Summary: H.R.3407 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.3407. Bill summaries are authored by CRS.

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Introduced in House (06/21/2019)

United States Export Finance Agency Act of 2019

This bill reauthorizes the U.S. Export-Import Bank through FY2026 and otherwise modifies its operations.

Specifically, the bill redesignates the U.S. Export-Import Bank as the United States Export Finance Agency and increases the agency's lending cap over the period of its reauthorization. The bill also requires that at least an additional 5% of its total annual transactions are in support of small businesses.

Additionally, the bill requires the agency to neutralize Chinese export subsidies by establishing a program to provide competitive financing. The bill also restricts access to agency financing for entities that are owned or controlled by China. Further, the bill establishes (1) the Office of Minority and Women Inclusion; (2) the Office of Territorial Exporting; and (3) the Office of Financing for Renewable Energy, Energy Efficiency and Energy Storage Exports.

In the event that there is no board quorum for more than 90 days, the bill provides for the establishment of a temporary board. It also requires the agency to take certain measures to increase transparency and accountability.