To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas Private Investment Corporation, and for other purposes.

Summary: 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).

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 ``November 1, 2000'' 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 ``Government of the 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.''.

SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.

    (a) In General.--Section 240 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2200) is amended--
            (1) in the first sentence, by striking ``The Corporation'' 
        and inserting
    ``(a) In General.--The Corporation''; and
            (2) by adding at the end the following:
    ``(b) Outreach to Minority-Owned and Women-Owned Businesses.--The 
Corporation shall collect data on the involvement of minority- and 
women-owned businesses in projects supported by the Corporation, 
including--
            ``(1) the amount of insurance and financing provided by the 
        Corporation to such businesses in connection with projects 
        supported by the Corporation; and
            ``(2) to the extent such information is available, the 
        involvement of such businesses in procurement activities 
        conducted or supported by the Corporation.
The Corporation shall include, in its annual report submitted to the 
Congress under section 240A, the aggregate data collected under this 
paragraph, in such form as to quantify the effectiveness of the 
Corporation's outreach activities to minority- and women-owned 
businesses.''.