,i #aafth ,,congress #ast ,session ,h4 ,r4 #dhfc ,,in ,,the ,,house ,,of ,,representatives ,october #bh1 #bjai,ms4 ,waters 7for herself1 ,mr4 ,heck1 ,mr4 ,san ,nicolas1 ,mrs4 ,carolyn ,b4 ,maloney of ,new ,york1 ,ms4 ,velzquez1 ,mr4 ,sherman1 ,mr4 ,meeks1 ,mr4 ,david ,scott of ,georgia1 ,mr4 ,clay1 ,mr4 ,green of ,texas1 ,mr4 ,cleaver1 ,mr4 ,perlmutter1 ,mr4 ,foster1 ,mrs4 ,beatty1 ,mr4 ,vargas1 ,mr4 ,mc,adams1 ,ms4 ,wexton1 ,mr4 ,lynch1 ,ms4 ,adams1 ,ms4 ,dean1 ,ms4 ,garcia of ,texas1 ,mr4 ,phillips1 and ,mr4 ,stanton7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to promote the competitiveness of the ,united ,states1 to reform and reauthorize the ,united ,states ,export ,finance ,agency1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,united ,states ,export ,finance ,agency ,act of #bjai 4 #b4 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title4 ,sec4 #b4 ,table of contents4 ,sec4 #c4 ,renaming of the ,export-,import ,bank of the ,united ,states4 ,sec4 #d4 ,authorization period4 ,sec4 #e4 ,aggregate loan1 guarantee1 and insurance authority4 ,sec4 #f4 ,office of ,minority and ,women ,inclusion4 ,sec4 #g4 ,support for ,united ,states territories4 ,sec4 #h4 ,alternative procedures during quorum lapse4 ,sec4 #i4 ,strengthening support for ,u4,s4 small businesses4 ,sec4 #aj4 ,supporting ,united ,states exporters and outreach to prospective foreign buyers4 ,sec4 #aa4 ,restriction on financing for certain entities4 ,sec4 #ab4 ,prohibitions on financing for certain persons involved in sanctionable activities4 ,sec4 #ac4 ,promoting renewable energy4 ,sec4 #ad4 ,reinsurance program4 ,sec4 #ae4 ,information technology systems4 ,sec4 #af4 ,administratively determined pay4 #c4 ,renaming of the ,export-,import ,bank of the ,united ,states 7a7 ,in general ,the ,export-,import ,bank of the ,united ,states is hereby redesignated as the ,united ,states ,export ,finance ,agency4 7b7 ,references ,any reference to the ,export-,import ,bank of the ,united ,states in any law1 rule1 regulation1 certificate1 directive1 instruction1 or other official paper in force on the date of the enactment of this ,act is deemed a reference to the ,united ,states ,export ,finance ,agency4 #d4 ,authorization period ,section #g of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;f7 is amended by striking #bjai and inserting #bjbi4 #e4 ,aggregate loan1 guarantee1 and insurance authority ,section #f7;a77#b7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;e7a77#b77 is amended to read as follows3 7#b7 ,applicable amount defined ,in this subsection1 the term applicable amount means-- 7,a7 #ade1jjj1jjj1jjj for fiscal year #bjbj2 7,b7 #aej1jjj1jjj1jjj for fiscal year #bjba2 7,c7 #aee1jjj1jjj1jjj for fiscal year #bjbb2 7,d7 #afj1jjj1jjj1jjj for fiscal year #bjbc2 7,e7 #afe1jjj1jjj1jjj for fiscal year #bjbd2 7,f7 #agj1jjj1jjj1jjj for fiscal year #bjbe2 and 7,g7 #age1jjj1jjj1jjj for each of fiscal years #bjbf through #bjbi4 4 #f4 ,office of ,minority and ,women ,inclusion 7a7 ,in general ,section #c7;i7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a7i77 is amended to read as follows3 7i7 ,office of minority and women inclusion 7#a7 ,establishment ,the ,agency shall establish an ,office of ,minority and ,women ,inclusion which shall be responsible for carrying out this subsection and all matters relating to diversity in management1 employment1 and business activities in accordance with such standards and requirements as the ,director of the ,office shall establish4 7#b7 ,transfer of responsibilities ,the ,agency shall ensure that1 to the extent that the responsibilities described in paragraph 7#a7 7or comparable responsibilities7 were1 as of the date of the enactment of this subsection1 performed by another office of the ,agency1 the responsibilities shall be transferred to the ,office4 7#c7 ,duties with respect to civil rights laws ,the responsibilities described in paragraph 7#a7 shall not include enforcement of statutes1 regulations1 or ,executive orders pertaining to civil rights1 except that the ,director of the ,office shall coordinate with the ,president of the ,agency1 or the designee of the ,president of the ,agency1 regarding the design and implementation of any remedies resulting from violations of the statutes1 regulations1 or ,executive orders4 7#d7 ,director 7,a7 ,in general ,the ,director of the ,office shall be appointed by1 and shall report directly to1 the ,president of the ,agency4 ,the position of ,director of the ,office shall be a career reserved position in the ,senior ,executive ,service1 as that position is defined in section #cacb of title #e1 ,united ,states ,code1 or an equivalent designation4 7,b7 ,duties ,the ,director shall-- 7i7 develop standards for equal employment opportunity and the racial1 ethnic1 and gender diversity of the workforce and senior management of the ,agency2 7ii7 develop standards for increased participation of minority-owned and women-owned businesses in the programs and contracts of the ,agency1 including standards for coordinating technical assistance to the businesses2 and 7iii7 enhance the outreach activities of the ,agency with respect to1 and increase the total amount of loans1 guarantees1 and insurance provided by the ,agency to support exports by socially and economically disadvantaged small business concerns 7as defined in section #h7;a77#d7 of the ,small ,business ,act7 and small business concerns owned by women4 7,c7 ,other duties ,the ,director shall advise the ,president of the ,agency on the impact of the policies of the ,agency on minority-owned and women-owned businesses4 7#e7 ,inclusion in all levels of business activities 7,a7 ,contracts ,the ,director of the ,office shall develop and implement standards and procedures to ensure1 to the maximum extent possible1 the inclusion and utilization of minorities 7as defined in section #abjd7;c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note77 and women1 and minority- and women-owned businesses 7as such terms are defined in section #ba;,a7r77#d7 of the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adda;a7r77#d77 in all business and activities of the ,agency at all levels1 including in procurement1 insurance1 and all types of contracts4 ,the processes established by the ,agency for review and evaluation for contract proposals and to hire service providers shall include a component that gives consideration to the diversity of the applicant4 7,b7 ,applicability ,this paragraph shall apply to all contracts for services of any kind1 including all contracts for all business and activities of the ,agency1 at all levels4 7,c7 ,outreach ,the ,agency shall establish a minority outreach program to ensure the inclusion 7to the maximum extent practicable7 of contracts entered into with the enterprises of minorities and women and businesses owned by minorities and women1 including financial institutions1 investment banking firms1 underwriters1 accountants1 brokers1 and providers of legal services4 7#f7 ,diversity in agency workforce ,the ,agency shall take affirmative steps to seek diversity in its workforce at all levels of the ,agency consistent with the demographic diversity of the ,united ,states1 in a manner consistent with applicable law1 including-- 7,a7 to the extent the ,agency engages in recruitment efforts to fill vacancies-- 7i7 recruiting at historically ,black colleges and universities1 ,hispanic-serving institutions1 ,tribal colleges and universities1 women's colleges1 and colleges that typically serve majority minority populations2 and 7ii7 recruiting at job fairs in urban communities1 and placing employment advertisements in print and digital media oriented toward women and people of color2 7,b7 partnering with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships1 summer employment1 and full-time positions2 and 7,c7 by use of any other mass media communications that the ,director of the ,office determines necessary4 4 7b7 ,inclusion in annual report ,section #h of such ,act 7#ab ,u4,s4,c4 #fce;g7 is amended by adding at the end the following3 7l7 ,office of ,minority and ,women ,inclusion ,the ,agency shall include in its annual report to the ,congress under subsection 7a7 a report from the ,office of ,minority and ,women ,inclusion regarding the actions taken by the ,agency and the ,office pursuant to section #c7;i71 which shall include-- 7#a7 a statement of the total amounts paid by the ,agency to contractors since the most recent report under this subsection2 7#b7 the percentage of the amounts described in paragraph 7#a7 that were paid to contractors as described in section #c7;i77#e77;,a72 7#c7 the successes achieved and challenges faced by the ,agency in operating minority and women outreach programs2 7#d7 the challenges the ,agency may face in hiring qualified minority and women employees and contracting with qualified minority-owned and women-owned businesses2 and 7#e7 any other information1 findings1 conclusions1 and recommendations for legislative or ,agency action1 as the ,director of the ,office deems appropriate4 4 #g4 ,support for ,united ,states territories 7a7 ,creation of the ,office of ,territorial ,exporting ,section #c of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a7 is amended by adding at the end the following3 7n7 ,office of territorial exporting ,the ,president of the ,agency shall establish an ,office of ,territorial ,exporting1 and shall hire such staff as may be necessary1 including at least #a staffer responsible for liaising with ,puerto ,rico1 to perform the functions of the ,office1 which shall be to promote the export of goods and services from the territories1 conduct outreach1 education1 and disseminate information concerning export opportunities and the availability of ,agency support for such activities1 and to increase the total amount of loans1 guarantees1 and insurance provided by the ,agency benefitting the territories4 ,in this ,act1 the term territory means the ,commonwealth of ,puerto ,rico1 the ,united ,states ,virgin ,islands1 ,guam1 the ,commonwealth of the ,northern ,mariana ,islands1 and ,american ,samoa4 4 7b7 ,annual report ,section #h of such ,act 7#ab ,u4,s4,c4 #fce;g71 as amended by section #f7;b7 of this ,act1 is amended by adding at the end the following3 7m7 ,report on activities in the territories ,the ,agency shall include in its annual report to ,congress under subsection 7a7 a report on the steps taken by the ,agency in the period covered by the report to increase-- 7#a7 awareness of the ,agency and its services in the territories2 and 7#b7 the provision of ,agency support to export businesses in the territories4 4 #h4 ,alternative procedures during quorum lapse 7a7 ,in general ,section #c7;c77#f7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a7c77#f77 is amended-- 7#a7 by inserting 7,a7 after 7#f72 and 7#b7 by adding at the end the following3 7,b7 7i7 ,if there is an insufficient number of directors to constitute a quorum under subparagraph 7,a7 for #ij consecutive days during the term of a ,president of the ,united ,states1 a temporary ,board1 consisting of the following members1 shall act in the stead of the ,board of ,directors3 7,i7 ,the ,united ,states ,trade ,representative4 7,,ii7 ,the ,secretary of the ,treasury4 7,,iii7 ,the ,secretary of ,commerce4 7,,iv7 ,the members of the ,board of ,directors4 7ii7 ,if1 at a meeting of the temporary ,board-- 7,i7 a member referred to in clause 7i77,,iv7 is present1 the meeting shall be chaired by such a member1 consistent with ,agency bylaws2 or 7,,ii7 no such member is present1 the meeting shall be chaired by the ,united ,states ,trade ,representative4 7iii7 ,a member described in subclause 7,i71 7,,ii71 or 7,,iii7 of clause 7i7 may delegate the authority of the member to vote on whether to authorize a transaction1 whose value does not exceed #ajj1jjj1jjj1 to-- 7,i7 if the member is the ,united ,states ,trade ,representative1 the ,deputy ,united ,states ,trade ,representative2 or 7,,ii7 if the member is referred to in such subclause 7,,ii7 or 7,,iii71 the ,deputy ,secretary of the department referred to in the subclause4 7iv7 ,if the temporary ,board consists of members of only #a political party1 the ,president of the ,united ,states shall1 to the extent practicable1 appoint to the temporary ,board a qualified member of a different political party who occupies a position requiring nomination by the ,president1 by and with the consent of the ,senate4 7v7 ,the temporary board may not change or amend ,agency policies1 procedures1 bylaws1 or guidelines4 7vi7 ,the temporary ,board shall expire at the end of the term of the ,president of the ,united ,states in office at the time the temporary ,board was constituted or upon restoration of a quorum of the ,board of ,directors as defined in subparagraph 7,a74 7vii7 ,with respect to a transaction that equals or exceeds #ajj1jjj1jjj1 the ,chairperson of the temporary ,board shall ensure that the ,agency complies with section #b7;b77#c74 4 7b7 ,termination ,the amendments made by subsection 7a7 shall have no force or effect after the #aj-year period that begins with the date of the enactment of this ,act4 #i4 ,strengthening support for ,u4,s4 small businesses 7a7 ,small business policy ,section #b7;b77#a7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7;b77#a77 is amended by striking subparagraph 7,e77i77,i7 and inserting the following3 7,e7 7i7 7,i7 ,it is further the policy of the ,united ,states to encourage the participation of small business 7including women-owned businesses1 minority-owned businesses1 veteran-owned businesses1 businesses owned by persons with disabilities1 and businesses in rural areas7 and start-up businesses in international commerce1 and to educate such businesses about how to export goods using the ,united ,states ,export ,finance ,agency4 4 7b7 ,outreach 7#a7 ,plan ,within #abj days after the date of the enactment of this ,act1 the ,united ,states ,export ,finance ,agency shall prepare and submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a comprehensive outreach plan to ensure that small business owners are aware of the financing options available to them through the ,agency4 ,the plan shall include-- 7,a7 input from the ,small ,business ,administration and statewide small business coalitions with operations in rural1 urban1 and suburban regions2 7,b7 an emphasis on outreach to businesses owned by women1 minorities1 veterans1 and persons with disabilities2 and 7,c7 a proposed budget for carrying out the plan during fiscal years #bjbj through #bjbi1 that provides for the spending of at least #a1jjj1jjj annually for outreach to small businesses4 7#b7 ,implementation ,section #b7;b77#a77;,e7 of such ,act 7#ab ,u4,s4,c4 #fce7;b77#a77;,e77 is amended by adding at the end the following3 7xi7 ,after consultation with the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,agency shall implement the outreach plan referred to in section #i7;b77#a7 of the ,united ,states ,export ,finance ,agency ,act of #bjai4 4 7c7 ,exclusion of unutilized insurance authority in calculating small business threshold ,section #b7;b77#a77;,e77v7 of such ,act 7#ab ,u4,s4,c4 #fce7;b77#a77;,e77v77 is amended by adding at the end the following3 ,in determining the amount required to be made available under this clause1 the ,agency shall exclude unutilized insurance authority44 7d7 ,increase in small business threshold 7#a7 ,in general ,section #b7;b77#a77;,e77v7 of such ,act 7#ab ,u4,s4,c4 #fce7;b77#a77;,e77v77 is amended by striking #be and inserting #cj4 7#b7 ,effective date ,the amendment made by paragraph 7#a7 shall take effect on ,october #a1 #bjbh4 #aj4 ,supporting ,united ,states exporters and outreach to prospective foreign buyers 7a7 ,deeming rule under tied aid credit program ,section #aj7;b77#e77;,b77i77,,iii7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c #fce;i-#c7;b77#e77;,b77i77,,iii77 is amended by adding at the end the following new sentence3 ,the requirement that there be credible evidence of a history of a foreign export credit agency making offers not subject to the ,arrangement is deemed met in the case of exports likely to be supported by official financing from the ,people's ,republic of ,china1 unless the ,secretary of the ,treasury has reported to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate that ,china is in substantial compliance with the ,arrangement44 7b7 ,collaboration with ,,usda on export financing programs ,section #ac7a77;,a7 of such ,act 7#ab ,u4,s4,c4 #fce;i-#g7a77;,a77 is amended by inserting 1 the ,department of ,agriculture1 before and other ,federal agencies4 #aa4 ,restriction on financing for certain entities ,section #b of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7 is amended by adding at the end the following3 7m7 ,restriction on financing for certain entities 7#a7 ,in general ,beginning on the date that is #ahj days after the date of the enactment of this subsection1 the ,board of ,directors may not approve a transaction that is subject to approval by the ,board with respect to the provision by the ,agency of any guarantee1 insurance1 or extension of credit1 or the participation by the ,agency in any extension of credit for which the end user1 obligor1 or lender is described in paragraph 7#b74 7#b7 ,prohibited end user1 obligor1 or lender ,an end user1 obligor1 or lender is described in this paragraph if the end user1 obligor1 or lender is known to the ,agency to be3 7,a7 ,the ,people's ,liberation ,army of the ,people's ,republic of ,china4 7,b7 ,the ,ministry of ,state ,security of the ,people's ,republic of ,china4 7,c7 ,included on the ,denied ,persons ,list or the ,entity ,list maintained by the ,bureau of ,industry and ,security of the ,department of ,commerce4 7,d7 ,included on the ,nonproliferation ,sanctions list maintained by the ,bureau of ,international ,security and ,non-,proliferation of the ,department of ,state4 7,e7 ,included on the ,arms ,export ,control ,act debarred list maintained by the ,directorate of ,defense ,trade ,controls of the ,department of ,state4 7,f7 ,included on the ,specially ,designated ,nationals ,list1 ,foreign ,sanctions ,evaders ,list1 ,sectoral ,sanctions ,identifications ,list1 ,palestinian ,legislative ,council ,list1 ,list of ,foreign ,financial ,institutions ,subject to ,part #efa1 or ,persons ,identified as ,blocked solely pursuant to ,executive ,order #aceii maintained by the ,office of ,foreign ,asset ,controls of the ,department of the ,treasury4 7,g7 ,any person who has paid a criminal fine or penalty pursuant to a conviction or resolution or settlement agreement with the ,department of ,justice for a violation of the ,foreign ,corrupt ,practices ,act in the preceding #c years4 7,h7 ,a person who1 in the preceding #c years1 appeared on-- 7i7 the ,section #ccg injunction list maintained by the ,united ,states ,international ,trade ,commission1 if the person is subject to an exclusion order2 or 7ii7 the ,annual ,intellectual ,property ,report to ,congress by the ,intellectual ,property ,enforcement ,coordinator in the ,executive ,office of the ,president1 if the person was convicted in any court4 7#c7 ,definitions ,in this subsection3 7,a7 ,person ,the term person means an individual or entity4 7,b7 ,entity ,the term entity means a partnership1 association1 trust1 joint venture1 corporation1 group1 subgroup1 or other organization4 4 #ab4 ,prohibitions on financing for certain persons involved in sanctionable activities ,section #b of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce71 as amended by section #aa of this ,act1 is amended by adding at the end the following3 7n7 ,prohibitions on financing for certain persons involved in sanctionable activities 7#a7 ,persons not providing certification 7,a7 ,in general ,beginning on the date that is #ahj days after the date of the enactment of this subsection1 the ,board of ,directors of the ,agency may not approve any transaction that is subject to approval by the ,board with respect to the provision by the ,agency of any guarantee1 insurance1 or extension of credit1 or the participation by the ,agency in any extension of credit1 to a person in connection with the exportation of any good or service unless the person provides the certification described in subparagraph 7,b74 7,b7 ,certification described ,the certification described in this subparagraph is a certification by a person that neither the person nor any other person owned or controlled by the person engages in any activity in contravention of any law1 regulation1 decree1 order1 or other act with force of law of the ,united ,states concerning-- 7i7 trade and economic sanctions1 including an embargo2 7ii7 the freezing or blocking of assets of designated persons2 or 7iii7 other restrictions on exports1 imports1 investment1 payments1 or other transactions targeted at particular persons or countries4 7#b7 ,persons subject to ,,ofac-administered sanction 7,a7 ,in general ,beginning on the date that is #ahj days after the date of the enactment of this subsection1 the ,board of ,directors of the ,agency may not approve any transaction that is subject to approval by the ,board with respect to the provision by the ,agency of any guarantee1 insurance1 or extension of credit1 or the participation by the ,agency in any extension of credit1 in connection with a financing in which a person that is a borrower or controlling sponsor1 or a person that is owned or controlled by the borrower or controlling sponsor1 is subject to a sanction administered by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury4 7,b7 ,controlling sponsor defined ,in subparagraph 7,a71 the term controlling sponsor means a person providing controlling direct private equity investment 7excluding investments made through publicly held investment funds1 publicly held securities1 public offerings1 or similar public market vehicles7 in connection with a financing4 4 #ac4 ,promoting renewable energy 7a7 ,office of financing for renewable energy1 energy efficiency and energy storage exports ,section #b7;b77#a77;,c7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7;b77#a77;,c77 is amended to read as follows3 7,c7 ,office of financing for renewable energy1 energy efficiency and energy storage ,the ,president of the ,agency shall establish an office whose functions shall be to promote the export of goods and services to be used in the development1 production1 and distribution of renewable energy resources1 and energy efficiency and energy storage technologies1 and disseminate information concerning export opportunities and the availability of ,agency support for such activities1 to increase the total amount of loans1 guarantees1 and insurance provided by the ,agency to support exports related to renewable energy1 energy efficiency1 and energy storage4 4 7b7 ,environmental policy and procedures ,section #aa7;a7 of such ,act 7#ab ,u4,s4,c4 #fce;i-#e7;a77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 in the #bnd sentence1 by inserting 1 including to potentially impacted communities in the country in which the activity will be carried out1 at least #fj days before the date of the vote1 before and supplemental2 7,b7 by inserting after the #bnd sentence the following3 ,the procedures shall include a requirement for an analysis of the environmental and social impacts1 including worker impacts and anticipated health impacts and costs1 of the proposed activity and of alternatives to the proposed activity1 including mitigation measures1 where appropriate42 and 7,c7 in the #crd sentence1 by striking ,the preceding sentence and inserting ,this paragraph2 and 7#b7 by redesignating paragraph 7#b7 as paragraph 7#c7 and inserting after paragraph 7#a7 the following3 7#b7 ,consultations with potentially impacted communities ,in any credit or common terms agreements to which the ,agency is a party relating to a transaction described in paragraph 7#a71 the ,agency shall include a provision to ensure that robust consultations with potentially impacted communities in the country in which the activity will be carried out have been and will continue to be carried out throughout the project cycle4 4 7c7 ,sense of the ,congress regarding ,agency accountability ,it is the sense of the ,congress that-- 7#a7 the ,board of ,directors of the ,united ,states ,export ,finance ,agency 7in this section referred to as the ,agency7 should1 after a public consultation process1 establish a formal1 transparent1 and independent accountability mechanism to review1 investigate1 offer independent dispute resolution to resolve1 and publicly report on allegations by affected parties of any failure of the ,agency to follow its own policies and procedures with regard to the environmental and social effects of projects1 and on situations where the ,agency is alleged to have failed in ensuring the borrower is fulfilling its obligations in financing agreements with respect to the policies and procedures2 7#b7 the accountability mechanism should be able to provide advice to management on policies1 procedures1 guidelines1 resources1 and systems established to ensure adequate review and monitoring of the environmental and social effects of projects2 7#c7 in carrying out its mandate1 the confidentiality of sensitive business information should be respected1 as appropriate1 and1 in consultation with potentially affected communities1 project sponsors1 ,agency management1 and other relevant parties1 a flexible process should be followed aimed primarily at correcting project failures and achieving better results on the ground2 7#d7 the accountability mechanism should be independent of the line operations of management1 and report its findings and recommendations directly to the ,board of ,directors of the ,agency and annually to the ,congress2 7#e7 the annual report of the ,agency should include a detailed accounting of the activities of the accountability mechanism for the year covered by the report and the remedial actions taken by the ,agency in response to the findings of the accountability mechanism2 7#f7 in coordination with the accountability mechanism1 the ,agency and relevant parties should engage in proactive outreach to communities affected or potentially affected by ,agency financing and activities to provide information on the existence and availability of the accountability mechanism2 7#g7 the ,president of the ,agency should1 subject to the approval of the ,board of ,directors of the ,agency1 and consistent with applicable law1 through an open and competitive process1 including solicitation of input from relevant stakeholders1 appoint a director of the accountability mechanism1 who would be responsible for the day-to-day operations of the mechanism1 and a panel of not less than #c experts1 including the director1 who would also serve as chair of the panel2 and 7#h7 the accountability mechanism director and members of the panel should not have been employed by the ,agency within the #e years preceding their appointment1 and should be ineligible from future employment at the ,agency4 #ad4 ,reinsurance program ,section #eajjh of the ,fixing ,america's ,surface ,transportation ,act 7#ab ,u4,s4,c4 #fce note7 is amended-- 7#a7 in the section heading1 by striking ,pilot2 7#b7 in subsection 7a71 by striking pilot2 7#c7 in subsection 7b77#a71 by striking #a1jjj1jjj1jjj and inserting #b1jjj1jjj1jjj2 and 7#d7 by striking subsections 7c7 through 7e7 and inserting the following3 7c7 ,factors for consideration in reinsurance pools ,in implementing this section1 the ,agency shall1 with respect to a reinsurance pool1 pursue appropriate objectives to reduce risk and costs to the ,agency1 including by the following1 to the extent practicable3 7#a7 ,ensuring a reasonable diversification of risks4 7#b7 ,including larger exposures where the possibility of default raises overall portfolio risk for the ,agency4 7#c7 ,excluding transactions from the pool that are covered by first-loss protection4 7#d7 ,excluding transactions from the pool that are collateralized at a rate greater than standard market practice4 7#e7 ,diversifying reinsurance pools by industry and other appropriate factors4 7#f7 ,exploring different time periods of coverage4 7#g7 ,exploring both excess of loss structures on a per-borrower as well as an aggregate basis4 7d7 ,biennial reports ,not later than #a year after the date of the enactment of this subsection1 and every #b years thereafter through #bjbi1 the ,agency 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 a written report that contains an assessment of the use of the program carried out under subsection 7a7 since the most recent report under this subsection4 7e7 ,rule of construction ,nothing in this section shall be construed to limit any authority of the ,agency described in section #b7;a77#a7 of the ,export-,import ,bank ,act of #aide4 4 #ae4 ,information technology systems ,section #c7;j7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a7j77 is amended-- 7#a7 in paragraph 7#a71 by striking all that precedes subparagraph 7,a7 and inserting the following3 7#a7 ,in general ,subject to paragraphs 7#c7 and 7#d71 the ,agency may use an amount equal to #a4be percent of the surplus of the ,agency during fiscal years #bjbj through #bjbi to-- 2 and 7#b7 by striking paragraph 7#c7 and inserting the following3 7#c7 ,limitation ,the aggregate of the amounts used in accordance with paragraph 7#a7 for fiscal years #bjbj through #bjbi shall not exceed #dj1jjj1jjj4 4 #af4 ,administratively determined pay ,section #c of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a71 as amended by section #g7;a7 of this ,act1 is amended by adding at the end the following3 7o7 ,compensation of employees 7#a7 ,rates of pay ,subject to paragraph 7#b71 the ,board of ,directors of the ,agency1 consistent with standards established by the ,director of the ,office of ,minority and ,women ,inclusion1 may set and adjust rates of basic pay for employees and new hires of the ,agency without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 except that no employee of the ,agency may receive a rate of basic pay that exceeds the rate for level ,,iii of the ,executive ,schedule under section #ecac of such title4 7#b7 ,limitations ,the ,board of ,directors of the ,agency may not apply paragraph 7#a7 to more than #ce employees at any point in time4 ,nothing in paragraph 7#a7 may be construed to apply to any position of a confidential or policy-determining character that is excepted from the competitive service under section #ccjb of title #e1 ,united ,states ,code1 7pursuant to schedule ,c of subpart ,c of part #bac of title #e of the ,code of ,federal ,regulations7 or to any position that would otherwise be subject to section #ecaa or #ecgf of title #e1 ,united ,states ,code4 4