Text: H.R.3619 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (07/28/2017)


115th CONGRESS
1st Session
H. R. 3619


To authorize the Export-Import Bank of the United States to use 3 percent of its profits for administrative expenses.


IN THE HOUSE OF REPRESENTATIVES

July 28, 2017

Mr. Ruiz introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To authorize the Export-Import Bank of the United States to use 3 percent of its profits for administrative expenses.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Increasing American Jobs and Exports Act”.

SEC. 2. AUTHORITY OF THE EXPORT-IMPORT BANK TO USE 3 PERCENT OF ITS PROFITS FOR ADMINISTRATIVE EXPENSES.

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is amended by adding at the end the following:

“(n) Authority To use portion of bank surplus for administrative expenses.—

“(1) AUTHORITY.—

“(A) IN GENERAL.—Subject to paragraph (2), in addition to any other amounts that the Bank may use to cover administrative expenses of the Bank, the Bank may use not more than 3 percent of the surplus (as defined in subsection (j)(2), without regard to subparagraph (B)(ii) of such subsection) of the Bank, for each fiscal year in the 5-year period beginning with the date of the enactment of this paragraph, to cover administrative expenses of the Bank.

“(B) USE FOR REGIONAL OFFICES.—Of the amount of the surplus which may be used as provided in subparagraph (A), the Bank shall use at least 13 to expand or establish regional offices of the Bank.

“(2) SUBJECT TO APPROPRIATIONS.—The authority provided by paragraph (1) may be exercised only to such extent and in such amounts as are provided in advance in appropriations Acts.”.