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) In general.--Effective 60 days after the date of 
        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 (22 U.S.C. 
        2194), 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) Effect on existing contracts and agreements.--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 
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 (referred to in this Act as the ``Director'') 
shall, effective 180 days after the date of 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 
enactment of this Act, title IV of chapter 2 of part I of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2191 et seq.) is repealed, but shall 
continue to apply with respect to functions performed by the Director 
under subsection (c).
    (e) Appropriations.--Funds available to the Overseas Private 
Investment Corporation shall, upon the effective date of the repeal 
made by subsection (d), be transferred to the Director 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, or other authorized 
official, a court of competent jurisdiction, or by operation of law.
    (b) Pending Proceedings.--
            (1) General effect of repeal.--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 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) Regulations.--The Director 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 substituted or 
added as a party.
    (f) Review.--Orders and actions of the Director 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.

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 
        (22 U.S.C. 2182(a)) 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 of the Export Enhancement Act of 1988 (15 
        U.S.C. 4727) is amended--
                    (A) in subsection (d)(1)--
                            (i) by striking subparagraph (K); and
                            (ii) by redesignating subparagraphs (L) and 
                        (M) as subparagraphs (K) and (L), respectively; 
                        and
                    (B) in subsection (f), by striking ``the Overseas 
                Private Investment Corporation,''.
            (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 (22 U.S.C. 2394 note) 
        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 enactment of this 
Act.
OPIC Termination Act - Abolishes the Overseas Private Investment Corporation (OPIC).  Transfers certain OPIC functions to the Office of Management and Budget with respect to existing contracts and agreements until they expire.
OPIC Termination Act