,,ii #aacth ,,congress #ast ,session ,s4 #aajb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #f1 #bjac ,mr4 ,lee introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to abolish the ,export-,import ,bank of the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,export-,import ,bank ,termination ,act4 #b4 ,findings ,congress makes the following findings3 7#a7 ,export subsidies provide advantages to specific industries or businesses at the expense of their domestic competition1 other sectors of the economy of the ,united ,states1 and the people of the ,united ,states4 7#b7 ,banks and other financial institutions that provide trade facilitation credit also profit from export subsidies such as loan guarantees and trade insurance4 7#c7 ,international trade finance is well developed and supplied by the private sector at competitive rates that reflect market conditions4 7#d7 ,the ,export-,import ,bank of the ,united ,states is an agency of the ,united ,states ,government that subsidizes exports by insuring or guaranteeing trade facilitation loans and other credit from private financial institutions and by providing direct loans to exporters in the ,united ,states4 7#e7 ,export subsidies impose risks on the taxpayers of the ,united ,states4 7#f7 ,in a ,june #bjab report1 the ,congressional ,budget ,office found1 using accurate1 fair value estimation1 that the expected return of the ,export-,import ,bank of the ,united ,states was less than #a_/aj of the estimate under the current1 flawed methodology used pursuant to the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 7#g7 ,recent years have revealed other safe ,federal credit programs to have large taxpayer costs1 including ,freddie ,mac1 ,fannie ,mae1 and the ,federal ,housing ,administration4 7#h7 ,the ,export-,import ,bank of the ,united ,states claims to serve small businesses primarily but most of its financing subsidizes exports of large multinational corporations4 #c4 ,reductions of authorities before abolishment 7a7 ,termination of authority ,to accept applications for assistance ,notwithstanding any other provision of law1 the ,export-,import ,bank of the ,united ,states 7in this ,act referred to as the ,bank7 may not accept an application for a loan1 insurance1 or a guarantee1 and may not participate in an extension of credit by another entity after the #cj-;day period that begins on the date of the enactment of this ,act4 7b7 ,termination of authority ,to renew or enter into a contract for the provision of assistance by the ,bank ,notwithstanding any other provision of law1 the ,bank may not renew or enter into a contract that obligates the ,bank to provide a loan1 insurance1 or a guarantee1 or to participate in an extension of credit by another entity after the #ab-month period that begins on the date of the enactment of this ,act4 #d4 ,abolishment of ,export-,import ,bank of the ,united ,states 7a7 ,abolishment ,the ,bank is abolished on the date that is #c years after the date of the enactment of this ,act 7in this ,act referred to as the abolishment date74 7b7 ,repeal of statutory authority ,effective on the abolishment date1 the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce et seq47 is repealed4 #e4 ,transfer authorities 7a7 ,transfer of functions 7#a7 ,in general ,all functions that are authorized to be performed by the ,bank1 the ,board of ,directors of the ,bank1 any officer or employee of the ,bank acting in that capacity1 or any agency or office of the ,bank on the day before the abolishment date are transferred to the ,secretary on the abolishment date4 7#b7 ,inspector general duties 7,a7 ,termination of the ,office of ,inspector ,general for the ,export-,import ,bank of the ,united ,states ,notwithstanding any other provision of law1 the ,office of ,inspector ,general for the ,bank shall terminate on the abolishment date1 and the assets and obligations of the ,office shall be transferred to the ,office of the ,inspector ,general for the ,department of the ,treasury or otherwise disposed of as the ,secretary determines to be appropriate4 7,b7 ,savings provision 7i7 ,in general ,the provisions of this section shall not affect the performance of any pending audit1 investigation1 inspection1 or report by the ,office of the ,inspector ,general for the ,bank as of the abolishment date1 with respect to functions transferred by this section4 7ii7 ,modification of performance ,nothing in this subsection shall be deemed to prohibit the discontinuance or modification of any performance under the same terms and conditions and to the same extent that performance could have been discontinued or modified if this section had not been enacted4 7#c7 ,performance of transferred functions 7,a7 ,in general ,except as otherwise provided by law1 a ,federal official to whom a function is transferred by this subsection may1 for purposes of performing the function1 exercise all authorities under any other provision of law that were available with respect to the performance of that function to the official responsible for the performance of the function immediately before the abolishment date4 7,b7 ,delegation and assignment 7i7 ,in general ,except as otherwise expressly prohibited by law1 a ,federal official to whom a function is transferred by this subsection 7including the head of any office to which functions are transferred by this subsection7 may delegate any of the functions so transferred to such officers and employees of the office of the official as the official may designate1 and may authorize successive redelegations of such functions as may be necessary or appropriate4 7ii7 ,ultimate responsibility ,no delegation of functions under this subparagraph or under any other provision of this ,act shall relieve the official to whom a function is transferred under this ,act of responsibility for the administration of the function4 7#d7 ,authority of the ,secretary with respect to transferred functions 7,a7 ,determinations ,if necessary1 the ,secretary shall make any determination of the functions that are transferred under this subsection4 7,b7 ,incidental transfers ,the ,secretary1 at such time or times as the ,secretary shall provide1 may make such determinations as may be necessary with regard to the functions transferred by this subsection1 and make such additional incidental dispositions of personnel1 assets1 liabilities1 grants1 contracts1 property1 records1 and unexpended balances of appropriations1 authorizations1 allocations1 and other funds held1 used1 arising from1 available to1 or to be made available in connection with such functions1 as may be necessary to carry out the provisions of this ,act4 7b7 ,transfer of personnel ,all individuals who were officers or employees of the ,bank immediately before the abolishment date and performed functions that are transferred to the ,secretary under subsection 7a7 are transferred to the ,department of the ,treasury on the abolishment date 7other than members of the ,board of ,directors of the ,bank74 7c7 ,transfer of assets ,except as otherwise provided in this ,act1 so much of the personnel1 property1 records1 and unexpended balances of appropriations1 allocations1 and other funds employed1 used1 held1 available1 or to be made available in connection with a function transferred to an official or agency by this ,act shall be available to the official or the head of that agency1 respectively1 at such time or times as the ,director of the ,office of ,management and ,budget directs for use in connection with the functions transferred4 #f4 ,resolution and termination of ,bank functions 7a7 ,resolution of functions ,the ,secretary shall-- 7#a7 complete the disposition and resolution of the functions of the ,bank in accordance with this ,act2 and 7#b7 resolve all functions that are transferred to the ,secretary under section #e7;a74 7b7 ,termination of functions ,all functions that are transferred to the ,secretary under section #e7;a7 shall terminate on the date all obligations of the ,bank1 and all obligations of others to the ,bank1 in effect immediately before the abolishment date1 have been satisfied1 as determined by the ,secretary4 7c7 ,report to ,congress ,when the ,secretary makes the determination described in subsection 7b71 the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report on the determination4 #g4 ,duties of the ,secretary 7a7 ,in general ,the ,secretary shall be responsible for the implementation of this ,act as follows3 7#a7 ,the administration and wind-up of all functions transferred to the ,secretary under section #e7;a74 7#b7 ,the administration and wind-up of any outstanding obligations of the ,federal ,government under any programs terminated by this ,act4 7#c7 ,other actions as may be necessary to wind-up any outstanding affairs of the ,bank4 7b7 ,delegation of functions ,the ,secretary may delegate to the head of any other ,federal department or agency the performance of the functions of the ,secretary under this ,act to the extent that the ,secretary determines that the delegation would further the purposes of this ,act4 7c7 ,transfer of assets and personnel ,in connection with any delegation of functions under subsection 7b71 the ,secretary may transfer to the department or agency concerned such assets1 funds1 personnel1 records1 and other property relating to the delegated function as the ,secretary determines to be appropriate4 7d7 ,authorities of the ,secretary ,for purposes of performing the functions of the ,secretary under this ,act and subject to the availability of appropriations1 the ,secretary may-- 7#a7 enter into contracts2 7#b7 employ experts and consultants in accordance with section #caji of title #e1 ,united ,states ,code1 at rates not to exceed the daily rate paid a person occupying a position at level ,,iv of the ,executive ,schedule under section #ecac of such title2 and 7#c7 utilize1 on a reimbursable basis1 the services1 facilities1 and personnel of other ,federal agencies4 #h4 ,savings provisions 7a7 ,legal documents 7#a7 ,in general ,all legal documents specified in paragraph 7#b7 shall continue in effect according to their terms until modified1 terminated1 superseded1 set aside1 or revoked in accordance with law by the ,president1 any other authorized official1 a court of competent jurisdiction1 or operation of law if such legal documents-- 7,a7 have been issued1 made1 granted1 or allowed to become effective by the ,president1 the ,bank1 any officer or employee of any office transferred by this ,act1 or any other ,government official1 or by a court of competent jurisdiction1 in the performance of any function that is transferred by this ,act2 and 7,b7 are in effect on the abolishment date 7or become effective after such date pursuant to their terms as in effect on such effective date74 7#b7 ,legal documents specified ,the legal documents specified in this paragraph are orders1 determinations1 rules1 regulations1 permits1 grants1 loans1 contracts1 agreements1 certificates1 licenses1 and privileges4 7b7 ,proceedings 7#a7 ,in general ,this ,act shall not affect any proceedings or any application for any benefits1 service1 license1 permit1 certificate1 or financial assistance pending on the date of the enactment of this ,act before an office transferred by this ,act4 7#b7 ,issuance of orders ,orders shall be issued in such proceedings1 appeals shall be taken1 and payments shall be made pursuant to such orders as if this ,act had not been enacted1 and orders issued in any such proceeding shall continue in effect until modified1 terminated1 superseded1 or revoked by a duly authorized official1 by a court of competent jurisdiction1 or by operation of law4 7#c7 ,modification of proceedings ,nothing in this subsection shall be considered to prohibit the discontinuance or modification of any proceeding under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this ,act had not been enacted4 7c7 ,actions 7#a7 ,in general ,this ,act shall not affect any civil or criminal action commenced before the date of the enactment of this ,act4 7#b7 ,continue as if not enacted ,in all such actions1 proceedings shall be had1 appeals shall be taken1 and judgments shall be rendered in the same manner and with the same effect as if this ,act had not been enacted4 7d7 ,nonabatement of actions ,no action or other proceeding commenced by or against an office transferred by this ,act1 or by or against any individual in the official capacity of such individual as an officer or employee of such an office1 shall abate by reason of the enactment of this ,act4 7e7 ,continuance of actions ,if any ,government officer in the official capacity of such officer is party to an action with respect to a function of the officer1 and under this ,act such function is transferred to any other officer or office1 then such action shall be continued with the other officer or the head of such other office1 as applicable1 substituted or added as a party4 7f7 ,administrative procedure and judicial review ,except as otherwise provided by this ,act1 any statutory requirements relating to notice1 hearings1 action upon the record1 or administrative or judicial review that apply to any function transferred by this ,act shall apply to the exercise of such function by the head of the ,federal agency1 and other officers of the agency1 to which such function is transferred by this ,act4 #i4 ,availability of existing funds ,existing appropriations and funds available for the performance of functions1 programs1 and activities terminated pursuant to this ,act shall remain available1 for the duration of their period of availability1 for necessary expenses in connection with the termination and resolution of such functions1 programs1 and activities4 #aj4 ,conforming amendments 7a7 ,elimination of related authorizing provisions 7#a7 ,section #ajc of the ,international ,development and ,finance ,act of #aihi 7,public ,law #aja-bdj2 #ab ,u4,s4,c4 #fce note7 is repealed4 7#b7 ,section #cjc of the ,support for ,east ,european ,democracy 7,,seed7 ,act of #aihi 7,public ,law #aja-agi2 #ab ,u4,s4,c4 #fce note7 is repealed4 7#c7 ,the ,export-,import ,bank ,act ,amendments of #aigh 7,public ,law #ie-fcj2 #ib ,stat4 #cgbd7 is amended-- 7,a7 in section #aijh 7#ab ,u4,s4,c4 #fce;a-#a7-- 7i7 in subsection 7a71 by striking 7a72 and 7ii7 by striking subsection 7b72 7,b7 by repealing section #aiaa 7#ab ,u4,s4,c4 #fce;a-#b72 and 7,c7 by repealing section #aiab 7#ab ,u4,s4,c4 #fce;a-#c74 7#d7 ,section #bjf of the ,bank ,export ,services ,act 7#ab ,u4,s4,c4 #fce;a-#d7 is repealed4 7#e7 ,sections #a through #e of ,public ,law #ij-cij 7#ab ,u4,s4,c4 #fce;j through #fcen7 are repealed4 7#f7 ,sections #fda through #fdg of the ,trade and ,development ,enhancement ,act of #aihc 7#ab ,u4,s4,c4 #fceo-#fcet7 are repealed4 7#g7 ,section #ecd of the ,foreign ,operations1 ,export ,financing1 and ,related ,programs ,appropriations ,act1 #aiij 7,public ,law #aja-afg2 #ab ,u4,s4,c4 #fce;g note7 is amended by striking subsection 7d74 7#h7 ,section #ccjb of the ,omnibus ,trade and ,competitiveness ,act of #aihh 7,public ,law #ajj-dah2 #ab ,u4,s4,c4 #fce;i-#c note7 is amended by striking subsection 7a74 7#i7 ,section #aaje7;a7 of title #ca1 ,united ,states ,code1 is amended by striking paragraph 7#cd7 and redesignating the succeeding paragraphs of such section as paragraphs 7#cd7 through 7#ch71 respectively4 7#aj7 ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by striking subparagraph 7,c74 7b7 ,elimination of related compensation provisions 7#a7 ,position at ,level ,,iii ,section #ecad of title #e1 ,united ,states ,code1 is amended by striking the following item3 ,president of the ,export-,import ,bank of ,washington4 4 7#b7 ,positions at ,level ,,iv ,section #ecae of title #e1 ,united ,states ,code1 is amended-- 7,a7 by striking the following item3 ,first ,vice ,president of the ,export-,import ,bank of ,washington4 2 and 7,b7 by striking the following item3 ,members1 ,board of ,directors of the ,export-,import ,bank of ,washington4 4 7c7 ,elimination of office of inspector general for the bank ,section #ab of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended-- 7#a7 in paragraph 7#a71 by striking the ,president of the ,export-,import ,bank22 and 7#b7 in paragraph 7#b71 by striking the ,export-,import ,bank14 7d7 ,effective date ,the repeals and amendments made by this section shall take effect on the abolishment date4 7e7 ,report to ,congress on other amendments to ,federal statute ,the ,secretary shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a written report that contains suggestions for such other amendments to ,federal statutes as may be necessary or appropriate as a result of this ,act4 #aa4 ,references ,any reference in any other ,federal law1 ,executive order1 rule1 regulation1 or delegation of authority1 or any document of or pertaining to a department or office from which a function is transferred by this ,act-- 7#a7 to the head of such department or office is deemed to refer to the head of the department or office to which the function is transferred2 or 7#b7 to such department or office is deemed to refer to the department or office to which the function is transferred4 #ab4 ,definitions ,in this ,act3 7#a7 ,function ,the term function includes any duty1 obligation1 power1 authority1 responsibility1 right1 privilege1 activity1 or program4 7#b7 ,office ,the term office includes any office1 administration1 agency1 bureau1 institute1 council1 unit1 organizational entity1 or component thereof4 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4