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S. 1928Senate118th Congress (2023-2025)In Committee

Civil Nuclear Export Act of 2023

Sponsored by Joe Manchin IIISen. Joe Manchin III (D-WV)
Introduced June 12, 2023

AI-Generated Summary

Updated January 20, 2026 at 8:44 AM UTC

The Civil Nuclear Export Act of 2023 changes the Export‑Import Bank’s rules so it can finance civil nuclear projects. It adds nuclear facilities, material and related services to the Bank’s China and Transformational Exports program, creates a Treasury‑backed liability coverage for nuclear incidents, and raises limits on lending and default‑rate thresholds. The changes affect the Bank’s financing authority, the Treasury’s liability obligations, and companies seeking U.S. export‑import financing for nuclear-related goods and services.

Key Provisions

  • Amends the Export‑Import Bank’s financing prohibition to allow purchases that are permitted under Atomic Energy Act agreements.
  • Expands the China and Transformational Exports program to include civil nuclear facilities, material, technologies, and related goods and services.
  • Establishes nuclear liability coverage where the Treasury pays claims up to the limit set by the Atomic Energy Act, with presidential authority to use contingency funds for excess amounts.
  • Raises the lending cap by allowing up to $50 billion of excess attributable to loans, guarantees, and insurance under the China and Transformational program and increases certain percentages from 2% to 4%.
  • Increases the default‑rate threshold from 2% to 4% and permits the Bank to exclude program transactions that hit the 4% rate, subject to board approval.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 12, 2023

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SenateIntro Referral

Introduced in Senate

June 12, 2023

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 12, 2023

Bill Text

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Introduced in SenateIssued June 12, 2023

II

118th CONGRESS

1st Session

S. 1928

IN THE SENATE OF THE UNITED STATES

June 12, 2023

Mr. Manchin (for himself and Mr. Risch) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To modify the prohibition on financing in the Export-Import Bank of the United States, and for other purposes.

1.

Short title

This Act may be cited as the Civil Nuclear Export Act of 2023.

2.

Modification of prohibition on financing in the Export-Import Bank of the United States

Section 2(b)(5) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(5)) is amended, in the first sentence, by inserting , except any purchase that is otherwise permitted under an agreement made in accordance with section 123 of the Atomic Energy Act of 1954 (42 U.S.C. 2153) or any other applicable law of the United States, after (C) the purchase.

3.

Expansion of Program on China and Transformational Exports

Section 2(l)(1)(B) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(l)(1)(B)) is amended—

(1)

by redesignating clause (xi) as clause (xii); and

(2)

by inserting after clause (x) the following:

(xi)

Civil nuclear facilities, material, and technologies, and related goods and services that support the development of an effective nuclear energy sector.

.

4.

Nuclear liability coverage

Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is amended by adding at the end the following:

(m)

Nuclear liability coverage

(1)

In general

If there is a claim or judgment against the Bank relating to bodily injury, death, or damage to or loss of real or personal property, the Secretary of the Treasury shall, subject to paragraph (2), pay, from the general fund of the Treasury such claim or judgment, and related costs, if—

(A)

such bodily injury, death, or damage to or loss of real or personal property is determined in a court of competent jurisdiction to have resulted from a nuclear incident at a nuclear facility that received financial support from the Bank; and

(B)

there is no applicable treaty or other arrangement fully absolving the Bank of liability.

(2)

Maximum amount

Any claim or judgment, and any related costs paid in accordance with paragraph (1), to the extent not otherwise absolved by any applicable treaty or other arrangement, may not exceed the maximum amount of financial protection per incident required to cover public liability claims under section 170(b) of the Atomic Energy Act of 1954 (42 U.S.C. 2210(b)).

(3)

Presidential authority to authorize payments

If the aggregate amount of claims, judgments, and related costs resulting from a single nuclear incident exceeds the maximum amount under paragraph (2), the President—

(A)

may authorize, under such terms and conditions as the President may direct, the payment of such claims or judgments, and costs related to such claims or judgments, from any contingency funds available to the United States Government; and

(B)

if such funds are insufficient or unavailable, shall certify such claims or judgments to Congress for appropriation of the necessary funds.

.

5.

Modification of lending cap

Section 6(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)) is amended—

(1)

in paragraph (1), by striking applicable amount. and inserting “applicable amount, unless the aggregate amount that is in excess of the applicable amount—

(A)

is attributed by the Bank to loans, guarantees, and insurance under the Program on China and Transformational Exports pursuant to section 2(l); and

(B)

does not exceed $50,000,000,000.

;

(2)

in paragraph (3)—

(A)

in the header, by striking 2 and inserting 4; and

(B)

by striking 2 percent each place it appears and inserting 4 percent; and

(3)

by adding at the end the following:

(5)

Authority to attribute loans, guarantees, and insurance

The Bank may attribute any loan, guarantee, or insurance issued under the Program on China and Transformational Exports pursuant to section 2(l) toward the aggregate amount that is in excess of the applicable amount described in paragraph (1) without regard to the date on which the Bank issued such loan, guarantee, or insurance.

.

6.

Modification of monitoring of default rates

Section 8(g) of the Export-Import Bank Act of 1945 (12 U.S.C. 635g(g)) is amended—

(1)

in paragraph (3), by striking 2 percent each place it appears and inserting 4 percent;

(2)

in paragraph (4)(B), by striking 2 percent and inserting 4 percent;

(3)

in paragraph (5)—

(A)

in the header, by striking 2 and inserting 4; and

(B)

by striking 2 percent and inserting 4 percent;

(4)

in paragraph (6), by striking 2 percent and inserting 4 percent; and

(5)

by adding at the end the following:

(7)

Exclusion of transactions relating to the Program on China and Transformational Exports

For the purposes of this subsection, if financing provided under the Program on China and Transformational Exports pursuant to section 2(l) results in the default rate calculated under paragraph (1) equaling or exceeding 4 percent, the Bank may exclude such financing, subject to the approval of the Board of Directors.

.