Overseas Private Investment Corporation Amendments Act of 2003 - (Sec. 2) Amends the Foreign Assistance Act of 1961 to continue through FY 2007 the authority of the Overseas Private Investment Corporation (OPIC) to issue investment insurance and guaranties.
(Sec. 3) Authorizes OPIC to make transfers from its noncredit activities to pay for administrative costs of its investment guaranties and direct loan programs as well as (under current law) to pay for their subsidy costs.
Changes to a noncredit account revolving fund in the Treasury the current insurance and guaranty fund, with its separate Insurance Reserve and Guaranty Reserve accounts, hereby abolished.
Revises requirements for the OPIC Board of Directors to require the seven U.S. Government directors to be principal officers (currently, officials) whose duties relate to OPIC programs.
(Sec. 4) Extends OPIC investment insurance coverage to loss of investment in an approved project due to expropriation or confiscation by any political subdivision of, or a corporation owned or controlled by, a foreign government (currently, expropriation or confiscation only by the foreign government itself).
(Sec. 5) Authorizes OPIC to issue loan guaranties: (1) denominated in currencies other than U.S. dollars (local currencies); and (2) to local financial institutions, that is, any bank or financial institution organized under the laws of any country or area in which the OPIC operates, but excluding a branch, however organized, of a bank or other financial institution organized under the laws of a country in which OPIC does not operate.
(Sec. 6) Directs OPIC to collect and report annually to Congress about data on the involvement of minority- and women-owned businesses in OPIC-supported projects, including: (1) the amount of insurance and financing provided by OPIC to such businesses; and (2) the involvement of such businesses in OPIC-conducted and -supported procurement activities (to the extent such information is available).
[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3145 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 3145
To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas
Private Investment Corporation, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 23, 2003
Mr. Hyde (for himself and Mr. Lantos) introduced the following bill;
which was referred to the Committee on International Relations
_______________________________________________________________________
A BILL
To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas
Private Investment Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Overseas Private Investment
Corporation Amendments Act of 2003''.
SEC. 2. ISSUING AUTHORITY.
Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C.
2195(a)(2)) is amended by striking ``2003'' and inserting ``2007''.
SEC. 3. TECHNICAL CORRECTIONS.
(a) Administrative Costs.--Section 235(a)(1)(B) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is amended by striking
``subsidy cost'' and inserting ``subsidy and administrative costs''.
(b) Noncredit Account Revolving Fund.--Section 235(c) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2195(c)) is amended--
(1) in the first sentence--
(A) by striking ``an insurance and guaranty fund,
which shall have separate accounts to be known as the
Insurance Reserve and the Guaranty Reserve, which
reserves'' and inserting ``a noncredit account
revolving fund, which''; and
(B) by striking ``such reserves have'' and
inserting ``of the fund has'';
(2) by striking the third sentence; and
(3) in the last sentence, by striking ``reserves'' and
inserting ``fund''.
(c) Payments to Discharge Liabilities.--Section 235(d) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is amended--
(1) in the first sentence, by striking ``Insurance Reserve,
as long as such reserve'' and inserting ``noncredit account
revolving fund, as long as such fund''; and
(2) in the second sentence, by striking ``or under similar
predecessor guaranty authority'' and all that follows through
``subsection (f) of this section'' and inserting ``or 234(c)
shall be paid in accordance with the Federal Credit Reform Act
of 1990''.
(d) Authorization of Appropriations.--Section 235(f) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(f)) is amended--
(1) in the first sentence, by striking ``insurance and
guaranty fund'' and inserting ``noncredit account revolving
fund''; and
(2) by striking ``Insurance Reserve'' each place it appears
and inserting ``noncredit account revolving fund''.
(e) Board of Directors.--Section 233(b) of the Foreign Assistance
Act of 1961 (22 U.S.C. 2193(b)) is amended in the second paragraph--
(1) by striking ``officials'' and inserting ``principal
officers'';
(2) by inserting ``whose duties relate to the programs of
the Corporation'' after ``United States''; and
(3) by striking ``an official'' and inserting ``one such
officer''.
SEC. 4. INVESTMENT INSURANCE.
(a) Expropriation or Confiscation.--Section 234(a)(1)(B) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is amended by
inserting ``or any political subdivision thereof'' after
``government''.
(b) Definition of Expropriation.--Section 238(b) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by inserting ``,
a political subdivision of a foreign government, or a corporation owned
or controlled by a foreign government,'' after ``government''.
SEC. 5. LOCAL CURRENCY GUARANTY.
(a) Local Currency Guaranty.--Section 234 of the Foreign Assistance
Act of 1961 (22 U.S.C. 2194) is amended by adding at the end the
following:
``(h) Local Currency Guaranties for Eligible Investors.--To issue
to--
``(1) eligible investors, or
``(2) local financial institutions,
guaranties, denominated in currencies other than United States dollars,
of loans and other investments made to projects sponsored by or
significantly involving eligible investors, assuring against loss due
to such risks and upon such terms and conditions as the Corporation may
determine, for projects that the Corporation determines to have
significant developmental effects or as the Corporation determines to
be necessary or appropriate to carry out the purposes of this title.''.
(b) Definition of Local Financial Institution.--Section 238 of the
Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended--
(1) in subsection (d), by striking ``and'' after the
semicolon;
(2) in subsection (f), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(g) the term `local financial institution'--
``(1) means any bank or financial institution that
is organized under the laws of any country or area in
which the Corporation operates; but
``(2) does not include a branch, however organized,
of a bank or other financial institution that is
organized under the laws of a country in which the
Corporation does not operate.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on International Relations.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on International Relations. H. Rept. 108-339.
Reported (Amended) by the Committee on International Relations. H. Rept. 108-339.
Placed on the Union Calendar, Calendar No. 198.
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