Entering Negotiations to Dissolve Outdated Financial Agencies Nationalizing Export Related Activities or the END OF AN ERA Act
This bill directs the Department of the Treasury to seek to enter into negotiations with other countries for the mutual elimination of government-backed export credit agencies.
Treasury shall submit: (1) annual reports on progress made in arranging such negotiations, on progress made in any such negotiations, and on whether eliminating the Export-Import Bank of the United States at the time of the report would put the United States at a competitive disadvantage; and (2) a certification of any determination that the Bank can be eliminated in a way that would not put the United States at a competitive disadvantage, considering job losses and a decrease in economic activity.
After such a determination is submitted, the Bank may not accept an application for, or enter into a contract that would obligate the Bank to provide, a loan, insurance, or a guarantee or to participate in an extension of credit by another entity.
The Bank shall be abolished 180 days after Treasury submits such a certification and its functions transferred to Treasury. All such transferred functions shall terminate on the date all obligations of the Bank, and all obligations of others to the Bank, in effect immediately before the abolishment date have been satisfied.
The bill repeals the Export-Import Bank Act of 1945 and eliminates related authorizing provisions of various statutes.