Export-Import Bank Reform and Reauthorization Act of 2015
Latest action (27 Oct 2015): On passage Passed by the Yeas and Nays: 313 - 118 (Roll no. 576).
What this bill does
H.R. 597, the Export-Import Bank Reform and Reauthorization Act of 2015, would amend the Export-Import Bank Act of 1945. Among other changes, it proposes to reduce the authorized amount for outstanding loans, guarantees, and insurance to $135 billion and increase the bank's loss reserves to 5% of its aggregate disbursed and outstanding loans, guarantees, and insurance. The bill also aims to promote small business exports by increasing lending requirements and would modernize operations through electronic payments and document acceptance.
The bill affects the Export-Import Bank of the United States and its operations, including its risk management and oversight procedures, as well as businesses that export goods and services. It establishes new roles like a Chief Risk Officer and an Office of Ethics within the bank. The bill also includes provisions for a pilot program for reinsurance and requires reports on the bank's programs for small and medium-sized businesses.
This bill passed the House of Representatives on October 27, 2015. Its next step in the legislative process would be consideration by the Senate. The official summary notes that provisions of this bill were later incorporated into other enacted legislation.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Provisions of this bill were incorporated into other bills which were enacted.
Timeline
27 Oct 2015
On passage Passed by the Yeas and Nays: 313 - 118 (Roll no. 576).
Common questions
- What does H.R. 597 do?
- H.R. 597, the Export-Import Bank Reform and Reauthorization Act of 2015, would amend the Export-Import Bank Act of 1945. Among other changes, it proposes to reduce the authorized amount for outstanding loans, guarantees, and insurance to $135 billion and increase the bank's loss reserves to 5% of its aggregate disbursed and outstanding loans, guarantees, and insurance. The bill also aims to promote small business exports by increasing lending requirements and would modernize operations through electronic payments and document acceptance. The bill affects the Export-Import Bank of the United States and its operations, including its risk management and oversight procedures, as well as businesses that export goods and services. It establishes new roles like a Chief Risk Officer and an Office of Ethics within the bank. The bill also includes provisions for a pilot program for reinsurance and requires reports on the bank's programs for small and medium-sized businesses. This bill passed the House of Representatives on October 27, 2015. Its next step in the legislative process would be consideration by the Senate. The official summary notes that provisions of this bill were later incorporated into other enacted legislation.
- Has H.R. 597 become law?
- Not yet. As of 27 Oct 2015, H.R. 597 is passed house (senate next).
- Who sponsored H.R. 597?
- H.R. 597 was sponsored by Rep. Stephen Fincher [R-TN8, 2011-2016] (Republican-TN), with 0 cosponsors.
- What's the latest action on H.R. 597?
- On passage Passed by the Yeas and Nays: 313 - 118 (Roll no. 576). (27 Oct 2015).
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