To reauthorize the Export-Import Bank of the United States.

SA 1836. Mr. REID (for Ms. Cantwell (for herself, Mr. Johnson of
South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr. Schumer, Mr.
Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs. Murray, Ms.
Landrieu, Mr. Kerry, and Mr. Kirk)) proposed an amendment to the bill
H.R. 3606, to increase American job creation and economic growth by
improving access to the public capital markets for emerging growth
companies; as follows:

At the end, add the following:

TITLE VIII--EXPORT-IMPORT BANK REAUTHORIZATION

SEC. 801. SHORT TITLE.

This title may be cited as the ``Export-Import Bank
Reauthorization Act of 2012''.

SEC. 802. EXTENSION OF AUTHORITY.

Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C.
635f) is amended by striking ``2011'' and inserting ``2015''.

SEC. 803. FOREIGN CREDIT INSURANCE ASSOCIATION.

Section 2(b)(1) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(b)(1)) is amended by striking subparagraph (F).

SEC. 804. TECHNICAL CORRECTION.

Section 2(b)(2)(B)(ii) of the Export-Import Bank Act of
1945 (12 U.S.C. 635(b)(2)(B)(ii)) is amended by striking
subclauses (I), (IV), and (VII) and by redesignating
subclauses (II), (III), (V), (VI), (VIII), and (IX) as
subclauses (I), (II), (III), (IV), (V), and (VI),
respectively.

SEC. 805. SUB-SAHARAN AFRICA ADVISORY COMMITTEE.

Section 2(b)(9)(B)(iii) of the Export-Import Bank Act of
1945 (12 U.S.C. 635(b)(9)(B)(iii)) is amended by striking
``2011'' and inserting ``2015''.

SEC. 806. 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--
(1) by striking ``and'' at the end of subparagraph (D);
(2) by striking ``2011,'' at the end of subparagraph (E)
and inserting ``2011, $100,000,000,000;''; and
(3) by adding at the end the following:
``(F) during fiscal year 2012, $110,000,000,000;
``(G) during fiscal year 2013, $120,000,000,000;
``(H) during fiscal year 2014, $130,000,000,000; and
``(I) during fiscal year 2015, $140,000,000,000.''.

SEC. 807. DUAL USE EXPORTS.

Section 4 of Public Law 109 438 (12 U.S.C. 635 note; 108
Stat. 4376) is amended by striking ``2011'' and inserting
``2015''.

SEC. 808. MODIFICATIONS TO PROVISIONS RELATING TO TEXTILES.

(a) Representation of the Textile Industry on Advisory
Committee.--Section 3(d)(1)(B) of the Export-Import Bank Act
of 1945 (12 U.S.C. 635a(d)(1)(B)) is amended by striking
``and State government'' and inserting ``State government,
and the textile industry''.
(b) Annual Report Regarding Textile and Apparel Goods.--
Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C.
635g) is amended by adding at the end the following new
subsection:
``(g) Textile and Apparel Supply Chain Financing.--The Bank
shall include in its annual report to the Congress--
``(1) a description of the efforts of the Bank to provide
financing to the United States textile and apparel industry
for exports of textile and apparel goods manufactured in the
United States that are used as components in global textile
and apparel supply chains; and
``(2) the amount of support the Bank provided for the
export of textiles and apparel goods for each of the 3 years
preceding the report.''.

SEC. 809. REVIEW AND REPORT ON DOMESTIC CONTENT POLICY.

(a) In General.--The Export-Import Bank of the United
States shall conduct a review of its domestic content policy
for medium- and long-term transactions. The review shall
examine and evaluate the effectiveness of the Bank's policy--
(1) in maintaining and creating jobs in the United States;
and
(2) in contributing to a stronger national economy through
the export of goods and services.
(b) Factors To Consider.--In conducting the review under
subsection (a), the Bank shall consider the following:
(1) Whether the domestic content policy accurately captures
the costs of United States production of goods and services,
including the direct and indirect costs of manufacturing
costs, parts, components, materials and supplies, research,
planning, engineering, design, development, production,
return on investment, marketing and other business costs and
the effect of such policy on the maintenance and creation of
jobs in the United States.
(2) The ability of the Bank to provide financing that is
competitive with the financing provided by foreign export
credit agencies and the impact that such financing has in
enabling companies with operations in the United States to
contribute to a stronger United States economy by increasing
employment through the export of goods and services.
(3) The effects of the domestic content policy on the
manufacturing and service workforce of the United States.
(4) Any recommendations the members of the Bank's Advisory
Committee have regarding the Bank's domestic content policy.
(5) The effect that changes to the Bank's domestic content
requirements would have in providing companies an incentive
to create and maintain operations in the United States and to
increase jobs in the United States.
(c) Report.--Not later than 1 year after the date of the
enactment of this Act, the Bank shall submit a report on the
results of the review conducted under this section to the
Committee on Banking, Housing, and Urban Affairs of the
Senate, and the Committee on Financial Services of the House
of Representatives.

SEC. 810. STRATEGIC PLAN.

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C.
635g), as amended by section 808, is further amended by
adding at the end the following new subsection:
``(h) Strategic Plan for the Bank.--
``(1) In general.--The Bank shall include in its annual
report to the Congress under subsection (a) of this section,
not less than every 4 years, beginning in 2012, a 5-year
strategic plan that provides--
``(A) a comprehensive mission statement covering the major
functions and operations of the Bank;
``(B) general goals and objectives, including outcome-
oriented goals, for the major functions of the Bank;
``(C) a description of the Bank's highest-priority goals
and how they can be achieved within the 5-year plan period,
according to clearly defined milestones; and
``(D) a description of how the goals and objectives
incorporate views and suggestions obtained through
congressional consultations;
``(2) Progress.--The progress the Bank is making in meeting
the milestones established by the strategic plan shall be
updated in each annual report the Bank submits to the
Congress.
``(3) Availability of annual report.--The Bank shall make
its annual report available on its public website.''.

SEC. 811. REVIEW AND REPORT ON BANK'S INFORMATION TECHNOLOGY
INFRASTRUCTURE.

(a) In General.--Not later than 180 days after the date of
the enactment of this Act, the Export-Import Bank of the
United States shall conduct a review of the Bank's
information technology infrastructure and report to Congress
on--
(1) how the Bank will modernize and continue to maintain
the technology infrastructure, taking into consideration
commercially available technologies or other cost-savings
measures; and
(2) how modernization, maintenance, and other cost-saving
measures will result--
(A) in improved service delivery to customers of the Bank;
(B) in generally improving the Bank's performance; and
(C) in mitigating taxpayer exposure to losses.

SEC. 812. STUDY BY THE COMPTROLLER GENERAL ON RISK
MANAGEMENT.

(a) In General.--Not later than 18 months after the date of
the enactment of this Act, the Comptroller General of the
United States shall complete and submit to the Export-Import
Bank of the United States, the Committee on Banking, Housing,
and Urban Affairs of the Senate, and the Committee on
Financial Services of the House of Representatives a report--
(1) on the financial position of the Bank and the risks it
poses for American taxpayers; and
(2) that contains recommendations to the Bank on how to
properly account for risk and ensure the solvency of the
Bank.
(b) Report.--The report submitted under subsection (a)
shall evaluate--
(1) the effectiveness of the Bank's risk management;
(2) the adequacy of the Bank's loan loss reserves;
(3) the exposure and potential for exposure to losses from
each of the products offered by the Bank;
(4) the overall risk of the Bank's portfolio, taking into
account--
(A) market risk;
(B) credit risk;
(C) political risk;
(D) industry-concentration risk;
(E) geographic-concentration risk;
(F) obligor-concentration risk; and
(G) foreign-currency risk;
(5) the Bank's use of historical default and recovery rates
to calculate future program costs, taking into consideration
cost estimates determined under the Federal Credit Reform Act
of 1990 (2 U.S.C. 661 et seq.) and whether discount rates
applied to cost estimates should reflect the risks described
in paragraph (4);
(6) the fees charged by the Bank for the products the Bank
offers, whether the Bank's fees properly reflect the risks
described in paragraph (4), and how the fees are affected by
United States participation in international agreements; and

[[Page S1756]]

(7) whether the Bank's loan loss reserves policy is
sufficient to cover the risks described in paragraph (4).
(c) Recommendations and Report by the Bank.--If the Bank
does not adopt the recommendations provided under subsection
(a) by the Comptroller General, the Bank shall submit to
Congress, not later than 60 days after the Bank receives the
report, a report on why the Bank has not adopted the
recommendations.

SEC. 813. RENEWABLE ENERGY AND ENERGY EFFICIENCY
TECHNOLOGIES.

(a) In General.--The Export-Import Bank of the United
States should work to increase the export of renewable energy
technologies and end-use energy efficiency technologies with
a goal of significantly expanding, year-after-year, the
Bank's annual aggregate loan, guarantee, and insurance
authorizations supporting those technologies.
(b) Increased Reporting Requirements.--The Export-Import
Bank of the United States shall include in its annual report
to the Congress an analysis of any barriers to realizing the
Bank's congressional directive to increase the Bank's
financing for renewable energy technology and end-use energy
efficiency technology and any tools the Bank needs to assist
the Bank in overcoming those barriers. The analysis shall
include barriers such as--
(1) inadequate staffing;
(2) inadequate financial products;
(3) lack of capital authority; and
(4) limitations imposed by domestic markets.

SEC. 814. TRANSPARENCY AND ACCOUNTABILITY OF BANK FINANCING.

Section 2(b) of the Export-Import Bank Act of 1945 (12
U.S.C. 635(b)) is amended by inserting after paragraph (3)
the following new paragraph:
``(3A) Transparency and Accountability of Bank Financing.--
``(A) Preapproval notice.--Not later than 14 days before
any meeting of the Board of Directors for final approval of a
transaction the value of which exceeds $100,000,000, and
concurrent with any statement required to be submitted under
paragraph (3) with respect to the transaction, the Bank shall
post a notice on the Bank's website that includes--
``(i) a description of the transaction proposed to be
financed;
``(ii) the identities of the obligor, principal supplier,
and guarantor involved in the transaction; and
``(iii) a description of any item with respect to which
Bank financing is being sought.
``(B) Manner of disclosure.--Any information required to be
disclosed under subparagraph (A) shall be disclosed in a
manner that does not disclose any information that is
confidential or proprietary business information, that would
violate section 1905 of title 18, United States Code
(commonly referred to as the `Trade Secrets Act'), or that
would jeopardize jobs in the United States by supplying
information which competitors could use to compete with
companies in the United States.
``(C) Post consideration.--Not later than 30 days after the
final approval of a transaction the value of which exceeds
$100,000,000, the Bank shall post a notice on the Bank's
website that includes the information required under
subparagraph (A) in a manner that complies with subparagraph
(B).''.

SEC. 815. ANNUAL COMPETITIVENESS REPORT.

Section 8A(a) of the Export-Import Bank Act of 1945 (12
U.S.C. 635g 1(a)) is amended by adding at the end the
following:
``(11) Case processing.--A separate section detailing the
Bank's annual survey of exporters, financial institutions,
and brokers regarding the Bank's processing of transactions,
timeliness in reviewing transactions and processing
applications, adherence to financial standards, clarity and
ease of use of applications, and general customer service
during the application and approval process for each of the
Bank's major programs.
``(12) Operations.--A separate section detailing the Bank's
annual survey of exporters, financial institutions, and
brokers regarding the Bank's documentation requirements,
certifications, and processing of applications for medium-
and long-term program transactions compared to the processing
of applications by other export credit agencies.
``(13) Process improvement.--A description of the
recommendations made by the Bank's Advisory Committee and the
advisory committee on Sub-Saharan Africa established under
section 2(b)(9)(B) regarding improving the Bank's processing
of transactions and customer service. The Bank shall make
every reasonable effort to act on the recommendations of the
advisory committees and shall include a separate section
detailing the actions taken by the Bank to comply with the
recommendations.''.

SEC. 816. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS
INVOLVED IN SANCTIONABLE ACTIVITIES WITH
RESPECT TO IRAN.

(a) Prohibition on Financing for Persons That Engage in
Certain Sanctionable Activities.--
(1) In general.--Beginning on the date that is 180 days
after the date of the enactment of this Act, the Board of
Directors of the Export-Import Bank of the United States may
not approve any transaction that is subject to approval by
the Board with respect to the provision by the Bank of any
guarantee, insurance, or extension of credit, or the
participation by the Bank in any extension of credit, to a
person in connection with the exportation of any good or
service unless the person makes the certification described
in paragraph (2).
(2) Certification described.--The certification described
in this paragraph is a certification by a person--
(A) that neither the person nor any other person owned or
controlled by the person--
(i) engages in any activity described in section 5(a) of
the Iran Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C.
1701 note) for which the person may be subject to sanctions
under that Act;
(ii) exports sensitive technology, as defined in section
106 of the Comprehensive Iran Sanctions, Accountability, and
Divestment Act of 2010 (22 U.S.C. 8515), to Iran; or
(iii) engages in any activity prohibited by part 560 of
title 31, Code of Federal Regulations (commonly known as the
``Iranian Transactions Regulations''), unless the activity is
disclosed to the Office of Foreign Assets Control of the
Department of the Treasury when the activity is discovered;
or
(B) if the person or any other person owned or controlled
by the person has engaged in an activity described in
subparagraph (A), that--
(i) in the case of an activity described in subparagraph
(A)(i)--

(I) the President has waived the imposition of sanctions
with respect to the person that engaged in that activity
pursuant to section 4(c), 6(b)(5), or 9(c) of the Iran
Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C. 1701
note);
(II)(aa) the President has invoked the special rule
described in section 4(e)(3) of that Act with respect to the
person that engaged in that activity; or
(bb)(AA) the person that engaged in that activity
determines, based on its best knowledge and belief, that the
person meets the criteria described in subparagraph (A) of
such section 4(e)(3) and has provided to the President the
assurances described in subparagraph (B) of that section; and
(BB) the Secretary of State has issued an advisory opinion
to that person that the person meets such criteria and has
provided to the President those assurances; or
(III) the President has determined that the criteria have
been met for the exception provided for under section
5(a)(3)(C) of the Iran Sanctions Act of 1996 to apply with
respect to the person that engaged in that activity; or

(ii) in the case of an activity described in subparagraph
(A)(ii), the President has waived, pursuant to section
401(b)(1) of the Comprehensive Iran Sanctions,
Accountability, and Divestment Act of 2010 (22 U.S.C.
8551(b)(1)), the application of the prohibition under section
106(a) of that Act (22 U.S.C. 8515(a)) with respect to that
person.
(b) Prohibition on Financings.--Beginning on the date that
is 180 days after the date of the enactment of this Act, the
Board of Directors of the Export-Import Bank of the United
States may not approve any transaction that is subject to
approval by the Board with respect to the provision by the
Bank of any guarantee, insurance, or extension of credit, or
the participation by the Bank in any extension of credit, in
connection with a financing in which a person that is a
borrower or controlling sponsor, or a person that is owned or
controlled by such borrower or controlling sponsor, is
subject to sanctions under section 5(a) of the Iran Sanctions
Act of 1996 (Public Law 104 172; 50 U.S.C. 1701 note).
(c) Advisory Opinions.--
(1) Authority.--The Secretary of State is authorized to
issue advisory opinions described in subsection
(a)(2)(B)(i)(II).
(2) Notice to congress.--If the Secretary issues an
advisory opinion pursuant to paragraph (1), the Secretary
shall notify the appropriate congressional committees of the
opinion not later than 30 days after issuing the opinion.
(d) Definitions.--In this section:
(1) Appropriate congressional committees; person.--The
terms ``appropriate congressional committees'' and ``person''
have the meanings given those terms in section 14 of the Iran
Sanctions Act of 1996 (Public Law 104 172; 50 U.S.C. 1701
note).
(2) Controlling sponsor.--The term ``controlling sponsor''
means a person providing controlling direct private equity
investment (excluding investments made through publicly held
investment funds, publicly held securities, public offerings,
or similar public market vehicles) in connection with a
financing.
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