Union Calendar No. 403

103D CONGRESS

2D SESSION H. R. 4950

[Report No. 103–726]

A BILL

Investment Corporation, and for other purposes.

To extend the authorities of the Overseas Private

SEPTEMBER 19, 1994

Reported with amendments, committed to the Committee

dered to be printedof the Whole House on the State of the Union, and or-
IB

Union Calendar No. 403

103D CONGRESS

2D SESSION H. R. 4950

[Report No. 103–726]

To extend the authorities of the Overseas Private Investment Corporation,

and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

AUGUST 12, 1994

Mr. GEJDENSON (for himself, Mr. ROTH, Ms. CANTWELL, Mr. JOHNSTON of

Florida, Mr. BEREUTER, Mrs. MEYERS of Kansas, Mr. FINGERHUT, Mr.

ENGEL, Mr. WYNN, Mr. OBERSTAR, and Mr. SCHUMER) introduced the

following bill; which was referred to the Committee on Foreign Affairs

SEPTEMBER 19, 1994

Reported with amendments, committed to the Committee of the Whole House

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

[Omit the part struck through and insert the part printed in italic]

A BILL

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,
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1 SECTION 1. SHORT TITLE.

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

3 Expansion Act of 1994’’.

4 TITLE I—OVERSEAS PRIVATE

5 INVESTMENT CORPORATION

6 SEC. 101. SHORT TITLE.

7 This title may be cited as the ‘‘Overseas Private In8 vestment Corporation Amendments Act of 1994’’.

9 SEC. 102. REAUTHORIZATION OF CORPORATION.

10 Title IV of chapter 2 of part I of the Foreign Assist11 ance Act of 1961 (22 U.S.C. 2191 et seq.) is amended

12 to read as follows:

13 ‘‘TITLE IV—OVERSEAS PRIVATE

14 INVESTMENT CORPORATION

15 ‘‘SEC. 231. PURPOSE AND POLICY.

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

17 Corporation shall be an independent agency of the United

18 States under the foreign policy guidance of the Secretary

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

20 sustainable environmentally sound economic development

21 in developing countries and areas, and countries in transi22 tion from nonmarket to market economies, by mobilizing

23 and facilitating the participation of the United States pri24 vate sector.

25 ‘‘(b) ELIGIBILITY CRITERIA FOR PARTICIPATING

26 COUNTRIES AND AREAS.—
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1 ‘‘(1) IN GENERAL.—Except as provided in para2 graph (3), the Corporation may operate its programs

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

4 ‘‘(A) the United States maintains diplo5 matic relations with the country;

6 ‘‘(B) either—

7 ‘‘(i) the country or area is a develop8 ing country or area; or

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

10 a nonmarket to market economy; and

11 ‘‘(C) programs in that country are not pro12 hibited under section 234(e)(2) (relating to

13 human rights violators).

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

15 In conducting its activities, the Corporation shall—

16 ‘‘(A) give preference to projects in coun17 tries with per capita incomes of $1,230 or less

18 in 1992 United States dollars; and

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

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

21 United States dollars (other than countries des22 ignated as beneficiary countries under section

23 212 of the Caribbean Basin Economic Recovery

24 Act, the Republic of Ireland, and Northern Ire25 land).
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1 ‘‘(3) PROGRAMS IN INELIGIBLE COUNTRIES.—

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

3 country in which the Corporation is operating its

4 programs ceases to meet the criteria set forth in

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

6 Act) the government of that country becomes ineli7 gible for assistance, the Corporation shall cease to

8 operate its programs in such country, except that

9 the Corporation shall not be required to terminate

10 any contract or commitment entered into prior to

11 the date on which such country is determined to be

12 ineligible for such assistance.

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

14 its programs in a country which ceases to meet the

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

16 of the United States determines that the operation

17 of such programs would be in the national interest

18 of the United States.

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

20 carrying out its purpose, the Corporation shall under21 take—

22 ‘‘(1) to conduct insurance, reinsurance, and fi23 nancing operations on a self-sustaining basis, taking

24 into account in its financing operations the economic

25 and financial soundness of projects;
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1 ‘‘(2) to broaden private participation by selling

2 its direct investments to private investors whenever

3 it can appropriately do so on satisfactory terms;

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

5 due regard to principles of risk management, includ6 ing efforts to share its insurance risks and reinsur7 ance risks;

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

9 the extent to which the governments of eligible coun10 tries are receptive to private enterprise, domestic

11 and foreign, and their willingness and ability to

12 maintain conditions which enable private enterprise

13 to make its full contribution to the development

14 process;

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

16 and discourage monopolistic practices;

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

18 in a manner consistent with its goals, the balance19 of-payments and employment objectives of the

20 United States;

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

22 the extent to which the governments of eligible coun23 tries respect human rights, labor rights, and the

24 need to support sound environmental practices and

25 policies;
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1 ‘‘(8) to conduct its activities in consonance with

2 the international trade, investment, and financial

3 policies of the United States Government, and to

4 seek to support those developmental projects having

5 positive trade benefits for the United States; and

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

7 competence, interested agencies of the United States

8 and other organizations, both public and private, na9 tional and international, with respect to projects and

10 programs relating to the development of private en11 terprise in eligible countries and areas.

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

13 AND MANAGEMENT.

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

15 hold the capital stock of the Corporation.

16 ‘‘(b) STRUCTURE OF THE CORPORATION.—The Cor17 poration shall have a Board of Directors, a President, an

18 Executive Vice President, and such other officers and staff

19 as the President of the Corporation may determine.

20 ‘‘(c) BOARD OF DIRECTORS.—

21 ‘‘(1) IN GENERAL.—All powers of the Corpora22 tion shall vest in and be exercised by or under the

23 authority of the Board, which shall consist of 15 Di24 rectors (including the Chair, the Executive Vice
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1 Chair, and the Vice Chair). Eight Directors shall

2 constitute a quorum for the transaction of business.

3 ‘‘(2) COMPOSITION OF THE BOARD.—

4 ‘‘(A) CHAIR.—The Chair of the Board

5 shall be the President of the Corporation, ex

6 officio.

7 ‘‘(B) EXECUTIVE VICE CHAIR.—The Exec8 utive Vice Chair of the Board shall be the Ad9 ministrator of the Agency for International De10 velopment, ex officio.

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

12 Board shall be the United States Trade Rep13 resentative, ex officio, or, if so designated by

14 the United States Trade Representative, a Dep15 uty United States Trade Representative.

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

17 addition to the directors provided for in sub18 paragraphs (A), (B), and (C), four Directors

19 who are officers or employees of the Govern20 ment of the United States, including an officer

21 or employee of the Department of Labor, shall

22 be designated by and shall serve at the pleasure

23 of the President of the United States.

24 ‘‘(ii) The Directors designated under this

25 subparagraph shall receive no additional com-
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1 pensation by virtue of their service as such a

2 Director.

3 ‘‘(E) PRIVATE SECTOR DIRECTORS.—(i)

4 Eight Directors who are not otherwise officers

5 or employees of the Government of the United

6 States shall be appointed by the President of

7 the United States, by and with the advice and

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

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

10 business;

11 ‘‘(II) one shall be experienced in orga12 nized labor; and

13 ‘‘(III) one shall be experienced in so14 cial and economic development issues.

15 ‘‘(ii) Each Director appointed under this

16 subparagraph shall be appointed for a term of

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

18 than 3 such Directors shall expire in any 1

19 year. Such Directors shall serve until their suc20 cessors are appointed and qualified. Directors

21 may be reappointed to subsequent terms.

22 ‘‘(iii) Each Director appointed under this

23 subparagraph shall be compensated at the daily

24 equivalent of the annual rate of pay in effect

25 for level IV of the Executive Schedule under
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1 section 5315 of title 5, United States Code, for

2 each day (including travel time) during which

3 such Director is actually engaged in the busi4 ness of the Corporation, and may be paid travel

5 or transportation expenses to the extent author6 ized for employees serving intermittently in the

7 Government service under section 5703 of title

8 5, United States Code. Any such Director may

9 waive any such compensation.

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

11 President of the Corporation shall be appointed by the

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

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

14 of the President. In making such appointment, the Presi15 dent shall take into account the private business experi16 ence of the appointee. The President of the Corporation

17 shall be its Chief Executive Officer and shall be respon18 sible for the operations and management of the Corpora19 tion, subject to bylaws and policies established by the

20 Board.

21 ‘‘(e) OFFICERS AND STAFF.—

22 ‘‘(1) EXECUTIVE VICE PRESIDENT.—The Exec23 utive Vice President of the Corporation shall be ap24 pointed by the President of the United States, by
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1 and with the advice and consent of the Senate, and

2 shall serve at the pleasure of the President.

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

4 Corporation may appoint such other officers and

5 such employees (including attorneys) and agents as

6 the Corporation considers appropriate.

7 ‘‘(B) The officers, employees, and agents ap8 pointed under this subsection shall have such func9 tions as the Corporation may determine.

10 ‘‘(C) Of the officers, employees, and agents ap11 pointed under this paragraph, 20 may be appointed

12 without regard to the provisions of title 5, United

13 States Code, governing appointments in the competi14 tive service, may be compensated without regard to

15 the provisions of chapter 51 or subchapter III of

16 chapter 53 of such title, and shall serve at the pleas17 ure of the Corporation.

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

19 of the United States may prescribe, any individual

20 appointed under subparagraph (C) may be entitled,

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

22 which the appointment was made, to reinstatement

23 to the position occupied by that individual at the

24 time of appointment or to a position of comparable

25 grade and pay.
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1 ‘‘SEC. 233. INVESTMENT INSURANCE, FINANCING, AND

2 OTHER PROGRAMS.

3 ‘‘(a) INVESTMENT INSURANCE.—

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

5 The Corporation is authorized to issue insurance,

6 upon such terms and conditions as the Corporation

7 may determine, to eligible investors assuring protec8 tion in whole or in part against any or all of the fol9 lowing risks with respect to projects which the Cor10 poration has approved:

11 ‘‘(A) Inability to convert into United

12 States dollars other currencies, or credits in

13 such currencies, received as earnings or profits

14 from the approved project, as repayment or re15 turn of the investment in the project, in whole

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

17 disposition of all or any part of the investment.

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

19 part, in the approved project due to expropria20 tion or confiscation by action of a foreign gov21 ernment.

22 ‘‘(C) Loss due to war, revolution, insurrec23 tion, or civil strife.

24 ‘‘(D) Loss due to business interruption

25 caused by any of the risks set forth in subpara26 graphs (A), (B), and (C).
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1 ‘‘(2) RISK SHARING ARRANGEMENTS WITH FOR2 EIGN GOVERNMENTS AND MULTILATERAL ORGANIZA3 TIONS.—Recognizing that major private investments

4 in eligible countries or areas are often made by en5 terprises in which there is multinational participa6 tion, including significant United States private par7 ticipation, the Corporation may make arrangements

8 with foreign governments (including agencies, instru9 mentalities, and political subdivisions thereof) and

10 with multilateral organizations and institutions for

11 sharing liabilities assumed under investment insur12 ance for such investments and may, in connection

13 with such arrangements, issue insurance to investors

14 not otherwise eligible for insurance under this title,

15 except that—

16 ‘‘(A) liabilities assumed by the Corporation

17 under the authority of this paragraph shall be

18 consistent with the purposes of this title; and

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

20 assumed shall not exceed the proportionate par21 ticipation by eligible investors in the project.

22 ‘‘(3) MAXIMUM CONTINGENT LIABILITY WITH

23 RESPECT TO SINGLE INVESTOR.—Not more than 10

24 percent of the maximum contingent liability of in25 vestment insurance which the Corporation is per-
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1 mitted to have outstanding under section 235(a)(1)

2 shall be issued to a single investor.

3 ‘‘(b) INVESTMENT FINANCING.—

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

5 is authorized to make loans in United States dollars,

6 repayable in dollars, and to make loans in foreign

7 currencies, to firms privately owned or of mixed pri8 vate and public ownership, upon such terms and

9 conditions as the Corporation may determine.

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

11 percent of any loan under this paragraph for use in

12 the development or adaptation in the United States

13 of new technologies or new products or services that

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

15 made and are likely to contribute to the economic or

16 social development of less developed countries.

17 ‘‘(2) EQUITY INVESTMENT.—(A) The Corpora18 tion is authorized to purchase, invest in, or other19 wise acquire equity securities or securities with eq20 uity characteristics of any firm or entity, upon such

21 terms and conditions as the Corporation may deter22 mine, to be funded in the same manner as direct

23 loans under the Federal Credit Reform Act of 1990

24 for the purpose of providing capital for any project
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1 which is consistent with the provisions of this title,

2 subject to the limitations in subparagraph (B).

3 ‘‘(B)(i) The aggregate amount of the Corpora4 tion’s equity investment under this paragraph with

5 respect to any project shall not exceed 30 percent of

6 the aggregate amount of all equity investment made

7 with respect to such project at the time that the

8 Corporation’s equity investment is made (excluding

9 any securities acquired through the enforcement of

10 any lien, pledge, or contractual arrangement as a re11 sult of a default by any party under any agreement

12 relating to the terms of the Corporation’s invest13 ment).

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

15 this paragraph with respect to any project, when

16 added to any other investments made or guaranteed

17 by the Corporation under this subsection with re18 spect to such project, shall not cause the aggregate

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

20 any such investment is made or guaranteed by the

21 Corporation, 75 percent of the total investment com22 mitted to such project, as determined by the Cor23 poration. The determination of the Corporation

24 under this clause shall be conclusive for purposes of
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1 the Corporation’s authority to make or guarantee

2 any such investment.

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

4 paragraph, the Corporation shall give consideration

5 to the extent to which the Corporation’s equity in6 vestment will assist in obtaining the financing re7 quired for such projects.

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

9 things, the Corporation’s financial interests and the

10 desirability of fostering the development of local cap11 ital markets in emerging democracies, economies in

12 transformation, and less developed countries, the

13 Corporation shall endeavor to dispose of any equity

14 interest it may acquire under this paragraph within

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

16 such interest.

17 ‘‘(3) INVESTMENT GUARANTEES.—(A) The Cor18 poration is authorized to issue to eligible investors

19 guarantees of loans and other investments made by

20 such investors assuring against loss due to such

21 risks and upon such terms and conditions as the

22 Corporation may determine, subject to subpara23 graphs (B) and (C).
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1 ‘‘(B) A guarantee issued under subparagraph

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

3 75 percent of such investment.

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

5 unions made by eligible credit unions or credit union

6 associations, the aggregate amount of investment

7 (exclusive of interest and earnings) for which guar8 antees are issued under subparagraph (A) with re9 spect to any project shall not exceed, at the time of

10 issuance of any such guarantee, 75 percent of the

11 total investment committed to any such project as

12 determined by the Corporation. Such determination

13 by the Corporation shall be conclusive for purposes

14 of the Corporation’s authority to issue any such

15 guarantee.

16 ‘‘(c) INVESTMENT ENCOURAGEMENT.—The Corpora17 tion is authorized to initiate and support through financial

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

19 terms and conditions as the Corporation may determine,

20 the identification, assessment, surveying, and promotion

21 of private investment opportunities, using wherever fea22 sible and effective the facilities of private investors. The

23 Corporation shall not finance any survey to ascertain the

24 existence, location, extent, or quality of oil or gas re25 sources.
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1 ‘‘(d) SPECIAL ACTIVITIES.—The Corporation is au2 thorized to administer and manage special projects and

3 programs, including programs of financial and advisory

4 support, which provide private technical, professional, or

5 managerial assistance in the development of human re6 sources, skills, technology, capital savings, intermediate fi7 nancial and investment institutions, and cooperatives. The

8 funds for these projects and programs may, with the Cor9 poration’s concurrence, be transferred to it for such pur10 poses under the authority of section 632(a) or from other

11 sources, public or private.

12 ‘‘(e) OTHER INSURANCE FUNCTIONS.—

13 ‘‘(1) IN GENERAL.—The Corporation is author14 ized—

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

16 insurance or reinsurance, or agreements to as17 sociate or share risks, with insurance compa18 nies, financial institutions, any other persons,

19 or groups thereof; and

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

21 financial institutions, other persons, or groups,

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

23 their agent, in the issuance and servicing of in24 surance, the adjustment of claims, the exercise

25 of subrogation rights, the ceding and accepting
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1 of reinsurance, and in any other matter incident

2 to an insurance business.

3 Such agreements and contracts shall be consistent

4 with the purposes of the Corporation set forth in

5 section 231 and shall be on equitable terms.

6 ‘‘(2) RISK-SHARING AGREEMENTS.—The Cor7 poration is authorized to enter into pooling or other

8 risk-sharing agreements with multinational insur9 ance or financing agencies or groups of such agen10 cies.

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

12 ENTITIES.—The Corporation is authorized to hold

13 an ownership interest in any association or other en14 tity established for the purposes of sharing risks

15 under investment insurance.

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

17 The Corporation is authorized to issue, upon such

18 terms and conditions as it may determine, reinsur19 ance of liabilities assumed by other insurers or

20 groups thereof with respect to risks referred to in

21 subsection (a)(1).

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

23 amount of reinsurance of liabilities under this title

24 which the Corporation may issue shall not in the ag25 gregate exceed at any one time an amount equal to
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1 the amount authorized for the maximum contingent

2 liability outstanding at any one time under section

3 235(a)(1). All reinsurance issued by the Corporation

4 under this subsection shall require that the rein5 sured party retain for his or her own account speci6 fied portions of liability, whether first loss or other7 wise.

8 ‘‘(6) ENHANCING PRIVATE POLITICAL RISK IN9 SURANCE INDUSTRY.—In order to encourage greater

10 availability of political risk insurance for eligible in11 vestors by enhancing the private political risk insur12 ance industry in the United States, and to the ex13 tent consistent with this title, the Corporation shall

14 undertake programs of cooperation with such indus15 try, and in connection with such programs may en16 gage in the following activities:

17 ‘‘(A) Utilizing its statutory authorities, en18 courage the development of associations, pools,

19 or consortia of United States private political

20 risk insurers.

21 ‘‘(B) Share insurance risks (through coin22 surance, contingent insurance, or other means)

23 in a manner that is conducive to the growth

24 and development of the private political risk in25 surance industry in the United States.
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1 ‘‘(C) Notwithstanding section 237(e), upon

2 the expiration of insurance provided by the Cor3 poration for an investment, enter into risk-shar4 ing agreements with United States private po5 litical risk insurers to insure any such invest6 ment. In cooperating in the offering of insur7 ance under this clause, the Corporation shall

8 not assume responsibility for more than 50 per9 cent of the insurance being offered in each sep10 arate transaction.

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

12 ‘‘(a) DEVELOPMENT GUIDELINES.—

13 ‘‘(1) CRITERIA.—The Corporation, in determin14 ing whether to provide insurance, reinsurance, or fi15 nancing for a project shall be guided by the eco16 nomic, environmental, and social development impact

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

18 such a project complements, or is compatible with,

19 other development assistance programs or projects

20 of the United States or other donors.

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

22 order to carry out the policy set forth in paragraph

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

24 each investment project it insures, reinsures, or fi25 nances, a development impact profile consisting of
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1 data appropriate to measure the projected and ac2 tual effects of such project on development.

3 ‘‘(b) SMALL BUSINESS DEVELOPMENT.—

4 ‘‘(1) BROADENED PARTICIPATION BY SMALL

5 BUSINESSES.—The Corporation shall undertake, in

6 cooperation with appropriate agencies of the United

7 States Government as well as private entities and

8 others, to broaden the participation of United States

9 small business, cooperatives, and other small United

10 States investors in the development of small private

11 enterprise in eligible countries or areas.

12 ‘‘(2) PREFERENTIAL CONSIDERATION.—Not13 withstanding the requirements of section 231(c)(1),

14 and on such terms and conditions as the Corpora15 tion may determine through loans, grants, or other

16 programs authorized by section 233, the Corporation

17 shall undertake, to the maximum degree possible

18 consistent with its purposes—

19 ‘‘(A) to give preferential consideration in

20 its investment insurance, reinsurance, and

21 guarantee activities to investment projects spon22 sored by or involving United States small busi23 ness; and

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

25 sponsored by or significantly involving United
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1 States small business at not less than 30 per2 cent of all projects insured, reinsured, or fi3 nanced by the Corporation.

4 ‘‘(c) ENVIRONMENTAL CONSIDERATIONS.—

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

6 HAZARD.—The Corporation shall refuse to insure,

7 reinsure, or finance any investment in connection

8 with a project which the Corporation determines will

9 pose an unreasonable or major environmental,

10 health, or safety hazard, or will result in the signifi11 cant degradation of national parks or similar pro12 tected areas.

13 ‘‘(2) RESOURCE SUSTAINABLE DEVELOP14 MENT.—The Corporation, in determining whether to

15 provide insurance, reinsurance, or financing for a

16 project, shall ensure that the project is consistent

17 with the provisions of section 117 (as so redesig18 nated by the Special Foreign Assistance Act of

19 1986), section 118, and section 119 of this Act re20 lating to the environment and natural resources of,

21 and tropical forests and endangered species in, de22 veloping countries, and consistent with the intent of

23 regulations issued pursuant to sections 118 and 119

24 of this Act.
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1 ‘‘(3) IMPACT ON ENVIRONMENT AND NATURAL

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

3 this Act relating to environmental impact statements

4 and environmental assessments shall apply to any

5 investment which the Corporation insures, reinsures,

6 or finances under this title.

7 ‘‘(4) NOTIFICATION OF FOREIGN GOVERN8 MENTS.—Before finally providing insurance, reinsur9 ance, or financing under this title for any environ10 mentally sensitive investment in connection with a

11 project in a country, the Corporation shall notify ap12 propriate government officials of that country of—

13 ‘‘(A) all guidelines and other standards

14 adopted by the International Bank for Recon15 struction and Development and any other inter16 national organization that relate to the public

17 health or safety or the environment and are ap18 plicable to the project; and

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

20 any restriction, under any law of the United

21 States, that relates to public health or safety or

22 the environment and would apply to the project

23 if the project were undertaken in the United

24 States.
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1 The notification under the preceding sentence shall

2 include a summary of the guidelines, standards, and

3 restrictions referred to in subparagraphs (A) and

4 (B), and may include any environmental impact

5 statement, assessment, review, or study prepared

6 with respect to the investment pursuant to para7 graph (3).

8 ‘‘(5) CONSIDERATION OF COMMENTS RE9 CEIVED.—Before finally providing insurance, rein10 surance, or financing for any investment subject to

11 paragraph (4), the Corporation shall take into ac12 count any comments it receives on the project in13 volved.

14 ‘‘(d) WORKER RIGHTS.—

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

16 Corporation may insure, reinsure, or finance a

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

18 be undertaken is taking steps to adopt and imple19 ment laws that extend internationally recognized

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

21 Trade Act of 1974 (19 U.S.C. 2462(a)(4)), to work22 ers in that country (including any designated zone in

23 that country). The Corporation shall also include the

24 following language, in substantially the following

25 form, in all contracts which the Corporation enters
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1 into with eligible investors to provide financial sup2 port under this title:

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

4 prevent employees of the foreign enterprise from

5 lawfully exercising their right of association and

6 their right to organize and bargain collectively. The

7 investor further agrees to observe applicable laws re8 lating to a minimum age for employment of children,

9 acceptable conditions of work with respect to mini10 mum wages, hours of work, and occupational health

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

12 is not responsible under this paragraph for the ac13 tions of a foreign government.’.

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

15 RIGHTS.—The Corporation shall, in making its de16 terminations under paragraph (1), use the reports

17 submitted to the Congress pursuant to section

18 505(c) of the Trade Act of 1974 (19 U.S.C.

19 2465(c)).

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

21 prohibit the Corporation from providing any insur22 ance, reinsurance, or financing with respect to a

23 country if the President of the United States deter24 mines that such activities by the Corporation would

25 be in the national economic interests of the United
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1 States. Any such determination shall be reported in

2 writing to the appropriate congressional committees,

3 together with the reasons for the determination.

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

5 ‘appropriate congressional committees’ means the

6 Committee on Foreign Affairs and the Committee on

7 Appropriations of the House of Representatives and

8 the Committee on Foreign Relations and the Com9 mittee on Appropriations of the Senate.

10 ‘‘(e) HUMAN RIGHTS.—

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

12 into account in the conduct of its programs in a

13 country, in consultation with the Secretary of State,

14 all available information about observance of and re15 spect for human rights and fundamental freedoms in

16 such country and the effect the operation of such

17 programs will have on human rights and fundamen18 tal freedoms in such country.

19 ‘‘(2) HUMAN RIGHTS VIOLATORS.—The provi20 sions of section 116 shall apply to any insurance, re21 insurance, or financing provided by the Corporation

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

23 the exception set forth in subsection (a) of such sec24 tion, the Corporation may support a project if the

25 national security interest so requires.
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1 ‘‘(f) HARM TO EMPLOYMENT IN THE UNITED

2 STATES.—

3 ‘‘(1) REPLACEMENT OF UNITED STATES PRO4 DUCTION.—(A) The Corporation shall refuse to in5 sure, reinsure, or finance an investment if the Cor6 poration determines that—

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

8 investor significantly to reduce the number of

9 the investor’s employees in the United States

10 because the investor is replacing his or her

11 United States production with production from

12 such investment; and

13 ‘‘(ii) the production from such investment

14 involves substantially the same product for sub15 stantially the same market as the investor’s

16 United States production.

17 ‘‘(B) If the Corporation determines that an in18 vestment is not likely to have the effects described

19 in subparagraph (A), the Corporation shall monitor

20 conformance with the representations made by the

21 investor on which the Corporation relied in making

22 that determination.

23 ‘‘(2) EXPORT PROCESSING ZONES.—The Cor24 poration shall refuse to insure, reinsure, or finance

25 an investment for the purpose of establishing or de-
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1 veloping in a foreign country any export processing

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

3 labor, environment, and safety laws of that country

4 do not apply, in part or in whole, to activities car5 ried out within that zone or area, unless such assist6 ance is not likely to cause a loss of jobs within the

7 United States as determined in consideration of the

8 restrictions contained in paragraph (1).

9 ‘‘(g) PERFORMANCE REQUIREMENTS.—The Corpora10 tion shall refuse to insure, reinsure, or finance an invest11 ment which is subject to performance requirements which

12 would reduce substantially the positive trade benefits like13 ly to accrue to the United States from the investment.

14 ‘‘(h) PROHIBITED TRADE PRACTICES.—

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

16 payment may be made under any insurance or rein17 surance which is issued under this title on or after

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

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

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

21 a person possessing majority ownership and control

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

23 agent of such investor or controlling person, and a

24 court of the United States has entered a final judg25 ment that such act constituted a violation of section
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1 30A of the Securities Exchange Act of 1934 or sec2 tion 104 of the Foreign Corrupt Practices Act of

3 1977.

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

5 have in effect regulations setting forth appropriate

6 conditions under which any person who has been fi7 nally determined by a court of the United States to

8 have violated section 30A of the Securities Exchange

9 Act of 1934 or section 104 of the Foreign Corrupt

10 Practices Act of 1977 shall be suspended, for a pe11 riod of not more than 5 years, from eligibility to re12 ceive any insurance, reinsurance, financing, or other

13 financial support authorized by this title, if that vio14 lation related to a project insured, reinsured, fi15 nanced, or otherwise supported by the Corporation

16 under this title.

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

18 may be made under any guarantee, insurance, or reinsur19 ance issued under this title for any loss arising out of

20 fraud or misrepresentation for which the party seeking

21 payment is responsible.

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

23 makes any false statement or report, or willfully

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

25 of influencing in any way the action of the Corporation
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1 with respect to any insurance, reinsurance, guarantee,

2 loan, equity investment, or other activity of the Corpora3 tion under section 233 or any change or extension of any

4 such insurance, reinsurance, guarantee, loan, equity in5 vestment, or activity, by renewal, deferment of action or

6 otherwise, or the acceptance, release, or substitution of se7 curity therefor, shall be fined not more than $1,000,000

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

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

10 least 1 public hearing each year in order to afford an op11 portunity for any person to present views as to whether

12 the Corporation is carrying out its activities in accordance

13 with section 231 and this section or whether any invest14 ment in a particular country should have been or should

15 be extended insurance, reinsurance, or financing under

16 this title.

17 ‘‘SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AU18 THORITY, EQUITY FUND, AND RESERVES.

19 ‘‘(a) ISSUING AUTHORITY.—

20 ‘‘(1) INSURANCE.—The maximum contingent li21 ability outstanding at any one time pursuant to in22 surance issued under section 233(a) shall not exceed

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

24 ‘‘(2) FINANCING.—(A) The maximum contin25 gent liability outstanding at any one time pursuant
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1 to financing issued under section 233(b) shall not

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

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

4 appropriations Acts pursuant to section 504(b) of

5 the Federal Credit Reform Act of 1990, the Cor6 poration is authorized to transfer such sums as are

7 necessary from its noncredit activities to pay for the

8 subsidy cost of a program level for the direct loan

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

10 and (b)(3)—

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

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

13 and

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

15 ‘‘(3) TERMINATION OF AUTHORITY.—The au16 thority of sections 233 (a) and (b)(3) shall continue

17 until September 30, 1997.

18 ‘‘(b) CREATION OF FUND FOR ACQUISITION OF EQ19 UITY.—The Corporation is authorized to maintain a re20 volving fund to be available solely for the purposes speci21 fied in section 233(b)(2) and to make transfers to the fund

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

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

24 noncredit activities. The Corporation shall apply to the

25 fund all amounts received by the Corporation as income
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1 on securities acquired under section 233(b)(2) using funds

2 made available under this section, and from the proceeds

3 on the disposition of such securities. Purchases of, invest4 ments in, and other acquisitions of equity from the fund

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

6 in such amounts as are provided in advance in appropria7 tions Acts or are transferred to the Corporation pursuant

8 to section 632(a).

9 ‘‘(c) INSURANCE RESERVES.—

10 ‘‘(1) MAINTENANCE AND PURPOSES.—The Cor11 poration shall maintain insurance reserves. Such re12 serves shall be available for the discharge of liabil13 ities, as provided in subsection (d), until such time

14 as all such liabilities have been discharged or have

15 expired or until all such reserves have been expended

16 in accordance with the provisions of this section.

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

18 consist of—

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

20 the Corporation on September 30, 1994;

21 ‘‘(B) amounts transferred to the reserves

22 pursuant to this Act; and

23 ‘‘(C) such sums as are appropriated pursu24 ant to subsection (e) of this section for such

25 purposes.
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1 ‘‘(d) ORDER OF PAYMENTS TO DISCHARGE LIABIL2 ITIES.—Any payment made to discharge liabilities under

3 investment insurance or reinsurance issued under section

4 233, or to discharge liabilities under predecessor guaran5 tee authority, shall be paid first out of the insurance re6 serves, as long as such reserves remain available, and

7 thereafter out of funds made available pursuant to sub8 section (e) of this section. Any payments made to dis9 charge liabilities under guarantees issued under section

10 233(b)(3) shall be paid in accordance with the Federal

11 Credit Reform Act of 1990.

12 ‘‘(e) AUTHORIZATION OF APPROPRIATIONS.—

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

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

15 Corporation such amounts as may be necessary from

16 time to time to replenish or increase the insurance

17 reserves, to discharge the liabilities under insurance

18 or reinsurance issued by the Corporation, to dis19 charge liabilities under predecessor guarantee au20 thority, or to discharge obligations of the Corpora21 tion purchased by the Secretary of the Treasury

22 pursuant to subsection (f).

23 ‘‘(2) LIMITATION ON APPROPRIATIONS.—No ap24 propriation shall be made under paragraph (1) to

25 augment the insurance reserves until the amount of
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1 funds in the insurance reserves is less than

2 $25,000,000. Any appropriations to augment the in3 surance reserves shall then only be made either pur4 suant to specific authorization enacted after the date

5 of enactment of the Overseas Private Investment

6 Corporation Amendments Act of 1974, or to satisfy

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

8 ‘‘(f) ISSUANCE OF OBLIGATIONS.—In order to dis9 charge liabilities under investment insurance or reinsur10 ance, the Corporation is authorized to issue from time to

11 time for purchase by the Secretary of the Treasury its

12 notes, debentures, bonds, or other obligations. The aggre13 gate amount of such obligations outstanding at any one

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

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

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

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

18 Treasury, taking into consideration the current average

19 market yield on outstanding marketable obligations of the

20 United States of comparable maturities during the month

21 preceding the issuance of any obligation authorized by this

22 subsection. The Secretary of the Treasury shall purchase

23 any obligation of the Corporation issued under this sub24 section, and for such purchase the Secretary may use as

25 a public debt transaction the proceeds of the sale of any
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1 securities issued under chapter 31 of title 31, United

2 States Code. The purpose for which securities may be is3 sued under chapter 31 of title 31, United States Code,

4 shall include any such purchase.

5 ‘‘SEC. 236. INCOME AND REVENUES.

6 ‘‘In order to carry out the purposes of the Corpora7 tion, all revenues earned by the Corporation from its

8 noncredit activities and amounts transferred to the Cor9 poration shall be held by the Corporation and shall be

10 available to carry out its purposes, including without limi11 tation—

12 ‘‘(1) payment of all credit and noncredit ex13 penses of the Corporation;

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

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

16 other funds or reserves as the Corporation may es17 tablish, at such time and in such amounts as the

18 Board may determine; and

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

20 which shall consist of and be paid from net earnings

21 of the Corporation after payments, transfers, and

22 additions under paragraphs (1) and (2).
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1 ‘‘SEC. 237. GENERAL PROVISIONS RELATING TO INSUR2 ANCE AND FINANCING PROGRAM.

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

4 guarantees, and reinsurance issued under this title shall

5 cover investment made in connection with projects in any

6 eligible country or area with the government of which the

7 President of the United States has agreed to institute a

8 program for such insurance, guarantees, or reinsurance.

9 ‘‘(b) PROTECTION OF INTERESTS OF THE CORPORA10 TION.—The Corporation shall determine that suitable ar11 rangements exist for protecting the interest of the Cor12 poration in connection with any insurance, reinsurance, or

13 guarantee issued under this title, including arrangements

14 concerning ownership, use, and disposition of the cur15 rency, credits, assets, or investments on account of which

16 payment under such insurance, guarantee, or reinsurance

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

18 existing in connection therewith.

19 ‘‘(c) FULL FAITH AND CREDIT PLEDGED.—All guar20 antees issued under predecessor guarantee authority, and

21 all insurance, reinsurance, and guarantees issued under

22 this title shall constitute obligations, in accordance with

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

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

25 credit of the United States of America is hereby pledged

26 for the full payment and performance of such obligations.
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1 ‘‘(d) FEES.—Fees may be charged for providing in2 surance, reinsurance, financing, and other services under

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

4 Fees paid for project-specific transaction costs and other

5 transaction costs, including project-related travel and ex6 penses for legal representation, associated with services

7 provided to specific investors or potential investors pursu8 ant to section 233, including financing, insurance, reinsur9 ance, missions, seminars, conferences, and other pre-in10 vestment services, shall be available for obligation for the

11 purposes for which they were collected notwithstanding

12 any other provision of law. Transaction costs relating to

13 investment financing commitments entered into pursuant

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

15 Government resulting from financing commitments and

16 shall be paid out of the appropriate financing account es17 tablished pursuant to section 505(b) of the Federal Credit

18 Reform Act of 1990.

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

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

21 guarantee of any equity investment under this title shall

22 extend beyond 20 years from the date on which such in23 surance, reinsurance, or guarantee is issued.

24 ‘‘(f) AMOUNT OF COMPENSATION PAID ON

25 CLAIMS.—Compensation for any insurance, reinsurance,
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1 or guarantee issued under this title shall not exceed the

2 dollar value, as of the date of the investment, of the invest3 ment made in the project with the approval of the Cor4 poration plus interest, earnings, or profits actually ac5 crued on such investment to the extent provided by such

6 insurance, reinsurance, or guarantee, except that the Cor7 poration may provide that—

8 ‘‘(1) appropriate adjustments in the insured

9 dollar value be made to reflect the replacement cost

10 of project assets;

11 ‘‘(2) compensation for a claim of loss under in12 surance of an equity investment may be computed

13 on the basis of the net book value attributable to

14 such equity investment on the date of loss; and

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

16 interruption may be computed on a basis to be de17 termined by the Corporation which reflects amounts

18 lost.

19 Notwithstanding the preceding sentence, the Corporation

20 shall limit the amount of direct insurance and reinsurance

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

22 10 percent of the total investment of the insured and its

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

24 affiliates. This limitation shall not apply to direct insur-
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1 ance or reinsurance of loans by banks or other financial

2 institutions to unrelated parties.

3 ‘‘(g) LIMITATION WITH RESPECT TO FOREIGN

4 CREDIT INSTITUTIONS.—Insurance, guarantees, or rein5 surance of a loan or equity investment of an eligible inves6 tor in a foreign bank, finance company, or other credit

7 institution shall extend only to such loan or equity invest8 ment and not to any individual loan or equity investment

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

10 credit institution.

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

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

13 guarantee operations under this title may be settled, and

14 disputes arising as a result thereof may be arbitrated with

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

16 as the Corporation may determine. Payment made pursu17 ant to any such settlement, or as a result of an arbitration

18 award, shall be final and conclusive notwithstanding any

19 other provision of law.

20 ‘‘(i) CONTRACTS PRESUMED TO COMPLY WITH

21 ACT.—Each guarantee contract executed by such officer

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

23 conclusively presumed to be issued in compliance with the

24 requirements of this Act.
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1 ‘‘(j) USE OF LOCAL CURRENCIES.—Direct loans or

2 investments made in order to preserve the value of funds

3 received in inconvertible foreign currency by the Corpora4 tion as a result of activities conducted pursuant to section

5 233(a) shall not be considered in determining whether the

6 Corporation has made or has outstanding loans, guaran7 tees, or investments to the extent of any limitation on obli8 gations and equity investment imposed by or pursuant to

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

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

11 obligations made with funds described in this subsection.

12 ‘‘(k) PROHIBITION ON NONCOMPETITIVE AWARDING

13 OF INSURANCE CONTRACTS ON OPIC SUPPORTED EX14 PORTS.—

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

16 Except as provided in subparagraph (C), the inves17 tor on whose behalf insurance, reinsurance, guaran18 ties, or other financing is provided under this title

19 with respect to a project shall be required to certify

20 to the Corporation that any contract for the export

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

22 requiring that United States insurance companies

23 have a fair and open competitive opportunity to pro24 vide insurance against risk of loss of such support.
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1 ‘‘(B) The investor shall be required, in every

2 practicable case, to so certify before the insurance,

3 reinsurance, guarantee, or other financing is pro4 vided. In any case in which such a certification is

5 not made in advance, the investor shall include in

6 the certification the reasons for the failure to make

7 a certification in advance.

8 ‘‘(C) Subparagraph (A) does not apply with re9 spect to an investor who does not, because of the na10 ture of the investment, have a controlling interest in

11 fact in the project in question.

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

13 REPRESENTATIVE.—The United States Trade Rep14 resentative shall review the actions of the Corpora15 tion under paragraph (1) and, after consultation

16 with representatives of United States insurance com17 panies, shall report to the Congress, with respect to

18 such actions, in the report required by section

19 181(b) of the Trade Act of 1974.

20 ‘‘(3) DEFINITIONS.—For purposes of this sub21 section—

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

23 company’ includes—

24 ‘‘(i) an individual, partnership, cor25 poration, holding company, or other legal
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1 entity which is authorized, or in the case

2 of a holding company, subsidiaries of

3 which are authorized, by a State to engage

4 in the business of issuing insurance con5 tracts or reinsuring the risk underwritten

6 by insurance companies; and

7 ‘‘(ii) foreign operations, branches,

8 agencies, subsidiaries, affiliates, or joint

9 ventures of any entity described in clause

10 (i);

11 ‘‘(B) United States insurance companies

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

13 competitive opportunity to provide insurance’ if

14 they—

15 ‘‘(i) have received notice of the oppor16 tunity to provide insurance; and

17 ‘‘(ii) have been evaluated on a non18 discriminatory basis; and

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

20 of Columbia and any commonwealth, territory,

21 or possession of the United States.

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

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

24 have its principal office in the District of Columbia and
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1 shall be deemed, for purposes of venue in civil actions, to

2 be a resident of the District of Columbia.

3 ‘‘(b) AUDITS.—

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

5 subject to the applicable provisions of chapter 91 of

6 title 31, United States Code, except as otherwise

7 provided in this title.

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

9 certified public accountant shall perform a financial

10 and compliance audit of the financial statements of

11 the Corporation each year, in accordance with gen12 erally accepted Government auditing standards for a

13 financial and compliance audit, taking into consider14 ation any standards recommended by the Comptrol15 ler General. The independent certified public ac16 countant shall report the results of such audit to the

17 Board. The financial statements of the Corporation

18 shall be presented in accordance with generally ac19 cepted accounting principles. These financial state20 ments and the report of the accountant shall be in21 cluded in a report which contains, to the extent ap22 plicable, the information identified in section 9106

23 of title 31, United States Code. The Corporation

24 shall submit such report to the Congress not later

than 61 25 ⁄2 months after the end of the last fiscal year
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1 covered by the audit. The Comptroller General may

2 review the audit conducted by the accountant and

3 the report to the Congress in the manner and at

4 such times as the Comptroller General considers

5 necessary.

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

7 lieu of the financial and compliance audit required

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

9 the Comptroller General considers it necessary or

10 upon the request of the Congress, audit the financial

11 statements of the Corporation in the manner pro12 vided in paragraph (2).

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

14 books, accounts, financial records, reports, files,

15 workpapers, and property belonging to or in use by

16 the Corporation and the accountant who conducts

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

18 for purposes of this subsection, shall be made avail19 able to the representatives of the General Account20 ing Office designated by the Comptroller General.

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

22 title, the Corporation is authorized—

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

24 shall be judicially noticed;

25 ‘‘(2) to sue and be sued in its corporate name;
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1 ‘‘(3) to adopt, amend, and repeal bylaws gov2 erning the conduct of its business and the perform3 ance of the powers and duties granted to or imposed

4 upon it by law;

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

6 terms and conditions as the Corporation may deter7 mine, any property, real, personal, or mixed, tan8 gible or intangible, or any interest therein;

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

10 revenues in obligations of the United States and to

11 use the proceeds therefrom, including earnings and

12 profits, as it considers appropriate;

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

14 and agents of the Corporation for liabilities and ex15 penses incurred in connection with their Corporation

16 activities;

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

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

19 ‘‘(8) notwithstanding any other provision of

20 law, to represent itself or to contract for representa21 tion in all legal and arbitral proceedings;

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

23 nationals of the United States for personal services

24 to carry out activities in the United States and

25 abroad under section 233;
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1 ‘‘(10) to purchase, discount, rediscount, sell,

2 and negotiate, with or without its endorsement or

3 guarantee, and guarantee notes, participation certifi4 cates, and other evidence of indebtedness (except

5 that the Corporation shall not issue its own securi6 ties, except participation certificates for the purpose

7 of carrying out section 231(c)(3), participation cer8 tificates in connection with transactions authorized

9 by section 233(b), or participation certificates as evi10 dence of indebtedness held by the Corporation in

11 connection with settlement of claims under section

12 237(h));

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

14 agreements as are necessary and advisable in the

15 conduct of its business;

16 ‘‘(12) to exercise any priority of the Govern17 ment of the United States in collecting debts from

18 the estates of bankrupt, insolvent, or decedent par19 ties;

20 ‘‘(13) to determine the character of and the ne21 cessity for its obligations and expenditures, and the

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

23 paid, subject to provisions of law specifically applica24 ble to Government corporations;
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1 ‘‘(14) to collect or compromise any obligations

2 assigned to or held by the Corporation, including

3 any legal or equitable rights accruing to the Cor4 poration; and

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

6 or appropriate to carry out the powers of the Cor7 poration.

8 ‘‘(d) EXEMPTION FROM STATE AND LOCAL TAX9 ATION.—The Corporation (including its franchise, capital,

10 reserves, surplus, advances, intangible property, and in11 come) shall be exempt from all taxation at any time im12 posed by any State, the District of Columbia, or any coun13 ty, municipality, or local taxing authority.

14 ‘‘SEC. 239. ANNUAL REPORT; MAINTENANCE OF INFORMA15 TION.

16 ‘‘(a) ANNUAL REPORT.—

17 ‘‘(1) REQUIREMENT.—After the end of each fis18 cal year, the Corporation shall submit to the Con19 gress a complete and detailed report of its oper20 ations during such fiscal year. Such report shall in21 clude—

22 ‘‘(A) an assessment, based upon the devel23 opment impact profiles required by section

24 234(a), of the economic and social development

25 impact and benefits of the projects with respect
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1 to which such profiles are prepared, and of the

2 extent to which the operations of the Corpora3 tion complement or are compatible with the de4 velopment assistance programs of the United

5 States and other donors; and

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

7 the Corporation—

8 ‘‘(i) refused pursuant to section

9 234(e) to provide insurance, reinsurance,

10 financing, or other financial support on ac11 count of violations of human rights; or

12 ‘‘(ii) notwithstanding such violations,

13 provided insurance, reinsurance, financing,

14 or financial support on the basis of a de15 termination that the exception under sec16 tion 116(a) applies, or the national secu17 rity so requires.

18 ‘‘(2) PROJECTIONS OF EFFECTS ON EMPLOY19 MENT.—

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

21 required by paragraph (1) shall contain projec22 tions of the effects on employment in the

23 United States of all projects for which, during

24 the fiscal year covered by the report, the Cor25 poration initially issued any insurance or rein-
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1 surance or provided financing. Each such report

2 shall include projections of—

3 ‘‘(i) the amount of United States ex4 ports to be generated by those projects,

5 both during the start-up phase and over a

6 period of years;

7 ‘‘(ii) the final destination of the prod8 ucts to be produced as a result of those

9 projects; and

10 ‘‘(iii) the impact such production will

11 have on the production of similar products

12 in the United States with regard to both

13 domestic sales and exports.

14 ‘‘(B) BASIS FOR PROJECTIONS.—The pro15 jections required by this paragraph shall be

16 based on an analysis of each of the projects de17 scribed in subparagraph (A).

18 ‘‘(C) MANNER OF REPORTING EFFECTS ON

19 EMPLOYMENT.—In reporting the projections on

20 employment required by this paragraph, the

21 Corporation shall specify, with respect to each

22 project—

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

24 States caused by the project, whether or

25 not the project itself creates other jobs;
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1 ‘‘(ii) any jobs created by the project;

2 and

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

4 is located, and the economic sector involved

5 in the project.

6 No proprietary information may be disclosed

7 under this subparagraph.

8 ‘‘(3) PROTECTION OF CERTAIN INFORMA9 TION.—Paragraph (2) does not require the inclusion

10 in any information which would not be required to

11 be made available to the public pursuant to section

12 552 of title 5, United States Code (relating to free13 dom of information).

14 ‘‘(b) MAINTENANCE OF INFORMATION.—The Cor15 poration shall maintain as part of its records—

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

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

18 Assistance Act of 1961 (as in effect before the en19 actment of the Overseas Private Investment Cor20 poration Amendments Act of 1988), whether the in21 formation was collected by the Corporation itself or

22 by a contractor; and

23 ‘‘(2) a copy of the analysis of each project ana24 lyzed in preparing the projections required by sub25 section (a)(2) or the report required by section
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1 240A(c) of the Foreign Assistance Act of 1961 (as

2 in effect before the enactment of the Overseas Pri3 vate Investment Corporation Amendments Act of

4 1988).

5 ‘‘SEC. 240. DEFINITIONS.

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

7 following meanings:

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

9 Board of Directors of the Corporation.

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

11 means the Overseas Private Investment Corporation.

12 ‘‘(3) ELIGIBLE INVESTOR.—(A) The term ‘eligi13 ble investor’ means—

14 ‘‘(i) a United States citizen;

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

16 association, including a nonprofit association,

17 which is created under the laws of the United

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

19 any commonwealth, territory, or possession of

20 the United States, and which is substantially

21 beneficially owned by United States citizens;

22 and

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

24 other association which is wholly owned by one

25 or more United States citizens or corporations,
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1 partnerships, or other associations described in

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

3 foreign corporation shall be determined without

4 regard to any shares held by other than United

5 States citizens or corporations, partnerships, or

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

7 the aggregate, such shares equal less than 5

8 percent of the total issued and subscribed share

9 capital of such foreign corporation.

10 ‘‘(B) For purposes of this title—

11 ‘‘(i) in the case of insurance or a guaran12 tee for any loan investment, a final determina13 tion of whether a person is an eligible investor

14 may be made at the time the insurance or guar15 antee is issued; and

16 ‘‘(ii) in the case of insurance or a guaran17 tee for any other investment, an investor must

18 be an eligible investor at the time a claim arises

19 as well as the time the insurance or guarantee

20 is issued.

21 ‘‘(4) EXPROPRIATION.—The term ‘expropria22 tion’ includes any abrogation, repudiation, or impair23 ment by a foreign government of its own contract

24 with an investor with respect to a project, where

25 such abrogation, repudiation, or impairment is not
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1 caused by the investor’s own fault or misconduct,

2 and materially adversely affects the continued oper3 ation of the project.

4 ‘‘(5) INVESTMENT.—The term ‘investment’ in5 cludes any contribution or commitment of funds,

6 commodities, services, patents, processes, or tech7 niques, in the form of—

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

9 project;

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

11 in any such project;

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

13 profits of any such project; or

14 ‘‘(D) the furnishing of commodities or

15 services pursuant to a lease or other contract.

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

17 ‘noncredit activities’ means all activities of the Cor18 poration other than its direct loan program under

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

20 section 233(b)(3).

21 ‘‘(7) PREDECESSOR GUARANTEE AUTHORITY.—

22 The term ‘predecessor guarantee authority’ means

23 prior guarantee authorities (other than housing

24 guarantee authorities) repealed by the Foreign As25 sistance Act of 1969, sections 202(b) and 413(b) of
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1 the Mutual Security Act of 1954, and section

2 111(b)(3) of the Economic Cooperation Act of 1948,

3 (exclusive of authority relating to informational

4 media guarantees).’’.

5 TITLE II—TRADE AND

6 DEVELOPMENT AGENCY

7 SEC. 201. TRADE AND DEVELOPMENT AGENCY.

8 (a) PURPOSE.—Section 661(a) of the Foreign Assist9 ance Act of 1961 (22 U.S.C. 2421(a)) is amended—

10 (1) in the first sentence, by inserting ‘‘inde11 pendent’’ before ‘‘agency’’; and

12 (2) in the second sentence, by striking ‘‘develop13 ment projects’’ and all that follows and inserting

14 ‘‘developing and middle-income countries in ways

15 consistent with environmentally sound and broad16 based sustainable economic development.’’.

17 (b) AUTHORITY TO PROVIDE ASSISTANCE.—Section

18 661(b) of such Act (22 U.S.C. 2421(b)) is amended—

19 (1) in paragraph (1)—

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

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

22 I,’’; and

23 (B) by inserting ‘‘environmental assess24 ments,’’ after ‘‘engineering design,’’;
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1 (2) in the first sentence of the matter preceding

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

3 ‘‘environmental assessments’’ after ‘‘to provide sup4 port for’’; and

5 (3) in paragraph (3)(B)—

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

7 United States Government’’ and inserting

8 ‘‘Other members of the Trade Promotion Co9 ordinating Committee’’; and

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

11 ‘‘the Trade and Development Agency’’.

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

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

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

15 ‘‘(A) There shall be’’; and

16 (2) by adding at the end the following new sub17 paragraph:

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

19 President.’’.

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

21 (22 U.S.C. 2421(d)) is amended by striking ‘‘President’’

22 and inserting ‘‘Director of the Trade and Development

23 Agency’’.

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

25 U.S.C. 2421(f)(1)) is amended—
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1 (1) by striking ‘‘There are authorized’’ and in2 serting ‘‘(A) There are authorized’’;

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

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

5 (3) by striking ‘‘$55,000,000’’ and all that fol6 lows and inserting ‘‘$65,000,000 for fiscal year

7 1995, and $90,000,000 for fiscal year 1996.’’; and

8 ‘‘such sums as are necessary for fiscal years 1995 and

9 1996.’’; and

10 (4) by adding at the end the following new sub11 paragraph:

12 ‘‘(B) Amounts appropriated pursuant to the au13 thorization of appropriations under subparagraph

14 (A) are authorized to remain available until ex15 pended.’’.

16 TITLE III—EXPORT PROMOTION

17 PROGRAMS WITHIN THE

18 INTERNATIONAL TRADE AD19 MINISTRATION

20 SEC. 301. EXPORT PROMOTION AUTHORIZATION.

21 Section 202 of the Export Administration Amend22 ments Act of 1985 (15 U.S.C. 4052) is amended to read

23 as follows:
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1 ‘‘SEC. 202. AUTHORIZATION OF APPROPRIATIONS.

2 ‘‘There are authorized to be appropriated to the De3 partment of Commerce to carry out export promotion pro4 grams—

5 ‘‘(1) $250,000,000 for fiscal year 1995; and

6 ‘‘(2) $275,000,000 for fiscal year 1996.’’.

7 programs such sums as are necessary for fiscal years 1995

8 and 1996.’’

9 TITLE IV—PROMOTION OF

10 UNITED STATES ENVIRON11 MENTAL EXPORTS

12 SEC. 401. SHORT TITLE.

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

14 Promotion Act of 1994’’.

15 SEC. 402. PROMOTION OF ENVIRONMENTAL EXPORTS.

16 (a) ENVIRONMENTAL TECHNOLOGIES TRADE ADVI17 SORY COMMITTEE.—Section 2313 of the Export Enhance18 ment Act of 1988 (15 U.S.C. 4728) is amended—

19 (1) by striking subsection (d);

20 (2) by redesignating subsection (c) as sub21 section (e); and

22 (3) by inserting after subsection (b) the follow23 ing:

24 ‘‘(c) ENVIRONMENTAL TECHNOLOGIES TRADE ADVI25 SORY COMMITTEE.—
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1 ‘‘(1) ESTABLISHMENT AND PURPOSE.—The

2 Secretary, in carrying out the duties of the chair3 person of the TPCC, shall establish the Environ4 mental Technologies Trade Advisory Committee

5 (hereafter in this section referred to as the ‘Commit6 tee’). The purpose of the Committee shall be to pro7 vide advice and guidance to the Working Group in

8 the development and administration of programs to

9 expand United States exports of environmental tech10 nologies, goods, and services.

11 ‘‘(2) MEMBERSHIP.—The members of the Com12 mittee shall be drawn from representatives of—

13 ‘‘(A) environmental businesses, including

14 small businesses;

15 ‘‘(B) trade associations in the environ16 mental sector;

17 ‘‘(C) private sector organizations involved

18 in the promotion of environmental exports;

19 ‘‘(D) States (as defined in section

20 2301(i)(5)) and associations representing the

21 States; and

22 ‘‘(E) other appropriate interested members

23 of the public.
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1 The Secretary shall appoint as members of the Com2 mittee at least 1 individual under each of subpara3 graphs (A) through (E).

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

5 ‘‘(1) PRIORITY COUNTRY IDENTIFICATION.—

6 The Working Group, in consultation with the Com7 mittee, shall annually assess which foreign countries

8 have markets with the greatest potential for the ex9 port of United States environmental technologies,

10 goods, and services. Of these countries the Working

11 Group shall select as priority countries 5 with the

12 greatest potential for the application of United

13 States Government export promotion resources relat14 ed to environmental exports.

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

16 consultation with the Committee, shall annually cre17 ate a plan for each priority country selected under

18 paragraph (1), setting forth in detail ways to in19 crease United States environmental exports to such

20 country. Each such plan shall—

21 ‘‘(A) identify the primary public and pri22 vate sector opportunities for United States ex23 porters of environmental technologies, goods,

24 and services in the priority country;
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1 ‘‘(B) analyze the financing and other re2 quirements for major projects in the priority

3 country which will use environmental tech4 nologies, goods, and services, and analyze

5 whether such projects are dependent upon fi6 nancial assistance from foreign countries or

7 multilateral institutions; and

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

9 member agencies of the Working Group to in10 crease United States exports to the priority

11 country.’’.

12 (b) ADDITIONAL MECHANISMS TO PROMOTE ENVI13 RONMENTAL EXPORTS.—Section 2313 of the Export En14 hancement Act of 1988 is further amended by adding at

15 the end the following:

16 ‘‘(f) ENVIRONMENTAL TECHNOLOGIES SPECIALISTS

17 IN THE UNITED STATES AND FOREIGN COMMERCIAL

18 SERVICE.—

19 ‘‘(1) ASSIGNMENT OF ENVIRONMENTAL TECH20 NOLOGIES SPECIALISTS.—The Secretary shall assign

21 a specialist in environmental technologies to the of22 fice of the United States and Foreign Commercial

23 Service in each of the 5 priority countries selected

24 under subsection (d)(1), and the Secretary is author25 ized to assign such a specialist to the office of the
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1 United States and Foreign Commercial Service in

2 any country that is a promising market for United

3 States exports of environmental technologies, goods,

4 and services. Such specialist may be an employee of

5 the Department, an employee of any relevant United

6 States Government department or agency assigned

7 on a temporary or limited term basis to the Com8 merce Department, or a representative of the private

9 sector assigned to the Department of Commerce.

10 ‘‘(2) DUTIES OF ENVIRONMENTAL TECH11 NOLOGIES SPECIALISTS.—Each specialist assigned

12 under paragraph (1) shall provide export promotion

13 assistance to United States environmental busi14 nesses, including, but not limited to—

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

16 which the specialist is assigned that affect the

17 United States share of the domestic market for

18 environmental technologies, goods, and services,

19 including market barriers, standards-setting ac20 tivities, and financing issues;

21 ‘‘(B) providing assessments of assistance

22 by foreign governments that is provided to pro23 ducers of environmental technologies, goods,

24 and services in such countries in order to en25 hance exports to the country to which the spe-
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1 cialist is assigned, the effectiveness of such as2 sistance on the competitiveness of United

3 States products, and whether comparable

4 United States assistance exists;

5 ‘‘(C) training Foreign Commercial Service

6 Officers in the country to which the specialist

7 is assigned, other countries in the region, and

8 United States and Foreign Commercial Service

9 offices in the United States, in environmental

10 technologies and the international environ11 mental market;

12 ‘‘(D) providing assistance in identifying

13 potential customers and market opportunities in

14 the country to which the specialist is assigned;

15 ‘‘(E) providing assistance in obtaining nec16 essary business services in the country to which

17 the specialist is assigned;

18 ‘‘(F) providing information on environ19 mental standards and regulations in the coun20 try to which the specialist is assigned; and

21 ‘‘(G) providing information on all United

22 States Government programs that could assist

23 the promotion, financing, and sale of United

24 States environmental technologies, goods, and
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1 services in the country to which the specialist is

2 assigned.

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

4 SHOPS.—In addition to the training provided under sub5 section (f)(2)(C), the Secretary shall establish a mecha6 nism to train—

7 ‘‘(1) Commercial Service Officers assigned to

8 the one-stop shops provided for in section

9 2301(b)(8), and

10 ‘‘(2) Commercial Service Officers assigned to

11 district offices in districts having large numbers of

12 environmental businesses,

13 in environmental technologies and in the international en14 vironmental marketplace, and ensure that such officers re15 ceive appropriate training under such mechanism. Such

16 training may be provided by officers or employees of the

17 Department of Commerce, and other United States Gov18 ernment departments and agencies, with appropriate ex19 pertise in environmental technologies and the international

20 environmental workplace, and by appropriate representa21 tives of the private sector.

22 ‘‘(h) INTERNATIONAL REGIONAL ENVIRONMENTAL

23 INITIATIVES.—

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

25 TPCC shall establish one or more international re-
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1 gional environmental initiatives the purpose of which

2 shall be to coordinate the activities of Federal de3 partments and agencies in order to build environ4 mental partnerships between the United States and

5 the geographic region outside the United States for

6 which such initiative is established. Such partner7 ships shall enhance environmental protection and

8 promote sustainable development by using in the re9 gion technical expertise and financial resources of

10 United States departments and agencies that pro11 vide foreign assistance and by expanding United

12 States exports of environmental technologies, goods,

13 and services to that region.

14 ‘‘(2) ACTIVITIES.—In carrying out each inter15 national regional environmental initiative, the TPCC

16 shall—

17 ‘‘(A) support, through the provision of for18 eign assistance, the development of sound envi19 ronmental policies and practices in countries in

20 the geographic region for which the initiative is

21 established, including the development of envi22 ronmentally sound regulatory regimes and en23 forcement mechanisms;

24 ‘‘(B) identify and disseminate to United

25 States environmental businesses information re-
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1 garding specific environmental business oppor2 tunities in that geographic region;

3 ‘‘(C) coordinate existing Federal efforts to

4 promote environmental exports to that geo5 graphic region, and ensure that such efforts are

6 fully coordinated with environmental export

7 promotion efforts undertaken by the States and

8 the private sector;

9 ‘‘(D) increase assistance provided by the

10 Federal Government to promote exports from

11 the United States of environmental tech12 nologies, goods, and services to that geographic

13 region, such as trade missions, reverse trade

14 missions, trade fairs, and programs in the

15 United States to train foreign nationals in

16 United States environmental technologies; and

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

18 United States Government officials (including

19 the United States ambassadors to the countries

20 in that geographic region) for United States en21 vironmental businesses seeking market opportu22 nities in that geographic region.

23 ‘‘(i) ENVIRONMENTAL TECHNOLOGIES PROJECT AD24 VOCACY CALENDAR AND INFORMATION DISSEMINATION

25 PROGRAM.—The Working Group shall maintain a cal-
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1 endar, updated at the end of each calendar quarter, of

2 significant opportunities for United States environmental

3 businesses in foreign markets and trade promotion events,

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

5 shall—

6 ‘‘(1) identify the 50 to 100 environmental infra7 structure and procurement projects in foreign mar8 kets that have the greatest potential in the calendar

9 quarter for United States exports of environmental

10 technologies, goods, and services; and

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

12 trade missions and trade fairs, in the environmental

13 sector.

14 The Working Group shall also provide, through the Na15 tional Trade Data Bank and other information dissemina16 tion channels, information on opportunities for environ17 mental businesses in foreign markets and information on

18 Federal export promotion programs.

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

20 the Assistant Secretary of Commerce and Director Gen21 eral of the United States and Foreign Commercial Service,

22 is authorized to provide matching funds for the establish23 ment in the United States of regional environmental busi24 ness and technology cooperation centers that will draw

25 upon the expertise of the private sector and institutions
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1 of higher education and existing Federal programs to pro2 vide export promotion assistance related to environmental

3 technologies, goods, and services.

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

5 term ‘environmental business’ means a business that pro6 duces environmental technologies, goods, or services.’’.

7 TITLE V—INTERNATIONAL PRO8 TECTION OF INTELLECTUAL

9 PROPERTY

10 SEC. 501. ESTABLISHMENT OF PROGRAM.

11 (a) IN GENERAL.—In carrying out part I of the For12 eign Assistance Act of 1961 and other relevant foreign as13 sistance laws, the President, acting through the Adminis14 trator of the United States Agency for International De15 velopment, shall establish a program of training and other

16 technical assistance to assist foreign countries in—

17 (1) developing and strengthening laws and reg18 ulations to protect intellectual property; and

19 (2) developing the infrastructure necessary to

20 implement and enforce such laws and regulations.

21 (b) PARTICIPATION OF OTHER AGENCIES.—The Ad22 ministrator of the United States Agency for International

23 Development—

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

25 Trademark Office and other agencies of the United
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1 States Government in designing and implementing

2 the program of assistance provided for in this sec3 tion;

4 (2) shall coordinate assistance under this sec5 tion with efforts of other agencies of the United

6 States Government to increase international protec7 tion of intellectual property, including implementa8 tion of international agreements containing high lev9 els of protection of intellectual property; and

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

11 agencies in determining which foreign countries will

12 receive assistance under this section.

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