,i #aac? ,,congress #a/ ,session ,h4 ,r4 #bbfc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #e1 #bjac ,mr4 ,ama% 7= himself1 ,mr4 ,mc,clintock1 & ,mr4 ,massie7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to aboli% ! ,export-,import ,bank ( ! ,unit$ ,/ates1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,export-,import ,bank ,t]m9ation ,act4 #b4 ,f9d+s ,! ,congress f9ds z foll[s3 7#a7 ,export subsidies provide advantages to specific indu/ries or bus9esses at ! exp5se ( _! dome/ic competition1 o!r sectors ( ! ,unit$ ,/ates economy1 & ! public at l>ge4 7#b7 ,banks & o!r f9ancial in/itutions t provide trade facilitation cr$it also pr(it f export subsidies su* z loan gu>antees & trade insurance4 7#c7 ,int]national trade f9ance is well develop$ & suppli$ by ! private sector at competitive rates t reflect m>ket conditions4 7#d7 ,! ,export-,import ,bank ( ! ,unit$ ,/ates is an ag5cy ( ! ,unit$ ,/ates ,gov]nm5t t subsidizes exports by insur+ or gu>antee+ trade facilitation loans & o!r cr$it f private f9ancial in/itutions & by provid+ direct loans to ,unit$ ,/ates export]s4 7#e7 ,export subsidies impose risks on ,unit$ ,/ates taxpay]s4 ,9 a ,june #bjab pap] us+ accurate1 fair value e/imation1 ! ,congressional ,budget ,(fice f\nd t ! expect$ return ( ! ,export-,import ,bank ( ! ,unit$ ,/ates 0 less ?an a t5? ( ! e/imate "u ! curr5t1 flaw$ me?odology us$ pursuant to ! ,f$]al ,cr$it ,re=m ,act ( #aiij4 7#f7 ,rec5t ye>s h reveal$ o!r safe ,f$]al cr$it programs to h l>ge taxpay] co/s1 = example1 ,fr$die ,mac1 ,fannie ,mae1 & ! ,f$]al ,h\s+ ,adm9i/ration4 7#g7 ,! ,export-,import ,bank ( ! ,unit$ ,/ates claims to s]ve small bus9esses prim>ily1 b mo/ ( its f9anc+ subsidizes exports ( l>ge mult9ational corporations4 #c4 ,r$uctions ( au?orities be=e aboli%m5t ,not)/&+ any o!r provision ( law3 7#a7 ,t]m9ation ( au?ority to accept applications = assi/ance ,! ,export-,import ,bank ( ! ,unit$ ,/ates 79 ?is ,act ref]r$ to z ! ,bank7 may n accept an application = a loan1 insurance1 or a gu>antee1 or to p>ticipate 9 an ext5sion ( cr$it by ano!r entity1 aft] ! #cj-;day p]iod t beg9s ) ! date ( ! enactm5t ( ?is ,act4 7#b7 ,t]m9ation ( au?ority to r5ew or ent] into a contract = ! provision ( assi/ance by ! ,bank ,! ,bank may n r5ew or ent] into a contract :i* w\ld obligate ! ,bank to provide a loan1 insurance1 or a gu>antee1 or p>ticipate 9 an ext5sion ( cr$it by ano!r entity1 aft] ! #ab-mon? p]iod t beg9s ) su* date ( enactm5t4 #d4 ,aboli%m5t ( ,export-,import ,bank ( ! ,unit$ ,/ates 7a7 ,9 g5]al ,effective on ! aboli%m5t date3 7#a7 ,aboli%m5t ,! ,bank is aboli%$4 7#b7 ,transf] ( functions ,all functions t1 imm$iately be=e ! aboli%m5t date are au?oriz$ to be p]=m$ by ! ,bank1 ! ,bo>d ( ,directors ( ! ,bank1 any (fic] or employee ( ! ,bank act+ 9 t capacity1 or any ag5cy or (fice ( ! ,bank1 are transf]r$ to ! ,secret>y ( ! ,treasury 79 ?is ,act ref]r$ to z ! ,secret>y74 7b7 ,aboli%m5t date def9$ ,9 ?is ,act1 ! t]m aboli%m5t date means ! date t is #c ye>s aft] ! date ( ! enactm5t ( ?is ,act4 #e4 ,resolution & t]m9ation ( ,bank functions 7a7 ,resolution ( functions ,! ,secret>y %all-- 7#a7 complete ! disposition & resolution ( functions ( ! ,bank 9 accordance ) ?is ,act2 & 7#b7 resolve all functions t are transf]r$ to ! ,secret>y "u section #d7;a77#b74 7b7 ,t]m9ation ( functions ,all functions t are transf]r$ to ! ,secret>y "u section #d7;a77#b7 %all t]m9ate on ! date all obligations ( ! ,bank1 & all obligations ( o!rs to ! ,bank1 9 effect imm$iately be=e ! aboli%m5t date h be5 satisfi$1 z det]m9$ by ! ,secret>y4 7c7 ,report to ! ,congress ,:5 ! ,secret>y makes ! det]m9ation describ$ 9 subsection 7b71 ! ,secret>y %all report ! det]m9ation to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 #f4 ,duties ( ! ,secret>y ( ! ,treasury 7a7 ,9 g5]al ,! ,secret>y %all be responsible = ! implem5tation ( ?is ,act1 includ+-- 7#a7 ! adm9i/ration & w9d-up ( all functions transf]r$ to ! ,secret>y "u section #d7;a77#b72 7#b7 ! adm9i/ration & w9d-up ( any out/&+ obligations ( ! ,f$]al ,gov]nm5t "u any programs t]m9at$ by ?is ,act2 & 7#c7 tak+ su* o!r actions z may be necess>y to w9d-up any out/&+ affairs ( ! ,bank4 7b7 ,delegation ( functions ,! ,secret>y may delegate to any o!r ,f$]al dep>tm5t or ag5cy head ! p]=mance ( ! functions ( ! ,secret>y "u ?is ,act1 to ! ext5t t ! ,secret>y det]m9es t ! delegation w\ld fur!r ! purposes ( ?is ,act4 7c7 ,transf] ( assets & p]sonnel ,9 connection ) any delegation ( functions "u subsection 7b71 ! ,secret>y may transf] to ! dep>tm5t or ag5cy conc]n$ su* assets1 funds1 p]sonnel1 records1 & o!r prop]ty relat+ to ! delegat$ function z ! ,secret>y det]m9es to be appropriate4 7d7 ,au?orities ( ! ,secret>y ,= purposes ( p]=m+ ! functions ( ! ,secret>y "u ?is ,act & subject to ! availability ( appropriations1 ! ,secret>y may-- 7#a7 ent] into contracts2 7#b7 employ exp]ts & consultants 9 accordance ) section #caji ( title #e1 ,unit$ ,/ates ,code1 at rates = individuals n to exce$ ! p] diem rate equival5t to ! rate = level ,,iv ( ! ,executive ,s*$ule2 & 7#c7 utilize1 on a reimbursable basis1 ! s]vices1 facilities1 & p]sonnel ( o!r ,f$]al ag5cies4 #g4 ,p]sonnel ,effective on ! aboli%m5t date1 !re are transf]r$ to ! ,dep>tm5t ( ! ,treasury all individuals1 o!r ?an memb]s ( ! ,bo>d ( ,directors ( ! ,bank1 :o-- 7#a7 imm$iately be=e ! aboli%m5t date1 7 (fic]s or employees ( ! ,bank2 & 7#b7 9 _! capacity z su* an (fic] or employee1 p]=m$ functions t are transf]r$ to ! ,secret>y "u section #d7;a77#b74 #h4 ,transf] ( ,inspector ,g5]al duties 7a7 ,t]m9ation ( ! ,(fice ( ,inspector ,g5]al = ! ,export-,import ,bank ( ! ,unit$ ,/ates ,not)/&+ any o!r provision ( law1 ! ,(fice ( ,inspector ,g5]al = ! ,bank %all t]m9ate on ! aboli%m5t date1 & ! assets & obligations ( ! ,(fice %all be transf]r$ to ! ,(fice ( ! ,inspector ,g5]al = ! ,dep>tm5t ( ! ,treasury or o!rwise dispos$ (4 7b7 ,au?ority & responsibility = transf] or disposal ,! ,secret>y %all h ! au?ority & responsibility = transf] or disposal "u subsection 7a74 7c7 ,sav+s provision ,! provisions ( ?is section %all n affect ! p]=mance ( any p5d+ audit1 inve/igation1 inspection1 or report by ! ,(fice ( ! ,inspector ,g5]al = ! ,bank z ( ! aboli%m5t date1 ) respect to functions transf]r$ by ?is section4 ,no?+ 9 ?is subsection %all be deem$ to prohibit ! discont9uance or modification ( any p]=mance "u ! same t]ms & conditions & to ! same ext5t t su* p]=mance c\ld h be5 discont9u$ or modifi$ if ?is section _h n be5 enact$4 #i4 ,ex]cise ( au?orities ,except z o!rwise provid$ by law1 a ,f$]al (ficial to :om a function is transf]r$ by ?is ,act may1 = purposes ( p]=m+ ! function1 ex]cise all au?orities "u any o!r provision ( law t 7 available ) respect to ! p]=mance ( t function to ! (ficial responsible = ! p]=mance ( ! function imm$iately be=e ! effective date ( ! transf] ( ! function "u ?is ,act4 #aj4 ,transf] ( assets ,except z o!rwise provid$ 9 ?is ,act1 s mu* ( ! p]sonnel1 prop]ty1 records1 & unexp5d$ balances ( appropriations1 allocations1 & o!r funds employ$1 us$1 held1 available1 or to be made available 9 connection ) a function transf]r$ to an (ficial or ag5cy by ?is ,act %all be available to ! (ficial or ! head ( t ag5cy1 respectively1 at su* "t or times z ! ,director ( ! ,(fice ( ,managem5t & ,budget directs = use 9 connection ) ! functions transf]r$4 #aa4 ,delegation & assignm5t ,except z o!rwise expressly prohibit$ by law1 an (ficial to :om functions are transf]r$ "u ?is ,act 7includ+ ! head ( any (fice to :i* functions are transf]r$ "u ?is ,act7 may delegate any ( ! functions s transf]r$ to su* (fic]s & employees ( ! (fice ( ! (ficial z ! (ficial may designate1 & may au?orize successive r$elegations ( su* functions z may be necess>y or appropriate4 ,no delegation ( functions "u ?is section or "u any o!r provision ( ?is ,act %all relieve ! (ficial to :om a function is transf]r$ "u ?is ,act ( responsibility = ! adm9i/ration ( ! function4 #ab4 ,au?ority ( ! ,secret>y ( ! ,treasury ) respect to functions transf]r$ 7a7 ,det]m9ations ,if necess>y1 ! ,secret>y %all make any det]m9ation ( ! functions t are transf]r$ "u ?is ,act4 7b7 ,incid5tal transf]s ,! ,secret>y1 at su* "t or times z ! ,secret>y %all provide1 may make su* det]m9ations z may be necess>y ) reg>d to ! functions transf]r$ by ?is ,act1 & to make su* additional incid5tal dispositions ( p]sonnel1 assets1 liabilities1 grants1 contracts1 prop]ty1 records1 & unexp5d$ balances ( appropriations1 au?orizations1 allocations1 & o!r funds held1 us$1 aris+ f1 available to1 or to be made available 9 connection ) su* functions1 z may be necess>y to c>ry out ! provisions ( ?is ,act4 #ac4 ,sav+s provisions 7a7 ,legal docum5ts ,all ord]s1 det]m9ations1 rules1 regulations1 p]mits1 grants1 loans1 contracts1 agreem5ts1 c]tificates1 lic5ses1 & privileges-- 7#a7 t h be5 issu$1 made1 grant$1 or all[$ to become effective by ! ,presid5t1 ! ,bank1 any (fic] or employee ( any (fice transf]r$ by ?is ,act1 or any o!r ,gov]nm5t (ficial1 or by a c\rt ( compet5t jurisdiction1 9 ! p]=mance ( any function t is transf]r$ by ?is ,act1 & 7#b7 t are 9 effect on ! effective date ( ! transf] 7or become effective aft] su* date pursuant to _! t]ms z 9 effect on su* effective date71 %all cont9ue 9 effect accord+ to _! t]ms until modifi$1 t]m9at$1 sup]s$$1 set aside1 or revok$ 9 accordance ) law by ! ,presid5t1 any o!r au?oriz$ (ficial1 a c\rt ( compet5t jurisdiction1 or op]ation ( law4 7b7 ,proce$+s ,?is ,act %all n affect any proce$+s or any application = any b5efits1 s]vice1 lic5se1 p]mit1 c]tificate1 or f9ancial assi/ance p5d+ on ! date ( ! enactm5t ( ?is ,act be=e an (fice transf]r$ by ?is ,act1 b su* proce$+s & applications %all be cont9u$4 ,ord]s %all be issu$ 9 su* proce$+s1 appeals %all be tak5 !refrom1 & paym5ts %all be made pursuant to su* ord]s1 z if ?is ,act _h n be5 enact$1 & ord]s issu$ 9 any su* proce$+ %all cont9ue 9 effect until modifi$1 t]m9at$1 sup]s$$1 or revok$ by a duly au?oriz$ (ficial1 by a c\rt ( compet5t jurisdiction1 or by op]ation ( law4 ,no?+ 9 ?is subsection %all be consid]$ to prohibit ! discont9uance or modification ( any su* proce$+ "u ! same t]ms & conditions & to ! same ext5t t su* proce$+ c\ld h be5 discont9u$ or modifi$ if ?is ,act _h n be5 enact$4 7c7 ,suits ,?is ,act %all n affect suits comm5c$ be=e ! date ( ! enactm5t ( ?is ,act1 & 9 all su* suits1 proce$+ %all be _h1 appeals tak51 & judgm5ts r5d]$ 9 ! same mann] & ) ! same effect z if ?is ,act _h n be5 enact$4 7d7 ,nonabatem5t ( actions ,no suit1 action1 or o!r proce$+ comm5c$ by or aga9/ an (fice transf]r$ by ?is ,act1 or by or aga9/ any individual 9 ! (ficial capacity ( su* individual z an (fic] or employee ( su* an (fice1 %all abate by reason ( ! enactm5t ( ?is ,act4 7e7 ,cont9uance ( suits ,if any ,gov]nm5t (fic] 9 ! (ficial capacity ( su* (fic] is p>ty to a suit ) respect to a function ( ! (fic]1 & "u ?is ,act su* function is transf]r$ to any o!r (fic] or (fice1 !n su* suit %all be cont9u$ ) ! o!r (fic] or ! head ( su* o!r (fice1 z applicable1 sub/itut$ or add$ z a p>ty4 7f7 ,adm9i/rative proc$ure & judicial review ,except z o!rwise provid$ by ?is ,act1 any /atutory requirem5ts relat+ to notice1 he>+s1 action ^u ! record1 or adm9i/rative or judicial review t apply to any function transf]r$ by ?is ,act %all apply to ! ex]cise ( su* function by ! head ( ! ,f$]al ag5cy1 & o!r (fic]s ( ! ag5cy1 to :i* su* function is transf]r$ by ?is ,act4 #ad4 ,availability ( exi/+ funds ,exi/+ appropriations & funds available = ! p]=mance ( functions1 programs1 & activities t]m9at$ pursuant to ?is ,act %all rema9 available1 = ! duration ( _! p]iod ( availability1 = necess>y exp5ses 9 connection ) ! t]m9ation & resolution ( su* functions1 programs1 & activities4 #ae4 ,con=m+ am5dm5ts & repeals 7a7 ,repeal ( prim>y au?oriz+ /atute ,! ,export-,import ,bank ,act ( #aide 7#ab ,u4,s4,c4 #fce--fce;i-#i7 is h]eby repeal$4 7b7 ,elim9ation ( relat$ au?oriz+ provisions 7#a7 ,section #ajc ( ! ,int]national ,developm5t & ,f9ance ,act ( #aihi 7#ab ,u4,s4,c4 #fce note2 ,public ,law #aja-bdj7 is h]eby repeal$4 7#b7 ,section #cjc ( ! ,support = ,ea/ ,european ,democracy 7,,se$7 ,act ( #aihi 7#ab ,u4,s4,c4 #fce note2 ,public ,law #aja-agi7 is h]eby repeal$4 7#c7 ,section #aijh ( ! ,export-,import ,bank ,act ,am5dm5ts ( #aigh 7#ab ,u4,s4,c4 #fce;a-#a7 is am5d$-- 7,a7 by /rik+ 7a72 & 7,b7 by /rik+ subsection 7b74 7#d7 ,sections #aiaa & #aiab ( ! ,export-,import ,bank ,act ,am5dm5ts ( #aigh 7#ab ,u4,s4,c4 #fce;a-#b & #fce;a-#c7 are h]eby repeal$4 7#e7 ,section #bjf ( ! ,bank ,export ,s]vices ,act 7#ab ,u4,s4,c4 #fce;a-#d7 is h]eby repeal$4 7#f7 ,sections #a ?r\gh #e ( ,public ,law #ij-cij 7#ab ,u4,s4,c4 #fce;j ?r\gh #fcen7 are h]eby repeal$4 7#g7 ,sections #fda ?r\gh #fdg ( ! ,trade & ,developm5t ,enhancem5t ,act ( #aihc 7#ab ,u4,s4,c4 #fceo-#fcet7 are h]eby repeal$4 7#h7 ,section #ecd ( ! ,=eign ,op]ations1 ,export ,f9anc+1 & ,relat$ ,programs ,appropriations ,act1 #aiij 7#ab ,u4,s4,c4 #fce;g note2 ,public ,law #aja-afg7 is am5d$ by /rik+ subsection 7d74 7#i7 ,section #ccjb ( ! ,omnibus ,trade & ,competitiv5ess ,act ( #aihh 7#ab ,u4,s4,c4 #fce;i-#c note2 ,public ,law #ajj-dah7 is am5d$ by /rik+ subsection 7a74 7#aj7 ,section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ p>agraph 7#cd7 & r$esignat+ ! succe$+ p>agraphs ( su* section z p>agraphs 7#cd7 ?r\gh 7#ch71 respectively4 7#aa7 ,section #iaja7c7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ subp>agraph 7,c74 7c7 ,elim9ation ( relat$ comp5sation provisions 7#a7 ,position at ,level ,,iii ,section #ecad ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ! foll[+ item3 ,presid5t ( ! ,export-,import ,bank ( ,wa%+ton4 4 7#b7 ,positions at ,level ,,iv ,section #ecae ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 by /rik+ ! foll[+ item3 ,fir/ ,vice ,presid5t ( ! ,export-,import ,bank ( ,wa%+ton4 2 & 7,b7 by /rik+ ! foll[+ item3 ,memb]s1 ,bo>d ( ,directors ( ! ,export-,import ,bank ( ,wa%+ton4 4 7d7 ,elim9ation ( (fice ( inspector g5]al = ! bank ,section #ab ( ! ,inspector ,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app47 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ ! ,presid5t ( ! ,export-,import ,bank22 & 7#b7 9 p>agraph 7#b71 by /rik+ ! ,export-,import ,bank14 7e7 ,effective date ,! repeals & am5dm5ts made by ?is section %all take effect on ! aboli%m5t date4 7f7 ,report to ! ,congress on o!r am5dm5ts to ,f$]al /atute ,! ,secret>y %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a writt5 report t conta9s sugge/ions = su* o!r am5dm5ts to ,f$]al /atutes z may be necess>y or appropriate z a result ( ?is ,act4 #af4 ,ref]5ces ,any ref]5ce 9 any o!r ,f$]al law1 ,executive ord]1 rule1 regulation1 or delegation ( au?ority1 or any docum5t ( or p]ta9+ to a dep>tm5t or (fice f :i* a function is transf]r$ by ?is ,act-- 7#a7 to ! head ( su* dep>tm5t or (fice is deem$ to ref] to ! head ( ! dep>tm5t or (fice to :i* ! function is transf]r$2 or 7#b7 to su* dep>tm5t or (fice is deem$ to ref] to ! dep>tm5t or (fice to :i* ! function is transf]r$4 #ag4 ,def9itions ,9 ?is ,act3 7#a7 ,function ,! t]m function includes any duty1 obligation1 p[]1 au?ority1 responsibility1 "r1 privilege1 activity1 or program4 7#b7 ,(fice ,! t]m (fice includes any (fice1 adm9i/ration1 ag5cy1 bureau1 in/itute1 c\ncil1 unit1 organizational entity1 or compon5t !re(4