Export-Import Bank Reform and Reauthorization Act of 2015
The source supplies the latest action, but no lifecycle stage.
Latest action (20 Oct 2015): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 275.
What this bill does
This bill, titled the Export-Import Bank Reform and Reauthorization Act of 2015, proposes changes to the operations of the Export-Import Bank. It would reduce the total amount of loans, guarantees, and insurance the Bank can have outstanding each year from fiscal years 2015 through 2019. The bill also mandates that the Bank hold at least 5% of its outstanding loans and guarantees in reserve to cover potential future losses.
The proposed legislation would also create new internal roles and committees within the Bank, including an Office of Ethics and a Chief Risk Officer, to oversee ethics and risk management, respectively. The Bank's Inspector General would be required to audit the Bank's risk management procedures. Additionally, the bill aims to increase the amount of lending authority directed towards small businesses and would reauthorize the Bank and certain related programs through fiscal year 2019.
This bill was introduced in the Senate in October 2015 by Senator Mark Kirk. As of its introduction, it had not yet advanced beyond that initial stage. The full text of the bill's provisions was not yet publicly available at the time of this summary.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Export-Import Bank Reform and Reauthorization Act of 2015
This bill amends the Export-Import Bank Act of 1945 to reduce, for each of FY2015-FY2019, the authorized aggregate amount of loans, guarantees, and insurance the Export-Import Bank may have outstanding at any time.
The Bank shall build to and hold in reserve, to protect against future losses, at least 5% of its aggregate amount of disbursed and outstanding loans, guarantees, and insurance.
The Export-Import Bank Reauthorization Act of 2012 (EIBRA) is amended to require the Government Accountability Office's quadrennial review of the adequacy of the design and effectiveness of the Bank's fraud controls to include review of the Bank's compliance with these controls.
An Office of Ethics is established within the Bank to recommend administrative actions to establish or enforce standards of official conduct.
A Chief Risk Officer of the Bank is established to oversee all issues relating to risk within the Bank.
A Risk Management Committee is also established to:
• oversee periodic stress testing on the entire Bank portfolio and the monitoring of industry, geographic, and obligor exposure levels; and
Timeline
20 Oct 2015
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 275.
Common questions
- What does S. 2183 do?
- This bill, titled the Export-Import Bank Reform and Reauthorization Act of 2015, proposes changes to the operations of the Export-Import Bank. It would reduce the total amount of loans, guarantees, and insurance the Bank can have outstanding each year from fiscal years 2015 through 2019. The bill also mandates that the Bank hold at least 5% of its outstanding loans and guarantees in reserve to cover potential future losses. The proposed legislation would also create new internal roles and committees within the Bank, including an Office of Ethics and a Chief Risk Officer, to oversee ethics and risk management, respectively. The Bank's Inspector General would be required to audit the Bank's risk management procedures. Additionally, the bill aims to increase the amount of lending authority directed towards small businesses and would reauthorize the Bank and certain related programs through fiscal year 2019. This bill was introduced in the Senate in October 2015 by Senator Mark Kirk. As of its introduction, it had not yet advanced beyond that initial stage. The full text of the bill's provisions was not yet publicly available at the time of this summary.
- Has S. 2183 become law?
- The source does not supply a confirmed lifecycle stage for S. 2183. Check the latest action and official source below.
- Who sponsored S. 2183?
- S. 2183 was sponsored by Sen. Kirk, Mark Steven [R-IL] (R-IL), with 7 cosponsors.
- What's the latest action on S. 2183?
- Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 275. (20 Oct 2015).
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