Export-Import Bank Reauthorization: Frequently Asked Questions

Contents

Summary

The Export-Import Bank of the United States (Ex-Im Bank or the Bank), a wholly owned federal government corporation, is the official export credit agency (ECA) of the U.S. government. Its mission is to assist in financing and facilitating U.S. exports of goods and services to support U.S. employment. Ex-Im Bank operates under a renewable general statutory charter (Export-Import Bank Act of 1945, as amended), previously extended for nine months through June 30, 2015 (FY2015 continuing resolution, Section 147 of P.L. 113-164). Congress did not renew the charter before it expired on July 1, 2015. As a result, some but not all of the Bank's statutory authorities have expired. Ex-Im Bank retains statutory authority (12 U.S.C. Section 635f) to "continu[e] as a corporate agency of the United States" and exercise any of its functions "for purposes of orderly liquidation." The charter offers little guidance on what an "orderly liquidation" entails. In general, Ex-Im Bank states that, under an authorization lapse, no new loan, guarantee, or insurance commitments can be approved by its Board or under delegated authority, but the Bank may continue administering and servicing existing obligations.

The Ex-Im Bank reauthorization debate presents a number of scenarios for Congress. If Congress chooses to reauthorize Ex-Im Bank, considerations may include for how long to renew its authority and under what terms, including any changes to its charter. If Congress allows it to expire permanently, it need not take any action or could pass legislation, for instance, specifying parameters for the orderly liquidation. Consideration of these issues raises a number of questions that are frequently asked, including:

• What is the Export-Import Bank and the debate over its reauthorization?
• What is its leadership structure?
• What are its programs, policies, and activities?
• What is its international context?
• How does its budget work?
• How does it manage risk?
• What are the implications of a sunset in authority for the Bank's activities?
• What are historical and current approaches to Ex-Im Bank reauthorization?

Congress has actively debated Ex-Im Bank reauthorization in the 114^th session of Congress, with multiple bills introduced, many of which have focused on reforms to the Bank. On July 30, 2015, the Senate passed H.R. 22 with an amendment containing a six-year surface transportation reauthorization. That amendment also includes a provision (agreed to by a vote of 64-29) to reauthorize the Bank through FY2019; decrease its exposure cap to $135 billion for each of FY2015-FY2019; and make reforms, including in terms of risk management, fraud controls, ethics, and international negotiations on export credit financing. On November 5, 2015, the House voted (363-64) to adopt its version of the highway bill as an amendment to the Senate's version of H.R. 22, including substantively the same Ex-Im Bank extension. In considering H.R. 22, the House rejected several amendments that generally were viewed as placing additional limitations on the Bank's activities. The House and Senate are expected to try to resolve differences with regard to H.R. 22 through conference proceedings.

Additional CRS resources on Ex-Im Bank include CRS Report R43581, Export-Import Bank: Overview and Reauthorization Issues, by [author name scrubbed], and CRS In Focus IF10017, Export-Import Bank (Ex-Im Bank) Reauthorization, by [author name scrubbed].

The Export-Import Bank of the United States (Ex-Im Bank or the Bank) operates under a renewable general statutory charter (Export-Import Bank Act of 1945, as amended), previously extended for nine months through June 30, 2015 (FY2015 continuing resolution, Section 147 of P.L. 113-164). Congress did not renew the charter before it expired on July 1, 2015. As a result, some but not all of the Bank's statutory authorities have expired. Ex-Im Bank retains statutory authority (12 U.S.C. Section 635f) to "continu[e] as a corporate agency of the United States" and exercise any of its functions "for purposes of orderly liquidation." The charter offers little guidance on what an "orderly liquidation" entails. In general, Ex-Im Bank states that, under an authorization lapse, no new loan, guarantee, or insurance commitments can be approved by its Board or under delegated authority, but the Bank may continue administering and servicing existing obligations.

If Congress chooses to reauthorize Ex-Im Bank, considerations may include for how long to renew its authority and under what terms, including any changes to its charter. If Congress allows it to expire permanently, it need not take any action or could pass legislation, for instance, specifying parameters for the orderly liquidation. The issue of Ex-Im Bank reauthorization raises a number of questions regarding Ex-Im Bank and reauthorization policy options.

Ex-Im Bank, a wholly owned U.S. government corporation,¹ is the official export credit agency (ECA) of the United States. Its mission is to assist in financing and facilitating U.S. exports of goods and services and, in doing so, to contribute to U.S. employment.² On a demand-driven basis, it seeks to finance exports that the private sector is unwilling or unable to undertake alone at terms commercially viable for exporters; and/or to counter government-backed financing offered by foreign countries through their ECAs.³ Ex-Im Bank's main financial products are direct loans, loan guarantees, working capital finance, and export credit insurance. Its activities are backed by the full faith and credit of the U.S. government.⁴ Congress sets statutory requirements for Ex-Im Bank's activities. Ex-Im Bank also abides by international disciplines for government-backed ECA activity under the Organization for Economic Cooperation and Development (OECD) Arrangement on Officially Supported Export Credits (the "Arrangement").

Ex-Im Bank, established by the Export-Import Bank Act of 1945, as amended (P.L. 79-173; 12 U.S.C. Section 635 et seq.), has its origins in two predecessor banks, created as part of the Roosevelt Administration's New Deal response to the Great Depression. The first Export-Import Bank was established on February 2, 1934 (Executive Order No. 6581), to assist in financing U.S. trade with the Soviet Union. The Second Export-Import Bank was created on March 9, 1934 (Executive Order No. 6638), originally to assist in financing U.S. trade with Cuba. Its operations were subsequently expanded to include trade financing to all other countries except the Soviet Union. Both the first and second Bank had limited two-year charters. At the end of the two-year period, the Second Export-Import Bank's charter was allowed to lapse, with its functions transferred to the first Bank. The charter for the first Bank was extended and, in 1945, it was superseded by the present Ex-Im Bank.⁶

In the immediate post-war period, Ex-Im Bank participated in reconstruction efforts and was viewed as part of the growing U.S. aid efforts. In the 1950s, it responded to requests from U.S. exporters by shifting away from aid-related activities to offering export credit financing for exports of goods and by confronting the competition U.S. exporters faced in the form of officially financed, government-supported export credits. In the early 1960s, it further attempted to meet the needs of U.S. exporters by offering export credit guarantees to insure against political and exchange rate risk. In the 1970s, Ex-Im Bank funded large scale infrastructure projects in numerous developing countries. By the early 1980s, small projects and capital goods and services constituted an increasingly larger share of Ex-Im Bank's business.⁷ Presently, Ex-Im Bank provides direct loans, loan guarantees, and export credit insurance as a part of U.S. export promotion efforts to contribute to U.S. employment, though its activities also may have foreign policy implications (see "Market Context and Ex-Im Bank Programs" section).

Congress has a number of statutory responsibilities with respect to Ex-Im Bank. Congress provides authority for Ex-Im Bank's functions through its statutory charter, the Export-Import Bank Act of 1945, as amended (P.L. 79-173; 12 U.S.C. Section 635 et seq.), for a period of time that it chooses. While Congress does not approve individual Ex-Im Bank transactions, it sets general statutory parameters for the agency's activities. Congress also provides an annual appropriation for the Bank, and conducts oversight of its activities. In addition, the Senate approves nominations by the President of the United States to the positions of Ex-Im Bank's President, First Vice President, and Board of Directors.⁸

The committees to which legislation that would amend Ex-Im Bank's statutory charter has been referred previously are the House Committee on Financial Services and Senate Committee on Banking, Housing, and Urban Affairs. In general, the Bank has been funded each fiscal year through provisions in the State, Foreign Operations, and Related Programs Appropriations Act.

Debate over Ex-Im Bank reauthorization is rooted in an underlying debate over the appropriate role of the U.S. government in export promotion. Congressional and stakeholder views on Ex-Im Bank vary. Proponents contend that the Bank supports U.S. exports and jobs by addressing shortfalls in private sector financing and helping U.S. exporters compete against foreign companies backed by their governments' ECAs. Critics assert that it crowds out private sector activity, picks winners and losers through its support, operates as a form of "corporate welfare," and poses a risk to taxpayers.

While debate over Ex-Im Bank has been long-standing, Congress has renewed Ex-Im Bank's authority many times in its history, including on a bipartisan basis and under both Republican and Democratic administrations. Ex-Im Bank's reauthorization was actively debated in the 113^th Congress, and the FY2015 continuing resolution (Section 147 of P.L. 113-164) extended its general statutory charter through June 30, 2015. The reauthorization debate in the 114^th Congress has focused on the role of the U.S. government in supporting exports; the changing export finance landscape, including the growth of ECA activity by emerging market ECAs; and Ex-Im Bank's financial soundness and risk management, among other policy issues.

Ex-Im Bank is headquartered in Washington, DC.⁹ It also maintains regional export finance centers in 12 U.S. cities, which conduct outreach and provide assistance focused exclusively on U.S. small businesses.¹⁰

Ex-Im Bank is led by a Board of Directors, which consists of the President of the Bank (who is also the chairman of the Board), First Vice President (who is also the Vice Chairman), and three additional directors. The Board authorizes the Bank's transactions either directly or through delegated authority.¹¹ All Board members are appointed by the President of the United States with the advice and consent of the Senate. Under Ex-Im Bank's charter, not more than three members of the five-person Board can be of any one political party. A quorum of the Board of Directors consists of at least three members.¹²

Ex-Im Bank also has an Advisory Committee, which is required by its charter to consist of 17 members appointed by the Board of Directors on the recommendation of the President of the Bank. Under its charter, the Advisory Committee's members are required to be "broadly representative of environment, production, commerce, finance, agriculture, labor, services, State government, and the textile industry," subject to certain limits.¹³

In addition, Ex-Im Bank has a Sub-Saharan Africa Advisory Committee, which is directed to promote the expansion of the Bank's financial commitments in that region.¹⁴ The Sub-Saharan Africa Advisory Committee's authority is subject to renewal in Ex-Im Bank's charter.

In FY2014, Ex-Im Bank had 397 full-time equivalents (FTEs) for its programs and 22 FTEs for its Office of Inspector General (OIG).¹⁵

Export finance, which is used to cover the time between an export order being placed and payment being made, is a means of facilitating international trade. Some 80%-90% of world trade relies on trade finance, and the global market for trade finance previously has been estimated to be at around $10 trillion a year.¹⁶ Financing can play a role, for instance, when exporters may need to protect against the higher risk of payment default by an unknown buyer situated in a foreign legal system; because export orders often require more working capital, relative to sales, than domestic orders and exporters may wait an average of three to five months between shipment and payment;¹⁷ or buyers require funds from a financial institution to purchase goods and services.

Export finance is available through both the public and private sector, including through:

• Export credit agencies (ECAs), which are government-backed entities. Most developed countries and many developing countries have ECAs.
• Commercial banks and insurance companies, through which private insurers and lenders finance exports on a commercial basis.
• Capital markets, which provide financing through bond issuance, on a secured or unsecured basis.
• Manufacturer self-financing, through which companies, especially larger ones, may self-finance certain exports to foreign buyers.

Commercial banks have been estimated to account for 80% of the trade finance market.¹⁸ Private lenders and insurers conduct the majority of short-term export financing, though ECAs may play a role in supporting certain sectors, such as taking on risks of financing small business exports. With respect to longer-term financing, the market can play an active role, but in certain cases, ECA support can help make transactions more commercially attractive by mitigating risks of financing or by providing an additional source of funding to diversify risks of financing, for example, for complex, multi-billion dollar sales such as aircraft and infrastructure projects.

Ex-Im Bank groups its financial products into the following four main categories:

It is difficult to compare the rates, terms, and conditions of Ex-Im Bank financing and private sector financing for exports. The actual terms of an export contract are transaction-specific and commercial bank loans are private transactions often with business confidential terms. Demand for Ex-Im Bank financing relative to the private sector can be highly variable. At a macro level, it may vary depending on market forces and regulatory policies. In recent years, the role of ECAs may have become more prominent, in part due to tighter credit market conditions associated with the international financial crisis and the regulatory impact of Basel III³⁴ on commercial banks, which requires U.S. banks to hold more capital to back trade finance.³⁵ Changes in disciplines for ECA activity, such as in the OECD Arrangement, also can affect ECA demand. At a micro level, a commercial bank's willingness to participate in a transaction may vary depending, for instance, on available liquidity, perception of risk, international rates of return, and client relationships.

According to Ex-Im Bank, about 98% of its transactions are conducted with the private sector, through partnering with a private financial entity.³⁶ This could occur, for example, when Ex-Im Bank provides a guarantee for a loan that a commercial bank extends to a foreign buyer of U.S. goods and services.

Under its charter, Ex-Im Bank's financing must have a reasonable assurance of repayment; supplement, and not compete with, private capital; and be provided at terms competitive with foreign ECAs.³⁷ The Bank considers a proposed transaction's potential U.S. economic impact³⁸ and potential environmental impact,³⁹ among other policy issues. Based on its mandate to support U.S. employment, Ex-Im Bank currently requires a certain amount of U.S. content (85% for medium- and long-term transactions) for an export contract to receive full financing from the Bank.⁴⁰ In addition, it requires products to be shipped on U.S. flag vessels, with certain exceptions.⁴¹

Congress further requires Ex-Im Bank to support certain types of exports. For example, the Bank must make available not less than 20% of its total authority to finance small business exports,⁴² and not less than 10% to finance "renewable energy" exports.⁴³ It also must promote financing to sub-Saharan Africa, but does not have a quantitative target.⁴⁴ While the Bank seeks to support these export goals, it is demand-driven and its activity depends on alignment with commercial opportunities.

Ex-Im Bank must submit proposed transactions of $100 million or more or transactions related to nuclear power and heavy water production facilities through a congressional notification process. This process requires a 25-legislative or 35-calendar day congressional review period (whichever is shorter) before the Board of Directors can take final action on a transaction.⁴⁵

Ex-Im Bank also is subject to various reporting requirements, including related to its operations; small business support; default rate monitoring; categorization of loans and long-term guarantee transactions by their stated purpose; and the competitiveness of its rates, terms, and conditions vis-à-vis foreign ECAs.⁴⁶ The charter also includes other statutory requirements.

Ex-Im Bank abides by the Organization for Economic Cooperation and Development (OECD) Arrangement on Officially Supported Export Credits ("the Arrangement"), a "Gentlemen's Agreement" negotiated by OECD members. Initially entering into effect in April 1978, the Arrangement has been revised periodically.⁴⁷ Its purpose is to provide a framework for the orderly use of government-backed export financing, with the goal of encouraging competition among exporters based on quality and price of goods and services rather than on the most favorable government-backed financing terms and conditions. Among other things, it establishes limitations on the terms and conditions on government-backed export financing (e.g., minimum interest rates, risk fees, and maximum repayment terms); rules governing ECA activity in specific sectors through "sector understandings" (e.g., civilian aircraft, ships, nuclear power plants, renewable energy, and railway infrastructure); and reporting requirements.⁴⁸

Ex-Im Bank has many foreign counterparts. The countries of some of these foreign ECAs, such as those of European countries, are members of the OECD; others, such as China, Brazil, and India, are not. An increasing share of ECA activity globally falls outside of the scope of the OECD Arrangement. For more information, see the "International Context" section below.

The Bank is open to support buyers of U.S. exports in almost 200 countries around the world.⁴⁹ The Bank generally is prohibited from extending credit and insurance to certain countries, including but not limited to those that are in armed conflict with the United States, those subject to U.S. sanctions, those with balance of payment problems, those under the charter's current Marxist-Leninist prohibition,⁵⁰ or those for which a presidential determination has been issued.⁵¹

Ex-Im Bank's economic impact analysis provisions were first incorporated in its charter in 1968, and have been modified multiple times since then.⁵² Ex-Im Bank is required to have "regulations and procedures to insure that full consideration is given to the extent that any loan or guarantee is likely to have an adverse effect" on U.S. industries and U.S. employment.⁵³ These regulations and procedures are in support of the congressional policy that, "in authorizing any loan or guarantee the Board of Directors shall take into account any serious adverse effect of such loan or guarantee."⁵⁴ Furthermore, the Bank is prohibited from extending any loan or guarantee that would establish or expand the production of any commodity for export by any other country if "the commodity is likely to be in surplus on world markets at the time the resulting commodity will first be sold" or "the resulting production capacity is expected to compete with [U.S.] production of the same, similar, or competing commodity" and will cause "substantial injury" to U.S. producers of a "same, similar, or competing commodity."⁵⁵ The same prohibition applies to loans or guarantees subject to U.S. trade remedy measures, such as countervailing duties or anti-dumping orders.⁵⁶ However, these prohibitions do not apply if the Board of Directors determines that the proposed transaction's "short- and long-term benefits to [U.S.] industry and employment ... are likely to outweigh the short- and long-term injury to [U.S.] producers and employment ... of the same, similar, or competing commodities."⁵⁷

Content policies vary across ECAs globally, as the OECD Arrangement allows member countries to develop their content policies based on their own domestic interests. Unlike Ex-Im Bank, a number of other ECAs, such as those of Canada, France, Germany, Italy, Japan, and the United Kingdom, do not automatically reduce their cover if the foreign content exceeds 15%.⁷⁹ Further, some foreign ECAs reportedly have allowed anywhere from 50% to 80% foreign content without decreasing support.⁸⁰

Stakeholder views on Ex-Im Bank's content policy vary. As global supply chains have proliferated, the issue of content has become more actively debated, given that many exports contain some foreign inputs. U.S. exporters and lenders reportedly consider Ex-Im Bank's overall content policy to be less competitive than foreign ECAs, considering its "lack of flexibility" as a constraint to seeking Ex-Im Bank support.⁸¹ Some U.S. businesses have called for additional flexibility in Ex-Im Bank's foreign content requirements, such as lowering the minimum amount of domestic content required to receive full Ex-Im Bank financing or expanding the definition of domestic content to include, for instance, research and development or other elements that support high-value additions to the U.S. economy. However, labor groups tend to be concerned about the impact that lowering national content requirements may have on employment in the home country. From their point of view, reducing these requirements may result in an outsourcing of labor to other countries. Others counter that the current requirements may induce firms to use other ECAs for alternative sources of financing, which may cause them to shift production overseas.

Presently, Ex-Im Bank is prohibited from financing defense articles and defense services with certain limited exceptions, such as a national interest determination by the President.⁸² According to Ex-Im Bank, its European ECA counterparts do not have the same restrictions on military finance.⁸³

Other limited exceptions for Ex-Im Bank include its authority to finance certain "dual-use" exports that have both civilian and military applications.⁸⁴ This authority, established in 1994 (Section 1(c) of P.L. 103-428), has been renewed periodically. Most recently, the Export-Import Bank Reauthorization Act of 2012 (P.L. 112-122) extended this authority through September 30, 2014.⁸⁵ According to GAO, as of July 2014, Ex-Im Bank has financed a total of $1.67 billion in dual-use exports.⁸⁶ Ex-Im Bank maintains policies for monitoring the end-use of defense articles and defense services that it finances. GAO reports annually on the end-uses of dual-use exports financing by Ex-Im Bank. An August 2014 GAO report identified some weaknesses in Ex-Im Bank's documentation of required procedures for dual-use monitoring and provided a recommendation for improved documentation, on which Ex-Im Bank is taking action.⁸⁷

Under Ex-Im Bank's shipping policy, certain products supported by the Ex-Im Bank must be transported exclusively on U.S. vessels (e.g., generally direct loans of any amount, guarantees above $20 million, and products with repayment periods of more than seven years). Under limited conditions, a waiver of this requirement may be granted on a case-by-case basis by the U.S. Maritime Administration (MARAD). This policy is based on Public Resolution 17 (PR-17, approved March 26, 1934, by the 73^rd Congress),⁸⁸ which is intended to "ensure a well-trained merchant marine able to maintain the flow of waterborne domestic and foreign commerce during wartime or national emergency."⁸⁹ Supporters of the U.S. flag shipping requirement may argue that maintaining U.S. flag vessels is important to U.S. national security and note its role in contributing to jobs in the U.S. shipping industry. Critics may counter that, because of changes in U.S. strategic requirements and in the global shipping market, the requirement can make U.S. goods less competitive relative to foreign goods, noting higher rates and delays associated with shipping with U.S.-flagged vessels.⁹⁰ Unlike Ex-Im Bank, no other ECAs require use of the shipping vessels of their home countries.⁹¹

According to Ex-Im Bank, the number of export credit agencies globally reached as many as 85 in 2014.⁹² Some ECA activity is regulated by the Organization for Economic Cooperation and Development Arrangement on Officially Supported Export Credits (OECD Arrangement), but an increasingly larger amount appears to be unregulated. Ex-Im Bank states that over half of ECAs globally are operating programs that are not regulated by the OECD Arrangement.⁹³ It can be difficult to verify the full extent of unregulated activity, as it is not subject to the same transparency standards that OECD regulated finance is.

• Support by OECD members that is regulated by the OECD Arrangement. "Traditional" ECA activity is activity directly tied to exports (e.g., direct loans, guarantees, and insurance products). It is regulated by the OECD Arrangement. According to Ex-Im Bank, all of its medium- and long-term activity falls within this sphere.⁹⁵ Historically, ECA activity regulated by the OECD has accounted for the majority of government-backed export financing. That share has decreased over time. Based on Ex-Im Bank data, in 2014, medium- and long-term ECA activity by certain major OECD members that was governed by the OECD Arrangement totaled $97 billion (about 35% of total official medium- and long-term trade-related support in that year).⁹⁶
• Support by OECD members that falls outside of the scope of the OECD Arrangement. Certain ECAs whose countries are members of the OECD Arrangement provide official support that is ungoverned by the OECD Arrangement. One form of unregulated financing is "market windows," which are government-owned entities or programs that offer export credits on market terms. Market windows generally do not operate on purely commercial terms, as they tend to receive benefits from their government status that commercial lenders cannot access. For example, Canada's ECA—Export Development Canada (EDC)—operates market window programs. Ex-Im Bank does not have a market window. A second form of unregulated financing is untied lending support, which is credit support extended by a government entity to a recipient for the purpose of providing credit for strategic interests of the donor country. Because the untied loan is not tied to exports, it is not subject to the OECD export credit guidelines. A third form of unregulated ECA financing is investment support.⁹⁷ Based on Ex-Im Bank data, in 2014, unregulated financing by OECD members totaled $71 billion (about 25% of total official medium- and long-term trade-related support in that year).⁹⁸
• Support by non-OECD members. Emerging markets, such as China, Brazil, India, and Russia, which are not members of the OECD, are increasingly active providers of government-backed export financing.⁹⁹ Such financing may not comply with the OECD Arrangement, for example, by including below-market terms, with which it is difficult for ECAs of OECD members to compete. Based on Ex-Im Bank data, in 2014, the non-OECD portion of total government-backed support, including both export and investment support, reached $112 billion (about 40% of total official medium- and long-term trade-related support in that year).¹⁰⁰

Billions of U.S. Dollars

Source: CRS creation, based on data from Ex-Im Bank, Report to the U.S. Congress on Global Export Credit Competition (for the period January 1, 2014, through December 31, 2014), June 2015, pp. 15-17.

Notes: "OECD Member, OECD Arrangement Regulated" includes activities of G-7 ECAs and other major OECD ECAs (e.g., Australia, Denmark, Finland, the Netherlands, Norway, South Korea, Spain, and Sweden). "OECD Member, Unregulated by the OECD Arrangement" includes official support which an ECA or official institution within a country that is party to the OECD Arrangement provides to secure national benefits; this includes market windows, untied support, and investment support. "Non-OECD Member" support reflects ECA support by China, Brazil, India, and Russia that is not governed by any formal lending or transparency standards; it includes both official export and investment support. For further information on the data, see the footnotes to Figure 4 in the document cited above.

In contrast, also based on Ex-Im Bank data, in 2014, the combined new medium- and long-term support provided by China, Brazil, India, and Russia was estimated to be $63.9 billion, up from 2013 ($50.5 billion) and 2012 ($43.4 billion).¹⁰³ Notably, China alone accounted for at least $58 billion of such financing in 2014—a total that exceeds that of the G-7 countries combined.¹⁰⁴ According to Ex-Im Bank, China was the single largest provider of export finance in 2014.¹⁰⁵

Billions of U.S. Dollars

Source: CRS creation, based on data from Ex-Im Bank, Report to the U.S. Congress on Global Export Credit Competition (for the period January 1, 2014, through December 31, 2014, June 2015), pp. 18-19.

Notes: Data subject to analytic assumptions and limited by availability of information. For further information on the data, see the footnotes to Figures 5 and 6 in Ex-Im Bank reported cited above.

a. Ex-Im Bank specifically notes that the amount for "Other OECD ECAs" is estimated.

b. Ex-Im Bank reports the total amount for selected emerging markets as $63.9 billion, which differs from the amount provided here, $64.8 billion, which results from summing the individual volumes for the emerging market ECAs.

Ex-Im Bank and other ECAs vary in terms of their mandates, organizational structure, policies, and focus areas, which can complicate efforts to make comparisons across ECAs. Among stakeholders, one view is that Ex-Im Bank's policies—such as in its economic and environmental impact, domestic content requirement, and U.S. flag shipping requirements—tend to be more stringent than those of foreign ECAs. From a business perspective, some argue that such policies can make Ex-Im Bank less competitive than foreign ECAs in supporting exporters. Another view is that Ex-Im Bank, through its policies, must balance a range of stakeholder interests, including those of businesses that benefit directly from Ex-Im Bank, other businesses that may be affected by Ex-Im Bank support, labor concerns, and environmental concerns.

Stakeholders have debated whether the OECD Arrangement is effective in "leveling the playing field" for exporters in the current trading environment. By some estimates, the OECD Arrangement reportedly has saved U.S. taxpayers about $800 million annually.¹⁰⁶ According to the Office of the U.S. Trade Representative, the minimum interest rate rules set by the OECD Arrangement limit subsidized export financing and reduce competition based on below-cost interest rates and long repayment terms by ECAs, and the minimum exposure fees for country risks also reduce costs.¹⁰⁷ The further leveling of the playing field created by the OECD tied aid disciplines is estimated by USTR to have boosted U.S. exports by $1 billion a year.¹⁰⁸

At the same time, there are questions about the effectiveness of the OECD Arrangement, particularly in light of ECA activity by non-OECD members, who are not obligated to comply with the OECD limitations on the terms and conditions of export credit activity. To the extent that the ECAs of non-OECD countries provide financing for non-U.S. exporters on terms that are more advantageous than those allowed within the OECD Arrangement, U.S. exporters may find it difficult to compete with such export credit programs, including with Ex-Im Bank. Concerns about the effectiveness of the OECD Arrangement are further heightened due to financing by OECD members that is outside the Arrangement's scope. See earlier question in this section, "What is the global ECA marketplace?".

The United States historically has led efforts to impose international disciplines on government-backed export credit activity. The 2012 Ex-Im Bank reauthorization act directed the Secretary of the Treasury (who leads U.S. international export credit negotiations) to negotiate to reduce and eliminate government-backed ECA financing.¹⁰⁹ The 2012 reauthorization act also included a focus on negotiations related to aircraft finance, an area that historically has constituted a major part of Ex-Im Bank's portfolio.¹¹⁰ Specifically, Congress required the Secretary of the Treasury to negotiate with all countries that finance air carrier aircraft through funds from a state-sponsored entity to reduce and eliminate aircraft export credit financing for all aircraft covered by the 2007 OECD Aircraft Sector Understanding (ASU).¹¹¹

Separately, an International Working Group on Export Credits (IWG) was established in 2012, following a bilateral commitment between U.S. and Chinese leadership to work towards a new set of international export credit guidelines.¹¹² The IWG meets periodically; past discussions have included a focus on developing guidelines for the ships and medical equipment sectors, and future discussions may include a focus on developing horizontal, broadly applicable guidelines.¹¹³

The Department of the Treasury states that it has engaged in efforts to bring China and other large emerging markets into a new rules-based international export credit framework. It also states that it has worked to reform the ASU to minimize distortions in the aircraft export credit market. To this end, it notes that, since 2013 when the ASU 2011 reform went into effect, the share of large aircraft deliveries financed with ECA support has declined globally, and Ex-Im Bank support for Boeing large aircraft exports has declined since 2013. It also notes that it has engaged in efforts to improve the current OECD Arrangement to make it more market-oriented, such as in the area of interest rates.¹¹⁴ In congressional testimony, the Treasury stated:

while progress is sometimes incremental is sometimes incremental as we seek to strengthen the existing international export finance guidelines and bring countries currently not participating in the existing guidelines into a new set of guidelines, progress is being made, and achieving further progress will continue to be a top priority for Treasury and the Administration.

Some have criticized Treasury efforts as being limited and insufficient in terms of the 2012 reauthorization requirements on international export credit negotiations. For example, a major U.S. airline contends that "there has been essentially no progress" with respect to the mandate to negotiate with countries to substantially reduce, with the ultimate goal of eliminating, aircraft export credit financing.¹¹⁵ Others note that while exports play an important role in the U.S. economy, the economies of other countries are far more reliant on exports, constituting a larger share of their respective gross domestic product. Moreover, other OECD countries presumably would be reluctant to terminate their export credit programs while countries outside of the OECD, such as China, Brazil, and India, continue their financing programs.

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Billions of U.S. Dollars

Source: CRS, based on data from Ex-Im Bank annual reports.

Billions of U.S. Dollars

Source: CRS, from Ex-Im Bank annual reports.

The requirement that Ex-Im Bank transactions should "supplement and encourage, and not compete with private capital" has been a longtime statutory requirement. More recently, the 2012 Ex-Im Bank reauthorization act (Section 10 of P.L. 112-122) amended the Bank's charter to require, in its annual report to Congress, a categorization of each loan and long-term guarantee made by the Bank in the fiscal year covered by the report according to the following purposes:

• 1. To assume commercial or political risk that the exporter or private financial institutions are unwilling or unable to undertake.
• 2. To overcome maturity or other limitations in private sector export financing.
• 3. To meet competition from a foreign, officially sponsored, export credit competition.
• 4. Not identified, and the reason why the purpose is not identified.

In the 114^th Congress, debate has centered on the appropriateness of the circumstances in which Ex-Im Bank provides support, the frequency of the Bank's support to fill in gaps in private sector financing versus offsetting foreign ECA competition, the adequacy of the Bank's current practices for ensuring that it does not compete with the private sector and fulfills its mandate, and appropriate reforms that may be taken—with congressional and stakeholder views varying across these issues.

Private sector limitations

Private sector unwilling to take risks

Potential competition

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$ mn

#

$ mn

#

Working capital guarantees

$7.2

2

$1,870.9

468

$0.0

0

$1,878.1

470

Short-term insurance

$723.0

1,128

$4,403.4

1,853

$2.5

2

$5,128.9

2,983

Medium-term insurance

$0.0

0

$38.3

20

$66.4

40

$104.7

60

Medium- & long-term guarantees

$1,536.9

14

$1,509.2

41

$8,005.7

44

$11,051.8

99

Loans

$144.0

2

$0.0

0

$775.6

4

$919.6

6

Subtotal

$2,411.1

1,146

$7,821.8

2,382

$8,850.2

90

$19,083.1

3,618

% of all transactions

12.6%

31.7%

41.0%

65.8%

46.4%

2.5%

100%

100%

Program

Number of Authorizations

Amount Authorized ($ millions)

FY2013

FY2014

FY2013

FY2014

Total Authorizations

3,842

3,746

$27,347.6

$20,467.9

Loans

71

69

$6,893.8

$1,947.8

Loan Guarantees

674

540

$14,911.8

$13,314.0

Insurance

3,097

3,137

$5,542.0

$5,206.1

Authorizations for Specific Types of Exports (Congressional Mandate)

3,413

3,347

$5,223.0

$5,050.2

Percent of Total

88.8%

89.3%

19.1%

24.7%

32

32

$257.0

$186.8

Percent of Total

0.83%

0.85%

0.94%

0.91%

188

192

$604.0

$2,055.1

Percent of Total

4.9%

5.1%

2.2%

10.0%

Ex-Im Bank's 20% statutory target for small business support focuses on direct support. Some stakeholders say that this approach leads to an impression that Ex-Im Bank supports fewer small businesses than it actually does.¹³³ For example, a 2011 study of the supply chains of five large companies (Bechtel, Boeing, Case New Holland, General Electric, and Siemens Power Corporation) that are "exporters of record" for Ex-Im Bank, identified over 33,000 small- and medium-sized enterprises (SMEs) that serve as primary suppliers of parts and services incorporated into these large companies' exports; according to the study, these SMEs also benefit from Ex-Im Bank financing.¹³⁴ Other SMEs also operate at sub-levels of the supply chain, serving as "suppliers to the suppliers." For FY2014, Ex-Im Bank estimates that it authorized $0.7 billion in indirect small business support, compared to $0.8 billion in FY2013.¹³⁵ Other stakeholders assert that focusing on Ex-Im Bank's indirect support for small businesses is not the original intention of Ex-Im Bank's mandate. They express concern that allowing indirect support for small business to count toward the 20% small business target may adversely affect U.S. small business exporters by making it easier for Ex-Im Bank to reach the 20% goal and, thus, reducing incentives to seek small business customers.¹³⁶ At the same time, critics of Ex-Im Bank express disapproval over the amount of Ex-Im Bank financing, by dollar value, that has been directed to a few large U.S. corporations that they believe are capable of shouldering the risks of exporting to developing countries.¹³⁷

Ex-Im Bank's activities focus on supporting U.S. commercial interests. However, Ex-Im Bank activities also may support Administration goals and policy initiatives. For example, under the Obama Administration, Ex-Im Bank has been involved in efforts to boost U.S. exports worldwide under the National Export Initiative (NEI) and its successor, NEI/NEXT, as well as regional policy initiatives, such as the "rebalancing" towards the Asia-Pacific, the U.S. Strategy Towards Africa, and the "Look South" initiative focused on Central & South America. Additionally, statutory mandates for Ex-Im Bank, such as its directive to expand its support in sub-Saharan Africa, may implicate U.S. foreign policy interests (see "What is Ex-Im Bank's sub-Saharan Africa statutory mandate?").

Ex-Im Bank's activities may have national security implications in a number of ways.

• Policies and requirements. According to Ex-Im Bank, its authority to support dual-use exports and its U.S.-flag shipping requirements have direct national security implications. Additionally, Ex-Im Bank contends that its financing of commercial sales of U.S. manufacturers contributes indirectly to a skilled defense workforce and supports the defense supply chain—based on the rationale that industries involved in commercial and defense fields often utilize the same set of employees and overlap in the suppliers and subcontractors that they use.¹³⁸
• Role in U.S. trade policy. The U.S. 2015 National Security Strategy highlights U.S. trade policy as part of national security interests.¹³⁹ U.S. trade policy goals include supporting economic growth and prosperity and helping to shape the global economic order. The 2015 Strategy characterizes the proposed Trans-Pacific Partnership (TPP) free trade agreement (FTA), concluded in October 2015, and the proposed Transatlantic Trade and Investment Partnership (T-TIP) FTA, negotiations for which are ongoing, as tools to bring jobs to the United States, increase standards of living, strengthen U.S. partners and allies, and promote stability in critical regions.¹⁴⁰ Services provided by Ex-Im Bank could enhance U.S. companies' abilities to utilize U.S. FTAs by promoting U.S. exports to FTA partner countries.
• Geopolitical role. The growing role of China, Brazil, India, and other emerging economies has transformed the global economy, presenting both opportunities and challenges for the United States as it seeks to achieve its trade and economic goals. Questions are raised about the extent to which emerging economies' governments and institutions are involved in shaping "rules of the road" that may be different from or detrimental to U.S. interests. Given that Ex-Im Bank has many foreign counterparts, U.S. and emerging economies' trade promotion activities may enter into these power dynamics. Ex-Im Bank may play a role in supporting U.S. interests as a form of commercial diplomacy.

Of congressional interest is the potential impact of Ex-Im Bank on U.S. national security interests. For example, reflecting one perspective, in February 2015, some former national security officials sent a letter to congressional leaders calling for Ex-Im Bank's reauthorization, stating, "[e]ach of us has seen how commercial and economic diplomacy have become critical elements of [U.S.] national security," and "[t]he involvement of U.S. companies in emerging markets is fundamentally beneficial to the American economy while helping to drive growth, prosperity, and political stability abroad."¹⁴¹ Others argue that Ex-Im Bank may adversely affect U.S. interests because of its support for the purchase of U.S. exports in countries "that either have no place doing business with America or actively undermine U.S. national security interests."¹⁴² Critics, for instance, have focused on previous Ex-Im Bank support to the state-owned Russian bank Vnesheconombank (VEB), which reportedly maintains an operating agreement with a Russian arms exporter that handles over 80% of Russia's weapons exports.¹⁴³ VEB presently is subject to U.S. economic sanctions as part of the broader U.S. response to Russia's actions related to Ukraine.¹⁴⁴ The debate also has centered on Ex-Im Bank financing of U.S. export purchases by foreign state-owned enterprises (SOEs), such as Pemex, Mexico's state-owned petroleum company, which reportedly has faced corruption issues.¹⁴⁵ Pemex was Ex-Im Bank's single largest obligor, accounting for about 5% ($5.6 billion) of its total exposure in FY2014.¹⁴⁶ At the same time, SOEs may represent significant U.S. commercial opportunities. Public obligors accounted for about 31% of Ex-Im Bank's overall FY2014 portfolio, while private obligors accounted for about 69%.¹⁴⁷

Ex-Im Bank faces a number of risks in financing and insuring U.S. exports, including:

• repayment risk, which is the risk that a borrower will not pay according to the original agreement and the Bank may eventually have to write off some or all of the obligation because of credit or political reasons;
• concentration risk, which is the risk stemming from the composition of the credit portfolio (e.g., concentration of portfolio by geographic region, industry, and obligor), as opposed to the risks related to specific obligors;
• foreign currency risk, which is the risk stemming from an appreciation or depreciation in the value of a foreign currency in relation to the U.S. dollar in Ex-Im Bank transactions denominated in that foreign currency;
• operational risk, which is the risk of material losses resulting from human error, system deficiencies, and control weaknesses; and
• interest rate risk, which stems from the fact that Ex-Im Bank makes fixed-rate loan commitments prior to borrowing to fund loans and there is a risk that it will have to borrow funds at an interest rate greater than the rate charged on the credit.¹⁴⁸

The basis for Ex-Im Bank's risk management function is in the Bank's charter, which requires that all transactions supported by the Bank have a reasonable assurance of repayment¹⁴⁹ and that the Bank maintains reasonable provisions for losses.¹⁵⁰ The Bank has a system in place to mitigate risks through credit underwriting and due diligence of potential transactions, as well as monitoring risks of current transactions. If a transaction has credit weaknesses, the Bank will try to restructure it to help prevent defaults and increase the likelihood of higher recoveries if the transaction does default. Ex-Im Bank also has a claims and recovery process for transactions in default.¹⁵¹

Because loan repayment prospects may change over time due to economic or other factors, Ex-Im Bank's credit losses on the outstanding balance of transactions are re-estimated annually. This re-estimate indicates the appropriate level of funds necessary to cover projected future claims. On an annual basis, the difference between the Bank's financing accounts and the amount needed to cover future estimated claims is reconciled through one of two processes. First, if the balance in Ex-Im Bank's financing accounts is greater than the re-estimates of credit losses, the surplus funds are transferred to a Treasury General Fund receipt account. It is not available to cover future estimated claims. Second, if the balance in the financing accounts is less than the re-estimated level of credit losses, a mandatory appropriation is made available in order for the Bank to issue commitments for new loans and guarantees in excess of those receipts.¹⁵² These transfers and appropriations, when they occur, do not affect the calculation of the budget deficit.¹⁵³

Ex-Im Bank maintains reserves to protect against potential future losses from its activities. Ex-Im Bank maintains reserves to protect against potential future losses from its activities. According to Ex-Im Bank data, its reserves for loan losses totaled $5.0 billion in FY2014, which represented 5.9% of its outstanding balance and 4.5% of its total exposure.¹⁵⁴

Ex-Im Bank calculates its default rate as a "total amount of required payments that are overdue (claims paid on guarantees and insurance transactions plus loans past due) divided by a total amount of financing involved (disbursements)."¹⁵⁵ The 2012 reauthorization act required Ex-Im Bank to monitor its default rate, report it on a quarterly basis to Congress, and to develop a plan to reduce the default rate if it exceeded 2% (sometimes called "the 2% rule").¹⁵⁶ As reported by Ex-Im Bank on a quarterly basis, its default rate was 0.235% as of September 2015.¹⁵⁷ According to Ex-Im Bank, its historical default rate has been less than 1% since its inception.¹⁵⁸

However, there is some debate about how the default rate should be interpreted. According to a GAO study, the ultimate impact of Ex-Im Bank's recent business on default rates is not yet known as it contains a large volume of transactions that have not reached their peak default periods.¹⁵⁹ GAO also has stated that trends in Ex-Im Bank's default rate should be viewed with caution because of limitations in the agency's analysis of its financial performance.¹⁶⁰

Ex-Im Bank pays a claim when a loan that it has guaranteed or an insurance policy that it has issued defaults. In the case of a loan guarantee, Ex-Im Bank will take the loan over from the bank and pay the lending bank the full amount of the principal of the loan that it guaranteed, plus any accrued interest. In addition, when Ex-Im Bank pays a claim for a loan guarantee that is denominated in a foreign currency, it seeks to manage its foreign currency risk by purchasing the foreign currency to pay the claim to the lender and then attempts recovery on the U.S. dollar equivalent, which represents the obligor's debt obligation—shifting the foreign currency risk to the obligor after the claim has been paid.¹⁶¹ After Ex-Im Bank takes possession of a loan in default, it engages in recovery efforts to minimize its losses (see next question).

Ex-Im Bank's Office of Inspector General (OIG), statutorily created in 2002 and in operation since 2007, is an independent office within the agency. Its mission is to "to conduct and supervise audits, investigations, inspections, and evaluations related to agency programs and operations; provide leadership and coordination as well as recommend policies that will promote economy, efficiency, and effectiveness in such programs and operations; and prevent and detect fraud, waste, abuse, and mismanagement."¹⁷¹ OIG audits, inspections, and investigations of the agency are available at http://www.exim.gov/about/oig.

To mitigate corruption and fraud, Ex-Im Bank staff conduct "risk-based due diligence" to underwrite transactions; they screen and evaluate transactions for eligibility requirements and conformity with the Bank's credit risk policies, as well as determine the appropriate credit structure for a proposed transaction.¹⁷² They conduct further due diligence after transactions are authorized using a "risk-based sampling of authorized transactions" to identify possible corruption and fraud, referring evidence of concern to the OIG.¹⁷³ Pursuant to the 2012 reauthorization act, Ex-Im Bank implemented new standards and requirements to improve and clarify its due diligence standards for lender partners.¹⁷⁴ Specifically, on May 30, 2014, Ex-Im Bank updated its "Know Your Customer" requirements and transaction due diligence standards for its guaranteed and insured lender partners and participants¹⁷⁵ (e.g., a commercial bank that loans to a foreign buyer that Ex-Im Bank guarantees).¹⁷⁶

Ex-Im Bank also has an ethics program for its employees, which includes mandatory ethics training and responsibilities. It states that it works to "foster an environment where employees are encouraged to ask questions and report suspected unethical behavior."¹⁷⁷

Congressional interest has focused on the adequacy of Ex-Im Bank's existing fraud control and ethics practices. In April 2015 testimony, Ex-Im Bank's OIG reported that, since 2009, its investigative efforts have:

resulted in a number of law enforcement actions against parties who have attempted to defraud the Bank, including 80 criminal indictments and criminal informations; 47 convictions; $288 million in judgments from fines, criminal forfeiture, restitution, cost savings, and civil judgments; and 600 referrals of investigative intelligence to OGC [Office of General Counsel] for enhanced due diligence.¹⁷⁸

The OIG states, "the most common fraud schemes we have encountered involve outside parties obtaining loans or guarantees through false representations and submission of false documents," prompting OIG training for Ex-Im Bank employees and delegated lending institutions on fraud indicators.¹⁷⁹ It noted that frauds are often detected after loans default and claims are received.

Focus on Ex-Im Bank's ethics practices has become more prominent since last year when four Ex-Im Bank employees were reportedly removed or suspended based on OIG investigations of employee misconduct.¹⁸⁰ On April 22, 2015, a former Ex-Im Bank loan officer pleaded guilty to a bribery charge in federal court.¹⁸¹ Additionally, as of April 30, 2015, 31 investigations of Ex-Im Bank employees reportedly are ongoing.¹⁸²

Pursuant to the 2012 reauthorization act, GAO conducted a study of Ex-Im Bank's loan guarantee underwriting procedures and overall fraud processes. A September 2014 GAO report made six recommendations to Ex-Im Bank to enhance its loan guarantee underwriting process and further document aspects of its underwriting processes to detect, prevent, and investigate fraud. Ex-Im Bank has implemented four of these recommendations, including with respect to credit reports used in its risk assessment and due diligence process, delegated lender authority examinations, and overall fraud-prevention process.¹⁸³ Ex-Im Bank activity in response to the two other recommendations, which include a focus on verifying and identifying transaction applicants that are delinquent on federal debt, remains ongoing.¹⁸⁴

Ex-Im Bank asserts its ethics program is "fully compliant with all laws, regulations, and policies...."¹⁸⁵ Supporters argue that the employees subject to OIG investigations do not reflect the ethical standards that the majority of Ex-Im Bank employees uphold. Ex-Im Bank notes that the OIG investigations send a signal of its "zero tolerance for waste, fraud, and abuse."¹⁸⁶ For others, fraud allegations bolster the argument against reauthorization or for focusing on reforms to Ex-Im Bank's charter as part of its reauthorization. Some also express concern that employee misconduct in Ex-Im Bank may be more pervasive.¹⁸⁷ In the 114^th Congress, Ex-Im Bank reauthorization proposals have included a focus, for example, on Ex-Im Bank's organizational structure related to ethics, review of fraud controls, employee financial disclosures, and risk assessments of Ex-Im Bank programs' vulnerability to employee misconduct.

Ex-Im Bank's program revenues include the fees and premia charged for services, interest generated from loans, and repayment of loan principals. For a given year, the Bank's program revenues that are in excess of the forecasted loss on those transactions (credit losses) are retained as offsetting collections. These offsetting collections are used to fund new obligations during the year, which include administrative costs, claim payments, loan disbursements, and prudent reserves to cover future losses. Ex-Im Bank borrows from the Treasury to finance medium- and long-term loans.

According to Ex-Im Bank, there is no limit on the total amount of offsetting collections that the Bank can have. However, there are limits on how much and for how long the Bank can keep the offsetting collections. Through the annual appropriations process, Ex-Im Bank receives authority to spend its offsetting collections.

See "How does Ex-Im Bank determine the level of funds necessary to cover future projected claims?" in the "Risk Management, Fraud Control, and Ethics" section.

As a federal credit program, the activities of the Bank are subject to federal credit accounting rules and the calculation of a credit subsidy. Ex-Im Bank's credit subsidy was negative in FY2014 and is estimated to be negative in FY2015. Therefore, no appropriation is required to cover the cost of the subsidy for budgetary purposes. However, if the credit subsidy calculation resulted in a positive subsidy rate or if the methodology for calculating subsidies for federal credit programs should change (i.e., to fair-value accounting) resulting in a positive subsidy rate, then an appropriation would be required to cover the credit subsidy amount for the fiscal year in which a positive subsidy was calculated.¹⁸⁸

Separately, an appropriation is provided for the activities of the Ex-Im Bank's Office of Inspector General (OIG) and sets an upper limit on its administrative expenses as part of the Department of State, Foreign Operations, and Related Programs appropriations act. These expenses are not included in the credit subsidy calculation, unlike the majority of the Bank's activities, but are recorded on a cash basis. Because Ex-Im Bank collects revenues from its customers, classified in the federal budget as offsetting collections, it is able to reimburse the Treasury for the costs of those expenses resulting in a net appropriation of zero.

In general, Ex-Im Bank states that, under a lapse in its authority, no new loan, guarantee, or insurance commitments can be approved by its Board or under delegated authority, but Ex-Im Bank may continue administering and servicing existing obligations (including disbursements on already-approved final commitments).²¹⁶ According to Ex-Im Bank, as of June 24, 2015, it had $9.1 billion in pending transactions not yet approved.²¹⁷

Stakeholders and observers disagree on the economic implications of a lapse in Ex-Im Bank's authority. From one perspective, some argue that Ex-Im Bank's inability to extend new commitments could adversely affect particular U.S. firms or their employees relying on its support when facing difficulty accessing private sector financing at commercially viable terms.²¹⁸ The impact also may extend to businesses in Ex-Im Bank users' supply chains, as well as "suppliers to the suppliers." From another perspective, others contend that the sunset could boost export financing by the private sector. They argue that Ex-Im Bank's activities have opportunity costs, drawing capital and labor resources within the economy otherwise available for alternative uses.²¹⁹ At the same time, doubts remain over whether a sunset would affect the overall level of U.S. exports and employment. A range of macroeconomic factors affects the overall level of trade, and it may be difficult to determine the precise long-term economic impact of Ex-Im Bank's presence or absence.

In terms of competitiveness, supporters argue that, without Ex-Im Bank, certain U.S. companies may face difficulty competing for export contracts on a "level playing field" with foreign competitors receiving support from their official ECAs or may choose to source from overseas markets.²²⁰ They argue that Ex-Im Bank's expiration would amount to "unilateral disarmament," given continued operations by foreign ECAs.²²¹ Critics argue that its expiration would allow the United States to lead by example in efforts to eliminate government-backed ECA programs internationally, and to focus on ways they view as more effective to boost U.S. exports, such as tax reform or the negotiation and enforcement of international trade agreements.²²²

While policy and academic debate over the potential economic impact of Ex-Im Bank's sunset in authority continues, there also has emerged debate over its actual impact on U.S. businesses. Some U.S. companies claim that the expiration of Ex-Im Bank's authority is preventing them from securing export contracts. For example, Boeing Co. reportedly lost two potential foreign satellite contracts due to the sunset in Ex-Im Bank's authority.²²³ Boeing also announced several hundred possible layoffs in its satellite business, reportedly due in part to uncertainty over the future availability of Ex-Im Bank financing. According to press reports, some larger U.S. companies are planning to move their operations overseas in response to uncertainty over the Bank's authorization status. General Electric (GE), for instance, reportedly is taking steps to move some of its U.S. manufacturing overseas; it is bidding on projects that require government-backed export financing and is seeking financing from foreign ECAs, with much of the production in turn possibly going to GE plants located in those countries (e.g., Canada, China, and European countries).²²⁴ According to GE, a renewal of Ex-Im Bank would not reverse a decision to relocate a factory because of the possibility of a future lapse in Ex-Im Bank's authority.²²⁵ In contrast, smaller companies, with generally less geographic flexibility, have had varying experiences pursuing private sector alternatives. Some small businesses have said that they have been able to return to the private sector,²²⁶ while others report difficulty accessing financing from the private sector and losing export contracts.²²⁷ Some also note that they already obtain loans through the private sector, but relied on Ex-Im Bank's support, such as through guarantees, to mitigate risks of nonpayment. Businesses in the supply chains of companies with Ex-Im Bank-supported exports also say that the lapse has hurt them.²²⁸

Critics counter that business losses from Ex-Im Bank's sunset are not to the extent that they are claimed to be.²²⁹ Some argue that while Ex-Im Bank's expiration may hurt companies dependent on its support, its operations result in more costs than benefits overall.²³⁰ According to critics, those adversely affected by the Ex-Im Bank include U.S. companies that did not use Ex-Im Bank financing and were disadvantaged competitively against U.S. companies that did receive its support.²³¹ Under this view, Ex-Im Bank financing has opportunity costs—resources within the economy that would otherwise be available for other exports and jobs. Critics also contend that U.S. companies reportedly faced an unfair disadvantage competing against foreign companies that received Ex-Im Bank support. Delta Air Lines, for example, has claimed that Ex-Im Bank adversely affected its competitiveness by financing Boeing aircraft export purchases by Emirates Airline and Air India, its competitors.²³² Other examples include Cliffs Natural Resources Inc., a U.S. iron ore producer, which claimed that Ex-Im Bank's direct loan to the Roy Hill iron ore project in Australia exacerbated the current oversupply situation.²³³ Critics argue that, because Ex-Im Bank supports such a small share of U.S. exports, any impact of its expiration is negligible and, at best, difficult to measure.²³⁴

The Export-Import Bank Reauthorization Act of 2012 (P.L. 112-122) extended Ex-Im Bank's authority to the close of business on September 30, 2014. The reauthorization legislation also included, among other things, provisions to:

• increase the Bank's lending authority to $120 billion in FY2012, $130 billion in FY2013, and $140 billion in FY2014—with the increase in lending authority for FY2013 and FY2014 contingent on the Bank maintaining a "default rate" of less than 2% and on submitting various reports;
• require the Bank to monitor and report to Congress on the "default rate" of its financing, and, in the event that the rate exceeds 2%, to submit a report to Congress on a plan to reduce it to less than 2%;
• develop guidelines for its economic impact analysis, and review its domestic content policy; require the Bank to develop a Business Plan estimating appropriate exposure limits for 2012, 2013, and 2014, as well as an analysis of the potential for increased or decreased risk of loss to the Bank as a result of the estimated exposure limit;
• require the GAO to report on the Bank's risk management practices and jobs calculation methodology; and
• require the Secretary of the Treasury to conduct international negotiations to reduce and eliminate official export credits.

According to Ex-Im Bank, it has completed and implemented all reforms required by the 2012 act.²³⁸ However, the adequacy of its implementation of its requirements remain subject to debate.

Congress could take a range of approaches related to Ex-Im Bank's authorization status. At one end of the spectrum is the option of a "clean renewal" of Ex-Im Bank's charter, with an extension of its termination date. At the other end of the spectrum is the option of a sunset in Ex-Im Bank's authority, such as by taking no legislative action (since sunset provisions are contained in Ex-Im Bank's charter in 12 U.S.C. Section 635f), or passing legislation with specific parameters for a wind-down in Ex-Im Bank's functions. In between are options including a renewal of Ex-Im Bank's charter with limited changes (such as revising its exposure cap) or renewal with more substantive reforms (such as to its authorities, policies, and practices). Reforms may be motivated by a range of reasons, including enhancing Ex-Im Bank's ability to fill in gaps in private sector financing and offset competition from foreign ECAs; limiting its size and scope and exposure to U.S. taxpayers; and furthering efforts to eliminate all ECA activity internationally. Proposed reforms may raise, among other things, issues regarding the extent to which such changes would balance Ex-Im Bank's core mission to boost U.S. exports and jobs with supporting other U.S. policy interests. Other options also exist, such as reorganization of Ex-Im Bank's functions. To this end, various proposals have been considered over time, including President Obama's proposal in 2012 to reorganize the business- and trade-related functions of Ex-Im Bank and five other agencies into an umbrella "department of trade," a proposal reiterated in the President's FY2016 budget request.²³⁹ Such proposals prompt debates about whether reorganization would reduce costs and duplication and improve the effectiveness of trade policy programs, or undermine the effectiveness of federal agencies, given their differing missions, and result in the creation of a larger, more costly bureaucracy.²⁴⁰

Members of Congress have actively debated Ex-Im Bank in the 114^th session of Congress. On July 30, 2015, the Senate passed H.R. 22 with an amendment containing a six-year surface transportation reauthorization. The Senate-passed version also includes a provision (agreed to by a vote of 64-29) to reauthorize the Bank through FY2019, among other provisions. The Ex-Im Bank provisions are substantively identical to those in S. 819 (Kirk, see below). On November 5, 2015, the House voted (363-64) on a measure to adopt its version of the highway bill as an amendment to the Senate's version of H.R. 22, including substantively the same Ex-Im Bank extension. In considering H.R. 22, the House rejected several amendments that generally were seen as placing additional limitations on the Bank's activities. The House and Senate are expected to attempt to resolve their differences with regard to H.R. 22 through conference proceedings.

The House action on H.R. 22 followed a vote on October 27, 2015, in favor (313-118) of H.R. 597 which, as amended, is substantively the same as the Ex-Im Bank extension in the Senate-passed version of H.R. 22. The House considered and passed H.R. 597 pursuant to H.Res. 450 , which was a special rule that the House voted to discharge from the Committee on Rules (246-177).²⁴¹

Multiple stand-alone bills related to Ex-Im Bank have been introduced in the 114^th Congress, including the following.²⁴²

• S. 819 (Kirk) would extend Ex-Im Bank's authority through FY2019 and reduce its exposure cap to $135 billion for each of FY2015-FY2019, subject to certain conditions. It also would include certain reforms, such as on loan loss reserves, fraud controls, ethics, risk management, auditing, the small business financing target, and loan terms; international negotiations with the possible goal of eliminating export credit financing; and negotiations with non-OECD members to bring those countries into a multilateral export credit agreement, among other provisions. H.R. 3611 (Fincher) is substantively identical to S. 819.
• S. 824 (Shaheen) would extend Ex-Im Bank's authority through FY2022 and incrementally raise its exposure cap to $160 billion by FY2022, subject to certain conditions. It also would include certain reforms, such as on the small business financing target, risk sharing, ethics, fraud controls, auditing, project monitoring, and due diligence; negotiations with non-OECD members to bring those countries into a multilateral export credit agreement; and identification of non-OECD Arrangement countries not in compliance with the WTO Agreement on Subsidies and Countervailing Measures, among other provisions.
• H.R. 597 (Fincher) would extend Ex-Im Bank's authority through FY2019 and reduce its exposure cap to $130 billion. It also would provide for certain reforms, such as on ethics, fraud controls, requirements for applicants to demonstrate inability to obtain credit elsewhere, auditing, earnings retention for possible losses, risk sharing, and loan terms; negotiations with the possible goal of eliminating export credit financing; and negotiations with non-OECD members to bring those countries into a multilateral export credit agreement, among other provisions.
• H.R. 1031 (Waters) would extend Ex-Im Bank's authority through FY2022 and incrementally raise its exposure cap to $160 billion by FY2022, subject to certain conditions. It also would include certain reforms, such as on ethics, fraud controls, auditing, due diligence, and risk sharing; negotiations with non-OECD members to bring those countries into a multilateral export credit agreement; and identification of non-OECD Arrangement countries not in compliance with the WTO Agreement on Subsidies and Countervailing Measures, among other provisions.
• H.R. 1605 (Amash) would abolish Ex-Im Bank, and includes specifications for its wind-down.
• H.R. 3847 (Issa) would reduce Ex-Im Bank's exposure cap to $130 billion and make certain reforms in the areas of transparency and accountability, such as on ensuring that Ex-Im Bank does not compete with private sector financing, audits, earnings retention for possible losses, risk management, and reporting on privatizing the Bank.

Ex-Im Bank reauthorization was an active issue in recent debates over other legislative issues. For example, Senator Cantwell filed amendments to H.R. 1314, the vehicle in the Senate for Trade Promotion Authority (TPA), to reauthorize Ex-Im Bank: three (S.Amdt. 1376, S.Amdt. 1377, and S.Amdt. 1415) would have provided short-term extensions of authority, and one (S.Amdt. 1248) appears substantively identical to S. 819 (Kirk).²⁴³ Additionally, a motion to table S.Amdt. 1986 (Kirk)—an amendment to reauthorize Ex-Im Bank that was offered to H.R. 1735, the National Defense Authorization Act for FY2016—failed by a vote of 31-65. The amendment was later withdrawn, but has been characterized as a "test vote" on bipartisan support in the Senate for Ex-Im Bank reauthorization.²⁴⁴

In April 2014, the Obama Administration submitted a legislative proposal to Congress requesting a five-year renewal of Ex-Im Bank's authority (to FY2019) and an increase in its exposure cap incrementally to $160 billion by FY2018.²⁴⁵ In addition to certain amendments characterized as "technical corrections," other provisions include the following:

Since then, the Administration has issued various statements expressing support for Ex-Im Bank. For example, in June 30, 2015, the Administration stated that Ex-Im Bank is "a critical tool in the bipartisan trade agenda that helps U.S. businesses succeed in global markets and grow their exports."²⁴⁶

General Resources

Budget and Appropriations

Law (Bill Number)

Sunset Date

Final Legislative Action

Senate

House

July 31, 1945

Passed on July 20, 1945 (91 Cong. Rec. 7841)

Passed by division vote on July 13, 1945; Yeas 102, Nays 6 (91 Cong. Rec. 7548)

Export-Import Bank Reincorporation

June 9, 1947

June 30, 1953

Passed on April 21, 1947 (93 Cong. Rec. 3711)

Passed on June 2, 1947 (93 Cong. Rec. 6214)

Passed on September 7, 1951 (97 Cong. Rec. 11062)

Passed on September 25, 1951; Roll #182, Yeas 259, Nays 69, Not Voting 102 (97 Cong. Rec. 12077)

P.L. 85-55 (H.R. 4136), 71 Stat. 82

Export-Import Bank Act of 1945, Amendment

June 17, 1957

June 30, 1963

That section 8 of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635f), is amended by striking out "June 30, 1958" and inserting in lieu thereof "June 30, 1963".

Passed on June 5, 1957 (103 Cong. Rec. 8376)

Passed on April 9, 1957 (103 Cong. Rec. 5389)

P.L. 88-101 (H.R. 3872), §2, 77 Stat. 128

Export-Import Bank Act of 1945, Amendment

August 20, 1963

June 30, 1968

Sec. 2. Section 8 of the Export-Import Bank Act of 1945 is amended by striking out "June 30, 1963" and inserting in lieu thereof "June 30, 1968".

Conference Report agreed to on August 15, 1963 (109 Cong. Rec. 15183)

Conference Report agreed to on August 19, 1963 (109 Cong. Rec. 15315)

P.L. 90-267 (S. 1155), §1(f), 82 Stat. 49

Export-Import Bank Act of 1945, Amendment

March 13, 1968

June 30, 1973

SECTION 1. The Export-Import Bank Act of 1945 is amended-

(f) By changing, in section 8 of that Act, "June 30, 1968" to read "June 30, 1973".

Conference Report agreed to on February 21, 1968 (114 Cong. Rec. 3836)

Conference Report agreed to on February 27, 1963 (114 Cong. Rec. 4308)

P.L. 92-126 (S. 581), §1(b)(4), 85 Stat. 345

Export Expansion Finance Act of 1971

August 17, 1971

June 30, 1974

(b) The Export-Import Bank Act of 1945 (12 U.S.C. 635 and following) is amended as follows:

(4) Section 8 of such Act is amended by striking out "June 30, 1973" and inserting in lieu thereof "June 30, 1974", [ ... ]

Conference Report agreed to on August 2, 1971 (117 Cong. Rec. 28810)

Conference Report agreed to on August 5, 1971; Roll #246; Yeas 219, Nays 140, Not Voting 74 (117 Cong. Rec. 29795)

P.L. 93-331 (S.J.Res. 218), 88 Stat. 289

Export-Import Bank Act of 1945, Amendment

July 4, 1974

July 30, 1974

That section 8 of the Export-Import Bank Act of 1945 is amended by striking out "June 30" and inserting in lieu thereof "July 30".

Passed on June 26, 1974

Passed on July 1, 1974; Roll #358; Yeas 238, Nays 115, Not Voting 80, Present 1

P.L. 93-374 (S.J.Res. 229), 88 Stat. 445

Export-Import Bank Act of 1945, Amendment

August 14, 1974

September 30, 1974

That section 8 of the Export-Import Bank Act of 1945 is amended by striking out "July 30" and inserting in lieu thereof "September 30".

Agreed to House amendment on August 7, 1974

Passed with an amendment on August 5, 1974; Roll #447; Yeas 271, Nays 113, Not Voting 50

P.L. 93-425 (S.J.Res. 244), 88 Stat. 1166

Export-Import Bank Act of 1945, Amendment

September 30, 1974

October 15, 1974

That section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking "September 30, 1974" and inserting in lieu thereof "October 15, 1974".

Passed on September 24, 1974

Passed on September 25, 1974

P.L. 93-450 (S.J.Res. 251), 88 Stat. 1368

Export-Import Bank Act of 1945, Amendment

October 18, 1974

November 30, 1974

That section 8 of the Export-Import Bank Act of 1945 is amended by striking out "October 15, 1974" and inserting in lieu thereof "November 30, 1974": [ ... ].

Passed on October 10, 1974

Passed on October 15, 1974

P.L. 93-646 (H.R. 15977), §9, 88 Stat. 2336

Export-Import Bank Amendments of 1974

January 4, 1975

June 30, 1978

SEC. 9. Section 8 of the Export-Import Bank Act of 1945 is amended by striking out "November 30, 1974" and inserting in lieu thereof "June 30, 1978".

Third Conference Report agreed to on December 19, 1974; Record Vote #575; Yeas 71, Nays 24, Not Voting 5

Third Conference Report agreed to on December 18, 1974; Roll #711; Yeas 280, Nays 96, Not Voting 58

P.L. 95-143 (H.R. 6415), §4, 91 Stat. 1211

Export-Import Bank Act of 1945, Amendment

October 26, 1977

September 30, 1978

SEC. 4. Section 8 of the Export-Import Bank Act of 1945 is amended by striking out "June 30" and inserting in lieu thereof "September 30", [ ... ]."

Conference Report agreed to on September 23, 1977

Conference Report agreed to on October 14, 1977; Roll #654; Yeas 281, Nays 62, Not Voting 91

P.L. 95-407 (H.J.Res. 1140), 92 Stat. 882

Export-Import Bank Act of 1945, Amendment

September 30, 1978

December 31, 1978

That section 8 of the Export-Import Bank Act of 1945 is amended by striking out "September 30" and inserting in lieu thereof "December 31".

Passed on September 29, 1978

Passed on September 28, 1978

P.L. 95-630 (H.R. 14279), Title XIX, §1906, 92 Stat. 3725

Financial Institutions Regulatory and Interest Rate Control Act of 1978; Title XIX - Export-Import Bank Act Amendments of 1978

November 10, 1978

September 30, 1983

SEC. 1906. Section 8 of the Export-Import Bank Act of 1945 is amended by striking out "December 31, 1978" and inserting in lieu thereof "September 30. 1983".

Concurred in House amendments to Senate amendments on October 14, 1978

Passed on motion to suspend the rules and agree to a resolution providing that the House concur in Senate amendments with amendments on October 14, 1978; Roll #930; Yeas 341, Nays 32, Not Voting 48, Present 9

P.L. 98-109 (H.J.Res. 366), §6, 97 Stat. 746

Export-Import Bank Act of 1945, Amendment

October 1, 1983

October 31, 1983

SEC. 6. Section 8 of the Export-Import Bank Act of 1945 is amended by striking out "September 30, 1983" and inserting in lieu thereof "October 31, 1983".

Passed with an amendment on September 29, 1983

Agreed to Senate amendment September 30, 1983.

P.L. 98-143 (S.J.Res. 189), 97 Stat. 916

Export-Import Bank Act of 1945, Amendment

November 1, 1983

November 18, 1983

That section 8 of the Export-Import Bank Act of 1945 is amended by striking out "October 31, 1983" and inserting in lieu thereof "November 18, 1983".

Passed on October 28, 1983

Passed on October 31, 1983

P.L. 98-181 (H.R. 3959), Title VI, §611, 97 Stat. 1254

Supplemental Appropriations Act, 1984; Title VI - Export-Import Bank Act Amendments of 1983

November 30, 1983

September 30, 1986

SEC. 611. Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking out "November 18, 1983" and inserting in lieu thereof "September 30, 1986".

Concurred in House amendment to a Senate amendment reported in disagreement from conference with an amendment containing the Export-Import provision and other matters on November 17, 1983; Record Vote #374; Yeas 67, Nays 30, Not Voting 3

Agreed to a resolution providing that the House concur in the Senate amendment to the House amendment to the Senate amendment reported in disagreement from the conference on November 18, 1983; Roll #532; Yeas 226, Nays 186

P.L. 99-472 (H.R. 5548), §14, 100 Stat. 1204

Export-Import Bank Act Amendments of 1986

October 15, 1986

September 30, 1992

SEC. 14. EXTENSION OF CHARTER.

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking out "September 30, 1986" and inserting in lieu thereof "September 30, 1992".

Conference Report agreed to on October 7, 1983

Conference Report agreed to on October 2, 1983

P.L. 102-429 (H.R. 5739), Title I, §§102, 121(c)(2), 106 Stat. 2187, 2199

Export Enhancement Act of 1992

October 21, 1992

September 30, 1997

SEC. 102. EXTENSION OF AUTHORITY.

Section 8 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking "1992" and inserting "1997".

SEC. 121. ELIMINATION OF OUTDATED PROVISIONS.

(C) REPEAL OF CERTAIN OUTDATED SECTIONS.-The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended-

(2) by redesignating sections 6 through 9 as sections 5 through 8, respectively;

Conference Report agreed to on October 8, 1992

Conference Report agreed to on October 6, 1992; Roll #483; Yeas 332, Nays 44, Not Voting 56

P.L. 105-46 (H.J.Res. 94), §122, 111 Stat. 1158

Continuing Appropriations for FY1998

September 30, 1997

October 23, 1997

SEC. 122. Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C.635f) is amended by striking "1997" and inserting "October 23, 1997".

Passed on September 30, 1997; Record Vote #261; Yeas 99, Nays 0

Passed on September 29, 1997; Roll #461; Yeas 355, Nays 57, Not Voting 21

P.L. 105-121 (S. 1026), §2(a), 111 Stat. 2528

Export-Import Bank Reauthorization Act of 1997

November 26, 1997

September 30, 2001

SEC. 2. EXTENSION OF AUTHORITY.

(a) IN GENERAL.-Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking "until" and all that follows through "but" and inserting "until the close of business on September 30, 2001, but".

Conference Report agreed to on November 8, 1997

Conference Report agreed to on November 9, 1997

P.L. 107-189 (S. 1372), §3, 116 Stat. 699

Export-Import Bank Reauthorization Act of 2002

June 14, 2002

September 30, 2006

SEC. 3. EXTENSION OF AUTHORITY.

Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking "2001" and inserting "2006".

Conference Report agreed to on June 6, 2002

Conference Report agreed to on June 5, 2002; Roll #210; Yeas 344, Nays 78, Not Voting 12

P.L. 109-438 (S. 3938), §2, 120 Stat. 3268

Export-Import Bank Reauthorization Act of 2006

December 20, 2006

September 30, 2011

SEC. 2. EXTENSION OF AUTHORITY.

Section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) is amended by striking "2006" and inserting "2011".

Concurred in House amendment on December 6, 2006

Passed with an amendment on December 6, 2006

P.L. 112-122 (H.R. 2072), §2, 126 Stat. 350

Export-Import Bank Reauthorization Act of 2012

May 30, 2012

September 30, 2014

SEC. 2. 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 ''2014".

Passed on May 15, 2012; Record Vote #96; Yeas 78, Nays 20, Not Voting 2

Passed on motion to suspend the rules and pass the bill as amended on May 9, 2012, Roll #224; Yeas 330, Nays 93, Not Voting 8

Law (Bill Number)

Sunset Date

Final Legislative Action

Senate

House

P.L. 102-391 (H.R. 5368), Title IV, 106 Stat. 1655²⁵⁰

Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1993

October 6, 1992

The Export-Import Bank of the United States is authorized to make such expenditures within the limits of funds and borrowing authority available to such corporation, and in accordance with law, [ ... ]."

Conference Report agreed to on October 5, 1992

Conference Report agreed to on October 5, 1992; Roll #470; Yeas 312, Nays 105, Not Voting 15

P.L. 105-64 (H.J.Res. 97), 111 Stat. 1343

Further Continuing Appropriations, FY1998

October 23, 1997

November 7, 1997

That section 106(3) of P.L. 105-46 is amended by striking "October 23, 1997" and inserting in lieu thereof "November 7, 1997", and each provision amended by sections 118, 122, and 123 of such public law shall be applied as if "November 7, 1997" was substituted for "October 23, 1997".

Passed on October 23, 1997; Record Vote #276; Yeas 100, Nays 0

Passed on October 22, 1997

P.L. 105-68 (H.J.Res. 101), 111 Stat. 1453

Further Continuing Appropriations, FY1998

November 7, 1997

November 9, 1997

That section 106(3) of P.L. 105-46 is further amended by striking "November 7, 1997" and inserting in lieu thereof "November 9, 1997", and each provision amended by sections 122 and 123 of such public law shall be applied as if "November 9, 1997" was substituted for "October 23, 1997".

Passed on November 7, 1997

Passed on November 7, 1997

P.L. 105-69 (H.J.Res. 104), 111 Stat. 1454

Further Continuing Appropriations, FY1998

November 9, 1997

November 10, 1997

That section 106(3) of P.L. 105-46 is further amended by striking "November 9, 1997" and inserting in lieu thereof "November 10, 1997", and each provision amended by sections 122 and 123 of such public law shall be applied as if "November 10, 1997" was substituted for "October 23, 1997".

Passed on November 9, 1997

Passed on November 9, 1997

P.L. 105-71 (H.J.Res. 105), 111 Stat. 1456

Further Continuing Appropriations, FY1998

November 10, 1997

November 14, 1997

That section 106(3) of P.L. 105-46 is further amended by striking "November 10, 1997" and inserting in lieu thereof "November 14, 1997", and each provision amended by sections 122 and 123 of such public law shall be applied as if "November 14, 1997" was substituted for "October 23, 1997".

Passed on November10, 1997

Passed on November 10, 1997

P.L. 105-84 (H.J.Res. 106), 111 Stat. 1628

Further Continuing Appropriations, FY1998

November 14, 1997

November 26, 1997

That section 106(3) of P.L. 105-46 is further amended by striking "November 14, 1997" and inserting in lieu thereof "November 26, 1997", and each provision amended by sections 122 and 123 of such public law shall be applied as if "November 26, 1997" was substituted for "October 23, 1997".

Passed on November13, 1997

Passed on November 13, 1997

P.L. 107-44 (H.J.Res. 65), §§107, 115, 115 Stat. 255, 256

Continuing Appropriations, FY2002

September 28, 2001

October 16, 2001

SEC. 107. Unless otherwise provided for in this joint resolution or in the applicable appropriations Act, appropriations and funds made available and authority granted pursuant to this joint resolution shall be available until (a) enactment into law of an appropriation for any project or activity provided for in this joint resolution, or (b) the enactment into law of the applicable appropriations Act by both Houses without any provision for such project or activity, or (c) October 16, 2001, whichever first occurs.

SEC. 115. Activities authorized by section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 635f) and section 1(c) of P.L. 103-428, may continue through the date specified in section 107(c) of this joint resolution.

Passed on September 25, 2001

Passed on September 24, 2001; Roll #350; Yeas 392, Nays 0, Not Voting 38

P.L. 107-48 (H.J.Res. 68), 115 Stat. 261

Continuing Appropriations, FY2002

October 12, 2001

October 23, 2001

That P.L. 107-44 is amended by striking "October 16, 2001" in section 107(c) and inserting in lieu thereof "October 23, 2001";

[ ... ] by striking section 115 and adding the following:

Passed on October 12, 2001

Passed on October 11, 2001

October 22, 2001

October 31, 2001

That P.L. 107-44 is further amended by striking the date specified in section 107(c) and inserting in lieu thereof 'October 31, 2001'.

Passed on October 17, 2001

Passed on October 17, 2001

P.L. 107-58 (H.J.Res. 70), 115 Stat. 406

Continuing Appropriations, FY2002

October 31, 2001

November 16, 2001

Passed on October 25, 2001

Passed on October 25, 2001

P.L. 107-70 (H.J.Res. 74), 115 Stat. 596

Continuing Appropriations, FY2002

November 17, 2001

December 7, 2001

Passed on November 15, 2001

Passed on November 15, 2001

P.L. 107-79 (H.J.Res. 76), 115 Stat. 809

Continuing Appropriations, FY2002

December 7, 2001

December 15, 2001

Passed on December 5, 2001

Passed on December 5, 2001

December 15, 2001

December 21, 2001

That P.L. 107-44 is further amended by striking the date specified in section 107(c) and inserting in lieu thereof ''December 21, 2001".

Passed on December 14, 2001

Passed on December 13, 2001

P.L. 107-97 (H.J.Res. 79), 115 Stat. 960

Continuing Appropriations, FY2002

December 21, 2001

January 10, 2002

Passed on December 20, 2001

Passed on December 20, 2001

P.L. 107-115 (H.R. 2506), §588, 115 Stat. 2174

Foreign Operations, Export Financing, and Related Programs Appropriations Act, FY2002

January 10, 2002

March 31, 2002

Conference Report agreed to on December 20, 2001

Conference Report agreed to on December 19, 2001; Roll #505; Yeas 357, Nays 66, Not Voting 11

P.L. 107-156 (S. 2019), §1, 116 Stat. 117

Export-Import Bank Act of 1945, Extension

March 31, 2002

April 30, 2002

SECTION 1. EXTENSION OF EXPORT-IMPORT BANK

Passed on March 14, 2002

Passed on March 19, 2002

P.L. 107-168 (S. 2248), §1, 116 Stat. 131

Export-Import Bank Act of 1945, Extension

May 1, 2002

May 31, 2002

SECTION 1. EXTENSION OF EXPORT-IMPORT BANK.

Passed on April 24, 2002

Passed on April 30, 2002; Roll #118; Yeas 318, Nays 92, Not Voting 24

May 30, 2002

June 14, 2002

SECTION 1. EXTENSION OF EXPORT-IMPORT BANK

Passed on May 22, 2002

Passed on May 21, 2002

P.L. 109-289 (H.R. 5631), Div. B, §106, 120 Stat. 1313

Department of Defense Appropriations Act, 2007

Division B-Continuing Appropriations Resolution, 2007

September 29, 2006

November 17, 2006

SEC. 106. Unless otherwise provided for in this division or in the applicable appropriations Act, appropriations and funds made available and authority granted pursuant to this division shall be available until whichever of the following first occurs: (1) the enactment into law of an appropriation for any project or activity provided for in this division; (2) the enactment into law of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) November 17, 2006.

Conference Report agreed to on September 29, 2006; Record Vote #261; Yeas 100, Nays 0

Conference Report agreed to on September 26, 2006; Roll #486; Yeas 394, Nays 22, Not Voting 16

P.L. 109-369 (H.J.Res. 100), 120 Stat. 2642

Further Continuing Appropriations, FY2007

November 17, 2006

December 8, 2006

Passed on November 15, 2006

Passed on November 15, 2006

P.L. 109-383 (H.J.Res. 102), 120 Stat. 2678

Further Continuing Appropriations, FY2007

December 9, 2006

February 15, 2007

Passed on December 9, 2006

Passed on December 8, 2006; Roll #540; Yeas 370, Nays 20, Not Voting 43

Sec. 137. The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) shall be applied by substituting the date specified in section 106(3) of this Act for "September 30, 2011" in section 7 of such Act.

Passed with an amendment and an amendment to the Title on September 26, 2011

Passed on a motion to agree to the Senate amendments on September 29, 2011

P.L. 112-36, (H.R. 2608), §106, 125 Stat. 387

Continuing Appropriations Act, 2012

October 5, 2011

November 18, 2011

Sec. 106. Unless otherwise provided for in this Act or in the applicable appropriations Act for fiscal year 2012, appropriations and funds made available and authority granted pursuant to this Act shall be available until whichever of the following first occurs: (1) the enactment into law of an appropriation for any project or activity provided for in this Act; (2) the enactment into law of the applicable appropriations Act for fiscal year 2012 without any provision for such project or activity; or (3) November 18, 2011.

Concurred in the House amendment to the Senate amendment on September 26, 2011; Record Vote #153; Yeas 79, Nays 12, Not Voting 9

Agreed to the Senate amendment to the House amendment to the Senate amendment on October 4, 2011; Roll #745; Yeas 352, Nays 66, Not Voting 15

P.L. 112-55 (H.R. 2112), Div. D, §101, 125 Stat. 710

Consolidated and Further Continuing Appropriations Act, 2012

Division D—Further Continuing Appropriations, 2012

November 18, 2011

December 16, 2011

Sec. 101. The Continuing Appropriations Act, 2012 (P.L. 112-36) is amended by striking the date specified in section 106(3) and inserting "December 16, 2011".

Conference Report agreed to on November 17, 2011; Roll #208; Yeas 70, Nays 30

Conference Report agreed to on November 17, 2011; Roll #857; Yeas 298, Nays 121, Not Voting 14

P.L. 112-67 (H.J.Res. 94), 125 Stat. 769

Further Continuing Appropriations Act, 2012

December 16, 2011

December 17, 2011

Passed on December 16, 2011

Passed on December 16, 2011

P.L. 112-68 (H.J.Res. 95), 125 Stat. 770

Further Continuing Appropriations Act, 2012

December 17, 2011

December 23, 2011

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Continuing Appropriations Act, 2012 (P.L. 112-36) is further amended by striking the date specified in section 106(3) and inserting "December 23, 2011".

Passed on December 17, 2011

Passed on December 16, 2011

P.L. 112-74 (H.R. 2055), Title VI, 125 Stat. 1191

Consolidated Appropriations Act, 2012

Title VI – Export and Investment Assistance

December 23, 2011

May 31, 2012

TITLE VI - EXPORT AND INVESTMENT ASSISTANCE

Provided further, That notwithstanding the dates specified in section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 6350 and section 1(c) of P.L. 103-428), the Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes through May 31, 2012.

Conference Report agreed to on December 17, 2011; Record Vote #235; Yeas 67, Nays 32, Not Voting 1

Conference Report agreed to on December 16, 2011; Roll #941, Yeas 296, Nays 121

Continuing Appropriations Resolution, 2015

September 19, 2014

June 30, 2015

SEC. 147. The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) shall be applied through June 30, 2015, by substituting such date for ''September 30, 2014" in section 7 of such Act.

Passed on September 18, 2014

Passed on September 17, 2014

Author Contact Information

Footnotes

12 U.S.C. §635(a)(1). A U.S. government corporation is a government agency established by Congress to provide market-oriented public services and to produce revenues that meet or approximate expenditures. See CRS Report RL30365, Federal Government Corporations: An Overview, by [author name scrubbed].

12 U.S.C. §635(a)(1).

12 U.S.C. §635k.

Information in this section draws from previously developed language by [author name scrubbed], Specialist in International Trade and Finance.

National Archives, "Records of the Export-Import Bank of the United States," http://www.archives.gov/research/guide-fed-records/groups/275.html.

Jordan Jay Hillman, The Export-Import Bank at Work: Promotional Financing in the Public Sector (Westport 1982); and Ex-Im Bank, "80^th Anniversary" history webpages, http://archive.exim.gov/about/whoweare/anniversary/History/1930s.cfm.

12 U.S.C. §635a(b) and 12 U.S.C. §635a(c).

Ex-Im Bank, "Ex-Im Bank Headquarters," http://www.exim.gov/contact/headquarters.

Ex-Im Bank, "Regional Export Finance Centers," http://www.exim.gov/contact/regional-export-finance-centers; and Export-Import Bank of the United States Annual Report 2013, p. 14 and p. 85.

For example, Ex-Im Bank has delegated authority for underwriting many short-term transactions directly to Ex-Im Bank-approved private sector lenders.

12 U.S.C. §635a(c). Ex-Im Bank, "Board of Directors," http://www.exim.gov/about/leadership/board-of-directors.

12 U.S.C. §635a(d). Ex-Im Bank, "Advisory Committee," http://www.exim.gov/about/leadership/advisory-committee.

12 U.S.C. §635(b)(9)(B). Ex-Im Bank, "Sub-Saharan Africa Advisory Committee," http://www.exim.gov/about/whoweare/leadership/sub-saharan-africa-advisory-committee.cfm.

OMB, Budget of the United States Government, Fiscal Year 2016, Appendix, "Other Independent Agencies."

World Trade Organization (WTO), "Trade Finance: The Challenges of Trade Financing," http://www.wto.org/english/thewto_e/coher_e/tr_finance_e.htm.

Gary Clyde Hufbauer, Meera Fickling, and Woan Foong Wong, Revitalizing the Export-Import Bank, Peterson Institute for International Economics, May 2011, p. 1, http://www.iie.com/publications/pb/pb11-06.pdf.

See CRS Report R41495, U.S. Government Agencies Involved in Export Promotion: Overview and Issues for Congress, coordinated by [author name scrubbed].

See CRS Report R43155, Small Business Administration Trade and Export Promotion Programs, by [author name scrubbed].

See CRS Report 98-567, The Overseas Private Investment Corporation: Background and Legislative Issues, by [author name scrubbed].

12 U.S.C. §635(a).

Ex-Im Bank, "Get Started," http://exim.gov/get-started#what.

See excerpt from Jordan Jay Hillman, The Export-Import Bank at Work, Westport: Quorum Books, 1982, pp. 31-32:

The era [1945 - 1953] cannot be brought to its conclusion without mention of imports—in name and formal statutory status constituting one-half of [Ex-Im Bank's] mission. Moreover, if trade-oriented exports were ever to be supported, this was the time. It was, after all, an era when a dominant goal of foreign lending programs was to increase the dollar earning capacity of recipient countries. Nevertheless, even in this period when imports were seen as a positive factor in reducing an excessive U.S. trade surplus, [Ex-Im Bank's] role in financing import trade, as such, was negligible. In general, the Bank considered commercial bank credits adequate for transactions at risk levels that the Bank itself was otherwise likely to undertake. Import trade, of course, involved the financing of U.S. domestic buyers. They presented neither the credit information nor security enforcement problems associated at the time with overseas credit. It thus remained the view of the Bank that efforts to aid and facilitate foreign sales in the United States were best directed to increasing the productive capabilities of foreign countries. Import trade transactions financed by [Ex-Im Bank] were, and were to remain, negligible.

U.S. Government Accountability Office (GAO), Export-Import Bank: Additional Analysis and Information Could Better Inform Congress on Exposure, Risk, and Resources, GAO-13-620, May 2013, p. 5, http://www.gao.gov/assets/660/654925.pdf.

Ibid.

Ex-Im Bank, "Export Credit Insurance," http://www.exim.gov/what-we-do/export-credit-insurance.

A CIRR is the official lending rates of ECAs. It is a market-related fixed rate calculated monthly using a government's borrowing cost plus a basis points spread (bps) that depends on the tenor of the transaction. A CIRR is set for each currency based on the borrowing cost of the government of the government that uses that currency, i.e., it is based on government bonds issued in the country's domestic market for its currency. For the U.S. dollar, the CIRR is based on the U.S. Treasury bond rate. CIRR rates are available at: http://www.exim.gov/tools-for-exporters/commercial-interest-reference-rates/prior-cirr-rates.

Ex-Im Bank, Report to the U.S. Congress on Global Export Credit Competition, for the period January 1, 2014 through December 31, 2014), June 2015, p. 40 (hereinafter referred to as Ex-Im Bank, 2014 Competitiveness Report, June 2015), http://www.exim.gov/sites/default/files/reports/EXIM%202014CompetReport_0611.pdf.

GAO, Export-Import Bank: Recent Growth Underscores Need for Continued Improvements in Risk Management, GAO-13-303, March 2013, p. 27, http://www.gao.gov/assets/660/653373.pdf.

Export-Import Bank of the United States Annual Report 2014, p. 54. As an example of delegated authority, Ex-Im Bank delegates the authority for underwriting most of short-term transactions directly to Ex-Im Bank-approved private sector lenders. See GAO, Export-Import Bank: Recent Growth Underscores Need for Continued Improvements in Risk Management, GAO-13-303, March 2013, pp. 7-8, http://www.gao.gov/products/GAO-13-303.

GAO, Export-Import Bank: Recent Growth Underscores Need for Continued Improvements in Risk Management, GAO-13-303, March 2013, p. 40; and CRS meeting with Ex-Im Bank, April 7, 2014.

Ibid.

The Basel III international regulatory framework is part of a series of evolving agreements among central banks and bank supervisory authorities to standardize bank capital requirements, among other measures. See CRS Report R42744, U.S. Implementation of the Basel Capital Regulatory Framework, by [author name scrubbed].

Ex-Im Bank, Report to the U.S. Congress on Export Credit Competition and the Export-Import Bank of the United States, For the Period January 1, 2013 through December 31, 2013, June 2014, pp. 12-14 (hereinafter referred to as Ex-Im Bank, 2013 Competitiveness Report, June 2014), http://www.exim.gov/about/library/reports/competitivenessreports/upload/Ex-Im-Bank-2013-Competitiveness-Report-to-Congress-Complete.pdf.

Export-Import Bank of the United States Annual Report 2014, p. 7.

12 U.S.C. §635(b)(1)(B).

12 U.S.C. §635a-2; 12 U.S.C. §635(b)(1)(B); 12 U.S.C. §635(e)(1); 12 U.S.C. §635(e)(2); and 12 U.S.C. §635(e)(3).

12 U.S.C. §635i-5.

Ex-Im Bank's content policy is based on its core jobs mandate, found in 12 U.S.C. §635(a)(1).

Public Resolution 17 of the 73^rd Congress; P.L. 109-304.

12 U.S.C. §635(b)(1)(E)(v).

12 U.S.C. §635(b)(1)(K) and appropriations language.

12 U.S.C. §635(b)(9)(A).

12 U.S.C. §635(b)(3).

12 U.S.C. §635g and 12 U.S.C. §635g-1.

See Organization for Economic Cooperation and Development (OECD), "The Arrangement on Export Credits," http://www.oecd.org/tad/xcred/arrangement.htm; and CRS Report RS21128, The Organization for Economic Cooperation and Development, by [author name scrubbed].

The current participants to the OECD Arrangement are Australia, Canada, the European Union, Japan, New Zealand, Norway, South Korea, Switzerland, and the United States. Brazil is a full participant to the Sector Understanding on Export Credits for Civil Aircraft.

Ex-Im Bank, "Country Limitation Schedule," http://www.exim.gov/tools-for-exporters/country-limitation-schedule.

For example, Ex-Im Bank is active in China, although Ex-Im Bank's charter, in 12 U.S.C. §635(b)(2)(B), identifies China as a "Marxist-Leninist" country. In 1980, President Carter determined that providing financial assistance to China would be in the national interest, sufficient to satisfy the requirements in Ex-Im Bank's charter. See Presidential Determination No. 80-15, April 2, 1980, http://history.state.gov/historicaldocuments/frus1977-80v13/d307.

12 U.S.C. §635(b)(2); 12 U.S.C. §635(b)(5); and 12 U.S.C. §635(b)(10).

Ex-Im Bank, 2013 Competitiveness Report, June 2014, p. 88.

12 U.S.C. §635a-2.

12 U.S.C. §635(b)(1)(B).

12 U.S.C. §635(e)(2).

12 U.S.C. §635(e)(3).

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 69.

Ibid.

Veronique de Rugy and Andrea Castillo, The US Export-Import Bank: A Review of the Debate over Reauthorization, Mercatus Center at George Mason University, July 16, 2014, pp. 12-14, http://mercatus.org/sites/default/files/deRugy-Ex-ImReview.pdf; and U.S. Congress, House Committee on Financial Services, Testimony of Richard H. Anderson, Chief Executive Officer of Delta Air Lines, Hearing entitled "Assessing Reauthorization at the Export-Import Bank: Corporate Necessity or Corporate Welfare?", 113^th Cong., 2^nd sess., June 26, 2014, p. 5, http://financialservices.house.gov/uploadedfiles/hhrg-113-ba00-wstate-randerson-20140625.pdf.

For a general background, see GAO, Export-Import Bank: Information on Export Credit Agency Financing Support for Wide-Body Jets, GAO-14-642R, July 8, 2014, http://www.gao.gov/products/GAO-14-642R.

Ex-Im Bank, 2013 Competitiveness Report, June 2014, p. 41.

See, e.g., Delta Air Lines, Inc. v. Export-Import Bank of the United States, 2015 U.S. Dist. LEXIS 40109 (D.D.C. 2015).

12 U.S.C. §635i-5.

Ex-Im Bank, 2013 Competitiveness Report, June 2014, pp. 54 and 146-147.

For example, see Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 61.

The White House, "FACT SHEET: President Obama's Climate Action Plan," press release, June 25, 2013, http://www.whitehouse.gov/the-press-office/2013/06/25/fact-sheet-president-obama-s-climate-action-plan; and CRS Report R43120, President Obama's Climate Action Plan, coordinated by [author name scrubbed]. The plan called for the United States to "[lead] global sector public financing towards cleaner energy by calling for the end of U.S. government support for public financing of new coal-fired powers plants overseas, except for the most efficient coal technology available in the world's poorest countries, or facilities deploying carbon capture and sequestration technologies."

The FY2014 appropriations act (§7081(4)(C) of P.L. 113-76) also contained this prohibition.

The World Bank's FY2015 is July 1, 2014 to June 30, 2015.

12 U.S.C. §635(b)(1)(E)(v).

12 U.S.C. §635(b)(1)(E)(v) states: "... the Bank shall make available, from the aggregate loan, guarantee, and insurance authority available to it, an amount to finance exports directly by small business concerns (as defined under section 632 of title 15) which shall be not less than 20 percent of such authority for each fiscal year. From the amount made available under the preceding sentence, it shall be a goal of the Bank to increase the amount made available to finance exports directly by small business concerns referred to in section 635a(i)(1) of this title." 12 U.S.C. §635a(i) refers to "socially and economically disadvantaged small business concerns" and "small business concerns owned by women."

GAO, Export-Import Bank: Performance Standards for Small Business Assistance Are in Place but Ex-Im Is in the Early Stages of Measuring Their Effectiveness, GAO-08-915, July 2008, p. 10 (footnote), http://www.gao.gov/assets/280/278336.pdf.

GAO, Export-Import Bank: Reaching New Targets for Environmentally Beneficial Exports Presents Major Challenges for the Bank, GAO-10,682, July 2010, http://www.gao.gov/assets/310/307160.pdf.

12 U.S.C. §635(b)(9)(A).

12 U.S.C. §635(b)(9)(B)(i).

12 U.S.C. §635(b)(9)(B)(iii). Although the explicit Sub-Saharan Africa Advisory Committee authority has expired, Ex-Im Bank likely would be permitted to continue similar authority pursuant to 5 U.S.C. Appendix—Federal Advisory Committee Act; 86 Stat. 770, as amended. See CRS Report R40520, Federal Advisory Committees: An Overview, by [author name scrubbed].

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 71; and Ex-Im Bank, "Medium- and long-term content policy," http://www.exim.gov/policies/content/medium-and-long-term.

Ex-Im Bank, "Short-term content policy," http://www.exim.gov/policies/content/short-term-content-policy.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 74.

Ibid., p. 75.

Ibid.

12 U.S.C. §635(b)(6). For a brief historical treatment, see U.S. Congress, House Committee on Foreign Affairs, Subcommittee on Terrorism, Nonproliferation, and Trade, Written Testimony of Fred P. Hochberg - President and Chairman, Export-Import Bank of the United States, Hearing on "Trade Promotion Agencies and U.S. Foreign Policy", 114th Cong., 1st sess., May 19, 2015, p. 2.

Ibid.

12 U.S.C. §635(b)(6).

12 U.S.C. §635 note.

GAO, Export-Import Bank: Monitoring of Dual-Use Exports Should be Improved, GAO-14-719, August 2014, p. 1, http://gao.gov/assets/670/665476.pdf.

GAO, Export-Import Bank: Status of Actions to Address GAO Recommendations since the Bank's 2012 Reauthorization, GAO-15-557T, April 15, 2015, p. 11.

Codified as 46 U.S.C. 55304, by P.L. 109-304, October 6, 2006.

Ex-Im Bank, "Ex-Im Bank Policies: Shipping Requirements (MARAD)," http://www.exim.gov/policies/us-flag-shipping-requirements; and Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 81. For background, see CRS Report R44254, Cargo Preferences for U.S.-Flag Shipping, by [author name scrubbed].

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 83.

Ibid.

Ibid., p. 2.

Ibid., pp. 1-2.

According to Ex-Im Bank, it generally does not include analysis of short-term transactions because of "wide disparities in countries' practices in that sphere which render comparison of limited usefulness." The OECD Arrangement provides guidelines for official ECA support that has repayment terms of two years or more.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, pp. 15-17.

These OECD ECAs were of the United States and the other G-7 ECAs and certain other OECD ECAs (e.g., Austria, Denmark, Finland, the Netherlands, Norway, South Korea, Spain, and Sweden).

The United States provides certain investment support through a separate entity, the Overseas Private Investment Corporation (OPIC), in contrast to some other countries, which provide both export and investment support through the same entity. For more information, see CRS Report 98-567, The Overseas Private Investment Corporation: Background and Legislative Issues, by [author name scrubbed].

Ex-Im Bank, 2014 Competitiveness Report, June 2015, pp. 15-17.

These emerging markets, while not members of the OECD, may have observer status during some OECD meetings. The OECD has offered them "enhanced engagement" with a view towards possible accession. Brazil, furthermore, is a member of the OECD Aircraft Sector Understanding.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, pp. 15-17.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 18. ECA volumes for OECD countries reported by Ex-Im Bank reflect activity that is regulated by the OECD Arrangement.

Ibid.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 19. ECA volumes for non-OECD countries reported by Ex-Im Bank reflect what activity would be regulated by the OECD Arrangement.

The Group of Seven (G-7) countries consist of the United States, Canada, France, Germany, Italy, Japan, and the United States.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, p. 19.

Office of the U.S. Trade Representative, The Organization for Economic Cooperation and Development (OECD), http://www.ustr.gov/trade-agreements/wto-multilateral-affairs/oecd.

Ibid.

Ibid.

12 U.S.C. §635a-5(a)(1).

12 U.S.C. §635a-5(a)(2).

The Aircraft Sector Understanding (ASU) is an agreement among the United States, the EU, Canada, Brazil, and other countries that sets terms and conditions for government-backed export financing for aircraft. It has been updated a number of times, most recently in 2011, with the goal of leveling the playing field among ECA-supported aircraft financing. GAO, Export-Import Bank: Information on Export Credit Agency Financing Support for Wide-Body Jets, GAO-14-642R, July 8, 2014, http://www.gao.gov/products/GAO-14-642R.

The White House, "White House Fact Sheet on U.S.-China Economic Relations," press release, November 12, 2014, http://www.whitehouse.gov/the-press-office/2014/11/12/fact-sheet-us-china-economic-relations/.

Treasury Report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on Export Credit Negotiations, December 2013.

Treasury Report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on Export Credit Negotiations, December 2014.

See U.S. Congress, House Committee on Financial Services, Testimony of Richard B. Hirst, Executive Vice President and Chief Legal Office, Delta Air Lines, Hearing entitled "Examining the Export-Import Bank's Reauthorization Request and the Government's Role in Export Financing", 114th Cong., 1st sess., June 3, 2007, p. 3.

12 U.S.C. §635e(F)(ii).

GAO, Export-Import Bank: Recent Growth Underscores Need for Continued Improvements in Risk Management, GAO-13-303, March 2013, pp. 14-20, http://www.gao.gov/products/GAO-13-303 (hereinafter GAO-13-303, March 2013).

This usage of authorization is distinct from its usage in the budget process context, where it refers to the amount authorized to be appropriated.

Export-Import Bank of the United States Annual Report 2014, p. 57.

Ex-Im Bank, Report to the U.S. Congress on the Export-Import Bank of the United States and Global Export Credit Competition, for the period January 1, 2013 through December 31, 2013, June 2014, p. 113.

Ex-Im Bank, "Application for Long-Term Loan or Guarantee," p. 7, http://www.exim.gov/sites/default/files/forms/eib95-10all.pdf.

Export-Import Bank of the United States Annual Report 2014, Management's Discussion and Analysis of Results of Operations and Financial Condition, p. 50.

Theoretically, the value of any opportunity cost would rise the closer the economy gets to full employment.

An estimate of "jobs supported" by Ex-Im Bank financing of U.S. exports may be distinct from an estimate of "jobs created" by such financing.

Bureau of Labor Statistics (BLS), Employment Outlook: 2012-2022, Layout and Description for 195-Order Employment Requirements Tables: Historical 1993 through 2012, http://www.bls.gov/emp/ep_data_emp_requirements.htm; and Export-Import Bank of the United States Annual Report 2014, p. 10. The Employment Requirements Table (E7RT) is based on the 2007 North American Industry Classification System (NAICS).

GAO, Export-Import Bank: More Detailed Information about Its Jobs Calculation Methodology Could Improve Transparency, GAO-13-466, May 23, 2013, pp. 7-10, http://www.gao.gov/products/gao-13-446 (hereinafter GAO-13-466, May 23, 2013). The Trade Promotion Coordinating Committee (TPCC) designated this input-output approach based on BLS data to estimate jobs supported as standard for U.S. government agencies. The TPCC is an interagency committee whose objective is to coordinate and set priorities for federal agencies involved in export promotion and to propose a unified export promotion budget to the President.

Export-Import Bank of the United States Annual Report 2014, p. 10.

GAO-13-466, May 23, 2013, pp. 10-13.

Ibid., pp. 15-17.

Ibid., p. 13.

Ibid., "Recommendations."

GAO, Export-Import Bank: Reaching New Targets for Environmentally Beneficial Exports Presents Major Challenges for Bank, GAO-10-682, July 14, 2010, http://www.gao.gov/products/GAO-10-682.

For example, see U.S. Chamber of Commerce Coalition Letter to Members of the United States Congress on Ex-Im Bank, February 13, 2012, https://www.uschamber.com/letter/coalition-letter.

Export-Import Bank of the United States Annual Report 2014, Management's Discussion and Analysis of Results of Operations and Financial Condition, p. 58.

Letter from Todd McCracken, President and CEO of Small Business Exporters Association (SBEA), to The Honorable Tim Johnson, Chairman of Senate Banking Committee; The Honorable Michael Crapo, Ranking Member of Senate Banking Committee; The Honorable Jeb Hensarling, Chairman of House Financial Services Committee; and The Honorable Maxine Waters, Ranking Member of House Financial Services Committee, May (assumed) 2014, http://www.nsba.biz/wp-content/uploads/2014/05/SBEA_NSBA_Letter_Admin_SME_Ex-Im_Reauth-Proposal.pdf.

For example, see Veronique de Rugy, The Biggest Beneficiaries of the Ex-Im Bank, Mercatus Center, April 29, 2014.

U.S. Congress, House Committee on Foreign Affairs, Subcommittee on Terrorism, Nonproliferation, and Trade, Written Testimony of Fred P. Hochberg - President and Chairman, Export-Import Bank of the United States, Hearing on "Trade Promotion Agencies and U.S. Foreign Policy", 114th Cong., 1st sess., May 19, 2015.

The White House, National Security Strategy, February 2015, https://www.whitehouse.gov/sites/default/files/docs/2015_national_security_strategy.pdf.

Ibid.

Krista Hughes, "Former top U.S. officials urge lifeline for export credit agency," Reuters, February 12, 2015.

Mark Pfeifle, "The Peculiar Use of a Taxpayer Bank," The Wall Street Journal, April 26, 2015.

Ibid.

Ex-Im Bank, 2014 Competitiveness Report, June 2015, pp. 15-17. For background, see CRS Report R43895, U.S. Sanctions on Russia: Economic Implications, by [author name scrubbed].

Veronique de Rugy, "Top Ten Foreign State-Owned Beneficiaries of Ex-Im Subsidies," Mercatus Center, April 29, 2015.

Export-Import Bank of the United States Annual Report 2014, p. 88.

Ibid., p. 62.

Ex-Im Bank annual reports; and GAO-13-303, March 2013, p. 8.

12 U.S.C. §635(b)(1)(B).

12 U.S.C. §635(a)(1).

GAO-13-303, March 2013, p. 42.

Export-Import Bank of the United States Annual Report 2013, p. 51.

Financing accounts are nonbudget accounts associated with federal credit programs. Therefore, all transactions (i.e., cash flows) associated with these accounts are not reflected in total outlays, receipts, or the budget surplus/deficit.

Export-Import Bank of the United States Annual Report 2014, p. 64. Ex-Im Bank's exposure includes both outstanding and undisbursed loans, guarantees, and insurance.

Ibid., p. 48.

12 U.S.C. §635g(g).

Ex-Im Bank, Default Rate Report as of September 2015, p. 2. The default rate provided by Ex-Im Bank is different from the default rate calculated by the Office of Management and Budget (OMB) to calculate the credit subsidy for budgetary purposes. The default rate calculated by OMB is a lifetime default rate, and is typically higher than the one that is reported quarterly.

Ibid., p. 11.

GAO-13-303, March 2013, p. 31.

GAO, Export-Import Bank: Recent Growth Underscores Need for Continued Improvements in Risk Management, GAO-13-703T, June 13, 2013, p. 6.

GAO-13-303, March 2013, pp. 41-42; and CRS meeting with Ex-Im Bank, April 7, 2014.

U.S. Congress, House Committee on Oversight and Government Reform, Subcommittee on Health Care, Benefits, and Administrative Rules, and House Committee on Financial Services, Subcommittee on Monetary Policy and Trade, Written Testimony of Fred P. Hochberg, President and Chairman, Export-Import Bank of the United States, Hearing on "Assessing Reforms at the Export-Import Bank," 114th Cong., 1st sess., April 15, 2015.

Export-Import Bank of the United States Annual Report 2013, p. 5; and Export-Import Bank of the United States Annual Report 2014, p. 51.

Export-Import Bank of the United States Annual Report 2014, p. 53.

GAO-13-303, March 2013; and GAO, Export-Import Bank: Additional Analysis and Information Could Better Inform Congress on Exposure, Risk, and Resources, GAO-13-620, May 2013.

Ex-Im Bank subportfolios could be, for example, by industry, products, markets, and congressional mandates. See GAO-13-620, May 2013, p. 23.

GAO, Export-Import Bank: Status of Actions to Address GAO Recommendations since the Bank's 2012 Reauthorization, GAO-15-557T, April 15, 2015; and Hochberg April 15, 2015 testimony.

U.S. Congress, Senate Committee on Banking, Housing, and Urban Affairs, Oversight and Reauthorization of the Export-Import Bank of the United States, Written Testimony of Fred P. Hochberg - President and Chairman of Ex-Im Bank, 113^th Cong., 2^nd sess., January 28, 2014.

For example, see NAM, Facts on the Export-Import (Ex-Im) Bank, http://www.nam.org/~/media/5AF9A722407E46D6A1264820B2208860.ashx.

For example, see Diane Katz, U.S. Export-Import Bank: Corporate Welfare on the Backs of Taxpayers," The Heritage Foundation, April 11, 2014, http://www.heritage.org/research/reports/2014/04/us-exportimport-bank-corporate-welfare-on-the-backs-of-taxpayers.

U.S. Congress, House Committee on Oversight and Government Reform, Subcommittee on Health Care, Benefits, and Administrative Rules, and House Committee on Financial Services, Subcommittee on Monetary Policy and Trade, Statement of Michael T. McCarthy, Deputy Inspector General, Export-Import Bank of the United States, Hearing on "Assessing Reforms at the Export-Import Bank," 114th Cong., 1st sess., April 15, 2015, p. 9.

GAO, Export-Import Bank: Enhancements Needed in Loan Guarantee Procedures and for Documenting Fraud Processes, GAO-14-574, September 9, 2014, pp. 11-15 (hereinafter GAO-14-574, September 9, 2014); U.S. Congress, Senate Committee on Banking, Housing, and Urban Affairs, Written Testimony of Fred P. Hochberg – President and Chairman, Export-Import Bank of the United States, Hearing on "Oversight of the Export-Import Bank," 114^th Congress, 1st sess., April 6, 2015.

Ibid.

12 U.S.C. §635(i). The 2012 reauthorization act requires Ex-Im Bank to "set due diligence standards for its lender partners and participants, which should be applied across all programs consistently."

Ex-Im Bank defines a "participant" as "any person or entity that is, or is seeking to be, an insured or guaranteed party under any Ex-Im Bank program, and any applicant for Ex-Im support under any Ex-Im Bank program, any person (including an arranger or advisor) that assists an applicant in seeking Ex-Im Bank support for any transaction, and any party acting as an agent or trustee for Ex-Im Bank.

For more information, see Ex-Im Bank, "Requirements and Due Diligence Standards," http://www.exim.gov/policies/due-diligence-standards.

U.S. Congress, Senate Committee on Banking, Housing, and Urban Affairs, Written Testimony of Fred P. Hochberg – President and Chairman, Export-Import Bank of the United States, Hearing on "Oversight of the Export-Import Bank," 114^th Congress, 1st sess., April 6, 2015.

U.S. Congress, House Committee on Oversight and Government Reform, Subcommittee on Health Care, Benefits, and Administrative Rules, and House Committee on Financial Services, Subcommittee on Monetary Policy and Trade, Statement of Michael T. McCarthy, Deputy Inspector General, Export-Import Bank of the United States, Hearing on "Assessing Reforms at the Export-Import Bank," 114th Cong., 1st sess., April 15, 2015, p. 9.

Ibid.

For discussion of outcomes of these investigations, see U.S. Congress, House Committee on Oversight and Government Reform, Subcommittee on Health Care, Benefits, and Administrative Rules, and House Committee on Financial Services, Subcommittee on Monetary Policy and Trade, Statement of Michael T. McCarthy, Deputy Inspector General, Export-Import Bank of the United States, Hearing on "Assessing Reforms at the Export-Import Bank," 114th Cong., 1st sess., April 15, 2015.

Department of Justice, "Former Loan Officer at Export-Import Bank Pleads Guilty to Accepting Over $78,000 in Bribes," press release, April 22, 2015.

Stephanie Cohen, "Hearing on Ex-Im Reform Shows Little Renewal Movement; Indictments Possible," Bloomberg BNA, April 30, 2015.

GAO-14-574, September 9, 2014.

Ibid., p. 16.

U.S. Congress, Senate Committee on Banking, Housing, and Urban Affairs, Written Testimony of Fred P. Hochberg – President and Chairman, Export-Import Bank of the United States, Hearing on "Oversight of the Export-Import Bank," 114^th Congress, 1st sess., April 6, 2015.

U.S. Congress, House Committee on Financial Services, Written Testimony of Fred P. Hochberg – President and Chairman, Export-Import Bank of the United States, Hearing on "Examining the Export-Import Bank's Reauthorization Request and the Government's Role in Export Financing," 114^th Congress, 1st sess., June 3, 2015, p. 7.

For example, see U.S. Congress, House Committee on Oversight and Government Reform, Subcommittee on Economic Growth, Job Creation and Regulatory Affairs, Mismanagement of Export-Import Bank Invites Fraud, Testimony by Diane Katz, 113th Cong., 2nd sess., July 29, 2014.

During the 1990s and early 2000s, Ex-Im Bank's credit subsidy was positive in most years. If positive subsidies persisted over the long term, Ex-Im Bank could opt to charge higher fees or premia or restructure its products to eliminate these positive subsidies.

Although P.L. 113-235 provides language for Ex-Im Bank funding through the end of FY2015, §107 of P.L. 113-164 extends Ex-Im Bank's general statutory charter is extended through June 30, 2015.

For more information, see CRS Report R44214, Overview of the FY2016 Continuing Resolution (H.R. 719), by [author name scrubbed].

These subsidy estimates were taken from the President's Budget documents prepared by the Office of Management and Budget (OMB). The Congressional Budget Office (CBO) uses different models and assumptions when making credit estimates for purposes of the appropriations process and CBO's baseline estimates.

These subsidy estimates were taken from the President's Budget documents prepared by OMB. CBO uses different models and assumptions when making credit estimates for purposes of the appropriations process and CBO's baseline estimates.

Export-Import Bank of the United States Annual Report 2014, Notes to the Financial Statement, p. 90.

Ibid., p. 82.

In some years, the credit subsidy was positive.

CBO, Fair-Value Estimates of the Costs of Selected Federal Credit Programs for 2015 to 2024, May 2014, http://www.cbo.gov/sites/default/files/cbofiles/attachments/45383-FairValue.pdf.

This portion of the report was written by [author name scrubbed], Legislative Attorney.

12 U.S.C. §635f.

Civil Rights Commission, B-246541, 71 Comp. Gen. 378, 380 (1992) ("[O]nce a termination or sunset provision becomes effective, the agency ceases to exist and no new obligations may be incurred after the termination date ... Payment of obligations incurred prior to the termination date is usually made by a successor agency or by another agency pursuant to an Economy Act, 31 U.S.C. Sec. 1535, agreement entered into prior to the termination date.").

12 U.S.C. §635f, which is entitled "Termination date of Bank's functions; exceptions; liquidation," currently states, in its entirety:

Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes until the close of business on June 30, 2015, but the provisions of this section shall not be construed as preventing the bank from acquiring obligations prior to such date which mature subsequent to such date or from assuming prior to such date liability as guarantor, endorser, or acceptor of obligations which mature subsequent to such date or from issuing, either prior or subsequent to such date, for purchase by the Secretary of the Treasury or any other purchasers, its notes, debentures, bonds, or other obligations which mature subsequent to such date or from continuing as a corporate agency of the United States and exercising any of its functions subsequent to such date for purposes of orderly liquidation, including the administration of its assets and the collection of any obligations held by the bank.

This language, which seems to be modeled after 12 U.S.C. §635d, appears to authorize the Ex-Im Bank to issue debt, generally to the U.S. Treasury.

See, e.g., Civil Rights Commission, B-246541, 71 Comp. Gen. 378, 380 (1992). The Bank's insurance and guarantees are explicitly backed by the full faith and credit of the United States. 12 U.S.C. §635k. ("All guarantees and insurance issued by the Bank shall be considered contingent obligations backed by the full faith and credit of the government of the United States of America.").

12 U.S.C. §635f. Section 635f also permits Ex-Im Bank to issue debt after the termination date (in the form of "notes, debentures, bonds, and other obligations") generally for purchase by the Treasury.

P.L. 113-164 §147. Ex-Im Bank generally funds itself through revenues generated from its ongoing operations rather than through appropriations, although legislation caps the Bank's total administrative costs at $106.3 million for FY2015. P.L. 113-235.

This portion of the report was written by [author name scrubbed], Legislative Attorney.

See Export-Import Bank of the United States Annual Report 2013, at 12, Rev. Apr. 2014, available at http://www.exim.gov/about/library/reports/annualreports/2013/annual-report-2013.pdf.

Fed Deposit Ins. Corp. v. Meyer, 510 U.S. 471, 476 (1994). Dictionary definitions are commonly used in determining the ordinary or natural meaning. See, e.g., Asgrow Seed Co. v. Winterboer, 513 U.S. 179, 187 (1995) (relying on the dictionary definition of "marketing" in construing the Plant Variety Protection Act); Commissioner v. Soliman, 506 U.S. 168, 174 (1993) (similar, as to the definition of "principal" used to modify a taxpayer's place of business for purposes of an income tax deduction).

See, e.g., Merriam-Webster Dictionary, available at http://www.merriam-webster.com/dictionary/orderly (defining orderly); Merriam-Webster Dictionary, available at http://www.merriam-webster.com/dictionary/liquidation (defining liquidation).

As previously mentioned, it is unclear how long the Bank could administer its obligations and liabilities while still complying with the "orderly liquidation" requirement of 12 U.S.C. §635f. For example, it is unclear whether or to what extent the Bank would be required to treat a loan that matures two days after the statutory termination date differently from one that matures seven years after such date.

P.L. 113-164 §147. Ex-Im Bank generally funds itself through revenues generated from its ongoing operations rather than through appropriations, although legislation caps the Bank's total administrative costs at $106.3 million for FY2015. P.L. 113-235.

Kevin Cirilli, "Ex-Im Bank braces for end of charter," The Hill, June 24, 2015, available at http://thehill.com/policy/finance/245928-export-import-bank-braces-for-expiration.

The Bank had more than 400 employees on the statutory termination date (June 30, 2015).

As discussed in the previous question, the Bank also would continue to be authorized to issue "notes, bonds, debentures, or other obligations." 12 U.S.C. §635f.

For example, a contract is generally recognized as an obligation, and the Bank could potentially enter into a contract with another government agency under the authority of the Economy Act (31 U.S.C. §1535) that would provide for that agency to pay obligations that the Bank had incurred prior to the termination date.

For an understanding of how the Ex-Im Bank is funded, see the "Ex-Im Bank Budget" section of this report.

Ex-Im Bank, "Lapse Information," August 12, 2015, http://www.exim.gov/lapse-information.

CRS electronic communication with Ex-Im Bank, July 9, 2015.

Letter from R. Bruce Josten, Executive Vice President, Government Affairs, U.S. Chamber of Commerce, to Chairmen Bill Huizenga and Jim Jordan and Ranking Members Gwen Moore and Matt Cartwright, April 29, 2015, http://democrats.financialservices.house.gov/uploadedfiles/2__chamber_of_commerce__05.19.2015.pdf.

Daniel J. Ikenson, Examining the Export-Import Bank's Reauthorization Request and the Government's Role in Export Financing, CATO Institute, June 3, 2015, http://www.cato.org/publications/testimony/examining-export-import-banks-reauthorization-request-governments-role-export.

For background on foreign ECA competition, see Ex-Im Bank, 2014 Competitiveness Report, June 2015.

Christopher Wenk, "Unilateral Disarmament—Literally: Ex-Im and National Security," U.S. Chamber of Commerce, August 15, 2014, https://www.uschamber.com/blog/unilateral-disarmament-literally-ex-im-and-national-security.

Bryan Riley, "Foreign Export Credit Subsidies: Kill Them, Don't Copy Them," The Heritage Foundation, September 12, 2014, http://www.heritage.org/research/reports/2014/09/foreign-export-credit-subsidies-kill-them-dont-copy-them.

Andrea Shalal, "Exclusive: Boeing loses large satellite deal due to trade credit woes – sources," Reuters, August 4, 2015; and "Boeing loses second potential satellite deal over Ex-Im lapse, "Reuters, September 15, 2015.

David Lawder, "GE may ship $10 billion in work overseas as U.S. trade bank languishes," Reuters, July 30, 2015.

Steve Lohr, "Ex-Im Bank Dispute Threatens G.E. Factory That Obama Praised," The New York Times, October 24, 2015.

Freedom Partners, "Private Financiers Are Already Filling the Ex-Im Bank Void," July 8, 2015.

Ex-Im Coalition, "Loss of Ex-Im Hurting US Companies."

Samantha Masunga, "Boeing's Southern California layoffs could affect subcontractors," Los Angeles Times, November 4, 2015.

Diane Katz and Veronique de Rugy, "The End of Ex-Im: No Threat to Exports or Employment," The Heritage Foundation, June 10, 2015.

Daniel Ikenson, The Export-Import Bank and Its Victims: Which Industries and States Bear the Brunt?, CATO Institute, September 10, 2014, Policy Analysis Number 756.

Timothy P. Carney, "Export-Import Bank's victims," American Enterprise Institute, May 11, 2015.

U.S. Congress, House Committee on Financial Services, Testimony of Richard H. Anderson, Chief Executive Officer, Delta Air Lines, Hearing entitled, "Examining Reauthorization of the Export-Import Bank: Corporate Necessity or Corporate Welfare?", 114th Cong., 1st sess., June 25, 2014.

U.S. Congress, House Committee on Financial Services, Testimony of Clifford Smith, Executive Vice President of Business Development, Cliffs Natural Resources Inc., Hearing entitled, "Examining the Export-Import Bank's Reauthorization Request and the Government's Role in Export Financing," 114th Cong., 1st sess., June 3, 2015.

For example, see Veronique de Rugy, "The Export-Import Bank Assists a Tiny Portion of All US Small Business Jobs and Firms," Mercatus Center, July 21, 2014.

For example, see Ex-Im Bank, "The Facts About Ex-Im Bank," June 24, 2014, http://www.exim.gov/newsandevents/the-facts-about-ex-im-bank.cfm; and Vicki Needham, "Business Demands Vote on Ex-Im Bank," The Hill, June 23, 2014, http://thehill.com/policy/finance/210278-chamber-demands-up-or-down-vote-on-export-import-bank.

For general information on CRs, see CRS Report R42647, Continuing Resolutions: Overview of Components and Recent Practices, by [author name scrubbed].

The final extension of the authority to operate prior to the enactment of P.L. 112-122 was provided in the Consolidated Appropriations Act of 2012 (P.L. 112-74), Division I, Title VI, through the following provision:

Provided further, That notwithstanding the dates specified in section 7 of the Export-Import Bank Act of 1945 (12 U.S.C. 6350 and section 1(c) of P.L. 103-428), the Export-Import Bank of the United States shall continue to exercise its functions in connection with and in furtherance of its objects and purposes through May 31, 2012.

U.S. Congress, House Committee on Financial Services, Written Testimony of Fred P. Hochberg - President and Chairman, Export-Import Bank of the United States, Hearing on "Examining the Export-Import Bank's Reauthorization Request and the Government's Role in Export Financing", 114th Cong., 1st sess., June 3, 2015.

The White House, "Government Reorganization Fact Sheet," press release, January 13, 2012, http://www.whitehouse.gov/the-press-office/2012/01/13/government-reorganization-fact-sheet.

See CRS Report R42555, Trade Reorganization: Overview and Issues for Congress, by [author name scrubbed].

The discharge proceedings were carried our pursuant to House Rule XV, clause 2, which provides a means for the House to bring to the floor for consideration a measure that has not been reported from committee. A discharge motion may be offered on the floor only if a majority of the entire membership of the House, 218 Members, first signs a petition in support of the action. For further information, see CRS Report 97-552, The Discharge Rule in the House: Principal Features and Uses, by [author name scrubbed].

General summaries provided of these bills are not comprehensive in discussion of all of their provisions.

For more information on TPA, see CRS Report R43491, Trade Promotion Authority (TPA): Frequently Asked Questions, by [author name scrubbed] and [author name scrubbed]; and CRS In Focus IF10038, Trade Promotion Authority (TPA), by [author name scrubbed].

Kathleen Miller, "Ex-Im Bank Reauthorization Gets Support in U.S. Senate Test," Bloomberg, June 10, 2015.

The Administration's legislative proposal, as posted on the website of the House Financial Services Committee, is accessible at http://financialservices.house.gov/uploadedfiles/2014_exim_reauth_bill_language_final_4-23-14.pdf.

The White House, "FACT SHEET: The Export-Import Bank: Supporting American Exports and American Workers in Every State Across the Country," June 30, 2015.

In some instances, the sunset date may have been extended retroactively.

For more information on continuing resolutions, including historical examples, see CRS Report R42647, Continuing Resolutions: Overview of Components and Recent Practices, by [author name scrubbed].

H.R. 3771 (79^th Cong.). Division votes are official votes that are counted without a roll call. For information on forms of voting, see CRS Report 98-228, House Voting Procedures: Forms and Requirements, by [author name scrubbed], and CRS Report 98-227, Voting in the Senate: Forms and Requirements, by [author name scrubbed].