Export-Import Bank Reform and Reauthorization Act of 2015

Summary

Reform Exports and Expand the American Economy Act This bill amends the Export-Import Bank Act of 1945 to establish an Office of Ethics, headed by a Chief Ethics Officer, in the Export-Import Bank of the United States. The review of Bank fraud controls by the Government Accountability Office (GAO) shall now be quadrennial instead of once only, and followed by reports to Congress. The Board of Governors of the Federal Reserve System shall report to Congress: (1) semiannually on the terms and conditions (including interest rates, maturities, and credit standards) that private financial institutions apply in providing export finance; and (2) annually on the steps the Bank has taken to adjust the pricing of products offered, and the credit standards used, to avoid crowding out private export finance. The Bank's Board of Directors must include in their annual report to Congress any recommendations about countries with whom and in which it should not be doing business. The GAO must conduct annual audits of the Bank's loan, guarantee, insurance, and credit programs. The Chief Ethics Officer shall draft a Code of Ethics prescribing strict and definite standards of official conduct for all Bank directors, officers, and employees, including conflict-of-interest prohibitions. The Bank shall study the extent to which the products it offers are available and used by companies that export services and related goods. The Bank must also implement policies to accept: (1) electronic documents whenever possible, including copies of bills of lading, certifications, and compliance documents; and (2) electronic payments in all of its programs. If the Bank issues any report to Congress or any congressional committee containing accounting information that is not prepared using generally accepted accounting principles (GAAPs), the Bank must issue a second report with the same accounting information prepared using GAAPs. The Bank is made lender of last resort to privately owned foreign applicants (other than financial institutions), which must first try to obtain competitive financing for the transaction in question without support from the Overseas Private Investment Corporation or the Small Business Administration. Bank directors who are neither Chairman nor Vice Chairman of the Board shall constitute the Board's Audit Committee. The President of the United States (U.S. President) must report to specified congressional committees on Bank programs that may be fully or partially privatized. The Bank's Inspector General is directed to audit the Bank's portfolio risk management procedures, including its implementation of the duties assigned to the Chief Risk Officer (whose position is established by this Act). The Bank must retain at least 30% of total net earnings as a provision for possible losses. Two terms is made the term limit for any Bank President. The U.S. President must propose to Congress a strategy to pursue with other major exporting countries, over a 10-year period, elimination of all subsidized export-financing programs, tied aid, export credits, and all other forms of government-supported export subsidies. This shall also involve negotiations specifically with countries that are not members of the Organization for Economic Co-operation and Development to bring them into a multilateral agreement establishing rules and limitations on officially supported export credits. $130 billion is made the absolute limit, regardless of fiscal year, for the aggregate amount of outstanding Bank loans, guarantees, and insurance. The general duties of the Bank's Chief Risk Officer are specified. The Bank is required to develop and implement policies that incentivize transactions in which third parties, especially private sector lenders and exporters, share risks of loss with the Bank. The Bank is reauthorized and extended through FY2019, as well as its authority to finance export sales of nonlethal defense articles or services whose primary end (dual) use will be for civilian purposes. The Bank is directed to: study its programs, products, and policies supporting exports from small business concerns and medium-sized enterprises in the United States, including those involving the implementation of the export credit insurance program, delegated lending authority, and direct Bank loans; and determine the extent to which its policies adequately meet the needs of small business concerns and medium-sized enterprises in obtaining Bank financing to support jobs in the United States through exports. The denial of funding is continued through FY2019 with respect to the Bank's Supplemental Guidelines for High Carbon Intensity Projects. The figure of $10 million is increased to $25 million, subject to annual adjustments for inflation, in cases where: the Bank seeks to ensure that U.S. insurance companies are accorded a fair and open competitive opportunity to provide insurance for transactions involving a long-term loan or guarantee of this minimum amount, Bank procedures for public disclosure of environmental assessments and mandatory supplemental environmental reports apply to any transaction involving a project for which long-term support from the Bank is requested in at least this amount, or it is the sense of Congress that Bank policies and procedures should not prohibit small business specialists from approving applications for working capital loans, guarantees, and insurance in support of exports which have a value less than this amount.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 28 January 2015

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 28 January 2015

   Introduced

   Sponsor introductory remarks on measure. (CR E129)

   Source: IntroReferral

3. 28 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 27 October 2015

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

6. 27 October 2015

   Vote

   Passed/agreed to in House: On passage Passed by the Yeas and Nays: 313 - 118 (Roll no. 576).(text: CR H7217-7219)

   Source: Floor

7. 27 October 2015

   Vote

   On passage Passed by the Yeas and Nays: 313 - 118 (Roll no. 576). (text: CR H7217-7219)

   Source: Floor

8. 27 October 2015

   Failed

   On motion to recommit Failed by voice vote.

   Source: Floor

9. 27 October 2015

   Floor

   The previous question on the motion to recommit was ordered without objection. (consideration: CR H7230)

   Source: Floor

10. 27 October 2015

    Floor

    Ms. Norton moved to recommit to Financial Services. (consideration: CR H7229-7230)

    Source: Floor

11. 27 October 2015

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H7229)

    Source: Floor

12. 27 October 2015

    Passed

    ORDER OF PROCEDURE - Mr. Collins (GA) asked unanimous consent that the question of adoption of a motion to recommit on H.R. 597 may be postponed as though under clause 8, rule XX. Agreed to without objection.

    Source: Floor

13. 27 October 2015

    Floor

    Considered under the provisions of H. Res. 450. (consideration: CR H7217-7231)

    Source: Floor

14. 28 October 2015

    Calendars

    Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

    Source: Calendars

15. 29 October 2015

    Calendars

    Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 282.

    Source: Calendars

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 29 October 2015 · Official file
• Engrossed in House · 27 October 2015 · Official file
• Introduced in House · 28 January 2015 · Official file

Documents

8 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 29 October 2015

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 29 October 2015

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• Engrossed in House (text)

  Engrossed in House · EN · 27 October 2015

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• Engrossed in House (PDF)

  Engrossed in House · EN · 27 October 2015

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• Passed House amended

  summary · EN · 27 October 2015

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 28 January 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 28 January 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 28 January 2015

  Open at official source

Sponsors

• Rep. Fincher, Stephen Lee [R-TN-8] · R · Sponsor
• Rep. Wilson, Joe [R-SC-2] · R · Sponsor
• Robert Aderholt · R · Sponsor
• Duncan Hunter · R · Sponsor
• Steve Stivers · R · Sponsor
• Chris Collins · R · Sponsor
• Rodney Davis · R · Sponsor
• Rep. Dold, Robert J. [R-IL-10] · R · Sponsor
• Tom Cole · R · Sponsor
• Randy Hultgren · R · Sponsor
• Frank Lucas · R · Sponsor
• Rep. Pitts, Joseph R. [R-PA-16] · R · Sponsor
• Tom Reed · R · Sponsor
• Ann Wagner · R · Sponsor
• Mike Bost · R · Sponsor
• Gregg Harper · R · Sponsor
• PETER KING · R · Sponsor
• Dan Newhouse · R · Sponsor
• PATRICK TIBERI · R · Sponsor
• Bob Gibbs · R · Sponsor
• Rep. Crenshaw, Ander [R-FL-4] · R · Sponsor
• Billy Long · R · Sponsor
• Mike Rogers · R · Sponsor
• Rep. Amodei, Mark E. [R-NV-2] · R · Sponsor
• Jackie Walorski · R · Sponsor
• Sam Graves · R · Sponsor
• Rep. Boustany, Charles W., Jr. [R-LA-3] · R · Sponsor
• David Joyce · R · Sponsor
• Tom Rice · R · Sponsor
• Rep. Mica, John L. [R-FL-7] · R · Sponsor
• Larry Bucshon · R · Sponsor
• Patrick Meehan · R · Sponsor
• Ryan Costello · R · Sponsor
• Glenn Thompson · R · Sponsor
• Michael Turner · R · Sponsor
• Rep. Gibson, Christopher P. [R-NY-19] · R · Sponsor
• Rep. Hanna, Richard L. [R-NY-22] · R · Sponsor
• Rep. Kelly, Mike [R-PA-16] · R · Sponsor
• Thomas MacArthur · R · Sponsor
• JOHN SHIMKUS · R · Sponsor
• Lou Barletta · R · Sponsor
• Kevin Cramer · R · Sponsor
• Bill Shuster · R · Sponsor
• David Reichert · R · Sponsor
• FRANK LOBIONDO · R · Sponsor
• Adam Kinzinger · R · Sponsor
• Bill Johnson · R · Sponsor
• Tom Marino · R · Sponsor

Showing 48 of 63 sponsors and actors.

Related records

• related to → FAST Act
• related to ← Export-Import Bank Reform and Reauthorization Act of 2015
• related to ← Providing for the consideration of the bill (H.R. 597) to reauthorize the Export-Import Bank of the United States, and for other purposes.
• related to ← Export-Import Bank Reform and Reauthorization Act of 2015
• related to ← Export-Import Bank Reform Act