(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Haitian-American Enterprise Fund Act - Authorizes the President, after congressional consultation, to designate a private, nonprofit organization as the Haitian-American Enterprise Fund to receive financial assistance and support under this Act.
States that a grant agreement between the United States Agency for International Development (USAID) and the Fund shall: (1) require the Fund to end its reinvestment cycle not later than December 31, 2021, unless extended by USAID; (2) provide for the prevention of money laundering and terrorist financing; and (3) require any remaining Fund assets to be returned to the Treasury for debt reduction purposes.
States that the Fund's Board of Directors should adopt the best practices and procedures used by Enterprise Funds, including those for which funding has been made available pursuant to the Support for East European Democracy (SEED) Act of 1989.
Authorizes appropriations.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 954 Introduced in Senate (IS)]
112th CONGRESS
1st Session
S. 954
To promote the strengthening of the Haitian private sector.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 11, 2011
Mr. Lugar introduced the following bill; which was read twice and
referred to the Committee on Foreign Relations
_______________________________________________________________________
A BILL
To promote the strengthening of the Haitian private sector.
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 ``Haitian-American Enterprise Fund
Act''.
SEC. 2. PURPOSES.
The purposes of this Act are--
(1) to promote the Haitian private sector, including small
businesses, the agricultural sector, and joint ventures with
United States and Haitian participants; and
(2) to promote policies and practices conducive to the
private sector in Haiti through loans, grants, equity
investments, feasibility studies, technical assistance,
training, insurance, guarantees, and other measures.
SEC. 3. HAITIAN-AMERICAN ENTERPRISE FUND.
(a) Designation.--After consultation with the leadership of each
House of Congress, the President may designate a private, nonprofit
organization, which has been established for the purposes specified in
section 2 and which shall be known as the ``Haitian-American Enterprise
Fund'', to receive financial assistance and support made available
under this Act.
(b) Board of Directors.--
(1) Appointment.--The Haitian-American Enterprise Fund
shall be governed by a Board of Directors, which shall be
comprised of 6 private citizens of the United States or Haiti,
appointed by the President, of which not more than 2 may be
citizens of Haiti.
(2) Qualifications.--Member of the Board of Directors shall
be selected from among people who have had successful business
careers in private equity, banking, or finance that is similar
to the experience of individuals who previously served on the
Board of Directors of a successful Enterprise Fund established
by the United States Government on or after January 1, 1990.
(3) Additional board members.--Upon the recommendation of
the Board of Directors, the President may appoint up to 2
additional members to the Board (in addition to the Directors
appointed pursuant to paragraph (1)), of which not more than 1
may be a citizen of Haiti.
(c) Grants.--
(1) In general.--Amounts appropriated to the President
pursuant to section 7 shall be granted to the Haitian-American
Enterprise Fund by the United States Agency for International
Development to enable the Fund to carry out the purposes
specified in section 2 and for the administrative expenses of
the Fund.
(2) Eligible programs and projects.--Grants awarded under
this section may only be used for programs and projects that
support the purposes set forth in section 2.
(3) Compliance requirement.--
(A) In general.--Grants may not be awarded to the
Haitian-American Enterprise Fund under this section
unless the Fund agrees to comply with the requirements
under this section.
(B) Grant agreement.--The grant agreement between
the United States Agency for International Development
(referred to in this section as ``USAID'') and the
Haitian-American Enterprise Fund shall state that the
Fund shall end its reinvestment cycle not later than
December 31, 2021, unless the USAID Administrator
determines, after consultation with the appropriate
congressional committees, that the Fund should be
extended.
(C) Prevention of money laundering and terrorist
financing.--The grant agreement between USAID and the
Haitian-American Enterprise Fund shall state that the
Fund shall comply with procedures specified by the
Secretary of State to ensure that grant funds are not
provided by the Fund to or through--
(i) any individual, private or government
entity, or educational institution that
advocates, plans, sponsors, engages in, or has
engaged in, money laundering or terrorist
activity; or
(ii) any private entity or educational
institution if a principal officer of its
governing board is--
(I) involved in or advocating money
laundering or terrorist activity; or
(II) a member of a designated
foreign terrorist organization.
(D) Disposition of assets.--All assets of the
Haitian-American Enterprise Fund on the date on which
the Fund is dissolved shall be returned to the Treasury
of the United States for the purpose of deficit
reduction.
(d) Notification.--
(1) In general.--Not later than 15 days before designating
an organization to operate as the Haitian-American Enterprise
Fund pursuant to subsection (a), the President shall provide
the information described in paragraph (2) to the Chairman and
Ranking Member of the appropriate congressional committees.
(2) Information.--The information described in this
paragraph is--
(A) the identity of the organization to be
designated to operate as the Haitian-American
Enterprise Fund pursuant to subsection (a);
(B) the names and qualifications of the individuals
who will comprise the Initial Board;
(C) the procedures referred to in subsection
(c)(3)(C) that will apply to the Haitian-American
Enterprise Fund for purposes of curtailing money
laundering and terrorist financing activities; and
(D) the size of the financial grant that shall be
made available to the Haitian-American Enterprise Fund.
(e) Reports.--
(1) Administrative expenses.--Not later than 1 year after
the date of the enactment of this Act, and annually thereafter
until the Fund is dissolved, the Fund shall submit a report to
the appropriate congressional committees that details the
administrative expenses of the Fund.
(2) GAO report.--Not later than 3 years after the date of
the enactment of this Act, and every 3 years thereafter until
the Fund is dissolved, the Comptroller General of the United
States shall submit a report to the appropriate congressional
committees that assesses the activities of the Fund in--
(A) achieving the stated goals of promoting private
sector investment and employment in Haiti; and
(B) identifying those institutional or regulatory
constraints that inhibit a more effective application
of Fund resources.
(f) Defined Term.--In this section, the term ``appropriate
congressional committees'' means--
(1) the Committee on Foreign Relations of the Senate;
(2) the Committee on Appropriations of the Senate;
(3) the Committee on Foreign Affairs of the House of
Representatives; and
(4) the Committee on Appropriations of the House of
Representatives.
SEC. 4. OPERATION PROVISIONS.
(a) Applicable Provisions.--Subsections (d)(5), (g), (h), (i), (k),
(l), (m), (n), (o), and (p) of section 201 of the Support for East
European Democracy (SEED) Act of 1989 (Public Law 101-179; 22 U.S.C.
5421) shall apply with respect to the Haitian-American Enterprise Fund
in the same manner as such provisions apply to Enterprise Funds
designated pursuant to subsection (d) of such section.
(b) Reinvestment.--Returns on investments of the Haitian-American
Enterprise Fund and other payments to the Fund may be reinvested in
projects carried out by the Fund without further appropriation by
Congress.
SEC. 5. BEST PRACTICES AND PROCEDURES.
To the maximum extent practicable, the Board of Directors of the
Haitian-American Enterprise Fund should adopt the best practices and
procedures used by Enterprise Funds, including those for which funding
has been made available pursuant to section 201 of the Support for East
European Democracy (SEED) Act of 1989 (Public Law 101-179; 22 U.S.C.
5421).
SEC. 6. EXPERIENCE OF OTHER ENTERPRISE FUNDS.
In implementing this Act, the President shall ensure that the
Articles of Incorporation of the Haitian-American Enterprise Fund
(including provisions specifying the responsibilities of the Board of
Directors of the Fund), the terms of United States Government grant
agreements with the Fund, and United States Government oversight of the
Fund are, to the maximum extent practicable, consistent with the
Articles of Incorporation of, the terms of grant agreements with, and
the oversight of the Enterprise Funds established pursuant to section
201 of the Support for East European Democracy (SEED) Act of 1989 (22
U.S.C. 5421) and comparable provisions of law.
SEC. 7. AUTHORIZATION OF APPROPRIATIONS.
(a) In General.--There are authorized to be appropriated to the
President such sums as may be necessary to provide funding for grants
to the Haitian-American Enterprise Fund, which shall be used for the
purposes specified in section 2.
(b) Availability of Funds.--Amounts appropriated pursuant to
subsection (a) shall remain available until expended.
(c) Nonapplicability of Other Laws.--Notwithstanding any other
provision of law, amounts appropriated pursuant to subsection (a) may
be used to carry out this Act.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2889)
Read twice and referred to the Committee on Foreign Relations.
Committee on Foreign Relations. Ordered to be reported without amendment favorably.
Committee on Foreign Relations. Reported by Senator Kerry under authority of the order of the Senate of 08/02/2011 without amendment. With written report No. 112-67.
Committee on Foreign Relations. Reported by Senator Kerry under authority of the order of the Senate of 08/02/2011 without amendment. With written report No. 112-67.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 147.
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