Campbell Ex-Im Re-Authorization Discussion Draft

[DISCUSSION DRAFT]
113TH CONGRESS
2D SESSION
H. R. ll
To [reauthorize the Export-Import Bank of the United States for 3 years,
and for other purposes].
IN THE HOUSE OF REPRESENTATIVES
Mr. CAMPBELL introduced the following bill; which was referred to the
Committee on llllllllllllll
A BILL
To [reauthorize the Export-Import Bank of the United
States for 3 years, and for other purposes].
Be it enacted by the Senate and House of Representa- 1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE; TABLE OF CONTENTS; REF- 3
ERENCES. 4
(a) SHORT TITLE.This Act may be cited as the 5
[Export-Import Bank Reauthorization Act of 2014]. 6
(b) TABLE OF CONTENTS.The table of contents of 7
this Act is as follows: 8
Sec. 1. Short title; table of contents; references.
Sec. 2. Extension of authorities.
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Sec. 3. Limitations on outstanding loans, guarantees, and insurance.
Sec. 4. Review of Bank product pricing and credit standards to avoid crowding
out of private export finance.
Sec. 5. Reinsurance authority.
Sec. 6. Strengthening of board of directors.
Sec. 7. Chief Risk Officer.
Sec. 8. Modification of default rate calculation.
Sec. 9. Applicants for Bank assistance required to certify inability to obtain
credit from the private sector without government support.
Sec. 10. Pilot program for aircraft EETC risk-sharing.
Sec. 11. Pilot program for private financial institution risk-sharing.
Sec. 12. Limitation on risk exposure for new loans.
Sec. 13. Modification of method for calculating the effects of Bank financing
on job creation and maintenance in the United States.
Sec. 14. Elimination of certain mandates.
Sec. 15. Limitation on portion of transaction for which support may be pro-
vided to state-owned enterprises of certain governments.
Sec. 16. Extension of suspension of supplemental guidelines for high carbon in-
tensity projects.
Sec. 17. Negotiations with European Union to reduce trade-distorting export
subsidies of wide-body aircraft.
Sec. 18. Reduction of limitations on outstanding loans, guarantees, and insur-
ance if foreign export credit reduction is similar to Export-Im-
port Bank export credit reduction.
Sec. 19. Effective date.
(c) REFERENCES.Except as otherwise expressly 1
provided in this Act, wherever in this Act an amendment 2
is expressed in terms of an amendment to a section or 3
other provision, the amendment shall be considered to be 4
made to a section or other provision of the Export-Import 5
Bank Act of 1945. 6
SEC. 2. EXTENSION OF AUTHORITIES. 7
(a) GENERAL OPERATIONS.Section 7 (12 U.S.C. 8
635f) is amended by striking 2014 and inserting 9
2017. 10
(b) EXTENSION OF AUTHORITY TO USE PORTION OF 11
BANK SURPLUS TO UPDATE INFORMATION TECHNOLOGY 12
SYSTEMS.Section 3(j) (12 U.S.C. 635a(j)) is amended 13
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in each of paragraphs (1) and (3) by striking 2012, 1
2013, and 2014 and inserting 2012 through 2017. 2
(c) DUAL USE EXPORTS.Section 1(c) of Public 3
Law 103428 (12 U.S.C. 635 note) is amended by strik- 4
ing 2014 and inserting 2017. 5
SEC. 3. LIMITATIONS ON OUTSTANDING LOANS, GUARAN- 6
TEES, AND INSURANCE. 7
(a) REDUCTION OF LIMIT.Section 6(a)(2) (12 8
U.S.C. 635e(a)(2)) is amended 9
(1) in subparagraph (F) 10
(A) by striking fiscal year 2012 and each 11
succeeding fiscal year and inserting each of 12
fiscal years 2012 through 2015; and 13
(B) in clause (ii)(III), by striking the pe- 14
riod and inserting a semicolon; and 15
(2) by adding at the end the following: 16
(G) during fiscal year 2015, 17
$125,000,000,000; 18
(H) during fiscal year 2016, 19
$110,000,000,000; and 20
(I) during fiscal year 2017, 21
$95,000,000,000.. 22
(b) TEMPORARY INCREASE IN LIMIT IF NECESSARY; 23
WAIVER AUTHORITY.Section 6(a) (12 U.S.C. 635e(a)) 24
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is amended by redesignating paragraph (3) as paragraph 1
(4) and inserting after paragraph (2) the following: 2
(3) INCREASE IN APPLICABLE AMOUNT IF JUS- 3
TIFIED BY DECLINES IN UNSUPPORTED PRIVATE EX- 4
PORT FINANCING. 5
(A) IN GENERAL.If, in a fiscal year, the 6
Secretary of the Treasury determines that the 7
aggregate dollar amount of export financing 8
provided by private entities in the United States 9
without any support from the Bank or the 10
Overseas Private Investment Corporation has 11
declined by at least 5 percent in each of the 2 12
calendar quarters, in or after fiscal year 2015, 13
most recently preceding the date of the deter- 14
mination, the applicable amount otherwise in ef- 15
fect under this subsection during the remainder 16
of the fiscal year shall be increased by 17
$5,000,000,000. 18
(B) WAIVER AUTHORITY.Subparagraph 19
(A) shall not apply with respect to a determina- 20
tion if the Secretary of the Treasury determines 21
that so applying subparagraph (A) is not nec- 22
essary to maintain stability in export finance 23
markets.. 24
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SEC. 4. REVIEW OF BANK PRODUCT PRICING AND CREDIT 1
STANDARDS TO AVOID CROWDING OUT OF 2
PRIVATE EXPORT FINANCE. 3
(a) FEDERAL RESERVE REPORT ON PRIVATE EX- 4
PORT FINANCE.The Board of Governors of the Federal 5
Reserve System shall submit to the Congress semiannual 6
reports, in writing, on the terms and conditions (including 7
interest rates, maturities, and credit standards) that apply 8
in the provision of export finance by private financial insti- 9
tutions. 10
(b) BANK REPORT ON PRODUCT PRICING AND CRED- 11
IT STANDARDS.The Bank shall submit to the Congress 12
semiannual reports, in writing, on the steps taken by the 13
Bank to adjust the pricing of products offered, and the 14
credit standards used, by the Bank, to avoid crowding out 15
private export finance. 16
SEC. 5. REINSURANCE AUTHORITY. 17
(a) IN GENERAL.Section 2 (12 U.S.C. 635) is 18
amended by adding at the end the following: 19
(k) REINSURANCE AUTHORITY. 20
(1) IN GENERAL.The Bank may 21
(A) make and carry out contracts of in- 22
surance or reinsurance, or agreements to asso- 23
ciate or share risks, with insurance companies, 24
financial institutions, any other persons, or 25
groups thereof, and may employ any such enti- 26
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ty, as appropriate, as an agent of the Bank, or 1
act as an agent of any such entity, in the 2
issuance and servicing of insurance, the adjust- 3
ment of claims, the exercise of subrogation 4
rights, the ceding and accepting of reinsurance, 5
and in any other matter incident to an insur- 6
ance business, except that such agreements and 7
contracts shall be consistent with the objects 8
and purposes of the Bank and shall be on equi- 9
table terms; 10
(B) enter into pooling or other risk-shar- 11
ing arrangements with multinational insurance 12
or financing agencies or groups of such agen- 13
cies; 14
(C) hold an ownership interest in any as- 15
sociation or other entity established for the pur- 16
poses of sharing risks under investment insur- 17
ance; and 18
(D) issue, on such terms and conditions 19
as the Bank may determine, reinsurance of li- 20
abilities assumed by other insurers or groups 21
thereof in respect of insurance provided by the 22
Bank. 23
(2) RETENTION BY REINSURED OF PORTION 24
OF LIABILITY.All reinsurance issued by the Bank 25
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under this subsection shall require that the rein- 1
sured party retain for the account of the reinsured 2
party specified portions of liability, whether first loss 3
or otherwise. 4
(3) LIMITATION.The amount of reinsurance 5
of liabilities under this Act which the Bank may 6
issue shall not in the aggregate exceed at any one 7
time an amount equal to $25,000,000,000.. 8
(b) PROGRESS REPORT.Within 2 years after the ef- 9
fective date of this Act, the Export-Import Bank of the 10
United States shall submit to the Congress a written re- 11
port on the extent to which the Bank has exercised the 12
authority provided in the amendment made by subsection 13
(a) of this section, and the effects of doing so. 14
SEC. 6. STRENGTHENING OF BOARD OF DIRECTORS. 15
Section 3(c) (12 U.S.C. 635a(c)) is amended by add- 16
ing at the end the following: 17
(11) ESTABLISHMENT OF RISK COMMITTEE. 18
The Board of Directors shall establish a committee, 19
composed of Board members, to monitor the finan- 20
cial risks assumed by the Bank. 21
(12) BOARD APPROVAL REQUIRED BEFORE 22
SUBMISSION OF REPORT TO CONGRESS.An officer 23
or employee of the Bank shall not submit to any 24
committee, officer, or employee in the Legislative 25
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Branch a report pertaining to the Bank, without the 1
prior approval of the Board of Directors. 2
(13) BOARD APPROVAL OF BUDGET AND OR- 3
GANIZATIONAL CHANGES.The budget of the Bank 4
shall not take effect without the prior approval of 5
the Board of Directors. The duties, powers, and 6
functions of a Vice President of the Bank may not 7
be modified without the prior approval of the Board 8
of Directors.. 9
SEC. 7. CHIEF RISK OFFICER. 10
Section 3 (12 U.S.C. 635a) is amended by adding 11
at the end the following: 12
(k) CHIEF RISK OFFICER. 13
(1) POSITION.There is established in the 14
Bank the position of Chief Risk Officer. 15
(2) APPOINTMENT.The President of the 16
Bank, with the unanimous agreement of the Board 17
of Directors, shall hire an individual to serve as the 18
Chief Risk Officer. 19
(3) DUTIES. 20
(A) IN GENERAL.The Chief Risk Offi- 21
cer shall monitor the portfolio, underwriting, 22
and other financial risks assumed by the Bank, 23
and shall report directly to the risk committee 24
established under subsection (c)(11). 25
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(B) ESTABLISHMENT OF PORTFOLIO SUB- 1
LIMITS.Within 1 year after the date of the 2
enactment of this subsection, the Chief Risk Of- 3
ficer shall establish, and from time to time 4
thereafter revise, sub-limits on the portfolio of 5
the Bank based on geography, types of bor- 6
rowers, types of suppliers, types of financial 7
partners or counterparties, product lines, matu- 8
rities of obligations, industries, and such other 9
categories as the Chief Risk Office deems ap- 10
propriate. 11
(4) INDEPENDENCE FROM BANK BUSINESS AC- 12
TIVITIES.The Chief Risk Officer and any staff as- 13
sisting the Chief Risk Officer may not exercise any 14
authority over the conduct of any business of the 15
Bank.. 16
SEC. 8. MODIFICATION OF DEFAULT RATE CALCULATION. 17
Section 8(g)(1) (12 U.S.C. 635g(g)(1)) is amended 18
by striking a payment obligation and inserting any. 19
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SEC. 9. APPLICANTS FOR BANK ASSISTANCE REQUIRED TO 1
CERTIFY INABILITY TO OBTAIN CREDIT 2
FROM THE PRIVATE SECTOR WITHOUT GOV- 3
ERNMENT SUPPORT. 4
Section 2 (12 U.S.C. 635), as amended by section 5
5 of this Act, is amended by adding at the end the fol- 6
lowing: 7
(i) APPLICANTS FOR BANK ASSISTANCE REQUIRED 8
TO CERTIFY INABILITY TO OBTAIN CREDIT ELSE- 9
WHERE.The Bank shall not guarantee, insure, or extend 10
credit, or participate in an extension of credit in connec- 11
tion with a transaction, to an applicant who has not cer- 12
tified to the Bank that 13
(1) the applicant has sought, and has been un- 14
able to obtain, financing for the transaction without 15
any support from the Overseas Private Investment 16
Corporation or the Small Business Administration; 17
and 18
(2) if the transaction involves an aircraft, the 19
applicant has sought, and has been unable to obtain, 20
financing for the transaction in the capital markets 21
through enhanced equipment trust certificates.. 22
SEC. 10. PILOT PROGRAM FOR AIRCRAFT EETC RISK-SHAR- 23
ING. 24
Notwithstanding section 2(l) of the Export-Import 25
Bank Act of 1945, during the 3-year period beginning 26
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with the effective date of this Act, the Export-Import 1
Bank of the United States may provide insurance, for an 2
unlimited period, for tranches of enhanced equipment 3
trust certificates issued with respect to a transaction in- 4
volving an aircraft, for an applicant who is able to obtain 5
financing in the capital markets for part of the trans- 6
action. 7
SEC. 11. PILOT PROGRAM FOR PRIVATE FINANCIAL INSTI- 8
TUTION RISK-SHARING. 9
Section 2 (12 U.S.C. 635), as amended by sections 10
5 and 9 of this Act, is amended by adding at the end 11
the following: 12
(m) PRIVATE FINANCIAL INSTITUTION RISK-SHAR- 13
ING.During fiscal years 2015 through 2017, the Bank 14
may make available from the aggregate loan, guarantee, 15
and insurance authority available to the Bank a total of 16
not more than $1,000,000,000 for loans and guarantees 17
made by private financial institutions for the export of 18
goods or services from the United States, under which the 19
first 5 percent of any loss, and 50 percent of any remain- 20
ing loss, would be borne by the institutions.. 21
SEC. 12. LIMITATION ON RISK EXPOSURE FOR NEW LOANS. 22
(a) IN GENERAL.Section 2 (12 U.S.C. 635), as 23
amended by sections 5, 9, and 11 of this Act, is amended 24
by adding at the end the following: 25
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(n) LIMITATION ON RISK EXPOSURE FOR LOANS. 1
The Bank may not make a loan unless another entity has 2
provided the Bank with a guarantee that the other entity 3
will pay the Bank any portion of 10 percent of the aggre- 4
gate of the amounts payable to the Bank under the loan, 5
that is not paid by the borrower when due.. 6
(b) LIMITATION ON AMOUNT OF OUTSTANDING 7
LOANS.Section 6(a)(1) (12 U.S.C. 635e(a)(1)) is 8
amended to read as follows: 9
(1) IN GENERAL.The Export-Import Bank 10
of the United States shall not have outstanding at 11
any one time 12
(A) loans, guarantees, and insurance in 13
an aggregate amount in excess of the applicable 14
amount; or 15
(B) loans in an aggregate amount in ex- 16
cess of 10 percent of the applicable amount.. 17
SEC. 13. MODIFICATION OF METHOD FOR CALCULATING 18
THE EFFECTS OF BANK FINANCING ON JOB 19
CREATION AND MAINTENANCE IN THE 20
UNITED STATES. 21
The Export-Import Bank of the United States shall 22
modify the methodology used by the Bank to calculate the 23
effects of the provision of financing by the Bank on the 24
creation and maintenance of employment in the United 25
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States, by subtracting from the number of jobs created 1
or maintained as a result of the provision of financing by 2
the Bank, the number of jobs that would have been cre- 3
ated had the Bank not provided the financing. 4
SEC. 14. ELIMINATION OF CERTAIN MANDATES. 5
(a) SMALL BUSINESS. 6
(1) ELIMINATION OF POLICY MANDATES. 7
(A) IN GENERAL.Section 2(b)(1)(E) (12 8
U.S.C. 635(b)(1)(E)) is amended by striking 9
clauses (v) through (vii) and redesignating 10
clauses (viii) through (x) as clauses (v) through 11
(vii), respectively. 12
(B) CONFORMING AMENDMENTS. 13
(i) Section 2(h)(2) (12 U.S.C. 14
635(h)(2)) is amended by striking 15
(E)(x) and inserting (E)(vii). 16
(ii) Section 3(f)(1)(D) (12 U.S.C. 17
635a(f)(1)(D)) is amended by striking 18
2(b)(1)(E)(x) and inserting 19
2(b)(1)(E)(vii). 20
(iii) Section 3(h)(2)(B)(i) (12 U.S.C. 21
635a(h)(2)(B)(i)) is amended by striking 22
2(b)(1)(E)(v) and (x) and inserting 23
2(b)(1)(E)(vii). 24
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(iv) Section 8(c) (12 U.S.C. 635g(c)) 1
is amended by striking (E)(x) and in- 2
serting (E)(vii). 3
(v) Section 8(f)(8) (12 U.S.C. 4
635g(f)(8)) is amended by striking 5
(E)(x) and inserting (E)(vii). 6
(2) ELIMINATION OF REPORTING MANDATE. 7
Section 8(b)(2) (12 U.S.C. 635g(b)(2)) is amended 8
by striking subparagraph (B) and redesignating sub- 9
paragraphs (C) through (F) as subparagraphs (B) 10
through (E), respectively. 11
(b) SUB-SAHARAN AFRICA ADVISORY COMMITTEE. 12
Section 2(b) (12 U.S.C. 635(b)) is amended by striking 13
paragraph (9) and redesignating paragraphs (10) through 14
(13) as paragraphs (9) through (12), respectively. 15
(c) RENEWABLE ENERGY. 16
(1) ELIMINATION OF POLICY MANDATES. 17
(A) IN GENERAL.Section 2(b)(1) (12 18
U.S.C. 635(b)(1)) is amended by striking sub- 19
paragraphs (C) and (K) and redesignating sub- 20
paragraphs (D) through (J) as subparagraphs 21
(C) through (I), respectively, and subparagraph 22
(L) as subparagraph (J). 23
(B) CONFORMING AMENDMENTS. 24
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(i) Section 2(h) (12 U.S.C. 635(h)) is 1
amended by striking (E)(x) and (J) and 2
inserting (D)(x) and (I). 3
(ii) Section 3(f)(1) (12 U.S.C. 4
635a(f)(1)) is amended 5
(I) in subparagraph (A), by strik- 6
ing (E) and (I) and inserting (D) 7
and (H); and 8
(II) in subparagraph (D), by 9
striking 2(b)(1)(E)(x) and inserting 10
2(b)(1)(D)(x). 11
(iii) Section 3(g)(7) (12 U.S.C. 12
635a(g)(7)) is amended by striking (E) 13
and (I) and inserting (D) and (H). 14
(iv) Section 3(h)(2)(B)(i) (12 U.S.C. 15
635a(h)(2)(B)(i)) is amended by striking 16
2(b)(1)(E)(v) and inserting 17
2(b)(1)(D)(v). 18
(v) Section 8(b) (12 U.S.C. 635g(b)) 19
is amended 20
(I) in paragraph (1), by striking 21
2(b)(1)(E) and inserting 22
2(b)(1)(D); 23
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(II) in paragraph (2)(B), by 1
striking 2(b)(1)(E)(vii) and insert- 2
ing 2(b)(1)(D)(vii); and 3
(III) in paragraph (2)(F), by 4
striking 2(b)(1)(E) and inserting 5
2(b)(1)(D). 6
(vi) Section 8(c) (12 U.S.C. 635g(c)) 7
is amended by striking (E)(x) and (J) 8
and inserting (D)(x) and (I). 9
(vii) Section 8(f) (12 U.S.C. 635g(f)) 10
is amended 11
(I) in paragraph (1), by striking 12
2(b)(1)(E) and inserting 13
2(b)(1)(D); and 14
(II) in paragraph (8), by striking 15
(E)(x) and (J) and inserting 16
(D)(x) and (I). 17
(2) ELIMINATION OF REPORTING MANDATE. 18
Section 8A(a) (12 U.S.C. 635g-1(a)) is amended by 19
striking paragraph (5) and redesignating paragraphs 20
(6) through (10) as paragraphs (5) through (9), re- 21
spectively. 22
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SEC. 15. LIMITATION ON PORTION OF TRANSACTION FOR 1
WHICH SUPPORT MAY BE PROVIDED TO 2
STATE-OWNED ENTERPRISES OF CERTAIN 3
GOVERNMENTS. 4
Section 2(b) (12 U.S.C. 635), as amended by section 5
14(b) of this Act, is amended by adding at the end the 6
following: 7
(13) LIMITATION ON PORTION OF TRANSACTION 8
FOR WHICH SUPPORT MAY BE PROVIDED TO STATE- 9
OWNED ENTERPRISES OF CERTAIN GOVERNMENTS. 10
(A) LIMITATION. 11
(i) IN GENERAL.The Bank shall not 12
guarantee or extend (or participate in an exten- 13
sion of) credit in connection with a transaction 14
with a state-owned enterprise of a foreign gov- 15
ernment if 16
(I) the foreign government has a sov- 17
ereign wealth fund with a value of at least 18
$100,000,000,000; and 19
(II) the provision of the guarantee or 20
the extension of credit would result in the 21
Bank being obligated with respect to more 22
than 30 percent of the amount of the 23
transaction. 24
(ii) SOVEREIGN WEALTH FUND DE- 25
FINED.In clause (i), the term sovereign 26
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18
wealth fund means, with respect to a govern- 1
ment, an investment fund owned by the govern- 2
ment, excluding foreign currency reserve assets, 3
any asset held by a central bank for the execu- 4
tion of monetary policy, and any government- 5
managed pension fund. 6
(B) WAIVER AUTHORITY.Subparagraph (A) 7
shall not apply with respect to a transaction if the 8
Secretary of the Treasury determines that an export 9
credit agency of a foreign country is willing and able 10
to supply financing for the transaction on terms that 11
would hamper the ability of an exporter located in 12
the United States to compete.. 13
SEC. 16. EXTENSION OF SUSPENSION OF SUPPLEMENTAL 14
GUIDELINES FOR HIGH CARBON INTENSITY 15
PROJECTS. 16
Notwithstanding section 7081 of division K of the 17
Consolidated Appropriations Act, 2014, paragraph (4) of 18
such section shall apply through September 30, 2017, with 19
respect to the Supplemental Guidelines for High Carbon 20
Intensity Projects approved by the Export-Import Bank 21
of the United States on December 12, 2013. 22
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SEC. 17. NEGOTIATIONS WITH EUROPEAN UNION TO RE- 1
DUCE TRADE-DISTORTING EXPORT SUB- 2
SIDIES OF WIDE-BODY AIRCRAFT. 3
(a) IN GENERAL.Section 11 of the Export-Import 4
Bank Reauthorization Act of 2012 (12 U.S.C. 635a-5) is 5
amended 6
(1) by striking and at the end of paragraph 7
(1); 8
(2) by striking the period at the end of para- 9
graph (2)(C) and inserting ; and; and 10
(3) by adding at the end the following: 11
(3) with the European Union, on a bilateral 12
basis, to reduce trade-distorting export subsidies of 13
wide-body aircraft.. 14
SEC. 18. REDUCTION OF LIMITATIONS ON OUTSTANDING 15
LOANS, GUARANTEES, AND INSURANCE IF 16
FOREIGN EXPORT CREDIT REDUCTION IS 17
SIMILAR TO EXPORT-IMPORT BANK EXPORT 18
CREDIT REDUCTION. 19
(a) MONITORING OF CREDIT PROVIDED BY FOREIGN 20
EXPORT CREDIT AGENCIES.The Secretary of the Treas- 21
ury shall monitor the aggregate lending volume of foreign 22
export credit agencies that compete with the Export-Im- 23
port Bank of the United States. 24
(b) REDUCTION OF LIMITATIONS IF FOREIGN EX- 25
PORT CREDIT REDUCTION IS SIMILAR TO EXPORT-IM- 26
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20
PORT BANK EXPORT CREDIT REDUCTION.If, within 2 1
years after the date of the enactment of this Act, the Sec- 2
retary of the Treasury determines that the aggregate of 3
the amounts loaned by, or the aggregate amount of out- 4
standing loans, guarantees, and insurance provided by, 5
foreign export credit agencies has been reduced by an 6
amount similar to the amount by which the aggregate of 7
the amounts loaned by, or the amount by which the aggre- 8
gate amount of outstanding loans, guarantees, and insur- 9
ance provided by, the Export-Import Bank of the United 10
States has been reduced, then the applicable amount oth- 11
erwise in effect under section 6(a) of the Export-Import 12
Bank Act of 1945 for the then succeeding fiscal year shall 13
be reduced by $2,500,000,000. 14
SEC. 19. EFFECTIVE DATE. 15
This Act and the amendments made by this Act shall 16
take effect on October 1, 2014. 17
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