103D CONGRESS

2D SESSION H. R. 4950

AN ACT

To extend the authorities of 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,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Jobs Through Trade

5 Expansion Act of 1994’’.

6 TITLE I—OVERSEAS PRIVATE

7 INVESTMENT CORPORATION

8 SEC. 101. SHORT TITLE.

9 This title may be cited as the ‘‘Overseas Private In10 vestment Corporation Amendments Act of 1994’’.
2

•HR 4950 EH

1 SEC. 102. REAUTHORIZATION OF CORPORATION.

2 Title IV of chapter 2 of part I of the Foreign Assist3 ance Act of 1961 (22 U.S.C. 2191 et seq.) is amended

4 to read as follows:

5 ‘‘TITLE IV—OVERSEAS PRIVATE

6 INVESTMENT CORPORATION

7 ‘‘SEC. 231. PURPOSE AND POLICY.

8 ‘‘(a) PURPOSE.—The Overseas Private Investment

9 Corporation shall be an independent agency of the United

10 States under the foreign policy guidance of the Secretary

11 of State. The purpose of the Corporation is to promote

12 sustainable environmentally sound economic development

13 in developing countries and areas, and countries in transi14 tion from nonmarket to market economies, by mobilizing

15 and facilitating the participation of the United States pri16 vate sector.

17 ‘‘(b) ELIGIBILITY CRITERIA FOR PARTICIPATING

18 COUNTRIES AND AREAS.—

19 ‘‘(1) IN GENERAL.—Except as provided in para20 graph (3), the Corporation may operate its programs

21 in a country (or an area within a country) only if—

22 ‘‘(A) the United States maintains diplo23 matic relations with the country;

24 ‘‘(B) either—

25 ‘‘(i) the country or area is a develop26 ing country or area; or
3

•HR 4950 EH

1 ‘‘(ii) the country is in transition from

2 a nonmarket to market economy; and

3 ‘‘(C) programs in that country are not pro4 hibited under section 234(e)(2) (relating to

5 human rights violators).

6 ‘‘(2) PREFERENCE FOR CERTAIN COUNTRIES.—

7 In conducting its activities, the Corporation shall—

8 ‘‘(A) give preference to projects in coun9 tries with per capita incomes of $1,230 or less

10 in 1992 United States dollars; and

11 ‘‘(B) restrict its activities in countries with

12 per capita incomes of $5,335 or more in 1992

13 United States dollars (other than countries des14 ignated as beneficiary countries under section

15 212 of the Caribbean Basin Economic Recovery

16 Act, the Republic of Ireland, and Northern Ire17 land).

18 ‘‘(3) PROGRAMS IN INELIGIBLE COUNTRIES.—

19 (A) Except as provided in subparagraph (B), if a

20 country in which the Corporation is operating its

21 programs ceases to meet the criteria set forth in

22 paragraph (1), or if (pursuant to this or any other

23 Act) the government of that country becomes ineli24 gible for assistance, the Corporation shall cease to

25 operate its programs in such country, except that
4

•HR 4950 EH

1 the Corporation shall not be required to terminate

2 any contract or commitment entered into prior to

3 the date on which such country is determined to be

4 ineligible for such assistance.

5 ‘‘(B) The Corporation may continue to operate

6 its programs in a country which ceases to meet the

7 criteria set forth in paragraph (1) if the President

8 of the United States determines that the operation

9 of such programs would be in the national interest

10 of the United States.

11 ‘‘(c) GUIDELINES FOR ACTIVITIES OF OPIC.—In

12 carrying out its purpose, the Corporation shall under13 take—

14 ‘‘(1) to conduct insurance, reinsurance, and fi15 nancing operations on a self-sustaining basis, taking

16 into account in its financing operations the economic

17 and financial soundness of projects;

18 ‘‘(2) to broaden private participation by selling

19 its direct investments to private investors whenever

20 it can appropriately do so on satisfactory terms;

21 ‘‘(3) to conduct its insurance operations with

22 due regard to principles of risk management, includ23 ing efforts to share its insurance risks and reinsur24 ance risks;
5

•HR 4950 EH

1 ‘‘(4) to consider in the conduct of its operations

2 the extent to which the governments of eligible coun3 tries are receptive to private enterprise, domestic

4 and foreign, and their willingness and ability to

5 maintain conditions which enable private enterprise

6 to make its full contribution to the development

7 process;

8 ‘‘(5) to foster private initiative and competition

9 and discourage monopolistic practices;

10 ‘‘(6) to further to the greatest degree possible,

11 in a manner consistent with its goals, the balance12 of-payments and employment objectives of the

13 United States;

14 ‘‘(7) to consider in the conduct of its operations

15 the extent to which the governments of eligible coun16 tries respect human rights, labor rights, and the

17 need to support sound environmental practices and

18 policies;

19 ‘‘(8) to conduct its activities in consonance with

20 the international trade, investment, and financial

21 policies of the United States Government, and to

22 seek to support those developmental projects having

23 positive trade benefits for the United States; and

24 ‘‘(9) to advise and assist, within its field of

25 competence, interested agencies of the United States
6

•HR 4950 EH

1 and other organizations, both public and private, na2 tional and international, with respect to projects and

3 programs relating to the development of private en4 terprise in eligible countries and areas.

5 ‘‘SEC. 232. STOCK OF THE CORPORATION; ORGANIZATION

6 AND MANAGEMENT.

7 ‘‘(a) STOCK.—The Secretary of the Treasury shall

8 hold the capital stock of the Corporation.

9 ‘‘(b) STRUCTURE OF THE CORPORATION.—The Cor10 poration shall have a Board of Directors, a President, an

11 Executive Vice President, and such other officers and staff

12 as the President of the Corporation may determine.

13 ‘‘(c) BOARD OF DIRECTORS.—

14 ‘‘(1) IN GENERAL.—All powers of the Corpora15 tion shall vest in and be exercised by or under the

16 authority of the Board, which shall consist of 15 Di17 rectors (including the Chair, the Executive Vice

18 Chair, and the Vice Chair). Eight Directors shall

19 constitute a quorum for the transaction of business.

20 ‘‘(2) COMPOSITION OF THE BOARD.—

21 ‘‘(A) CHAIR.—The Chair of the Board

22 shall be the President of the Corporation, ex

23 officio.

24 ‘‘(B) EXECUTIVE VICE CHAIR.—The Exec25 utive Vice Chair of the Board shall be the Ad-
7

•HR 4950 EH

1 ministrator of the Agency for International De2 velopment, ex officio.

3 ‘‘(C) VICE CHAIR.—The Vice Chair of the

4 Board shall be the United States Trade Rep5 resentative, ex officio, or, if so designated by

6 the United States Trade Representative, a Dep7 uty United States Trade Representative.

8 ‘‘(D) PUBLIC SECTOR DIRECTORS.—(i) In

9 addition to the directors provided for in sub10 paragraphs (A), (B), and (C), four Directors

11 who are officers or employees of the Govern12 ment of the United States, including an officer

13 or employee of the Department of Labor, shall

14 be designated by and shall serve at the pleasure

15 of the President of the United States.

16 ‘‘(ii) The Directors designated under this

17 subparagraph shall receive no additional com18 pensation by virtue of their service as such a

19 Director.

20 ‘‘(E) PRIVATE SECTOR DIRECTORS.—(i)

21 Eight Directors who are not otherwise officers

22 or employees of the Government of the United

23 States shall be appointed by the President of

24 the United States, by and with the advice and

25 consent of the Senate. Of these, at least—
8

•HR 4950 EH

1 ‘‘(I) two shall be experienced in small

2 business;

3 ‘‘(II) one shall be experienced in orga4 nized labor; and

5 ‘‘(III) one shall be experienced in so6 cial and economic development issues.

7 ‘‘(ii) Each Director appointed under this

8 subparagraph shall be appointed for a term of

9 not more than 3 years. The terms of not more

10 than 3 such Directors shall expire in any 1

11 year. Such Directors shall serve until their suc12 cessors are appointed and qualified. Directors

13 may be reappointed to subsequent terms.

14 ‘‘(iii) Each Director appointed under this

15 subparagraph shall be compensated at the daily

16 equivalent of the annual rate of pay in effect

17 for level IV of the Executive Schedule under

18 section 5315 of title 5, United States Code, for

19 each day (including travel time) during which

20 such Director is actually engaged in the busi21 ness of the Corporation, and may be paid travel

22 or transportation expenses to the extent author23 ized for employees serving intermittently in the

24 Government service under section 5703 of title
9

•HR 4950 EH

1 5, United States Code. Any such Director may

2 waive any such compensation.

3 ‘‘(d) APPOINTMENT OF THE PRESIDENT.—The

4 President of the Corporation shall be appointed by the

5 President of the United States, by and with the advice

6 and consent of the Senate, and shall serve at the pleasure

7 of the President. In making such appointment, the Presi8 dent shall take into account the private business experi9 ence of the appointee. The President of the Corporation

10 shall be its Chief Executive Officer and shall be respon11 sible for the operations and management of the Corpora12 tion, subject to bylaws and policies established by the

13 Board.

14 ‘‘(e) OFFICERS AND STAFF.—

15 ‘‘(1) EXECUTIVE VICE PRESIDENT.—The Exec16 utive Vice President of the Corporation shall be ap17 pointed by the President of the United States, by

18 and with the advice and consent of the Senate, and

19 shall serve at the pleasure of the President.

20 ‘‘(2) OTHER OFFICERS AND STAFF.—(A) The

21 Corporation may appoint such other officers and

22 such employees (including attorneys) and agents as

23 the Corporation considers appropriate.
10

•HR 4950 EH

1 ‘‘(B) The officers, employees, and agents ap2 pointed under this subsection shall have such func3 tions as the Corporation may determine.

4 ‘‘(C) Of the officers, employees, and agents ap5 pointed under this paragraph, 20 may be appointed

6 without regard to the provisions of title 5, United

7 States Code, governing appointments in the competi8 tive service, may be compensated without regard to

9 the provisions of chapter 51 or subchapter III of

10 chapter 53 of such title, and shall serve at the pleas11 ure of the Corporation.

12 ‘‘(D) Under such regulations as the President

13 of the United States may prescribe, any individual

14 appointed under subparagraph (C) may be entitled,

15 upon removal (except for cause) from the position to

16 which the appointment was made, to reinstatement

17 to the position occupied by that individual at the

18 time of appointment or to a position of comparable

19 grade and pay.

20 ‘‘SEC. 233. INVESTMENT INSURANCE, FINANCING, AND

21 OTHER PROGRAMS.

22 ‘‘(a) INVESTMENT INSURANCE.—

23 ‘‘(1) RISKS FOR WHICH INSURANCE ISSUED.—

24 The Corporation is authorized to issue insurance,

25 upon such terms and conditions as the Corporation
11

•HR 4950 EH

1 may determine, to eligible investors assuring protec2 tion in whole or in part against any or all of the fol3 lowing risks with respect to projects which the Cor4 poration has approved:

5 ‘‘(A) Inability to convert into United

6 States dollars other currencies, or credits in

7 such currencies, received as earnings or profits

8 from the approved project, as repayment or re9 turn of the investment in the project, in whole

10 or in part, or as compensation for the sale or

11 disposition of all or any part of the investment.

12 ‘‘(B) Loss of investment, in whole or in

13 part, in the approved project due to expropria14 tion or confiscation by action of a foreign gov15 ernment.

16 ‘‘(C) Loss due to war, revolution, insurrec17 tion, or civil strife.

18 ‘‘(D) Loss due to business interruption

19 caused by any of the risks set forth in subpara20 graphs (A), (B), and (C).

21 ‘‘(2) RISK SHARING ARRANGEMENTS WITH FOR22 EIGN GOVERNMENTS AND MULTILATERAL ORGANIZA23 TIONS.—Recognizing that major private investments

24 in eligible countries or areas are often made by en25 terprises in which there is multinational participa-
12

•HR 4950 EH

1 tion, including significant United States private par2 ticipation, the Corporation may make arrangements

3 with foreign governments (including agencies, instru4 mentalities, and political subdivisions thereof) and

5 with multilateral organizations and institutions for

6 sharing liabilities assumed under investment insur7 ance for such investments and may, in connection

8 with such arrangements, issue insurance to investors

9 not otherwise eligible for insurance under this title,

10 except that—

11 ‘‘(A) liabilities assumed by the Corporation

12 under the authority of this paragraph shall be

13 consistent with the purposes of this title; and

14 ‘‘(B) the maximum share of liabilities so

15 assumed shall not exceed the proportionate par16 ticipation by eligible investors in the project.

17 ‘‘(3) MAXIMUM CONTINGENT LIABILITY WITH

18 RESPECT TO SINGLE INVESTOR.—Not more than 10

19 percent of the maximum contingent liability of in20 vestment insurance which the Corporation is per21 mitted to have outstanding under section 235(a)(1)

22 shall be issued to a single investor.

23 ‘‘(b) INVESTMENT FINANCING.—

24 ‘‘(1) DIRECT LENDING.—(A) The Corporation

25 is authorized to make loans in United States dollars,
13

•HR 4950 EH

1 repayable in dollars, and to make loans in foreign

2 currencies, to firms privately owned or of mixed pri3 vate and public ownership, upon such terms and

4 conditions as the Corporation may determine.

5 ‘‘(B) The Corporation may designate up to 25

6 percent of any loan under this paragraph for use in

7 the development or adaptation in the United States

8 of new technologies or new products or services that

9 are to be used in the project for which the loan is

10 made and are likely to contribute to the economic or

11 social development of less developed countries.

12 ‘‘(2) EQUITY INVESTMENT.—(A) The Corpora13 tion is authorized to purchase, invest in, or other14 wise acquire equity securities or securities with eq15 uity characteristics of any firm or entity, upon such

16 terms and conditions as the Corporation may deter17 mine, to be funded in the same manner as direct

18 loans under the Federal Credit Reform Act of 1990

19 for the purpose of providing capital for any project

20 which is consistent with the provisions of this title,

21 subject to the limitations in subparagraph (B).

22 ‘‘(B)(i) The aggregate amount of the Corpora23 tion’s equity investment under this paragraph with

24 respect to any project shall not exceed 30 percent of

25 the aggregate amount of all equity investment made
14

•HR 4950 EH

1 with respect to such project at the time that the

2 Corporation’s equity investment is made (excluding

3 any securities acquired through the enforcement of

4 any lien, pledge, or contractual arrangement as a re5 sult of a default by any party under any agreement

6 relating to the terms of the Corporation’s invest7 ment).

8 ‘‘(ii) The Corporation’s equity investment under

9 this paragraph with respect to any project, when

10 added to any other investments made or guaranteed

11 by the Corporation under this subsection with re12 spect to such project, shall not cause the aggregate

13 amount of all such investment to exceed, at the time

14 any such investment is made or guaranteed by the

15 Corporation, 75 percent of the total investment com16 mitted to such project, as determined by the Cor17 poration. The determination of the Corporation

18 under this clause shall be conclusive for purposes of

19 the Corporation’s authority to make or guarantee

20 any such investment.

21 ‘‘(C) In making investment decisions under this

22 paragraph, the Corporation shall give consideration

23 to the extent to which the Corporation’s equity in24 vestment will assist in obtaining the financing re25 quired for such projects.
15

•HR 4950 EH

1 ‘‘(D) Taking into consideration, among other

2 things, the Corporation’s financial interests and the

3 desirability of fostering the development of local cap4 ital markets in emerging democracies, economies in

5 transformation, and less developed countries, the

6 Corporation shall endeavor to dispose of any equity

7 interest it may acquire under this paragraph within

8 a period of 10 years from the date of acquisition of

9 such interest.

10 ‘‘(3) INVESTMENT GUARANTEES.—(A) The Cor11 poration is authorized to issue to eligible investors

12 guarantees of loans and other investments made by

13 such investors assuring against loss due to such

14 risks and upon such terms and conditions as the

15 Corporation may determine, subject to subpara16 graphs (B) and (C).

17 ‘‘(B) A guarantee issued under subparagraph

18 (A) on other than a loan investment may not exceed

19 75 percent of such investment.

20 ‘‘(C) Except for loan investments for credit

21 unions made by eligible credit unions or credit union

22 associations, the aggregate amount of investment

23 (exclusive of interest and earnings) for which guar24 antees are issued under subparagraph (A) with re25 spect to any project shall not exceed, at the time of
16

•HR 4950 EH

1 issuance of any such guarantee, 75 percent of the

2 total investment committed to any such project as

3 determined by the Corporation. Such determination

4 by the Corporation shall be conclusive for purposes

5 of the Corporation’s authority to issue any such

6 guarantee.

7 ‘‘(c) INVESTMENT ENCOURAGEMENT.—The Corpora8 tion is authorized to initiate and support through financial

9 participation, incentive grant, or otherwise, and on such

10 terms and conditions as the Corporation may determine,

11 the identification, assessment, surveying, and promotion

12 of private investment opportunities, using wherever fea13 sible and effective the facilities of private investors. The

14 Corporation shall not finance any survey to ascertain the

15 existence, location, extent, or quality of oil or gas re16 sources.

17 ‘‘(d) SPECIAL ACTIVITIES.—The Corporation is au18 thorized to administer and manage special projects and

19 programs, including programs of financial and advisory

20 support, which provide private technical, professional, or

21 managerial assistance in the development of human re22 sources, skills, technology, capital savings, intermediate fi23 nancial and investment institutions, and cooperatives. The

24 funds for these projects and programs may, with the Cor25 poration’s concurrence, be transferred to it for such pur-
17

•HR 4950 EH

1 poses under the authority of section 632(a) or from other

2 sources, public or private.

3 ‘‘(e) OTHER INSURANCE FUNCTIONS.—

4 ‘‘(1) IN GENERAL.—The Corporation is author5 ized—

6 ‘‘(A) to make and carry out contracts of

7 insurance or reinsurance, or agreements to as8 sociate or share risks, with insurance compa9 nies, financial institutions, any other persons,

10 or groups thereof; and

11 ‘‘(B) to employ such insurance companies,

12 financial institutions, other persons, or groups,

13 where appropriate, as its agent, or to act as

14 their agent, in the issuance and servicing of in15 surance, the adjustment of claims, the exercise

16 of subrogation rights, the ceding and accepting

17 of reinsurance, and in any other matter incident

18 to an insurance business.

19 Such agreements and contracts shall be consistent

20 with the purposes of the Corporation set forth in

21 section 231 and shall be on equitable terms.

22 ‘‘(2) RISK-SHARING AGREEMENTS.—The Cor23 poration is authorized to enter into pooling or other

24 risk-sharing agreements with multinational insur-
18

•HR 4950 EH

1 ance or financing agencies or groups of such agen2 cies.

3 ‘‘(3) OWNERSHIP INTEREST IN RISK-SHARING

4 ENTITIES.—The Corporation is authorized to hold

5 an ownership interest in any association or other en6 tity established for the purposes of sharing risks

7 under investment insurance.

8 ‘‘(4) REINSURANCE OF CERTAIN LIABILITIES.—

9 The Corporation is authorized to issue, upon such

10 terms and conditions as it may determine, reinsur11 ance of liabilities assumed by other insurers or

12 groups thereof with respect to risks referred to in

13 subsection (a)(1).

14 ‘‘(5) LIMITATION ON REINSURANCE.—The

15 amount of reinsurance of liabilities under this title

16 which the Corporation may issue shall not in the ag17 gregate exceed at any one time an amount equal to

18 the amount authorized for the maximum contingent

19 liability outstanding at any one time under section

20 235(a)(1). All reinsurance issued by the Corporation

21 under this subsection shall require that the rein22 sured party retain for his or her own account speci23 fied portions of liability, whether first loss or other24 wise.
19

•HR 4950 EH

1 ‘‘(6) ENHANCING PRIVATE POLITICAL RISK IN2 SURANCE INDUSTRY.—In order to encourage greater

3 availability of political risk insurance for eligible in4 vestors by enhancing the private political risk insur5 ance industry in the United States, and to the ex6 tent consistent with this title, the Corporation shall

7 undertake programs of cooperation with such indus8 try, and in connection with such programs may en9 gage in the following activities:

10 ‘‘(A) Utilizing its statutory authorities, en11 courage the development of associations, pools,

12 or consortia of United States private political

13 risk insurers.

14 ‘‘(B) Share insurance risks (through coin15 surance, contingent insurance, or other means)

16 in a manner that is conducive to the growth

17 and development of the private political risk in18 surance industry in the United States.

19 ‘‘(C) Notwithstanding section 237(e), upon

20 the expiration of insurance provided by the Cor21 poration for an investment, enter into risk-shar22 ing agreements with United States private po23 litical risk insurers to insure any such invest24 ment. In cooperating in the offering of insur25 ance under this clause, the Corporation shall
20

•HR 4950 EH

1 not assume responsibility for more than 50 per2 cent of the insurance being offered in each sep3 arate transaction.

4 ‘‘SEC. 234. GUIDELINES AND CRITERIA FOR OPIC SUPPORT.

5 ‘‘(a) DEVELOPMENT GUIDELINES.—

6 ‘‘(1) CRITERIA.—The Corporation, in determin7 ing whether to provide insurance, reinsurance, or fi8 nancing for a project shall be guided by the eco9 nomic, environmental, and social development impact

10 and benefits of such a project and the ways in which

11 such a project complements, or is compatible with,

12 other development assistance programs or projects

13 of the United States or other donors.

14 ‘‘(2) DEVELOPMENT IMPACT PROFILE.—In

15 order to carry out the policy set forth in paragraph

16 (1), the Corporation shall prepare and maintain, for

17 each investment project it insures, reinsures, or fi18 nances, a development impact profile consisting of

19 data appropriate to measure the projected and ac20 tual effects of such project on development.

21 ‘‘(b) SMALL BUSINESS DEVELOPMENT.—

22 ‘‘(1) BROADENED PARTICIPATION BY SMALL

23 BUSINESSES.—The Corporation shall undertake, in

24 cooperation with appropriate agencies of the United

25 States Government as well as private entities and
21

•HR 4950 EH

1 others, to broaden the participation of United States

2 small business, cooperatives, and other small United

3 States investors in the development of small private

4 enterprise in eligible countries or areas.

5 ‘‘(2) PREFERENTIAL CONSIDERATION.—Not6 withstanding the requirements of section 231(c)(1),

7 and on such terms and conditions as the Corpora8 tion may determine through loans, grants, or other

9 programs authorized by section 233, the Corporation

10 shall undertake, to the maximum degree possible

11 consistent with its purposes—

12 ‘‘(A) to give preferential consideration in

13 its investment insurance, reinsurance, and

14 guarantee activities to investment projects spon15 sored by or involving United States small busi16 ness; and

17 ‘‘(B) to maintain the proportion of projects

18 sponsored by or significantly involving United

19 States small business at not less than 30 per20 cent of all projects insured, reinsured, or fi21 nanced by the Corporation.

22 ‘‘(c) ENVIRONMENTAL CONSIDERATIONS.—

23 ‘‘(1) ENVIRONMENTAL, HEALTH, OR SAFETY

24 HAZARD.—The Corporation shall refuse to insure,

25 reinsure, or finance any investment in connection
22

•HR 4950 EH

1 with a project which the Corporation determines will

2 pose an unreasonable or major environmental,

3 health, or safety hazard, or will result in the signifi4 cant degradation of national parks or similar pro5 tected areas.

6 ‘‘(2) RESOURCE SUSTAINABLE DEVELOP7 MENT.—The Corporation, in determining whether to

8 provide insurance, reinsurance, or financing for a

9 project, shall ensure that the project is consistent

10 with the provisions of section 117 (as so redesig11 nated by the Special Foreign Assistance Act of

12 1986), section 118, and section 119 of this Act re13 lating to the environment and natural resources of,

14 and tropical forests and endangered species in, de15 veloping countries, and consistent with the intent of

16 regulations issued pursuant to sections 118 and 119

17 of this Act.

18 ‘‘(3) IMPACT ON ENVIRONMENT AND NATURAL

19 RESOURCES.—The requirements of section 117(c) of

20 this Act relating to environmental impact statements

21 and environmental assessments shall apply to any

22 investment which the Corporation insures, reinsures,

23 or finances under this title.

24 ‘‘(4) NOTIFICATION OF FOREIGN GOVERN25 MENTS.—Before finally providing insurance, reinsur-
23

•HR 4950 EH

1 ance, or financing under this title for any environ2 mentally sensitive investment in connection with a

3 project in a country, the Corporation shall notify ap4 propriate government officials of that country of—

5 ‘‘(A) all guidelines and other standards

6 adopted by the International Bank for Recon7 struction and Development and any other inter8 national organization that relate to the public

9 health or safety or the environment and are ap10 plicable to the project; and

11 ‘‘(B) to the maximum extent practicable,

12 any restriction, under any law of the United

13 States, that relates to public health or safety or

14 the environment and would apply to the project

15 if the project were undertaken in the United

16 States.

17 The notification under the preceding sentence shall

18 include a summary of the guidelines, standards, and

19 restrictions referred to in subparagraphs (A) and

20 (B), and may include any environmental impact

21 statement, assessment, review, or study prepared

22 with respect to the investment pursuant to para23 graph (3).

24 ‘‘(5) CONSIDERATION OF COMMENTS RE25 CEIVED.—Before finally providing insurance, rein-
24

•HR 4950 EH

1 surance, or financing for any investment subject to

2 paragraph (4), the Corporation shall take into ac3 count any comments it receives on the project in4 volved.

5 ‘‘(d) WORKER RIGHTS.—

6 ‘‘(1) LIMITATION ON OPIC ACTIVITIES.—The

7 Corporation may insure, reinsure, or finance a

8 project only if the country in which the project is to

9 be undertaken is taking steps to adopt and imple10 ment laws that extend internationally recognized

11 worker rights, as defined in section 502(a)(4) of the

12 Trade Act of 1974 (19 U.S.C. 2462(a)(4)), to work13 ers in that country (including any designated zone in

14 that country). The Corporation shall also include the

15 following language, in substantially the following

16 form, in all contracts which the Corporation enters

17 into with eligible investors to provide financial sup18 port under this title:

19 ‘‘ ‘The investor agrees not to take actions to

20 prevent employees of the foreign enterprise from

21 lawfully exercising their right of association and

22 their right to organize and bargain collectively. The

23 investor further agrees to observe applicable laws re24 lating to a minimum age for employment of children,

25 acceptable conditions of work with respect to mini-
25

•HR 4950 EH

1 mum wages, hours of work, and occupational health

2 and safety, and not to use forced labor. The investor

3 is not responsible under this paragraph for the ac4 tions of a foreign government.’.

5 ‘‘(2) USE OF ANNUAL REPORTS ON WORKERS

6 RIGHTS.—The Corporation shall, in making its de7 terminations under paragraph (1), use the reports

8 submitted to the Congress pursuant to section

9 505(c) of the Trade Act of 1974 (19 U.S.C.

10 2465(c)).

11 ‘‘(3) WAIVER.—(A) Paragraph (1) shall not

12 prohibit the Corporation from providing any insur13 ance, reinsurance, or financing with respect to a

14 country if the President of the United States deter15 mines that such activities by the Corporation would

16 be in the national economic interests of the United

17 States. Any such determination shall be reported in

18 writing to the appropriate congressional committees,

19 together with the reasons for the determination.

20 ‘‘(B) As used in subparagraph (A), the term

21 ‘appropriate congressional committees’ means the

22 Committee on Foreign Affairs and the Committee on

23 Appropriations of the House of Representatives and

24 the Committee on Foreign Relations and the Com25 mittee on Appropriations of the Senate.
26

•HR 4950 EH

1 ‘‘(e) HUMAN RIGHTS.—

2 ‘‘(1) IN GENERAL.—The Corporation shall take

3 into account in the conduct of its programs in a

4 country, in consultation with the Secretary of State,

5 all available information about observance of and re6 spect for human rights and fundamental freedoms in

7 such country and the effect the operation of such

8 programs will have on human rights and fundamen9 tal freedoms in such country.

10 ‘‘(2) HUMAN RIGHTS VIOLATORS.—The provi11 sions of section 116 shall apply to any insurance, re12 insurance, or financing provided by the Corporation

13 for projects in a country, except that in addition to

14 the exception set forth in subsection (a) of such sec15 tion, the Corporation may support a project if the

16 national security interest so requires.

17 ‘‘(f) HARM TO EMPLOYMENT IN THE UNITED

18 STATES.—

19 ‘‘(1) REPLACEMENT OF UNITED STATES PRO20 DUCTION.—(A) The Corporation shall refuse to in21 sure, reinsure, or finance an investment if the Cor22 poration determines that—

23 ‘‘(i) such investment is likely to cause the

24 investor significantly to reduce the number of

25 the investor’s employees in the United States
27

•HR 4950 EH

1 because the investor is replacing his or her

2 United States production with production from

3 such investment; and

4 ‘‘(ii) the production from such investment

5 involves substantially the same product for sub6 stantially the same market as the investor’s

7 United States production.

8 ‘‘(B) If the Corporation determines that an in9 vestment is not likely to have the effects described

10 in subparagraph (A), the Corporation shall monitor

11 conformance with the representations made by the

12 investor on which the Corporation relied in making

13 that determination.

14 ‘‘(2) EXPORT PROCESSING ZONES.—The Cor15 poration shall refuse to insure, reinsure, or finance

16 an investment for the purpose of establishing or de17 veloping in a foreign country any export processing

18 zone or designated area in which the tax, tariff,

19 labor, environment, and safety laws of that country

20 do not apply, in part or in whole, to activities car21 ried out within that zone or area, unless such assist22 ance is not likely to cause a loss of jobs within the

23 United States as determined in consideration of the

24 restrictions contained in paragraph (1).
28

•HR 4950 EH

1 ‘‘(g) PERFORMANCE REQUIREMENTS.—The Corpora2 tion shall refuse to insure, reinsure, or finance an invest3 ment which is subject to performance requirements which

4 would reduce substantially the positive trade benefits like5 ly to accrue to the United States from the investment.

6 ‘‘(h) PROHIBITED TRADE PRACTICES.—

7 ‘‘(1) PAYMENTS TO VIOLATORS BARRED.—No

8 payment may be made under any insurance or rein9 surance which is issued under this title on or after

10 April 24, 1978, for any loss occurring with respect

11 to a project, if the preponderant cause of such loss

12 was an act by the investor seeking such payment, by

13 a person possessing majority ownership and control

14 of the investor at the time of the act, or by any

15 agent of such investor or controlling person, and a

16 court of the United States has entered a final judg17 ment that such act constituted a violation of section

18 30A of the Securities Exchange Act of 1934 or sec19 tion 104 of the Foreign Corrupt Practices Act of

20 1977.

21 ‘‘(2) REGULATIONS.—The Corporation shall

22 have in effect regulations setting forth appropriate

23 conditions under which any person who has been fi24 nally determined by a court of the United States to

25 have violated section 30A of the Securities Exchange
29

•HR 4950 EH

1 Act of 1934 or section 104 of the Foreign Corrupt

2 Practices Act of 1977 shall be suspended, for a pe3 riod of not more than 5 years, from eligibility to re4 ceive any insurance, reinsurance, financing, or other

5 financial support authorized by this title, if that vio6 lation related to a project insured, reinsured, fi7 nanced, or otherwise supported by the Corporation

8 under this title.

9 ‘‘(i) FRAUD OR MISREPRESENTATION.—No payment

10 may be made under any guarantee, insurance, or reinsur11 ance issued under this title for any loss arising out of

12 fraud or misrepresentation for which the party seeking

13 payment is responsible.

14 ‘‘(j) PENALTIES FOR FRAUD.—Whoever knowingly

15 makes any false statement or report, or willfully

16 overvalues any land, property, or security, for the purpose

17 of influencing in any way the action of the Corporation

18 with respect to any insurance, reinsurance, guarantee,

19 loan, equity investment, or other activity of the Corpora20 tion under section 233 or any change or extension of any

21 such insurance, reinsurance, guarantee, loan, equity in22 vestment, or activity, by renewal, deferment of action or

23 otherwise, or the acceptance, release, or substitution of se24 curity therefor, shall be fined not more than $1,000,000

25 or imprisoned not more than 30 years, or both.
30

•HR 4950 EH

1 ‘‘(k) PUBLIC HEARINGS.—The Board shall hold at

2 least 1 public hearing each year in order to afford an op3 portunity for any person to present views as to whether

4 the Corporation is carrying out its activities in accordance

5 with section 231 and this section or whether any invest6 ment in a particular country should have been or should

7 be extended insurance, reinsurance, or financing under

8 this title.

9 ‘‘SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AU10 THORITY, EQUITY FUND, AND RESERVES.

11 ‘‘(a) ISSUING AUTHORITY.—

12 ‘‘(1) INSURANCE.—The maximum contingent li13 ability outstanding at any one time pursuant to in14 surance issued under section 233(a) shall not exceed

15 in the aggregate $15,000,000,000.

16 ‘‘(2) FINANCING.—(A) The maximum contin17 gent liability outstanding at any one time pursuant

18 to financing issued under section 233(b) shall not

19 exceed in the aggregate $14,500,000,000.

20 ‘‘(B) Subject to spending authority provided in

21 appropriations Acts pursuant to section 504(b) of

22 the Federal Credit Reform Act of 1990, the Cor23 poration is authorized to transfer such sums as are

24 necessary from its noncredit activities to pay for the

25 subsidy cost of a program level for the direct loan
31

•HR 4950 EH

1 and guarantee programs under sections 233 (b)(1)

2 and (b)(3)—

3 ‘‘(i) $3,000,000,000 for fiscal year 1995;

4 ‘‘(ii) $4,000,000,000 for fiscal year 1996;

5 and

6 ‘‘(iii) $5,000,000,000 for fiscal year 1997.

7 ‘‘(3) TERMINATION OF AUTHORITY.—The au8 thority of sections 233 (a) and (b)(3) shall continue

9 until September 30, 1997.

10 ‘‘(b) CREATION OF FUND FOR ACQUISITION OF EQ11 UITY.—The Corporation is authorized to maintain a re12 volving fund to be available solely for the purposes speci13 fied in section 233(b)(2) and to make transfers to the fund

14 of a total of $45,000,000 (less amounts transferred to the

15 fund before the effective date of this title) from its

16 noncredit activities. The Corporation shall apply to the

17 fund all amounts received by the Corporation as income

18 on securities acquired under section 233(b)(2) using funds

19 made available under this section, and from the proceeds

20 on the disposition of such securities. Purchases of, invest21 ments in, and other acquisitions of equity from the fund

22 are authorized for any fiscal year only to the extent or

23 in such amounts as are provided in advance in appropria24 tions Acts or are transferred to the Corporation pursuant

25 to section 632(a).
32

•HR 4950 EH

1 ‘‘(c) INSURANCE RESERVES.—

2 ‘‘(1) MAINTENANCE AND PURPOSES.—The Cor3 poration shall maintain insurance reserves. Such re4 serves shall be available for the discharge of liabil5 ities, as provided in subsection (d), until such time

6 as all such liabilities have been discharged or have

7 expired or until all such reserves have been expended

8 in accordance with the provisions of this section.

9 ‘‘(2) FUNDING.—The insurance reserves shall

10 consist of—

11 ‘‘(A) any funds in the insurance reserves of

12 the Corporation on September 30, 1994;

13 ‘‘(B) amounts transferred to the reserves

14 pursuant to this Act; and

15 ‘‘(C) such sums as are appropriated pursu16 ant to subsection (e) of this section for such

17 purposes.

18 ‘‘(d) ORDER OF PAYMENTS TO DISCHARGE LIABIL19 ITIES.—Any payment made to discharge liabilities under

20 investment insurance or reinsurance issued under section

21 233, or to discharge liabilities under predecessor guaran22 tee authority, shall be paid first out of the insurance re23 serves, as long as such reserves remain available, and

24 thereafter out of funds made available pursuant to sub25 section (e) of this section. Any payments made to dis-
33

•HR 4950 EH

1 charge liabilities under guarantees issued under section

2 233(b)(3) shall be paid in accordance with the Federal

3 Credit Reform Act of 1990.

4 ‘‘(e) AUTHORIZATION OF APPROPRIATIONS.—

5 ‘‘(1) AUTHORIZATION.—Subject to paragraph

6 (2), there are authorized to be appropriated to the

7 Corporation such amounts as may be necessary from

8 time to time to replenish or increase the insurance

9 reserves, to discharge the liabilities under insurance

10 or reinsurance issued by the Corporation, to dis11 charge liabilities under predecessor guarantee au12 thority, or to discharge obligations of the Corpora13 tion purchased by the Secretary of the Treasury

14 pursuant to subsection (f).

15 ‘‘(2) LIMITATION ON APPROPRIATIONS.—No ap16 propriation shall be made under paragraph (1) to

17 augment the insurance reserves until the amount of

18 funds in the insurance reserves is less than

19 $25,000,000. Any appropriations to augment the in20 surance reserves shall then only be made either pur21 suant to specific authorization enacted after the date

22 of enactment of the Overseas Private Investment

23 Corporation Amendments Act of 1974, or to satisfy

24 the full faith and credit provision of section 237(c).
34

•HR 4950 EH

1 ‘‘(f) ISSUANCE OF OBLIGATIONS.—In order to dis2 charge liabilities under investment insurance or reinsur3 ance, the Corporation is authorized to issue from time to

4 time for purchase by the Secretary of the Treasury its

5 notes, debentures, bonds, or other obligations. The aggre6 gate amount of such obligations outstanding at any one

7 time may not exceed $100,000,000. Any such obligation

8 shall be repaid to the Treasury within 1 year after the

9 date of issue of such obligation. Any such obligation shall

10 bear interest at a rate determined by the Secretary of the

11 Treasury, taking into consideration the current average

12 market yield on outstanding marketable obligations of the

13 United States of comparable maturities during the month

14 preceding the issuance of any obligation authorized by this

15 subsection. The Secretary of the Treasury shall purchase

16 any obligation of the Corporation issued under this sub17 section, and for such purchase the Secretary may use as

18 a public debt transaction the proceeds of the sale of any

19 securities issued under chapter 31 of title 31, United

20 States Code. The purpose for which securities may be is21 sued under chapter 31 of title 31, United States Code,

22 shall include any such purchase.

23 ‘‘SEC. 236. INCOME AND REVENUES.

24 ‘‘In order to carry out the purposes of the Corpora25 tion, all revenues earned by the Corporation from its
35

•HR 4950 EH

1 noncredit activities and amounts transferred to the Cor2 poration shall be held by the Corporation and shall be

3 available to carry out its purposes, including without limi4 tation—

5 ‘‘(1) payment of all credit and noncredit ex6 penses of the Corporation;

7 ‘‘(2) transfers and additions to the insurance

8 reserves maintained under section 235(c), and such

9 other funds or reserves as the Corporation may es10 tablish, at such time and in such amounts as the

11 Board may determine; and

12 ‘‘(3) payment of dividends, on capital stock,

13 which shall consist of and be paid from net earnings

14 of the Corporation after payments, transfers, and

15 additions under paragraphs (1) and (2).

16 ‘‘SEC. 237. GENERAL PROVISIONS RELATING TO INSUR17 ANCE AND FINANCING PROGRAM.

18 ‘‘(a) AGREEMENTS WITH COUNTRIES.—Insurance,

19 guarantees, and reinsurance issued under this title shall

20 cover investment made in connection with projects in any

21 eligible country or area with the government of which the

22 President of the United States has agreed to institute a

23 program for such insurance, guarantees, or reinsurance.

24 ‘‘(b) PROTECTION OF INTERESTS OF THE CORPORA25 TION.—The Corporation shall determine that suitable ar-
36

•HR 4950 EH

1 rangements exist for protecting the interest of the Cor2 poration in connection with any insurance, reinsurance, or

3 guarantee issued under this title, including arrangements

4 concerning ownership, use, and disposition of the cur5 rency, credits, assets, or investments on account of which

6 payment under such insurance, guarantee, or reinsurance

7 is to be made, and any right, title, claim, or cause of action

8 existing in connection therewith.

9 ‘‘(c) FULL FAITH AND CREDIT PLEDGED.—All guar10 antees issued under predecessor guarantee authority, and

11 all insurance, reinsurance, and guarantees issued under

12 this title shall constitute obligations, in accordance with

13 the terms of such insurance, reinsurance, or guarantees,

14 of the United States of America, and the full faith and

15 credit of the United States of America is hereby pledged

16 for the full payment and performance of such obligations.

17 ‘‘(d) FEES.—Fees may be charged for providing in18 surance, reinsurance, financing, and other services under

19 this title in amounts to be determined by the Corporation.

20 Fees paid for project-specific transaction costs and other

21 transaction costs, including project-related travel and ex22 penses for legal representation, associated with services

23 provided to specific investors or potential investors pursu24 ant to section 233, including financing, insurance, reinsur25 ance, missions, seminars, conferences, and other pre-in-
37

•HR 4950 EH

1 vestment services, shall be available for obligation for the

2 purposes for which they were collected notwithstanding

3 any other provision of law. Transaction costs relating to

4 investment financing commitments entered into pursuant

5 to section 233(b) shall be considered cash flows from the

6 Government resulting from financing commitments and

7 shall be paid out of the appropriate financing account es8 tablished pursuant to section 505(b) of the Federal Credit

9 Reform Act of 1990.

10 ‘‘(e) INSURANCE, FINANCING, AND REINSURANCE

11 LIMITED TO 20 YEARS.—No insurance, reinsurance, or

12 guarantee of any equity investment under this title shall

13 extend beyond 20 years from the date on which such in14 surance, reinsurance, or guarantee is issued.

15 ‘‘(f) AMOUNT OF COMPENSATION PAID ON

16 CLAIMS.—Compensation for any insurance, reinsurance,

17 or guarantee issued under this title shall not exceed the

18 dollar value, as of the date of the investment, of the invest19 ment made in the project with the approval of the Cor20 poration plus interest, earnings, or profits actually ac21 crued on such investment to the extent provided by such

22 insurance, reinsurance, or guarantee, except that the Cor23 poration may provide that—
38

•HR 4950 EH

1 ‘‘(1) appropriate adjustments in the insured

2 dollar value be made to reflect the replacement cost

3 of project assets;

4 ‘‘(2) compensation for a claim of loss under in5 surance of an equity investment may be computed

6 on the basis of the net book value attributable to

7 such equity investment on the date of loss; and

8 ‘‘(3) compensation for loss due to business

9 interruption may be computed on a basis to be de10 termined by the Corporation which reflects amounts

11 lost.

12 Notwithstanding the preceding sentence, the Corporation

13 shall limit the amount of direct insurance and reinsurance

14 issued under section 233 so that risk of loss as to at least

15 10 percent of the total investment of the insured and its

16 affiliates in the project is borne by the insured and such

17 affiliates. This limitation shall not apply to direct insur18 ance or reinsurance of loans by banks or other financial

19 institutions to unrelated parties.

20 ‘‘(g) LIMITATION WITH RESPECT TO FOREIGN

21 CREDIT INSTITUTIONS.—Insurance, guarantees, or rein22 surance of a loan or equity investment of an eligible inves23 tor in a foreign bank, finance company, or other credit

24 institution shall extend only to such loan or equity invest25 ment and not to any individual loan or equity investment
39

•HR 4950 EH

1 made by such foreign bank, finance company, or other

2 credit institution.

3 ‘‘(h) SETTLEMENT AND ARBITRATION OF CLAIMS.—

4 Claims arising as a result of insurance, reinsurance, or

5 guarantee operations under this title may be settled, and

6 disputes arising as a result thereof may be arbitrated with

7 the consent of the parties, on such terms and conditions

8 as the Corporation may determine. Payment made pursu9 ant to any such settlement, or as a result of an arbitration

10 award, shall be final and conclusive notwithstanding any

11 other provision of law.

12 ‘‘(i) CONTRACTS PRESUMED TO COMPLY WITH

13 ACT.—Each guarantee contract executed by such officer

14 or officers as may be designated by the Board shall be

15 conclusively presumed to be issued in compliance with the

16 requirements of this Act.

17 ‘‘(j) USE OF LOCAL CURRENCIES.—Direct loans or

18 investments made in order to preserve the value of funds

19 received in inconvertible foreign currency by the Corpora20 tion as a result of activities conducted pursuant to section

21 233(a) shall not be considered in determining whether the

22 Corporation has made or has outstanding loans, guaran23 tees, or investments to the extent of any limitation on obli24 gations and equity investment imposed by or pursuant to

25 this title. The provisions of section 504(b) of the Federal
40

•HR 4950 EH

1 Credit Reform Act of 1990 shall not apply to direct loan

2 obligations made with funds described in this subsection.

3 ‘‘(k) PROHIBITION ON NONCOMPETITIVE AWARDING

4 OF INSURANCE CONTRACTS ON OPIC SUPPORTED EX5 PORTS.—

6 ‘‘(1) REQUIREMENT FOR CERTIFICATION.—(A)

7 Except as provided in subparagraph (C), the inves8 tor on whose behalf insurance, reinsurance, guaran9 ties, or other financing is provided under this title

10 with respect to a project shall be required to certify

11 to the Corporation that any contract for the export

12 of goods as part of that project will include a clause

13 requiring that United States insurance companies

14 have a fair and open competitive opportunity to pro15 vide insurance against risk of loss of such support.

16 ‘‘(B) The investor shall be required, in every

17 practicable case, to so certify before the insurance,

18 reinsurance, guarantee, or other financing is pro19 vided. In any case in which such a certification is

20 not made in advance, the investor shall include in

21 the certification the reasons for the failure to make

22 a certification in advance.

23 ‘‘(C) Subparagraph (A) does not apply with re24 spect to an investor who does not, because of the na-
41

•HR 4950 EH

1 ture of the investment, have a controlling interest in

2 fact in the project in question.

3 ‘‘(2) REPORTS BY THE UNITED STATES TRADE

4 REPRESENTATIVE.—The United States Trade Rep5 resentative shall review the actions of the Corpora6 tion under paragraph (1) and, after consultation

7 with representatives of United States insurance com8 panies, shall report to the Congress, with respect to

9 such actions, in the report required by section

10 181(b) of the Trade Act of 1974.

11 ‘‘(3) DEFINITIONS.—For purposes of this sub12 section—

13 ‘‘(A) the term ‘United States insurance

14 company’ includes—

15 ‘‘(i) an individual, partnership, cor16 poration, holding company, or other legal

17 entity which is authorized, or in the case

18 of a holding company, subsidiaries of

19 which are authorized, by a State to engage

20 in the business of issuing insurance con21 tracts or reinsuring the risk underwritten

22 by insurance companies; and

23 ‘‘(ii) foreign operations, branches,

24 agencies, subsidiaries, affiliates, or joint
42

•HR 4950 EH

1 ventures of any entity described in clause

2 (i);

3 ‘‘(B) United States insurance companies

4 shall be considered to have had a ‘fair and open

5 competitive opportunity to provide insurance’ if

6 they—

7 ‘‘(i) have received notice of the oppor8 tunity to provide insurance; and

9 ‘‘(ii) have been evaluated on a non10 discriminatory basis; and

11 ‘‘(C) the term ‘State’ includes the District

12 of Columbia and any commonwealth, territory,

13 or possession of the United States.

14 ‘‘SEC. 238. GENERAL PROVISIONS AND POWERS.

15 ‘‘(a) PRINCIPAL OFFICE.—The Corporation shall

16 have its principal office in the District of Columbia and

17 shall be deemed, for purposes of venue in civil actions, to

18 be a resident of the District of Columbia.

19 ‘‘(b) AUDITS.—

20 ‘‘(1) IN GENERAL.—The Corporation shall be

21 subject to the applicable provisions of chapter 91 of

22 title 31, United States Code, except as otherwise

23 provided in this title.

24 ‘‘(2) INDEPENDENT AUDIT.—An independent

25 certified public accountant shall perform a financial
43

•HR 4950 EH

1 and compliance audit of the financial statements of

2 the Corporation each year, in accordance with gen3 erally accepted Government auditing standards for a

4 financial and compliance audit, taking into consider5 ation any standards recommended by the Comptrol6 ler General. The independent certified public ac7 countant shall report the results of such audit to the

8 Board. The financial statements of the Corporation

9 shall be presented in accordance with generally ac10 cepted accounting principles. These financial state11 ments and the report of the accountant shall be in12 cluded in a report which contains, to the extent ap13 plicable, the information identified in section 9106

14 of title 31, United States Code. The Corporation

15 shall submit such report to the Congress not later

than 61 16 ⁄2 months after the end of the last fiscal year

17 covered by the audit. The Comptroller General may

18 review the audit conducted by the accountant and

19 the report to the Congress in the manner and at

20 such times as the Comptroller General considers

21 necessary.

22 ‘‘(3) AUDIT BY COMPTROLLER GENERAL.—In

23 lieu of the financial and compliance audit required

24 by paragraph (2), the Comptroller General shall, if

25 the Comptroller General considers it necessary or
44

•HR 4950 EH

1 upon the request of the Congress, audit the financial

2 statements of the Corporation in the manner pro3 vided in paragraph (2).

4 ‘‘(4) AVAILABILITY OF INFORMATION.—All

5 books, accounts, financial records, reports, files,

6 workpapers, and property belonging to or in use by

7 the Corporation and the accountant who conducts

8 the audit under paragraph (2), which are necessary

9 for purposes of this subsection, shall be made avail10 able to the representatives of the General Account11 ing Office designated by the Comptroller General.

12 ‘‘(c) POWERS.—To carry out the purposes of this

13 title, the Corporation is authorized—

14 ‘‘(1) to adopt and use a corporate seal, which

15 shall be judicially noticed;

16 ‘‘(2) to sue and be sued in its corporate name;

17 ‘‘(3) to adopt, amend, and repeal bylaws gov18 erning the conduct of its business and the perform19 ance of the powers and duties granted to or imposed

20 upon it by law;

21 ‘‘(4) to acquire, hold, or dispose of, upon such

22 terms and conditions as the Corporation may deter23 mine, any property, real, personal, or mixed, tan24 gible or intangible, or any interest therein;
45

•HR 4950 EH

1 ‘‘(5) to invest funds derived from fees and other

2 revenues in obligations of the United States and to

3 use the proceeds therefrom, including earnings and

4 profits, as it considers appropriate;

5 ‘‘(6) to indemnify directors, officers, employees,

6 and agents of the Corporation for liabilities and ex7 penses incurred in connection with their Corporation

8 activities;

9 ‘‘(7) to require bonds of officers, employees,

10 and agents and to pay the premiums for such bonds;

11 ‘‘(8) notwithstanding any other provision of

12 law, to represent itself or to contract for representa13 tion in all legal and arbitral proceedings;

14 ‘‘(9) to enter into limited-terms contracts with

15 nationals of the United States for personal services

16 to carry out activities in the United States and

17 abroad under section 233;

18 ‘‘(10) to purchase, discount, rediscount, sell,

19 and negotiate, with or without its endorsement or

20 guarantee, and guarantee notes, participation certifi21 cates, and other evidence of indebtedness (except

22 that the Corporation shall not issue its own securi23 ties, except participation certificates for the purpose

24 of carrying out section 231(c)(3), participation cer25 tificates in connection with transactions authorized
46

•HR 4950 EH

1 by section 233(b), or participation certificates as evi2 dence of indebtedness held by the Corporation in

3 connection with settlement of claims under section

4 237(h));

5 ‘‘(11) to make and carry out such contracts and

6 agreements as are necessary and advisable in the

7 conduct of its business;

8 ‘‘(12) to exercise any priority of the Govern9 ment of the United States in collecting debts from

10 the estates of bankrupt, insolvent, or decedent par11 ties;

12 ‘‘(13) to determine the character of and the ne13 cessity for its obligations and expenditures, and the

14 manner in which they shall be incurred, allowed, and

15 paid, subject to provisions of law specifically applica16 ble to Government corporations;

17 ‘‘(14) to collect or compromise any obligations

18 assigned to or held by the Corporation, including

19 any legal or equitable rights accruing to the Cor20 poration; and

21 ‘‘(15) to take such actions as may be necessary

22 or appropriate to carry out the powers of the Cor23 poration.

24 ‘‘(d) EXEMPTION FROM STATE AND LOCAL TAX25 ATION.—The Corporation (including its franchise, capital,
47

•HR 4950 EH

1 reserves, surplus, advances, intangible property, and in2 come) shall be exempt from all taxation at any time im3 posed by any State, the District of Columbia, or any coun4 ty, municipality, or local taxing authority.

5 ‘‘SEC. 239. ANNUAL REPORT; MAINTENANCE OF INFORMA6 TION.

7 ‘‘(a) ANNUAL REPORT.—

8 ‘‘(1) REQUIREMENT.—After the end of each fis9 cal year, the Corporation shall submit to the Con10 gress a complete and detailed report of its oper11 ations during such fiscal year. Such report shall in12 clude—

13 ‘‘(A) an assessment, based upon the devel14 opment impact profiles required by section

15 234(a), of the economic and social development

16 impact and benefits of the projects with respect

17 to which such profiles are prepared, and of the

18 extent to which the operations of the Corpora19 tion complement or are compatible with the de20 velopment assistance programs of the United

21 States and other donors; and

22 ‘‘(B) a description of any project for which

23 the Corporation—

24 ‘‘(i) refused pursuant to section

25 234(e) to provide insurance, reinsurance,
48

•HR 4950 EH

1 financing, or other financial support on ac2 count of violations of human rights; or

3 ‘‘(ii) notwithstanding such violations,

4 provided insurance, reinsurance, financing,

5 or financial support on the basis of a de6 termination that the exception under sec7 tion 116(a) applies, or the national secu8 rity so requires.

9 ‘‘(2) PROJECTIONS OF EFFECTS ON EMPLOY10 MENT.—

11 ‘‘(A) IN GENERAL.—Each annual report

12 required by paragraph (1) shall contain projec13 tions of the effects on employment in the

14 United States of all projects for which, during

15 the fiscal year covered by the report, the Cor16 poration initially issued any insurance or rein17 surance or provided financing. Each such report

18 shall include projections of—

19 ‘‘(i) the amount of United States ex20 ports to be generated by those projects,

21 both during the start-up phase and over a

22 period of years;

23 ‘‘(ii) the final destination of the prod24 ucts to be produced as a result of those

25 projects; and
49

•HR 4950 EH

1 ‘‘(iii) the impact such production will

2 have on the production of similar products

3 in the United States with regard to both

4 domestic sales and exports.

5 ‘‘(B) BASIS FOR PROJECTIONS.—The pro6 jections required by this paragraph shall be

7 based on an analysis of each of the projects de8 scribed in subparagraph (A).

9 ‘‘(C) MANNER OF REPORTING EFFECTS ON

10 EMPLOYMENT.—In reporting the projections on

11 employment required by this paragraph, the

12 Corporation shall specify, with respect to each

13 project—

14 ‘‘(i) any loss of jobs in the United

15 States caused by the project, whether or

16 not the project itself creates other jobs;

17 ‘‘(ii) any jobs created by the project;

18 and

19 ‘‘(iii) the country in which the project

20 is located, and the economic sector involved

21 in the project.

22 No proprietary information may be disclosed

23 under this subparagraph.

24 ‘‘(3) PROTECTION OF CERTAIN INFORMA25 TION.—Paragraph (2) does not require the inclusion
50

•HR 4950 EH

1 in any information which would not be required to

2 be made available to the public pursuant to section

3 552 of title 5, United States Code (relating to free4 dom of information).

5 ‘‘(b) MAINTENANCE OF INFORMATION.—The Cor6 poration shall maintain as part of its records—

7 ‘‘(1) all information collected in preparing the

8 report required by section 240A(c) of the Foreign

9 Assistance Act of 1961 (as in effect before the en10 actment of the Overseas Private Investment Cor11 poration Amendments Act of 1988), whether the in12 formation was collected by the Corporation itself or

13 by a contractor; and

14 ‘‘(2) a copy of the analysis of each project ana15 lyzed in preparing the projections required by sub16 section (a)(2) or the report required by section

17 240A(c) of the Foreign Assistance Act of 1961 (as

18 in effect before the enactment of the Overseas Pri19 vate Investment Corporation Amendments Act of

20 1988).

21 ‘‘SEC. 240. DEFINITIONS.

22 ‘‘As used in this title, the following terms have the

23 following meanings:

24 ‘‘(1) BOARD.—The term ‘Board’ means the

25 Board of Directors of the Corporation.
51

•HR 4950 EH

1 ‘‘(2) CORPORATION.—The term ‘Corporation’

2 means the Overseas Private Investment Corporation.

3 ‘‘(3) ELIGIBLE INVESTOR.—(A) The term ‘eligi4 ble investor’ means—

5 ‘‘(i) a United States citizen;

6 ‘‘(ii) a corporation, partnership, or other

7 association, including a nonprofit association,

8 which is created under the laws of the United

9 States, any State, the District of Columbia, or

10 any commonwealth, territory, or possession of

11 the United States, and which is substantially

12 beneficially owned by United States citizens;

13 and

14 ‘‘(iii) a foreign corporation, partnership, or

15 other association which is wholly owned by one

16 or more United States citizens or corporations,

17 partnerships, or other associations described in

18 clause (ii), except that the eligibility of any such

19 foreign corporation shall be determined without

20 regard to any shares held by other than United

21 States citizens or corporations, partnerships, or

22 other associations described in clause (ii) if, in

23 the aggregate, such shares equal less than 5

24 percent of the total issued and subscribed share

25 capital of such foreign corporation.
52

•HR 4950 EH

1 ‘‘(B) For purposes of this title—

2 ‘‘(i) in the case of insurance or a guaran3 tee for any loan investment, a final determina4 tion of whether a person is an eligible investor

5 may be made at the time the insurance or guar6 antee is issued; and

7 ‘‘(ii) in the case of insurance or a guaran8 tee for any other investment, an investor must

9 be an eligible investor at the time a claim arises

10 as well as the time the insurance or guarantee

11 is issued.

12 ‘‘(4) EXPROPRIATION.—The term ‘expropria13 tion’ includes any abrogation, repudiation, or impair14 ment by a foreign government of its own contract

15 with an investor with respect to a project, where

16 such abrogation, repudiation, or impairment is not

17 caused by the investor’s own fault or misconduct,

18 and materially adversely affects the continued oper19 ation of the project.

20 ‘‘(5) INVESTMENT.—The term ‘investment’ in21 cludes any contribution or commitment of funds,

22 commodities, services, patents, processes, or tech23 niques, in the form of—

24 ‘‘(A) a loan or loans to an approved

25 project;
53

•HR 4950 EH

1 ‘‘(B) the purchase of a share of ownership

2 in any such project;

3 ‘‘(C) participation in royalties, earnings, or

4 profits of any such project; or

5 ‘‘(D) the furnishing of commodities or

6 services pursuant to a lease or other contract.

7 ‘‘(6) NONCREDIT ACTIVITIES.—The term

8 ‘noncredit activities’ means all activities of the Cor9 poration other than its direct loan program under

10 section 233(b)(1) and its guarantee program under

11 section 233(b)(3).

12 ‘‘(7) PREDECESSOR GUARANTEE AUTHORITY.—

13 The term ‘predecessor guarantee authority’ means

14 prior guarantee authorities (other than housing

15 guarantee authorities) repealed by the Foreign As16 sistance Act of 1969, sections 202(b) and 413(b) of

17 the Mutual Security Act of 1954, and section

18 111(b)(3) of the Economic Cooperation Act of 1948,

19 (exclusive of authority relating to informational

20 media guarantees).’’.

21 TITLE II—TRADE AND

22 DEVELOPMENT AGENCY

23 SEC. 201. TRADE AND DEVELOPMENT AGENCY.

24 (a) PURPOSE.—Section 661(a) of the Foreign Assist25 ance Act of 1961 (22 U.S.C. 2421(a)) is amended—
54

•HR 4950 EH

1 (1) in the first sentence, by inserting ‘‘inde2 pendent’’ before ‘‘agency’’; and

3 (2) in the second sentence, by striking ‘‘develop4 ment projects’’ and all that follows and inserting

5 ‘‘developing and middle-income countries in ways

6 consistent with environmentally sound and broad7 based sustainable economic development.’’.

8 (b) AUTHORITY TO PROVIDE ASSISTANCE.—Section

9 661(b) of such Act (22 U.S.C. 2421(b)) is amended—

10 (1) in paragraph (1)—

11 (A) by striking ‘‘, including those in

12 which’’ and all that follows through ‘‘under part

13 I,’’; and

14 (B) by inserting ‘‘environmental assess15 ments,’’ after ‘‘engineering design,’’;

16 (2) in the first sentence of the matter preceding

17 subparagraph (A) of paragraph (2), by inserting

18 ‘‘environmental assessments’’ after ‘‘to provide sup19 port for’’; and

20 (3) in paragraph (3)(B)—

21 (A) by striking ‘‘Other agencies of the

22 United States Government’’ and inserting

23 ‘‘Other members of the Trade Promotion Co24 ordinating Committee’’; and
55

•HR 4950 EH

1 (B) by inserting ‘‘the Director of’’ before

2 ‘‘the Trade and Development Agency’’.

3 (c) DIRECTOR AND PERSONNEL.—Section 661(c)(1)

4 of such Act (22 U.S.C. 2421(c)(1)) is amended—

5 (1) by striking ‘‘There shall be’’ and inserting

6 ‘‘(A) There shall be’’; and

7 (2) by adding at the end the following new sub8 paragraph:

9 ‘‘(B) The Director shall report directly to the

10 President.’’.

11 (d) ANNUAL REPORT.—Section 661(d) of such Act

12 (22 U.S.C. 2421(d)) is amended by striking ‘‘President’’

13 and inserting ‘‘Director of the Trade and Development

14 Agency’’.

15 (e) FUNDING.—Section 661(f)(1) of such Act (22

16 U.S.C. 2421(f)(1)) is amended—

17 (1) by striking ‘‘There are authorized’’ and in18 serting ‘‘(A) There are authorized’’;

19 (2) by inserting ‘‘to the Trade and Development

20 Agency’’ after ‘‘to be appropriated’’;

21 (3) by striking ‘‘$55,000,000’’ and all that fol22 lows and inserting ‘‘such sums as are necessary for

23 fiscal years 1995 and 1996.’’; and

24 (4) by adding at the end the following new sub25 paragraph:
56

•HR 4950 EH

1 ‘‘(B) Amounts appropriated pursuant to the au2 thorization of appropriations under subparagraph

3 (A) are authorized to remain available until ex4 pended.’’.

5 TITLE III—EXPORT PROMOTION

6 PROGRAMS WITHIN THE

7 INTERNATIONAL TRADE AD8 MINISTRATION

9 SEC. 301. EXPORT PROMOTION AUTHORIZATION.

10 Section 202 of the Export Administration Amend11 ments Act of 1985 (15 U.S.C. 4052) is amended to read

12 as follows:

13 ‘‘SEC. 202. AUTHORIZATION OF APPROPRIATIONS.

14 ‘‘There are authorized to be appropriated to the De15 partment of Commerce to carry out export promotion pro16 grams such sums as are necessary for fiscal years 1995

17 and 1996.’’

18 TITLE IV—PROMOTION OF

19 UNITED STATES ENVIRON20 MENTAL EXPORTS

21 SEC. 401. SHORT TITLE.

22 This title may be cited as the ‘‘Environmental Export

23 Promotion Act of 1994’’.
57

•HR 4950 EH

1 SEC. 402. PROMOTION OF ENVIRONMENTAL EXPORTS.

2 (a) ENVIRONMENTAL TECHNOLOGIES TRADE ADVI3 SORY COMMITTEE.—Section 2313 of the Export Enhance4 ment Act of 1988 (15 U.S.C. 4728) is amended—

5 (1) by striking subsection (d);

6 (2) by redesignating subsection (c) as sub7 section (e); and

8 (3) by inserting after subsection (b) the follow9 ing:

10 ‘‘(c) ENVIRONMENTAL TECHNOLOGIES TRADE ADVI11 SORY COMMITTEE.—

12 ‘‘(1) ESTABLISHMENT AND PURPOSE.—The

13 Secretary, in carrying out the duties of the chair14 person of the TPCC, shall establish the Environ15 mental Technologies Trade Advisory Committee

16 (hereafter in this section referred to as the ‘Commit17 tee’). The purpose of the Committee shall be to pro18 vide advice and guidance to the Working Group in

19 the development and administration of programs to

20 expand United States exports of environmental tech21 nologies, goods, and services.

22 ‘‘(2) MEMBERSHIP.—The members of the Com23 mittee shall be drawn from representatives of—

24 ‘‘(A) environmental businesses, including

25 small businesses;
58

•HR 4950 EH

1 ‘‘(B) trade associations in the environ2 mental sector;

3 ‘‘(C) private sector organizations involved

4 in the promotion of environmental exports;

5 ‘‘(D) States (as defined in section

6 2301(i)(5)) and associations representing the

7 States; and

8 ‘‘(E) other appropriate interested members

9 of the public.

10 The Secretary shall appoint as members of the Com11 mittee at least 1 individual under each of subpara12 graphs (A) through (E).

13 ‘‘(d) EXPORT PLANS FOR PRIORITY COUNTRIES.—

14 ‘‘(1) PRIORITY COUNTRY IDENTIFICATION.—

15 The Working Group, in consultation with the Com16 mittee, shall annually assess which foreign countries

17 have markets with the greatest potential for the ex18 port of United States environmental technologies,

19 goods, and services. Of these countries the Working

20 Group shall select as priority countries 5 with the

21 greatest potential for the application of United

22 States Government export promotion resources relat23 ed to environmental exports.

24 ‘‘(2) EXPORT PLANS.—The Working Group, in

25 consultation with the Committee, shall annually cre-
59

•HR 4950 EH

1 ate a plan for each priority country selected under

2 paragraph (1), setting forth in detail ways to in3 crease United States environmental exports to such

4 country. Each such plan shall—

5 ‘‘(A) identify the primary public and pri6 vate sector opportunities for United States ex7 porters of environmental technologies, goods,

8 and services in the priority country;

9 ‘‘(B) analyze the financing and other re10 quirements for major projects in the priority

11 country which will use environmental tech12 nologies, goods, and services, and analyze

13 whether such projects are dependent upon fi14 nancial assistance from foreign countries or

15 multilateral institutions; and

16 ‘‘(C) list specific actions to be taken by the

17 member agencies of the Working Group to in18 crease United States exports to the priority

19 country.’’.

20 (b) ADDITIONAL MECHANISMS TO PROMOTE ENVI21 RONMENTAL EXPORTS.—Section 2313 of the Export En22 hancement Act of 1988 is further amended by adding at

23 the end the following:
60

•HR 4950 EH

1 ‘‘(f) ENVIRONMENTAL TECHNOLOGIES SPECIALISTS

2 IN THE UNITED STATES AND FOREIGN COMMERCIAL

3 SERVICE.—

4 ‘‘(1) ASSIGNMENT OF ENVIRONMENTAL TECH5 NOLOGIES SPECIALISTS.—The Secretary shall assign

6 a specialist in environmental technologies to the of7 fice of the United States and Foreign Commercial

8 Service in each of the 5 priority countries selected

9 under subsection (d)(1), and the Secretary is author10 ized to assign such a specialist to the office of the

11 United States and Foreign Commercial Service in

12 any country that is a promising market for United

13 States exports of environmental technologies, goods,

14 and services. Such specialist may be an employee of

15 the Department, an employee of any relevant United

16 States Government department or agency assigned

17 on a temporary or limited term basis to the Com18 merce Department, or a representative of the private

19 sector assigned to the Department of Commerce.

20 ‘‘(2) DUTIES OF ENVIRONMENTAL TECH21 NOLOGIES SPECIALISTS.—Each specialist assigned

22 under paragraph (1) shall provide export promotion

23 assistance to United States environmental busi24 nesses, including, but not limited to—
61

•HR 4950 EH

1 ‘‘(A) identifying factors in the country to

2 which the specialist is assigned that affect the

3 United States share of the domestic market for

4 environmental technologies, goods, and services,

5 including market barriers, standards-setting ac6 tivities, and financing issues;

7 ‘‘(B) providing assessments of assistance

8 by foreign governments that is provided to pro9 ducers of environmental technologies, goods,

10 and services in such countries in order to en11 hance exports to the country to which the spe12 cialist is assigned, the effectiveness of such as13 sistance on the competitiveness of United

14 States products, and whether comparable

15 United States assistance exists;

16 ‘‘(C) training Foreign Commercial Service

17 Officers in the country to which the specialist

18 is assigned, other countries in the region, and

19 United States and Foreign Commercial Service

20 offices in the United States, in environmental

21 technologies and the international environ22 mental market;

23 ‘‘(D) providing assistance in identifying

24 potential customers and market opportunities in

25 the country to which the specialist is assigned;
62

•HR 4950 EH

1 ‘‘(E) providing assistance in obtaining nec2 essary business services in the country to which

3 the specialist is assigned;

4 ‘‘(F) providing information on environ5 mental standards and regulations in the coun6 try to which the specialist is assigned; and

7 ‘‘(G) providing information on all United

8 States Government programs that could assist

9 the promotion, financing, and sale of United

10 States environmental technologies, goods, and

11 services in the country to which the specialist is

12 assigned.

13 ‘‘(g) ENVIRONMENTAL TRAINING IN ONE-STOP

14 SHOPS.—In addition to the training provided under sub15 section (f)(2)(C), the Secretary shall establish a mecha16 nism to train—

17 ‘‘(1) Commercial Service Officers assigned to

18 the one-stop shops provided for in section

19 2301(b)(8), and

20 ‘‘(2) Commercial Service Officers assigned to

21 district offices in districts having large numbers of

22 environmental businesses,

23 in environmental technologies and in the international en24 vironmental marketplace, and ensure that such officers re25 ceive appropriate training under such mechanism. Such
63

•HR 4950 EH

1 training may be provided by officers or employees of the

2 Department of Commerce, and other United States Gov3 ernment departments and agencies, with appropriate ex4 pertise in environmental technologies and the international

5 environmental workplace, and by appropriate representa6 tives of the private sector.

7 ‘‘(h) INTERNATIONAL REGIONAL ENVIRONMENTAL

8 INITIATIVES.—

9 ‘‘(1) ESTABLISHMENT OF INITIATIVES.—The

10 TPCC shall establish one or more international re11 gional environmental initiatives the purpose of which

12 shall be to coordinate the activities of Federal de13 partments and agencies in order to build environ14 mental partnerships between the United States and

15 the geographic region outside the United States for

16 which such initiative is established. Such partner17 ships shall enhance environmental protection and

18 promote sustainable development by using in the re19 gion technical expertise and financial resources of

20 United States departments and agencies that pro21 vide foreign assistance and by expanding United

22 States exports of environmental technologies, goods,

23 and services to that region.
64

•HR 4950 EH

1 ‘‘(2) ACTIVITIES.—In carrying out each inter2 national regional environmental initiative, the TPCC

3 shall—

4 ‘‘(A) support, through the provision of for5 eign assistance, the development of sound envi6 ronmental policies and practices in countries in

7 the geographic region for which the initiative is

8 established, including the development of envi9 ronmentally sound regulatory regimes and en10 forcement mechanisms;

11 ‘‘(B) identify and disseminate to United

12 States environmental businesses information re13 garding specific environmental business oppor14 tunities in that geographic region;

15 ‘‘(C) coordinate existing Federal efforts to

16 promote environmental exports to that geo17 graphic region, and ensure that such efforts are

18 fully coordinated with environmental export

19 promotion efforts undertaken by the States and

20 the private sector;

21 ‘‘(D) increase assistance provided by the

22 Federal Government to promote exports from

23 the United States of environmental tech24 nologies, goods, and services to that geographic

25 region, such as trade missions, reverse trade
65

•HR 4950 EH

1 missions, trade fairs, and programs in the

2 United States to train foreign nationals in

3 United States environmental technologies; and

4 ‘‘(E) increase high-level advocacy by

5 United States Government officials (including

6 the United States ambassadors to the countries

7 in that geographic region) for United States en8 vironmental businesses seeking market opportu9 nities in that geographic region.

10 ‘‘(i) ENVIRONMENTAL TECHNOLOGIES PROJECT AD11 VOCACY CALENDAR AND INFORMATION DISSEMINATION

12 PROGRAM.—The Working Group shall maintain a cal13 endar, updated at the end of each calendar quarter, of

14 significant opportunities for United States environmental

15 businesses in foreign markets and trade promotion events,

16 which shall be made available to the public. Such calendar

17 shall—

18 ‘‘(1) identify the 50 to 100 environmental infra19 structure and procurement projects in foreign mar20 kets that have the greatest potential in the calendar

21 quarter for United States exports of environmental

22 technologies, goods, and services; and

23 ‘‘(2) include trade promotion events, such as

24 trade missions and trade fairs, in the environmental

25 sector.
66

•HR 4950 EH

1 The Working Group shall also provide, through the Na2 tional Trade Data Bank and other information dissemina3 tion channels, information on opportunities for environ4 mental businesses in foreign markets and information on

5 Federal export promotion programs.

6 ‘‘(j) REGIONAL CENTERS.—The Secretary, through

7 the Assistant Secretary of Commerce and Director Gen8 eral of the United States and Foreign Commercial Service,

9 is authorized to provide matching funds for the establish10 ment in the United States of regional environmental busi11 ness and technology cooperation centers that will draw

12 upon the expertise of the private sector and institutions

13 of higher education and existing Federal programs to pro14 vide export promotion assistance related to environmental

15 technologies, goods, and services.

16 ‘‘(k) DEFINITION.—For purposes of this section, the

17 term ‘environmental business’ means a business that pro18 duces environmental technologies, goods, or services.’’.

19 TITLE V—INTERNATIONAL PRO20 TECTION OF INTELLECTUAL

21 PROPERTY

22 SEC. 501. ESTABLISHMENT OF PROGRAM.

23 (a) IN GENERAL.—In carrying out part I of the For24 eign Assistance Act of 1961 and other relevant foreign as25 sistance laws, the President, acting through the Adminis-
67

•HR 4950 EH

1 trator of the United States Agency for International De2 velopment, shall establish a program of training and other

3 technical assistance to assist foreign countries in—

4 (1) developing and strengthening laws and reg5 ulations to protect intellectual property; and

6 (2) developing the infrastructure necessary to

7 implement and enforce such laws and regulations.

8 (b) PARTICIPATION OF OTHER AGENCIES.—The Ad9 ministrator of the United States Agency for International

10 Development—

11 (1) shall utilize the expertise of the Patent and

12 Trademark Office and other agencies of the United

13 States Government in designing and implementing

14 the program of assistance provided for in this sec15 tion;

16 (2) shall coordinate assistance under this sec17 tion with efforts of other agencies of the United

18 States Government to increase international protec19 tion of intellectual property, including implementa20 tion of international agreements containing high lev21 els of protection of intellectual property; and
68

•HR 4950 EH

1 (3) shall consult with the heads of such other

2 agencies in determining which foreign countries will

3 receive assistance under this section.

Passed the House of Representatives September19,

1994.

Attest:

Clerk.

103D CONGRESS

2D SESSION H. R. 4950

AN ACT

Investment Corporation, and for other purposes.

To extend the authorities of the Overseas Private