I 
114TH CONGRESS 
1ST SESSION 
H. R. 597 
To reauthorize the Export-Import Bank of the United States, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 28, 2015 
Mr. FINCHER (for himself, Mr. WILSON of South Carolina, Mr. ADERHOLT, 
Mr. HUNTER, Mr. STIVERS, Mr. COLLINS of New York, Mr. RODNEY 
DAVIS of Illinois, Mr. DOLD, Mr. COLE, Mr. HULTGREN, Mr. LUCAS, Mr. 
PITTS, Mr. REED, Mrs. WAGNER, Mr. BOST, Mr. HARPER, Mr. KING of 
New York, Mr. NEWHOUSE, Mr. TIBERI, Mr. GIBBS, Mr. CRENSHAW, 
Mr. LONG, Mr. ROGERS of Alabama, Mr. AMODEI, Mrs. WALORSKI, Mr. 
GRAVES of Missouri, Mr. BOUSTANY, Mr. JOYCE, Mr. RICE of South 
Carolina, Mr. MICA, Mr. BUCSHON, Mr. MEEHAN, Mr. COSTELLO of 
Pennsylvania, Mr. THOMPSON of Pennsylvania, Mr. TURNER, Mr. GIB-
SON, Mr. HANNA, Mr. KELLY of Pennsylvania, Mr. MACARTHUR, Mr. 
SHIMKUS, Mr. BARLETTA, Mr. CRAMER, Mr. SHUSTER, Mr. REICHERT, 
Mr. LOBIONDO, Mr. KINZINGER of Illinois, Mr. JOHNSON of Ohio, Mr. 
MARINO, Mr. MULLIN, Ms. STEFANIK, Mr. KATKO, Mr. CRAWFORD, Mr. 
JOLLY, Mr. CALVERT, Mrs. COMSTOCK, Mr. SCHOCK, Mrs. HARTZLER, 
and Mr. VALADAO) introduced the following bill; which was referred to 
the Committee on Financial Services 
A BILL 
To reauthorize 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, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Reform Exports and 
Expand the American Economy 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. Making the Office of Ethics statutory. 
Sec. 102. Review of fraud controls. 
Sec. 103. Review of Bank product pricing and credit standards to avoid crowd-
ing out of private export finance. 
Sec. 104. Prohibited countries. 
Sec. 105. Independent audit by the Comptroller General. 
Sec. 106. Employee certification and financial disclosure. 
Sec. 107. Study of financing for information and communications technology 
systems. 
Sec. 108. Electronic payments and documents. 
Sec. 109. Parallel GAAP reporting. 
Sec. 110. Making the Bank the lender of last resort for loans, attempting pri-
vate financing first. 
Sec. 111. Audit committee. 
Sec. 112. Report on privatizing the Bank. 
Sec. 113. 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. Negotiations to end export credit financing. 
Sec. 205. Limitations on outstanding loans, guarantees, and insurance. 
Sec. 206. Credit risk. 
Sec. 207. Chief Risk Officer. 
Sec. 208. Participation and risk-sharing by private sector lenders and export-
ers. 
Sec. 209. Reauthorization of information technology updating. 
TITLE III—JOB GROWTH 
Sec. 301. Extension of authority. 
Sec. 302. Dual use exports. 
Sec. 303. Small business and medium-sized enterprises reports. 
Sec. 304. Medium-sized enterprises. 
Sec. 305. Extension of suspension of supplemental guidelines for high carbon 
intensity projects. 
Sec. 306. Updated definition of loan terms. 
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Sec. 307. Updated loan amounts. 
Sec. 308. Updated environmental effects consideration. 
Sec. 309. Updated export amounts. 
Sec. 310. Inflation adjustment. 
TITLE 
I—IMPROVING 
TRANS-
PARENCY OF THE EXPORT-IM-
PORT BANK OF THE UNITED 
STATES 
SEC. 101. MAKING THE OFFICE OF ETHICS STATUTORY. 
Section 3 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a) is amended by adding at the end the 
following: 
‘‘(k) OFFICE OF ETHICS.— 
‘‘(1) ESTABLISHMENT.—There is hereby estab-
lished an Office of Ethics within the Bank, which 
shall oversee all ethics issues within the Bank. 
‘‘(2) HEAD OF OFFICE.—The head of the Office 
of Ethics shall be the Chief Ethics Officer, who shall 
be appointed by the Board of Directors of the Bank, 
within 180 days after the date of the enactment of 
this paragraph, from among persons with a back-
ground in law who have experience in the fields of 
law and ethics, including the individual serving as a 
designated agency ethics official for the Bank pursu-
ant to Ethics in Government Act of 1978. The Chief 
Ethics Officer shall report to the Board. 
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‘‘(3) DUTIES.—The Office of Ethics has juris-
diction over all employees and contractors of, and 
matters relating to, the Bank. With respect to em-
ployees and contractors of the Bank, the Office of 
Ethics may— 
‘‘(A) recommend administrative actions to 
establish or enforce standards of official con-
duct; 
‘‘(B) investigate alleged violations of the 
Code of Official Conduct or of any applicable 
rules, laws, or regulations governing the per-
formance of official duties or the discharge of 
official responsibilities; 
‘‘(C) report to appropriate Federal or 
State authorities substantial evidence of a viola-
tion of any law applicable to the performance of 
official duties that may have been disclosed in 
an Office of Ethics investigation, subject to ap-
proval of the report by an affirmative vote of a 
majority of the Board of Directors of the Bank; 
and 
‘‘(D) render advisory opinions regarding 
the propriety of any current or proposed con-
duct of employee or contractor of the Bank, 
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and issue general guidance on such matters as 
necessary.’’. 
SEC. 102. REVIEW OF FRAUD CONTROLS. 
Section 17(b) of the Export-Import Bank Reauthor-
ization Act of 2012 (12 U.S.C. 635a–6(b)) is amended 
to read as follows: 
‘‘(b) REVIEW OF FRAUD CONTROLS.—Not less fre-
quently than every 4 years, the Comptroller General of 
the United States shall— 
‘‘(1) review the adequacy of the design and ef-
fectiveness of the controls used by the Export-Im-
port Bank of the United States to prevent, detect, 
and investigate fraudulent applications for loans and 
guarantees and the compliance by the Bank with the 
controls, including by auditing a sample of Bank 
transactions, and 
‘‘(2) submit to the Committees on Financial 
Services and Appropriations of the House of Rep-
resentatives and the Committees on Banking, Hous-
ing, and Urban Affairs and Appropriations of the 
Senate a written report regarding the findings of the 
review and providing such recommendations with re-
spect to the controls as the Comptroller General 
deems appropriate.’’. 
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SEC. 103. 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: 
‘‘(k) 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-
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. 104. PROHIBITED COUNTRIES. 
Section 8 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635g), as amended by section 103 of this Act, 
is amended by adding at the end the following: 
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‘‘(l) 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).’’. 
SEC. 105. INDEPENDENT AUDIT BY THE COMPTROLLER 
GENERAL. 
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) INDEPENDENT AUDIT BY THE COMPTROLLER 
GENERAL.— 
‘‘(A) ANNUAL AUDIT.—The Comptroller Gen-
eral of the United States shall, before the end of the 
1-year period beginning on the date of the enact-
ment of this paragraph and each year thereafter, 
carry out an audit of the Bank’s loan, guarantee, in-
surance, and credit programs. 
‘‘(B) REPORT.—At the completion of each audit 
required under subparagraph (A), the Comptroller 
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General shall issue a report to the Bank and the 
Congress containing— 
‘‘(i) all findings and determinations made 
in carrying out the audit; and 
‘‘(ii) any recommendations that the Comp-
troller General may have— 
‘‘(I) to assist the Bank in fulfilling 
the accounting and reporting responsibil-
ities of the Bank; 
‘‘(II) to ensure that the Bank has 
adequate administrative and financial con-
trols; and 
‘‘(III) with respect to procedures for 
the internal audit functions of, and the use 
of independent accountants by the Bank.’’. 
SEC. 106. 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-
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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 
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. 
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‘‘(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 
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 
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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 
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 
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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.— 
‘‘(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 
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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.’’. 
SEC. 107. STUDY OF FINANCING FOR INFORMATION AND 
COMMUNICATIONS TECHNOLOGY SYSTEMS. 
(a) ANALYSIS OF THE INFORMATION AND COMMU-
NICATIONS TECHNOLOGY INDUSTRY USE OF BANK PROD-
UCTS.—The Export-Import Bank of the United States (in 
this section referred to as the ‘‘Bank’’) shall conduct a 
study of the extent to which the products offered by the 
Bank are available and used by companies that export 
services and related goods. In conducting the study, the 
Bank shall examine the following: 
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(1) The impediments to the use of Bank prod-
ucts by the companies. 
(2) The number of jobs in the United States 
that are supported by the export of goods and serv-
ices, and the degree to which access to financing will 
increase exports. 
(3) The reduction in the financing by the Bank 
of information and communications technology (in 
this section referred to as ‘‘ICT’’) services from 
2003 through 2013. 
(4) The impediments posed by local content re-
quirements to ICT companies that seek to use a 
Bank product. 
(5) The activities of foreign export credit agen-
cies to facilitate the export of ICT goods and serv-
ices. 
(6) Specific proposals for how the Bank, using 
its authority and products, could provide additional 
financing for ICT goods and services, including 
through risk-sharing with other export credit agen-
cies and other third parties. 
(7) Ways in which the Bank can take into ac-
count the full global ICT goods and services supply 
chain—in particular, the ultimate manufacturer or 
provider of the finished goods or services that would 
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result from the supply chain—in making credit and 
risk determinations and the creditworthiness of the 
ultimate purchaser. 
(8) Proposals for new products the Bank could 
offer to provide the financing, including— 
(A) the extent to which the Bank is au-
thorized to offer new products; 
(B) the extent to which the Bank would 
need additional authority to offer the new prod-
ucts to meet the needs of the ICT industry; 
(C) specific proposals for changes in law 
that would enable the Bank to provide in-
creased financing for ICT goods and services in 
compliance with the credit and risk standards 
of the Bank; 
(D) specific proposals that would enable 
the Bank to provide increased outreach to the 
ICT industry about the products the Bank of-
fers; and 
(E) specific proposals for changes in law 
that would enable the Bank to provide the fi-
nancing to build ICT infrastructure in compli-
ance with the credit and risk standards of the 
Bank so as to allow for market access opportu-
nities for United States ICT companies to oper-
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ate services on the infrastructure being financed 
on receipt of funds from the Bank. 
(b) REPORT.—Within 180 days after the date of the 
enactment of this Act, the Bank shall submit to the Con-
gress a report that contains the results of the study re-
quired by subsection (a). 
SEC. 108. ELECTRONIC PAYMENTS AND DOCUMENTS. 
Section 2(b)(1)(E) of the Export-Import Bank Act 
of 1945 (12 U.S.C. 635(b)(1)(E)) is amended by adding 
at the end the following: 
‘‘(xi) ELECTRONIC DOCUMENTS.—Not later than the 
end of the 2-year period beginning on the date of the en-
actment of this clause, the Bank shall implement policies 
to accept electronic documents whenever possible, includ-
ing copies of bills of lading, certifications, and compliance 
documents. 
‘‘(xii) ELECTRONIC PAYMENTS.—Not later than the 
end of the 2-year period beginning on the date of the en-
actment of this clause, the Bank shall implement policies 
to accept electronic payments in all of its programs.’’. 
SEC. 109. PARALLEL GAAP REPORTING. 
Section 8 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635g), as amended by sections 103 and 104 
of this Act, is amended by adding at the end the following: 
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‘‘(m) 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. 110. 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: 
‘‘(k) 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-
action without any support from the Overseas Pri-
vate Investment Corporation or the Small Business 
Administration; or 
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‘‘(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. 111. AUDIT COMMITTEE. 
Section 3(c) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(c)), as amended by section 105 of this 
Act, is amended by redesignating paragraph (10) as para-
graph (11) and inserting after paragraph (9) the fol-
lowing: 
‘‘(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 
the Audit Committee until a 2nd Bank director 
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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.—2 members shall constitute 
a quorum of the Audit Committee. 
‘‘(ii) ACTION ONLY BY MAJORITY VOTE.— 
The Audit Committee may act only by majority 
vote.’’. 
SEC. 112. 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. 113. 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. NEGOTIATIONS TO END EXPORT CREDIT FINANC-
ING. 
Section 11 of the Export-Import Bank Reauthoriza-
tion Act of 2012 (12 U.S.C. 635i–5) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Secretary of the Treasury 
(in this section referred to as the ‘Secretary’)’’ 
and inserting ‘‘President’’; and 
(B) in paragraph (1), by striking ‘‘goal of 
eliminating’’ and inserting ‘‘possible goal of 
eliminating, before the end of the 10-year pe-
riod beginning on the date of the enactment of 
the Reform Exports and Expand the American 
Economy Act,’’; 
(2) in subsection (b), by striking ‘‘Secretary’’ 
each place such term appears and inserting ‘‘Presi-
dent’’; and 
(3) by adding at the end the following: 
‘‘(c) REPORT ON STRATEGY.—Not later than the end 
of the 180-day period beginning on the date of the enact-
ment of this subsection, the President shall submit to the 
Congress a proposal, together with a strategy for achiev-
ing the proposal, that the United States Government will 
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pursue with other major exporting countries, including 
members of the Organisation for Economic Co-operation 
and Development (OECD) and non-members of the 
OECD, to eliminate over a period of not more than 10 
years subsidized export-financing programs, tied aid, ex-
port credits, and all other forms of government-supported 
export subsidies. 
‘‘(d) NEGOTIATIONS
WITH
NON-OECD COUN-
TRIES.—The President shall initiate and pursue negotia-
tions with countries that are not members of the 
Organisation for Economic Co-operation and Development 
(OECD), to bring the non-members into a multilateral 
agreement establishing rules and limitations on officially 
supported export credits. 
‘‘(e) ANNUAL REPORTS ON PROGRESS OF NEGOTIA-
TIONS.—Not later than 180 days after the date of the en-
actment of this subsection, and annually thereafter 
through calendar year 2019, the Secretary shall submit 
to the Committee on Banking, Housing, and Urban Af-
fairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives a report on the 
progress of any negotiations described in subsection (d).’’. 
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SEC. 205. 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. 206. 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’’. 
SEC. 207. CHIEF RISK OFFICER. 
Section 3 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a), as amended by section 101 of this Act, 
is amended by adding at the end the following: 
‘‘(l) CHIEF RISK OFFICER.— 
‘‘(1) IN GENERAL.—Subject to the approval of 
the Board of Directors of the Bank, the President 
of the Bank shall appoint a Chief Risk Officer, from 
among individuals with experience at a senior level 
in financial risk management, who— 
‘‘(A) shall rank not lower than senior vice 
president; 
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‘‘(B) shall have as the officer’s sole func-
tion to serve as chief risk officer of the Bank; 
‘‘(C) shall report directly to the Board; 
and 
‘‘(D) shall be removable only by the Board. 
‘‘(2) DUTIES.—The Chief Risk Officer shall, in 
coordination with the Audit Committee of the Board 
of Directors, develop, implement, and manage a 
comprehensive process for identifying, assessing, 
monitoring, and reducing business risks to the 
Bank’s overall portfolio that may interfere with the 
ability of the Bank to fulfill its purposes, but may 
not exercise any authority over the operations of the 
Bank.’’. 
SEC. 208. PARTICIPATION AND RISK-SHARING BY PRIVATE 
SECTOR LENDERS AND EXPORTERS. 
Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635), as amended by section 110 of this Act, 
is amended by adding at the end the following: 
‘‘(l) PARTICIPATION AND RISK-SHARING BY PRIVATE 
SECTOR LENDERS AND EXPORTERS.— 
‘‘(1) The Bank shall develop and implement 
policies (in coordination and in consultation with pri-
vate sector stakeholders) that incentivize trans-
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actions in which third parties share risks of loss with 
the Bank. In the policies, the Bank shall— 
‘‘(A) allow the retention of risk to be borne 
either by a lender or an exporter; 
‘‘(B) not require a lender to retain addi-
tional risk beyond the risk retained by an ex-
porter; 
‘‘(C) share fees with the risk-sharing party 
equal to the risk retained, but not share the in-
terest earned on a direct loan portion of a 
transaction; and 
‘‘(D) ensure that any administrative bur-
dens for third parties are calculated to promote 
participation by third parties in the risk-sharing 
programs of the Bank. 
‘‘(2) The policies of the Bank to encourage 
risk-sharing shall give additional authority to a third 
party that retains risk of loss of greater than 50 
percent of a transaction. 
‘‘(3) The Bank may guarantee a capital mar-
kets purchase of not more than 50 percent of an ex-
port portfolio by a captive finance company or affil-
iate to encourage expansion of equipment exports 
from the United States.’’. 
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SEC. 209. REAUTHORIZATION OF INFORMATION TECH-
NOLOGY UPDATING. 
Section 3(j) of the Export-Import Act of 1945 (12 
U.S.C. 635a(j)) is amended— 
(1) in the subsection heading, by striking 
‘‘BANK SURPLUS’’ and inserting ‘‘ADMINISTRATIVE 
FUNDS’’; 
(2) in paragraph (1), by striking ‘‘Subject to 
paragraphs (3) and (4), the Bank may use an 
amount equal to 1.25 percent of the surplus of the 
Bank during fiscal years 2012, 2013, and 2014 to’’ 
and inserting ‘‘Subject to paragraphs (2) and (3), 
the Bank may use amounts, including fees, made 
available to the Bank for administrative expense for 
systems infrastructure, to’’; 
(3) by striking paragraph (2) and redesignating 
paragraphs (3) and (4) as paragraphs (2) and (3), 
respectively; and 
(4) in paragraph (2) (as so redesignated), by 
striking ‘‘2012, 2013, and 2014’’ and inserting 
‘‘2015 through 2019’’. 
TITLE III—JOB GROWTH 
SEC. 301. EXTENSION OF AUTHORITY. 
Section 7 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635f) is amended by striking ‘‘2014’’ and in-
serting ‘‘2019’’. 
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