vice Chairman of the 
Board shall constitute the Audit Committee of 
the Board. 
‘‘(ii) SPECIAL RULE.—If that there is only 
1 director who is neither Chairman nor Vice 
Chairman of the Board, the Chief Risk Officer 
of the Bank shall be a temporary member of 
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the Audit Committee until a 2nd Bank director 
who is neither Chairman nor Vice Chairman of 
the Board is appointed to the Board. 
‘‘(B) DUTIES.— 
‘‘(i) Within 1 year after the date of the en-
actment of this paragraph, the Audit Com-
mittee shall develop and implement a program 
to audit, on a regular and routine basis, the 
loan, guarantee, insurance, and credit programs 
of the Bank. 
‘‘(ii) The Audit Committee shall— 
‘‘(I) provide assistance to the Board 
in fulfilling the accounting and reporting 
responsibilities of the Board; 
‘‘(II) evaluate whether the Bank has 
adequate administrative and financial con-
trols; 
‘‘(III) review the financial statements 
prepared by management for distribution 
to the Congress and the public; and 
‘‘(IV) provide direction over the inter-
nal audit function and the independent ac-
countants of the Bank. 
‘‘(C) REPORTS.—The Audit Committee shall re-
port to the Board regularly on its activities but may 
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act independently of the Chairman and Vice Chair-
man. 
‘‘(D) PROCEDURAL RULES.— 
‘‘(i) QUORUM.—Two members shall con-
stitute a quorum of the Audit Committee. 
‘‘(ii) ACTION ONLY BY MAJORITY VOTE.— 
The Audit Committee may act only by majority 
vote.’’. 
SEC. 107. REPORT ON PRIVATIZING THE BANK. 
Within 270 days after the date of the enactment of 
this Act, the President, in consultation with the Advisory 
Committee of the Bank, the Comptroller of the Currency, 
and the Governors of the Federal Reserve Board, shall 
submit to the Committees on Appropriations and Finan-
cial Services of the House of Representatives and the 
Committees on Appropriations and Banking, Housing, 
and Urban Affairs of the Senate a report on the programs 
of the Bank that may be fully or partially privatized, 
which report shall— 
(1) consider, but not be limited to, the estab-
lishment of a public-private partnership to create a 
market window, as allowed under Section 15 of the 
Export-Import Bank Act of 1945, to compete 
against similar foreign-supported market windows to 
maximize private-sector participation; 
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(2) include an evaluation of whether the admin-
istration of the insurance and working-capital pro-
grams of the Bank could be partially or completely 
privatized; and 
(3) include an analysis of the current regulatory 
restrictions related to capital-allocation requirements 
for pre-export working capital and cross-border lend-
ing in amounts exceeding $25,000,000. 
SEC. 108. INDEPENDENT AUDIT OF BANK PORTFOLIO. 
(a) AUDIT.—The Inspector General of the Export- 
Import Bank of the United States shall conduct an audit 
of the portfolio risk management procedures of the Bank, 
including a review of the implementation by the Bank of 
the duties assigned to the Chief Risk Officer under the 
Export-Import Bank Act of 1945. 
(b) REPORT.—Not later than 1 year after the ap-
pointment of the Chief Risk Officer of the Export-Import 
Bank of the United Sates, the Inspector General shall sub-
mit to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate a written report con-
taining all findings and determinations made in carrying 
out subsection (a). 
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TITLE II—IMPROVING THE AC-
COUNTABILITY OF THE EX-
PORT-IMPORT BANK OF THE 
UNITED STATES 
SEC. 201. EARNINGS RETENTION. 
Section 2(a)(1) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(a)(1)) is amended by striking ‘‘Net 
earnings of the Bank after reasonable provision for pos-
sible losses shall be used for payment of dividends on cap-
ital stock.’’ and inserting ‘‘The Bank shall retain not less 
than 30 percent of total net earnings as a provision for 
possible losses. Notwithstanding the previous sentence, 
during any period when the aggregate of such retained 
earnings is less than 10 percent of the applicable amount 
(as defined under section 6(a)(2)), the Bank shall retain 
not less than 80 percent of total net earning as a provision 
for possible losses. Net earnings that are not retained as 
a provision for possible losses shall be used for payment 
of dividends on capital stock.’’. 
SEC. 202. OFFICE OF THE PRESIDENT AND TERM LIMITS. 
Section 3 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a) is amended— 
(1) in subsection (b), by inserting ‘‘who shall be 
chosen from among those individuals with at least 
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15 years of banking experience,’’ before ‘‘and who 
shall serve as chief executive’’; and 
(2) in subsection (c)(8)(A)— 
(A) in clause (iii), by striking ‘‘and’’ at the 
end; 
(B) in clause (iv), by striking the period at 
the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(v) no person may serve as the President of 
the Bank for more than 2 terms.’’. 
SEC. 203. REPAYMENT AS PRIORITY. 
Section 2(b)(1) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635(b)(1)) is amended— 
(1) in subparagraph (B), by striking ‘‘, that 
loans, so far as possible consistent with the carrying 
out of the purposes of subsection (a) of this section, 
shall generally be for specific purposes, and, in the 
judgment of the Board of Directors, offer reasonable 
assurance of repayment’’; and 
(2) by striking subparagraph (C) and inserting 
the following: 
‘‘(C) The Bank shall conduct all programs 
of the Bank in a manner that, in the judgment 
of the Board of Directors, offers reasonable as-
surance of repayment and minimizes risk of 
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loss. Loans made by the Bank shall be for spe-
cific purposes.’’. 
SEC. 204. LIMITATIONS ON OUTSTANDING LOANS, GUARAN-
TEES, AND INSURANCE. 
Section 6(a)(2) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635e(a)(2)) is amended to read as fol-
lows: 
‘‘(2) APPLICABLE AMOUNT.—In paragraph (1), 
the 
term 
‘applicable 
amount’ 
means 
$130,000,000,000.’’. 
SEC. 205. CREDIT RISK. 
Section 2(b)(1)(A) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(b)(1)(A)) is amended by inserting 
after ‘‘(as defined in section 10(h)(3))’’ the following: ‘‘, 
provided that this objective is accomplished in a manner 
calculated to minimize financial risk to the Bank’’. 
TITLE III—JOB GROWTH 
SEC. 301. MEDIUM-SIZED ENTERPRISES. 
Section 2(b)(1)(F) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(b)(1)(F)) is amended to read as 
follows: 
‘‘(F) FAIR CONSIDERATION FOR MEDIUM-SIZED EN-
TERPRISES.—In addition to the programs of the Bank to 
encourage the participation of small businesses in inter-
national commerce, the policies of the Bank shall give fair 
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