Washington, DC – As first reported in POLITICO Morning Money, U.S. Representatives Young Kim (CA-40) and Joyce Beatty (OH-03) introduced the Strengthening Exports Against China Act (H.R. 10196), a bipartisan bill to promote U.S. competitiveness in emerging technologies and counter export subsidies provided by the Chinese Communist Party (CCP).
Currently, the China and Transformational Exports Program (CTEP), which aims to counter CCP export subsidies at the Export-Import Bank (Ex-Im), is struggling to finance export projects due to the two percent default cap rate.
The Strengthening Exports Against China Act would exclude from the two percent default rate cap CTEP export financing deals and projects in direct competition with the CCP. Additionally, the legislation excludes from the default rate cap U.S. exports in competition with goods and services in the Department of Commerce’s Export Control Entity List or provided by entities sanctioned by the Department of Treasury, such as Huawei and ZTE.
“We must ensure that U.S. programs meant to counter the CCP are working as intended,” said Rep. Young Kim. “The Strengthening Exports Against China Act will allow the U.S. to lead in emerging technologies and effectively push back against the CCP. I thank Rep. Beatty for joining me in this commonsense, bipartisan effort to project U.S. strength on the world stage.”
“For the last 90 years, the U.S. Export-Import Bank has helped American companies successfully compete abroad by providing financing tools that enable the export of American-made goods and services around the world,” said Congresswoman Beatty. “This bill will strengthen EXIM’s impact by exempting certain transactions from the Bank’s 2% default rate cap, giving EXIM the flexibility it needs to help U.S. exporters effectively compete with China.”
“Open RAN Policy Coalition applauds Congresswomen Kim and Beatty for their legislation that would maximize the utility of the Export-Import Bank’s tools to promote the use of trusted vendors in critical sectors around the world, ensuring a more secure future in America and abroad. We are committed to supporting efforts that enhance national security, drive innovation, and promote a trusted global supply chain for advanced wireless technologies. This bill is an important step toward those goals and we look forward to working with our allies and partners who share this commitment,” said Diane Rinaldo, Executive Director, Open RAN Policy Coalition.
Read the bill HERE.
