S.Amdt. 1856
What it does: Adds SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES wherever appropriate
Sen. Mike Lee (R-UT)What it changes
1 change to H.R. 3606
Adds SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES wherever appropriate
Adds a sectionInserted: SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES.
Inserted: (a) One-year Extension of Authority.--Notwithstanding any other provision of this Act or any other provision of law, the authority of the Export-Import Bank of the United States under section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) terminates on May 31, 2013.
Inserted: (b) Termination of Authority.--Notwithstanding any other provision of this Act or any other provision of law, on and after June 1, 2013--
Inserted: (1) the Export-Import Bank of the United States may not enter into any new agreement for the provision of a loan, a loan guarantee, or insurance, the extension of credit, or any other form of financing;
Inserted: (2) the Bank shall continue to operate only to the extent necessary to fulfill the obligations of the Bank pursuant to agreements described in paragraph (1) entered into before June 1, 2013; and
Inserted: (3) the President of the Bank shall take such measures as are necessary to wind up the affairs of the Bank, including by reducing the operations of the Bank and the number of employees of the Bank as the number of remaining agreements described in paragraph (1) decreases.
Inserted: (c) Repeal of Export-Import Bank Act of 1945.--Notwithstanding any other provision of this Act or any other provision of law, effective on the date on which the Export-Import Bank of the United States has fulfilled all outstanding obligations of the Bank pursuant to agreements described in subsection (b)(1) entered into before June 1, 2013, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is repealed.
Inserted: SEC. __. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.
Inserted: (a) In General.--The President shall initiate and pursue negotiations with other major exporting countries, including members of the Organisation for Economic Co-operation and Development and countries that are not members of that Organisation, to end subsidized export financing programs and other forms of export subsidies.
Inserted: (b) Report Required.--Not later than 180 days after the date of the enactment of this Act, 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 a report on the progress of the negotiations described in subsection (a) until the President certifies in writing to those committees that all countries that support subsidized export financing programs have agreed to end the support.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 1856. Mr. LEE (for himself and Mr. DeMint) submitted an amendment intended to be proposed by him 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; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. TERMINATION OF EXPORT-IMPORT BANK OF THE UNITED STATES.
(a) One-year Extension of Authority.--Notwithstanding any other provision of this Act or any other provision of law, the authority of the Export-Import Bank of the United States under section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) terminates on May 31, 2013.
(b) Termination of Authority.--Notwithstanding any other provision of this Act or any other provision of law, on and after June 1, 2013--
(1) the Export-Import Bank of the United States may not enter into any new agreement for the provision of a loan, a loan guarantee, or insurance, the extension of credit, or any other form of financing;
(2) the Bank shall continue to operate only to the extent necessary to fulfill the obligations of the Bank pursuant to agreements described in paragraph (1) entered into before June 1, 2013; and
(3) the President of the Bank shall take such measures as are necessary to wind up the affairs of the Bank, including by reducing the operations of the Bank and the number of employees of the Bank as the number of remaining agreements described in paragraph (1) decreases.
(c) Repeal of Export-Import Bank Act of 1945.--Notwithstanding any other provision of this Act or any other provision of law, effective on the date on which the Export-Import Bank of the United States has fulfilled all outstanding obligations of the Bank pursuant to agreements described in subsection (b)(1) entered into before June 1, 2013, the Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is repealed.
SEC. __. NEGOTIATIONS TO END EXPORT CREDIT FINANCING.
(a) In General.--The President shall initiate and pursue negotiations with other major exporting countries, including members of the Organisation for Economic Co-operation and Development and countries that are not members of that Organisation, to end subsidized export financing programs and other forms of export subsidies.
(b) Report Required.--Not later than 180 days after the date of the enactment of this Act, 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 a report on the progress of the negotiations described in subsection (a) until the President certifies in writing to those committees that all countries that support subsidized export financing programs have agreed to end the support.
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Senate amendment submitted
March 19, 2012