Regional Export Promotion Act of 2026
- Bill Number
- S. 4820
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- Foreign Trade and International Finance
- Status
- Introduced
- Latest Action
- 2026-06-17: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2026-07-06T19:35:53Z
AI-Generated Summary
Purpose
The legislation aims to codify the existing Regional Export Promotion Program of the Export-Import Bank of the United States and expand its focus on supporting small businesses in exporting goods and services.
Key Provisions
- Codification of the Program: Adds a new subsection to the Export-Import Bank Act of 1945 requiring the Bank to operate the Regional Export Promotion Program. This involves partnerships with eligible regional entities to increase export opportunities for local businesses.
- Eligible Partners: Defines partners as state, county, or local nonprofit economic development groups, including state and local governments, higher education-funded development entities, small business development centers, and world trade centers.
- Pilot Program for Small Businesses: Establishes a 5-year pilot program to broaden the Program's reach in areas with many small businesses. It prioritizes partnerships with entities serving economically distressed areas (such as HUBZones), community development financial institutions, minority depository institutions, local chambers of commerce, and community banks or credit unions.
- Support Provided Under the Pilot: Includes specialized training and marketing materials, short-term export credit insurance tailored for small business needs, and simplified application processes for first-time users.
- Reporting Requirements: Mandates annual reports to congressional committees for 5 years, covering new partners by type, export product usage by small businesses, program successes and improvements, and any needs for additional funding.
Significant Changes to Existing Law
This bill introduces a new subsection (m) to Section 2 of the Export-Import Bank Act of 1945, formally establishing the Regional Export Promotion Program in statute. It adds a temporary pilot program focused on small businesses, which was not previously codified, along with specific partnership priorities and reporting obligations.
Potential Impacts
- On Government Agencies: The Export-Import Bank would gain statutory authority for its regional partnerships and must implement the pilot program, including training and product adaptations, while producing regular congressional reports.
- On Citizens and Businesses: Small businesses, particularly in targeted regions, could gain easier access to export financing and support through local partners, potentially increasing their international sales.
- On International Relations: The changes may indirectly support U.S. export growth by strengthening regional outreach, though the bill focuses primarily on domestic implementation.
Main Stakeholders Affected
- The Export-Import Bank of the United States, as the primary implementing agency.
- State, county, and local economic development entities, including governments, small business development centers, and world trade centers.
- Small businesses seeking export support.
- Congressional committees overseeing banking and financial services.
- Targeted groups such as community banks, credit unions, and institutions serving minority or economically distressed areas.
Notable Legal, Constitutional, or Political Implications
The bill operates within existing congressional authority over federal banking and export programs, with no apparent constitutional issues. It emphasizes administrative expansion of an agency program without altering core Bank powers or creating new regulatory mandates.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Sen. Alsobrooks, Angela D. [D-MD]
Cosponsors (1)
Recent Actions
- 2026-06-17: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2026-06-17: Introduced in Senate
Bill Versions
- Regional Export Promotion Act of 2026 — issued 2026-06-17 — PDF (6 pages)