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..