Export-Import Bank Reauthorization Act of 2006
PL 109-438 (S.3938), enacted 12/20/2006

120 STAT. 3268
PUBLIC LAW 109–438—DEC. 20, 2006
Public Law 109–438
109th Congress
An Act
To reauthorize the Export-Import Bank of the United States.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the ‘‘Export-Import
Bank Reauthorization Act of 2006’’.
(b) TABLE OF CONTENTS.—
Sec. 1. Short title; table of contents.
Sec. 2. Extension of authority.
Sec. 3. Sub-Saharan Africa Advisory Committee.
Sec. 4. Extension of authority to provide financing for the export of nonlethal de-
fense articles or services the primary end use of which will be for civil-
ian purposes.
Sec. 5. Designation of sensitive commercial sectors and products.
Sec. 6. Increasing exports by small business.
Sec. 7. Anti-circumvention.
Sec. 8. Transparency.
Sec. 9. Aggregate loan, guarantee, and insurance authority.
Sec. 10. Tied aid credit program.
Sec. 11. Prohibition on assistance to develop or promote certain railway connections
and railway-related connections.
Sec. 12. Process for notifying applicants of application status; implementation of
Ex-Im Online.
Sec. 13. Competitiveness initiatives.
Sec. 14. Office of financing for socially and economically disadvantaged small busi-
ness concerns and small business concerns owned by women.
Sec. 15. Governance.
Sec. 16. Sense of Congress regarding multi-buyer insurance and capital guarantee
programs.
Sec. 17. Sense of Congress regarding office of renewable energy promotion.
Sec. 18. Environmental matters.
Sec. 19. Government Accountability Office study of bank performance standards for
assistance to small businesses, especially those owned by social and eco-
nomically disadvantaged individuals and those owned by women.
Sec. 20. Reports.
Sec. 21. Study of how Export-Import Bank could assist United States exporters to
meet import needs of new or impoverished democracies; report.
SEC. 2. EXTENSION OF AUTHORITY.
Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C.
635f) is amended by striking ‘‘2006’’ and inserting ‘‘2011’’.
SEC. 3. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.
(a) EXTENSION
OF AUTHORITY.—Section 2(b)(9)(B)(iii) of the
Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(9)(B)(iii)) is
amended by striking ‘‘2006’’ and inserting ‘‘2011’’.
(b) IMPROVED LIAISON WITH AFRICAN REGIONAL FINANCIAL
INSTITUTIONS.—
(1) MASTER GUARANTEE AGREEMENTS.—Within 1 year after
the date of the enactment of this Act, the Export-Import Bank
Deadline.
Contracts.
12 USC 635 note.
12 USC 635 note.
Export-Import
Bank
Reauthorization
Act of 2006.
Dec. 20, 2006
[S. 3938]
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120 STAT. 3269
PUBLIC LAW 109–438—DEC. 20, 2006
of the United States shall seek to ensure that there is in
effect a contract between each approved lender in Africa and
the Bank, which sets forth the Bank’s guarantee undertakings
and related obligations between the Bank and each lender.
(2) REPORT ON WORKING RELATIONSHIPS WITH THE AFRICAN
DEVELOPMENT BANK, THE AFRICAN EXPORT-IMPORT BANK, AND
OTHER INSTITUTIONS.—Section 2(b)(9) of such Act (12 U.S.C.
635(b)(9)) is amended by adding at the end the following:
‘‘(C) The Bank shall include in the annual report to the Con-
gress submitted under section 8(a) a separate section that contains
a report on the efforts of the Bank to—
‘‘(i) improve its working relationships with the African
Development Bank, the African Export-Import Bank, and other
institutions in the region that are relevant to the purposes
of subparagraph (A) of this paragraph; and
‘‘(ii) coordinate closely with the United States Foreign
Service and Foreign Commercial Service, and with the overall
strategy of the United States Government for economic engage-
ment with Africa pursuant to the African Growth and Oppor-
tunity Act.’’.
(c) INCREASING THE NUMBER OF QUALIFIED AFRICAN ENTITIES.—
Section 2(b)(9) of such Act (12 U.S.C. 635(b)(9)), as amended by
subsection (b), is amended by adding at the end the following:
‘‘(D) Consistent with the requirement that the Bank obtain
a reasonable assurance of repayment in connection with each trans-
action the Bank supports, the Bank shall, in consultation with
the entities described in subparagraph (C), seek to qualify a greater
number of appropriate African entities for participation in programs
of the Bank.’’.
SEC. 4. EXTENSION OF AUTHORITY TO PROVIDE FINANCING FOR THE
EXPORT OF NONLETHAL DEFENSE ARTICLES OR SERV-
ICES THE PRIMARY END USE OF WHICH WILL BE FOR
CIVILIAN PURPOSES.
Section 1(c) of Public Law 103–428 (12 U.S.C. 635 note; 108
Stat. 4376) is amended by striking ‘‘2001’’ and inserting ‘‘2011’’.
SEC. 5. DESIGNATION OF SENSITIVE COMMERCIAL SECTORS AND
PRODUCTS.
Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)) is amended by adding at the end the following new para-
graph:
‘‘(5) DESIGNATION OF SENSITIVE COMMERCIAL SECTORS AND
PRODUCTS.—Not later than 120 days after the date of the enact-
ment of this Act, the Bank shall submit a list to the Committee
on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of Represent-
atives, which designates sensitive commercial sectors and prod-
ucts with respect to which the provision of financing support
by the Bank is deemed unlikely by the President of the Bank
due to the significant potential for a determination that such
financing support would result in an adverse economic impact
on the United States. The President of the Bank shall review
on an annual basis thereafter the list of sensitive commercial
sectors and products and the Bank shall submit an updated
list to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of
the House of Representatives of such sectors and products.’’.
Deadline.
Records.
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120 STAT. 3270
PUBLIC LAW 109–438—DEC. 20, 2006
SEC. 6. INCREASING EXPORTS BY SMALL BUSINESS.
(a) IN GENERAL.—Section 3 of the Export-Import Bank Act
of 1945 (12 U.S.C. 635a) is amended by adding at the end the
following:
‘‘(f) SMALL BUSINESS DIVISION.—
‘‘(1) ESTABLISHMENT.—There is established a Small Busi-
ness Division (in this subsection referred to as the ‘Division’)
within the Bank in order to—
‘‘(A) carry out the provisions of subparagraphs (E) and
(I) of section 2(b)(1) relating to outreach, feedback, product
improvement, and transaction advocacy for small business
concerns (as defined in section 3(a) of the Small Business
Act);
‘‘(B) advise and seek feedback from small business
concerns on the opportunities and benefits for small busi-
ness concerns in the financing products offered by the
Bank, with particular emphasis on conducting outreach,
enhancing the tailoring of products to small business needs
and increasing loans to small business concerns;
‘‘(C) maintain liaison with the Small Business Adminis-
tration and other departments and agencies in matters
affecting small business concerns; and
‘‘(D) provide oversight of the development, implementa-
tion, and operation of technology improvements to
strengthen small business outreach, including the tech-
nology improvement required by section 2(b)(1)(E)(x).
‘‘(2) MANAGEMENT.—The President of the Bank shall
appoint an officer, who shall rank not lower than senior vice
president and whose sole executive function shall be to manage
the Division. The officer shall—
‘‘(A) have substantial recent experience in financing
exports by small business concerns; and
‘‘(B) advise the Board, particularly the director
appointed under section 3(c)(8)(B) to represent the interests
of small business, on matters of interest to, and concern
for, small business.
‘‘(g) SMALL BUSINESS SPECIALISTS.—
‘‘(1) DEDICATED PERSONNEL.—The President of the Bank
shall ensure that each operating division within the Bank has
staff that specializes in processing transactions that primarily
benefit small business concerns (as defined in section 3(a) of
the Small Business Act).
‘‘(2) RESPONSIBILITIES.—The small business specialists shall
be involved in all aspects of processing applications for loans,
guarantees, and insurance to support exports by small business
concerns, including the approval or disapproval, or staff rec-
ommendations of approval or disapproval, as applicable, of such
applications. In carrying out these responsibilities, the small
business specialists shall consider the unique business require-
ments of small businesses and shall develop exporter perform-
ance criteria tailored to small business exporters.
‘‘(3) APPROVAL AUTHORITY.—In an effort to maximize the
speed and efficiency with which the Bank processes transactions
primarily benefitting small business concerns, the small busi-
ness specialists shall be authorized to approve applications
for working capital loans and guarantees, and insurance in
accordance with policies and procedures established by the
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120 STAT. 3271
PUBLIC LAW 109–438—DEC. 20, 2006
Board. It is the sense of Congress that the policies and proce-
dures should not prohibit, where appropriate, small business
specialists from approving applications for working capital loans
and guarantees, and for insurance, in support of exports which
have a value of less than $10,000,000.
‘‘(4) IDENTIFICATION.—The Bank shall prominently identify
the small business specialists on its website and in promotional
material.
‘‘(5) EMPLOYEE EVALUATIONS.—The evaluation of staff des-
ignated by the President of the Bank under paragraph (1),
including annual reviews of performance of duties related to
transactions in support of exports by small business concerns,
and any resulting recommendations for salary adjustments,
promotions, and other personnel actions, shall address the cri-
teria established pursuant to subsection (h)(2)(B)(iii) and shall
be conducted by the manager of the relevant operating division
following consultation with the officer appointed to manage
the Small Business Division pursuant to subsection (f)(2).
‘‘(6) STAFF RECOMMENDATIONS.—Staff recommendations of
denial or withdrawal for medium-term applications, exporter
held multi-buyer policies, single buyer policies, and working
capital applications processed by the Bank shall be transmitted
to the officer appointed to manage the Small Business Division
pursuant to subsection (f)(2) not later than 2 business days
before a final decision.
‘‘(7) RULE OF INTERPRETATION.—Nothing in this Act shall
be construed to prevent the delegation to the Division of any
authority necessary to carry out subparagraphs (E) and (I)
of section 2(b)(1).
‘‘(h) SMALL BUSINESS COMMITTEE.—
‘‘(1) ESTABLISHMENT.—There is established a management
committee to be known as the ‘Small Business Committee’.
‘‘(2) PURPOSE AND DUTIES.—
‘‘(A) PURPOSE.—The purpose of the Small Business
Committee shall be to coordinate the Bank’s initiatives
and policies with respect to small business concerns (as
defined in section 3(a) of the Small Business Act), including
the timely processing and underwriting of transactions
involving direct exports by small business concerns, and
the development and coordination of efforts to implement
new or enhanced Bank products and services pertaining
to small business concerns.
‘‘(B) DUTIES.—The duties of the Small Business Com-
mittee shall be determined by the President of the Bank
and shall include the following:
‘‘(i) Assisting in the development of the Bank’s
small business strategic plans, including the Bank’s
plans for carrying out section 2(b)(1)(E) (v) and (x),
and measuring and reporting in writing to the Presi-
dent of the Bank, at least once a year, on the Bank’s
progress in achieving the goals set forth in the plans.
‘‘(ii) Evaluating and reporting in writing to the
President of the Bank, at least once a year, with respect
to—
‘‘(I) the performance of each operating division
of the Bank in serving small business concerns;
Reports.
Deadline.
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120 STAT. 3272
PUBLIC LAW 109–438—DEC. 20, 2006
‘‘(II) the impact of processing and underwriting
standards on transactions involving direct exports
by small business concerns; and
‘‘(III) the adequacy of the staffing and
resources of the Small Business Division.
‘‘(iii) Establishing criteria for evaluating the
performance of staff designated by the President of
the Bank under subsection (g)(1).
‘‘(iv) Coordinating the provision of services with
other United States Government departments and
agencies to small business concerns.
‘‘(3) COMPOSITION.—
‘‘(A) CHAIRPERSON.—The Chairperson of the Small
Business Committee shall be the officer appointed to man-
age the Small Business Division pursuant to subsection
(f)(2). The Chairperson shall have the authority to call
meetings of the Small Business Committee, set the agenda
for Committee meetings, and request policy recommenda-
tions from the Committee’s members.
‘‘(B) OTHER MEMBERS.—Except as otherwise provided
in this subsection, the President of the Bank shall deter-
mine the composition of the Small Business Committee,
and shall appoint or remove the members of the Small
Business Committee. In making such appointments, the
President of the Bank shall ensure that the Small Business
Committee is comprised of—
‘‘(i) the senior managing officers responsible for
underwriting and processing transactions; and
‘‘(ii) other officers and employees of the Bank with
responsibility for outreach to small business concerns
and underwriting and processing transactions that
involve small business concerns.
‘‘(4) REPORTING.—The Chairperson shall provide to the
President of the Bank minutes of each meeting of the Small
Business Committee, including any recommendations by the
Committee or its individual members.’’.
(b) ENHANCE DELEGATED LOAN AUTHORITY FOR MEDIUM TERM
TRANSACTIONS.—
(1) IN GENERAL.—The Export-Import Bank of the United
States shall seek to expand the exercise of authority under
section 2(b)(1)(E)(vii) of the Export-Import Bank Act of 1945
(12 U.S.C. 635(b)(1)(E)(vii)) with respect to medium term trans-
actions for small business concerns.
(2) CONFORMING AMENDMENT.—Section 2(b)(1)(E)(vii)(III) of
the 
Export-Import 
Bank 
Act 
of 
1945 
(12 
U.S.C.
635(b)(1)(E)(vii)(III)) is amended by inserting ‘‘or other
financing institutions or entities’’ after ‘‘consortia’’.
(3) DEADLINE.—Not later than 180 days after the date
of the enactment of this Act, the Export-Import Bank of the
United States shall make available lines of credit and guaran-
tees to carry out section 2(b)(1)(E)(vii) of the Export-Import
Bank Act of 1945 pursuant to policies and procedures estab-
lished by the Board of Directors of the Export-Import Bank
of the United States.
12 USC 635 note.
12 USC 635 note.
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120 STAT. 3273
PUBLIC LAW 109–438—DEC. 20, 2006
SEC. 7. ANTI-CIRCUMVENTION.
Section 2(e) of the Export-Import Bank Act of 1945 (12 U.S.C.
635(e)), as amended by section 5 of this Act, is amended—
(1) by inserting after paragraph (1), the following flush
paragraph:
‘‘In making the determination under subparagraph (B), the
Bank shall determine whether the facility that would benefit
from the extension of a credit or guarantee is reasonably likely
to produce a commodity in addition to, or other than, the
commodity specified in the application and whether the produc-
tion of the additional commodity may cause substantial injury
to United States producers of the same, or a similar or com-
peting, commodity.’’;
(2) in paragraph (2), by adding at the end the following:
‘‘(E) ANTI-CIRCUMVENTION.—The Bank shall not pro-
vide a loan or guarantee if the Bank determines that
providing the loan or guarantee will facilitate circumven-
tion of an order or determination referred to in subpara-
graph (A).’’; and
(3) by adding at the end the following:
‘‘(6) FINANCIAL THRESHOLD DETERMINATIONS.—For purposes
of determining whether a proposed transaction exceeds a finan-
cial threshold under this subsection or under the procedures
or rules of the Bank, the Bank shall aggregate the dollar
amount of the proposed transaction and the dollar amounts
of all loans and guarantees, approved by the Bank in the
preceding 24-month period, that involved the same foreign
entity and substantially the same product to be produced.’’.
SEC. 8. TRANSPARENCY.
(a) IN GENERAL.—Section 2(e) of the Export-Import Bank Act
of 1945 (12 U.S.C. 635(e)), as amended by sections 5 and 7 of
this Act, is amended by adding at the end the following:
‘‘(7) PROCEDURES TO REDUCE ADVERSE EFFECTS OF LOANS
AND GUARANTEES ON INDUSTRIES AND EMPLOYMENT IN UNITED
STATES.—
‘‘(A) CONSIDERATION
OF
ECONOMIC
EFFECTS
OF
PRO-
POSED TRANSACTIONS.—If, in making a determination under
this paragraph with respect to a loan or guarantee, the
Bank conducts a detailed economic impact analysis or
similar study, the analysis or study, as the case may be,
shall include consideration of—
‘‘(i) the factors set forth in subparagraphs (A) and
(B) of paragraph (1); and
‘‘(ii) the views of the public and interested parties.
‘‘(B) NOTICE AND COMMENT REQUIREMENTS.—
‘‘(i) IN GENERAL.—If, in making a determination
under this subsection with respect to a loan or guar-
antee, the Bank intends to conduct a detailed economic
impact analysis or similar study, the Bank shall pub-
lish in the Federal Register a notice of the intent,
and provide a period of not less than 14 days (which,
on request by any affected party, shall be extended
to a period of not more than 30 days) for the submission
to the Bank of comments on the economic effects of
the provision of the loan or guarantee, including com-
ments on the factors set forth in subparagraphs (A)
Federal Register,
publication.
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120 STAT. 3274
PUBLIC LAW 109–438—DEC. 20, 2006
and (B) of paragraph (1). In addition, the Bank shall
seek comments on the economic effects from the
Department of Commerce, the Office of Management
and Budget, the Committee on Banking, Housing, and
Urban Affairs of the Senate, and the Committee on
Financial Services of the House of Representatives.
‘‘(ii) CONTENT OF NOTICE.—The notice shall include
appropriate, nonproprietary information about—
‘‘(I) the country to which the goods involved
in the transaction will be shipped;
‘‘(II) the type of goods being exported;
‘‘(III) the amount of the loan or guarantee
involved;
‘‘(IV) the goods that would be produced as
a result of the provision of the loan or guarantee;
‘‘(V) the amount of increased production that
will result from the transaction;
‘‘(VI) the potential sales market for the
resulting goods; and
‘‘(VII) the value of the transaction.
‘‘(iii) PROCEDURE REGARDING MATERIALLY CHANGED
APPLICATIONS.—
‘‘(I) IN GENERAL.—If a material change is made
to an application for a loan or guarantee from
the Bank after a notice with respect to the intent
described in clause (i) is published under this
subparagraph, the Bank shall publish in the Fed-
eral Register a revised notice of the intent, and
shall provide for a comment period, as provided
in clauses (i) and (ii).
‘‘(II) MATERIAL CHANGE DEFINED.—As used in
subclause (I), the term ‘material change’, with
respect to an application, includes—
‘‘(aa) a change of at least 25 percent in
the amount of a loan or guarantee requested
in the application; and
‘‘(bb) a change in the principal product
to be produced as a result of any transaction
that would be facilitated by the provision of
the loan or guarantee.
‘‘(C) REQUIREMENT TO ADDRESS VIEWS OF ADVERSELY
AFFECTED
PERSONS.—Before taking final action on an
application for a loan or guarantee to which this section
applies, the staff of the Bank shall provide in writing
to the Board of Directors the views of any person who
submitted comments pursuant to subparagraph (B).
‘‘(D) PUBLICATION OF CONCLUSIONS.—Within 30 days
after a party affected by a final decision of the Board
of Directors with respect to a loan or guarantee makes
a written request therefor, the Bank shall provide to the
affected party a non-confidential summary of the facts
found and conclusions reached in any detailed economic
impact analysis or similar study conducted pursuant to
subparagraph (B) with respect to the loan or guarantee,
that were submitted to the Board of Directors.
Deadline.
Federal Register,
publication.
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120 STAT. 3275
PUBLIC LAW 109–438—DEC. 20, 2006
‘‘(E) RULE OF INTERPRETATION.—This paragraph shall
not be construed to make subchapter II of chapter 5 of
title 5, United States Code, applicable to the Bank.
‘‘(F) REGULATIONS.—The Bank shall implement such
regulations and procedures as may be appropriate to carry
out this paragraph.’’.
(b) CONFORMING AMENDMENT.—Section 2(e)(2)(C) of such Act
(12 U.S.C. 635(e)(2)(C)) is amended by inserting ‘‘of not less than
14 days (which, on request of any affected party, shall be extended
to a period of not more than 30 days)’’ after ‘‘comment period’’.
SEC. 9. AGGREGATE LOAN, GUARANTEE, AND INSURANCE AUTHORITY.
Subparagraph (E) of 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:
‘‘(E) during fiscal year 2006, and each fiscal year there-
after through fiscal year 2011,’’.
SEC. 10. TIED AID CREDIT PROGRAM.
(a) IN GENERAL.—Section 10(b)(5)(B)(ii) of the Export-Import
Bank Act of 1945 (12 U.S.C. 635i–3(b)(5)(B)(ii)) is amended to
read as follows:
‘‘(ii) PROCESS.—In handling individual applications
involving the use or potential use of the Tied Aid
Credit Fund the following process shall exclusively
apply pursuant to subparagraph (A):
‘‘(I) The Bank shall process an application for
tied aid in accordance with the principles and
standards developed pursuant to subparagraph (A)
and clause (i) of this subparagraph.
‘‘(II) Twenty days prior to the scheduled
meeting of the Board of Directors at which an
application will be considered (unless the Bank
determines that an earlier discussion is appro-
priate based on the facts of a particular financing),
the Bank shall brief the Secretary on the applica-
tion and deliver to the Secretary such documents,
information, or data as may reasonably be nec-
essary to permit the Secretary to review the
application to determine if the application complies
with the principles and standards developed pursu-
ant to subparagraph (A) and clause (i) of this
subparagraph.
‘‘(III) The Secretary may request a single
postponement of the consideration by the Board
of Directors of the application for up to 14 days
to allow the Secretary to submit to the Board
of Directors a memorandum objecting to the
application.
‘‘(IV) Case-by-case decisions on whether to
approve the use of the Tied Aid Credit Fund shall
be made by the Board of Directors, except that
the approval of the Board of Directors (or a
commitment letter based on that approval) shall
not become final (except as provided in subclause
(V)), if the Secretary indicates to the President
of the Bank in writing the Secretary’s intention
to appeal the decision of the Board of Directors
to the President of the United States and makes
Deadline.
Applicability.
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120 STAT. 3276
PUBLIC LAW 109–438—DEC. 20, 2006
the appeal in writing not later than 20 days after
the meeting at which the Board of Directors consid-
ered the application.
‘‘(V) The Bank shall not grant final approval
of an application for any tied aid credit (or a
commitment letter based on that approval) if the
President of the United States, after consulting
with the President of the Bank and the Secretary,
determines within 30 days of an appeal by the
Secretary under subclause (IV) that the extension
of the tied aid credit would materially impede
achieving the purposes described in subsection
(a)(6). If no such Presidential determination is
made during the 30-day period, the approval by
the Bank of the application (or related commitment
letter) that was the subject of such appeal shall
become final.’’.
(b) CLARIFICATION
OF USE
OF TIED AID CREDIT FUND TO
MATCH.—Section 10 of the Export-Import Bank Act of 1945 (12
U.S.C. 635i–3) is amended—
(1) in subsection (a), in paragraph (6)—
(A) in the matter preceding subparagraph (A), by
inserting ‘‘, including those that are not a party to the
Arrangement,’’ after ‘‘countries’’;
(B) in subparagraph (B), by adding ‘‘and’’ at the end;
and
(C) by inserting after subparagraph (B) the following:
‘‘(C) promoting compliance with Arrangement rules
among foreign export credit agencies that are not a party
to the Arrangement;’’; and
(2) in subsection (b), in paragraph (5)(B)—
(A) in clause (i)—
(i) in subclause (I), by striking ‘‘and’’ and by
inserting ‘‘, and to seek compliance by those countries
that are not a party to the Arrangement’’ before the
period; and
(ii) in subclause (III), by adding at the end the
following: ‘‘In cases where information about a specific
offer of foreign tied aid (or untied aid used to promote
exports as if it were tied aid) is not available in a
timely manner, or is unavailable because the foreign
export credit agency involved is not subject to the
reporting requirements under the Arrangement, then
the Bank may decide to use the Tied Aid Credit Fund
based on credible evidence of a history of such offers
under similar circumstances or other forms of credible
evidence.’’.
SEC. 11. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE
CERTAIN 
RAILWAY 
CONNECTIONS 
AND 
RAILWAY-
RELATED CONNECTIONS.
Section 2(b) of the Export-Import Act of 1945 (12 U.S.C. 635(b))
is amended by adding at the end the following new paragraph:
‘‘(13) PROHIBITION
ON
ASSISTANCE
TO
DEVELOP
OR
PROMOTE
CERTAIN
RAILWAY
CONNECTIONS
AND
RAILWAY-RELATED
CONNEC-
TIONS.—The Bank shall not guarantee, insure, or extend (or partici-
pate in the extension of) credit in connection with the export of
President.
Deadline.
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120 STAT. 3277
PUBLIC LAW 109–438—DEC. 20, 2006
any good or service relating to the development or promotion of
any railway connection or railway-related connection that does not
traverse or connect with Armenia and does traverse or connect
Baku, Azerbaijan, Tbilisi, Georgia, and Kars, Turkey.’’.
SEC. 12. PROCESS FOR NOTIFYING APPLICANTS OF APPLICATION
STATUS; IMPLEMENTATION OF EX-IM ONLINE.
Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C.
635) is amended by adding at the end the following:
‘‘(g) PROCESS
FOR
NOTIFYING
APPLICANTS
OF
APPLICATION
STATUS.—The Bank shall establish and adhere to a clearly defined
process for—
‘‘(1) acknowledging receipt of applications;
‘‘(2) informing applicants that their applications are com-
plete or, if incomplete or containing a minor defect, of the
additional material or changes that, if supplied or made, would
make the application eligible for consideration; and
‘‘(3) keeping applicants informed of the status of their
applications, including a clear and timely notification of
approval or disapproval, and, in the case of disapproval, the
reason for disapproval, as appropriate.
‘‘(h) RESPONSE TO APPLICATION FOR FINANCING; IMPLEMENTA-
TION OF ONLINE LOAN REQUEST AND TRACKING PROCESS.—
‘‘(1) RESPONSE TO APPLICATIONS.—Within 5 days after the
Bank receives an application for financing, the Bank shall
notify the applicant that the application has been received,
and shall include in the notice—
‘‘(A) a request for such additional information as may
be necessary to make the application complete;
‘‘(B) the name of a Bank employee who may be con-
tacted with questions relating to the application; and
‘‘(C) a unique identification number which may be used
to review the status of the application at a website estab-
lished by the Bank.
‘‘(2) WEBSITE.—Not later than September 1, 2007, the Bank
shall exercise the authority granted by subparagraphs (E)(x)
and (J) of subsection (b)(1) to establish, and thereafter to main-
tain, a website through which—
‘‘(A) Bank products may be applied for; and
‘‘(B) information may be obtained with respect to—
‘‘(i) the status of any such application;
‘‘(ii) the Small Business Division of the Bank; and
‘‘(iii) incentives, preferences, targets, and goals
relating to small business concerns (as defined in sec-
tion 3(a) of the Small Business Act), including small
business concerns exporting to Africa.’’.
SEC. 13. COMPETITIVENESS INITIATIVES.
(a) EXPANSION
OF
SCOPE
OF
ANNUAL
COMPETITIVENESS
REPORT.—The Export-Import Bank Act of 1945 (12 U.S.C. 635
et seq.) is amended by inserting after section 8 the following:
‘‘SEC. 8A. ANNUAL COMPETITIVENESS REPORT.
‘‘(a) IN GENERAL.—Not later than June 30 of each year, the
Bank shall submit to the appropriate congressional committees
a report that includes the following:
12 USC 635g–1.
Deadlines.
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PUBLIC LAW 109–438—DEC. 20, 2006
‘‘(1) ACTIONS
OF
BANK
IN
PROVIDING
FINANCING
ON
A
COMPETITIVE BASIS, AND TO MINIMIZE COMPETITION IN GOVERN-
MENT-SUPPORTED
EXPORT
FINANCING.—A description of the
actions of the Bank in complying with the second and third
sentences of section 2(b)(1)(A). In this part of the report, the
Bank shall include a survey of all other major export-financing
facilities available from other governments and government-
related agencies through which foreign exporters compete with
United States exporters (including through use of market win-
dows (as defined pursuant to section 10(h)(7))) and, to the
extent such information is available to the Bank, indicate in
specific terms the ways in which the Bank’s rates, terms, and
other conditions compare with those offered from such other
governments directly or indirectly. With respect to the pre-
ceding sentence, the Bank shall use all available information
to estimate the annual amount of export financing available
from each such government and government-related agency.
In this part of the report, the Bank shall include a survey
of a representative number of United States exporters and
United States commercial lending institutions which provide
export credit on the experience of the exporters and institutions
in meeting financial competition from other countries whose
exporters compete with United States exporters.
‘‘(2) ROLE OF BANK IN IMPLEMENTING STRATEGIC PLAN PRE-
PARED BY THE TRADE PROMOTION COORDINATING COMMITTEE.—
A description of the role of the Bank in implementing the
strategic plan prepared by the Trade Promotion Coordinating
Committee in accordance with section 2312 of the Export
Enhancement Act of 1988.
‘‘(3) TIED
AID
CREDIT
PROGRAM
AND
FUND.—The report
required by section 10(g).
‘‘(4) PURPOSE OF ALL BANK TRANSACTIONS.—A description
of all Bank transactions which shall be classified according
to their principal purpose, such as to correct a market failure
or to provide matching support.
‘‘(5) EFFORTS OF BANK TO PROMOTE EXPORT OF GOODS AND
SERVICES RELATED TO RENEWABLE ENERGY SOURCES.—A descrip-
tion of the activities of the Bank with respect to financing
renewable energy projects undertaken under section 2(b)(1)(K),
and an analysis comparing the level of credit extended by
the Bank for renewable energy projects with the level of credit
so extended for the preceding fiscal year.
‘‘(6) SIZE OF BANK PROGRAM ACCOUNT.—A separate section
which—
‘‘(A) compares, to the extent practicable, the size of
the Bank program account with the size of the program
accounts of the other major export-financing facilities
referred to in paragraph (1); and
‘‘(B) makes recommendations, if appropriate, with
respect to the relative size of the Bank program account,
based on factors including whether the size differences
are in the best interests of the United States taxpayer.
‘‘(7) CO-FINANCING PROGRAMS OF THE BANK AND OF OTHER
EXPORT CREDIT AGENCIES.—A description of the co-financing
programs of the Bank and of the other major export-financing
facilities referred to in paragraph (1), which includes a list
Surveys.
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120 STAT. 3279
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of countries with which the United States has in effect a memo-
randum of understanding relating to export credit agency co-
financing and, if such a memorandum is not in effect with
any country with a major export credit-financing facility, an
explanation of why such a memorandum is not in effect.
‘‘(8) SERVICES
SUPPORTED
BY
THE
BANK
AND
BY
OTHER
EXPORT CREDIT AGENCIES.—A separate section which describes
the participation of the Bank in providing funding, guarantees,
or insurance for services, which shall include appropriate
information on the involvement of the other major export-
financing facilities referred to in paragraph (1) in providing
such support for services, and an explanation of any differences
among the facilities in providing the support.
‘‘(9) EXPORT FINANCE CASES NOT IN COMPLIANCE WITH THE
ARRANGEMENT.—Detailed information on cases reported to the
Bank of export financing that appear not to comply with the
Arrangement (as defined in section 10(h)(3)) or that appear
to exploit loopholes in the Arrangement for the purpose of
obtaining a commercial competitive advantage. The President
of the Bank, in consultation with the Secretary of the Treasury,
may provide to the appropriate congressional committees the
information required by this subsection in a separate and con-
fidential report, instead of providing such information in the
report required by this subsection.
‘‘(10) FOREIGN EXPORT CREDIT AGENCY ACTIVITIES NOT CON-
SISTENT WITH THE WTO AGREEMENT ON SUBSIDIES AND COUNTER-
VAILING MEASURES.—A description of the extent to which the
activities of foreign export credit agencies and other entities
sponsored by a foreign government, particularly those that
are not members of the Arrangement (as defined in section
10(h)(3)), appear not to comply with the Arrangement and
appear to be inconsistent with the terms of the Agreement
on Subsidies and Countervailing Measures referred to in section
101(d)(12) of the Uruguay Round Agreements Act (19 U.S.C.
3511(d)(12)), and a description of the actions taken by the
United States Government to address the activities. The Presi-
dent of the Bank, in consultation with the Secretary of the
Treasury, may provide to the appropriate congressional commit-
tees, the information required by this subsection in a separate
and confidential report, instead of providing such information
in the report required by this subsection.
‘‘(b) 
INCLUSION
OF
ADDITIONAL
COMMENTS.—The 
report
required by subsection (a) shall include such additional comments
as any member of the Board of Directors may submit to the Board
for inclusion in the report.
‘‘(c) APPROPRIATE
CONGRESSIONAL
COMMITTEES.—The term
‘appropriate congressional committees’ means the Committee on
Financial Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate.’’.
(b) CONFORMING AMENDMENT.—Section 2(b)(1)(A) of such Act
(12 U.S.C. 635(b)(1)(A)) is amended by striking all that follows
the third sentence.
(c) EXPANSION OF COUNTRIES IN COMPETITION WITH WHICH
THE BANK IS TO PROVIDE EXPORT FINANCING.—Section 2(b)(1)(A)
of such Act (12 U.S.C. 635(b)(1)(A)) is amended in the second
sentence by inserting ‘‘, including countries the governments of
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120 STAT. 3280
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which are not members of the Arrangement (as defined in section
10(h)(3))’’ before the period.
(d) SENSE OF CONGRESS REGARDING NEGOTIATION OF THE OECD
ARRANGEMENT.—It is the sense of Congress that in the negotiation
of the Arrangement (as defined in section 10(h)(3) of the Export-
Import Bank Act of 1945) the goals of the United States include
the following:
(1) Seeking compliance with the Arrangement among coun-
tries with significant export credit programs who are not mem-
bers of the Arrangement.
(2) Seeking to identify within the World Trade Organization
the extent to which countries that are not a party to the
Arrangement are not in compliance with the terms of the
Agreement on Subsidies and Countervailing Measures referred
to in section 101(d)(12) of the Uruguay Round Agreements
Act (19 U.S.C. 3511(d)(12)) with respect to export finance, and
seeking appropriate action within the World Trade Organiza-
tion for each country that is not in such compliance.
(3) Implementing new disciplines on the use of untied
aid, market windows, and other forms of export finance that
seek to exploit loopholes in the Arrangement for purposes of
obtaining a commercial competitive advantage.
SEC. 14. OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY
DISADVANTAGED 
SMALL 
BUSINESS 
CONCERNS 
AND
SMALL BUSINESS CONCERNS OWNED BY WOMEN.
(a) IN GENERAL.—Section 3 of the Export-Import Bank Act
of 1945 (12 U.S.C. 635a), as added by section 6, is amended by
adding at the end the following:
‘‘(i) OFFICE OF FINANCING FOR SOCIALLY AND ECONOMICALLY
DISADVANTAGED SMALL BUSINESS CONCERNS AND SMALL BUSINESS
CONCERNS OWNED BY WOMEN.—
‘‘(1) ESTABLISHMENT.—The President of the Bank shall
establish in the Small Business Division an office whose sole
functions shall be to continue and enhance the outreach activi-
ties of the Bank with respect to, and increase the total amount
of loans, guarantees, and insurance provided by the Bank 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.
‘‘(2) MANAGEMENT.—The office shall be managed by a Bank
officer of appropriate rank who shall report to the Bank officer
designated under subsection (f)(2).
‘‘(3) STAFFING.—To the maximum extent practicable, the
President of the Bank shall ensure that qualified minority
and women applicants are considered when filling any position
in the office.’’.
(b) FINANCING DIRECTED TOWARD SMALL BUSINESSES OWNED
BY MINORITIES OR WOMEN.—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 fol-
lowing: ‘‘From the amount made available under the preceding
sentence, it shall be a goal of the Bank to increase the amount
made available to finance exports directly by small business con-
cerns referred to in section 3(i)(1).’’.
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120 STAT. 3281
PUBLIC LAW 109–438—DEC. 20, 2006
SEC. 15. GOVERNANCE.
Section 3(c) of the Export-Import Bank Act of 1945 (12 U.S.C.
635a(c)) is amended by adding at the end the following:
‘‘(9) At the request of any 2 members of the Board of Directors,
the Chairman of the Board shall place an item pertaining to the
policies or procedures of the Bank on the agenda for discussion
by the Board. Within 30 days after the date such a request is
made, the Chairman shall hold a meeting of the Board at which
the item shall be discussed.’’.
SEC. 16. SENSE OF CONGRESS REGARDING MULTI-BUYER INSURANCE
AND WORKING CAPITAL GUARANTEE PROGRAMS.
It is the sense of Congress that the Export-Import Bank of
the United States should seek to expand the number and size
of the regional multi-buyer insurance programs and working capital
guarantee programs operated by, through, or in conjunction with
the Bank.
SEC. 17. SENSE OF CONGRESS REGARDING AN OFFICE OF RENEWABLE
ENERGY PROMOTION.
It is the sense of Congress that—
(1) the Export-Import Bank of the United States should
establish, within 2 years of the date of the enactment of this
Act, an Office of Renewable Energy Promotion staffed by
individuals with appropriate expertise in renewable energy
technologies to proactively identify new opportunities for renew-
able energy financing and to carry out section 2(b)(1)(K) of
the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(1)(K));
(2) in carrying out the purposes of such an Office of Renew-
able Energy Promotion, the head of such Office should consider
the recommendations of the Renewable Energy Exports
Advisory Committee of the Bank to promote renewable energy
technologies; and
(3) the Bank should include in its annual report a descrip-
tion of the activities carried out by such an Office of Renewable
Energy Promotion, including for each year a description of
the amount of credit extended by the Bank for renewable energy
technologies during that year and a comparison between that
amount and the amount of such credit extended by the Bank
in previous years.
SEC. 18. ENVIRONMENTAL MATTERS.
(a) ENVIRONMENTAL REPRESENTATIVES ON THE ADVISORY COM-
MITTEE.—Section 3(d) of the Export-Import Bank Act of 1945 (12
U.S.C. 635a(d)) is amended—
(1) in paragraph (1)—
(A) in subparagraph (A), by striking ‘‘15’’ and inserting
‘‘17’’; and
(B) in subparagraph (B), by inserting ‘‘environment,’’
before ‘‘production,’’; and
(2) in paragraph (2), by adding at the end the following:
‘‘(C) Not less than 2 members appointed to the Advisory
Committee shall be representative of the environmental non-
governmental organization community, except that no 2 of the
members shall be from the same environmental organization.’’.
(b) PUBLIC
DISCLOSURE
OF
CERTAIN
DOCUMENTS.—Section
11(a)(1) of the Export-Import Bank of 1945 (12 U.S.C. 635i–5(a)(1))
is amended by inserting after the first sentence the following:
Deadline.
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120 STAT. 3282
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‘‘Such procedures shall provide for the public disclosure of environ-
mental assessments and supplemental environmental reports
required to be submitted to the Bank, including remediation or
mitigation plans and procedures, and related monitoring reports.
The preceding sentence shall not be interpreted to require the
public disclosure of any information described in section 1905 of
title 18, United States Code.’’.
SEC. 19. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF BANK
PERFORMANCE STANDARDS FOR ASSISTANCE TO SMALL
BUSINESSES, ESPECIALLY THOSE OWNED BY SOCIALLY
AND 
ECONOMICALLY 
DISADVANTAGED 
INDIVIDUALS
AND THOSE OWNED BY WOMEN.
(a) PERFORMANCE STANDARDS.—The Bank shall develop a set
of performance standards for determining the extent to which the
Bank has carried out successfully subparagraphs (E) and (I) of
section 2(b)(1) of the Export-Import Bank Act of 1945, and the
functions described in subsections (f)(1), (g)(1), (h)(1), and (i)(1)
of section 3 of such Act.
(b) ASSESSMENT OF STANDARDS.—Within 18 months after the
date of the enactment of this Act, the Comptroller General of
the United States 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—
(1) an assessment of the performance standards developed
by the Bank pursuant to subsection (a); and
(2) using the performance standards developed pursuant
to subsection (a), an assessment of the Bank’s efforts to carry
out subparagraphs (E) and (I) of section 2(b)(1) of the Export-
Import Bank Act of 1945, and the functions described in sub-
sections (f)(1), (g)(1), (h)(1), and (i)(1) of section 3 of such Act.
SEC. 20. REPORTS.
Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C.
635g) is amended by adding at the end the following:
‘‘(f) ADDITIONAL REPORTS.—Not later than March 31 of each
year, the Bank 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 reports on—
‘‘(1) the extent to which the Bank has been able to use
the authority provided, and has complied with the mandates
contained, in section 2(b)(1)(E), and to the extent the Bank
has been unable to fully use such authority and comply with
such mandates, a report on the reasons for the Bank’s inability
to do so and the steps the Bank is taking to remedy such
inability;
‘‘(2) the extent to which financing has been made available
to small business concerns (described in subsection (e)) to enable
them to participate in exports by major contractors, including
through access to the supply chains of the contractors through
direct or indirect funding;
‘‘(3) the specific measures the Bank will take in the
upcoming year to achieve the small business objectives of the
Bank, including expanded outreach, product improvements, and
related actions;
‘‘(4) the progress made by the Bank in supporting exports
by socially and economically disadvantaged small business con-
cerns (defined in section 8(a)(4) of the Small Business Act)
Deadline.
12 USC 635 note.
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120 STAT. 3283
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and small business concerns (as defined in section 3(a) of the
Small Business Act) owned by women, including estimates of
the amounts made available to finance exports directly by such
small business concerns, a comparison of these amounts with
the amounts made available to all small business concerns,
and a comparison of such amounts with the amounts so made
available during the 2 preceding years;
‘‘(5) with respect to each type of transaction, the interest
and fees charged by the Bank to exporters (including a descrip-
tion of fees and interest, if any, charged to small business
concerns), buyers, and other applicants in connection with each
financing program of the Bank, and the highest, lowest, and
average fees charged by the Bank for short term insurance
transactions;
‘‘(6) the effects of the fees on the ability of the Bank
to achieve the objectives of the Bank relating to small business;
‘‘(7) the fee structure of the Bank as compared with those
of foreign export credit agencies; and
‘‘(8)(A) the efforts made by the Bank to carry out subpara-
graphs (E)(x) and (J) of section 2(b)(1) of the Export-Import
Bank Act of 1945, including the total amount expended by
the Bank to do so; and
‘‘(B) if the Bank has been unable to comply with such
subparagraphs—
‘‘(i) an analysis of the reasons therefor; and
‘‘(ii) what the Bank is doing to achieve, and the date
by which the Bank expects to have achieved, such compli-
ance.’’.
SEC. 21. STUDY OF HOW EXPORT-IMPORT BANK COULD ASSIST UNITED
STATES EXPORTERS TO MEET IMPORT NEEDS OF NEW
OR IMPOVERISHED DEMOCRACIES; REPORT.
(a) STUDY.—The Export-Import Bank of the United States shall
conduct a study designed to assess the needs of new or impoverished
democracies, such as Liberia and Haiti, for imports from the United
States, and shall determine what role the Bank can play a role
in helping United States exporters seize the opportunities presented
by the need for such imports.
(b) REPORT TO CONGRESS.—Within 12 months after the date
of the enactment of this Act, the Bank shall submit to the Com-
mittee on Financial Services of the House of Representatives and
the Committee on Banking, Housing, and Urban Affairs of the
Liberia.
Haiti.
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LEGISLATIVE HISTORY—S. 3938 (H.R. 5068):
HOUSE REPORTS: No. 109–566 accompanying H.R. 5068 (Comm. on Financial
Services).
CONGRESSIONAL RECORD, Vol. 152 (2006):
Sept. 29, considered and passed Senate.
Dec. 6, considered and passed House, amended. Senate concurred in House
amendment.
Senate, in writing, a final report that contains the results of the
study required by subsection (a).
Approved December 20, 2006.
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