116th CONGRESS 1st Session |
To extend the authority of the Export-Import Bank of the United States and to modify the quorum requirement of the Bank, and for other purposes.
July 25, 2019
Mr. Cramer (for himself, Ms. Sinema, Mr. Tillis, Ms. Cantwell, Mr. Blunt, Mr. Graham, Ms. Collins, Mr. Coons, Ms. Hassan, and Mrs. Murray) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To extend the authority of the Export-Import Bank of the United States and to modify the quorum requirement of the Bank, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Export-Import Bank Reauthorization Act of 2019”.
SEC. 2. Extension of authority of Export-Import Bank of the United States.
(a) In general.—Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking “2019” and inserting “2029”.
(b) Authority relating to information technology systems.—Section 3(j) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(j)) is amended—
(1) in paragraph (1), in the matter preceding subparagraph (A), by striking “fiscal years” and all that follows through “to—” and inserting “fiscal years 2019 through 2029 to—”; and
(2) in paragraph (3), by striking “fiscal years” and all that follows through “shall not” and inserting “fiscal years 2019 through 2029 shall not”.
(c) Annual reports on progress of negotiations To end export credit financing.—Section 11(e) of the Export-Import Bank Reauthorization Act of 2012 (12 U.S.C. 635a–5(e)) is amended by striking “2019” and inserting “2029”.
(d) Pilot program for reinsurance.—Section 51008 of the Export-Import Bank Reform and Reauthorization Act of 2015 (Public Law 114–94; 12 U.S.C. 635 note) is amended by striking “2019” each place it appears and inserting “2029”.
SEC. 3. Aggregate loan, guarantee, and insurance authority.
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:
“(2) APPLICABLE AMOUNT DEFINED.—In this subsection, the term ‘applicable amount’ means—
“(A) $145,000,000,000 for fiscal year 2020;
“(B) $150,000,000,000 for fiscal year 2021;
“(C) $155,000,000,000 for fiscal year 2022;
“(D) $160,000,000,000 for fiscal year 2023;
“(E) $165,000,000,000 for fiscal year 2024;
“(F) $170,000,000,000 for fiscal year 2025; and
“(G) $175,000,000,000 for each of fiscal years 2026 through 2029.”.
SEC. 4. Temporary Board of Directors for the Export-Import Bank of the United States.
Section 3(c)(6) of the Export-Import Bank Act of 1945 (12 U.S.C. 635a(c)(6)) is amended—
(1) by inserting “(A)” after “(6)”; and
(2) by adding at the end the following:
“(B) (i) If there is an insufficient number of directors to constitute a quorum under subparagraph (A) for 90 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 until a quorum of the Board of Directors can be constituted:
“(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) The chairperson of the temporary Board shall be—
“(I) a member of the Board of Directors described in clause (i)(IV), consistent with the bylaws of the Bank; or
“(II) if there are no such members of the Board of Directors, the United States Trade Representative.
“(iii) 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 another political party who occupies a position requiring appointment by the President by and with the advice and consent of the Senate.
“(iv) A member of the temporary Board specified in subclause (I), (II), or (III) of clause (i) may delegate the authority of the member to vote on whether to approve or amend a transaction in an amount of less than $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 specified in subclause (II) or (III) of that clause, the Deputy Secretary of the department specified in that subclause.
“(v) The temporary Board may approve or amend transactions in an amount that exceeds $25,000,000 only by a vote of the temporary Board.
“(vi) The temporary Board may not change or amend the policies, procedures, bylaws, or guidelines of the Bank.
“(vii) The chairperson of the temporary Board shall ensure that the Bank complies with section 2(b)(3) with respect to transactions in an amount that equals or exceeds $100,000,000.
“(viii) The temporary Board shall terminate on the date that is the earlier of—
“(I) the last day of the term of the President of the United States in office as of the date on which the temporary Board is constituted; or
“(II) the date on which there is a sufficient number of directors on the Board of Directors to constitute a quorum under subparagraph (A).
“(ix) This subparagraph shall have no force or effect after September 30, 2029.”.