12 U.S.C. § 635g | Report to Congress; time for submission; contents

(a)

Annual submission of report

The Export-Import Bank of the United States shall transmit to the Congress annually a complete and detailed report of its operations. Such report shall be as of the close of business on the last day of each fiscal year.

(b)

Report on allocation of sums set aside for small business exports

(1)

section 635(b)(1)(E) of this title The Bank shall include in its annual report to the Congress a report on the allocation of the sums set aside for small business exports pursuant to .

(2)

Such report shall specify—

(A)

the total number and dollar volume of loans made from the sums set aside;

(B)

section 635(b)(1)(E)(vii) of this title the number and dollar volume of loans made through the consortia program under ;

(C)

the amount of guarantees and insurance provided for small business exports;

(D)

the number of recipients of financing from the sums set aside who have not previously participated in the Bank’s programs;

(E)

the number of commitments entered into in amounts less than $500,000; and

(F)

section 635(b)(1)(E) of this title any recommendations for increasing the participation of banks and other institutions in the programs authorized under .

(3)

For the purpose of this subsection, the Bank’s report shall be transmitted to the Committee on Small Business of the Senate and the Committee on Small Business of the House of Representatives.

(c)

Technology to assist small businesses

section 635(b)(1) of this title section 632(a) of title 15The Bank shall include in its annual report to the Congress under subsection (a) of this section for each of fiscal years 2002 through 2006 a report on the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of , and on how the efforts are assisting small business concerns (as defined in ).

(d)

Number of small business suppliers of Bank users

section 632(a) of title 15The Bank shall estimate on the basis of an annual survey or tabulation the number of entities that are suppliers of users of the Bank and that are small business concerns (as defined in ) located in the United States, and shall include the estimate in its annual report to the Congress under subsection (a) of this section.

(e)

Outreach to certain small businesses

section 637(a)(4) of title 15 section 632(a) of title 15 section 632(a) of title 15The Bank shall include in its annual report to the Congress under subsection (a) of this section a description of outreach efforts made by the Bank to any socially and economically disadvantaged small business concerns (as defined in ), small business concerns (as defined in ) owned by women, and small business concerns (as defined in ) employing fewer than 100 employees.

(f)

Additional reports

Not later than March 31 of each year, the Bank shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate reports on—

(1)

section 635(b)(1)(E) of this title the extent to which the Bank has been able to use the authority provided, and has complied with the mandates contained, in , and to the extent the Bank has been unable to fully use such authority and comply with such mandates, a report on the reasons for the Bank’s inability to do so and the steps the Bank is taking to remedy such inability;

(2)

the extent to which financing has been made available to small business concerns (described in subsection (e)) to enable them to participate in exports by major contractors, including through access to the supply chains of the contractors through direct or indirect funding;

(3)

the specific measures the Bank will take in the upcoming year to achieve the small business objectives of the Bank, including expanded outreach, product improvements, and related actions;

(4)

section 637(a)(4) of title 15 section 632(a) of title 15 the progress made by the Bank in supporting exports by socially and economically disadvantaged small business concerns (defined in ) and small business concerns (as defined in ) owned by women, including estimates of the amounts made available to finance exports directly by such small business concerns, a comparison of these amounts with the amounts made available to all small business concerns, and a comparison of such amounts with the amounts so made available during the 2 preceding years;

(5)

with respect to each type of transaction, the interest and fees charged by the Bank to exporters (including a description of fees and interest, if any, charged to small business concerns), buyers, and other applicants in connection with each financing program of the Bank, and the highest, lowest, and average fees charged by the Bank for short term insurance transactions;

(6)

the effects of the fees on the ability of the Bank to achieve the objectives of the Bank relating to small business;

(7)

the fee structure of the Bank as compared with those of foreign export credit agencies; and

(8)

(A)

section 635(b)(1) of this title the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of , including the total amount expended by the Bank to do so; and

(B)

if the Bank has been unable to comply with such subparagraphs—

(i)

an analysis of the reasons therefor; and

(ii)

what the Bank is doing to achieve, and the date by which the Bank expects to have achieved, such compliance.

(g)

Monitoring of default rates on bank financing; reports on default rates; safety and soundness review

(1)

Monitoring of default rates

Not less frequently than quarterly, the Bank shall calculate the rate at which the entities to which the Bank has provided short-, medium-, or long-term financing are in default on a payment obligation under the financing, by dividing the total amount of the required payments that are overdue by the total amount of the financing involved.

(2)

Additional calculation by type of product, by key market, and by industry sector; report to Congress

In addition, the Bank shall, not less frequently than quarterly—

(A)

calculate the rate of default—

(i)

with respect to whether the products involved are short-term loans, medium-term loans, long-term loans, insurance, medium-term guarantees, or long-term guarantees;

(ii)

with respect to each key market involved; and

(iii)

with respect to each industry sector involved; and

(B)

submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on each such rate and any information the Bank deems relevant.

(3)

Report on causes of default rate; plan to reduce default rate

Within 45 days after a rate calculated under paragraph (1) equals or exceeds 2 percent, the Bank shall submit to the Congress a written report that explains the circumstances that have caused the default rate to be at least 2 percent, and includes a plan to reduce the default rate to less than 2 percent.

(4)

Plan contents

The plan referred to in paragraph (3) shall—

(A)

provide a detailed explanation of the processes and controls by which the Bank monitors and tracks outstanding loans;

(B)

detail specific planned actions, including a time frame for completing the actions, to reduce the default rate described in paragraph (1) to less than 2 percent.

(5)

Monthly reports required while default rate is at least 2 percent

For so long as the default rate calculated under paragraph (1) is at least 2 percent, the Bank shall submit monthly reports to the Congress describing the specific actions taken during such period to reduce the default rate.

(6)

Safety and soundness review

If the default rate calculated under paragraph (1) remains above 2 percent for a period of 6 months, the Secretary of the Treasury shall provide for an independent third party to—

(A)

conduct a review of the loan programs and funds of the Bank, which shall determine—

(i)

the financial safety and soundness of the programs and funds; and

(ii)

the extent of loan loss reserves and capital adequacy of the programs and funds; and

(B)

submit to the Secretary, within 60 days after the end of the 6-month period, a report that—

(i)

describes the methodology and standards used to conduct the review required by subparagraph (A);

(ii)

sets forth the results and findings of the review, including the extent of loan loss reserves and capital adequacy of the programs and funds of the Bank; and

(iii)

includes recommendations regarding restoring the reserves and capital to maintain the programs and funds in a safe and sound condition.

(h)

Categorization of purpose of loans and long-term guarantees

In the annual report of the Bank under subsection (a), the Bank shall categorize each loan and long-term guarantee made by the Bank in the fiscal year covered by the report, and according to 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 competition from a foreign, officially sponsored, export credit competition”.

(4)

“Not identified”, and the reason why the purpose is not identified.

(i)

Access to Bank products by the textile industry

section 635a(d)(5) of this titleThe Bank shall include in its annual report to the Congress under subsection (a) of this section a report on the determinations made by the Advisory Committee under in the year covered by the report.

(j)

Textile and apparel supply chain financing

The Bank shall include in its annual report to the Congress under subsection (a) of this section a description of the success of the Bank in providing effective and reasonably priced financing to the United States textile and apparel industry for exports of goods manufactured in the United States that are used as components in global textile and apparel supply chains in the year covered by the report, and steps the Bank has taken to increase the use of Bank products by such firms.

(k)

Report on programs for small- and medium-sized businesses

The Bank shall include in its annual report to Congress under subsection (a) a report on the programs of the Bank for United States businesses with less than $250,000,000 in annual sales.

(l)

Report on authorizations under the Program on China and Transformational Exports

The Bank shall include in its annual report to Congress under subsection (a) a narrative and financial summary of the authorizations made under the Program on China and Transformational Exports.

July 31, 1945, ch. 341, § 8 59 Stat. 529 Pub. L. 90–267, § 1(a)Mar. 13, 196882 Stat. 47 Pub. L. 93–646, § 10Jan. 4, 197588 Stat. 2336 Pub. L. 95–630, title XIX, § 1907(b)Nov. 10, 197892 Stat. 3725 Pub. L. 98–181, title INov. 30, 198397 Stat. 1259 Pub. L. 99–472, § 20(b)Oct. 15, 1986100 Stat. 1209 Pub. L. 102–429, title I, § 121(c)(2)Oct. 21, 1992106 Stat. 2199 Pub. L. 106–569, title XI, § 1104(a)(4)Dec. 27, 2000114 Stat. 3032 Pub. L. 107–189, § 12June 14, 2002116 Stat. 704 Pub. L. 109–438, § 20Dec. 20, 2006120 Stat. 3282 Pub. L. 112–122May 30, 2012126 Stat. 353 Pub. L. 114–94, div. E, title LII, § 52002(a)Dec. 4, 2015129 Stat. 1767 Pub. L. 116–94, div. I, title IV, § 402(b)Dec. 20, 2019133 Stat. 3023(, formerly § 9, ; , , ; , , ; , , ; [title VI, §§ 618(b), 623], , , 1262; , (c), , , 1210; renumbered § 8, , , ; , , ; , , ; , , ; , §§ 6, 10, 20(b)(2), 21(c), , , 356, 362, 363; , , ; , , .)

Editorial Notes

Prior Provisions

act July 31, 1945, ch. 341 section 635f of this titleA prior section 8 of , was renumbered section 7 and is classified to .

Amendments

lPub. L. 116–94l2019—Subsec. (). added subsec. ().

Pub. L. 114–942015—Subsec. (k). added subsec. (k).

Pub. L. 112–122, § 62012—Subsec. (g). , added subsec. (g).

Pub. L. 112–122, § 10Subsec. (h). , added subsec. (h).

Pub. L. 112–122, § 20(b)(2)Subsec. (i). , added subsec. (i).

Pub. L. 112–122, § 21(c)Subsec. (j). , added subsec. (j).

Pub. L. 109–4382006—Subsec. (f). added subsec. (f).

Pub. L. 107–1892002—Subsecs. (c) to (e). added subsecs. (c) to (e).

Pub. L. 106–569 section 3261 of title 22 section 2151q of title 22 section 635(b)(1)(C) of this title2000—Subsec. (b). redesignated subsec. (c) as (b) and struck out former subsec. (b) which read as follows: “The report shall contain a description of actions taken by the Bank in pursuance of the policy of aiding, counseling, assisting, and protecting, insofar as is possible, the interests of small business concerns and of the activities of the member of the Board appointed to represent the interest of small business. In addition, the Bank shall include in the report a description of specific activities and programs undertaken by it to achieve the policy of , and , as required by .”

Pub. L. 106–569Subsec. (c). redesignated subsec. (c) as (b) and directed redesignation of subsec. (e) as (c).

Pub. L. 106–569Subsec. (d). struck out subsec. (d) which required report to include actions taken by Bank to aid industries, preserve and create highly skilled jobs, and enhance opportunity for business growth and expansion and comments of Advisory Committee.

Pub. L. 106–569Subsec. (e). , which directed redesignation of subsec. (e) as (c), could not be executed. See 1986 Amendment note and Termination Date of 1986 Amendment note below.

Pub. L. 99–4721986—Subsec. (e). temporarily added subsec. (e). See Termination Date of 1986 Amendment note below.

Pub. L. 98–181, § 618(b)(1)1983—Subsec. (b). , inserted “and of the activities of the member of the Board appointed to represent the interests of small business”.

Pub. L. 98–181, § 618(b)(2)Subsec. (c). , added subsec. (c).

Pub. L. 98–181, § 623Subsec. (d). , added subsec. (d).

Pub. L. 95–630 section 3261 of title 22 section 2151q of title 22 section 635(b)(1)(C) of this title1978—Subsec. (b). inserted provision that in addition, the Bank include in the report a description of specific activities and programs undertaken by it to achieve the policy of , and , as required by .

Pub. L. 93–6461975— designated existing provisions as subsec. (a), substituted provisions calling for an annual report as of the close of business on the last day of each fiscal year, for provisions calling for a semiannual report as of the close of business on June 30 and Dec. 31 of each year, and added subsec. (b).

Pub. L. 90–2671968— changed name of “Export-Import Bank of Washington” to “Export-Import Bank of the United States”.

Statutory Notes and Related Subsidiaries

Change of Name

June 29, 2001Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress, .

Effective Date of 2015 Amendment

Pub. L. 114–94, div. E, title LII, § 52002(b)Dec. 4, 2015129 Stat. 1767

12 U.S.C. 635gDec. 4, 2015“The amendment made by subsection (a) [amending this section] shall apply with respect to the report of the Export-Import Bank of the United States submitted to Congress under section 8 of the Export-Import Bank Act of 1945 () for the first year that begins after the date of the enactment of this Act [].”

, , , provided that:

Termination Date of 1986 Amendment

Pub. L. 99–472, § 20(c)Oct. 15, 1986100 Stat. 1210

March 2, 1988“Effective , the amendment made by subsection (b) [amending this section] is repealed.”

, , , provided that:

Effective Date of 1978 Amendment

Pub. L. 95–630Nov. 10, 1978section 1917 of Pub. L. 95–630 section 635 of this titleAmendment by effective , see , set out as a note under .

Reports

Pub. L. 107–189, § 8(c)June 14, 2002116 Stat. 701

12 U.S.C. 635g(a)12 U.S.C. 635(b)(1)“The Export-Import Bank of the United States shall include in the annual report required by section 8(a) of the Export-Import Bank Act of 1945 [] for each of fiscal years 2002 through 2006 a report on the efforts made by the Bank to carry out subparagraphs (E)(x) and (J) of section 2(b)(1) of such Act [], and on how the efforts are assisting small businesses.”

, , , provided that:

Financing for Renewable Energy Projects

Pub. L. 101–167, title V, § 534(d)Nov. 21, 1989103 Stat. 1231

“(1)

Of the financing provided by the Export-Import Bank that is utilized for the support of exports for the energy sector, the Bank shall seek to provide not less than 5 per centum of such financing for renewable energy projects.

“(2)

The Export-Import Bank shall take all appropriate steps to finance information exchanges and training whose purpose it is to help link United States producers in the renewable energy sector with assistance programs and potential foreign customers.

“(3)

April 15, 1990 Beginning on , the Chairman of the Export-Import Bank shall submit an annual report to the Committees on Appropriations on the Bank’s implementation of this subsection.”

, , , provided that:

Modification of Reporting Requirements

Pub. L. 89–348, § 2(9)Nov. 8, 196579 Stat. 1312

59 Stat. 529 12 U.S.C. 635g“From semiannual to annual submission to the Congress by the Export-Import Bank of Washington of a report concerning its operations under the Export-Import Bank Act of 1945 (; ).”

Pub. L. 93–646, , , modified the reporting requirements of this section as follows: This section was later amended by to require annual instead of semiannual reports.