United States 116th Congress Status: Died Bipartisan · 1 D · 1 R cosponsors

HR 3407 — United States Export Finance Agency Act of 2019

Last action — Motion to Discharge Committee filed by Mr. Davis, Rodney. Petition No: 116-4. (<a href="https://clerk.house.gov/DischargePetition/20191114?CongressNum=116">Discharge petition</a> text with signatures.)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

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.

Bill Text

Sections of law this bill changes

7 sections in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Export-import bank of the united states · 12 U.S.C. ch. 6A 7 sections
  • § 635 Powers and functions of Bank Amends

    12 U.S.C. § 635 — at 635(b)(1)(E)(v), 635(b)(1)(E)(i)(I), 635(b)(1)(C), 635(b)(1)(K), 635(b)(3)(B), 635(b), 635(b)(2), 635(a)(3), 635(b)(1)(H), 635(b)(1)(I), and 635(b)(3)(A)(iii)

    The law today

    (a) General banking business; use of mails; publication of documents, reports, contracts, etc.; use of assets and allocated or borrowed money; payment of dividends; medium-term financing; dissemination of information; enhancement of medium-term program (1) There is created a corporation with the name Export-Import Bank of the United States, which shall be an agency of the United States of America. The objects and purposes of the Bank shall be to aid in financing and to facilitate exports of goods and services, imports, and the exchange of commodities and services between the United States or any of its territories or insular possessions and any foreign country or the agencies or nationals of any such country, and in so doing to contribute to the employment of United States workers. The Bank’s objective in authorizing loans, guarantees, insurance, and credits shall be to contribute to maintaining or increasing employment of United States workers. In connection with and in furtherance of its objects and purposes, the bank is authorized and empowered to do a general banking business except that of circulation; to receive deposits; to purchase, discount, rediscount, sell, and negotiate, with or without its endorsement or guaranty, and to guarantee notes, drafts, checks, bills of exchange, acceptances, including bankers’ acceptances, cable transfers, and other evidences of indebtedness; to guarantee, insure, coinsure, and reinsure against political and credit risks of loss; to purchase, sell, and guarantee securities but not to purchase with its funds any stock in any other corporation except that it may acquire any such stock through the enforcement of any lien or pledge or otherwise to satisfy a previously contracted indebtedness to it; to accept bills and drafts drawn upon it; to issue letters of credit; to purchase and sell coin, bullion, and exchange; to borrow and to lend money; to perform any act herein authorized in participation with any other person, including any individual, partnership, corporation, or association; to adopt, alter, and use a corporate seal, which shall be judicially noticed; to sue and to be sued, to complain and to defend in any court of competent jurisdiction; to represent itself or to contract for representation in all legal and arbitral proceedings outside the United States; and the enumeration of the foregoing powers shall not be deemed to exclude other powers necessary to the achievement of the objects and purposes of the bank. The bank shall be entitled to the use of the United States mails in the same manner and upon the same conditions as the executive departments of the Government. The Bank is authorized to publish or arrange for the publication of any documents, reports, contracts, or other material necessary in connection with or in furtherance of its objects and purposes without regard to the provisions of section 501 of title 44 whenever the Bank determines that publication in accordance with the provisions of such section would not be practicable. Subject to regulations which the Bank shall issue pursuant to section 553 of title 5, the Bank may impose and collect reasonable fees to cover the costs of conferences and seminars sponsored by, and publications provided by, the Bank, and may accept reimbursement for travel and subsistence expenses incurred by a director, officer, or employee of the Bank, in accordance with subchapter I of chapter 57 of title 5. Amounts received under the preceding sentence shall be credited to the fund which initially paid for such activities and shall be offset against the expenses of the Bank for such activities. The bank is authorized to use all of its assets and all moneys which have been or may hereafter be allocated to or borrowed by it in the exercise of its functions. Net earnings of the bank after reasonable provision for possible losses shall be used for payment of dividends on capital stock. Any such dividends shall be deposited into the Treasury ...

    33 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 635a Management of Bank Amends

    12 U.S.C. § 635a — at 635a(i), 635a(c)(6), 635a(j), 635a(m), 635a(d)(1)(B), and 635a(j)(2)(B)(ii)

    The law today

    (a) Establishment as independent agency The Export-Import Bank of the United States shall constitute an independent agency of the United States and neither the Bank nor any of its functions, powers, or duties shall be transferred to or consolidated with any other department, agency, or corporation of the Government unless the Congress shall otherwise by law provide. (b) President and First Vice President of the Bank; appointment; duties There shall be a President of the Export-Import Bank of the United States, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, and who shall serve as chief executive officer of the Bank. There shall be a First Vice President of the Bank, who shall be appointed by the President of the United States by and with the advice and consent of the Senate, who shall serve as President of the Bank during the absence or disability of or in the event of a vacancy in the office of President of the Bank, and who shall at other times perform such functions as the President of the Bank may from time to time prescribe. (c) Board of Directors; composition; oath; terms; duties; quorum; bylaws (1) There shall be a Board of Directors of the Bank consisting of the President of the Export-Import Bank of the United States, who shall serve as Chairman, the First Vice President who shall serve as Vice Chairman, and three additional persons appointed by the President of the United States by and with the advice and consent of the Senate. (2) Of the five members of the Board, not more than three shall be members of any one political party. (3) Omitted (4) Before entering upon his duties, each of the directors shall take an oath faithfully to discharge the duties of his office. (5) The directors, in addition to their duties as members of the Board, shall perform such additional duties and may hold such other offices in the administration of the Bank as the President of the Bank may from time to time prescribe. (6) (A) A quorum of the Board of Directors shall consist of at least three members. (B) (i) If there is an insufficient number of directors to constitute a quorum under subparagraph (A) for 120 consecutive days during the term of a President of the United States, a temporary Board, consisting of the following members, shall act in the stead of the Board of Directors: (I) The United States Trade Representative. (II) The Secretary of the Treasury. (III) The Secretary of Commerce. (IV) The members of the Board of Directors. (ii) If, at a meeting of the temporary Board— (I) a member referred to in clause (i)(IV) is present, the meeting shall be chaired by such a member, consistent with Bank bylaws; or (II) no such member is present, the meeting shall be chaired by the United States Trade Representative. (iii) 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 the 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. (iv) If the temporary Board consists of members of only one 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 consent of the Senate. (v) The temporary board may not change or amend Bank policies, procedures, bylaws, or guidelines. (vi) The temporary Board shall expire at the end of the term of the President of the United States in office at the time the temporary Board was constituted or upon restoration of a quorum of the Board of Directors as defined in subparagraph (A). (vii) With respect to a transaction that equals or exc...

    11 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 635a-5 Negotiations to end export credit financing Amends

    12 U.S.C. § 635a-5 — at 635a-5(a)(1)

    The law today

    (a) In general The President shall initiate and pursue negotiations— (1) with other major exporting countries, including members of the Organisation for Economic Co-operation and Development (in this section referred to as the “OECD”) and non-OECD members, to substantially reduce, with the possible goal of eliminating, before the date that is 10 years after December 4, 2015,,1 subsidized export financing programs and other forms of export subsidies; and (2) with all countries that finance air carrier aircraft with funds from a state-sponsored entity, to substantially reduce, with the ultimate goal of eliminating, aircraft export credit financing for all aircraft covered by the 2007 Sector Understanding on Export Credits for Civil Aircraft (in this section referred to as the “ASU”), including any modification thereof, and all of the following types of aircraft: (A) Heavy aircraft that are capable of a takeoff weight of 300,000 pounds or more, whether or not operating at such a weight during a particular phase of flight. (B) Large aircraft that are capable of a takeoff weight of more than 41,000 pounds, and have a maximum certificated takeoff weight of not more than 300,000 pounds. (C) Small aircraft that have a maximum certificated takeoff weight of 41,000 pounds or less. (b) Annual reports on progress of negotiations Not later than 180 days after May 30, 2012, and annually thereafter, the President 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— (1) a report on the progress of any negotiations described in subsection (a)(1), until the President certifies in writing to the committees that all countries that support subsidized export financing programs have agreed to end the support; and (2) a report on the progress of any negotiations described in subsection (a)(2), including the progress of any negotiations with respect to each classification of aircraft set forth in subsection (a)(2), until the President certifies in writing to the committees that all countries that support subsidized export financing programs have agreed to end the support of aircraft covered by the ASU. (c) Report on strategy Not later than 180 days after December 4, 2015, the President shall submit to Congress a proposal, and a strategy for achieving the proposal, that the United States Government will pursue with other major exporting countries, including OECD members and non-OECD members, to eliminate over a period of not more than 10 years subsidized export-financing programs, tied aid, export credits, and all other forms of government-supported export subsidies. (d) Negotiations with non-OECD members The President shall initiate and pursue negotiations with countries that are not OECD members to bring those countries into a multilateral agreement establishing rules and limitations on officially supported export credits. (e) Annual reports on progress of negotiations Not later than 180 days after December 4, 2015, and annually thereafter through calendar year 2019, the President 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 report on the progress of any negotiations described in subsection (d).

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  • § 635e Aggregate loan, guarantee, and insurance authority Amends

    12 U.S.C. § 635e — at 635e(a)(2) and 635e(a)(3)

    The law today

    (a) Limitation on outstanding amounts (1) In general The Export-Import Bank of the United States shall not have outstanding at any one time loans, guarantees, and insurance in an aggregate amount in excess of the applicable amount. (2) Applicable amount defined In this subsection, the term “applicable amount”, for each of fiscal years 2020 through 2027, means $135,000,000,000. (3) Freezing of lending cap if default rate is 2 percent or more If the rate calculated under section 635g(g)(1) of this title is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under section 635g(g)(1) of this title is less than 2 percent. (4) Subject to appropriations All spending and credit authority provided under this subchapter shall be effective for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts. (b) Reserve requirement The Bank shall build to and hold in reserve, to protect against future losses, an amount that is not less than 5 percent of the aggregate amount of disbursed and outstanding loans, guarantees, and insurance of the Bank. (c) Presidential determination (1) In general Not later than March 31 of each fiscal year, the President of the United States shall determine whether the authority available to the Bank for such fiscal year will be sufficient to meet the Bank’s needs, particularly those needs arising from— (A) increases in the level of exports unforeseen at the time of the original budget request for such fiscal year; (B) any increased foreign export credit subsidies; or (C) the lack of progress in negotiations to reduce or eliminate export credit subsidies. (2) Request for legislation (A) In general If the President of the United States finds that the amount of direct loan authority or guarantee authority available to the Bank for the fiscal year involved exceeds the amount which will be necessary to carry out the Bank’s functions consistent with the availability of qualified applications and limitations imposed by law during such year, the President of the United States shall promptly transmit to the Congress a request for legislation to eliminate the amount of such excess direct loan, loan guarantee, or insurance authority. (B) Continued availability of authority The Bank shall continue to make remaining amounts of its authority available for the fiscal year involved, in accordance with its practices and the requirements of this subchapter, unless otherwise directed pursuant to law.

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  • § 635f Termination date of Bank’s functions; exceptions; liquidation Amends

    12 U.S.C. § 635f

    The law today

    Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on December 31, 2026, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subsequent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury or any other purchasers, its notes, debentures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank.

    6 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 635g Report to Congress; time for submission; contents Amends

    12 U.S.C. § 635g — at 635g(b)(3)

    The law today

    (a) Annual submission of report The Export-Import Bank of the United States shall transmit to the Congress annually a complete and detailed report of its operations. Such report shall be as of the close of business on the last day of each fiscal year. (b) Report on allocation of sums set aside for small business exports (1) The Bank shall include in its annual report to the Congress a report on the allocation of the sums set aside for small business exports pursuant to section 635(b)(1)(E) of this title. (2) Such report shall specify— (A) the total number and dollar volume of loans made from the sums set aside; (B) the number and dollar volume of loans made through the consortia program under section 635(b)(1)(E)(vii) of this title; (C) the amount of guarantees and insurance provided for small business exports; (D) the number of recipients of financing from the sums set aside who have not previously participated in the Bank’s programs; (E) the number of commitments entered into in amounts less than $500,000; and (F) any recommendations for increasing the participation of banks and other institutions in the programs authorized under section 635(b)(1)(E) of this title. (3) For the purpose of this subsection, the Bank’s report shall be transmitted to the Committee on Small Business of the Senate and the Committee on Small Business of the House of Representatives. (c) Technology to assist small businesses The Bank shall include in its annual report to the Congress under subsection (a) of this section for each of fiscal years 2002 through 2006 a report on the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of section 635(b)(1) of this title, and on how the efforts are assisting small business concerns (as defined in section 632(a) of title 15). (d) Number of small business suppliers of Bank users The Bank shall estimate on the basis of an annual survey or tabulation the number of entities that are suppliers of users of the Bank and that are small business concerns (as defined in section 632(a) of title 15) located in the United States, and shall include the estimate in its annual report to the Congress under subsection (a) of this section. (e) Outreach to certain small businesses The Bank shall include in its annual report to the Congress under subsection (a) of this section a description of outreach efforts made by the Bank to any socially and economically disadvantaged small business concerns (as defined in section 637(a)(4) of title 15), small business concerns (as defined in section 632(a) of title 15) owned by women, and small business concerns (as defined in section 632(a) of title 15) employing fewer than 100 employees. (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 635(b)(1)(E) of this title, 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 concerns (defined in section 637(a)(4) of title 15) and small business concerns (as defined in section 6...

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  • § 635i-3 Tied Aid Credit Fund and program Amends

    12 U.S.C. § 635i-3 — at 635i-3(b)(4)

    The law today

    (a) Findings The Congress finds that— (1) tied aid and partially untied aid credits offered by other countries are a predatory method of financing exports because of their market-distorting effects; (2) these distortions have caused the United States to lose export sales, with resulting losses in economic growth and employment; (3) these practices undermine market mechanisms that would otherwise result in export purchase decisions made on the basis of price, quality, delivery, and other factors directly related to the export, where official financing is not subsidized and would be a neutral factor in the transaction; (4) support of commercial exports by donor countries with tied aid and partially untied aid credits impedes the growth of developing countries because it diverts development assistance funds from essential developmental purposes; (5) the Bank has, at a minimum, the following two tasks— (A) (i) first, the Bank should match foreign export credit agencies and aid agencies when they engage in tied aid outside the confines of the Arrangement and when they exploit loopholes, such as untied aid; (ii) such matching is needed to provide the United States with leverage in efforts at the OECD to reduce the overall level of export subsidies; (iii) only through matching foreign export credit offers can the Bank buttress United States negotiators in their efforts to bring these loopholes within the disciplines of the Arrangement; and (iv) in order to bring untied aid within the discipline of the Arrangement, the Bank should consider initiating highly competitive financial support when the Bank learns that foreign untied aid offers will be made; and (B) second, the Bank should support United States exporters when the exporters face foreign competition that is consistent with the Arrangement and the Subsidies Code of the World Trade Organization, but which places United States exporters at a competitive disadvantage; and (6) there should be established in the Bank a tied aid program to target the export markets of those countries, including those that are not a party to the Arrangement, which make extensive use of tied aid or partially untied aid credits, or untied aid used to promote exports as if it were tied aid, for commercial advantage for the purposes of— (A) enforcing compliance with the existing Arrangement restricting the use of tied aid and partially untied aid credits for commercial purposes; and (B) facilitating efforts to negotiate, establish, and enforce new or revised comprehensive international arrangements effectively restricting the use of tied aid and partially untied aid credits, or untied aid used to promote exports as if it were tied aid, for commercial purposes; and (C) promoting compliance with Arrangement rules among foreign export credit agencies that are not a party to the Arrangement; and such program should be used aggressively for such purposes. (b) Establishment of tied aid credit program (1) In general The Bank shall establish a tied aid credit program under which grants shall be made from funds available in the Tied Aid Credit Fund established under subsection (c)— (A) to supplement the financing of a United States export when there is a reasonable expectation that predatory financing will be provided by another country for a sale by a competitor of the United States exporter with respect to such export and with special attention to matching tied aid and partially untied aid credits extended by other governments— (i) in violation of the Arrangement; or (ii) in cases in which the Bank determines that United States trade or economic interests justify the matching of tied aid credits extended in compliance with the Arrangement, including grandfathered cases; (B) to supplement the financing of United States exports to foreign markets which are actual or potential export markets for any country which the Bank determines— (i) engages in predatory official export financing through the use of tied aid ...

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Also cites: 5 U.S.C. § 3132, 5 U.S.C. § 3302, 5 U.S.C. § 5313, 12 U.S.C. § 1441a, 50 U.S.C. § 4565

How this bill changes current law

9 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill updates the Export-Import Bank Act to extend the authorization period and increase the aggregate loan, guarantee, and insurance authority while changing its name to the United States Export Finance Agency.

  • 12 U.S.C. 635f

    2019 → 2026

    Extends the authorization period until 2026.

  • 12 U.S.C. 635e(a)(2)

    $135,000,000,000 → $145,000,000,000 for fiscal year 2020

    Increases the applicable loan limit for fiscal year 2020 to $145 billion.

  • 12 U.S.C. 635e(a)(2)

    $150,000,000,000 for fiscal year 2021

    Establishes a new applicable loan limit for fiscal year 2021 at $150 billion.

  • 12 U.S.C. 635e(a)(2)

    $155,000,000,000 for fiscal year 2022

    Establishes a new applicable loan limit for fiscal year 2022 at $155 billion.

  • 12 U.S.C. 635e(a)(2)

    $160,000,000,000 for fiscal year 2023

    Establishes a new applicable loan limit for fiscal year 2023 at $160 billion.

  • 12 U.S.C. 635e(a)(2)

    $165,000,000,000 for fiscal year 2024

    Establishes a new applicable loan limit for fiscal year 2024 at $165 billion.

  • 12 U.S.C. 635e(a)(2)

    $170,000,000,000 for fiscal year 2025

    Establishes a new applicable loan limit for fiscal year 2025 at $170 billion.

  • 12 U.S.C. 635e(a)(2)

    $175,000,000,000 for fiscal year 2026

    Establishes a new applicable loan limit for fiscal year 2026 at $175 billion.

  • 12 U.S.C. 635

    Export-Import Bank of the United States → United States Export Finance Agency

    Renames the Export-Import Bank to the United States Export Finance Agency.

Action History

  1. Motion to Discharge Committee filed by Mr. Davis, Rodney. Petition No: 116-4. (<a href="https://clerk.house.gov/DischargePetition/20191114?CongressNum=116">Discharge petition</a> text with signatures.)

  2. Introduced in House

  3. Introduced in House

  4. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 545 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (545)

545 members have not signed on to this bill.

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Frequently asked questions

What does HR 3407 do?
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.
Who sponsors HR 3407?
HR 3407 is sponsored by McHenry, Patrick T. (Republican) and Waters, Maxine (Democratic).
What is the current status of HR 3407?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3407?
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