,i #aadth ,,congress #ast ,session ,h4 ,r4 #dcjb ,,in ,,the ,,house ,,of ,,representatives ,december #ah1 #bjae ,mr4 ,graves of ,louisiana introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to require the ,secretary of the ,treasury to pursue with other countries the goal of the mutual elimination of government-backed export credit agencies1 and to provide for the abolishment of the ,export-,import ,bank of the ,united ,states if doing so would not put the ,united ,states at a competitive disadvantage4 #a4 ,short title ,this ,act may be cited as the ,entering ,negotiations to ,dissolve ,outdated ,financial ,agencies ,nationalizing ,export ,related ,activities or the ,,end ,,of ,,an ,,era ,act4 #b4 ,findings ,the ,congress finds as follows3 7#a7 ,approximately #hj to #ij percent of world trade relies on trade finance1 and the approximate value of the global market for trade finance is #aj1jjj1jjj1jjj1jjj per year4 7#b7 ,in #bjab1 export credit agencies in ,germany and ,france extended roughly two-and-a-half times as much export financing--measured as a share of their ,g,d,ps--as was extended by the ,export-,import ,bank of the ,united ,states2 export credit agencies in ,china and ,india provided almost #c times1 and in ,korea provided #aj times1 as much export financing as was provided by the ,export-,import ,bank of the ,united ,states4 7#c7 ,it is estimated that there are as many as #he export credit agencies globally4 7#d7 ,in a true free market economy1 private sector financing options would negate the need for an export credit agency such as the ,export-,import ,bank of the ,united ,states4 7#e7 ,unilateral abolishment of the ,export-,import ,bank of the ,united ,states would place ,united ,states manufacturing at a global competitive disadvantage4 7#f7 ,the ,united ,states historically has led efforts to impose international disciplines on government-backed export credit activity4 #c4 ,requirement to seek negotiations with other countries for the mutual elimination of government-backed export credit agencies2 annual progress reports 7a7 ,in general ,the ,secretary of the ,treasury 7in this ,act referred to as the ,secretary7 shall seek to enter into negotiations with other countries for the mutual elimination of government-backed export credit agencies4 7b7 ,progress reports ,the ,secretary shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate 7in this ,act referred to as the relevant ,committees7 annual reports1 in writing1 of-- 7#a7 progress made in arranging negotiations described in subsection 7a72 and 7#b7 progress made in any such negotiations1 including whether eliminating the ,export-,import ,bank of the ,united ,states 7in this ,act referred to as the ,bank7 at the time of the report would put the ,united ,states at a competitive disadvantage4 #d4 ,certification that eliminating the ,export-,import ,bank of the ,united ,states will not put the ,united ,states at a competitive disadvantage ,on a determination by the ,secretary that the ,bank can be eliminated in a way that would not put the ,united ,states at a competitive disadvantage1 considering job losses and a decrease in economic activity1 the ,secretary shall submit to the relevant ,committees a certification of the determination4 #e4 ,reductions of authorities before abolishment 7a7 ,in general ,notwithstanding any other provision of law3 7#a7 ,termination of authority to accept applications for assistance ,the ,bank may not accept an application for a loan1 insurance1 or a guarantee1 or to participate in an extension of credit by another entity1 after the date the ,secretary provides the certification described in section #d4 7#b7 ,termination of authority to renew or enter into a contract for the provision of assistance by the ,bank ,the ,bank may not renew or enter into a contract which would obligate the ,bank to provide a loan1 insurance1 or a guarantee1 or participate in an extension of credit by another entity1 after the date the ,secretary provides the certification described in section #d4 7b7 ,rule of interpretation ,nothing in this section shall be construed to extend the expiration date of any authority provided by section #g of the ,export-,import ,bank ,act of #aide4 #f4 ,abolishment of the ,export-,import ,bank of the ,united ,states 7a7 ,in general ,effective on the abolishment date3 7#a7 ,abolishment ,the ,bank is abolished4 7#b7 ,transfer of functions ,all functions that1 immediately before the abolishment date 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 ,bank1 are transferred to the ,secretary4 7b7 ,abolishment date defined ,in this ,act1 the term abolishment date means #ahj days after the date the ,secretary provides the certification described in section #d4 #g4 ,resolution and termination of ,bank functions 7a7 ,resolution of functions ,the ,secretary shall-- 7#a7 complete the disposition and resolution of functions of the ,bank in accordance with this ,act2 and 7#b7 resolve all functions that are transferred to the ,secretary under section #f7;a77#b74 7b7 ,termination of functions ,all functions that are transferred to the ,secretary under section #f7;a77#b7 shall terminate on the date all obligations of the ,bank1 and all obligations of others to the ,bank1 in effect immediately before the abolishment date have been satisfied1 as determined by the ,secretary4 7c7 ,report to the ,congress ,when the ,secretary makes the determination described in subsection 7b7 of this section1 the ,secretary shall report the determination to the ,committees referred to in section #c7;b74 #h4 ,duties of the ,secretary of the ,treasury 7a7 ,in general ,the ,secretary shall be responsible for the implementation of this ,act1 including-- 7#a7 the administration and dissolution of all functions transferred to the ,secretary under section #f7;a77#b72 7#b7 the administration and dissolution of any outstanding obligations of the ,federal ,government under any programs terminated by this ,act2 and 7#c7 taking such other actions as may be necessary to dissolve any outstanding affairs of the ,bank4 7b7 ,delegation of functions ,the ,secretary may take such actions as may be necessary to wind up and dissolve all functions transferred to the ,secretary under section #f7;a77#b74 7c7 ,rule of interpretation ,nothing in this ,act may be construed to authorize positions and functions of the ,bank after #fj days of abolishment4 #i4 ,conforming amendments and repeals 7a7 ,repeal of primary authorizing statute ,the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce-fce;i-#i7 is hereby repealed4 7b7 ,elimination of related authorizing provisions 7#a7 ,section #ajc of the ,international ,development and ,finance ,act of #aihi 7#ab ,u4,s4,c4 #fce note2 ,public ,law #aja-bdj7 is hereby repealed4 7#b7 ,section #cjc of the ,support for ,east ,european ,democracy 7,,seed7 ,act of #aihi 7#ab ,u4,s4,c4 #fce note2 ,public ,law #aja-agi7 is hereby repealed4 7#c7 ,section #aijh of the ,export-,import ,bank ,act ,amendments of #aigh 7#ab ,u4,s4,c4 #fce;a-#a7 is amended-- 7,a7 by striking 7a72 and 7,b7 by striking subsection 7b74 7#d7 ,sections #aiaa and #aiab of the ,export-,import ,bank ,act ,amendments of #aigh 7#ab ,u4,s4,c4 #fce;a-#b and #fce;a-#c7 are hereby repealed4 7#e7 ,section #bjf of the ,bank ,export ,services ,act 7#ab ,u4,s4,c4 #fce;a-#d7 is hereby repealed4 7#f7 ,sections #a through #e of ,public ,law #ij-cij 7#ab ,u4,s4,c4 #fce;j through #fcen7 are hereby repealed4 7#g7 ,sections #fda through #fdg of the ,trade and ,development ,enhancement ,act of #aihc 7#ab ,u4,s4,c4 #fceo-#fcet7 are hereby repealed4 7#h7 ,section #ecd of the ,foreign ,operations1 ,export ,financing1 and ,related ,programs ,appropriations ,act1 #aiij 7#ab ,u4,s4,c4 #fce;g note2 ,public ,law #aja-afg7 is amended by striking subsection 7d74 7#i7 ,section #ccjb of the ,omnibus ,trade and ,competitiveness ,act of #aihh 7#ab ,u4,s4,c4 #fce;i-#c note2 ,public ,law #ajj-dah7 is amended by striking subsection 7a74 7#aj7 ,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#aa7 ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by striking subparagraph 7,c74 7c7 ,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 7d7 ,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 7e7 ,effective date ,the repeals and amendments made by this section shall take effect on the abolishment date4 7f7 ,report to the ,congress on other amendments to ,federal statute ,the ,secretary shall submit to the relevant ,committees 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 #aj4 ,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 #aa4 ,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