Title: Export-Import Bank Termination Act
Policy area: Foreign Trade and International Finance

Summary:
Export-Import Bank Termination Act
This bill abolishes the Export-Import Bank of the United States three years after the bill's enactment.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3114 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3114

 To abolish the Export-Import Bank of the United States, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 29, 2017

    Mr. Amash (for himself, Mr. Jordan, Mr. Burgess, Mr. Brat, Mr. 
DesJarlais, Mr. Buck, Mr. McClintock, Mr. Massie, Mr. Labrador, and Mr. 
    Jones) 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 Representatives 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 specific 
        industries or businesses at the expense of their 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 export subsidies 
        such as loan guarantees and trade insurance.
            (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 Government that subsidizes exports 
        by insuring or guaranteeing 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 accurate, 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) In recent years, other ``safe'' Federal credit programs 
        have been shown to create significant risk for taxpayers, for 
        example, Fannie Mae, Freddie Mac, 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 ABOLISHMENT.

    (a) In General.--Notwithstanding any other provision of law:
            (1) Termination of authority to accept applications for 
        assistance.--The Export-Import 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 enactment 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 guarantee, or 
        participate in an extension of credit by another 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-Import 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 ``Secretary'').
    (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 FUNCTIONS.

    (a) Resolution of Functions.--The Secretary shall--
            (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 immediately before the abolishment date have been satisfied, as 
determined by the Secretary.
    (c) Report to the Congress.--When the Secretary makes the 
determination described in subsection (b), the Secretary shall report 
the determination to the Committee on Financial Services of the House 
of Representatives 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 functions 
        transferred to the Secretary under section 4(a)(2);
            (2) the administration and wind-up of any outstanding 
        obligations of the Federal Government under any programs 
        terminated by this Act; and
            (3) taking such other actions as may be necessary 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 subsection (b), the Secretary may 
transfer to the department or agency concerned such assets, funds, 
personnel, records, and other property relating to the delegated 
function as the Secretary determines to be appropriate.
    (d) Authorities of the Secretary.--For purposes 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 accordance with 
        section 3109 of title 5, United States Code, at rates for 
        individuals not to exceed the per 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 transferred 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 employee, 
        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 obligations of the Office 
shall be transferred to the Office of the Inspector General for the 
Department of the Treasury or otherwise disposed of.
    (b) Authority and Responsibility for Transfer or Disposal.--The 
Secretary shall have the authority and responsibility for transfer or 
disposal under subsection (a).
    (c) Savings Provision.--The provisions of this section shall not 
affect the performance of any pending audit, investigation, inspection, 
or report by the Office of the Inspector General for the Bank as of the 
abolishment date, with respect to functions transferred by this 
section. Nothing in this subsection shall be deemed to prohibit the 
discontinuance or modification of any performance under the same terms 
and conditions and to the same extent that such performance could have 
been discontinued or modified if this section had not been enacted.

SEC. 9. EXERCISE OF AUTHORITIES.

    Except as otherwise provided by law, a Federal official to whom a 
function is transferred by this Act may, for purposes of performing the 
function, exercise all authorities under any other provision of law 
that were available 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 balances of appropriations, 
allocations, and other funds employed, used, held, available, or to be 
made available in connection with a function transferred to an official 
or agency by this Act shall be available to the official or the head of 
that agency, respectively, at such time or times as the Director of the 
Office of Management and Budget directs for use in connection with the 
functions transferred.

SEC. 11. DELEGATION AND ASSIGNMENT.

    Except as otherwise expressly prohibited by law, an official to 
whom functions are transferred under this Act (including the head of 
any office to which functions are transferred under this Act) may 
delegate any of the functions so transferred to such officers and 
employees of the office of the official as the official may designate, 
and may authorize successive redelegations of such functions as may be 
necessary or appropriate. No delegation of functions under this section 
or under any other provision of this Act shall relieve the official to 
whom a function is transferred under this Act of responsibility for the 
administration of the function.

SEC. 12. AUTHORITY OF THE SECRETARY OF THE TREASURY WITH RESPECT TO 
              FUNCTIONS TRANSFERRED.

    (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 regard to the functions transferred by this Act, and to 
make such additional incidental dispositions of personnel, assets, 
liabilities, grants, contracts, property, records, and unexpended 
balances of appropriations, authorizations, allocations, and other 
funds held, used, arising from, available to, or to be made available 
in connection with such functions, 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, agreements, 
certificates, licenses, and privileges--
            (1) that have been issued, made, granted, or allowed to 
        become effective by the President, the Bank, any officer or 
        employee of any office transferred by this Act, or any other 
        Government official, or by a court of competent jurisdiction, 
        in the performance 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 pursuant 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 authorized 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 
applications shall be continued. Orders shall be issued in such 
proceedings, appeals shall be taken therefrom, and payments 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, terminated, 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 prohibit the 
discontinuance or modification of any such proceeding under the same 
terms and conditions and to the same extent that such proceeding could 
have been discontinued or modified if this Act had not been enacted.
    (c) Suits.--This Act shall not affect suits commenced 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 officer 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, substituted or added as a party.
    (f) Administrative Procedure and Judicial Review.--Except as 
otherwise provided by this Act, any statutory requirements relating to 
notice, hearings, action upon the record, or administrative or judicial 
review that 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 terminated pursuant to this Act 
shall remain available, for the duration of their period of 
availability, for necessary expenses 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 Provisions.--
            (1) Section 103 of the International Development 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 European Democracy 
        (SEED) Act of 1989 (12 U.S.C. 635 note; Public Law 101-179) is 
        hereby repealed.
            (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-Import 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, Export 
        Financing, and Related Programs Appropriations 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 redesignating the 
        succeeding paragraphs of such section 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 Provisions.--
            (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 Washington.''.
            (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 General for the Bank.--
Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is 
amended--
            (1) in paragraph (1), by striking ``the President of the 
        Export-Import Bank;''; and
            (2) in paragraph (2), by striking ``the Export-Import 
        Bank,''.
    (e) Effective Date.--The repeals and amendments made by this 
section shall take effect on the abolishment date.
    (f) Report to the Congress on Other Amendments to Federal 
Statute.--The Secretary 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 written report that contains 
suggestions for such other amendments to Federal statutes as may be 
necessary or appropriate as a result of this Act.

SEC. 16. REFERENCES.

    Any reference in any other Federal law, Executive order, rule, 
regulation, or delegation of authority, or any document of or 
pertaining to a department or office from which a function is 
transferred by this Act--
            (1) to the head of such department or office is deemed to 
        refer to the head of the department or office to which the 
        function is transferred; or
            (2) to such department or office is deemed to refer to the 
        department or office to which the function is transferred.

SEC. 17. DEFINITIONS.

    In this Act:
            (1) Function.--The term ``function'' includes any duty, 
        obligation, power, authority, responsibility, right, privilege, 
        activity, or program.
            (2) Office.--The term ``office'' includes any office, 
        administration, agency, bureau, institute, council, unit, 
        organizational entity, or component thereof.
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