```

[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3116 Introduced in House (IH)]

  2d Session
                                H. R. 3116

  To provide for the phase-out of existing private sector development 
      enterprise funds for foreign countries and to prohibit the 
 establishment of, or the support for, new private sector development 
               enterprise funds, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 1996

Mr. Traficant introduced the following bill; which was referred to the 
Committee on International Relations, and in addition to the Committee 
  on Banking and Financial Services, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
  To provide for the phase-out of existing private sector development 
      enterprise funds for foreign countries and to prohibit the 
 establishment of, or the support for, new private sector development 
               enterprise funds, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PHASE-OUT OF EXISTING PRIVATE SECTOR DEVELOPMENT ENTERPRISE 
              FUNDS.

    (a) In General.--Beginning 2 years after the date of the enactment 
of this Act, none of the funds appropriated or otherwise available to 
the United States Agency for International Development may be obligated 
or expended for assistance to the following enterprise funds (or any 
successor enterprise funds):
            (1) The Albanian-American Enterprise Fund.
            (2) The Baltic-American Enterprise Fund.
            (3) The Bulgarian American Enterprise Fund.
            (4) The Central Asian-American Enterprise Fund.
            (5) The Czech and Slovak American Enterprise Fund.
            (6) The Hungarian-American Enterprise Fund.
            (7) The Polish-American Enterprise Fund.
            (8) The Romanian American Enterprise Fund.
            (9) The Southern Africa Regional Enterprise Fund.
            (10) The U.S. Russia Investment Fund.
            (11) The Western NIS Enterprise Fund.
    (b) Transition.--The President (acting through the Administrator of 
the United States Agency for International Development), in conjunction 
with the board of directors of each enterprise fund referred to in 
paragraphs (1) through (11) of subsection (a), shall, as soon as 
practicable after the date of the enactment of this Act, take the 
necessary steps to wind up the affairs of each such enterprise fund.
    (c) Repeals.--
            (1) Existing enterprise funds.--(A) The following 
        provisions of law are hereby repealed:
                    (i) Subsection (c) of section 498B of the Foreign 
                Assistance Act of 1961 (22 U.S.C. 2295b(c)).
                    (ii) Section 201 of the Support for East European 
                Democracy (SEED) Act of 1989 (22 U.S.C. 5421).
            (B) The repeals made by subparagraph (A) shall take effect 
        2 years after the date of the enactment of this Act.
            (2) Trans-caucasus enterprise fund.--Subsection (t) under 
        the heading ``Assistance for the New Independent States of the 
        Former Soviet Union'' of the Foreign Operation, Export 
        Financing, and Related Programs Appropriations Act, 1996, is 
        hereby repealed.

SEC. 2. PROHIBITION ON NEW PRIVATE SECTOR DEVELOPMENT ENTERPRISE FUNDS.

    (a) In General.--Beginning on March 12, 1996, the President may not 
provide for the establishment of, or the support for, any enterprise 
fund for the purposes of promoting private sector development, or 
promoting policies and practices conducive to private sector 
development, in any foreign country.
    (b) Definition.--For purposes of this section, the term 
``enterprise fund'' means a private, nonprofit organization designated 
by the President in accordance with procedures applicable to the 
procedures used to designate enterprise funds under section 201 of the 
Support for East European Democracy (SEED) Act of 1989 (22 U.S.C. 
5421).

SEC. 3. PROHIBITION ON ASSISTANCE FOR EUROPEAN BANK FOR RECONSTRUCTION 
              AND DEVELOPMENT FUNDS AND OTHER INTERNATIONAL FINANCIAL 
              INSTITUTION FUNDS.

    (a) Prohibition on United States Assistance.--Beginning 2 years 
after the date of the enactment of this Act, none of the funds 
appropriated or otherwise available to the United States Agency for 
International Development may be obligated or expended for assistance 
to any private sector development enterprise fund in which the European 
Bank for Reconstruction and Development (or any other international 
financial institution of which the United States is a member) 
participates, or which is financed by that Bank (or international 
financial institution), including the following enterprise funds (or 
any successor enterprise funds):
            (1) The Russia Small Business Fund.
            (2) The Regional Venture Fund for the Lower Volga Region.
            (3) The Slovenia Development Capital Fund.
    (b) Opposition To Multilateral Assistance.--The President shall 
instruct the United States Executive Director of the European Bank for 
Reconstruction and Development and any other international financial 
institution of which the United States is a member to use the voice and 
vote of the United States to oppose the participation of that Bank or 
institution in, or financing by that Bank or institution of, any 
private sector development enterprise fund, including any enterprise 
fund referred to in paragraphs (1) through (3) of subsection (a).
                                 <all>
```