Civil Nuclear Export Act of 2023

Bill: 118-s-1928
Sponsor: full_name: Sen. Manchin, Joe, III [D-WV]
Introduced: 2023-06-12
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2023-06-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-06-12
action_desc: Introduced in Senate
text: <p><b>Civil Nuclear Export Act of 2023</b></p> <p>This bill provides the Export-Import Bank with certain authorities to finance nuclear exports.</p> <p>Specifically, the bill allows the Export-Import Bank to provide financing for liquid metal fast breeder nuclear reactors and nuclear fuel reprocessing facilities if they are otherwise permitted by law.</p> <p>Additionally, the bill expands the China and Transformational Exports Program (CTEP) by making nuclear facilities eligible for financing under the program. Currently, the bank may extend loans, guarantees, and insurance to advance the comparative leadership of the United States with respect to China in specified export areas (e.g., artificial intelligence, biotechnology, and wireless communications equipment). This bill expands those areas to include civil nuclear facilities, materials, technologies and related goods and services that support the development of an effective nuclear energy sector.</p> <p>The bill also revises the financial limitation on the outstanding aggregate amount of all of the bank's loans, guarantees, and insurance. In particular, the bill exempts those amounts attributed by the bank to CTEP, as long as that financing does not exceed a specified amount.</p> <p>The bill also increases from 2% to 4% the bank's default rate cap. Further, the bill allows the bank to exclude financing under CTEP from this default rate, subject to approval of the bank's board of directors.</p> <p>The bill establishes liability limits for damages that are caused by nuclear projects financed by the bank.</p>

tv_txt: II 118th CONGRESS 1st Session S. 1928 IN THE SENATE OF THE UNITED STATES June 12, 2023 Mr. Manchin (for himself and Mr. Risch ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To modify the prohibition on financing in the Export-Import Bank of the United States, and for other purposes.

1. Short title This Act may be cited as the Civil Nuclear Export Act of 2023 . 2. Modification of prohibition on financing in the Export-Import Bank of the United States Section 2(b)(5) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635(b)(5) ) is amended, in the first sentence, by inserting , except any purchase that is otherwise permitted under an agreement made in accordance with section 123 of the Atomic Energy Act of 1954 ( 42 U.S.C. 2153 ) or any other applicable law of the United States, after (C) the purchase . 3. Expansion of Program on China and Transformational Exports Section 2(l)(1)(B) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635(l)(1)(B) ) is amended— (1) by redesignating clause (xi) as clause (xii); and (2) by inserting after clause (x) the following: (xi) Civil nuclear facilities, material, and technologies, and related goods and services that support the development of an effective nuclear energy sector. . 4. Nuclear liability coverage 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) Nuclear liability coverage (1) In general If there is a claim or judgment against the Bank relating to bodily injury, death, or damage to or loss of real or personal property, the Secretary of the Treasury shall, subject to paragraph (2), pay, from the general fund of the Treasury such claim or judgment, and related costs, if— (A) such bodily injury, death, or damage to or loss of real or personal property is determined in a court of competent jurisdiction to have resulted from a nuclear incident at a nuclear facility that received financial support from the Bank; and (B) there is no applicable treaty or other arrangement fully absolving the Bank of liability. (2) Maximum amount Any claim or judgment, and any related costs paid in accordance with paragraph (1), to the extent not otherwise absolved by any applicable treaty or other arrangement, may not exceed the maximum amount of financial protection per incident required to cover public liability claims under section 170(b) of the Atomic Energy Act of 1954 ( 42 U.S.C. 2210(b) ). (3) Presidential authority to authorize payments If the aggregate amount of claims, judgments, and related costs resulting from a single nuclear incident exceeds the maximum amount under paragraph (2), the President— (A) may authorize, under such terms and conditions as the President may direct, the payment of such claims or judgments, and costs related to such claims or judgments, from any contingency funds available to the United States Government; and (B) if such funds are insufficient or unavailable, shall certify such claims or judgments to Congress for appropriation of the necessary funds. . 5. Modification of lending cap Section 6(a) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635e(a) ) is amended— (1) in paragraph (1), by striking applicable amount. and inserting “applicable amount, unless the aggregate amount that is in excess of the applicable amount— (A) is attributed by the Bank to loans, guarantees, and insurance under the Program on China and Transformational Exports pursuant to section 2(l); and (B) does not exceed $50,000,000,000. ; (2) in paragraph (3)— (A) in the header, by striking 2 and inserting 4 ; and (B) by striking 2 percent each place it appears and inserting 4 percent ; and (3) by adding at the end the following: (5) Authority to attribute loans, guarantees, and insurance The Bank may attribute any loan, guarantee, or insurance issued under the Program on China and Transformational Exports pursuant to section 2(l) toward the aggregate amount that is in excess of the applicable amount described in paragraph (1) without regard to the date on which the Bank issued such loan, guarantee, or insurance. . 6. Modification of monitoring of default rates Section 8(g) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635g(g) ) is amended— (1) in paragraph (3), by striking 2 percent each place it appears and inserting 4 percent ; (2) in paragraph (4)(B), by striking 2 percent and inserting 4 percent ; (3) in paragraph (5)— (A) in the header, by striking 2 and inserting 4 ; and (B) by striking 2 percent and inserting 4 percent ; (4) in paragraph (6), by striking 2 percent and inserting 4 percent ; and (5) by adding at the end the following: (7) Exclusion of transactions relating to the Program on China and Transformational Exports For the purposes of this subsection, if financing provided under the Program on China and Transformational Exports pursuant to section 2(l) results in the default rate calculated under paragraph (1) equaling or exceeding 4 percent, the Bank may exclude such financing, subject to the approval of the Board of Directors. .