§635g Report to Congress; time for submission; contents

Summary

The Export-Import Bank must send Congress a full report each year about its operations as of the last business day of the fiscal year. The report must show how the Bank used money set aside for small business exports. It must give the total number and dollar amounts of those loans, how many were made through the consortia program, how much was provided as guarantees and insurance, how many borrowers were new to Bank programs, how many commitments were for less than $500,000, and any ideas to get more banks and other institutions to join these programs. That small-business report must go to the Senate and House Small Business Committees. For fiscal years 2002 through 2006 the Bank must also report on specific small-business efforts named in the law (E(x) and J) and explain how they helped small businesses. The annual report must also estimate how many U.S. suppliers who use the Bank are small businesses, and describe outreach to socially and economically disadvantaged small businesses, women-owned small businesses, and firms with fewer than 100 employees. The Bank must report on programs for U.S. companies with under $250,000,000 in annual sales and include a narrative and financial summary of the Program on China and Transformational Exports. By March 31 each year the Bank must send extra reports to the House Financial Services Committee and the Senate Committee on Banking, Housing, and Urban Affairs about how it used its small-business authorities, financing to help small firms join major contractors’ supply chains, next-year plans, support for disadvantaged and women-owned firms (with dollar comparisons to all small businesses and the prior two years), and fees charged (including interest and fees by transaction type, highest/lowest/average short-term insurance fees), how fees affect small-business goals, and how the Bank’s fees compare with foreign export credit agencies. At least quarterly the Bank must calculate default rates overall and by product type (short-, medium-, and long-term loans; insurance; medium- and long-term guarantees), by market, and by industry, and send those rates to the two banking committees. If the overall default rate reaches 2 percent or more, the Bank must report within 45 days explaining why and give a plan with controls and specific actions and timing to cut the rate below 2 percent, and then send monthly updates while the rate stays at or above 2 percent. If the rate stays above 2 percent for six months, the Treasury must order an independent review and receive its report within 60 days. The annual report must also categorize each loan and long-term guarantee by its purpose, report advisory committee findings, and describe steps to help the U.S. textile and apparel industry use Bank products.