1. Short title This Act may be cited as the Government Risk and Taxpayer Exposure Reduction Act of 2018 or the GRATER Act of 2018 . 2. Policy (a) Minimization of government risk It is the policy of the United States to reduce and minimize the credit, guarantee, and insurance risk of Federal Government programs in all departments and agencies on an ongoing basis to the maximum extent possible by transferring all such risk to the private sector at market terms through a variety of financial instruments in a sustained and transparent manner. (b) Use of private risk capacity In the development and administration of Federal Government programs and awards in all departments and agencies, it is the policy of the United States to utilize to the maximum extent possible, the use of private risk capacity, consistent with the goals and purposes of such programs and awards. 3. Strategy and implementation (a) Plan Notwithstanding any other provision of law, each department and agency of the Federal Government responsible for the administration of any credit, guarantee, or insurance program shall, for each fiscal year, develop and implement a strategy and implementation plan for such program to transfer, to the maximum extent possible, all such credit, guarantee, and insurance risk to the private sector at market terms through a variety of financial instruments in a sustained and transparent manner. The initial strategy and implementation plan, after a 60-day period of public comment, shall be published in the Federal Register not later than the expiration of the 6-month period beginning on the date of the enactment of this Act. (b) Use of private insurance risk capacity Any department or agency of the Federal Government that is responsible for the administration and award of any grants or aid shall, in setting the terms of each new award, seek to utilize or encourage the development of, to the maximum extent possible, insurance risk capacity in the private sector both in the United States and in any non-United States economy