Export–Import Bank Reauthorization Act of 2012
{{Short description|USA government act, 2012}}
{{Use American English|date=June 2025}}
{{Cleanup reorganize|date=November 2022}}
{{Infobox U.S. legislation
| name = Export–Import Bank Reauthorization Act of 2012
| fullname = To reauthorize the Export-Import Bank of the United States, and for other purposes.
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| enacted by = 112th
| effective date = May 30, 2012
| cite public law = 112–122
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| introducedin = House
| introducedbill = H.R.2072
| introducedby = Rep. Gary Miller (R-CA-42)
| introduceddate = 10 June 2011
| committees = House Committee on Financial Services
| passedbody1 = House
| passedas1 =
| passeddate1 = 5 May 2012
| passedvote1 = 330 - 93
| passedbody2 = Senate
| passedas2 =
| passeddate2 = 15 May 2012
| passedvote2 = 78 - 20
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| signedpresident = Barack Obama
| signeddate = May 30, 2012
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The Export–Import Bank Reauthorization Act of 2012 amended the Export–Import Bank Act of 1945 to extend the termination of functions of the Export–Import Bank of the United States, which helps financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk and to aid in creating and sustaining jobs in the United States by financing sales of U.S. produced exports to international buyers. The bill was signed into law on May 20, 2012 and moved the termination of the bank's functions date to September 30, 2014.
In addition to placing additional reporting requirements on the bank, it also prohibits the bank from approving any guarantee, insurance, or extension of credit in connection with a borrower or controlling sponsor, or a person that is owned or controlled by such borrower or sponsor, that is subject to petroleum-related sanctions under the Iran Sanctions Act of 1996.
The bank's functions were extended through June 30, 2015 as part of a continuing resolution Congress passed which provided FY2015 appropriations to federal agencies until December 11, 2014.{{cite web|title=HJ Res.124|url=https://beta.congress.gov/113/bills/hjres124/BILLS-113hjres124ih.pdf|publisher=House of Representatives|accessdate=17 September 2014}}
Act Sections
Section one is not shown, being only the titles and table of contents of the Act.
= Section 2 =
"[Extends] the termination of functions date for the Export-Import Bank... to September 30, 2014".{{Cite web|url=https://www.congress.gov/bill/112th-congress/house-bill/2072|title = H.R.2072 - 112th Congress (2011-2012): Export-Import Bank Reauthorization Act of 2012|date = 30 May 2012}}
= Section 3 =
Increases limit for loans, guarantees, and insurance for the 2012 Fiscal Year to $120 billion.
= Section 4 =
Requires that the Export-Import Bank submits a business plan to Congress and the Comptroller General. This business plan must include "estimates of anticipated growth for 2012-2014", risk potential analysis, and an analysis of Bank resources to moderate authorizations.
= Section 5 =
Requires that the Comptroller General must submit an evaluation of the Bank's growth rate over time, "the effectiveness of the Bank's risk management," calculations of future program costs, Bank fees, and an analysis of the Bank's policy on loan loss reserves. The Bank must report a plan of implementing those recommendations to Congress.
= Section 6 =
The Bank must also monitor interest rates of short-, medium-, and long-term financing, and report to Congress on a monthly basis if that rate is more than 2%. The report must include actions taken to reduce that rate.
= Section 7 =
The Bank must set standards for its partners and participants, seek a higher credit status than all other creditors, and give due notice for transactions exceeding $100 million.
= Section 10 =
The Bank must, annually, categorize each loan and guarantee for the following purposes: "(1) to assume commercial or political risk that exporter or private financial institutions are unwilling or unable to undertake; (2) to overcome maturity or other limitations in private sector export financing; (3) to meet foreign, officially sponsored, export credit competition; or (4) not identified and the reason why the purpose is not identified".
= Section 11 =
The Secretary of the Treasury must "pursue negotiations with" major exporters to reduce and eliminate export subsidies and financing, and all countries that finance aircraft with state funds, to reduce and eliminate export financing for aircraft. The Secretary must report progress of these negotiations to Congress annually.
= Section 12 =
The Bank must release guidelines for "conducting certain economic impact analyses or similar studies under the Export-Import Bank Act of 1945" to the public.
= Section 13 =
= Section 15 =
= Section 16 =
The Comptroller General must submit to Congress a report of the efforts defined in Section 15 and make any recommendations that he/she deems appropriate.
= Section 17 =
The Comptroller General must audit quarterly the loans and guarantees of the Bank, so that the compliance of the Bank in its guidelines and policies can be determined. Also, the Comptroller General must review the effectiveness of the Bank's protection against fraudulent loans and guarantees.
= Section 18 =
The Bank is not allowed to approve any guarantee, insurance, or extension of credit to anyone related to peoples under sanction as defined in the Iran Sanctions Act, Section 5(a).
= Section 19 =
The Bank may use some of its surplus from each Fiscal Year to upgrade its technology. This spending is limited to $20 million.
= Section 20 =
The textile industry now has representation in the Export-Import Bank Advisory Committee. The Committee should consider how it can promote the textile industry and support US exports of textiles, and promote jobs in the textile industry.
= Section 21 =
= Section 23 =
The Sub-Saharan Africa Advisory Committee's termination date is extended to September 30, 2014.
= Section 24 =
= Section 25 =
References
{{reflist}}
External links
- [http://www.gpo.gov/fdsys/pkg/PLAW-112publ122/pdf/PLAW-112publ122.pdf Full Text of the Export–Import Bank Reauthorization Act of 2012]
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Category:Banking in the United States