standards otherwise required by law, to promote the expansion of the financial commitments of the Bank in accordance with the Program on China and Transformational Exports under the loan, guarantee, and insurance programs of the Bank. (B) (i) The Board of Directors shall establish and use an advisory committee to advise the Board of Directors on the development and implementation of policies and programs designed to support the expansion described in subparagraph (A). (ii) At least 1 member of the advisory committee shall be a member of the U.S.-China Economic and Security Review Commission. (iii) The advisory committee shall make recommendations to the Board of Directors on how the Bank can facilitate greater support by United States commercial banks for trade in accordance with the Program on China and Transformational Exports. (iv) The advisory committee shall terminate on the date on which the authority of the Bank expires under section 7. . (b) Reports to the Congress Within 6 months after the date of the enactment of this Act, and annually thereafter, the Board of Directors of the Export-Import Bank of the United States shall submit to the Congress a report on the steps that the Board has taken to implement section 2(b)(14)(B) of the Export-Import Bank Act of 1945 (as added by subsection (a) of this section) and any recommendations of the advisory committee established pursuant to such section 2(b)(14)(B). 6. Waiver of domestic content requirements for certain transactions subject to the Program on China and Transformational Exports Section 2(l) of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635(l) ), as amended by section 4(a) of this Act, is amended by adding at the end the following: (5) Waiver of domestic content requirements (A) In general The Bank may waive some or all of the domestic content requirements that would otherwise apply to a transaction described in paragraph (1)(B), if the Bank determines that doing so would be in the national security interest of the United States, and shall