S. 4781

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4781 Introduced in Senate (IS)]

<DOC>

119th CONGRESS
2d Session
S. 4781

To expand the mission of the Export-Import Bank of the United States 
and focus on building export-related domestic critical industries that 
produce goods and services that support employment in the United States 
and strengthen global competitiveness, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 15, 2026

Mr. Schumer (for himself, Mr. Reed, Ms. Klobuchar, Mr. Coons, Mr. 
Schatz, Ms. Warren, Mr. Booker, Mr. Van Hollen, Ms. Duckworth, Mr. 
Kelly, Mr. Kim, Ms. Blunt Rochester, and Ms. Alsobrooks) introduced the 
following bill; which was read twice and referred to the Committee on 
Banking, Housing, and Urban Affairs

_______________________________________________________________________

A BILL

To expand the mission of the Export-Import Bank of the United States 
and focus on building export-related domestic critical industries that 
produce goods and services that support employment in the United States 
and strengthen global competitiveness, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Make More in 
America Act of 2026''.
(b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Purposes.
Sec. 4. Modification of powers and functions.
Sec. 5. Make More in America Program.
Sec. 6. Modification of aggregate loan, guarantee, and insurance 
authority.
Sec. 7. Modification of default rate and lending cap.
Sec. 8. Investment Committee.
Sec. 9. Interagency coordination.
Sec. 10. Limitation on eligibility for support.
Sec. 11. Modification of Program on China and Transformational Exports.
Sec. 12. Increase in goal for export of goods and services related to 
renewable energy sources, energy 
efficiency, and energy storage.
Sec. 13. Employment authority.
Sec. 14. Expansion of guarantee coverage.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) The People's Republic of China poses a significant 
competitive threat to the United States, accounting, as of the 
date of the enactment of this Act, for 35 percent of 
manufacturing volume globally and 29 percent of value-add (as 
opposed to 12 percent of volume and 16 percent of value-add for 
the United States). The People's Republic of China continues to 
gain ground in higher value-add technologies that were 
traditionally United States strengths.
(2) The People's Republic of China's increased 
competitiveness can be traced to multiple sources, including 
coordinated initiatives such as Made in China 2025, which 
channeled resources toward manufacturing in higher value-add 
industries. However, the People's Republic of China also, as of 
the date of the enactment of this Act, leads in research and 
development in 66 of 74 areas.
(3) Taken together, the two trends described in paragraphs 
(1) and (2) suggest that the People's Republic of China's lead 
in exports will grow, not shrink, unless serious action is 
taken by the United States to strengthen its domestic 
innovation and industrial investment.
(4) This is especially true for critical industries of the 
future, such as next-generation automotives and drones, 
industrial automation, biotechnology, biomanufacturing, quantum 
technology, and fusion energy, unless the United States takes 
steps to support technology development in those markets. Many 
of those markets are, or could be, vital export opportunities 
with meaningful economic, national security, and job creation 
implications for the United States.
(5) The United States also faces supply chain 
vulnerabilities in critical inputs for those industries of the 
future, including energy, semiconductors and associated 
technologies like circuit boards, critical minerals, batteries, 
and other technology components.
(6) Capital-intensive industries with long production 
cycles, such as shipbuilding, chemical processing, and nuclear 
energy systems, face particularly acute financing challenges 
during the commercialization phase and the scaling of domestic 
production. Similarly, drone manufacturing and advanced 
robotics require coordinated investments in both production 
capacity and workforce training that private markets struggle 
to provide. The result is that countries with patient public 
capital, particularly the People's Republic of China, have 
captured dominant market positions in sectors where United 
States innovation initially led.
(7) If the United States does not respond, manufacturers in 
the People's Republic of China will continue gaining global 
market share in critical technologies at the expense of United 
States companies and the United States stands to lose critical 
industries that provide jobs, create production capacity, and 
serve essential national security goals.
(8) As such, Federal policy should focus on ensuring that 
technologies that are invented and developed in the United 
States are commercialized and produced in the United States, 
along with the products and services those technologies create. 
That will require a whole-of-government effort dedicated to 
revitalizing the ``innovation and industrial infrastructure'' 
of the United States.
(9) While this is a multi-faceted issue that the Export-
Import Bank of the United States (in this section referred to 
as the ``Bank'') cannot solve alone, the Bank can play a much 
more strategic role than the Bank is playing as of the date of 
the enactment of this Act by supporting the development phase 
of future technologies in areas that are underfunded by 
existing private sector tools.
(10) The Bank has an opportunity to create the export 
markets of tomorrow by helping to fund the development, 
commercialization, and production of critical technologies in 
the United States, which will expand the long-term export base 
of the United States by increasing the overall competitive edge 
of the United States, and in doing so, support employment in 
the United States.
(11) There exists an opportunity to enhance the Bank's 
strategic planning capabilities and deepen the Bank's focus on 
catalytic and scale-up financing. Such a repositioning would 
support technologies with substantial domestic manufacturing 
footprints in industries that represent not only strategic 
national security and competitiveness priorities but also 
significant employment opportunities across manufacturing 
communities in the United States.
(12) Congress has already directed the Bank to undertake 
efforts in that direction, such as through the Program on China 
and Transformational Exports established under section 2(l) of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635(l)), which 
explicitly requires 20 percent of the Bank's funds to be 
invested in certain areas deemed highly strategic, including 
artificial intelligence, biotechnology, renewable energy, 
semiconductors, quantum technology, and fusion energy, among 
other industries. A logical next step would be to expand that 
program to broaden its aperture and importance within the Bank, 
while reaffirming the Bank's mission to support export-related 
transactions that directly support United States jobs.
(13) In 2022, the Bank's Board of Directors with a 
unanimous vote launched the Make More in America Initiative to 
support ``export-oriented domestic manufacturing projects'', 
extending some of the Bank's existing demand-driven, export-
contingent financing programs to a more domestic focus to help 
revitalize United States manufacturing, directly support United 
States jobs, improve the resiliency of domestic supply chains, 
and level the playing field for United States companies 
competing in overseas markets.
(14) There is an opportunity for the Bank to play a 
convening role in developing a cohesive investment roadmap for 
the Bank's own mandate, informed by input from across the 
Federal Government, including the industrial investment efforts 
of other Federal agencies, such as the Department of Commerce, 
the Department of Energy, the Department of Defense, the 
Department of Agriculture, the Department of Labor, the 
Department of Health and Human Services, the United States 
International Development Finance Corporation, and the Small 
Business Administration.

SEC. 3. PURPOSES.

The purposes of this Act are--
(1) to ensure that advanced technologies critical to 
economic growth and national security are developed, 
commercialized, and produced in, and exported by, the United 
States and allies and partners of the United States, rather 
than adversaries of the United States;
(2) to address capital market failures in sectors where 
United States production capacity and innovation is in the 
national interest;
(3) to coordinate the resources of the Federal Government--
(A) to promote domestic technology invention, 
development, commercialization, production, and 
exportation;
(B) to support the unmet capital needs of 
manufacturing companies of all sizes to grow 
domestically;
(C) to encourage workforce training to support the 
growth and resilience of domestic manufacturing;
(D) to accelerate permitting related to domestic 
manufacturing projects; and
(E) to improve access to physical infrastructure, 
such as energy and logistics, for the growth of 
domestic manufacturing; and
(4) to promote the creation of good jobs in communities 
across the United States, along with the benefits of advanced 
industry development on local development.

SEC. 4. MODIFICATION OF POWERS AND FUNCTIONS.

Section 2(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(a)) is amended--
(1) in paragraph (1)--
(A) in the second sentence, by striking ``to 
facilitate exports of'' and inserting ``to facilitate 
the development, commercialization, and production in 
the United States, and the export of''; and
(B) by inserting after the third sentence the 
following: ``The Bank shall provide loans, guarantees, 
grants, cooperative agreements, offtake agreements, 
price insurance and other insurance facilities, and 
other instruments through other transaction authority 
under paragraph (4)(A) to accelerate the development, 
commercialization, and production of technologies that 
are critical to the national security, innovation, and 
economic growth of the United States and direct 
employment of United States workers, including 
technologies that emerge from federally funded 
research.''; and
(2) by adding at the end the following:
``(4) Additional Powers.--In addition to the powers and authorities 
set forth in paragraph (1), the Bank may--
``(A) to the extent authorized by law, enter into such 
agreements, including contracts, grants, cooperative 
agreements, offtake agreements, price insurance and other 
insurance facilities, and other instruments, and may enter into 
other transactions, including providing subordinated capital, 
to facilitate investments and the provision of financial 
assistance on such terms as the President of the Bank and the 
Board of Directors consider appropriate;
``(B) make advance payments under agreements and other 
transactions authorized under subparagraph (A) without regard 
to section 3324 of title 31, United States Code;
``(C) procure temporary and intermittent services of 
experts and consultants in accordance with section 3109 of 
title 5, United States Code;
``(D) notwithstanding section 3104 of title 5, United 
States Code, or any other provision of other law relating to 
the appointment, number, classification, or compensation of 
employees, make appointments of scientific, engineering, and 
professional personnel, and fix the basic pay of such personnel 
at a rate to be determined by the President of the Bank at 
rates not in excess of the highest total annual compensation 
payable at the rate determined under section 104 of title 3, 
United States Code;
``(E) with the consent of another Federal agency, enter 
into an agreement with that Federal agency to use, with or 
without reimbursement, any service, equipment, personnel, or 
facility of that Federal agency; and
``(F) establish such rules, regulations, and procedures as 
the President of the Bank and the Board of Directors consider 
appropriate and that are consistent with other statutes.''.

SEC. 5. MAKE MORE IN AMERICA PROGRAM.

(a) In General.--Section 2 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635) is amended by adding at the end the following:
``(m) Make More in America Program.--
``(1) Establishment.--
``(A) In general.--The Bank shall establish the 
Make More in America Program (in this subsection 
referred to as the `Program'), under which the Bank 
shall provide support, by providing financing and 
entering into other agreements and transactions 
authorized under paragraphs (1) and (4) of subsection 
(a), for export-related manufacturing projects in the 
United States, in support of manufacturing companies of 
all sizes, including startups, in priority industries 
described in paragraph (2), industries described in 
paragraph (3), and suppliers that enable those 
industries, all of which directly support employment in 
the United States.
``(B) Future exports.--The Bank may provide support 
under the Program to support future exports by an 
applicant for such support, even if the applicant does 
not produce goods for export at the time the support is 
awarded.
``(2) Priority focus areas.--Under the Program, the Bank 
shall advance export-related manufacturing in the following 
industries:
``(A) Strategic industries for which there is 
evidence of subsidies or production support by other 
countries that--
``(i) has resulted in overreliance or 
created foreign chokepoints for United States 
supply chains; or
``(ii) otherwise presents a persistent risk 
to United States supply chains.
``(B) Strategic industries critical to the national 
security and economic competitiveness of the United 
States, including, at a minimum, industries described 
in paragraph (3).
``(C) Emerging industries that--
``(i) are critical to the national security 
and economic competitiveness of the United 
States; and
``(ii) have not reached commercial scale 
and therefore are unable to receive sufficient 
private capital funding for demonstration scale 
operations, equipment purchasing, 
commercialization, or sustained manufacturing 
for export.
``(3) Industries of interest.--The industries described in 
this paragraph are industries, and components thereof, critical 
to the national security and economic competitiveness of the 
United States, which may include the following:
``(A) The transformational export areas under the 
Program on China and Transformational Exports specified 
in subsection (l)(1)(B).
``(B) Critical minerals (as defined in section 
7002(a) of the Energy Act of 2020 (30 U.S.C. 1606(a))).
``(C) Shipbuilding and ship repair.
``(D) Cyber-physical systems and mechatronics, 
including robotics.
``(E) Aerospace and aviation, including unmanned 
aircraft systems (as defined in section 44801 of title 
49, United States Code) and the components and 
subsystems thereof, including propulsion systems.
``(F) Transport systems.
``(G) Advanced energy and industrial efficiency 
technologies, such as batteries and advanced nuclear 
technologies, including for the purposes of electric 
generation, consistent with the restrictions on the 
National Science Foundation under section 15 of the 
National Science Foundation Act of 1950 (42 U.S.C. 
1874).
``(H) Advanced materials science, including 
composites 2D materials, other next-generation 
materials, and related manufacturing technologies.
``(I) Critical sensing technologies.
``(J) Such other industries as the Bank, with the 
approval of the Board of Directors, considers 
appropriate.
``(4) Requirements for projects.--An applicant seeking 
support from the Bank under paragraph (1) with respect to a 
project is required--
``(A) to demonstrate that the project--
``(i) aligns with the goals of the 
investment roadmap developed under section 
3(n)(3);
``(ii) has a credible pathway to financial 
sustainability and, as appropriate, provides 
reasonable assurance of repayment; and
``(iii) supports employment in the United 
States directly related to the project; and
``(B) to submit documentation on the number of jobs 
in the United States that the applicant estimates will 
be created, and the quality of those jobs, if the 
support for the project is approved; and
``(C) to make commitments to investing in--
``(i) workers and communities associated 
with the project, including through training 
and education benefits paid by the applicant, 
wrap around services that support workforce 
reliability, and commitments secured from 
regional educational and training entities, 
including joint labor-management organizations, 
and institutions of higher education to provide 
workforce training, including apprenticeship 
programs registered under the Act of August 16, 
1937 (50 Stat. 664, chapter 663; 29 U.S.C. 50 
et seq.) (commonly known as the `National 
Apprenticeship Act'); and
``(ii) the quality of jobs associated with 
the project, as determined based on higher wage 
levels than the local median wage, incentive 
programs (which may include employee ownership 
plans and profit sharing arrangements), 
benefits, and worker protections.
``(5) Preferential terms for certain projects.--
``(A) In general.--The Bank may provide support 
under paragraph (1) on more favorable terms or in a 
larger amount for a project--
``(i) that is located in or directly 
benefits an economically distressed region; or
``(ii) if more than 70 percent of the jobs 
created by the project are expected to pay more 
than 110 percent of the mean pay for the county 
in which the project is located.
``(B) Economically distressed region defined.--In 
this paragraph, the term `economically distressed 
region' means a region--
``(i) described in--
``(I) section 301 of the Public 
Works and Economic Development Act of 
1965 (42 U.S.C. 3161);
``(II) section 29(j)(1) of the 
Stevenson-Wydler Technology Innovation 
Act of 1980 (15 U.S.C. 3722b(j)(1)); or
``(III) section 6702(a)(1) of title 
49, United States Code; or
``(ii) that meets the definition of 
`persistent poverty county' in section 736 of 
division A of the Consolidated Appropriations 
Act, 2023 (Public Law 117-328; 136 Stat. 4503).
``(6) Use of funds.--
``(A) Authorized uses.--A project that receives 
support under paragraph (1) may use the support for any 
purpose that--
``(i) is reasonably related to development, 
commercialization, or domestic production in 
industries described in paragraph (3), 
including support for workforce development by 
means of direct training, support for building 
or expanding a facility, or for related site 
development; or
``(ii) the President of the Bank and the 
Board of Directors determines to be consistent 
with the objectives of the Program.
``(B) Prohibited uses.--Support provided under 
paragraph (1) may not be used--
``(i) to repay debts incurred by the person 
receiving the support before the disbursement 
of the support;
``(ii) to make distributions, dividends, or 
other payments to shareholders or equity 
holders of the person; or
``(iii) to fund the acquisition of another 
entity unrelated to the project.
``(7) Target dates; clawback for failure to meet.--
``(A) Target dates.--For each award of financing or 
financial assistance provided under paragraph (1) with 
respect to a project, the President of the Bank shall, 
before distributing the award, determine target dates 
by which a project shall commence and complete.
``(B) Progressive recovery for delays.--
``(i) In general.--If a project does not 
commence and complete by the target dates 
established under subparagraph (A), the 
President of the Bank shall progressively 
recover up to the full amount of the award 
provided under paragraph (1) with respect to 
the project.
``(ii) Clawback provisions.--The President 
of the Bank and the Board of Directors shall--
``(I) include, in each agreement 
providing for an award made under 
paragraph (1), clawback provisions to 
govern recovery under clause (i); and
``(II) notify the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate and the Committee on 
Financial Services of the House of 
Representatives with respect to those 
provisions.
``(C) Waiver.--In the case of a project that 
receives financing or financial assistance under 
paragraph (1) and experiences delays, the President of 
the Bank may waive elements of the clawback provisions 
incorporated into the agreement providing for the 
award--
``(i) after making a formal determination 
that circumstances beyond the ability of the 
person that received the award to foresee or 
control are responsible for delays; and
``(ii) not less than 15 days after 
notifying the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the 
Committee on Financial Services of the House of 
Representatives of the intention of the 
President of the Bank to issue the waiver.
``(8) Workforce protections.--An applicant seeking support 
from the Bank under paragraph (1) with respect to a project and 
that has 100 or more employees shall make a good-faith 
certification that--
``(A) the applicant will not abrogate existing 
collective bargaining agreements for--
``(i) the duration of the project; or
``(ii) the term of the support and 2 years 
after the termination of the support; and
``(B) the applicant will remain neutral in any 
union organizing effort for the term of the support.
``(9) Monitoring of job creation and job quality.--The Bank 
shall develop a process for--
``(A) verifying that the estimates made under 
paragraph (4)(B) are reasonable when made;
``(B) monitoring the creation and sustainment of 
jobs through the portfolio of projects for which 
financing or financial assistance is provided under 
paragraph (1) over time, including estimated downstream 
and supply chain employment effects and measures of job 
quality, such as median wages, incentive programs and 
benefits for workers, and labor representation;
``(C) monitoring compliance with the prevailing 
wage requirements under paragraph (12), in coordination 
with the Department of Labor; and
``(D) reporting, not less frequently than annually, 
to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services 
of the House of Representatives on the aggregate 
employment impact of the portfolio described in 
subparagraph (B).
``(10) Support goal.--It shall be a goal of the Bank to 
ensure that not less than 30 percent of the applicable amount 
(as defined in section 6(a)(2)) in each fiscal year is made 
available for financing or financial assistance under this 
subsection.
``(11) Approval of certain transactions by board.--The 
approval of the Board is required for financing or financial 
assistance in excess of $50,000,000 to be provided to a project 
under this subsection.
``(12) Prevailing wage protections; clawback for failure to 
comply.--
``(A) In general.--All laborers and mechanics 
employed by contractors or subcontractors in the 
performance of construction, alteration, or repair work 
carried out, in whole or in part, with financing or 
financial assistance from the Bank under this 
subsection shall be paid wages at rates not less than 
those prevailing on projects of a character similar in 
the locality as determined by the Secretary of Labor in 
accordance with subchapter IV of chapter 31 of title 
40, United States Code.
``(B) Authority.--With respect to the labor 
standards specified in subparagraph (A), the Secretary 
of Labor shall have the authority and functions set 
forth in Reorganization Plan Numbered 14 of 1950 (64 
Stat. 1267; 5 U.S.C. App.) and section 3145 of title 
40, United States Code.
``(C) Progressive recovery for failure to comply.--
``(i) In general.--If a project does not 
comply with subparagraph (A), the President of 
the Bank shall progressively recover up to the 
full amount of the award provided under 
paragraph (1) with respect to the project.
``(ii) Clawback provisions.--The President 
of the Bank and the Board of Directors shall--
``(I) include, in each agreement 
providing for an award made under 
paragraph (1), clawback provisions to 
govern recovery under clause (i); and
``(II) notify the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate and the Committee on 
Financial Services of the House of 
Representatives with respect to those 
provisions.
``(13) Waiver of repayment assurance.--In the case of loans 
provided under this subsection, the Board may waive the 
requirement for reasonable assurance of repayment under 
subsection (b)(1)(B) if amounts are appropriated to provide 
financing for purposes that are inconsistent with such 
requirement.
``(14) Guarantee coverage for participating lenders.--
``(A) In general.--In providing a loan guarantee 
under this subsection, the Bank shall provide a 100 
percent guarantee to an acceptable commercial bank or 
community lender--
``(i) for up to 90 percent of the value of 
the loan, in the case of a loan for a small or 
medium-sized exporter; or
``(ii) for up to 80 percent of the value of 
the loan in any case not described in clause 
(i).
``(B) Delegated authority program.--
``(i) In general.--Under the Program, the 
Bank shall develop a delegated authority 
program under which the Bank provides 100 
percent guarantee coverage for up to 
$50,000,000 per loan made by a commercial bank 
or community lender to a small or medium-sized 
exporter.
``(ii) Standards.--The Bank, in 
consultation with private lenders, shall 
develop set of lending standards that offer a 
sufficient likelihood of repayment for purposes 
of the delegated authority program required by 
clause (i).
``(C) Small or medium-sized exporter defined.--In 
this paragraph, the term `small or medium-sized 
exporter' means an exporter with annual sales of 
$1,000,000,000 or less.''.
(b) Inclusion in Annual Report.--Section 8 of the Export-Import 
Bank Act of 1945 (12 U.S.C. 635g) is amended by adding at the end the 
following:
``(m) Report on Make More in America Program.--The Bank shall 
include in its annual report to Congress under subsection (a)--
``(1) a list of all projects supported under the Make More 
in America Program pursuant to section 2(m);
``(2) a description of the geographic distribution of those 
projects;
``(3) an analysis of the financial performance of those 
projects;
``(4) an estimate of the number and quality of jobs in the 
United States created through those projects;
``(5) an estimate of the private capital mobilized by those 
projects, in aggregate and by project;
``(6) a description of the strategic production capacity 
created through those projects, including production volumes, 
supply chain positions secured, and import dependencies 
reduced; and
``(7) the ratio of private capital mobilized to public 
financing provided under the Program.''.

SEC. 6. MODIFICATION OF AGGREGATE LOAN, GUARANTEE, AND INSURANCE 
AUTHORITY.

Section 6(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635e(a)(2)) is amended to read as follows:
``(2) Applicable amount defined.--In this subsection, the 
term `applicable amount', for each of fiscal years 2027 through 
2033, means $205,000,000,000.''.

SEC. 7. MODIFICATION OF DEFAULT RATE AND LENDING CAP.

(a) In General.--Section 6(a)(3) of the Export-Import Bank Act of 
1945 (12 U.S.C. 635e(a)(3)) is amended to read as follows:
``(3) Freezing of lending cap if default rate exceeds 
certain limitations.--
``(A) Traditional export credit portfolio.--The 
Bank may not exceed the amount of loans, guarantees, 
and insurance in the traditional export credit 
portfolio (as defined in section 8(g)(1)(B)) 
outstanding on the last day of a quarter if the rate 
calculated under section 8(g)(1) with respect to--
``(i) oil and gas transactions is 2 percent 
or more for that quarter; or
``(ii) all transactions in that portfolio 
other than oil and gas transactions is 4 
percent or more for that quarter.
``(B) Make more in america program portfolio.--The 
Bank may not exceed the amount of loans, guarantees, 
and insurance in the Make More in America Program 
portfolio (as defined in section 8(g)(1)(B)) 
outstanding on the last day of a quarter if the rate 
calculated under section 8(g)(1) with respect to that 
portfolio is 10 percent or more for that quarter.
``(C) China and transformational exports program 
portfolio.--The Bank may not exceed the amount of 
loans, guarantees, and insurance in the China and 
Transformational Exports Program portfolio (as defined 
in section 8(g)(1)(B)) outstanding on the last day of a 
quarter if the rate calculated under section 8(g)(1) 
with respect to that portfolio is 10 percent or more 
for that quarter.
``(D) Termination of freeze.--
``(i) Traditional export credit 
portfolio.--A freeze under clause (i) or (ii) 
of paragraph (1)(A) shall remain in effect 
until the rate calculated under section 8(g)(1) 
with respect to--
``(I) in the case of a freeze under 
clause (i) of that paragraph, oil and 
gas transactions is less than 2 percent 
for that quarter; or
``(II) in the case of a freeze 
under clause (ii) of that paragraph, 
all transactions in the traditional 
export credit portfolio other than oil 
and gas transactions is less than 4 
percent for that quarter.
``(ii) Make more in america program 
portfolio.--A freeze under paragraph (1)(B) 
shall remain in effect until the rate 
calculated under section 8(g)(1) with respect 
to the Make More in America Program portfolio 
is less than 10 percent.
``(iii) China and transformational exports 
portfolio.--A freeze under paragraph (1)(C) 
shall remain in effect until the rate 
calculated under section 8(g)(1) with respect 
to the China and Transformational Exports 
Program portfolio is less than 10 percent.
``(iv) Contingencies.--Notwithstanding 
subparagraph (A), (B), or (C) of paragraph (1), 
a freeze under any such subparagraph shall 
terminate if--
``(I) the Secretary of Commerce 
determines that the continued operation 
of the Bank is in the national security 
or economic interests of the United 
States and notifies Congress not later 
than 30 days after making that 
determination; or
``(II) the Secretary of the 
Treasury determines that a financial 
crisis exists that requires the Bank to 
provide liquidity or risk enhancements 
to protect United States exports and 
notifies Congress not later than 30 
days after making that 
determination.''.
(b) Calculating of Default Rates by Portfolio.--Section 8(g)(1) of 
the Export-Import Bank Act of 1945 (12 U.S.C. 635g(g)(1)) is amended to 
read as follows:
``(1) Monitoring of default rates.--
``(A) In general.--Not less frequently than 
quarterly, the Bank shall calculate the rate at which 
the entities to which the Bank has provided short-, 
medium-, or long-term financing are in default on a 
payment obligation under the financing, by dividing--
``(i) the total amount of the required 
payments that are overdue and are expected to 
become net losses after using the Bank's 
reserves from collected interest and fees, by
``(ii) the applicable amount (as defined in 
section 6(a)(2)).
``(B) Accounting and default rates by portfolio.--
The Bank shall maintain separate accounting of, and 
calculate a separate default rate under subparagraph 
(A) for--
``(i) all loans, guarantees, and insurance 
provided under the Make More in America Program 
pursuant to section 2(m) (in this Act referred 
to as the `Make More in America Program 
portfolio');
``(ii) all loans, guarantees, and insurance 
provided under the China and Transformational 
Exports Program pursuant to section 2(l) (in 
this Act referred to as the `China and 
Transformational Exports Program portfolio'); 
and
``(iii) all loans, guarantees, and 
insurance provided under authorities other than 
the Make More in America Program pursuant to 
section 2(m) or the China and Transformational 
Exports Program pursuant to section 2(l) (in 
this Act referred to as the `traditional export 
credit portfolio').
``(C) Separate risk reporting.--Not less frequently 
than quarterly, the Chief Risk Officer of the Bank 
shall report separately on the default rate, risk 
exposure, and portfolio performance of the traditional 
export credit portfolio and the Make More in America 
Program portfolio.''.
(c) Exclusion of Transactions Relating to Make More In America and 
China and Transformational Exports Programs.--Section 8(g) of the 
Export-Import Bank Act of 1945 (12 U.S.C. 635g(g)), as amended by 
subsection (b), is further amended by adding at the end the following:
``(7) Exclusion of transactions relating to make more in 
america and china and transformational exports programs.--For 
the purposes of this subsection, if financing provided under 
the Make More in America Program pursuant to section 2(m) or 
the China and Transformational Exports Program pursuant to 
section 2(l) results in a default rate calculated under 
paragraph (1) exceeding an applicable limitation under 
subparagraph (B) or (C) of section 6(a)(3), the Bank may, 
subject to the approval of the Board of Directors, exclude such 
financing from the calculation of the default rate.''.
(d) Conforming Amendments.--Section 8(g) of the Export-Import Bank 
Act of 1945 (12 U.S.C. 635g(g)), as amended by subsections (b) and (c), 
is further amended--
(1) in paragraph (3)--
(A) by striking ``exceeds 2 percent'' and inserting 
``exceeds a limitation under subparagraph (A), (B), or 
(C) of section 6(a)(3)'';
(B) by striking ``be at least 2 percent'' and 
inserting ``equal or exceed that limitation''; and
(C) by striking ``less than 2 percent'' and 
inserting ``less than that limitation'';
(2) in paragraph (4)(B), by striking ``less than 2 
percent'' and inserting ``less than the applicable limitation 
under subparagraph (A), (B), or (C) of section 6(a)(3)'';
(3) in paragraph (5)--
(A) in the paragraph heading, by striking ``is at 
least 2 percent'' and inserting ``equals or exceeds 
applicable limitation'';
(B) by striking ``the default rate'' and inserting 
``a default rate''; and
(C) by striking ``is at least 2 percent'' and 
inserting ``equals or exceeds the applicable limitation 
under subparagraph (A), (B), or (C) of section 
6(a)(3)''; and
(4) in paragraph (6), in the matter preceding subparagraph 
(A)--
(A) by striking ``the default rate'' and inserting 
``a default rate''; and
(B) by striking ``remains above 2 percent'' and 
inserting ``continues to equal or exceed the applicable 
limitation under subparagraph (A), (B), or (C) of 
section 6(a)(3)''.

SEC. 8. INVESTMENT COMMITTEE.

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a) is 
amended by adding at the end the following:
``(n) Investment Committee.--
``(1) Establishment.--There is established a management 
committee to be known as the `Investment Committee'.
``(2) Membership.--The Investment Committee shall be 
composed of--
``(A) the President of the Bank, who shall serve as 
chairperson;
``(B) the Board of Directors;
``(C) a representative of the Department of the 
Treasury, designated by the Secretary of the Treasury;
``(D) a representative of the Department of 
Commerce, designated by the Secretary of Commerce;
``(E) a representative of the Department of Energy, 
designated by the Secretary of Energy;
``(F) a representative of the Department of 
Defense, designated by the Secretary of Defense;
``(G) a representative of the Office of the United 
States Trade Representative, designated by the United 
States Trade Representative;
``(H) a representative of the Small Business 
Administration, designated by the Administrator of the 
Small Business Administration;
``(I) a representative of the Department of 
Agriculture, designated by the Secretary of 
Agriculture;
``(J) a representative of the Department of Health 
and Human Services, designated by the Secretary of 
Health and Human Services;
``(K) a representative of the Department of Labor;
``(L) a representative of the Department of 
Transportation;
``(M) three Members of the Senate appointed by the 
President of the Senate, each for a 2-year term; and
``(N) three Members of the House of Representatives 
appointed by the Speaker of the House of 
Representatives, each for a 2-year term.
``(3) Investment roadmap.--
``(A) In general.--The Investment Committee shall 
be responsible for--
``(i) developing a 10-year investment 
roadmap for--
``(I) identified technology areas 
and industry priorities for public 
sector investment; and
``(II) identified missions of 
national interest to focus public 
sector investment and coordination 
across sectors to improve the lives of 
the people of the United States through 
greater capacity in innovation, 
production, deployment, lower costs, 
and problem-solving; and
``(ii) obtaining the approval of the 
National Economic Council, the National 
Security Council, and the Office of Science and 
Technology Policy with respect to the 
investment roadmap.
``(B) Use of roadmap.--The investment roadmap 
required by subparagraph (A) may inform the Bank and 
other agencies represented on the investment committee 
with respect to investment strategies that are 
consistent with their missions and policies.
``(C) Consideration of models.--In developing the 
investment roadmap required by subparagraph (A), the 
Investment Committee shall be informed by other 
technology roadmaps (such as the National Security 
Strategy and the Critical Technology Areas of the 
Department of Defense) and supply chain risk analyses.
``(D) Updates.--The investment roadmap required by 
subparagraph (A) shall be updated not less frequently 
than once every 4 years.
``(E) Public availability.--The investment roadmap 
required by subparagraph (A) and each update under 
subparagraph (C) shall be made available to the public.
``(4) Advisory committees.--
``(A) In general.--The Investment Committee shall 
establish advisory committees for each technology area 
of interest or mission of national interest identified 
in the investment roadmap required by paragraph (3).
``(B) Role.--An advisory committee established 
under subparagraph (A) with respect to a technology 
area of interest or mission of national interest shall 
be responsible for providing to the Investment 
Committee critical inputs into overarching goals, 
milestones, and focus areas in the technology area of 
interest.
``(C) Membership.--An advisory committee 
established under subparagraph (A) shall include 
representatives from other Federal agencies, State 
governments, industry, labor organizations, research 
institutions, and other entities.''.

SEC. 9. INTERAGENCY COORDINATION.

Section 13 of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-7) 
is amended--
(1) in the section heading, by striking ``cooperation on 
export financing programs'' and inserting ``interagency 
cooperation'';
(2) by striking ``The Bank'' and inserting the following:
``(a) Cooperation on Export Financing and Financial Assistance 
Programs.--The Bank''; and
(3) by adding at the end the following:
``(b) Interagency Working Group.--
``(1) Establishment.--There is established an interagency 
working group.
``(2) Duties.--The working group established by paragraph 
(1) shall be responsible for--
``(A) providing guidance to the Bank on priority 
advanced manufacturing and critical technology 
industries;
``(B) ensuring coordination across Federal programs 
for financing and supporting advanced manufacturing and 
critical technology development in service of strategic 
economic competitiveness imperatives, including efforts 
to align performance metrics and to ensure timely 
review of applications and deployment of capital;
``(C) aligning the work of the working group with 
the activities of the Trade Promotion Coordinating 
Committee established under section 2312 of the Export 
Enhancement Act of 1988 (15 U.S.C. 4727); and
``(D) conducting briefings required by paragraph 
(6).
``(3) Co-chairpersons.--The President of the Bank and the 
Director of the National Economic Council shall serve as co-
chairpersons of the working group established by paragraph (1).
``(4) Domain-specific working groups.--
``(A) In general.--The Investment Committee 
established under section 3(n) shall establish domain-
specific working groups corresponding to the technology 
areas identified in the investment roadmap required by 
section 3(n)(3). Such domains may include biotechnology 
(including biomanufacturing), next-generation energy 
(including fusion energy), advanced computing, 
robotics, and critical minerals.
``(B) Missions of national interest.--One of the 
domain-specific working groups established under 
subparagraph (A) shall be established to identify 
missions of national interest to focus public sector 
investment and coordination across sectors to improve 
the lives of the people of the United States through 
greater capacity in innovation, production, deployment, 
lower costs, and problem-solving.
``(C) Composition.--Subject to subparagraph (D), 
the Investment Committee shall determine the membership 
of each domain-specific working group established under 
subparagraph (A), drawing from relevant Federal 
agencies, including the agencies described in paragraph 
(5), and from such other entities as the Committee 
considers appropriate.
``(D) Standing membership.--Each domain-specific 
working group established under subparagraph (A) shall 
include representatives of the Department of Energy, 
the Department of Defense, the Department of Commerce, 
and the Department of State.
``(5) Technical input.--In carrying out the duties 
described in paragraph (2), the working group established by 
paragraph (1) and domain-specific working groups established 
under paragraph (4) shall seek technical input from relevant 
Federal agencies and entities, and other partners, including--
``(A) Federal investment entities, including the 
Office of Strategic Capital of the Department of 
Defense, the United States International Development 
Finance Corporation, the Loan Programs Office of the 
Department of Energy, and Federal agencies to which 
authorities under the Defense Production Act of 1950 
(50 U.S.C. 4501 et seq.) have been delegated;
``(B) Federal research and innovation agencies, 
including the National Science Foundation, the Advanced 
Research Projects Agency-Energy, the Advanced Research 
Projects Agency for Health, and the Small Business 
Innovation Research program, with a focus on agencies 
conducting aligned federally funded research with 
support from the Federal Government, including from the 
Bank, to translate research into new startups and to 
scale companies in the United States;
``(C) mission agencies, including the National 
Aeronautics and Space Administration, the National 
Institutes of Health, the Small Business 
Administration, and the National Institute of Standards 
and Technology;
``(D) State governments, to coordinate with respect 
to, and align, where possible, with, State investment 
to strengthen domestic industrial capacity in critical 
industries, including federally funded initiatives like 
the State Small Business Credit Initiative; and
``(E) such other agencies and entities as the Bank 
or the Investment Committee considers appropriate.
``(6) Annual briefings.--Not less frequently than annually, 
the working group established by paragraph (1) shall brief the 
Committee on Banking, Housing, and Urban Affairs of the Senate, 
the Committee on Financial Services of the House of 
Representatives, and the Executive Office of the President with 
respect to, for the year preceding the briefing--
``(A) requests for financial assistance considered 
by the Bank;
``(B) agreements made under this Act;
``(C) opportunities for and consideration of policy 
changes to improve coordination across Federal programs 
with the goal of ensuring the success of investments 
facilitated by financing or financial assistance under 
this Act; and
``(D) challenges identified by applicants for 
financial assistance across Federal programs.
``(c) Coordination With Respect to Technology Development.--The 
Bank shall convene meetings with other agencies to coordinate with 
respect to enhancing capacity for critical technology development in 
the United States.''.

SEC. 10. LIMITATION ON ELIGIBILITY FOR SUPPORT.

Section 3 of the Export-Import Bank Act of 1945 (12 U.S.C. 635a), 
as amended by section 9, is further amended by adding at the end the 
following:
``(p) Limitations on Eligibility for Support.--
``(1) In general.--Notwithstanding any other provision of 
this Act or any other Act, a covered entity is not eligible for 
financing or other support under this Act.
``(2) Definitions.--In this section:
``(A) Covered entity.--
``(i) In general.--The term `covered 
entity' means an entity in which a covered 
individual directly or indirectly holds a 
significant interest.
``(ii) Aggregation of securities.--For 
purposes of determining whether an entity is a 
covered entity for purposes of clause (i), if 
securities of the entity are owned, controlled, 
or held by 2 or more covered individuals who 
are related as described in subparagraph (B), 
such securities shall be aggregated.
``(B) Covered individual.--The term `covered 
individual' means--
``(i) the President;
``(ii) the Vice President;
``(iii) a Member of Congress;
``(iv) an individual appointed to a 
position in an agency (as defined in section 
551 of title 5, United States Code) for which 
appointment is required to be made by the 
President;
``(v) a special Government employee, as 
defined in section 202 of title 18, United 
States Code, associated with the Executive 
Office of the President;
``(vi) a member of the Investment Committee 
established under subsection (n); and
``(vii) the spouse, child, son-in-law, or 
daughter-in-law of an individual described in 
any of clauses (i) through (vi).
``(C) De minimis interest.--The term `de minimis 
interest' means an equity interest in an entity that--
``(i) does not exceed the threshold 
specified in section 2640.202(a)(2) of title 5, 
Code of Federal Regulations (or a successor 
regulation);
``(ii) is purchased and owned as part of an 
Excepted Investment Fund or a mutual fund; or
``(iii) is purchased and owned as part of a 
widely diversified employee benefit plan or a 
pension established and maintained by a 
Federal, State, or local government.
``(D) Equity interest.--The term `equity interest' 
means--
``(i) a share in an entity, without regard 
to whether the share is--
``(I) transferable; or
``(II) classified as stock or 
anything similar;
``(ii) a capital or profit interest in a 
limited liability company or partnership; and
``(iii) a warrant or right (other than a 
right to convert) to purchase, sell, or 
subscribe to a share or interest described in 
clause (i) or (ii), respectively.
``(E) Excepted investment fund.--The term `Excepted 
Investment Fund' means a widely held investment fund 
described in section 13104(f)(8) of title 5, United 
States Code.
``(F) Significant interest.--The term `significant 
interest', with respect to an entity, means owning, 
controlling, or holding any equity interest, other than 
a de minimis interest, in the entity.''.

SEC. 11. MODIFICATION OF PROGRAM ON CHINA AND TRANSFORMATIONAL EXPORTS.

Section 2(l)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(l)(1)) is amended--
(1) in the matter preceding subparagraph (A), by striking 
``or by a covered country'' and inserting ``, the Russian 
Federation, or a covered country'';
(2) in subparagraph (A), by striking ``or by a covered 
country'' and inserting ``, the Russian Federation, or a 
covered country''; and
(3) in subparagraph (B)--
(A) in clause (v), by striking ``computing'' and 
inserting ``technologies''; and
(B) in clause (vi), by inserting ``nuclear 
energy,'' after ``Renewable energy,''.

SEC. 12. INCREASE IN GOAL FOR EXPORT OF GOODS AND SERVICES RELATED TO 
RENEWABLE ENERGY SOURCES, ENERGY EFFICIENCY, AND ENERGY 
STORAGE.

Section 2(b)(1)(K) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)(1)(K)) is amended by striking ``5 percent'' and inserting ``10 
percent''.

SEC. 13. EMPLOYMENT AUTHORITY.

(a) In General.--Section 3 of the Export-Import Bank Act of 1945 
(12 U.S.C. 635a), as amended by section 10, is further amended by 
adding at the end the following:
``(q) Employment Authority.--The Board may compensate not more than 
150 employees of the Bank without regard to the provisions of chapter 
51 or subchapter III or VIII of chapter 53 of title 5, United States 
Code.''.
(b) Conforming Repeal.--Section 117 of the Export Enhancement Act 
of 1992 (Public Law 102-429; 12 U.S.C. 635a note) is repealed.

SEC. 14. EXPANSION OF GUARANTEE COVERAGE.

Section 2(c)(3)(B) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(c)(3)(B)) is amended--
(1) by striking ``For the guarantee program provided for in 
this subsection,'' and inserting the following:
``(i) In general.--For a guarantee program 
described in clause (ii),''; and
(2) by adding at the end the following:
``(ii) Programs described.--A guarantee 
program described in this clause is--
``(I) a guarantee program provided 
for in this subsection;
``(II) the Make More in America 
Program established under subsection 
(m); and
``(III) subject to clause (iii), 
the Working Capital Guarantee Program.
``(iii) Limitation on working capital 
guarantee program.--Under the Working Capital 
Guarantee Program, the Bank may not provide 100 
percent coverage of an amount of principal that 
exceeds $50,000,000.''.
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