,,ii #aaith ,,congress #b;d ,session ,s4 #dgha ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ae1 #bjbf,mr4 ,schumer 7for himself1 ,mr4 ,reed1 ,ms4 ,klobuchar1 ,mr4 ,coons1 ,mr4 ,schatz1 ,ms4 ,warren1 ,mr4 ,booker1 ,mr4 ,van ,hollen1 ,ms4 ,duckworth1 ,mr4 ,kelly1 ,mr4 ,kim1 ,ms4 ,blunt ,rochester1 and ,ms4 ,alsobrooks7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to expand the mission of the ,export-,import ,bank of the ,united ,states and focus on building export-related domestic critical industries that produce goods and services that support employment in the ,united ,states and strengthen global competitiveness1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,make ,more in ,america ,act of #bjbf4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,findings4,sec4 #c4 ,purposes4,sec4 #d4 ,modification of powers and functions4,sec4 #e4 ,make ,more in ,america ,program4,sec4 #f4 ,modification of aggregate loan1 guarantee1 and insurance authority4,sec4 #g4 ,modification of default rate and lending cap4,sec4 #h4 ,investment ,committee4,sec4 #i4 ,interagency coordination4,sec4 #aj4 ,limitation on eligibility for support4,sec4 #aa4 ,modification of ,program on ,china and ,transformational ,exports4,sec4 #ab4 ,increase in goal for export of goods and services related to renewable energy sources1 energy efficiency1 and energy storage4,sec4 #ac4 ,employment authority4,sec4 #ad4 ,expansion of guarantee coverage4 #b4 ,findings ,congress makes the following findings3 7#a7 ,the ,people's ,republic of ,china poses a significant competitive threat to the ,united ,states1 accounting1 as of the date of the enactment of this ,act1 for #ce percent of manufacturing volume globally and #bi percent of value-add 7as opposed to #ab percent of volume and #af percent of value-add for the ,united ,states74 ,the ,people's ,republic of ,china continues to gain ground in higher value-add technologies that were traditionally ,united ,states strengths4 7#b7 ,the ,people's ,republic of ,china's increased competitiveness can be traced to multiple sources1 including coordinated initiatives such as ,made in ,china #bjbe1 which channeled resources toward manufacturing in higher value-add industries4 ,however1 the ,people's ,republic of ,china also1 as of the date of the enactment of this ,act1 leads in research and development in #ff of #gd areas4 7#c7 ,taken together1 the two trends described in paragraphs 7#a7 and 7#b7 suggest that the ,people's ,republic of ,china's lead in exports will grow1 not shrink1 unless serious action is taken by the ,united ,states to strengthen its domestic innovation and industrial investment4 7#d7 ,this is especially true for critical industries of the future1 such as next-generation automotives and drones1 industrial automation1 biotechnology1 biomanufacturing1 quantum technology1 and fusion energy1 unless the ,united ,states takes steps to support technology development in those markets4 ,many of those markets are1 or could be1 vital export opportunities with meaningful economic1 national security1 and job creation implications for the ,united ,states4 7#e7 ,the ,united ,states also faces supply chain vulnerabilities in critical inputs for those industries of the future1 including energy1 semiconductors and associated technologies like circuit boards1 critical minerals1 batteries1 and other technology components4 7#f7 ,capital-intensive industries with long production cycles1 such as shipbuilding1 chemical processing1 and nuclear energy systems1 face particularly acute financing challenges during the commercialization phase and the scaling of domestic production4 ,similarly1 drone manufacturing and advanced robotics require coordinated investments in both production capacity and workforce training that private markets struggle to provide4 ,the result is that countries with patient public capital1 particularly the ,people's ,republic of ,china1 have captured dominant market positions in sectors where ,united ,states innovation initially led4 7#g7 ,if the ,united ,states does not respond1 manufacturers in the ,people's ,republic of ,china will continue gaining global market share in critical technologies at the expense of ,united ,states companies and the ,united ,states stands to lose critical industries that provide jobs1 create production capacity1 and serve essential national security goals4 7#h7 ,as such1 ,federal policy should focus on ensuring that technologies that are invented and developed in the ,united ,states are commercialized and produced in the ,united ,states1 along with the products and services those technologies create4 ,that will require a whole-of-government effort dedicated to revitalizing the innovation and industrial infrastructure of the ,united ,states4 7#i7 ,while this is a multi-faceted issue that the ,export-,import ,bank of the ,united ,states 7in this section referred to as the ,bank7 cannot solve alone1 the ,bank can play a much more strategic role than the ,bank is playing as of the date of the enactment of this ,act by supporting the development phase of future technologies in areas that are underfunded by existing private sector tools4 7#aj7 ,the ,bank has an opportunity to create the export markets of tomorrow by helping to fund the development1 commercialization1 and production of critical technologies in the ,united ,states1 which will expand the long-term export base of the ,united ,states by increasing the overall competitive edge of the ,united ,states1 and in doing so1 support employment in the ,united ,states4 7#aa7 ,there exists an opportunity to enhance the ,bank's strategic planning capabilities and deepen the ,bank's focus on catalytic and scale-up financing4 ,such a repositioning would support technologies with substantial domestic manufacturing footprints in industries that represent not only strategic national security and competitiveness priorities but also significant employment opportunities across manufacturing communities in the ,united ,states4 7#ab7 ,congress has already directed the ,bank to undertake efforts in that direction1 such as through the ,program on ,china and ,transformational ,exports established under section #b7l7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7l771 which explicitly requires #bj percent of the ,bank's funds to be invested in certain areas deemed highly strategic1 including artificial intelligence1 biotechnology1 renewable energy1 semiconductors1 quantum technology1 and fusion energy1 among other industries4 ,a logical next step would be to expand that program to broaden its aperture and importance within the ,bank1 while reaffirming the ,bank's mission to support export-related transactions that directly support ,united ,states jobs4 7#ac7 ,in #bjbb1 the ,bank's ,board of ,directors with a unanimous vote launched the ,make ,more in ,america ,initiative to support export-oriented domestic manufacturing projects1 extending some of the ,bank's existing demand-driven1 export-contingent financing programs to a more domestic focus to help revitalize ,united ,states manufacturing1 directly support ,united ,states jobs1 improve the resiliency of domestic supply chains1 and level the playing field for ,united ,states companies competing in overseas markets4 7#ad7 ,there is an opportunity for the ,bank to play a convening role in developing a cohesive investment roadmap for the ,bank's own mandate1 informed by input from across the ,federal ,government1 including the industrial investment efforts of other ,federal agencies1 such as the ,department of ,commerce1 the ,department of ,energy1 the ,department of ,defense1 the ,department of ,agriculture1 the ,department of ,labor1 the ,department of ,health and ,human ,services1 the ,united ,states ,international ,development ,finance ,corporation1 and the ,small ,business ,administration4 #c4 ,purposes ,the purposes of this ,act are-- 7#a7 to ensure that advanced technologies critical to economic growth and national security are developed1 commercialized1 and produced in1 and exported by1 the ,united ,states and allies and partners of the ,united ,states1 rather than adversaries of the ,united ,states2 7#b7 to address capital market failures in sectors where ,united ,states production capacity and innovation is in the national interest2 7#c7 to coordinate the resources of the ,federal ,government-- 7,a7 to promote domestic technology invention1 development1 commercialization1 production1 and exportation2 7,b7 to support the unmet capital needs of manufacturing companies of all sizes to grow domestically2 7,c7 to encourage workforce training to support the growth and resilience of domestic manufacturing2 7,d7 to accelerate permitting related to domestic manufacturing projects2 and 7,e7 to improve access to physical infrastructure1 such as energy and logistics1 for the growth of domestic manufacturing2 and 7#d7 to promote the creation of good jobs in communities across the ,united ,states1 along with the benefits of advanced industry development on local development4 #d4 ,modification of powers and functions ,section #b7;a7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7;a77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 in the second sentence1 by striking to facilitate exports of and inserting to facilitate the development1 commercialization1 and production in the ,united ,states1 and the export of2 and 7,b7 by inserting after the third sentence the following3 ,the ,bank shall provide loans1 guarantees1 grants1 cooperative agreements1 offtake agreements1 price insurance and other insurance facilities1 and other instruments through other transaction authority under paragraph 7#d77;,a7 to accelerate the development1 commercialization1 and production of technologies that are critical to the national security1 innovation1 and economic growth of the ,united ,states and direct employment of ,united ,states workers1 including technologies that emerge from federally funded research42 and 7#b7 by adding at the end the following3 7#d7 ,additional powers ,in addition to the powers and authorities set forth in paragraph 7#a71 the ,bank may-- 7,a7 to the extent authorized by law1 enter into such agreements1 including contracts1 grants1 cooperative agreements1 offtake agreements1 price insurance and other insurance facilities1 and other instruments1 and may enter into other transactions1 including providing subordinated capital1 to facilitate investments and the provision of financial assistance on such terms as the ,president of the ,bank and the ,board of ,directors consider appropriate2 7,b7 make advance payments under agreements and other transactions authorized under subparagraph 7,a7 without regard to section #ccbd of title #ca1 ,united ,states ,code2 7,c7 procure temporary and intermittent services of experts and consultants in accordance with section #caji of title #e1 ,united ,states ,code2 7,d7 notwithstanding section #cajd of title #e1 ,united ,states ,code1 or any other provision of other law relating to the appointment1 number1 classification1 or compensation of employees1 make appointments of scientific1 engineering1 and professional personnel1 and fix the basic pay of such personnel at a rate to be determined by the ,president of the ,bank at rates not in excess of the highest total annual compensation payable at the rate determined under section #ajd of title #c1 ,united ,states ,code2 7,e7 with the consent of another ,federal agency1 enter into an agreement with that ,federal agency to use1 with or without reimbursement1 any service1 equipment1 personnel1 or facility of that ,federal agency2 and 7,f7 establish such rules1 regulations1 and procedures as the ,president of the ,bank and the ,board of ,directors consider appropriate and that are consistent with other statutes4 4 #e4 ,make ,more in ,america ,program 7a7 ,in general ,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 ,make ,more in ,america ,program 7#a7 ,establishment 7,a7 ,in general ,the ,bank shall establish the ,make ,more in ,america ,program 7in this subsection referred to as the ,program71 under which the ,bank shall provide support1 by providing financing and entering into other agreements and transactions authorized under paragraphs 7#a7 and 7#d7 of subsection 7a71 for export-related manufacturing projects in the ,united ,states1 in support of manufacturing companies of all sizes1 including startups1 in priority industries described in paragraph 7#b71 industries described in paragraph 7#c71 and suppliers that enable those industries1 all of which directly support employment in the ,united ,states4 7,b7 ,future exports ,the ,bank may provide support under the ,program to support future exports by an applicant for such support1 even if the applicant does not produce goods for export at the time the support is awarded4 7#b7 ,priority focus areas ,under the ,program1 the ,bank shall advance export-related manufacturing in the following industries3 7,a7 ,strategic industries for which there is evidence of subsidies or production support by other countries that-- 7i7 has resulted in overreliance or created foreign chokepoints for ,united ,states supply chains2 or 7ii7 otherwise presents a persistent risk to ,united ,states supply chains4 7,b7 ,strategic industries critical to the national security and economic competitiveness of the ,united ,states1 including1 at a minimum1 industries described in paragraph 7#c74 7,c7 ,emerging industries that-- 7i7 are critical to the national security and economic competitiveness of the ,united ,states2 and 7ii7 have not reached commercial scale and therefore are unable to receive sufficient private capital funding for demonstration scale operations1 equipment purchasing1 commercialization1 or sustained manufacturing for export4 7#c7 ,industries of interest ,the industries described in this paragraph are industries1 and components thereof1 critical to the national security and economic competitiveness of the ,united ,states1 which may include the following3 7,a7 ,the transformational export areas under the ,program on ,china and ,transformational ,exports specified in subsection 7l77#a77;,b74 7,b7 ,critical minerals 7as defined in section #gjjb7;a7 of the ,energy ,act of #bjbj 7#cj ,u4,s4,c4 #afjf7;a7774 7,c7 ,shipbuilding and ship repair4 7,d7 ,cyber-physical systems and mechatronics1 including robotics4 7,e7 ,aerospace and aviation1 including unmanned aircraft systems 7as defined in section #ddhja of title #di1 ,united ,states ,code7 and the components and subsystems thereof1 including propulsion systems4 7,f7 ,transport systems4 7,g7 ,advanced energy and industrial efficiency technologies1 such as batteries and advanced nuclear technologies1 including for the purposes of electric generation1 consistent with the restrictions on the ,national ,science ,foundation under section #ae of the ,national ,science ,foundation ,act of #aiej 7#db ,u4,s4,c4 #ahgd74 7,h7 ,advanced materials science1 including composites #b;,d materials1 other next-generation materials1 and related manufacturing technologies4 7,i7 ,critical sensing technologies4 7,j7 ,such other industries as the ,bank1 with the approval of the ,board of ,directors1 considers appropriate4 7#d7 ,requirements for projects ,an applicant seeking support from the ,bank under paragraph 7#a7 with respect to a project is required-- 7,a7 to demonstrate that the project-- 7i7 aligns with the goals of the investment roadmap developed under section #c7n77#c72 7ii7 has a credible pathway to financial sustainability and1 as appropriate1 provides reasonable assurance of repayment2 and 7iii7 supports employment in the ,united ,states directly related to the project2 and 7,b7 to submit documentation on the number of jobs in the ,united ,states that the applicant estimates will be created1 and the quality of those jobs1 if the support for the project is approved2 and 7,c7 to make commitments to investing in-- 7i7 workers and communities associated with the project1 including through training and education benefits paid by the applicant1 wrap around services that support workforce reliability1 and commitments secured from regional educational and training entities1 including joint labor-management organizations1 and institutions of higher education to provide workforce training1 including apprenticeship programs registered under the ,act of ,august #af1 #aicg 7#ej ,stat4 #ffd1 chapter #ffc2 #bi ,u4,s4,c4 #ej et seq47 7commonly known as the ,national ,apprenticeship ,act72 and 7ii7 the quality of jobs associated with the project1 as determined based on higher wage levels than the local median wage1 incentive programs 7which may include employee ownership plans and profit sharing arrangements71 benefits1 and worker protections4 7#e7 ,preferential terms for certain projects 7,a7 ,in general ,the ,bank may provide support under paragraph 7#a7 on more favorable terms or in a larger amount for a project-- 7i7 that is located in or directly benefits an economically distressed region2 or 7ii7 if more than #gj percent of the jobs created by the project are expected to pay more than #aaj percent of the mean pay for the county in which the project is located4 7,b7 ,economically distressed region defined ,in this paragraph1 the term economically distressed region means a region-- 7i7 described in-- 7,i7 section #cja of the ,public ,works and ,economic ,development ,act of #aife 7#db ,u4,s4,c4 #cafa72 7,,ii7 section #bi7;j77#a7 of the ,stevenson-,wydler ,technology ,innovation ,act of #aihj 7#ae ,u4,s4,c4 #cgbb;b7j77#a772 or 7,,iii7 section #fgjb7;a77#a7 of title #di1 ,united ,states ,code2 or 7ii7 that meets the definition of persistent poverty county in section #gcf of division ,a of the ,consolidated ,appropriations ,act1 #bjbc 7,public ,law #aag-cbh2 #acf ,stat4 #dejc74 7#f7 ,use of funds 7,a7 ,authorized uses ,a project that receives support under paragraph 7#a7 may use the support for any purpose that-- 7i7 is reasonably related to development1 commercialization1 or domestic production in industries described in paragraph 7#c71 including support for workforce development by means of direct training1 support for building or expanding a facility1 or for related site development2 or 7ii7 the ,president of the ,bank and the ,board of ,directors determines to be consistent with the objectives of the ,program4 7,b7 ,prohibited uses ,support provided under paragraph 7#a7 may not be used-- 7i7 to repay debts incurred by the person receiving the support before the disbursement of the support2 7ii7 to make distributions1 dividends1 or other payments to shareholders or equity holders of the person2 or 7iii7 to fund the acquisition of another entity unrelated to the project4 7#g7 ,target dates2 clawback for failure to meet 7,a7 ,target dates ,for each award of financing or financial assistance provided under paragraph 7#a7 with respect to a project1 the ,president of the ,bank shall1 before distributing the award1 determine target dates by which a project shall commence and complete4 7,b7 ,progressive recovery for delays 7i7 ,in general ,if a project does not commence and complete by the target dates established under subparagraph 7,a71 the ,president of the ,bank shall progressively recover up to the full amount of the award provided under paragraph 7#a7 with respect to the project4 7ii7 ,clawback provisions ,the ,president of the ,bank and the ,board of ,directors shall-- 7,i7 include1 in each agreement providing for an award made under paragraph 7#a71 clawback provisions to govern recovery under clause 7i72 and 7,,ii7 notify the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives with respect to those provisions4 7,c7 ,waiver ,in the case of a project that receives financing or financial assistance under paragraph 7#a7 and experiences delays1 the ,president of the ,bank may waive elements of the clawback provisions incorporated into the agreement providing for the award-- 7i7 after making a formal determination that circumstances beyond the ability of the person that received the award to foresee or control are responsible for delays2 and 7ii7 not less than #ae days after notifying the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives of the intention of the ,president of the ,bank to issue the waiver4 7#h7 ,workforce protections ,an applicant seeking support from the ,bank under paragraph 7#a7 with respect to a project and that has #ajj or more employees shall make a good-faith certification that-- 7,a7 the applicant will not abrogate existing collective bargaining agreements for-- 7i7 the duration of the project2 or 7ii7 the term of the support and #b years after the termination of the support2 and 7,b7 the applicant will remain neutral in any union organizing effort for the term of the support4 7#i7 ,monitoring of job creation and job quality ,the ,bank shall develop a process for-- 7,a7 verifying that the estimates made under paragraph 7#d77;,b7 are reasonable when made2 7,b7 monitoring the creation and sustainment of jobs through the portfolio of projects for which financing or financial assistance is provided under paragraph 7#a7 over time1 including estimated downstream and supply chain employment effects and measures of job quality1 such as median wages1 incentive programs and benefits for workers1 and labor representation2 7,c7 monitoring compliance with the prevailing wage requirements under paragraph 7#ab71 in coordination with the ,department of ,labor2 and 7,d7 reporting1 not less frequently than annually1 to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives on the aggregate employment impact of the portfolio described in subparagraph 7,b74 7#aj7 ,support goal ,it shall be a goal of the ,bank to ensure that not less than #cj percent of the applicable amount 7as defined in section #f7;a77#b77 in each fiscal year is made available for financing or financial assistance under this subsection4 7#aa7 ,approval of certain transactions by ,board ,the approval of the ,board is required for financing or financial assistance in excess of #ej1jjj1jjj to be provided to a project under this subsection4 7#ab7 ,prevailing wage protections2 clawback for failure to comply 7,a7 ,in general ,all laborers and mechanics employed by contractors or subcontractors in the performance of construction1 alteration1 or repair work carried out1 in whole or in part1 with financing or financial assistance from the ,bank under this subsection shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code4 7,b7 ,authority ,with respect to the labor standards specified in subparagraph 7,a71 the ,secretary of ,labor shall have the authority and functions set forth in ,reorganization ,plan ,numbered #ad of #aiej 7#fd ,stat4 #abfg2 #e ,u4,s4,c4 ,app47 and section #cade of title #dj1 ,united ,states ,code4 7,c7 ,progressive recovery for failure to comply 7i7 ,in general ,if a project does not comply with subparagraph 7,a71 the ,president of the ,bank shall progressively recover up to the full amount of the award provided under paragraph 7#a7 with respect to the project4 7ii7 ,clawback provisions ,the ,president of the ,bank and the ,board of ,directors shall-- 7,i7 include1 in each agreement providing for an award made under paragraph 7#a71 clawback provisions to govern recovery under clause 7i72 and 7,,ii7 notify the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives with respect to those provisions4 7#ac7 ,waiver of repayment assurance ,in the case of loans provided under this subsection1 the ,board may waive the requirement for reasonable assurance of repayment under subsection 7b77#a77;,b7 if amounts are appropriated to provide financing for purposes that are inconsistent with such requirement4 7#ad7 ,guarantee coverage for participating lenders 7,a7 ,in general ,in providing a loan guarantee under this subsection1 the ,bank shall provide a #ajj percent guarantee to an acceptable commercial bank or community lender-- 7i7 for up to #ij percent of the value of the loan1 in the case of a loan for a small or medium-sized exporter2 or 7ii7 for up to #hj percent of the value of the loan in any case not described in clause 7i74 7,b7 ,delegated authority program 7i7 ,in general ,under the ,program1 the ,bank shall develop a delegated authority program under which the ,bank provides #ajj percent guarantee coverage for up to #ej1jjj1jjj per loan made by a commercial bank or community lender to a small or medium-sized exporter4 7ii7 ,standards ,the ,bank1 in consultation with private lenders1 shall develop set of lending standards that offer a sufficient likelihood of repayment for purposes of the delegated authority program required by clause 7i74 7,c7 ,small or medium-sized exporter defined ,in this paragraph1 the term small or medium-sized exporter means an exporter with annual sales of #a1jjj1jjj1jjj or less4 4 7b7 ,inclusion in annual report ,section #h of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;g7 is amended by adding at the end the following3 7m7 ,report on ,make ,more in ,america ,program ,the ,bank shall include in its annual report to ,congress under subsection 7a7-- 7#a7 a list of all projects supported under the ,make ,more in ,america ,program pursuant to section #b7m72 7#b7 a description of the geographic distribution of those projects2 7#c7 an analysis of the financial performance of those projects2 7#d7 an estimate of the number and quality of jobs in the ,united ,states created through those projects2 7#e7 an estimate of the private capital mobilized by those projects1 in aggregate and by project2 7#f7 a description of the strategic production capacity created through those projects1 including production volumes1 supply chain positions secured1 and import dependencies reduced2 and 7#g7 the ratio of private capital mobilized to public financing provided under the ,program4 4 #f4 ,modification of 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 amount1 for each of fiscal years #bjbg through #bjcc1 means #bje1jjj1jjj1jjj4 4 #g4 ,modification of default rate and lending cap 7a7 ,in general ,section #f7;a77#c7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;e7a77#c77 is amended to read as follows3 7#c7 ,freezing of lending cap if default rate exceeds certain limitations 7,a7 ,traditional export credit portfolio ,the ,bank may not exceed the amount of loans1 guarantees1 and insurance in the traditional export credit portfolio 7as defined in section #h7;g77#a77;,b77 outstanding on the last day of a quarter if the rate calculated under section #h7;g77#a7 with respect to-- 7i7 oil and gas transactions is #b percent or more for that quarter2 or 7ii7 all transactions in that portfolio other than oil and gas transactions is #d percent or more for that quarter4 7,b7 ,make ,more in ,america ,program portfolio ,the ,bank may not exceed the amount of loans1 guarantees1 and insurance in the ,make ,more in ,america ,program portfolio 7as defined in section #h7;g77#a77;,b77 outstanding on the last day of a quarter if the rate calculated under section #h7;g77#a7 with respect to that portfolio is #aj percent or more for that quarter4 7,c7 ,china and ,transformational ,exports ,program portfolio ,the ,bank may not exceed the amount of loans1 guarantees1 and insurance in the ,china and ,transformational ,exports ,program portfolio 7as defined in section #h7;g77#a77;,b77 outstanding on the last day of a quarter if the rate calculated under section #h7;g77#a7 with respect to that portfolio is #aj percent or more for that quarter4 7,d7 ,termination of freeze 7i7 ,traditional export credit portfolio ,a freeze under clause 7i7 or 7ii7 of paragraph 7#a77;,a7 shall remain in effect until the rate calculated under section #h7;g77#a7 with respect to-- 7,i7 in the case of a freeze under clause 7i7 of that paragraph1 oil and gas transactions is less than #b percent for that quarter2 or 7,,ii7 in the case of a freeze under clause 7ii7 of that paragraph1 all transactions in the traditional export credit portfolio other than oil and gas transactions is less than #d percent for that quarter4 7ii7 ,make ,more in ,america ,program portfolio ,a freeze under paragraph 7#a77;,b7 shall remain in effect until the rate calculated under section #h7;g77#a7 with respect to the ,make ,more in ,america ,program portfolio is less than #aj percent4 7iii7 ,china and ,transformational ,exports portfolio ,a freeze under paragraph 7#a77;,c7 shall remain in effect until the rate calculated under section #h7;g77#a7 with respect to the ,china and ,transformational ,exports ,program portfolio is less than #aj percent4 7iv7 ,contingencies ,notwithstanding subparagraph 7,a71 7,b71 or 7,c7 of paragraph 7#a71 a freeze under any such subparagraph shall terminate if-- 7,i7 the ,secretary of ,commerce determines that the continued operation of the ,bank is in the national security or economic interests of the ,united ,states and notifies ,congress not later than #cj days after making that determination2 or 7,,ii7 the ,secretary of the ,treasury determines that a financial crisis exists that requires the ,bank to provide liquidity or risk enhancements to protect ,united ,states exports and notifies ,congress not later than #cj days after making that determination4 4 7b7 ,calculating of default rates by portfolio ,section #h7;g77#a7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;g7g77#a77 is amended to read as follows3 7#a7 ,monitoring of default rates 7,a7 ,in general ,not less frequently than quarterly1 the ,bank shall calculate the rate at which the entities to which the ,bank has provided short-1 medium-1 or long-term financing are in default on a payment obligation under the financing1 by dividing-- 7i7 the total amount of the required payments that are overdue and are expected to become net losses after using the ,bank's reserves from collected interest and fees1 by 7ii7 the applicable amount 7as defined in section #f7;a77#b774 7,b7 ,accounting and default rates by portfolio ,the ,bank shall maintain separate accounting of1 and calculate a separate default rate under subparagraph 7,a7 for-- 7i7 all loans1 guarantees1 and insurance provided under the ,make ,more in ,america ,program pursuant to section #b7m7 7in this ,act referred to as the ,make ,more in ,america ,program portfolio72 7ii7 all loans1 guarantees1 and insurance provided under the ,china and ,transformational ,exports ,program pursuant to section #b7l7 7in this ,act referred to as the ,china and ,transformational ,exports ,program portfolio72 and 7iii7 all loans1 guarantees1 and insurance provided under authorities other than the ,make ,more in ,america ,program pursuant to section #b7m7 or the ,china and ,transformational ,exports ,program pursuant to section #b7l7 7in this ,act referred to as the traditional export credit portfolio74 7,c7 ,separate risk reporting ,not less frequently than quarterly1 the ,chief ,risk ,officer of the ,bank shall report separately on the default rate1 risk exposure1 and portfolio performance of the traditional export credit portfolio and the ,make ,more in ,america ,program portfolio4 4 7c7 ,exclusion of transactions relating to ,make ,more ,in ,america and ,china and ,transformational ,exports programs ,section #h7;g7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;g7g771 as amended by subsection 7b71 is further amended by adding at the end the following3 7#g7 ,exclusion of transactions relating to ,make ,more ,in ,america and ,china and ,transformational ,exports programs ,for the purposes of this subsection1 if financing provided under the ,make ,more in ,america ,program pursuant to section #b7m7 or the ,china and ,transformational ,exports ,program pursuant to section #b7l7 results in a default rate calculated under paragraph 7#a7 exceeding an applicable limitation under subparagraph 7,b7 or 7,c7 of section #f7;a77#c71 the ,bank may1 subject to the approval of the ,board of ,directors1 exclude such financing from the calculation of the default rate4 4 7d7 ,conforming amendments ,section #h7;g7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;g7g771 as amended by subsections 7b7 and 7c71 is further amended-- 7#a7 in paragraph 7#c7-- 7,a7 by striking exceeds #b percent and inserting exceeds a limitation under subparagraph 7,a71 7,b71 or 7,c7 of section #f7;a77#c72 7,b7 by striking be at least #b percent and inserting equal or exceed that limitation2 and 7,c7 by striking less than #b percent and inserting less than that limitation2 7#b7 in paragraph 7#d77;,b71 by striking less than #b percent and inserting less than the applicable limitation under subparagraph 7,a71 7,b71 or 7,c7 of section #f7;a77#c72 7#c7 in paragraph 7#e7-- 7,a7 in the paragraph heading1 by striking is at least #b percent and inserting equals or exceeds applicable limitation2 7,b7 by striking the default rate and inserting a default rate2 and 7,c7 by striking is at least #b percent and inserting equals or exceeds the applicable limitation under subparagraph 7,a71 7,b71 or 7,c7 of section #f7;a77#c72 and 7#d7 in paragraph 7#f71 in the matter preceding subparagraph 7,a7-- 7,a7 by striking the default rate and inserting a default rate2 and 7,b7 by striking remains above #b percent and inserting continues to equal or exceed the applicable limitation under subparagraph 7,a71 7,b71 or 7,c7 of section #f7;a77#c74 #h4 ,investment ,committee ,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 ,investment committee 7#a7 ,establishment ,there is established a management committee to be known as the ,investment ,committee4 7#b7 ,membership ,the ,investment ,committee shall be composed of-- 7,a7 the ,president of the ,bank1 who shall serve as chairperson2 7,b7 the ,board of ,directors2 7,c7 a representative of the ,department of the ,treasury1 designated by the ,secretary of the ,treasury2 7,d7 a representative of the ,department of ,commerce1 designated by the ,secretary of ,commerce2 7,e7 a representative of the ,department of ,energy1 designated by the ,secretary of ,energy2 7,f7 a representative of the ,department of ,defense1 designated by the ,secretary of ,defense2 7,g7 a representative of the ,office of the ,united ,states ,trade ,representative1 designated by the ,united ,states ,trade ,representative2 7,h7 a representative of the ,small ,business ,administration1 designated by the ,administrator of the ,small ,business ,administration2 7,i7 a representative of the ,department of ,agriculture1 designated by the ,secretary of ,agriculture2 7,j7 a representative of the ,department of ,health and ,human ,services1 designated by the ,secretary of ,health and ,human ,services2 7,k7 a representative of the ,department of ,labor2 7,l7 a representative of the ,department of ,transportation2 7,m7 three ,members of the ,senate appointed by the ,president of the ,senate1 each for a #b-year term2 and 7,n7 three ,members of the ,house of ,representatives appointed by the ,speaker of the ,house of ,representatives1 each for a #b-year term4 7#c7 ,investment roadmap 7,a7 ,in general ,the ,investment ,committee shall be responsible for-- 7i7 developing a #aj-year investment roadmap for-- 7,i7 identified technology areas and industry priorities for public sector investment2 and 7,,ii7 identified missions of national interest to focus public sector investment and coordination across sectors to improve the lives of the people of the ,united ,states through greater capacity in innovation1 production1 deployment1 lower costs1 and problem-solving2 and 7ii7 obtaining the approval of the ,national ,economic ,council1 the ,national ,security ,council1 and the ,office of ,science and ,technology ,policy with respect to the investment roadmap4 7,b7 ,use of roadmap ,the investment roadmap required by subparagraph 7,a7 may inform the ,bank and other agencies represented on the investment committee with respect to investment strategies that are consistent with their missions and policies4 7,c7 ,consideration of models ,in developing the investment roadmap required by subparagraph 7,a71 the ,investment ,committee shall be informed by other technology roadmaps 7such as the ,national ,security ,strategy and the ,critical ,technology ,areas of the ,department of ,defense7 and supply chain risk analyses4 7,d7 ,updates ,the investment roadmap required by subparagraph 7,a7 shall be updated not less frequently than once every #d years4 7,e7 ,public availability ,the investment roadmap required by subparagraph 7,a7 and each update under subparagraph 7,c7 shall be made available to the public4 7#d7 ,advisory committees 7,a7 ,in general ,the ,investment ,committee shall establish advisory committees for each technology area of interest or mission of national interest identified in the investment roadmap required by paragraph 7#c74 7,b7 ,role ,an advisory committee established under subparagraph 7,a7 with respect to a technology area of interest or mission of national interest shall be responsible for providing to the ,investment ,committee critical inputs into overarching goals1 milestones1 and focus areas in the technology area of interest4 7,c7 ,membership ,an advisory committee established under subparagraph 7,a7 shall include representatives from other ,federal agencies1 ,state governments1 industry1 labor organizations1 research institutions1 and other entities4 4 #i4 ,interagency coordination ,section #ac of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;i-#g7 is amended-- 7#a7 in the section heading1 by striking ,cooperation on export financing programs and inserting ,interagency cooperation2 7#b7 by striking ,the ,bank and inserting the following3 7a7 ,cooperation on export financing and financial assistance programs ,the ,bank 2 and 7#c7 by adding at the end the following3 7b7 ,interagency working group 7#a7 ,establishment ,there is established an interagency working group4 7#b7 ,duties ,the working group established by paragraph 7#a7 shall be responsible for-- 7,a7 providing guidance to the ,bank on priority advanced manufacturing and critical technology industries2 7,b7 ensuring coordination across ,federal programs for financing and supporting advanced manufacturing and critical technology development in service of strategic economic competitiveness imperatives1 including efforts to align performance metrics and to ensure timely review of applications and deployment of capital2 7,c7 aligning the work of the working group with the activities of the ,trade ,promotion ,coordinating ,committee established under section #bcab of the ,export ,enhancement ,act of #aihh 7#ae ,u4,s4,c4 #dgbg72 and 7,d7 conducting briefings required by paragraph 7#f74 7#c7 ,co-chairpersons ,the ,president of the ,bank and the ,director of the ,national ,economic ,council shall serve as co-chairpersons of the working group established by paragraph 7#a74 7#d7 ,domain-specific working groups 7,a7 ,in general ,the ,investment ,committee established under section #c7n7 shall establish domain-specific working groups corresponding to the technology areas identified in the investment roadmap required by section #c7n77#c74 ,such domains may include biotechnology 7including biomanufacturing71 next-generation energy 7including fusion energy71 advanced computing1 robotics1 and critical minerals4 7,b7 ,missions of national interest ,one of the domain-specific working groups established under subparagraph 7,a7 shall be established to identify missions of national interest to focus public sector investment and coordination across sectors to improve the lives of the people of the ,united ,states through greater capacity in innovation1 production1 deployment1 lower costs1 and problem-solving4 7,c7 ,composition ,subject to subparagraph 7,d71 the ,investment ,committee shall determine the membership of each domain-specific working group established under subparagraph 7,a71 drawing from relevant ,federal agencies1 including the agencies described in paragraph 7#e71 and from such other entities as the ,committee considers appropriate4 7,d7 ,standing membership ,each domain-specific working group established under subparagraph 7,a7 shall include representatives of the ,department of ,energy1 the ,department of ,defense1 the ,department of ,commerce1 and the ,department of ,state4 7#e7 ,technical input ,in carrying out the duties described in paragraph 7#b71 the working group established by paragraph 7#a7 and domain-specific working groups established under paragraph 7#d7 shall seek technical input from relevant ,federal agencies and entities1 and other partners1 including-- 7,a7 ,federal investment entities1 including the ,office of ,strategic ,capital of the ,department of ,defense1 the ,united ,states ,international ,development ,finance ,corporation1 the ,loan ,programs ,office of the ,department of ,energy1 and ,federal agencies to which authorities under the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #deja et seq47 have been delegated2 7,b7 ,federal research and innovation agencies1 including the ,national ,science ,foundation1 the ,advanced ,research ,projects ,agency-,energy1 the ,advanced ,research ,projects ,agency for ,health1 and the ,small ,business ,innovation ,research program1 with a focus on agencies conducting aligned federally funded research with support from the ,federal ,government1 including from the ,bank1 to translate research into new startups and to scale companies in the ,united ,states2 7,c7 mission agencies1 including the ,national ,aeronautics and ,space ,administration1 the ,national ,institutes of ,health1 the ,small ,business ,administration1 and the ,national ,institute of ,standards and ,technology2 7,d7 ,state governments1 to coordinate with respect to1 and align1 where possible1 with1 ,state investment to strengthen domestic industrial capacity in critical industries1 including federally funded initiatives like the ,state ,small ,business ,credit ,initiative2 and 7,e7 such other agencies and entities as the ,bank or the ,investment ,committee considers appropriate4 7#f7 ,annual briefings ,not less frequently than annually1 the working group established by paragraph 7#a7 shall brief the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 and the ,executive ,office of the ,president with respect to1 for the year preceding the briefing-- 7,a7 requests for financial assistance considered by the ,bank2 7,b7 agreements made under this ,act2 7,c7 opportunities for and consideration of policy changes to improve coordination across ,federal programs with the goal of ensuring the success of investments facilitated by financing or financial assistance under this ,act2 and 7,d7 challenges identified by applicants for financial assistance across ,federal programs4 7c7 ,coordination with respect to technology development ,the ,bank shall convene meetings with other agencies to coordinate with respect to enhancing capacity for critical technology development in the ,united ,states4 4 #aj4 ,limitation on eligibility for support ,section #c of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a71 as amended by section #i1 is further amended by adding at the end the following3 7p7 ,limitations on eligibility for support 7#a7 ,in general ,notwithstanding any other provision of this ,act or any other ,act1 a covered entity is not eligible for financing or other support under this ,act4 7#b7 ,definitions ,in this section3 7,a7 ,covered entity 7i7 ,in general ,the term covered entity means an entity in which a covered individual directly or indirectly holds a significant interest4 7ii7 ,aggregation of securities ,for purposes of determining whether an entity is a covered entity for purposes of clause 7i71 if securities of the entity are owned1 controlled1 or held by #b or more covered individuals who are related as described in subparagraph 7,b71 such securities shall be aggregated4 7,b7 ,covered individual ,the term covered individual means-- 7i7 the ,president2 7ii7 the ,vice ,president2 7iii7 a ,member of ,congress2 7iv7 an individual appointed to a position in an agency 7as defined in section #eea of title #e1 ,united ,states ,code7 for which appointment is required to be made by the ,president2 7v7 a special ,government employee1 as defined in section #bjb of title #ah1 ,united ,states ,code1 associated with the ,executive ,office of the ,president2 7vi7 a member of the ,investment ,committee established under subsection 7n72 and 7vii7 the spouse1 child1 son-in-law1 or daughter-in-law of an individual described in any of clauses 7i7 through 7vi74 7,c7 ,de minimis interest ,the term de minimis interest means an equity interest in an entity that-- 7i7 does not exceed the threshold specified in section #bfdj4bjb7;a77#b7 of title #e1 ,code of ,federal ,regulations 7or a successor regulation72 7ii7 is purchased and owned as part of an ,excepted ,investment ,fund or a mutual fund2 or 7iii7 is purchased and owned as part of a widely diversified employee benefit plan or a pension established and maintained by a ,federal1 ,state1 or local government4 7,d7 ,equity interest ,the term equity interest means-- 7i7 a share in an entity1 without regard to whether the share is-- 7,i7 transferable2 or 7,,ii7 classified as stock or anything similar2 7ii7 a capital or profit interest in a limited liability company or partnership2 and 7iii7 a warrant or right 7other than a right to convert7 to purchase1 sell1 or subscribe to a share or interest described in clause 7i7 or 7ii71 respectively4 7,e7 ,excepted ,investment ,fund ,the term ,excepted ,investment ,fund means a widely held investment fund described in section #acajd7;f77#h7 of title #e1 ,united ,states ,code4 7,f7 ,significant interest ,the term significant interest1 with respect to an entity1 means owning1 controlling1 or holding any equity interest1 other than a de minimis interest1 in the entity4 4 #aa4 ,modification of ,program on ,china and ,transformational ,exports ,section #b7l77#a7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7l77#a77 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by striking or by a covered country and inserting 1 the ,russian ,federation1 or a covered country2 7#b7 in subparagraph 7,a71 by striking or by a covered country and inserting 1 the ,russian ,federation1 or a covered country2 and 7#c7 in subparagraph 7,b7-- 7,a7 in clause 7v71 by striking computing and inserting technologies2 and 7,b7 in clause 7vi71 by inserting nuclear energy1 after ,renewable energy14 #ab4 ,increase in goal for export of goods and services related to renewable energy sources1 energy efficiency1 and energy storage ,section #b7;b77#a77,k7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7;b77#a77,k77 is amended by striking #e percent and inserting #aj percent4 #ac4 ,employment authority 7a7 ,in general ,section #c of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce;a71 as amended by section #aj1 is further amended by adding at the end the following3 7q7 ,employment authority ,the ,board may compensate not more than #aej employees of the ,bank without regard to the provisions of chapter #ea or subchapter ,,iii or ,,viii of chapter #ec of title #e1 ,united ,states ,code4 4 7b7 ,conforming repeal ,section #aag of the ,export ,enhancement ,act of #aiib 7,public ,law #ajb-dbi2 #ab ,u4,s4,c4 #fce;a note7 is repealed4 #ad4 ,expansion of guarantee coverage ,section #b7;c77#c77;,b7 of the ,export-,import ,bank ,act of #aide 7#ab ,u4,s4,c4 #fce7;c77#c77;,b77 is amended-- 7#a7 by striking ,for the guarantee program provided for in this subsection1 and inserting the following3 7i7 ,in general ,for a guarantee program described in clause 7ii71 2 and 7#b7 by adding at the end the following3 7ii7 ,programs described ,a guarantee program described in this clause is-- 7,i7 a guarantee program provided for in this subsection2 7,,ii7 the ,make ,more in ,america ,program established under subsection 7m72 and 7,,iii7 subject to clause 7iii71 the ,working ,capital ,guarantee ,program4 7iii7 ,limitation on ,working ,capital ,guarantee ,program ,under the ,working ,capital ,guarantee ,program1 the ,bank may not provide #ajj percent coverage of an amount of principal that exceeds #ej1jjj1jjj4 4