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S.1102 A Bill to Abolish the Export-Import Bank of the United States

S.1102 A Bill to Abolish the Export-Import Bank of the United States

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Published by Senator Mike Lee
Senator Lee recently introduced the Export-Import Bank Termination Act to abolish the Export-Import Bank. Representative Justin Amash introduced companion legislation in the House of Representatives.
Senator Lee recently introduced the Export-Import Bank Termination Act to abolish the Export-Import Bank. Representative Justin Amash introduced companion legislation in the House of Representatives.

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Published by: Senator Mike Lee on Jun 11, 2013
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06/15/2013

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II
113
TH
CONGRESS1
ST
S
ESSION
 
S. 1102
To abolish the Export-Import Bank of the United States, and for otherpurposes.
IN THE SENATE OF THE UNITED STATES
J
UNE
6, 2013Mr. L
EE
introduced the following bill; which was read twice and referred tothe Committee on Banking, Housing, and Urban Affairs
A BILL
To abolish the Export-Import Bank of the United States,and for other purposes.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Export-Import Bank
4
Termination Act’’.
5
SEC. 2. FINDINGS.
6
Congress makes the following findings:
7
(1) Export subsidies provide advantages to spe-
8
cific industries or businesses at the expense of their
9
domestic competition, other sectors of the economy 
10
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2
S 1102 IS
of the United States, and the people of the United
1
States.
2
(2) Banks and other financial institutions that
3
provide trade facilitation credit also profit from ex-
4
port subsidies such as loan guarantees and trade in-
5
surance.
6
(3) International trade finance is well developed
7
and supplied by the private sector at competitive
8
rates that reflect market conditions.
9
(4) The Export-Import Bank of the United
10
States is an agency of the United States Govern-
11
ment that subsidizes exports by insuring or guaran-
12
teeing trade facilitation loans and other credit from
13
private financial institutions and by providing direct
14
loans to exporters in the United States.
15
(5) Export subsidies impose risks on the tax-
16
payers of the United States.
17
(6) In a June 2012 report, the Congressional
18
Budget Office found, using accurate, fair value esti-
19
mation, that the expected return of the Export-Im-
20
port Bank of the United States was less than
1
 ⁄ 
10
 
21
of the estimate under the current, flawed method-
22
ology used pursuant to the Federal Credit Reform
23
 Act of 1990 (2 U.S.C. 661 et seq.).
24
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3
S 1102 IS
(7) Recent years have revealed other ‘‘safe’’
1
Federal credit programs to have large taxpayer
2
costs, including Freddie Mac, Fannie Mae, and the
3
Federal Housing Administration.
4
(8) The Export-Import Bank of the United
5
States claims to serve small businesses primarily but
6
most of its financing subsidizes exports of large mul-
7
tinational corporations.
8
SEC. 3. REDUCTIONS OF AUTHORITIES BEFORE ABOLISH-
9
MENT.
10
(a) T
ERMINATION OF
 A 
UTHORITY 
T
O
 A 
CCEPT
 A 
P
-
11
PLICATIONS FOR
 A 
SSISTANCE
.—Notwithstanding any 
12
other provision of law, the Export-Import Bank of the
13
United States (in this Act referred to as the ‘‘Bank’’) may 
14
not accept an application for a loan, insurance, or a guar-
15
antee, and may not participate in an extension of credit
16
 by another entity after the 30-day period that begins on
17
the date of the enactment of this Act.
18
(b) T
ERMINATION OF
 A 
UTHORITY 
T
O
R
ENEW OR
 
19
E
NTER
I
NTO
C
ONTRACT FOR THE
P
ROVISION OF
 A 
S
-
20
SISTANCE BY THE
B
 ANK 
.—Notwithstanding any other
21
provision of law, the Bank may not renew or enter into
22
a contract that obligates the Bank to provide a loan, insur-
23
ance, or a guarantee, or to participate in an extension of 
24
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