Countering China Through American Export Competitiveness Act
Latest action · Sep 4, 2020 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 4, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Countering China Through American Export Competitiveness Act
This bill modifies certain responsibilities of the Export-Import Bank of the United States related to its Program on China and Transformational Exports. The program supports financing at rates and on terms that are fully competitive with rates and terms established by China in order to (1) directly neutralize export subsidies for competing goods and services, or (2) advance the comparative leadership of the United States through specified exports.
The bill prohibits the bank generally from guaranteeing, insuring, or extending credit for which the end user, lender, or obligor is China. The bill also raises from 20% to 33% the dedicated amount that the bank should reserve for the program, and it sets the default rate limit for program loans at 5%.
The bill authorizes the bank to waive some, or all, of the domestic content requirements that would otherwise apply to a transaction if it determines that doing so would be in the national security interest of the United States. The bill also establishes an advisory committee to advise the bank on the development of policies and programs that support the expansion of the bank's financial commitments in accordance with the program to counter China.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 4, 2020 |
Actions 2
Everything that happened, newest first.
- Sep 4, 2020Introduced in House
- Sep 4, 2020Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 153, September 4, 2020, page H4325.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To limit support for deals with Chinese state-owned enterprises, to increase the set-aside goal for the Program on China and Transformational Exports, and for other purposes.
- Short Title(s) as Introduced
- Countering China Through American Export Competitiveness Act
Subjects
Assigned by the Library of Congress. Policy area: Foreign Trade and International Finance.
Text 1
Each version as it was printed, newest first.
- Sep 4, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
