Congress Expected to Pass Seven Year Reauthorization in Spending Bill
The House Appropriations Committee has released the bill text and supporting documentation for the legislation expected to be enacted this week to fund the federal government through the remainder of fiscal year 2020. Included within the legislation are provisions that have reportedly been negotiated on a bipartisan basis (both House and Senate) relating to the Export-Import Bank of the United States (EXIM). The primary EXIM provisions can be summarized as follows:
- EXIM would be reauthorized for seven years (through Sept. 30, 2026).
- A temporary board of directors (USTR and Secretaries of Treasury and Commerce + EXIM directors) would be empowered to keep the agency operating should there not be a regular board quorum.
- A new program on “China and Transformational Exports” would be established to help the United States compete more effectively with China in several areas (AI, biotechnology, wireless devices, quantum computing, renewable energy, semiconductors, financial, water treatment, and high performance computing). The program would target 20% of EXIM financing authority.
- EXIM’s “clean energy” programs would be expanded to include energy efficiency (battery electric vehicles, batteries for EVs, and EV charging infrastructure), and energy storage. EXIM shall set a goal of 5% of the agency’s support for renewables, energy efficiency, and storage.
- Require for projects of $25 million or more involving the government of China the submission of a report to the relevant House/Senate committees.