H.R.4221 - Increasing American Jobs Through Greater Exports to Africa Act of 2012112th Congress (2011-2012)
|Sponsor:||Rep. Smith, Christopher H. [R-NJ-4] (Introduced 03/20/2012)|
|Committees:||House - Foreign Affairs; Financial Services; Ways and Means; Small Business|
|Latest Action:||House - 04/26/2012 Referred to the Subcommittee on International Monetary Policy and Trade. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4221 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/20/2012)
Increasing American Jobs Through Greater Exports to Africa Act of 2012 - Directs the President to establish a comprehensive U.S. strategy for public and private investment, trade, and development in Africa (including the Republic of South Sudan) that focuses, among other things, on: (1) increasing exports of U.S. goods and services to Africa by 200% in real dollar value within 10 years, (2) coordinating U.S. commercial interests with development priorities in Africa, (3) improving the competitiveness of U.S. businesses in Africa, and (4) encouraging a greater understanding among U.S. business and financial communities of the opportunities Africa holds for U.S. exports.
Requires the President to designate a Special Africa Export Strategy Coordinator.
Expresses the sense of Congress that the Secretary of Commerce and other high-level U.S. officials with responsibility for export promotion, financing, and development should conduct a joint trade mission to Africa.
Directs the Secretary to ensure that at least 14 total U.S. and Foreign Commercial Service officers are assigned to U.S. embassies in Africa.
Requires the Secretary to assign at least one full-time officer to the office of the U.S. Executive Director at each multilateral development bank to: (1) increase access of U.S. businesses to procurement contracts with the bank; and (2) facilitate access of such businesses to risk insurance, equity investments, consulting services, and lending provided by the bank.
Prescribes increases in the number of: (1) Export-Import Bank of the United States employees assigned to bank field offices in Africa and the United States, and (2) Overseas Private Investment Corporation (OPIC) staff needed to promote stable and sustainable economic growth and development in Africa as well as to help U.S. businesses to expand into African markets.
Directs the President to develop a plan for standardized training of all U.S. and Foreign Commercial Service officers, Department of State economic officers, and U.S Agency for International Development (USAID) economic officers with respect to Bank, OPIC, Small Business Administration (SBA), and U.S. Trade and Development Agency programs and procedures.
Amends the Export-Import Bank Act of 1945 to raise the limits on the aggregate outstanding loan, guarantee, and insurance authority of the Bank for FY2012-FY2017 and each fiscal year thereafter.
Prescribes a special rule that the increase for FY2017 and each fiscal year thereafter shall be $175 billion if it is determined the increase has been effective in increasing viable loans to further U.S. exports, including to Africa. Earmarks 25% of the increase over FY2011 for loans, guarantees, and insurance for projects in Africa.
Makes $250 million of the Bank capitalization available annually for loans that counter below-market rate, preferential, tied aid, or other related non-market loans offered by other nations for which U.S. companies are also competing or interested in competing.
Expresses the sense of Congress that the Bank should use its Tied Aid Credit Fund to help U.S. companies to compete for projects in which a foreign government is using any type of below-market, preferential, or tied aid loan.
Amends the Small Business Act to require the Associate Administrator of Small Business for International Trade to work closely with the Trade Promotion Coordinating Committee (TPCC), among others, in maintaining a trade distribution network.
Directs the U.S. Trade Representative (USTR) and Bank officials to explore opportunities to negotiate bilateral, subregional, and regional agreements to encourage trade and eliminate nontariff barriers to trade between countries (including Africa), such as negotiating investor friendly double-taxation treaties and investment promotion agreements.