Title: United States Export Finance Agency Act of 2019
Policy area: Foreign Trade and International Finance

Summary:
United States Export Finance Agency Act of 2019
This bill reauthorizes the U.S. Export-Import Bank through FY2029 and otherwise modifies its operations.
Specifically, the bill redesignates the bank as the United States Export Finance Agency and increases its lending cap over the period of its reauthorization. In the event of a quorum lapse, the bill provides for the establishment of a temporary board to act in the stead of the Board of Directors. The bill also prohibits the agency from providing financing for certain specified entities and persons involved in sanctionable activities.
Additionally, the agency must establish (1) the Office of Minority and Women Inclusion to increase the participation of such groups in the agency's programs and contracts; (2) the Office of Territorial Exporting to promote the export of goods and services from U.S. territories; and (3) the Office of Financing for Renewable Energy, Energy Efficiency and Energy Storage Exports to promote exports used in the production of renewable energy resources and energy efficiency technologies.
Further, the agency is authorized to (1) deem as met certain prerequisite considerations to providing competitive export financing in the case of exports likely to be supported by official financing from China; and (2) establish a program under which it may enter into arrangements (i.e., reinsurance pools) to share risks associated with the extension of credit.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4863 Introduced in House (IH)]

<DOC>






116th CONGRESS
  1st Session
                                H. R. 4863

  To promote the competitiveness of the United States, to reform and 
  reauthorize the United States Export Finance Agency, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 28, 2019

  Ms. Waters (for herself, Mr. Heck, Mr. San Nicolas, Mrs. Carolyn B. 
 Maloney of New York, Ms. Velazquez, Mr. Sherman, Mr. Meeks, Mr. David 
   Scott of Georgia, Mr. Clay, Mr. Green of Texas, Mr. Cleaver, Mr. 
   Perlmutter, Mr. Foster, Mrs. Beatty, Mr. Vargas, Mr. McAdams, Ms. 
   Wexton, Mr. Lynch, Ms. Adams, Ms. Dean, Ms. Garcia of Texas, Mr. 
  Phillips, and Mr. Stanton) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To promote the competitiveness of the United States, to reform and 
  reauthorize the United States Export Finance Agency, 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 ``United States Export Finance Agency 
Act of 2019''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Renaming of the Export-Import Bank of the United States.
Sec. 4. Authorization period.
Sec. 5. Aggregate loan, guarantee, and insurance authority.
Sec. 6. Office of Minority and Women Inclusion.
Sec. 7. Support for United States territories.
Sec. 8. Alternative procedures during quorum lapse.
Sec. 9. Strengthening support for U.S. small businesses.
Sec. 10. Supporting United States exporters and outreach to prospective 
                            foreign buyers.
Sec. 11. Restriction on financing for certain entities.
Sec. 12. Prohibitions on financing for certain persons involved in 
                            sanctionable activities.
Sec. 13. Promoting renewable energy.
Sec. 14. Reinsurance program.
Sec. 15. Information technology systems.
Sec. 16. Administratively determined pay.

SEC. 3. RENAMING OF THE EXPORT-IMPORT BANK OF THE UNITED STATES.

    (a) In General.--The Export-Import Bank of the United States is 
hereby redesignated as the United States Export Finance Agency.
    (b) References.--Any reference to the Export-Import Bank of the 
United States in any law, rule, regulation, certificate, directive, 
instruction, or other official paper in force on the date of the 
enactment of this Act is deemed a reference to the United States Export 
Finance Agency.

SEC. 4. AUTHORIZATION PERIOD.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2019'' and inserting ``2029''.

SEC. 5. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.

    Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635e(a)(2)) is amended to read as follows:
            ``(2) Applicable amount defined.--In this subsection, the 
        term `applicable amount' means--
                    ``(A) $145,000,000,000 for fiscal year 2020;
                    ``(B) $150,000,000,000 for fiscal year 2021;
                    ``(C) $155,000,000,000 for fiscal year 2022;
                    ``(D) $160,000,000,000 for fiscal year 2023;
                    ``(E) $165,000,000,000 for fiscal year 2024;
                    ``(F) $170,000,000,000 for fiscal year 2025; and
                    ``(G) $175,000,000,000 for each of fiscal years 
                2026 through 2029.''.

SEC. 6. OFFICE OF MINORITY AND WOMEN INCLUSION.

    (a) In General.--Section 3(i) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(i)) is amended to read as follows:
    ``(i) Office of Minority and Women Inclusion.--
            ``(1) Establishment.--The Agency shall establish an Office 
        of Minority and Women Inclusion which shall be responsible for 
        carrying out this subsection and all matters relating to 
        diversity in management, employment, and business activities in 
        accordance with such standards and requirements as the Director 
        of the Office shall establish.
            ``(2) Transfer of responsibilities.--The Agency shall 
        ensure that, to the extent that the responsibilities described 
        in paragraph (1) (or comparable responsibilities) were, as of 
        the date of the enactment of this subsection, performed by 
        another office of the Agency, the responsibilities shall be 
        transferred to the Office.
            ``(3) Duties with respect to civil rights laws.--The 
        responsibilities described in paragraph (1) shall not include 
        enforcement of statutes, regulations, or Executive orders 
        pertaining to civil rights, except that the Director of the 
        Office shall coordinate with the President of the Agency, or 
        the designee of the President of the Agency, regarding the 
        design and implementation of any remedies resulting from 
        violations of the statutes, regulations, or Executive orders.
            ``(4) Director.--
                    ``(A) In general.--The Director of the Office shall 
                be appointed by, and shall report directly to, the 
                President of the Agency. The position of Director of 
                the Office shall be a career reserved position in the 
                Senior Executive Service, as that position is defined 
                in section 3132 of title 5, United States Code, or an 
                equivalent designation.
                    ``(B) Duties.--The Director shall--
                            ``(i) develop standards for equal 
                        employment opportunity and the racial, ethnic, 
                        and gender diversity of the workforce and 
                        senior management of the Agency;
                            ``(ii) develop standards for increased 
                        participation of minority-owned and women-owned 
                        businesses in the programs and contracts of the 
                        Agency, including standards for coordinating 
                        technical assistance to the businesses; and
                            ``(iii) enhance the outreach activities of 
                        the Agency with respect to, and increase the 
                        total amount of loans, guarantees, and 
                        insurance provided by the Agency to support 
                        exports by socially and economically 
                        disadvantaged small business concerns (as 
                        defined in section 8(a)(4) of the Small 
                        Business Act) and small business concerns owned 
                        by women.
                    ``(C) Other duties.--The Director shall advise the 
                President of the Agency on the impact of the policies 
                of the Agency on minority-owned and women-owned 
                businesses.
            ``(5) Inclusion in all levels of business activities.--
                    ``(A) Contracts.--The Director of the Office shall 
                develop and implement standards and procedures to 
                ensure, to the maximum extent possible, the inclusion 
                and utilization of minorities (as defined in section 
                1204(c) of the Financial Institutions Reform, Recovery, 
                and Enforcement Act of 1989 (12 U.S.C. 1811 note)) and 
                women, and minority- and women-owned businesses (as 
                such terms are defined in section 21A(r)(4) of the 
                Federal Home Loan Bank Act (12 U.S.C. 1441a(r)(4)) in 
                all business and activities of the Agency at all 
                levels, including in procurement, insurance, and all 
                types of contracts. The processes established by the 
                Agency for review and evaluation for contract proposals 
                and to hire service providers shall include a component 
                that gives consideration to the diversity of the 
                applicant.
                    ``(B) Applicability.--This paragraph shall apply to 
                all contracts for services of any kind, including all 
                contracts for all business and activities of the 
                Agency, at all levels.
                    ``(C) Outreach.--The Agency shall establish a 
                minority outreach program to ensure the inclusion (to 
                the maximum extent practicable) of contracts entered 
                into with the enterprises of minorities and women and 
                businesses owned by minorities and women, including 
                financial institutions, investment banking firms, 
                underwriters, accountants, brokers, and providers of 
                legal services.
            ``(6) Diversity in agency workforce.--The Agency shall take 
        affirmative steps to seek diversity in its workforce at all 
        levels of the Agency consistent with the demographic diversity 
        of the United States, in a manner consistent with applicable 
        law, including--
                    ``(A) to the extent the Agency engages in 
                recruitment efforts to fill vacancies--
                            ``(i) recruiting at historically Black 
                        colleges and universities, Hispanic-serving 
                        institutions, Tribal colleges and universities, 
                        women's colleges, and colleges that typically 
                        serve majority minority populations; and
                            ``(ii) recruiting at job fairs in urban 
                        communities, and placing employment 
                        advertisements in print and digital media 
                        oriented toward women and people of color;
                    ``(B) partnering with organizations that are 
                focused on developing opportunities for minorities and 
                women to place talented young minorities and women in 
                industry internships, summer employment, and full-time 
                positions; and
                    ``(C) by use of any other mass media communications 
                that the Director of the Office determines 
                necessary.''.
    (b) Inclusion in Annual Report.--Section 8 of such Act (12 U.S.C. 
635g) is amended by adding at the end the following:
    ``(l) Office of Minority and Women Inclusion.--The Agency shall 
include in its annual report to the Congress under subsection (a) a 
report from the Office of Minority and Women Inclusion regarding the 
actions taken by the Agency and the Office pursuant to section 3(i), 
which shall include--
            ``(1) a statement of the total amounts paid by the Agency 
        to contractors since the most recent report under this 
        subsection;
            ``(2) the percentage of the amounts described in paragraph 
        (1) that were paid to contractors as described in section 
        3(i)(5)(A);
            ``(3) the successes achieved and challenges faced by the 
        Agency in operating minority and women outreach programs;
            ``(4) the challenges the Agency may face in hiring 
        qualified minority and women employees and contracting with 
        qualified minority-owned and women-owned businesses; and
            ``(5) any other information, findings, conclusions, and 
        recommendations for legislative or Agency action, as the 
        Director of the Office deems appropriate.''.

SEC. 7. SUPPORT FOR UNITED STATES TERRITORIES.

    (a) Creation of the Office of Territorial Exporting.--Section 3 of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is amended by 
adding at the end the following:
    ``(n) Office of Territorial Exporting.--The President of the Agency 
shall establish an Office of Territorial Exporting, and shall hire such 
staff as may be necessary, including at least 1 staffer responsible for 
liaising with Puerto Rico, to perform the functions of the Office, 
which shall be to promote the export of goods and services from the 
territories, conduct outreach, education, and disseminate information 
concerning export opportunities and the availability of Agency support 
for such activities, and to increase the total amount of loans, 
guarantees, and insurance provided by the Agency benefitting the 
territories. In this Act, the term `territory' means the Commonwealth 
of Puerto Rico, the United States Virgin Islands, Guam, the 
Commonwealth of the Northern Mariana Islands, and American Samoa.''.
    (b) Annual Report.--Section 8 of such Act (12 U.S.C. 635g), as 
amended by section 6(b) of this Act, is amended by adding at the end 
the following:
    ``(m) Report on Activities in the Territories.--The Agency shall 
include in its annual report to Congress under subsection (a) a report 
on the steps taken by the Agency in the period covered by the report to 
increase--
            ``(1) awareness of the Agency and its services in the 
        territories; and
            ``(2) the provision of Agency support to export businesses 
        in the territories.''.

SEC. 8. ALTERNATIVE PROCEDURES DURING QUORUM LAPSE.

    (a) In General.--Section 3(c)(6) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635a(c)(6)) is amended--
            (1) by inserting ``(A)'' after ``(6)''; and
            (2) by adding at the end the following:
    ``(B)(i) If there is an insufficient number of directors to 
constitute a quorum under subparagraph (A) for 90 consecutive days 
during the term of a President of the United States, a temporary Board, 
consisting of the following members, shall act in the stead of the 
Board of Directors:
            ``(I) The United States Trade Representative.
            ``(II) The Secretary of the Treasury.
            ``(III) The Secretary of Commerce.
            ``(IV) The members of the Board of Directors.
    ``(ii) If, at a meeting of the temporary Board--
            ``(I) a member referred to in clause (i)(IV) is present, 
        the meeting shall be chaired by such a member, consistent with 
        Agency bylaws; or
            ``(II) no such member is present, the meeting shall be 
        chaired by the United States Trade Representative.
    ``(iii) A member described in subclause (I), (II), or (III) of 
clause (i) may delegate the authority of the member to vote on whether 
to authorize a transaction, whose value does not exceed $100,000,000, 
to--
            ``(I) if the member is the United States Trade 
        Representative, the Deputy United States Trade Representative; 
        or
            ``(II) if the member is referred to in such subclause (II) 
        or (III), the Deputy Secretary of the department referred to in 
        the subclause.
    ``(iv) If the temporary Board consists of members of only 1 
political party, the President of the United States shall, to the 
extent practicable, appoint to the temporary Board a qualified member 
of a different political party who occupies a position requiring 
nomination by the President, by and with the consent of the Senate.
    ``(v) The temporary board may not change or amend Agency policies, 
procedures, bylaws, or guidelines.
    ``(vi) The temporary Board shall expire at the end of the term of 
the President of the United States in office at the time the temporary 
Board was constituted or upon restoration of a quorum of the Board of 
Directors as defined in subparagraph (A).
    ``(vii) With respect to a transaction that equals or exceeds 
$100,000,000, the Chairperson of the temporary Board shall ensure that 
the Agency complies with section 2(b)(3).''.
    (b) Termination.--The amendments made by subsection (a) shall have 
no force or effect after the 10-year period that begins with the date 
of the enactment of this Act.

SEC. 9. STRENGTHENING SUPPORT FOR U.S. SMALL BUSINESSES.

    (a) Small Business Policy.--Section 2(b)(1) of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635(b)(1)) is amended by striking 
subparagraph (E)(i)(I) and inserting the following:
    ``(E)(i)(I) It is further the policy of the United States to 
encourage the participation of small business (including women-owned 
businesses, minority-owned businesses, veteran-owned businesses, 
businesses owned by persons with disabilities, and businesses in rural 
areas) and start-up businesses in international commerce, and to 
educate such businesses about how to export goods using the United 
States Export Finance Agency.''.
    (b) Outreach.--
            (1) Plan.--Within 120 days after the date of the enactment 
        of this Act, the United States Export Finance Agency shall 
        prepare and 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 comprehensive 
        outreach plan to ensure that small business owners are aware of 
        the financing options available to them through the Agency. The 
        plan shall include--
                    (A) input from the Small Business Administration 
                and statewide small business coalitions with operations 
                in rural, urban, and suburban regions;
                    (B) an emphasis on outreach to businesses owned by 
                women, minorities, veterans, and persons with 
                disabilities; and
                    (C) a proposed budget for carrying out the plan 
                during fiscal years 2020 through 2029, that provides 
                for the spending of at least $1,000,000 annually for 
                outreach to small businesses.
            (2) Implementation.--Section 2(b)(1)(E) of such Act (12 
        U.S.C. 635(b)(1)(E)) is amended by adding at the end the 
        following:
    ``(xi) After consultation with the Committee on Financial Services 
of the House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate, the Agency shall implement the 
outreach plan referred to in section 9(b)(1) of the United States 
Export Finance Agency Act of 2019.''.
    (c) Exclusion of Unutilized Insurance Authority in Calculating 
Small Business Threshold.--Section 2(b)(1)(E)(v) of such Act (12 U.S.C. 
635(b)(1)(E)(v)) is amended by adding at the end the following: ``In 
determining the amount required to be made available under this clause, 
the Agency shall exclude unutilized insurance authority.''.
    (d) Increase in Small Business Threshold.--
            (1) In general.--Section 2(b)(1)(E)(v) of such Act (12 
        U.S.C. 635(b)(1)(E)(v)) is amended by striking ``25'' and 
        inserting ``30''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect on October 1, 2028.

SEC. 10. SUPPORTING UNITED STATES EXPORTERS AND OUTREACH TO PROSPECTIVE 
              FOREIGN BUYERS.

    (a) Deeming Rule Under Tied Aid Credit Program.--Section 
10(b)(5)(B)(i)(III) of the Export-Import Bank Act of 1945 (12 U.S.C 
635i-3(b)(5)(B)(i)(III)) is amended by adding at the end the following 
new sentence: ``The requirement that there be credible evidence of a 
history of a foreign export credit agency making offers not subject to 
the Arrangement is deemed met in the case of exports likely to be 
supported by official financing from the People's Republic of China, 
unless the Secretary of the Treasury has reported to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate that China is in 
substantial compliance with the Arrangement.''.
    (b) Collaboration With USDA on Export Financing Programs.--Section 
13(1)(A) of such Act (12 U.S.C. 635i-7(1)(A)) is amended by inserting 
``, the Department of Agriculture,'' before ``and other Federal 
agencies''.

SEC. 11. RESTRICTION ON FINANCING FOR CERTAIN ENTITIES.

    Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is 
amended by adding at the end the following:
    ``(m) Restriction on Financing for Certain Entities.--
            ``(1) In general.--Beginning on the date that is 180 days 
        after the date of the enactment of this subsection, the Board 
        of Directors may not approve a transaction that is subject to 
        approval by the Board with respect to the provision by the 
        Agency of any guarantee, insurance, or extension of credit, or 
        the participation by the Agency in any extension of credit for 
        which the end user, obligor, or lender is described in 
        paragraph (2).
            ``(2) Prohibited end user, obligor, or lender.--An end 
        user, obligor, or lender is described in this paragraph if the 
        end user, obligor, or lender is known to the Agency to be:
                    ``(A) The People's Liberation Army of the People's 
                Republic of China.
                    ``(B) The Ministry of State Security of the 
                People's Republic of China.
                    ``(C) Included on the Denied Persons List or the 
                Entity List maintained by the Bureau of Industry and 
                Security of the Department of Commerce.
                    ``(D) Included on the Nonproliferation Sanctions 
                list maintained by the Bureau of International Security 
                and Non-Proliferation of the Department of State.
                    ``(E) Included on the Arms Export Control Act 
                debarred list maintained by the Directorate of Defense 
                Trade Controls of the Department of State.
                    ``(F) Included on the Specially Designated 
                Nationals List, Foreign Sanctions Evaders List, 
                Sectoral Sanctions Identifications List, Palestinian 
                Legislative Council List, List of Foreign Financial 
                Institutions Subject to Part 561, or Persons Identified 
                as Blocked solely pursuant to Executive Order 13599 
                maintained by the Office of Foreign Asset Controls of 
                the Department of the Treasury.
                    ``(G) Any person who has paid a criminal fine or 
                penalty pursuant to a conviction or resolution or 
                settlement agreement with the Department of Justice for 
                a violation of the Foreign Corrupt Practices Act in the 
                preceding 3 years.
                    ``(H) A person who, in the preceding 3 years, 
                appeared on--
                            ``(i) the Section 337 injunction list 
                        maintained by the United States International 
                        Trade Commission, if the person is subject to 
                        an exclusion order; or
                            ``(ii) the Annual Intellectual Property 
                        Report to Congress by the Intellectual Property 
                        Enforcement Coordinator in the Executive Office 
                        of the President, if the person was convicted 
                        in any court.
            ``(3) Definitions.--In this subsection:
                    ``(A) Person.--The term `person' means an 
                individual or entity.
                    ``(B) Entity.--The term `entity' means a 
                partnership, association, trust, joint venture, 
                corporation, group, subgroup, or other organization.''.

SEC. 12. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN 
              SANCTIONABLE ACTIVITIES.

    Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635), as 
amended by section 11 of this Act, is amended by adding at the end the 
following:
    ``(n) Prohibitions on Financing for Certain Persons Involved in 
Sanctionable Activities.--
            ``(1) Persons not providing certification.--
                    ``(A) In general.--Beginning on the date that is 
                180 days after the date of the enactment of this 
                subsection, the Board of Directors of the Agency may 
                not approve any transaction that is subject to approval 
                by the Board with respect to the provision by the 
                Agency of any guarantee, insurance, or extension of 
                credit, or the participation by the Agency in any 
                extension of credit, to a person in connection with the 
                exportation of any good or service unless the person 
                provides the certification described in subparagraph 
                (B).
                    ``(B) Certification described.--The certification 
                described in this subparagraph is a certification by a 
                person that neither the person nor any other person 
                owned or controlled by the person engages in any 
                activity in contravention of any law, regulation, 
                decree, order, or other act with force of law of the 
                United States concerning--
                            ``(i) trade and economic sanctions, 
                        including an embargo;
                            ``(ii) the freezing or blocking of assets 
                        of designated persons; or
                            ``(iii) other restrictions on exports, 
                        imports, investment, payments, or other 
                        transactions targeted at particular persons or 
                        countries.
            ``(2) Persons subject to ofac-administered sanction.--
                    ``(A) In general.--Beginning on the date that is 
                180 days after the date of the enactment of this 
                subsection, the Board of Directors of the Agency may 
                not approve any transaction that is subject to approval 
                by the Board with respect to the provision by the 
                Agency of any guarantee, insurance, or extension of 
                credit, or the participation by the Agency in any 
                extension of credit, in connection with a financing in 
                which a person that is a borrower or controlling 
                sponsor, or a person that is owned or controlled by the 
                borrower or controlling sponsor, is subject to a 
                sanction administered by the Office of Foreign Assets 
                Control of the Department of the Treasury.
                    ``(B) Controlling sponsor defined.--In subparagraph 
                (A), the term `controlling sponsor' means a person 
                providing controlling direct private equity investment 
                (excluding investments made through publicly held 
                investment funds, publicly held securities, public 
                offerings, or similar public market vehicles) in 
                connection with a financing.''.

SEC. 13. PROMOTING RENEWABLE ENERGY.

    (a) Office of Financing for Renewable Energy, Energy Efficiency and 
Energy Storage Exports.--Section 2(b)(1)(C) of the Export-Import Bank 
Act of 1945 (12 U.S.C. 635(b)(1)(C)) is amended to read as follows:
    ``(C) Office of Financing for Renewable Energy, Energy Efficiency 
and Energy Storage.--The President of the Agency shall establish an 
office whose functions shall be to promote the export of goods and 
services to be used in the development, production, and distribution of 
renewable energy resources, and energy efficiency and energy storage 
technologies, and disseminate information concerning export 
opportunities and the availability of Agency support for such 
activities, to increase the total amount of loans, guarantees, and 
insurance provided by the Agency to support exports related to 
renewable energy, energy efficiency, and energy storage.''.
    (b) Environmental Policy and Procedures.--Section 11(a) of such Act 
(12 U.S.C. 635i-5(a)) is amended--
            (1) in paragraph (1)--
                    (A) in the 2nd sentence, by inserting ``, including 
                to potentially impacted communities in the country in 
                which the activity will be carried out, at least 60 
                days before the date of the vote,'' before ``and 
                supplemental'';
                    (B) by inserting after the 2nd sentence the 
                following: ``The procedures shall include a requirement 
                for an analysis of the environmental and social 
                impacts, including worker impacts and anticipated 
                health impacts and costs, of the proposed activity and 
                of alternatives to the proposed activity, including 
                mitigation measures, where appropriate.''; and
                    (C) in the 3rd sentence, by striking ``The 
                preceding sentence'' and inserting ``This paragraph''; 
                and
            (2) by redesignating paragraph (2) as paragraph (3) and 
        inserting after paragraph (1) the following:
            ``(2) Consultations with potentially impacted 
        communities.--In any credit or common terms agreements to which 
        the Agency is a party relating to a transaction described in 
        paragraph (1), the Agency shall include a provision to ensure 
        that robust consultations with potentially impacted communities 
        in the country in which the activity will be carried out have 
        been and will continue to be carried out throughout the project 
        cycle.''.
    (c) Sense of the Congress Regarding Agency Accountability.--It is 
the sense of the Congress that--
            (1) the Board of Directors of the United States Export 
        Finance Agency (in this section referred to as the ``Agency'') 
        should, after a public consultation process, establish a 
        formal, transparent, and independent accountability mechanism 
        to review, investigate, offer independent dispute resolution to 
        resolve, and publicly report on allegations by affected parties 
        of any failure of the Agency to follow its own policies and 
        procedures with regard to the environmental and social effects 
        of projects, and on situations where the Agency is alleged to 
        have failed in ensuring the borrower is fulfilling its 
        obligations in financing agreements with respect to the 
        policies and procedures;
            (2) the accountability mechanism should be able to provide 
        advice to management on policies, procedures, guidelines, 
        resources, and systems established to ensure adequate review 
        and monitoring of the environmental and social effects of 
        projects;
            (3) in carrying out its mandate, the confidentiality of 
        sensitive business information should be respected, as 
        appropriate, and, in consultation with potentially affected 
        communities, project sponsors, Agency management, and other 
        relevant parties, a flexible process should be followed aimed 
        primarily at correcting project failures and achieving better 
        results on the ground;
            (4) the accountability mechanism should be independent of 
        the line operations of management, and report its findings and 
        recommendations directly to the Board of Directors of the 
        Agency and annually to the Congress;
            (5) the annual report of the Agency should include a 
        detailed accounting of the activities of the accountability 
        mechanism for the year covered by the report and the remedial 
        actions taken by the Agency in response to the findings of the 
        accountability mechanism;
            (6) in coordination with the accountability mechanism, the 
        Agency and relevant parties should engage in proactive outreach 
        to communities affected or potentially affected by Agency 
        financing and activities to provide information on the 
        existence and availability of the accountability mechanism;
            (7) the President of the Agency should, subject to the 
        approval of the Board of Directors of the Agency, and 
        consistent with applicable law, through an open and competitive 
        process, including solicitation of input from relevant 
        stakeholders, appoint a director of the accountability 
        mechanism, who would be responsible for the day-to-day 
        operations of the mechanism, and a panel of not less than 3 
        experts, including the director, who would also serve as chair 
        of the panel; and
            (8) the accountability mechanism director and members of 
        the panel should not have been employed by the Agency within 
        the 5 years preceding their appointment, and should be 
        ineligible from future employment at the Agency.

SEC. 14. REINSURANCE PROGRAM.

    Section 51008 of the Fixing America's Surface Transportation Act 
(12 U.S.C. 635 note) is amended--
            (1) in the section heading, by striking ``pilot'';
            (2) in subsection (a), by striking ``pilot'';
            (3) in subsection (b)(1), by striking ``$1,000,000,000'' 
        and inserting ``$2,000,000,000''; and
            (4) by striking subsections (c) through (e) and inserting 
        the following:
    ``(c) Factors for Consideration in Reinsurance Pools.--In 
implementing this section, the Agency shall, with respect to a 
reinsurance pool, pursue appropriate objectives to reduce risk and 
costs to the Agency, including by the following, to the extent 
practicable:
            ``(1) Ensuring a reasonable diversification of risks.
            ``(2) Including larger exposures where the possibility of 
        default raises overall portfolio risk for the Agency.
            ``(3) Excluding transactions from the pool that are covered 
        by first-loss protection.
            ``(4) Excluding transactions from the pool that are 
        collateralized at a rate greater than standard market practice.
            ``(5) Diversifying reinsurance pools by industry and other 
        appropriate factors.
            ``(6) Exploring different time periods of coverage.
            ``(7) Exploring both excess of loss structures on a per-
        borrower as well as an aggregate basis.
    ``(d) Biennial Reports.--Not later than 1 year after the date of 
the enactment of this subsection, and every 2 years thereafter through 
2029, the Agency 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 an 
assessment of the use of the program carried out under subsection (a) 
since the most recent report under this subsection.
    ``(e) Rule of Construction.--Nothing in this section shall be 
construed to limit any authority of the Agency described in section 
2(a)(1) of the Export-Import Bank Act of 1945.''.

SEC. 15. INFORMATION TECHNOLOGY SYSTEMS.

    Section 3(j) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635a(j)) is amended--
            (1) in paragraph (1), by striking all that precedes 
        subparagraph (A) and inserting the following:
            ``(1) In general.--Subject to paragraphs (3) and (4), the 
        Agency may use an amount equal to 1.25 percent of the surplus 
        of the Agency during fiscal years 2020 through 2029 to--''; and
            (2) by striking paragraph (3) and inserting the following:
            ``(3) Limitation.--The aggregate of the amounts used in 
        accordance with paragraph (1) for fiscal years 2020 through 
        2029 shall not exceed $40,000,000.''.

SEC. 16. ADMINISTRATIVELY DETERMINED PAY.

    Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), 
as amended by section 7(a) of this Act, is amended by adding at the end 
the following:
    ``(o) Compensation of Employees.--
            ``(1) Rates of pay.--Subject to paragraph (2), the Board of 
        Directors of the Agency, consistent with standards established 
        by the Director of the Office of Minority and Women Inclusion, 
        may set and adjust rates of basic pay for employees and new 
        hires of the Agency without regard to the provisions of chapter 
        51 and subchapter III of chapter 53 of title 5, United States 
        Code, except that no employee of the Agency may receive a rate 
        of basic pay that exceeds the rate for level III of the 
        Executive Schedule under section 5313 of such title.
            ``(2) Limitations.--The Board of Directors of the Agency 
        may not apply paragraph (1) to more than 35 employees at any 
        point in time. Nothing in paragraph (1) may be construed to 
        apply to any position of a confidential or policy-determining 
        character that is excepted from the competitive service under 
        section 3302 of title 5, United States Code, (pursuant to 
        schedule C of subpart C of part 213 of title 5 of the Code of 
        Federal Regulations) or to any position that would otherwise be 
        subject to section 5311 or 5376 of title 5, United States 
        Code.''.
                                 <all>