REDUCTION IN AUTHORIZED AMOUNT OF OUTSTANDING LOANS, GUARANTEES, AND INSURANCE.

SEC. 51001. REDUCTION IN AUTHORIZED AMOUNT OF OUTSTANDING LOANS, GUARANTEES, AND INSURANCE. Section 6(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by striking paragraph (2) and inserting the following: “(2) Applicable amount defined.—In this subsection, the term ‘applicable amount’, for each of fiscal years 2015 through 2019, means $135,000,000,000. “(3) Freezing of lending cap if default rate is 2 percent or more.—If the rate calculated under section 8(g)(1) is 2 percent or more for a quarter, the Bank may not exceed the amount of loans, guarantees, and insurance outstanding on the last day of that quarter until the rate calculated under section 8(g)(1) is less than 2 percent.” .