S.Amdt. 6238

This amendment, submitted by Mr. Kennedy, aims to change the Export-Import Bank Act of 1945 by adding a section that prohibits financing for people with seriously delinquent tax debt.

The purpose is to allow the Bank to stop giving money to any person with this debt or to any project where a participant has this debt.

• How debt is determined: The Bank will use the System for Award Management website, data-analytical approaches, and consultation with the Commissioner of Internal Revenue.

• Waivers: The President can waive this prohibition if there are urgent and compelling circumstances that significantly affect the interests of the United States. If this happens, the President must send a report with the rationale and supporting information to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services within 30 days.

• Definition of debt: Seriously delinquent tax debt is a Federal tax liability assessed by the Secretary of the Treasury that can be collected by court proceeding or levy. It does not include debts being paid via specific agreements, debts with pending relief or hearings, debts with a continuous levy, or debts where a levy is released.