Neutralizing Unfair Chinese Export Subsidies Act of 2021
Bill: H.R.5790 | Sponsor: Rep. Zeldin, Lee M. (R-NY)
Policy area: Foreign Trade and International Finance

Summary:
Neutralizing Unfair Chinese Export Subsidies Act of 2021
This bill places requirements on the Department of the Treasury related to negotiations to end export credit financing.
Specifically, the bill requires Treasury to submit a strategy for U.S. advocacy and cooperation with allies and partners. Such strategy shall encompass how to (1) ensure compliance by China with the financial terms and conditions of the Organization for Economic Cooperation and Development Arrangement on Officially Supported Export Credits, and (2) eliminate subsidized export financing programs and other forms of export subsidies.
Additionally, the bill shifts certain requirements for negotiations related to ending export credit financing that currently lay with the President to Treasury.

To provide for working with allies to seek increased compliance by 
            China with certain OECD export credit standards.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Neutralizing Unfair Chinese Export 
Subsidies Act of 2021''.

SEC. 2. WORKING WITH ALLIES TO ENSURE CHINA'S COMPLIANCE WITH OECD 
              STANDARDS.

    (a) In General.--Within 180 days after the date of the enactment of 
this Act, the Secretary of the Treasury 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 detailed 
strategy and timeline with respect to--
            (1) strengthening United States advocacy and cooperation 
        with appropriate allies and partners to seek to ensure 
        substantial compliance by China with the financial terms and 
        conditions of the OECD Arrangement on Officially Supported 
        Export Credits; and
            (2) the goal described in section 11(a)(1) of the Export-
        Import Bank Reauthorization Act of 2012.
    (b) International Negotiations on Export Subsidies.--
            (1) In general.--Section 11(a)(1) of the Export-Import Bank 
        Reauthorization Act of 2012 (12 U.S.C. 635a-5(a)(1)) is amended 
        by striking ``with the possible goal of eliminating, before the 
        date that is 10 years after December 4, 2015,'' and inserting 
        ``with the goal of eliminating, before the date that is 10 
        years after the date of the enactment of the Neutralizing 
        Unfair Chinese Export Subsidies Act of 2021''.
            (2) Progress report.--Section 11(e) of such Act (12 U.S.C. 
        635a-5(e)) is amended by striking ``2019'' and inserting 
        ``2026''.
            (3) Conduct of negotiations.--Section 11 of such Act (12 
        U.S.C. 635a-5) is amended--
                    (A) in each of subsections (a) and (d), by striking 
                ``The President'' and inserting ``The Secretary of the 
                Treasury, in consultation with the United States Trade 
                Representative,'';
                    (B) in subsection (a), by inserting ``, and 
                endeavor to hold not less frequently than twice per 
                year,'' before ``negotiations'';
                    (C) in each of subsections (b), (c), and (e), by 
                striking ``President'' each place it appears and 
                inserting ``Secretary of the Treasury''; and
                    (D) in subsection (d), by inserting ``, and 
                endeavor to hold such negotiations not less frequently 
                than twice per year'' before the period.
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