Entering Negotiations to Dissolve Outdated Financial Agencies Nationalizing Export Related Activities or the END OF AN ERA Act
This bill directs the Department of the Treasury to seek to enter into negotiations with other countries for the mutual elimination of government-backed export credit agencies.
Treasury shall submit: (1) annual reports on progress made in arranging such negotiations, on progress made in any such negotiations, and on whether eliminating the Export-Import Bank of the United States at the time of the report would put the United States at a competitive disadvantage; and (2) a certification of any determination that the Bank can be eliminated in a way that would not put the United States at a competitive disadvantage, considering job losses and a decrease in economic activity.
After such a determination is submitted, the Bank may not accept an application for, or enter into a contract that would obligate the Bank to provide, a loan, insurance, or a guarantee or to participate in an extension of credit by another entity.
The Bank shall be abolished 180 days after Treasury submits such a certification and its functions transferred to Treasury. All such transferred functions shall terminate on the date all obligations of the Bank, and all obligations of others to the Bank, in effect immediately before the abolishment date have been satisfied.
The bill repeals the Export-Import Bank Act of 1945 and eliminates related authorizing provisions of various statutes.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4302 Introduced in House (IH)]
<DOC>
114th CONGRESS
1st Session
H. R. 4302
To require the Secretary of the Treasury to pursue with other countries
the goal of the mutual elimination of government-backed export credit
agencies, and to provide for the abolishment of the Export-Import Bank
of the United States if doing so would not put the United States at a
competitive disadvantage.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 18, 2015
Mr. Graves of Louisiana introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to pursue with other countries
the goal of the mutual elimination of government-backed export credit
agencies, and to provide for the abolishment of the Export-Import Bank
of the United States if doing so would not put the United States at a
competitive disadvantage.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Entering Negotiations to Dissolve
Outdated Financial Agencies Nationalizing Export Related Activities''
or the ``END OF AN ERA Act''.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) Approximately 80 to 90 percent of world trade relies on
trade finance, and the approximate value of the global market
for trade finance is $10,000,000,000,000 per year.
(2) In 2012, export credit agencies in Germany and France
extended roughly two-and-a-half times as much export
financing--measured as a share of their GDPs--as was extended
by the Export-Import Bank of the United States; export credit
agencies in China and India provided almost 3 times, and in
Korea provided 10 times, as much export financing as was
provided by the Export-Import Bank of the United States.
(3) It is estimated that there are as many as 85 export
credit agencies globally.
(4) In a true free market economy, private sector financing
options would negate the need for an export credit agency such
as the Export-Import Bank of the United States.
(5) Unilateral abolishment of the Export-Import Bank of the
United States would place United States manufacturing at a
global competitive disadvantage.
(6) The United States historically has led efforts to
impose international disciplines on government-backed export
credit activity.
SEC. 3. REQUIREMENT TO SEEK NEGOTIATIONS WITH OTHER COUNTRIES FOR THE
MUTUAL ELIMINATION OF GOVERNMENT-BACKED EXPORT CREDIT
AGENCIES; ANNUAL PROGRESS REPORTS.
(a) In General.--The Secretary of the Treasury (in this Act
referred to as the ``Secretary'') shall seek to enter into negotiations
with other countries for the mutual elimination of government-backed
export credit agencies.
(b) Progress Reports.--The Secretary 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 (in this Act
referred to as the ``relevant Committees'') annual reports, in writing,
of--
(1) progress made in arranging negotiations described in
subsection (a); and
(2) progress made in any such negotiations, including
whether eliminating the Export-Import Bank of the United States
(in this Act referred to as the ``Bank'') at the time of the
report would put the United States at a competitive
disadvantage.
SEC. 4. CERTIFICATION THAT ELIMINATING THE EXPORT-IMPORT BANK OF THE
UNITED STATES WILL NOT PUT THE UNITED STATES AT A
COMPETITIVE DISADVANTAGE.
On a determination by the Secretary that the Bank can be eliminated
in a way that would not put the United States at a competitive
disadvantage, considering job losses and a decrease in economic
activity, the Secretary shall submit to the relevant Committees a
certification of the determination.
SEC. 5. REDUCTIONS OF AUTHORITIES BEFORE ABOLISHMENT.
(a) In General.--Notwithstanding any other provision of law:
(1) Termination of authority to accept applications for
assistance.--The Bank may not accept an application for a loan,
insurance, or a guarantee, or to participate in an extension of
credit by another entity, after the date the Secretary provides
the certification described in section 4.
(2) Termination of authority to renew or enter into a
contract for the provision of assistance by the bank.--The Bank
may not renew or enter into a contract which would obligate the
Bank to provide a loan, insurance, or a guarantee, or
participate in an extension of credit by another entity, after
the date the Secretary provides the certification described in
section 4.
(b) Rule of Interpretation.--Nothing in this section shall be
construed to extend the expiration date of any authority provided by
section 7 of the Export-Import Bank Act of 1945.
SEC. 6. ABOLISHMENT OF THE EXPORT-IMPORT BANK OF THE UNITED STATES.
(a) In General.--Effective on the abolishment date:
(1) Abolishment.--The Bank is abolished.
(2) Transfer of functions.--All functions that, immediately
before the abolishment date are authorized to be performed by
the Bank, the Board of Directors of the Bank, any officer or
employee of the Bank acting in that capacity, or any agency or
office of the Bank, are transferred to the Secretary.
(b) Abolishment Date Defined.--In this Act, the term ``abolishment
date'' means 180 days after the date the Secretary provides the
certification described in section 4.
SEC. 7. RESOLUTION AND TERMINATION OF BANK FUNCTIONS.
(a) Resolution of Functions.--The Secretary shall--
(1) complete the disposition and resolution of functions of
the Bank in accordance with this Act; and
(2) resolve all functions that are transferred to the
Secretary under section 6(a)(2).
(b) Termination of Functions.--All functions that are transferred
to the Secretary under section 6(a)(2) shall terminate on the date all
obligations of the Bank, and all obligations of others to the Bank, in
effect immediately before the abolishment date have been satisfied, as
determined by the Secretary.
(c) Report to the Congress.--When the Secretary makes the
determination described in subsection (b) of this section, the
Secretary shall report the determination to the Committees referred to
in section 3(b).
SEC. 8. DUTIES OF THE SECRETARY OF THE TREASURY.
(a) In General.--The Secretary shall be responsible for the
implementation of this Act, including--
(1) the administration and dissolution of all functions
transferred to the Secretary under section 6(a)(2);
(2) the administration and dissolution of any outstanding
obligations of the Federal Government under any programs
terminated by this Act; and
(3) taking such other actions as may be necessary to
dissolve any outstanding affairs of the Bank.
(b) Delegation of Functions.--The Secretary may take such actions
as may be necessary to wind up and dissolve all functions transferred
to the Secretary under section 6(a)(2).
(c) Rule of Interpretation.--Nothing in this Act may be construed
to authorize positions and functions of the Bank after 60 days of
abolishment.
SEC. 9. CONFORMING AMENDMENTS AND REPEALS.
(a) Repeal of Primary Authorizing Statute.--The Export-Import Bank
Act of 1945 (12 U.S.C. 635-635i-9) is hereby repealed.
(b) Elimination of Related Authorizing Provisions.--
(1) Section 103 of the International Development and
Finance Act of 1989 (12 U.S.C. 635 note; Public Law 101-240) is
hereby repealed.
(2) Section 303 of the Support for East European Democracy
(SEED) Act of 1989 (12 U.S.C. 635 note; Public Law 101-179) is
hereby repealed.
(3) Section 1908 of the Export-Import Bank Act Amendments
of 1978 (12 U.S.C. 635a-1) is amended--
(A) by striking ``(a)''; and
(B) by striking subsection (b).
(4) Sections 1911 and 1912 of the Export-Import Bank Act
Amendments of 1978 (12 U.S.C. 635a-2 and 635a-3) are hereby
repealed.
(5) Section 206 of the Bank Export Services Act (12 U.S.C.
635a-4) is hereby repealed.
(6) Sections 1 through 5 of Public Law 90-390 (12 U.S.C.
635j through 635n) are hereby repealed.
(7) Sections 641 through 647 of the Trade and Development
Enhancement Act of 1983 (12 U.S.C. 635o-635t) are hereby
repealed.
(8) Section 534 of the Foreign Operations, Export
Financing, and Related Programs Appropriations Act, 1990 (12
U.S.C. 635g note; Public Law 101-167) is amended by striking
subsection (d).
(9) Section 3302 of the Omnibus Trade and Competitiveness
Act of 1988 (12 U.S.C. 635i-3 note; Public Law 100-418) is
amended by striking subsection (a).
(10) Section 1105(a) of title 31, United States Code, is
amended by striking paragraph (34) and redesignating the
succeeding paragraphs of such section as paragraphs (34)
through (38), respectively.
(11) Section 9101(3) of title 31, United States Code, is
amended by striking subparagraph (C).
(c) Elimination of Related Compensation Provisions.--
(1) Position at level iii.--Section 5314 of title 5, United
States Code, is amended by striking the following item:
``President of the Export-Import Bank of Washington.''.
(2) Positions at level iv.--Section 5315 of title 5, United
States Code, is amended--
(A) by striking the following item:
``First Vice President of the Export-Import Bank of Washington.'';
and
(B) by striking the following item:
``Members, Board of Directors of the Export-Import Bank of
Washington.''.
(d) Elimination of Office of Inspector General for the Bank.--
Section 12 of the Inspector General Act of 1978 (5 U.S.C. App.) is
amended--
(1) in paragraph (1), by striking ``the President of the
Export-Import Bank;''; and
(2) in paragraph (2), by striking ``the Export-Import
Bank,''.
(e) Effective Date.--The repeals and amendments made by this
section shall take effect on the abolishment date.
(f) Report to the Congress on Other Amendments to Federal
Statute.--The Secretary shall submit to the relevant Committees a
written report that contains suggestions for such other amendments to
Federal statutes as may be necessary or appropriate as a result of this
Act.
SEC. 10. REFERENCES.
Any reference in any other Federal law, executive order, rule,
regulation, or delegation of authority, or any document of or
pertaining to a department or office from which a function is
transferred by this Act--
(1) to the head of such department or office is deemed to
refer to the head of the department or office to which the
function is transferred; or
(2) to such department or office is deemed to refer to the
department or office to which the function is transferred.
SEC. 11. DEFINITIONS.
In this Act:
(1) Function.--The term ``function'' includes any duty,
obligation, power, authority, responsibility, right, privilege,
activity, or program.
(2) Office.--The term ``office'' includes any office,
administration, agency, bureau, institute, council, unit,
organizational entity, or component thereof.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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