To prevent public financing of oil or gas field development projects, surveying or extraction activities, processing facilities, pipelines, or terminals, or other oil and gas production or distribution operations or facilities, and for other purposes.

Summary: Amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank of the United States from guaranteeing, insuring, or extending credit: (1) in connection with an oil or gas project; or (2) to any entity that may use the guarantee, insurance, or credit to finance such a project.

Amends the Foreign Assistance Act of 1961 to prohibit the Overseas Private Investment Corporation from issuing any contract of insurance or reinsurance or any guarantee, or entering into any financing agreement for an oil or gas project, or to taking such actions respecting any person who will insure or finance such project.

Amends the International Financial Institutions Act to direct the Secretary of the Treasury to use U.S. influence to oppose multilateral development institution assistance to gas or oil development projects.

SECTION 1. FINDINGS.

    The Congress finds as follows:
            (1) In 2005, the oil industry recorded revenues of 
        $1,620,000,000,000, and profits for the industry totaled almost 
        $140,000,000,000.
            (2) In 2005, multilateral development institutions such as 
        those in the World Bank Group, and United States agencies such 
        as the Export-Import Bank of the United States and the United 
        States Overseas Private Investment Corporation, alone provided 
        more than $3,000,000,000 in financing to the international oil 
        and gas industry, including major oil companies.
            (3) Limited public resources for international finance and 
        development assistance should support the many critical needs 
        of developing countries, not the international oil and gas 
        industry which has significant access to private capital 
        markets.
            (4) Providing financing to oil and gas operations overseas 
        increases the dependence of the United States on oil and gas 
        imported from these operations.
            (5) Providing financing to oil and gas operations overseas 
        increases the dependence of the developing world on oil and gas 
        imported from these operations.
            (6) Oil and gas production in developing countries has 
        generally not alleviated poverty, but has instead been widely 
        associated with increased levels of poverty and economic 
        inequality.
            (7) Oil and gas production has often exacerbated poor 
        governance, corruption and conflict in many developing 
        countries.
            (8) Oil and gas production has historically led to 
        increased levels of developing country debt due to these 
        countries' reliance on external debt financing to provide 
        infrastructure for oil and gas extraction projects.
            (9) Emissions from combustion of oil and gas account for 
        just over one-third of all global greenhouse gas emissions.
            (10) While the vast majority of greenhouse gas emissions 
        have occurred in the wealthy countries belonging to the 
        Organization for Economic Cooperation and Development, it will 
        be the poorest countries, who can least afford to adapt to a 
        changing climate, who will suffer first and worst.
            (11) Following a 2-year multi-stakeholder process that 
        evaluated the effects of international oil projects on 
        developing country poverty, local environments, and global 
        climate, the Extractive Industries Review by the World Bank 
        Group recommended an end to financing of oil projects by the 
        World Bank Group by 2008.

SEC. 2. EXPORT-IMPORT BANK.

    Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 
635(b)) is amended by adding at the end the following:
            ``(14) Prohibition on financing for oil and gas projects.--
                    ``(A) In general.--The Bank may not guarantee, 
                insure, or extend (or participate in an extension of) 
                credit--
                            ``(i) in connection with an oil or gas 
                        project; or
                            ``(ii) to any entity that may use the 
                        guarantee, insurance, or credit to finance such 
                        a project.
                    ``(B) Oil or gas project defined.--The term `oil or 
                gas project' means an oil or gas field development 
                project (including surveying and extraction), 
                processing facility, pipeline, or terminal, or other 
                oil or gas production or distribution operation or 
                facility.''.

SEC. 3. OVERSEAS PRIVATE INVESTMENT CORPORATION.

    Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) 
is amended by adding at the end the following new subsection:
    ``(p) Restriction on Insurance and Finance for Oil and Gas 
Projects.--
            ``(1) Restriction on insurance and financing of projects 
        directly.--The Corporation may not issue any contract of 
        insurance or reinsurance, or any guarantee, or enter into any 
        agreement to provide financing, for a proposed investment that 
        involves an oil or gas project.
            ``(2) Restriction on insurance and financing for projects 
        indirectly.--The Corporation may not issue any contract of 
        insurance or reinsurance, or any guarantee, or enter into any 
        agreement to provide financing to any person if such insurance, 
        reinsurance, or financing may be used by that person to insure 
        or provide any form of financing to an oil or gas project.
            ``(3) Oil or gas project defined.--In this subsection, the 
        term `oil or gas project' means an oil or gas field development 
        project (including surveying and extraction), processing 
        facility, pipeline, or terminal, or other oil or gas production 
        or distribution operation or facility.''.

SEC. 4. MULTILATERAL DEVELOPMENT BANKS.

    (a) In General.--Title XVI of the International Financial 
Institutions Act (22 U.S.C. 262p-262p-8) is amended by adding at the 
end the following:

``SEC. 1626. OPPOSITION TO ASSISTANCE FOR OIL OR GAS PROJECTS.

    ``(a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each multilateral development 
institution (as defined in section 1701(c)(3)) to use the voice and 
vote of the United States to oppose the provision by the respective 
bank of any kind of assistance, directly or indirectly, to any oil and 
gas field development project, surveying or extraction activity, 
processing facility, pipeline, or terminal, or other oil and gas 
production or distribution operation or facility.
    ``(b) Assistance Defined.--The term `assistance' means any grant, 
loan, direct or indirect extension of credit, technical assistance, or 
guarantee, or any other non-lending support or extension financing, 
insurance, or reinsurance.''.
    (b) Annual Reports to the Congress.--Not later than June 1 of each 
calendar year, the Secretary of the Treasury shall submit to the 
Committees on Financial Services and on Appropriations of the House of 
Representatives and the Committees on Foreign Relations and on 
Appropriations of the Senate, and make available on the website of the 
Department of the Treasury, a report which identifies and describes, 
with respect to each multilateral development institution (as defined 
in section 1701(c)(3) of the International Financial Institutions Act), 
any assistance approved by the institution during the preceding fiscal 
year for any oil or gas project, and any other financial or other 
assistance, including sectoral lending, provided to the energy sector.

SEC. 5. REPORT ON UNITED STATES ASSISTANCE TO SUPPORT THE OIL AND GAS 
              SECTORS OF DEVELOPING COUNTRIES.

    Not later than 180 days after the date of the enactment of this 
Act, the Administrator of the United States Agency for International 
Development shall submit to Congress a report on the amount of 
assistance provided under chapter 1 of part I of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2151 et seq.) to support the oil and gas sectors 
of developing countries for fiscal year 2007. The report shall include 
the name of each country that received assistance described in the 
preceding sentence and a description of the specific type and amount of 
assistance provided to the country.

SEC. 6. ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT.

    The President shall inform the Organization for Economic 
Cooperation and Development that it is the policy of the United States 
that the member states of the Organization should prohibit their export 
credit agencies from providing financing or other assistance to any oil 
or gas project.

SEC. 7. STUDY OF ENERGY SECTOR LENDING.

    Not later than 180 days after the date of the enactment of this 
Act, the Comptroller General of the United States shall submit to the 
Committees on Financial Services and on Appropriations of the House of 
Representatives and the Committees on Foreign Relations and on 
Appropriations of the Senate a report on the financing and other 
assistance provided to the energy sector (including the extraction, 
development, and use of fossil fuels and other fuel sources) by 
multilateral development institutions (as defined in section 1701(c)(3) 
of the International Financial Institutions Act), the Export-Import 
Bank of the United States, the Overseas Private Investment Corporation, 
and the United States Agency for International Development. The report 
shall include analyses of--
            (1) whether the energy projects and sectors receiving 
        financing and other assistance contribute to greenhouse gas 
        emissions;
            (2) the life cycle environmental impacts of the projects 
        receiving the financing or other assistance; and
            (3) the extent to which the financing and other assistance 
        has been used to facilitate the provision of energy to 
        impoverished populations, including by means of renewable 
        energy sources.

SEC. 8. DEFINITIONS.

    In this Act:
            (1) Assistance.--The term ``assistance'' means any grant, 
        loan, direct or indirect extension of credit, technical 
        assistance, or guarantee, or any other non-lending support or 
        extension financing, insurance, or reinsurance.
            (2) Oil or gas project.--The term ``oil or gas project'' 
        means an oil or gas field development project (including 
        surveying and extraction), processing facility, pipeline, or 
        terminal, or other oil or gas production or distribution 
        operation or facility.