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 FY2026 and otherwise modifies its operations.
Specifically, the bill redesignates the U.S. Export-Import Bank as the United States Export Finance Agency and increases the agency's lending cap over the period of its reauthorization. The bill also requires that at least an additional 5% of its total annual transactions are in support of small businesses.
Additionally, the bill requires the agency to neutralize Chinese export subsidies by establishing a program to provide competitive financing. The bill also restricts access to agency financing for entities that are owned or controlled by China. Further, the bill establishes (1) the Office of Minority and Women Inclusion; (2) the Office of Territorial Exporting; and (3) the Office of Financing for Renewable Energy, Energy Efficiency and Energy Storage Exports.
In the event that there is no board quorum for more than 90 days, the bill provides for the establishment of a temporary board. It also requires the agency to take certain measures to increase transparency and accountability.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3407 Introduced in House (IH)]

<DOC>






116th CONGRESS
  1st Session
                                H. R. 3407

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2019

Ms. Waters (for herself and Mr. McHenry) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To strengthen the competitiveness of the United States, to modernize 
   and reform 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. Findings.
Sec. 4. Renaming of the Export-Import Bank of the United States.
       TITLE I--PROMOTING UNITED STATES LEADERSHIP AND INNOVATION

Sec. 101. Authorization period.
Sec. 102. Aggregate loan, guarantee, and insurance authority.
Sec. 103. Program on China and transformational exports.
Sec. 104. Strengthening support for U.S. small businesses.
Sec. 105. Office of Minority and Women Inclusion.
Sec. 106. Support for United States territories.
Sec. 107. Promoting renewable energy exports.
Sec. 108. Alternative procedures during quorum lapse.
Sec. 109. Information technology systems.
Sec. 110. Administratively determined pay.
Sec. 111. Survey on blockchain use in the operations of United States 
                            exporters.
 TITLE II--IMPROVING AGENCY OPERATIONS AND ENHANCING TRANSPARENCY AND 
                             ACCOUNTABILITY

Sec. 201. Annual testimony.
Sec. 202. Independent audit of regional export finance centers.
Sec. 203. Risk Management Committee.
Sec. 204. Ensuring Agency compliance with additionality requirements.
Sec. 205. Reinsurance program.
Sec. 206. Report on new Agency policies, procedures, and bylaws.
Sec. 207. Report on travel practices of Agency employees.
Sec. 208. Report on steps taken to correct deficiencies related to 
                            information security.
Sec. 209. Additional requirements involving certain transactions.
Sec. 210. Anti-fraud reforms.
                TITLE III--FOREIGN POLICY CONSIDERATIONS

Sec. 301. Chinese government-owned enterprises.
Sec. 302. International negotiations on export subsidies.
Sec. 303. Prohibition on financing for exports involving state sponsors 
                            of terrorism.
                   TITLE IV--MISCELLANEOUS PROVISIONS

Sec. 401. Miscellaneous updates relating to the United States Export 
                            Finance Agency.
Sec. 402. Prohibition on financing for certain aviation-related 
                            vehicles.

SEC. 3. FINDINGS.

    The Congress finds as follows:
            (1) The Export-Import Bank of the United States (EXIM)--the 
        official export credit agency of the United States--is designed 
        to help create and support U.S. jobs by providing American 
        exporters with the financing tools necessary to compete in the 
        global markets.
            (2) Over its 85-year history, under both Republican and 
        Democratic administrations, the Export-Import Bank of the 
        United States has been reauthorized 17 times with large 
        bipartisan majorities in Congress.
            (3) Over the last 10 years, the Export-Import Bank of the 
        United States has financed more than $186,000,000,000 in 
        authorizations supporting more than $255,000,000,000 in United 
        States exports and supported 1,600,000 United States jobs in 
        all 50 states; in fiscal year 2018, EXIM authorized 
        $3,300,000,000 in financing and supported an estimated 33,000 
        United States jobs.
            (4) By its charter, it is the policy of the United States 
        that the Export-Import Bank of the United States should not 
        compete with the private sector, but rather to fill export 
        financing gaps through its insurance, loan guarantee, and 
        direct lending programs when the private sector is unable or 
        unwilling to do so.
            (5) With more than 100 export credit agencies globally, the 
        Export-Import Bank of the United States, if appropriately 
        utilized, can level the playing field to ensure that United 
        States companies will not lose out on a sale of United States 
        exports because of financing terms offered by foreign 
        governments.
            (6) In fiscal year 2018, 90.5 percent of the Export-Import 
        Bank of the United States' authorizations directly supported 
        small businesses, including 315 small businesses that used the 
        Export-Import Bank of the United States for the first time.
            (7) In fiscal year 2014, when the Export-Import Bank of the 
        United States was last fully operational, EXIM authorized 
        $751,000,000 to support minority- and women-owned business 
        exports.
            (8) In fiscal year 2018, the Export-Import Bank of the 
        United States approved $451,400,000 in support of minority- or 
        woman-owned businesses, which accounted for 21 percent of total 
        small business authorizations.
            (9) The charter of the Export-Import Bank of the United 
        States requires the Bank to lend only if there exists 
        reasonable assurance that it will be repaid, and Congress 
        subjects EXIM to statutory restrictions and oversight to 
        safeguard its fiscal soundness, limit mismanagement, and 
        prevent corruption.
            (10) EXIM was last reauthorized in December 2015, and its 
        charter expires September 30, 2019.
            (11) Despite bicameral support for the Bank's 
        reauthorization in 2015, the Senate did not confirm the 
        directors of EXIM until May 2019. As a result, the Bank did not 
        have a quorum and could not approve transactions over 
        $10,000,000.

SEC. 4. 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 shall be considered to refer and apply to the 
United States Export Finance Agency.

       TITLE I--PROMOTING UNITED STATES LEADERSHIP AND INNOVATION

SEC. 101. AUTHORIZATION PERIOD.

    Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is 
amended by striking ``2019'' and inserting ``2026''.

SEC. 102. 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 fiscal year 2026.''.

SEC. 103. PROGRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.

    (a) In General.--Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635) is amended by adding at the end the following:
    ``(l) Program on China and Transformational Exports.--
            ``(1) In general.--The Agency shall establish a Program on 
        China and Transformational Exports to support the extension of 
        loans, guarantees, and insurance, at rates and on terms and 
        other conditions, to the extent practicable, that are fully 
        competitive with rates, terms, and other conditions established 
        by the People's Republic of China or by a covered country, that 
        aim to--
                    ``(A) directly neutralize export subsidies for 
                competing goods and services financed by official 
                export credit, tied aid, or blended financing provided 
                by the People's Republic of China or by a covered 
                country; or
                    ``(B) advance the comparative leadership of the 
                United States with respect to the People's Republic of 
                China, or support United States innovation, employment, 
                and technological standards, through direct exports in 
                any of the following areas:
                            ``(i) Artificial intelligence.
                            ``(ii) Biotechnology.
                            ``(iii) Biomedical sciences.
                            ``(iv) Wireless communications equipment 
                        (including 5G or subsequent wireless 
                        technologies).
                            ``(v) Quantum computing.
                            ``(vi) Renewable energy, energy efficiency, 
                        and energy storage.
                            ``(vii) Semiconductor and semiconductor 
                        machinery manufacturing.
                            ``(viii) Emerging financial technologies, 
                        including technologies that facilitate--
                                    ``(I) financial inclusion through 
                                increased access to capital and 
                                financial services;
                                    ``(II) data security and privacy;
                                    ``(III) payments, the transfer of 
                                funds, and associated messaging 
                                services; and
                                    ``(IV) efforts to combat money 
                                laundering and the financing of 
                                terrorism.
                            ``(ix) Associated services necessary for 
                        use of any of the foregoing exports.
            ``(2) Covered countries.--In this subsection, the term 
        `covered country' means any country that--
                    ``(A) the Secretary of the Treasury designates as a 
                covered country in a report to the Committee on 
                Financial Services of the House of Representatives and 
                the Committee on Banking, Housing, and Urban 
                Development of the Senate; and
                    ``(B) is not a participant in the Arrangement on 
                Officially Supported Export Credits of the Organization 
                for Economic Cooperation and Development (in this 
                subsection referred to as the `Arrangement'); and
                    ``(C) is not in substantial compliance with the 
                financial terms and conditions of the Arrangement.
            ``(3) Financing.--
                    ``(A) In general.--It shall be a goal of the Agency 
                to reserve not less than 20 percent of the applicable 
                amount (as defined in section 6(a)(2)) for support made 
                pursuant to the Program on China and Transformational 
                Exports.
                    ``(B) Exception.--The Secretary of the Treasury may 
                reduce or eliminate the 20 percent goal in subparagraph 
                (A), on reporting to the Committee on Financial 
                Services of the House of Representatives and the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate that the People's Republic of China is in 
                substantial compliance with--
                            ``(i) the financial terms and conditions of 
                        the Arrangement; and
                            ``(ii) the rules and principles of the 
                        Paris Club.
                    ``(C) Sunset and report.--The program established 
                under paragraph (1) shall expire on September 30, 2026. 
                Not later than 4 years after enactment of this 
                subsection, the President of the Agency shall submit a 
                report to the Committee on Financial Services of the 
                House of Representatives and the Committee on Banking, 
                Housing, and Urban Affairs of the Senate assessing the 
                following:
                            ``(i) The capacity and demand of United 
                        States entities to export goods and services in 
                        the areas described in paragraph (1)(B) in 
                        consultation with the Secretary of Commerce.
                            ``(ii) The availability of private-sector 
                        financing for exports in the areas.
                            ``(iii) The feasibility and advisability of 
                        continuing the goal of subparagraph (A) of this 
                        paragraph with respect to paragraph (1)(B) 
                        after September 30, 2026.
                    ``(D) National advisory council on international 
                financial and monetary problems.--The National Advisory 
                Council on International Financial and Monetary 
                Problems shall ensure that Agency authorizations 
                pursuant to the Program on China and Transformational 
                Exports are considered or reviewed expeditiously, 
                consistent with the other credit standards required by 
                law.''.
    (b) Required Reporting.--Section 8 of such Act (12 U.S.C. 635g) is 
amended by adding at the end the following:
    ``(l) Report on Authorizations Under the Program on China and 
Transformational Exports.--The Agency shall include in its annual 
report to Congress under subsection (a) a narrative and financial 
summary of the authorizations made under the Program on China and 
Transformational Exports.''.
    (c) Rule of Construction.--Nothing in section 2(l)(1)(B) of the 
Export-Import Bank Act of 1945 shall be construed to weaken any export 
controls affecting critical technologies (as defined in section 
721(a)(6)(A) of the Defense Production Act of 1950 (50 U.S.C. 
4565(a)(6)(A))).

SEC. 104. STRENGTHENING SUPPORT FOR U.S. SMALL BUSINESSES.

    (a) Increasing Small Business Threshold.--Section 2(b)(1)(E)(v) of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(E)(v)) is 
amended--
            (1) by striking ``25 percent of such authority for each 
        fiscal year'' and inserting ``25 percent of such authority for 
        each of fiscal years 2020, 2021, and 2022, and 30 percent of 
        such authority for each fiscal year thereafter''; and
            (2) by adding at the end the following: ``For the purpose 
        of calculating the amounts of authority required under this 
        clause, the Agency shall, with respect to insurance, exclude 
        unutilized authorizations that terminated during the fiscal 
        year.''.
    (b) Small Business Policy.--Section 2(b)(1)(E)(i)(I) of such Act 
(12 U.S.C. 635(b)(1)(E)(i)(I)) is amended to read as follows:
    ``(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 the public 
about how to export goods using the United States Export Finance 
Agency.''.

SEC. 105. 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 subsection 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 possible) in contracts entered into 
                by 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, 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 newspapers and magazines 
                        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), as amended by section 103(b) of this Act, is amended by adding 
at the end the following:
    ``(m) 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. 106. 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 sections 103(b) and 105(b) of this Act, is amended by adding 
at the end the following:
    ``(n) 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. 107. PROMOTING RENEWABLE ENERGY EXPORTS.

    (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) Financing for Renewable Energy, Energy Efficiency, and Energy 
Storage Technologies.--Section 2(b)(1)(K) of such Act (12 U.S.C. 
635(b)(1)(K)) is amended by inserting ``, energy efficiency and energy 
storage. It shall be a goal of the Agency to ensure that not less than 
5 percent of the applicable amount (as defined in section 6(a)(2)) is 
made available each fiscal year for the financing of renewable energy, 
energy efficiency and energy storage technology exports'' before the 
period.
    (c) Annual Report.--Section 8 of such Act (12 U.S.C. 635g), as 
amended by sections 103(b), 105(b), and 106(b) of this Act, is amended 
by adding at the end the following:
    ``(o) Efforts of Agency To Promote Export of Goods and Services 
Related to Renewable Energy Sources, Energy Efficiency, and Energy 
Storage.--A description of the activities of the Agency with respect to 
enhancing outreach and financing renewable energy, energy efficiency, 
and energy storage projects undertaken under section 2(b)(1)(K); an 
assessment of its success and failure in meeting the goal set out in 
section 2(b)(1)(K); where applicable, the specific measures the Agency 
will take in the upcoming year to make progress towards meeting the 
goal outlined in section 2(b)(1)(K), including expanded outreach, 
product improvements, and related actions; and an analysis comparing 
the level of support extended by the Agency for renewable energy, 
energy efficiency and energy storage projects with the level of support 
so extended for the preceding fiscal year.''.
    (d) 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 affected parties, 
        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, 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) Agency employees should be ineligible to serve as the 
        accountability mechanism chair or on the panel of experts until 
        at least 5 years have elapsed from their time of employment at 
        the Agency, and should be barred from future employment at the 
        Agency after their tenure with the accountability mechanism.

SEC. 108. 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 a quorum of the Board of Directors has not been in 
place for 90 consecutive days during the term of a President, a 
temporary Board, consisting of the following members, shall act in the 
stead of the Board of Directors:
            ``(I) The United States Trade Representative, who shall 
        serve as Chairperson of the Temporary Board.
            ``(II) The Secretary of the Treasury.
            ``(III) The Secretary of Commerce.
            ``(IV) The members of the Board of Directors.
    ``(ii) 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 in 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.
    ``(iii) If the temporary Board consists only of members of 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 advice and consent of the 
Senate.
    ``(iv) The temporary Board may approve transactions over 
$25,000,000 only by a unanimous vote of the temporary Board, and may 
not change or amend Agency policies, procedures, bylaws, or guidelines.
    ``(v) The temporary Board shall expire at the end of the term of 
the President in office at the time the temporary Board was 
constituted.
    ``(vi) 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) Sunset.--The amendments made by subsection (a) shall have no 
force or effect after the 7-year period that begins with the date of 
the enactment of this Act.

SEC. 109. 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 2026 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 
        2026 shall not exceed $28,000,000.''.

SEC. 110. ADMINISTRATIVELY DETERMINED PAY.

    Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), 
as amended by the preceding provisions 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 
        section 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.''.

SEC. 111. SURVEY ON BLOCKCHAIN USE IN THE OPERATIONS OF UNITED STATES 
              EXPORTERS.

    Within 360 days after the date of the enactment of this Act, and 
annually thereafter for the succeeding 5 years, the President of the 
United States Export Finance 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 
includes the following:
            (1) A survey of United States exporters benefitting from 
        Agency support regarding the use of blockchain in their 
        operations, including their management of supply chains, 
        contracts, and payments.
            (2) An assessment of the effects of blockchain on 
        reliability, transparency, and security in the operations.
            (3) Any policy recommendations to improve the development, 
        use, and security of blockchain in the operations of United 
        States exporters.

 TITLE II--IMPROVING AGENCY OPERATIONS AND ENHANCING TRANSPARENCY AND 
                             ACCOUNTABILITY

SEC. 201. ANNUAL TESTIMONY.

    The Export-Import Bank Act of 1945 (12 U.S.C. 635-635i-9) is 
amended by inserting after section 8A the following:

``SEC. 8B. ANNUAL TESTIMONY.

    ``For each fiscal year through fiscal year 2026, after submitting 
the annual report to Congress under section 8(a) for the fiscal year, 
the President of the United States Export Finance Agency shall, on 
request, appear before the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate to present testimony on--
            ``(1) the activities of the Agency in the fiscal year 
        covered by the report, particularly activities pursuant to the 
        Project on China and Transformational Exports;
            ``(2) the actions taken by Agency management to strengthen 
        the ability of the Agency to comply with all statutory 
        requirements, and with Agency policies and procedures, 
        including policies and procedures relating to anti-fraud 
        controls, underwriting standards, and additionality;
            ``(3) the results of the most recent Federal Employee 
        Viewpoint Survey or other comparable research on staff 
        perspectives at the Agency;
            ``(4) the status of Agency efforts in the preceding fiscal 
        year to meaningfully address recommendations proposed by the 
        Inspector General, United States Export Finance Agency; and
            ``(5) outreach efforts to increase small business awareness 
        and use of the Agency, including efforts undertaken pursuant to 
        section 3(i).''.

SEC. 202. INDEPENDENT AUDIT OF REGIONAL EXPORT FINANCE CENTERS.

    (a) Audit.--The Inspector General of the United States Export 
Finance Agency shall conduct an audit of the operation of the Regional 
Export Finance Centers of the Agency, including a review of--
            (1) whether the metrics used by the Office of Small 
        Business to evaluate regional office employees adhere to 
        guidance issued by the United States Office of Personnel 
        Management and the Civil Service Reform Act;
            (2) whether metrics used by the Office of Small Business to 
        evaluate regional office employees are sufficiently tailored to 
        performance requirements;
            (3) whether metrics have unintended consequences in the use 
        of Agency programs; and
            (4) metrics are aligned with the requirements of section 
        2(b)(1)(E)(v) of the Export-Import Bank Act of 1945.
    (b) Report.--Not later than 180 days after the audit required by 
subsection (a) is completed, the Agency shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives a written report 
detailing the Agency's plan to address deficiencies outlined in the 
audit.

SEC. 203. RISK MANAGEMENT COMMITTEE.

    (a) In General.--Section 3(m) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a(m)) is amended to read as follows:
    ``(m) Risk Management Committee.--
            ``(1) Membership; chair.--There shall be a Risk Management 
        Committee consisting of the Directors of the Agency other than 
        the Chairman or the Vice Chairman. The Chairman of the Board of 
        Directors of the Agency shall designate a member of the Risk 
        Management Committee to serve as chair of the Risk Management 
        Committee. If, because of 1 or more vacancies in the offices of 
        the Directors other than the Chairman or the Vice Chairman, the 
        Risk Management Committee would have only 1 or 2 members, the 
        General Counsel shall also serve as a member of the Risk 
        Management Committee, but shall not serve as chair. If the 
        Chairman and the Vice Chairman are the only Directors in 
        office, the Risk Management Committee shall consist of the 
        Chairman and the General Counsel, and the General Counsel shall 
        serve as chair.
            ``(2) Duties.--The Risk Management Committee shall report 
        to the Board of Directors, and shall be responsible for 
        providing assistance to the Board in--
                    ``(A) fulfilling the accounting and reporting 
                responsibilities of the Board;
                    ``(B) determining that the Agency has adequate 
                administrative and financial controls;
                    ``(C) reviewing the financial statements prepared 
                by management for distribution to the Congress and the 
                public;
                    ``(D) providing direction over the internal audit 
                function and the independent accountants;
                    ``(E) overseeing, in conjunction with the Office of 
                the Chief Financial Officer of the Agency--
                            ``(i) periodic stress testing on the entire 
                        Agency portfolio, reflecting different market, 
                        industry, and macroeconomic scenarios, and 
                        consistent with best practices of commercial 
                        and multilateral development banks; and
                            ``(ii) the monitoring of industry, 
                        geographic, and obligor exposure levels; and
                    ``(F) reviewing all required reports on the default 
                rate of the Agency before submission to Congress under 
                section 8(g).
            ``(3) Quorum.--2 members of the Risk Management Committee 
        shall constitute a quorum.''.
    (b) Conforming Repeal.--Section 51006 of the Fixing America's 
Surface Transportation Act (129 Stat. 1766; Public Law 104-94) is 
hereby repealed.

SEC. 204. ENSURING AGENCY COMPLIANCE WITH ADDITIONALITY REQUIREMENTS.

    (a) Written Documentation Requirements.--Not later than 180 days 
after the date of the enactment of this Act, the Board of Directors of 
the United States Export Finance Agency shall, with respect to an 
authorization in connection with a transaction equal to or in excess of 
$25,000,000--
            (1) adopt and implement policies and procedures to ensure 
        that the Agency includes written documentation of the 
        determination and verification of additionality in its records, 
        including--
                    (A) a description of attempts by relevant parties 
                to a transaction to obtain private-sector financing;
                    (B) an explanation of how the level of Agency 
                financing responds to limitations in the availability 
                or terms of private capital; and
                    (C) an assessment, to the extent practicable, of 
                the availability and terms of competing financing by a 
                foreign export credit agency;
            (2) consult with the Chief Information Officer and the 
        Inspector General of the Agency to implement appropriate 
        recordkeeping practices for the written documentation, as well 
        as for any other documentation required by Agency policies and 
        procedures; and
            (3) 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 includes 
        a copy of the policies and procedures of the Agency regarding 
        additionality, and an explanation of how the Agency uses the 
        determination and verification of additionality to evaluate 
        applications for support. assistance.
    (b) GAO Reviews of Agency Policies and Procedures for Additionality 
Determination and Verification.--In each of calendar years 2020, 2022, 
and 2024, and 2026, the Comptroller General of the United States shall 
review the policies and procedures of the United States Export Finance 
Agency relating to how the Agency makes a judgment that a transaction 
is unlikely to proceed without support from the Agency, and the 
documentation supporting such a judgment, and submit the result of the 
review to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate, along with any recommendations to strengthen 
Agency policies and processes to determine additionality and prevent 
the Agency from competing with private capital, as described in section 
2(b)(1)(B) of the Export-Import Bank Act of 1945.
    (c) Additional Information Required To Be Provided to Congress 
Before Approving Certain Support.--Section 2(b)(3)(B) of the Export-
Import Bank Act of 1945 (12 U.S.C. 635(b)(3)(B)) is amended by 
inserting ``, a determination by the Agency as to whether financing by 
the Agency fully meets the additionality policies of the Agency, and a 
non-confidential summary of the facts and conclusions reached in a 
detailed economic impact analysis or similar study conducted pursuant 
to subsection (e)(7)'' before the period.

SEC. 205. 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''; and
            (3) 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 
2026, 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. 206. REPORT ON NEW AGENCY POLICIES, PROCEDURES, AND BYLAWS.

    Not later than 90 days after the date of the enactment of this Act, 
the President of the United States Export Finance Agency shall transmit 
to the Committee on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban Affairs of the Senate 
a copy of all policies, procedures, and bylaws of the Agency approved 
by the Board of Directors of the Agency that are in effect on such date 
of enactment. Within 30 days after the Board of Directors of the United 
States Export Finance Agency adopts or amends such a policy, procedure, 
or bylaw, the President of the Agency shall transmit a copy of the 
adopted or amended policy, procedure, or bylaw to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate.

SEC. 207. REPORT ON TRAVEL PRACTICES OF AGENCY EMPLOYEES.

    Not later than 180 days after the date of the enactment of this 
Act, and annually thereafter for the succeeding 7 years, the President 
of the United States Export Finance 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 provides details on authorized travel by Agency 
officers and employees in the preceding year, including the following:
            (1) Travel start date and end date.
            (2) Destination or destinations.
            (3) The department and division employing the traveler.
            (4) Obligated travel costs.
            (5) Class of travel.
            (6) The amount of any reimbursed travel costs or other 
        forms of sponsorship.

SEC. 208. REPORT ON STEPS TAKEN TO CORRECT DEFICIENCIES RELATED TO 
              INFORMATION SECURITY.

    Not later than 180 days after the date of the enactment of this 
Act, the President of the United States Export Finance 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 on the steps the Agency is 
taking to correct the deficiencies in policies, procedures, and 
programs identified in the Independent Audit of the United States 
Export Finance Agency's Information Security Program Effectiveness for 
Fiscal Year 2018 (OIG-AR-19-03).

SEC. 209. ADDITIONAL REQUIREMENTS INVOLVING CERTAIN TRANSACTIONS.

    (a) In General.--Section 2(b) of the Export-Import Bank Act of 1945 
(12 U.S.C. 635(b)) is amended by adding at the end the following:
    ``(14)(A) If the outstanding loans, guarantees, and insurance 
authorized by the Agency in association with a United States exporter 
or a United States lender equals or exceeds the prescribed amount at 
any point in a fiscal year, the President of the Agency shall transmit 
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 description of policies and practices by the United States 
exporter or United States lender, as the case may be, regarding--
            ``(i) diversity in management, employment, and business 
        activities, including data pertaining to--
                    ``(I) equal employment opportunity and the racial, 
                ethnic, and gender diversity of the workforce and 
                senior management;
                    ``(II) outreach programs to hire qualified women 
                and minority employees and contract with qualified 
                minority-owned and women-owned businesses;
                    ``(III) the participation of women-owned and 
                minority-owned businesses in procurement and 
                contracting, including as suppliers and subcontractors; 
                and
                    ``(IV) developments with respect to this clause, 
                including job creation for women and minority 
                employees, suppliers, and contractors, resulting from 
                the policies and practices described in this 
                subparagraph during the preceding year; and
            ``(ii) outreach efforts to small businesses during the 
        preceding year, including efforts that--
                    ``(I) raise awareness of small business procurement 
                and contracting opportunities;
                    ``(II) educate small businesses involved in 
                procurement and contracting on the objectives and 
                activities of the Agency, with the purpose of expanding 
                direct small business exports financed by the Agency; 
                and
                    ``(III) developments resulting from the outreach 
                efforts described in this clause during the preceding 
                year, including the number of small businesses 
                contracted with and the number of jobs created, as well 
                as any other benefits to the communities of the 
                exporter, lender, or related small businesses, as the 
                case may be.
    ``(B) On authorization of financing that equals or exceeds 
$100,000,000 during the fiscal year involving the exporter or lender 
described in subparagraph (A), the President of the Agency shall 
transmit to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate a report that includes--
            ``(i) an economic impact analysis or similar study of the 
        transaction performed by the Agency, in a manner consistent 
        with the procedures described in subsection (e)(7), which shall 
        include consideration of the views of the public and interested 
        parties and an assessment of adverse effects on United States 
        employment, if any, that may result from Agency financing 
        involving a foreign competitor of a United States entity; and
            ``(ii) an assessment of how the Agency determined the need 
        for financing of the transaction, including--
                    ``(I) a description of attempts by relevant parties 
                to the transaction to obtain private-sector financing, 
                including a description of the written documentation of 
                the attempts, or an explanation for the lack of any 
                such attempt; and
                    ``(II)(aa) an explanation of why private-sector 
                financing is not available or not economically viable 
                for the transaction; or
                    ``(bb) a certification that the Agency received 
                sufficient information to conclude that financing is 
                necessary to counter official export credit provided by 
                a foreign government for a similar transaction 
                involving the same foreign obligor.
    ``(C) In this paragraph, the term `prescribed amount' means an 
amount equal to 20 percent of the outstanding loans, guarantees, and 
insurance of the Agency, as calculated on the 1st day of the fiscal 
year.''.
    (b) Section 8 of such Act (12 U.S.C. 635g), as amended by title I 
of this Act, is amended by adding at the end the following:
    ``(p) Addition to Annual Report.--The Agency shall include in its 
annual report to the Congress under subsection (a) information on the 
10 United States exporters benefitting from the highest level of Agency 
support and 10 foreign obligors utilizing the highest level of Agency 
support during the reporting period, including the share of total 
authorizations by value, and the industry or industrial sector, 
connected with each such exporter and obligor.''.

SEC. 210. ANTI-FRAUD REFORMS.

    Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is 
amended--
            (1) in subsection (f), by striking the period and 
        inserting: ``, and shall deny an application for assistance 
        if--
            ``(1) the Agency has substantial credible evidence that the 
        end user, borrower, lender, or exporter has committed an act of 
        fraud or corruption in connection with the application; or
            ``(2) the end user, borrower, lender, or exporter has been 
        convicted of an act of fraud or corruption in connection with 
        an application for support from the Agency made in the 
        preceding 5 years.
The Agency may proceed with an application described under paragraph 
(1) or (2) of this subsection only if an end user, borrower, lender, or 
exporter can be fully excluded from the transaction.''; and
            (2) in subsection (i), by striking ``should require'' and 
        inserting ``shall require''.

                TITLE III--FOREIGN POLICY CONSIDERATIONS

SEC. 301. CHINESE GOVERNMENT-OWNED ENTERPRISES.

    (a) In General.--Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635), as amended by section 103(a) of this Act, is amended 
by adding at the end the following:
    ``(m) Restriction on Financing for Entities Owned or Controlled by 
the Chinese Government.--
            ``(1) In general.--An authorization approved by the Board 
        of Directors after the effective date of this subsection may 
        not take effect if a loan, guarantee, or insurance is approved 
        for the benefit of any foreign entity that is at least 25 
        percent owned, directly or indirectly, by the government of the 
        People's Republic of China, unless the United States Trade 
        Representative, in consultation with appropriate Federal 
        agencies, completes a due diligence review and certifies the 
        financing, in accordance with paragraph (3), in a report to the 
        Committee on Financial Services of the House of Representatives 
        and the Committee on Banking, Housing, and Urban Affairs of the 
        Senate. For the purposes of identifying whether a foreign 
        entity is at least 25 percent owned, directly or indirectly, by 
        the government of the People's Republic of China, the Board of 
        Directors may rely on any of the following:
                    ``(A) Information required of or provided by a 
                party to the transaction.
                    ``(B) Any information provided to the Agency by a 
                Federal department or agency.
            ``(2) Limitation on financing of local costs.--The Agency 
        may not approve financing for a transaction if more than 15 
        percent of local costs with respect to the transaction that are 
        incurred in the People's Republic of China would be covered by 
        the financing.
            ``(3) Due diligence review and report.--For the purposes of 
        the report described in paragraph (1), the United States Trade 
        Representative shall present the findings of the due diligence 
        review, but may not provide the certification referred to in 
        paragraph (1), if--
                    ``(A) the foreign entity provides goods, services, 
                or other material or financial support in connection 
                with any of the following policies and operations of 
                the government of the People's Republic of China:
                            ``(i) Any military or intelligence 
                        operations;
                            ``(ii) Activities pursuant to the Belt and 
                        Road Initiative (or any successor or comparable 
                        activity of that government);
                            ``(iii) The abuse of human rights, 
                        including the restriction of freedom of 
                        expression and the mistreatment of ethnic or 
                        religious minorities in China;
                            ``(iv) Any other policy or operation that, 
                        in the determination of the President, may 
                        threaten the national interest of the United 
                        States;
                    ``(B) the United States Trade Representative finds 
                that the transaction would not provide a meaningful net 
                economic benefit for the United States;
                    ``(C) the foreign entity knowingly engages in the 
                theft of United States intellectual property or the 
                illicit transfer of technology from a United States 
                person;
                    ``(D) the transaction described in paragraph (1) 
                involves the export of critical technologies (as 
                defined under section 721(a)(6) of the Defense 
                Production Act of 1950) to the foreign entity; or
                    ``(E) the leadership of the foreign entity engages 
                in a significant act or acts of corruption or money 
                laundering, or has committed a violation of the Foreign 
                Corrupt Practices Act of 1977, the Arms Export Control 
                Act, the International Emergency Economic Powers Act, 
                or the Export Administration Act of 1979.
            ``(4) Timing and form of report.--The report described in 
        paragraph (3) shall be submitted not later than 45 days after 
        approval by the Board of Directors, except that the United 
        States Trade Representative may extend the required time in 
        which to submit the report by one 15-day period on notifying 
        the Committee on Financial Services of the House of 
        Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate that the extension is necessary. 
        The report described in paragraph (3) shall be submitted in 
        unclassified form but may contain a classified annex.
            ``(5) Procedures for chinese government-controlled 
        entities.--The requirements of paragraph (1) shall apply to any 
        foreign entity, notwithstanding the level of ownership by the 
        government of the People's Republic of China, if the Agency has 
        reason to believe that the foreign entity is controlled by the 
        government of the People's Republic of China.
            ``(6) Exemption.--Paragraphs (1) and (2) shall not apply to 
        the following if--
                    ``(A) financing would enable exports directly by 
                United States small business concerns; or
                    ``(B) financing is required for the export of 
                humanitarian goods or services, including lifesaving, 
                rescue, and medical equipment (such as ambulances, 
                firefighting vehicles, hospital supplies, and medical 
                devices).
            ``(7) Presidential waiver.--The President may waive any 
        requirement of paragraph (1) or (2) for up to 1 year at a time, 
        on reporting in writing to the Committee on Financial Services 
        of the House of Representative and the Committee on Banking, 
        Housing, and Urban Affairs of the Senate that the waiver is 
        essential to the national interest of the United States, with a 
        detailed explanation of the reasons therefor.''.
    (b) Sunset.--The amendment made by subsection (a) shall have no 
force or effect on and after the earlier of--
            (1) the date that is 30 days after the Secretary of the 
        Treasury submits a report to the Committee on Financial 
        Services of the House of Representatives and the Committee on 
        Banking, Housing, and Urban Affairs of the Senate certifying 
        that the People's Republic of China is in substantial 
        compliance with--
                    (A) the financial terms and conditions of the 
                Arrangement on Officially Supported Export Credits of 
                the Organization for Economic Cooperation and 
                Development; and
                    (B) the rules and principles of the Paris Club; or
            (2) the date that is 30 days after the President of the 
        United States Export Finance Agency reports to the Committee on 
        Financial Services of the House of Representatives and the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        that the Board of Directors of the Agency has voted in favor of 
        terminating the requirement for a certification in section 
        2(m)(1) of the Export-Import Bank Act of 1945, except that the 
        Board of Directors may not hold such a vote before the date 
        that is 5 years after the date of the enactment of this Act.

SEC. 302. INTERNATIONAL NEGOTIATIONS ON EXPORT SUBSIDIES.

    (a) 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 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 United States Export Finance Agency Act of 2019''.
    (b) Progress Report.--Section 11(e) of such Act (12 U.S.C. 635a-
5(e)) is amended by striking ``2019'' and inserting ``2026''.
    (c) Conduct of Negotiations.--Section 11 of such Act (12 U.S.C. 
635a-5) is amended--
            (1) in each of subsections (a) and (d), by striking ``The 
        President'' and inserting ``Not less frequently than twice per 
        calendar year, the Secretary of the Treasury, in consultation 
        with the President of the United States Export Finance Agency 
        and the United States Trade Representative,''; and
            (2) in each of subsections (b), (c), and (e), by striking 
        ``President'' each place it appears and inserting ``Secretary 
        of the Treasury''.

SEC. 303. PROHIBITION ON FINANCING FOR EXPORTS INVOLVING STATE SPONSORS 
              OF TERRORISM.

    Section 2(b)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(2)) is amended--
            (1) in the paragraph heading, by inserting after ``Marxist-
        leninist countries'' the following: ``and state sponsors of 
        terrorism''; and
            (2) in subparagraph (A), by inserting after ``Marxist-
        Leninist country'' each place it appears ``or a state sponsor 
        of terrorism''.

                   TITLE IV--MISCELLANEOUS PROVISIONS

SEC. 401. MISCELLANEOUS UPDATES RELATING TO THE UNITED STATES EXPORT 
              FINANCE AGENCY.

    (a) Section 2(a)(3) of the Export-Import Bank Act of 1945 (12 
U.S.C. 635(a)(3)) is amended--
            (1) by adding ``and'' at the end of subparagraph (B);
            (2) by striking ``; and'' at the end of subparagraph (C) 
        and inserting a period; and
            (3) by striking subparagraph (D).
    (b) Section 2(b)(1)(H) of such Act (12 U.S.C. 635(b)(1)(H)) is 
amended in each of clauses (ii) and (iii) by striking ``including'' and 
all that follows and inserting ``including United States allies and 
partners eligible for assistance from the International Bank for 
Reconstruction and Development and the International Development 
Association.''.
    (c) Section 2(b)(1)(I) of such Act (12 U.S.C. 635(b)(1)(I)) is 
amended by striking the 2nd sentence.
    (d) Section 2(b)(3)(A)(iii) of such Act (12 U.S.C. 
635(b)(3)(A)(iii)) is amended by inserting ``, the United States 
exporter,'' before ``and''.
    (e) Section 2(b)(3)(B) of such Act (12 U.S.C. 635(b)(3)(B)) is 
amended by inserting ``a description, to the extent practicable, of any 
private financing, used or unused, available for the transaction, to 
the extent known,'' before ``the amount''.
    (f) Section 3(d)(1)(B) of such Act (12 U.S.C. 635a(d)(1)(B)) is 
amended by inserting ``high technology,'' before ``and''.
    (g) Section 3(j)(2)(B)(ii) of such Act (12 U.S.C. 
635a(j)(2)(B)(ii)) is amended--
            (1) by inserting ``, interest, and claim'' before 
        ``expenses''; and
            (2) by inserting ``including broker commissions'' before 
        the period.
    (h) Section 8(b)(3) of such Act (12 U.S.C. 635g(b)(3)) is amended--
            (1) by striking ``Committee on Small Business'' the 1st 
        place it appears and inserting ``Committees on Banking, 
        Housing, and Urban Affairs and on Small Business''; and
            (2) by striking ``Committee on Small Business'' the 2nd 
        place it appears and inserting ``Committees on Financial 
        Services and on Small Business''.
    (i)(1) Section 8 of such Act (12 U.S.C. 635g), as amended by the 
preceding provisions of this Act, is amended--
            (A) by striking subsection (c) and redesignating 
        subsections (d) through (o) as subsections (c) through (p), 
        respectively; and
            (B) in paragraph (2) of subsection (e) (as so redesignated 
        by subparagraph (A) of this paragraph), by striking ``(e)'' and 
        inserting ``(d)''.
    (2) Section 6(a)(3) of such Act (12 U.S.C. 635e(a)(3)) is amended 
by striking ``8(g)(1)'' each place it appears and inserting 
``8(f)(1)''.
    (j) Section 10(b)(4) of such Act (12 U.S.C. 635i-3(b)(4)) is 
amended by striking ``may'' and inserting ``shall, on request''.

SEC. 402. PROHIBITION ON FINANCING FOR CERTAIN AVIATION-RELATED 
              VEHICLES.

    Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)), as amended by section 209(a) of this Act, is amended by adding 
at the end the following:
    ``(15) Prohibition on Financing for Certain Aviation-Related 
Vehicles.--The Board of Directors of the Agency may not give approval 
to a transaction involving an aviation-related vehicle during any 
period in which the Federal Government has prohibited its operation.''.
                                 <all>