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Union Calendar No. 198

108TH CONGRESS 

1ST SESSION H. R. 3145

[Report No. 108–339] 

To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas 

Private Investment Corporation, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 23, 2003

Mr. HYDE (for himself and Mr. LANTOS) introduced the following bill; which 

was referred to the Committee on International Relations 

NOVEMBER 4, 2003

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on September 23, 2003] 

A BILL

To amend the Foreign Assistance Act of 1961 to reauthorize 

the Overseas Private Investment Corporation, and for 

other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Overseas Private Invest3 ment Corporation Amendments Act of 2003’’. 

4 SEC. 2. ISSUING AUTHORITY. 

5 Section 235(a)(2) of the Foreign Assistance Act of 1961 

6 (22 U.S.C. 2195(a)(2)) is amended by striking ‘‘November 

7 1, 2000’’ and inserting ‘‘2007’’. 

8 SEC. 3. TECHNICAL CORRECTIONS. 

9 (a) ADMINISTRATIVE COSTS.—Section 235(a)(1)(B) of 

10 the Foreign Assistance Act of 1961 (22 U.S.C. 

11 2195(a)(1)(B)) is amended by striking ‘‘subsidy cost’’ and 

12 inserting ‘‘subsidy and administrative costs’’. 

13 (b) NONCREDIT ACCOUNT REVOLVING FUND.—Section 

14 235(c) of the Foreign Assistance Act of 1961 (22 U.S.C. 

15 2195(c)) is amended—

16 (1) in the first sentence—

17 (A) by striking ‘‘an insurance and guar18 anty fund, which shall have separate accounts to 

19 be known as the Insurance Reserve and the 

20 Guaranty Reserve, which reserves’’ and inserting 

21 ‘‘a noncredit account revolving fund, which’’; 

22 and 

23 (B) by striking ‘‘such reserves have’’ and in24 serting ‘‘of the fund has’’; 

25 (2) by striking the third sentence; and 
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1 (3) in the last sentence, by striking ‘‘reserves’’ 

2 and inserting ‘‘fund’’. 

3 (c) PAYMENTS TO DISCHARGE LIABILITIES.—Section 

4 235(d) of the Foreign Assistance Act of 1961 (22 U.S.C. 

5 2195(d)) is amended—

6 (1) in the first sentence, by striking ‘‘Insurance 

7 Reserve, as long as such reserve’’ and inserting ‘‘non8 credit account revolving fund, as long as such fund’’; 

9 and 

10 (2) in the second sentence, by striking ‘‘or under 

11 similar predecessor guaranty authority’’ and all that 

12 follows through ‘‘subsection (f) of this section’’ and in13 serting ‘‘or 234(c) shall be paid in accordance with 

14 the Federal Credit Reform Act of 1990’’. 

15 (d) AUTHORIZATION OF APPROPRIATIONS.—Section 

16 235(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 

17 2195(f)) is amended—

18 (1) in the first sentence, by striking ‘‘insurance 

19 and guaranty fund’’ and inserting ‘‘noncredit account 

20 revolving fund’’; and 

21 (2) by striking ‘‘Insurance Reserve’’ each place it 

22 appears and inserting ‘‘noncredit account revolving 

23 fund’’. 
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1 (e) BOARD OF DIRECTORS.—Section 233(b) of the For2 eign Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended 

3 in the second paragraph—

4 (1) by striking ‘‘officials’’ and inserting ‘‘prin5 cipal officers’’; 

6 (2) by inserting ‘‘whose duties relate to the pro7 grams of the Corporation’’ after ‘‘Government of the 

8 United States’’; and 

9 (3) by striking ‘‘an official’’ and inserting ‘‘one 

10 such officer’’. 

11 SEC. 4. INVESTMENT INSURANCE. 

12 (a) EXPROPRIATION OR CONFISCATION.—Section 

13 234(a)(1)(B) of the Foreign Assistance Act of 1961 (22 

14 U.S.C. 2194(a)(1)(B)) is amended by inserting ‘‘or any po15 litical subdivision thereof’’ after ‘‘government’’. 

16 (b) DEFINITION OF EXPROPRIATION.—Section 238(b) 

17 of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(b)) 

18 is amended by inserting ‘‘, a political subdivision of a for19 eign government, or a corporation owned or controlled by 

20 a foreign government,’’ after ‘‘government’’. 

21 SEC. 5. LOCAL CURRENCY GUARANTY. 

22 (a) LOCAL CURRENCY GUARANTY.—Section 234 of the 

23 Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amend24 ed by adding at the end the following: 
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1 ‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE

2 INVESTORS.—To issue to—

3 ‘‘(1) eligible investors, or 

4 ‘‘(2) local financial institutions, 

5 guaranties, denominated in currencies other than United 

6 States dollars, of loans and other investments made to 

7 projects sponsored by or significantly involving eligible in8 vestors, assuring against loss due to such risks and upon 

9 such terms and conditions as the Corporation may deter10 mine, for projects that the Corporation determines to have 

11 significant developmental effects or as the Corporation de12 termines to be necessary or appropriate to carry out the 

13 purposes of this title.’’. 

14 (b) DEFINITION OF LOCAL FINANCIAL INSTITUTION.—

15 Section 238 of the Foreign Assistance Act of 1961 (22 

16 U.S.C. 2198) is amended—

17 (1) in subsection (d), by striking ‘‘and’’ after the 

18 semicolon; 

19 (2) in subsection (f), by striking the period at the 

20 end and inserting ‘‘; and’’; and 

21 (3) by adding at the end the following: 

22 ‘‘(g) the term ‘local financial institution’—

23 ‘‘(1) means any bank or financial institu24 tion that is organized under the laws of any 
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1 country or area in which the Corporation oper2 ates; but 

3 ‘‘(2) does not include a branch, however or4 ganized, of a bank or other financial institution 

5 that is organized under the laws of a country in 

6 which the Corporation does not operate.’’. 

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

8 BUSINESSES. 

9 (a) IN GENERAL.—Section 240 of the Foreign Assist10 ance Act of 1961 (22 U.S.C. 2200) is amended—

11 (1) in the first sentence, by striking ‘‘The Cor12 poration’’ and inserting 

13 ‘‘(a) IN GENERAL.—The Corporation’’; and 

14 (2) by adding at the end the following: 

15 ‘‘(b) OUTREACH TO MINORITY-OWNED AND WOMEN16 OWNED BUSINESSES.—The Corporation shall collect data 

17 on the involvement of minority- and women-owned busi18 nesses in projects supported by the Corporation, includ19 ing—

20 ‘‘(1) the amount of insurance and financing pro21 vided by the Corporation to such businesses in connec22 tion with projects supported by the Corporation; and 

23 ‘‘(2) to the extent such information is available, 

24 the involvement of such businesses in procurement ac25 tivities conducted or supported by the Corporation. 
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1 The Corporation shall include, in its annual report sub2 mitted to the Congress under section 240A, the aggregate 

3 data collected under this paragraph, in such form as to 

4 quantify the effectiveness of the Corporation’s outreach ac5 tivities to minority- and women-owned businesses.’’. 
Union Calendar No. 198

108TH CONGRESS 

1ST SESSION H. R. 3145

[Report No. 108–339] 

A BILL

To amend the Foreign Assistance Act of 1961 to 

reauthorize the Overseas Private Investment Corporation, and for other purposes. 

NOVEMBER 4, 2003

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, 

and ordered to be printed