SECTION 1. SHORT TITLE.

    This Act may be cited as the ``OPIC Termination Act''.

SEC. 2. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION.

    (a) Termination of Authority To Make New Obligations.--(1) 
Effective 60 days after the date of the enactment of this Act, the 
Overseas Private Investment Corporation shall not issue any insurance, 
guaranties, or reinsurance, make any loan, or acquire any securities, 
under section 234 of the Foreign Assistance Act of 1961, enter into any 
agreements for any other activity authorized by such section 234, or 
enter into risk sharing arrangements authorized by section 234A of that 
Act.
    (2) Paragraph (1) does not require the termination of any contract 
or other agreement entered into before such paragraph takes effect.
    (b) Termination of OPIC.--Effective 180 days after the date of the 
enactment of this Act, the Overseas Private Investment Corporation is 
abolished.
    (c) Transfer of Operations to OMB.--The Director of the Office of 
Management and Budget shall, effective 180 days after the date of the 
enactment of this Act, perform the functions of the Overseas Private 
Investment Corporation with respect to contracts and agreements 
described in subsection (a)(2) until the expiration of such contracts 
and agreements, but shall not renew any such contract or agreement. The 
Director shall take the necessary steps to wind up the affairs of the 
Corporation.
    (d) Repeal of Authorities.--Effective 180 days after the date of 
the enactment of this Act, title IV of chapter 2 of part I of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2191 and following) is 
repealed, but shall continue to apply with respect to functions 
performed by the Director of the Office of Management and Budget under 
subsection (c).
    (e) Appropriations.--Funds available to the Corporation shall, upon 
the effective date of the repeal made by subsection (d), be transferred 
to the Director of the Office of Management and Budget for use in 
performing the functions of the Corporation under subsection (c). Upon 
the expiration of the contracts and agreements with respect to which 
the Director is exercising such functions, any unexpended balances of 
the funds transferred under this subsection shall be deposited in the 
Treasury as miscellaneous receipts.

SEC. 3. SAVINGS PROVISIONS.

    (a) Prior Determinations Not Affected.--The repeal made by section 
2(d) of the provisions of law set forth in such section shall not 
affect any order, determination, regulation, or contract that has been 
issued, made, or allowed to become effective under such provisions 
before the effective date of the repeal. All such orders, 
determinations, regulations, and contracts shall continue in effect 
until modified, superseded, terminated, set aside, or revoked in 
accordance with law by the President, the Director of the Office of 
Management and Budget, or other authorized official, a court of 
competent jurisdiction, or by operation of law.
    (b) Pending Proceedings.--(1) The repeal made by section 2(d) shall 
not affect any proceedings, including notices of proposed rulemaking, 
pending on the effective date of the repeal, before the Overseas 
Private Investment Corporation, except that no insurance, reinsurance, 
guarantee, or loan may be issued pursuant to any application pending on 
such effective date. Such proceedings, to the extent that they relate 
to functions performed by the Director of the Office of Management and 
Budget after such repeal, shall be continued. Orders shall be issued in 
such proceedings, appeals shall be taken therefrom, and payments shall 
be made pursuant to such orders, as if this Act had not been enacted; 
and orders issued in any such proceedings shall continue in effect 
until modified, terminated, superseded, or revoked by the Director, by 
a court of competent jurisdiction, or by operation of law. Nothing in 
this subsection shall be deemed to prohibit the discontinuance or 
modification of any such proceeding under the same terms and conditions 
and to the same extent that such proceeding could have been 
discontinued or modified if this Act had not been enacted.
    (2) The Director of the Office of Management and Budget is 
authorized to issue regulations providing for the orderly transfer of 
proceedings continued under paragraph (1).
    (c) Actions.--Except as provided in subsection (e)--
            (1) the provisions of this Act shall not affect suits 
        commenced before the effective date of the repeal made by 
        section 2(d); and
            (2) in all such suits, proceedings shall be had, appeals 
        taken, and judgments rendered in the same manner and effect as 
        if this Act had not been enacted.
    (d) Liabilities Incurred.--No suit, action, or other proceeding 
commenced by or against any officer in the official capacity of such 
individual as an officer of the Overseas Private Investment 
Corporation, shall abate by reason of the enactment of this Act. No 
cause of action by or against the Overseas Private Investment 
Corporation, or by or against any officer thereof in the official 
capacity of such officer shall abate by reason of the enactment of this 
Act.
    (e) Parties.--If, before the effective date of the repeal made by 
section 2(d), the Overseas Private Investment Corporation or an officer 
thereof in the official capacity of such officer, is a party to a suit, 
then such suit shall be continued with the Director of the Office of 
Management and Budget substituted or added as a party.
    (f) Review.--Orders and actions of the Director of the Office of 
Management and Budget in the exercise of functions of the Overseas 
Private Investment Corporation shall be subject to judicial review to 
the same extent and in the same manner as if such orders and actions 
had been issued or taken by the Overseas Private Investment 
Corporation. Any statutory requirements relating to notice, hearings, 
action upon the record, or administrative review that apply to any 
function of the Overseas Private Investment Corporation shall apply to 
the exercise of such function by the Director of the Office of 
Management and Budget.

SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Title 5, United States Code.--(1) Section 5314 of title 5, 
United States Code, is amended by striking:
            ``President, Overseas Private Investment Corporation.''.
    (2) Section 5315 of title 5, United States Code, is amended by 
striking:
            ``Executive Vice President, Overseas Private Investment 
        Corporation.''.
    (3) Section 5316 of title 5, United States Code, is amended by 
striking:
            ``Vice Presidents, Overseas Private Investment Corporation 
        (3).''.
    (b) Other Amendments and Repeals.--(1) Section 222(a) of the 
Foreign Assistance Act of 1961 is amended by inserting after ``section 
238(c)'' the following: ``as in effect on the day before the effective 
date of the repeal of that section made by section 2(d) of the OPIC 
Abolition Act''.
    (2) Section 2301(b)(9) of the Export Enhancement Act of 1988 (15 
U.S.C. 4721(b)(9)) is amended by striking ``the Overseas Private 
Investment Corporation,''.
    (3) Section 2312(d)(1) of the Export Enhancement Act of 1988 (15 
U.S.C. 4727(d)(1)) is amended--
            (A) by striking subparagraph (K); and
            (B) by redesignating subparagraphs (L) and (M) as 
        subparagraphs (K) and (L), respectively.
    (4) Section 5402(b) of the Omnibus Trade and Competitiveness Act of 
1988 (15 U.S.C. 4902(b)) is amended--
            (A) in paragraph (12) by adding ``and'' after the 
        semicolon;
            (B) by striking paragraph (13); and
            (C) by redesignating paragraph (14) as paragraph (13).
    (5) Section 624 of the Higher Education Act of 1965 (20 U.S.C. 
1131c) is amended by striking ``the Overseas Private Investment 
Corporation,''.
    (6) Section 481(e)(4)(A) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2291(e)(4)(A)) is amended by striking ``(including programs 
under title IV of chapter 2, relating to the Overseas Private 
Investment Corporation)''.
    (7)(A) Section 574 of the Foreign Operations, Export Financing, and 
Related Programs Appropriations Act, 1996 (22 U.S.C. 2394 note) is 
amended--
            (i) by amending subsection (b) to read as follows:
    ``(b) Countries.--The countries referred to in subsection (a) are 
countries for which in excess of $5,000,000 has been obligated during 
the previous fiscal year for assistance under sections 103 through 106, 
chapters 10 and 11 of part I, and chapter 4 of part II of the Foreign 
Assistance Act of 1961, and under the Support for East European 
Democracy Act of 1989.''; and
            (ii) in the first sentence of subsection (c) by striking 
        ``the Administrator'' and all that follows through 
        ``Corporation'' and inserting ``and the Administrator of the 
        Agency for International Development''.
    (B) The amendment made by subparagraph (A) shall first apply to the 
annual report required to be submitted under section 574(a) of the 
Foreign Operations, Export Financing, and Related Programs 
Appropriations Act, 1996 in the fiscal year following the fiscal year 
in which no funds have been obligated by the Overseas Private 
Investment Corporation by virtue of this Act.
    (8) Section 2(c)(12) of the Support for East European Democracy 
(SEED) Act of 1989 (22 U.S.C. 5401(c)(12)) is repealed.
    (9) Section 202(b)(2)(B) of the Cuban Liberty and Democratic 
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)) is 
amended--
            (A) by striking clause (iv); and
            (B) by redesignating clauses (v), (vi), and (vii) as 
        clauses (iv), (v), and (vi), respectively.
    (10) Section 9101(3) of title 31, United States Code, is amended--
            (A) by striking subparagraph (H); and
            (B) by redesignating subparagraphs (I) through (P) as 
        subparagraphs (H) through (O), respectively.
    (11) The following provisions of law are repealed:
            (A) Section 5(b)(2) of the Overseas Private Investment 
        Corporation Amendments Act of 1981 (22 U.S.C. 2194a).
            (B) Section 5 of the Taiwan Relations Act (22 U.S.C. 3304).
            (C) Subsections (b), (c), and (d) of section 576 of the 
        Foreign Operations, Export Financing, and Related Programs 
        Appropriations Act, 1991.
            (D) Subsections (b), (c), and (d) of section 597 of the 
        Foreign Operations, Export Financing, and Related Programs 
        Appropriations Act, 1990.
            (E) Sections 109 and 111 of the Overseas Private Investment 
        Corporation Amendments Act of 1988, as enacted by reference in 
        section 555 of Public Law 100-461.
    (c) Effective Date.--The amendments and repeals made by this 
section shall take effect 180 days after the date of the enactment of 
this Act.
OPIC Termination Act - Abolishes the Overseas Private Investment Corporation.
OPIC Termination Act