Make More in America Act of 2026
- Sponsor
- Sen. Schumer, Charles E. [D-NY]
- Committees
- Banking, Housing, and Urban Affairs Committee (primary)
- Last action
- Jun 15, 2026
Bottom line
The Make More in America Act transforms EXIM into a key player in U.S. industrial policy, aiming to bolster domestic manufacturing, create jobs, and enhance global competitiveness in critical sectors, particularly against China.
What it actually does
This bill significantly expands the mission of the Export-Import Bank of the United States (EXIM) to proactively support the development, commercialization, and domestic production of critical technologies and manufacturing for future exports. It establishes a new 'Make More in America Program' with specific funding goals, project requirements including job quality and workforce training, and increased lending authority. The bill also creates an interagency Investment Committee to develop a 10-year investment roadmap for strategic industries.
Proponents argue
Proponents argue that the bill is essential for strengthening the United States' domestic innovation and industrial base, addressing critical supply chain vulnerabilities, and countering the competitive threat posed by countries like the People's Republic of China. They contend it will create high-quality jobs, ensure that technologies invented in the U.S. are produced domestically, and secure future export markets, thereby enhancing national security and economic growth.
Opponents contend
Opponents may raise concerns that expanding EXIM's mission into domestic industrial policy could lead to government overreach, distort private markets, and increase taxpayer exposure to risk, especially with provisions allowing for waivers of repayment assurance for certain loans. Critics might also argue that it could lead to the government 'picking winners and losers' among industries and companies.
The bill is substantial and requires careful reading to understand its implications for EXIM's structure, operational changes, and the new programs it establishes.
Sec. 4, Section 2(a) of the Export-Import Bank Act of 1945
Expanded Powers and Functions of EXIM
This provision broadens EXIM's mission beyond facilitating exports to include facilitating the development, commercialization, and production of goods and services within the United States that support employment and strengthen global competitiveness. It grants EXIM new authorities, including providing grants, cooperative agreements, offtake agreements, price insurance, and other transaction authority, to accelerate the development and production of national security-critical technologies. It also allows EXIM to make advance payments and hire scientific, engineering, and professional personnel at competitive rates.
Supporters argue
Supporters argue that these expanded powers are necessary for EXIM to effectively address modern economic challenges, particularly the need to build domestic capacity in critical industries and compete with state-backed foreign entities. They contend that traditional export finance alone is insufficient to secure future U.S. competitiveness.
Critics contend
Critics may argue that this expansion represents mission creep for EXIM, moving it away from its core export finance role and into areas traditionally handled by other agencies or the private sector. Concerns could be raised about the potential for increased risk and government intervention in the market.
Tradeoffs
The provision balances the desire to strengthen domestic industrial capacity and national security with concerns about EXIM's traditional mandate and potential market distortions.
Sec. 5, Section 2(m) of the Export-Import Bank Act of 1945
Establishment of Make More in America Program
This section establishes the 'Make More in America Program' within EXIM to provide financing and support for export-related manufacturing projects in the U.S., targeting priority industries (e.g., strategic, critical, emerging technologies). Projects must demonstrate a credible path to financial sustainability, support U.S. employment, and commit to investing in workers and communities (e.g., training, higher wages, benefits). The program offers preferential terms for projects in economically distressed regions or those creating high-wage jobs. It also includes clawback provisions for project delays or non-compliance with prevailing wage requirements, and sets a goal for 30% of EXIM's applicable amount to be allocated to this program.
Sec. 6, Section 6(a)(2) of the Export-Import Bank Act of 1945
Increase in Aggregate Loan, Guarantee, and Insurance Authority
This provision increases EXIM's aggregate loan, guarantee, and insurance authority (the 'applicable amount') to $205,000,000,000 for each of fiscal years 2027 through 2033. This represents a significant increase in the total amount of financial support EXIM can provide across all its programs, including the new Make More in America Program.
Sec. 7, Section 6(a)(3) and 8(g)(1) of the Export-Import Bank Act of 1945
Modification of Default Rate and Lending Cap Rules by Portfolio
This section modifies the rules for freezing EXIM's lending cap based on default rates. It establishes separate default rate thresholds for three distinct portfolios: the traditional export credit portfolio (2% for oil/gas, 4% for others), the Make More in America Program portfolio (10%), and the China and Transformational Exports Program portfolio (10%). If a portfolio's default rate exceeds its threshold, its lending cap is frozen until the rate falls below the threshold. Importantly, it also allows the Board of Directors to exclude certain defaults from the Make More in America and China/Transformational Exports programs from the default rate calculation if the rate exceeds the limitation.
Sec. 8, Section 3(n) of the Export-Import Bank Act of 1945
Establishment of Investment Committee and Investment Roadmap
This section establishes an 'Investment Committee' within EXIM, composed of EXIM leadership, representatives from various federal agencies (Treasury, Commerce, Energy, Defense, USTR, SBA, Agriculture, HHS, Labor, Transportation), and Members of Congress. The Committee is tasked with developing a 10-year investment roadmap identifying technology areas, industry priorities, and national interest missions for public sector investment and coordination. This roadmap, which must be approved by the National Economic Council, National Security Council, and Office of Science and Technology Policy, will inform EXIM's and other agencies' investment strategies and be updated every four years.
Sec. 10, Section 3(p) of the Export-Import Bank Act of 1945
Limitations on Eligibility for Support for Covered Entities
This provision prohibits EXIM from providing financing or other support to any 'covered entity.' A covered entity is defined as one in which a 'covered individual' directly or indirectly holds a 'significant interest.' Covered individuals include the President, Vice President, Members of Congress, certain appointed agency officials, special Government employees, members of the Investment Committee, and their immediate family members. A 'significant interest' is any equity interest other than a de minimis interest (e.g., small holdings, mutual funds, diversified employee plans).
EXIM is granted authority to appoint scientific, engineering, and professional personnel and fix their basic pay at rates not exceeding the highest total annual compensation payable to the President of the United States (section 104 of title 3, U.S. Code), notwithstanding other civil service laws.
Sec. 4(2)(D)
Why it matters:This is a technical but consequential change, likely phrased this way to grant maximum flexibility in hiring specialized talent without being subject to standard federal pay scales. It's standard legislative practice to use cross-references for specific legal authorities.
Case for: Proponents would argue this is essential for EXIM to attract top-tier talent in highly specialized fields (e.g., advanced computing, biotechnology) to effectively implement its expanded mission and compete with private sector salaries. Without this flexibility, EXIM might struggle to build the necessary internal expertise.
Case against: Critics might argue that such high compensation levels, outside of standard civil service rules, could lead to excessive salaries and a lack of transparency or accountability in federal hiring practices. It could also create pay disparities within the agency.
Estimated impact: Potentially allows EXIM to hire up to 150 highly paid specialists (as per Sec. 13), significantly enhancing its technical and analytical capacity for complex industrial investments.
In the case of loans provided under the Make More in America Program, the EXIM Board may waive the requirement for reasonable assurance of repayment if amounts are appropriated to provide financing for purposes that are inconsistent with such requirement.
Sec. 5(m)(13)
Why it matters:This is a significant policy shift for EXIM, as 'reasonable assurance of repayment' is a foundational principle. Placing it as a conditional waiver within a new program section, rather than a broad amendment to EXIM's core principles, makes it less conspicuous. It allows for higher-risk investments if Congress explicitly funds them.
Case for: Proponents would argue that this waiver is critical for supporting truly transformative or emerging technologies that may not have a clear 'reasonable assurance of repayment' in their early stages but are vital for national security and future competitiveness. It allows EXIM to act as a 'patient capital' provider where private markets fail.
Case against: Critics would contend that waiving repayment assurance significantly increases taxpayer risk and could lead to EXIM funding projects with little chance of financial success. They might argue it undermines fiscal prudence and could set a dangerous precedent for government lending programs.
Estimated impact: Potentially allows EXIM to fund projects under the Make More in America Program that would otherwise be deemed too risky under traditional lending standards, increasing the potential for both high reward and high loss.
For the purposes of monitoring default rates, if financing provided under the Make More in America Program or the China and Transformational Exports Program results in a default rate exceeding an applicable limitation, the Bank may, subject to Board approval, exclude such financing from the calculation of the default rate.
Sec. 7(c)
Why it matters:This provision allows EXIM to manage its reported default rates by selectively removing problematic loans from the calculation for its new strategic programs. While it provides flexibility, it could also be seen as a way to obscure the true financial performance of these programs, making it a politically sensitive detail.
Case for: Proponents would argue that this flexibility is necessary to prevent early defaults in inherently higher-risk, strategic investments from prematurely freezing the entire program's lending capacity. It allows EXIM to learn and adapt without being immediately penalized by initial setbacks in novel areas.
Case against: Critics would contend that this provision undermines transparency and accountability by allowing EXIM to selectively report its financial performance. They might argue it could mask significant losses and prevent Congress and the public from accurately assessing the fiscal health and effectiveness of these new programs.
Estimated impact: Could potentially allow EXIM to continue lending under the Make More in America and China/Transformational Exports programs even if they experience high default rates, by removing those defaults from the official calculation that triggers lending freezes.