115TH CONGRESS 

2D SESSION H. R. 5105 

AN ACT 

To establish the United States International Development 

Finance 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; TABLE OF CONTENTS. 

2 (a) SHORT TITLE.—This Act may be cited as the 

3 ‘‘Better Utilization of Investments Leading to Develop4 ment Act of 2018’’ or the ‘‘BUILD Act of 2018’’. 

5 (b) TABLE OF CONTENTS.—The table of contents for 

6 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—ESTABLISHMENT 

Sec. 101. Statement of policy. 

Sec. 102. United States International Development Finance Corporation. 

Sec. 103. Management of Corporation. 

Sec. 104. Inspector General of the Corporation. 

Sec. 105. Independent accountability mechanism. 

TITLE II—AUTHORITIES 

Sec. 201. Authorities relating to provision of support. 

Sec. 202. Terms and conditions. 

Sec. 203. Payment of losses. 

Sec. 204. Termination. 

TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 

Sec. 301. Operations. 

Sec. 302. Corporate powers. 

Sec. 303. Maximum contingent liability. 

Sec. 304. Corporate funds. 

Sec. 305. Coordination with other development agencies. 

TITLE IV—MONITORING, EVALUATION, AND REPORTING 

Sec. 401. Establishment of risk and audit committees. 

Sec. 402. Performance measures, evaluation, and learning. 

Sec. 403. Annual report. 

Sec. 404. Publicly available project information. 

Sec. 405. Engagement with investors. 

Sec. 406. Notification of support to be provided by the Corporation. 

TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 

Sec. 501. Limitations and preferences. 

Sec. 502. Additionality and avoidance of market distortion. 

Sec. 503. Prohibition on support in sanctioned countries and with sanctioned 

persons. 

Sec. 504. Penalties for misrepresentation, fraud, and bribery. 

TITLE VI—TRANSITIONAL PROVISIONS 
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Sec. 601. Definitions. 

Sec. 602. Reorganization plan. 

Sec. 603. Transfer of functions. 

Sec. 604. Termination of Overseas Private Investment Corporation and other 

superceded authorities. 

Sec. 605. Transitional authorities. 

Sec. 606. Savings provisions. 

Sec. 607. Other terminations. 

Sec. 608. Incidental transfers. 

Sec. 609. Reference. 

Sec. 610. Conforming amendments. 

1 SEC. 2. DEFINITIONS. 

2 In this Act: 

3 (1) APPROPRIATE CONGRESSIONAL COMMIT4 TEES.—The term ‘‘appropriate congressional com5 mittees’’ means— 

6 (A) the Committee on Foreign Relations 

7 and the Committee on Appropriations of the 

8 Senate; and 

9 (B) the Committee on Foreign Affairs and 

10 the Committee on Appropriations of the House 

11 of Representatives. 

12 (2) LESS DEVELOPED COUNTRY.—The term 

13 ‘‘less developed country’’ means a country with a 

14 low-income economy, lower-middle-income economy, 

15 or upper-middle-income economy, as defined by the 

16 International Bank for Reconstruction and Develop17 ment and the International Development Association 

18 (collectively referred to as the ‘‘World Bank’’). 
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1 (3) PREDECESSOR AUTHORITY.—The term 

2 ‘‘predecessor authority’’ means authorities repealed 

3 by title VI. 

4 (4) QUALIFYING SOVEREIGN ENTITY.—The 

5 term ‘‘qualifying sovereign entity’’ means— 

6 (A) any agency or instrumentality of a for7 eign state (as defined in section 1603 of title 

8 28, United States Code) that has a purpose 

9 that is similar to the purpose of the Corpora10 tion as described in section 102(b); or 

11 (B) any international financial institution 

12 (as defined in section 1701(c) of the Inter13 national Financial Institutions Act (22 U.S.C. 

14 262r(c))). 

15 TITLE I—ESTABLISHMENT 

16 SEC. 101. STATEMENT OF POLICY. 

17 It is the policy of the United States to facilitate mar18 ket-based private sector development and economic growth 

19 in less developed countries through the provision of credit, 

20 capital, and other financial support— 

21 (1) to mobilize private capital in support of sus22 tainable, broad-based economic growth, poverty re23 duction, and development through demand-driven 

24 partnerships with the private sector that further the 

25 foreign policy interests of the United States; 
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1 (2) to finance development that builds and 

2 strengthens civic institutions, promotes competition, 

3 and provides for public accountability and trans4 parency; 

5 (3) to help private sector actors overcome iden6 tifiable market gaps and inefficiencies without dis7 torting markets; 

8 (4) to achieve clearly defined economic and so9 cial development outcomes; 

10 (5) to coordinate with institutions with pur11 poses similar to the purposes of the Corporation to 

12 leverage resources of those institutions to produce 

13 the greatest impact; 

14 (6) to provide countries a robust alternative to 

15 state-directed investments by authoritarian govern16 ments and United States strategic competitors using 

17 high standards of transparency and environmental 

18 and social safeguards, and which take into account 

19 the debt sustainability of partner countries; 

20 (7) to leverage private sector capabilities and 

21 innovative development tools to help countries tran22 sition from recipients of bilateral development assist23 ance toward increased self-reliance; and 

24 (8) to complement and be guided by overall 

25 United States foreign policy, development, and na-
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1 tional security objectives, taking into account the 

2 priorities and needs of countries receiving support. 

3 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

4 FINANCE CORPORATION. 

5 (a) ESTABLISHMENT.—There is established in the 

6 Executive branch the United States International Devel7 opment Finance Corporation (in this Act referred to as 

8 the ‘‘Corporation’’), which shall be a wholly owned Gov9 ernment corporation for purposes of chapter 91 of title 

10 31, United States Code, under the foreign policy guidance 

11 of the Secretary of State. 

12 (b) PURPOSE.—The purpose of the Corporation shall 

13 be to mobilize and facilitate the participation of private 

14 sector capital and skills in the economic development of 

15 less developed countries, as described in subsection (c), 

16 and countries in transition from nonmarket to market 

17 economies, in order to complement the development assist18 ance objectives, and advance the foreign policy interests, 

19 of the United States. In carrying out its purpose, the Cor20 poration, utilizing broad criteria, shall take into account 

21 in its financing operations the economic and financial 

22 soundness and development objectives of projects for 

23 which it provides support under title II. 

24 (c) LESS DEVELOPED COUNTRY FOCUS.— 
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1 (1) IN GENERAL.—The Corporation shall 

2 prioritize the provision of support under title II in 

3 less developed countries with a low-income economy 

4 or a lower-middle-income economy. 

5 (2) SUPPORT IN UPPER-MIDDLE-INCOME COUN6 TRIES.—The Corporation shall restrict the provision 

7 of support under title II in a less developed country 

8 with an upper-middle-income economy unless— 

9 (A) the President certifies to the appro10 priate congressional committees that such sup11 port furthers the national economic or foreign 

12 policy interests of the United States; and 

13 (B) such support is likely to be highly de14 velopmental or provide developmental benefits 

15 to the poorest population of that country. 

16 SEC. 103. MANAGEMENT OF CORPORATION. 

17 (a) STRUCTURE OF CORPORATION.—There shall be 

18 in the Corporation a Board of Directors (in this Act re19 ferred to as the ‘‘Board’’), a Chief Executive Officer, a 

20 Deputy Chief Executive Officer, a Chief Risk Officer, a 

21 Chief Development Officer, and such other officers as the 

22 Board may determine. 

23 (b) BOARD OF DIRECTORS.— 
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1 (1) DUTIES.—All powers of the Corporation 

2 shall vest in and be exercised by or under the au3 thority of the Board. The Board— 

4 (A) shall perform the functions specified to 

5 be carried out by the Board in this Act; 

6 (B) may prescribe, amend, and repeal by7 laws, rules, regulations, policies, and procedures 

8 governing the manner in which the business of 

9 the Corporation may be conducted and in which 

10 the powers granted to the Corporation by law 

11 may be exercised; and 

12 (C) shall develop, in consultation with 

13 stakeholders and other interested parties, a 

14 publicly-available policy with respect to con15 sultations, hearings, and other forms of engage16 ment in order to provide for meaningful public 

17 participation in the Board’s activities. 

18 (2) MEMBERSHIP OF BOARD.— 

19 (A) IN GENERAL.—The Board shall consist 

20 of— 

21 (i) the Chief Executive Officer of the 

22 Corporation; 

23 (ii) the officers specified in subpara24 graph (B); and 
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1 (iii) four other individuals who shall 

2 be appointed by the President, by and with 

3 the advice and consent of the Senate, of 

4 which— 

5 (I) one individual should be ap6 pointed from among a list of at least 

7 five individuals submitted by the ma8 jority leader of the Senate after con9 sultation with the chairman of the 

10 Committee on Foreign Relations of 

11 the Senate; 

12 (II) one individual should be ap13 pointed from among a list of at least 

14 five individuals submitted by the mi15 nority leader of the Senate after con16 sultation with the ranking member of 

17 the Committee on Foreign Relations 

18 of the Senate; 

19 (III) one individual should be ap20 pointed from among a list of at least 

21 five individuals submitted by the 

22 Speaker of the House of Representa23 tives after consultation with the chair24 man of the Committee on Foreign Af-
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1 fairs of the House of Representatives; 

2 and 

3 (IV) one individual should be ap4 pointed from among a list of at least 

5 five individuals submitted by the mi6 nority leader of the House of Rep7 resentatives after consultation with 

8 the ranking member of the Committee 

9 on Foreign Affairs of the House of 

10 Representatives. 

11 (B) OFFICERS SPECIFIED.— 

12 (i) IN GENERAL.—The officers speci13 fied in this subparagraph are the following: 

14 (I) The Secretary of State or a 

15 designee of the Secretary. 

16 (II) The Administrator of the 

17 United States Agency for Inter18 national Development or a designee of 

19 the Administrator. 

20 (III) The Secretary of the Treas21 ury or a designee of the Secretary. 

22 (IV) The Secretary of Commerce 

23 or a designee of the Secretary. 
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1 (ii) REQUIREMENTS FOR DES2 IGNEES.—A designee under clause (i) shall 

3 be selected from among officers— 

4 (I) appointed by the President, 

5 by and with the advice and consent of 

6 the Senate; 

7 (II) whose duties relate to the 

8 programs of the Corporation; and 

9 (III) who is designated by and 

10 serving at the pleasure of the Presi11 dent. 

12 (C) REQUIREMENTS FOR NONGOVERN13 MENT MEMBERS.—A member of the Board de14 scribed in subparagraph (A)(iii)— 

15 (i) may not be an officer or employee 

16 of the United States Government; 

17 (ii) shall have relevant experience, 

18 which may include experience relating to 

19 the private sector, the environment, labor 

20 organizations, or international develop21 ment, to carry out the purpose of the Cor22 poration; 

23 (iii) shall be appointed for a term of 

24 3 years and may be reappointed for one 

25 additional term; 
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1 (iv) shall serve until the member’s 

2 successor is appointed and confirmed; 

3 (v) shall be compensated at a rate 

4 equivalent to that of level IV of the Execu5 tive Schedule under section 5315 of title 5, 

6 United States Code, when engaged in the 

7 business of the Corporation; and 

8 (vi) may be paid per diem in lieu of 

9 subsistence at the applicable rate under 

10 the Federal Travel Regulation under sub11 title F of title 41, Code of Federal Regula12 tions, from time to time, while away from 

13 the home or usual place of business of the 

14 member. 

15 (3) CHAIRPERSON.—There shall be a Chair16 person of the Board designated by the President 

17 from among the individuals described in paragraph 

18 (2)(A). 

19 (4) VICE CHAIRPERSON.—The Administrator of 

20 the United States Agency for International Develop21 ment, or the designee of the Administrator under 

22 paragraph (2)(B)(i)(II), shall serve as the Vice 

23 Chairperson of the Board. 
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1 (5) QUORUM.—Five members of the Board 

2 shall constitute a quorum for the transaction of 

3 business by the Board. 

4 (c) PUBLIC HEARINGS.— 

5 (1) PUBLIC HEARINGS BY THE BOARD.—The 

6 Board shall hold at least one public hearing each 

7 year in order to afford an opportunity for any per8 son to present views with respect to whether— 

9 (A) the Corporation is carrying out its ac10 tivities in accordance with this Act; and 

11 (B) any support provided by the Corpora12 tion under title II in any country should be sus13 pended, expanded, or extended. 

14 (2) ADDITIONAL PUBLIC HEARINGS.—In con15 junction with each meeting of the Board, the Cor16 poration shall hold a public hearing in order to af17 ford an opportunity for any person to present views 

18 regarding the activities of the Corporation. Such 

19 views shall be made part of the record. 

20 (d) CHIEF EXECUTIVE OFFICER.— 

21 (1) APPOINTMENT.—There shall be in the Cor22 poration a Chief Executive Officer, who shall be ap23 pointed by the President, by and with the advice and 

24 consent of the Senate, and who shall serve at the 

25 pleasure of the President. 
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1 (2) AUTHORITIES AND DUTIES.—The Chief Ex2 ecutive Officer shall be responsible for the manage3 ment of the Corporation and shall exercise the pow4 ers and discharge the duties of the Corporation sub5 ject to the bylaws, rules, regulations, and procedures 

6 established by the Board. 

7 (3) RELATIONSHIP TO BOARD.—The Chief Ex8 ecutive Officer shall report to and be under the di9 rect authority of the Board. 

10 (4) COMPENSATION.—Section 5313 of title 5, 

11 United States Code, is amended by adding at the 

12 end the following: 

13 ‘‘Chief Executive Officer, United States Inter14 national Development Finance Corporation.’’. 

15 (e) DEPUTY CHIEF EXECUTIVE OFFICER.—There 

16 shall be in the Corporation a Deputy Chief Executive Offi17 cer, who shall be appointed by the President, by and with 

18 the advice and consent of the Senate, and who shall serve 

19 at the pleasure of the President. 

20 (f) CHIEF RISK OFFICER.— 

21 (1) APPOINTMENT.—Subject to the approval of 

22 the Board, the Chief Executive Officer of the Cor23 poration shall appoint a Chief Risk Officer, from 

24 among individuals with experience at a senior level 

25 in financial risk management, who— 
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1 (A) shall report directly to the Board; and 

2 (B) shall be removable only by a majority 

3 vote of the Board. 

4 (2) DUTIES.—The Chief Risk Officer shall, in 

5 coordination with the audit committee of the Board 

6 established under section 401, develop, implement, 

7 and manage a comprehensive process for identifying, 

8 assessing, monitoring, and limiting risks to the Cor9 poration, including the overall portfolio diversifica10 tion of the Corporation. 

11 (g) CHIEF DEVELOPMENT OFFICER.— 

12 (1) APPOINTMENT.—Subject to the approval of 

13 the Board, the Chief Executive Officer, in conjunc14 tion with the Administrator of the United States 

15 Agency for International Development, shall appoint 

16 a Chief Development Officer, from among individ17 uals with experience in development, who— 

18 (A) shall report directly to the Board; and 

19 (B) shall be removable only by a majority 

20 vote of the Board. 

21 (2) DUTIES.—The Chief Development Officer 

22 shall— 

23 (A) coordinate the Corporation’s develop24 ment policies and implementation efforts with 

25 the United States Agency for International De-
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1 velopment, the Millennium Challenge Corpora2 tion, and other relevant United States Govern3 ment departments and agencies, including di4 rectly liaising with missions of the United 

5 States Agency for International Development, 

6 to ensure that departments, agencies, and mis7 sions have training, awareness, and access to 

8 the Corporation’s tools in relation to develop9 ment policy and projects in countries; 

10 (B) under the guidance of the Chief Exec11 utive Officer, manage employees of the Cor12 poration that are dedicated to structuring, mon13 itoring and evaluating transactions and projects 

14 co-designed with the United States Agency for 

15 International Development and other relevant 

16 United States Government departments and 

17 agencies; 

18 (C) authorize and coordinate transfers of 

19 funds or other resources to and from such 

20 agencies, departments, or missions upon the 

21 concurrence of those institutions in support of 

22 the Corporation’s projects or activities; and 

23 (D) coordinate and implement the activi24 ties of the Corporation under section 405. 

25 (h) OFFICERS AND EMPLOYEES.— 
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1 (1) IN GENERAL.—Except as otherwise pro2 vided in this section, officers, employees, and agents 

3 shall be selected and appointed by the Corporation, 

4 and shall be vested with such powers and duties as 

5 the Corporation may determine. 

6 (2) ADMINISTRATIVELY DETERMINED EMPLOY7 EES.— 

8 (A) APPOINTMENT; COMPENSATION; RE9 MOVAL.—Of officers and employees employed 

10 by the Corporation under paragraph (1), not 

11 more than 50 may be appointed, compensated, 

12 or removed without regard to title 5, United 

13 States Code. 

14 (B) REINSTATEMENT.—Under such regu15 lations as the President may prescribe, officers 

16 and employees appointed to a position under 

17 subparagraph (A) may be entitled, upon re18 moval from such position (unless the removal 

19 was for cause), to reinstatement to the position 

20 occupied at the time of appointment or to a po21 sition of comparable grade and salary. 

22 (C) ADDITIONAL POSITIONS.—Positions 

23 authorized by subparagraph (A) shall be in ad24 dition to those otherwise authorized by law, in-
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1 cluding positions authorized under section 5108 

2 of title 5, United States Code. 

3 (D) RATES OF PAY FOR OFFICERS AND

4 EMPLOYEES.—The Corporation may set and 

5 adjust rates of basic pay for officers and em6 ployees appointed under subparagraph (A) 

7 without regard to the provisions of chapter 51 

8 or subchapter III of chapter 53 of title 5, 

9 United States Code, relating to classification of 

10 positions and General Schedule pay rates, re11 spectively. 

12 (3) LIABILITY OF EMPLOYEES.— 

13 (A) IN GENERAL.—An individual who is a 

14 member of the Board or an officer or employee 

15 of the Corporation has no liability under this 

16 Act with respect to any claim arising out of or 

17 resulting from any act or omission by the indi18 vidual within the scope of the employment of 

19 the individual in connection with any trans20 action by the Corporation. 

21 (B) RULE OF CONSTRUCTION.—Subpara22 graph (A) shall not be construed to limit per23 sonal liability of an individual for criminal acts 

24 or omissions, willful or malicious misconduct, 

25 acts or omissions for private gain, or any other 
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1 acts or omissions outside the scope of the indi2 vidual’s employment. 

3 (C) SAVINGS PROVISION.—This paragraph 

4 shall not be construed— 

5 (i) to affect— 

6 (I) any other immunities and 

7 protections that may be available to 

8 an individual described in subpara9 graph (A) under applicable law with 

10 respect to a transaction described in 

11 that subparagraph; or 

12 (II) any other right or remedy 

13 against the Corporation, against the 

14 United States under applicable law, or 

15 against any person other than an indi16 vidual described in subparagraph (A) 

17 participating in such a transaction; or 

18 (ii) to limit or alter in any way the 

19 immunities that are available under appli20 cable law for Federal officers and employ21 ees not described in this paragraph. 

22 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

23 The President shall appoint and maintain an Inspec24 tor General in the Corporation, in accordance with the In25 spector General Act of 1978 (5 U.S.C. App.). 
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1 SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 

2 (a) IN GENERAL.—The Board shall establish a trans3 parent and independent accountability mechanism. 

4 (b) FUNCTIONS.—The independent accountability 

5 mechanism established pursuant to subsection (a) shall— 

6 (1) annually evaluate and report to the Board 

7 and Congress regarding compliance with environ8 mental, social, labor, human rights, and trans9 parency standards, consistent with Corporation stat10 utory mandates; 

11 (2) provide a forum for resolving concerns re12 garding the impacts of specific Corporation-sup13 ported projects with respect to such standards; and 

14 (3) provide advice regarding Corporation 

15 projects, policies, and practices. 

16 TITLE II—AUTHORITIES 

17 SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP18 PORT. 

19 (a) IN GENERAL.—The authorities in this title should 

20 only be exercised to— 

21 (1) carry out of the policy of the United States 

22 in section 101 and the purpose of the Corporation 

23 in section 102; 

24 (2) mitigate risks to United States taxpayers by 

25 sharing risks with the private sector and qualifying 
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1 sovereign entities through co-financing and struc2 turing of tools; and 

3 (3) ensure that support provided under this 

4 title is additional to private sector resources by mo5 bilizing private capital that would otherwise not be 

6 deployed without such support. 

7 (b) LENDING AND GUARANTIES.— 

8 (1) IN GENERAL.—The Corporation may make 

9 loans or guaranties upon such terms and conditions 

10 as the Corporation may determine. 

11 (2) DENOMINATION.—Loans and guaranties 

12 issued under paragraph (1) may be denominated and 

13 repayable in United States dollars or foreign cur14 rencies. Foreign currency denominated loans and 

15 guaranties should only be provided if the Board de16 termines there is a substantive policy rationale for 

17 such loans and guaranties. 

18 (3) APPLICABILITY OF FEDERAL CREDIT RE19 FORM ACT OF 1990.—Loans and guaranties issued 

20 under paragraph (1) shall be subject to the require21 ments of the Federal Credit Reform Act of 1990 (2 

22 U.S.C. 661 et seq.). 

23 (c) EQUITY INVESTMENTS.— 

24 (1) IN GENERAL.—The Corporation may, as a 

25 minority investor, support projects with funds or use 
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1 other mechanisms for the purpose of purchasing, 

2 and may make and fund commitments to purchase, 

3 invest in, make pledges in respect of, or otherwise 

4 acquire, equity or quasi-equity securities or shares or 

5 financial interests of any entity, including as a lim6 ited partner or other investor in investment funds, 

7 upon such terms and conditions as the Corporation 

8 may determine. 

9 (2) DENOMINATION.—Support provided under 

10 paragraph (1) may be denominated and repayable in 

11 United States dollars or foreign currency. Foreign 

12 currency denominated support provided by para13 graph (1) should only be provided if the Board de14 termines there is a substantive policy rationale for 

15 such support. 

16 (3) GUIDELINES AND CRITERIA.—The Corpora17 tion shall develop guidelines and criteria to require 

18 that the use of the authority provided by paragraph 

19 (1) with respect to a project has a clearly defined 

20 development and foreign policy purpose, taking into 

21 account the following objectives: 

22 (A) The support for the project would be 

23 more likely than not to substantially reduce or 

24 overcome the effect of an identified market fail-
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1 ure in the country in which the project is car2 ried out. 

3 (B) The project would not have proceeded 

4 or would have been substantially delayed with5 out the support. 

6 (C) The support would meaningfully con7 tribute to transforming local conditions to pro8 mote the development of markets. 

9 (D) The support can be shown to be 

10 aligned with commercial partner incentives. 

11 (E) The support can be shown to have sig12 nificant developmental impact and will con13 tribute to long-term commercial sustainability. 

14 (F) The support furthers the policy of the 

15 United States described in section 101. 

16 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

17 (A) PER PROJECT LIMIT.—The aggregate 

18 amount of support provided under this sub19 section with respect to any project shall not ex20 ceed 30 percent of the aggregate amount of all 

21 equity investment made from any source to the 

22 project at the time that the Corporation ap23 proves support of the project. 

24 (B) TOTAL LIMIT.—Support provided pur25 suant to this subsection shall be limited to not 
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1 more than 35 percent of the Corporation’s ag2 gregate exposure on the date that such support 

3 is provided. 

4 (5) SALES AND LIQUIDATION OF POSITION.— 

5 The Corporation shall seek to sell and liquidate any 

6 support for a project provided under this subsection 

7 as soon as commercially feasible, commensurate with 

8 other similar investors in the project and taking into 

9 consideration the national security interests of the 

10 United States. 

11 (6) TIMETABLE.—The Corporation shall create 

12 a project-specific timetable for support provided 

13 under paragraph (1). 

14 (d) INSURANCE AND REINSURANCE.—The Corpora15 tion may issue insurance or reinsurance, upon such terms 

16 and conditions as the Corporation may determine, to pri17 vate sector entities and qualifying sovereign entities assur18 ing protection of their investments in whole or in part 

19 against any or all political risks such as currency incon20 vertibility and transfer restrictions, expropriation, war, 

21 terrorism, civil disturbance, breach of contract, or nonhon22 oring of financial obligations. 

23 (e) PROMOTION OF AND SUPPORT FOR PRIVATE IN24 VESTMENT OPPORTUNITIES.— 
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1 (1) IN GENERAL.—In order to carry out the 

2 purpose of the Corporation described in section 

3 102(b), the Corporation may initiate and support, 

4 through financial participation, incentive grant, or 

5 otherwise, and on such terms and conditions as the 

6 Corporation may determine, feasibility studies for 

7 the planning, development, and management of, and 

8 procurement for, potential bilateral and multilateral 

9 development projects eligible for support under this 

10 title, including training activities undertaken in con11 nection with such projects, for the purpose of pro12 moting investment in such projects and the identi13 fication, assessment, surveying, and promotion of 

14 private investment opportunities, utilizing wherever 

15 feasible and effective, the facilities of private inves16 tors. 

17 (2) CONTRIBUTIONS TO COSTS.—The Corpora18 tion shall, to the maximum extent practicable, re19 quire any person receiving funds under the authori20 ties of this subsection to— 

21 (A) share the costs of feasibility studies 

22 and other project planning services funded 

23 under this subsection; and 
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1 (B) reimburse the Corporation those funds 

2 provided under this section, if the person suc3 ceeds in project implementation. 

4 (f) SPECIAL PROJECTS AND PROGRAMS.—The Cor5 poration may administer and manage special projects and 

6 programs in support of specific transactions undertaken 

7 by the Corporation, including programs of financial and 

8 advisory support that provide private technical, profes9 sional, or managerial assistance in the development of 

10 human resources, skills, technology, capital savings, or in11 termediate financial and investment institutions or co12 operatives and including the initiation of incentives, 

13 grants, and studies for renewable energy, women’s eco14 nomic empowerment, microenterprise households, or other 

15 small business activities. 

16 (g) ENTERPRISE FUNDS.— 

17 (1) IN GENERAL.—The Corporation may, fol18 lowing consultation with the Secretary of State, the 

19 Administrator of the United States Agency for 

20 International Development, and the heads of other 

21 relevant departments or agencies, establish and op22 erate enterprise funds in accordance with this sub23 section. 

24 (2) PROCEDURES AND REQUIREMENTS.—The 

25 provisions of section 201 of the Support for East 
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1 European Democracy (SEED) Act of 1989 (22 

2 U.S.C. 5421) (other than the provisions of sub3 sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 

4 of that section), shall be deemed to apply with re5 spect to any enterprise fund established by the Cor6 poration under this subsection and to funds made 

7 available to any such enterprise fund in the same 

8 manner and to the same extent as such provisions 

9 apply with respect to enterprise funds established 

10 pursuant to such section 201 or to funds made avail11 able to enterprise funds established under that sec12 tion. 

13 (3) PURPOSES FOR WHICH SUPPORT MAY BE

14 PROVIDED.—The Corporation, subject to the ap15 proval of the Board, may designate private, non16 profit organizations as eligible to receive support 

17 under this title for the following purposes: 

18 (A) To promote development of economic 

19 freedom and private sectors, including small20 and medium-sized enterprises and joint ven21 tures with the United States and host country 

22 participants. 

23 (B) To facilitate access to credit to small24 and medium-sized enterprises with sound busi-
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1 ness plans in countries where there is limited 

2 means of accessing credit on market terms. 

3 (C) To promote policies and practices con4 ducive to economic freedom and private sector 

5 development. 

6 (D) To attract foreign direct investment 

7 capital to further promote private sector devel8 opment and economic freedom. 

9 (E) To complement the work of the United 

10 States Agency for International Development 

11 and other donors to improve the overall busi12 ness-enabling environment, financing the cre13 ation and expansion of the private business sec14 tor. 

15 (F) To make financially sustainable invest16 ments designed to generate measurable social 

17 benefits and build technical capacity in addition 

18 to financial returns. 

19 (4) OPERATION OF FUNDS.— 

20 (A) EXPENDITURES.—Funds made avail21 able to an enterprise fund shall be expended at 

22 the minimum rate necessary to make timely 

23 payments for projects and activities carried out 

24 under this subsection. 
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1 (B) ADMINISTRATIVE EXPENSES.—Not 

2 more than 3 percent per annum of the funds 

3 made available to an enterprise fund may be ob4 ligated or expended for the administrative ex5 penses of the enterprise fund. 

6 (5) BOARD OF DIRECTORS.—Each enterprise 

7 fund established under this subsection should be 

8 governed by a Board of Directors comprised of pri9 vate citizens of the United States or the host coun10 try, who— 

11 (A) shall be appointed by the President 

12 after consultation with the chairmen and rank13 ing members of the appropriate congressional 

14 committees; and 

15 (B) have pursued careers in international 

16 business and have demonstrated expertise in 

17 international and emerging market investment 

18 activities. 

19 (6) MAJORITY MEMBER REQUIREMENT.—The 

20 majority of the members of the Board of Directors 

21 shall be United States citizens who shall have rel22 evant experience relating to the purposes described 

23 in paragraph (3). 

24 (7) REPORTS.—Not later than 1 year after the 

25 date of the establishment of an enterprise fund 
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1 under this subsection, and annually thereafter until 

2 the enterprise fund terminates in accordance with 

3 paragraph (10), the Board of Directors of the enter4 prise fund shall— 

5 (A) submit to the appropriate congres6 sional committees a report— 

7 (i) detailing the administrative ex8 penses of the enterprise fund during the 

9 year preceding the submission of the re10 port; 

11 (ii) describing the operations, activi12 ties, engagement with civil society and rel13 evant local private sector entities, develop14 ment objectives and outcomes, financial 

15 condition, and accomplishments of the en16 terprise fund during that year; 

17 (iii) describing the results of any 

18 audit conducted under paragraph (8); and 

19 (iv) describing how audits conducted 

20 under paragraph (8) are informing the op21 erations and activities of the enterprise 

22 fund; and 

23 (B) publish, on a publicly available inter24 net website of the enterprise fund, each report 

25 required by subparagraph (A). 
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1 (8) OVERSIGHT.— 

2 (A) INSPECTOR GENERAL PERFORMANCE

3 AUDITS.— 

4 (i) IN GENERAL.—The Inspector Gen5 eral of the Corporation shall conduct peri6 odic audits of the activities of each enter7 prise fund established under this sub8 section. 

9 (ii) CONSIDERATION.—In conducting 

10 an audit under clause (i), the Inspector 

11 General shall assess whether the activities 

12 of the enterprise fund— 

13 (I) support the purposes de14 scribed in paragraph (3); 

15 (II) result in profitable private 

16 sector investing; and 

17 (III) generate measurable social 

18 benefits. 

19 (B) RECORDKEEPING REQUIREMENTS.— 

20 The Corporation shall ensure that each enter21 prise fund receiving support under this sub22 section— 

23 (i) keeps separate accounts with re24 spect to such support; and 
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1 (ii) maintains such records as may be 

2 reasonably necessary to facilitate effective 

3 audits under this paragraph. 

4 (9) RETURN OF FUNDS TO TREASURY.—Any 

5 funds resulting from any liquidation, dissolution, or 

6 winding up of an enterprise fund, in whole or in 

7 part, shall be returned to the Treasury of the United 

8 States. 

9 (10) TERMINATION.—The authority of an en10 terprise fund to provide support under this sub11 section shall terminate on the earlier of— 

12 (A) the date that is 7 years after the date 

13 of the first expenditure of amounts from the en14 terprise fund; or 

15 (B) the date on which the enterprise fund 

16 is liquidated. 

17 (h) SUPERVISION OF SUPPORT.—Support provided 

18 under this title shall be subject to section 622(c) of the 

19 Foreign Assistance Act of 1961 (22 U.S.C. 2382(c)). 

20 SEC. 202. TERMS AND CONDITIONS. 

21 (a) IN GENERAL.—Except as provided in subsection 

22 (b), support provided by the Corporation under this title 

23 shall be on such terms and conditions as the Corporation 

24 may prescribe. 
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1 (b) REQUIREMENTS.—The following requirements 

2 apply to support provided by the Corporation under this 

3 title: 

4 (1) The Corporation shall provide support using 

5 authorities under this title only if it is necessary— 

6 (A) to alleviate a credit market imperfec7 tion; or 

8 (B) to achieve specified development or 

9 foreign policy objectives of the United States 

10 Government by providing support in the most 

11 efficient way to meet those objectives on a case12 by-case basis. 

13 (2) The final maturity of a loan made or guar14 anteed by the Corporation shall not exceed the lesser 

15 of— 

16 (A) 25 years; or 

17 (B) debt servicing capabilities of the 

18 project to be financed by the loan (as deter19 mined by the Corporation). 

20 (3) The Corporation shall, with respect to pro21 viding any loan guaranty to a project, require the 

22 parties to the project to bear the risk of loss in an 

23 amount equal to at least 20 percent of the guaran24 teed support by the Corporation in the project. 
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1 (4) The Corporation may not make or guar2 antee a loan unless the Corporation determines that 

3 the borrower or lender is responsible and that ade4 quate provision is made for servicing the loan on 

5 reasonable terms and protecting the financial inter6 est of the United States. 

7 (5) The interest rate for direct loans and inter8 est supplements on guaranteed loans shall be set by 

9 reference to a benchmark interest rate (yield) on 

10 marketable Treasury securities or other widely rec11 ognized or appropriate benchmarks with a similar 

12 maturity to the loans being made or guaranteed, as 

13 determined in consultation with the Director of the 

14 Office of Management and Budget and the Secretary 

15 of the Treasury. The Corporation shall establish ap16 propriate minimum interest rates for loans, guaran17 ties, and other instruments as necessary. 

18 (6) The minimum interest rate for new loans as 

19 established by the Corporation shall be adjusted pe20 riodically to take account of changes in the interest 

21 rate of the benchmark financial instrument. 

22 (7)(A) The Corporation shall set fees or pre23 miums for support provided under this title at levels 

24 that minimize the cost to the Government while sup25 porting achievement of the objectives of support. 
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1 (B) The Corporation shall review fees for loan 

2 guaranties periodically to ensure that the fees as3 sessed on new loan guaranties are at a level suffi4 cient to cover the Corporation’s most recent esti5 mates of its costs. 

6 (8) Any loan guaranty provided by the Corpora7 tion shall be conclusive evidence that— 

8 (A) the guaranty has been properly ob9 tained; 

10 (B) the loan qualified for the guaranty; 

11 and 

12 (C) but for fraud or material misrepresen13 tation by the holder of the guaranty, the guar14 anty is presumed to be valid, legal, and enforce15 able. 

16 (9) The Corporation shall prescribe explicit 

17 standards for use in periodically assessing the credit 

18 risk of new and existing direct loans or guaranteed 

19 loans. 

20 (10) The Corporation may not make loans or 

21 loan guaranties except to the extent that budget au22 thority to cover the costs of the loans or guaranties 

23 is provided in advance in an appropriations Act, as 

24 required by section 504 of the Federal Credit Re25 form Act of 1990 (2 U.S.C. 661c). 
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1 (11) The Corporation shall rely upon specific 

2 standards to assess the developmental and strategic 

3 value of projects for which it provides support and 

4 should only provide the minimum level of support 

5 necessary in order to support such projects. 

6 (12) Any loan or loan guaranty made by the 

7 Corporation should be provided on a senior basis or 

8 pari passu with other senior debt unless there is a 

9 substantive policy rationale to provide such support 

10 otherwise. 

11 SEC. 203. PAYMENT OF LOSSES. 

12 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

13 LOANS.— 

14 (1) IN GENERAL.—If the Corporation deter15 mines that the holder of a loan guaranteed by the 

16 Corporation suffers a loss as a result of a default by 

17 a borrower on the loan, the Corporation shall pay to 

18 the holder the percent of the loss, as specified in the 

19 guaranty contract after the holder of the loan has 

20 made such further collection efforts and instituted 

21 such enforcement proceedings as the Corporation 

22 may require. 

23 (2) SUBROGATION.—Upon making a payment 

24 described in paragraph (1), the Corporation shall en-
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1 sure the Corporation will be subrogated to all the 

2 rights of the recipient of the payment. 

3 (3) RECOVERY EFFORTS.—The Corporation 

4 shall pursue recovery from the borrower of the 

5 amount of any payment made under paragraph (1) 

6 with respect to the loan. 

7 (b) LIMITATION ON PAYMENTS.— 

8 (1) IN GENERAL.—Except as provided by para9 graph (2), compensation for insurance, reinsurance, 

10 or a guaranty issued under this title shall not exceed 

11 the dollar value of the tangible or intangible con12 tributions or commitments made in the project, plus 

13 interest, earnings, or profits actually accrued on 

14 such contributions or commitments, to the extent 

15 provided by such insurance, reinsurance, or guar16 anty. 

17 (2) EXCEPTION.— 

18 (A) IN GENERAL.—The Corporation may 

19 provide that— 

20 (i) appropriate adjustments in the in21 sured dollar value be made to reflect the 

22 replacement cost of project assets; and 

23 (ii) compensation for a claim of loss 

24 under insurance of an equity investment 

25 under section 201(d) may be computed on 
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1 the basis of the net book value attributable 

2 to the equity investment on the date of 

3 loss. 

4 (3) ADDITIONAL LIMITATION.— 

5 (A) IN GENERAL.—Notwithstanding para6 graph (2)(A)(ii) and except as provided in sub7 paragraph (B), the Corporation shall limit the 

8 amount of direct insurance and reinsurance 

9 issued under section 201 with respect to a 

10 project so as to require that the insured and its 

11 affiliates bear the risk of loss for at least 10 

12 percent of the amount of the Corporation’s ex13 posure to that insured and its affiliates in the 

14 project. 

15 (B) EXCEPTION.—The limitation under 

16 subparagraph (A) shall not apply to direct in17 surance or reinsurance of loans provided by 

18 banks or other financial institutions to unre19 lated parties. 

20 (c) ACTIONS BY ATTORNEY GENERAL.—The Attor21 ney General shall take such action as may be appropriate 

22 to enforce any right accruing to the United States as a 

23 result of the issuance of any loan or guaranty under this 

24 title. 
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1 (d) RULE OF CONSTRUCTION.—Nothing in this sec2 tion shall be construed to preclude any forbearance for the 

3 benefit of a borrower that may be agreed upon by the par4 ties to a loan guaranteed by the Corporation if budget au5 thority for any resulting costs to the United States Gov6 ernment (as defined in section 502 of the Federal Credit 

7 Reform Act of 1990 (2 U.S.C. 661a)) is available. 

8 SEC. 204. TERMINATION. 

9 (a) IN GENERAL.—The authorities provided under 

10 this title terminate on the date that is 7 years after the 

11 date of the enactment of this Act. 

12 (b) TERMINATION OF CORPORATION.—The Corpora13 tion shall terminate on the date on which the portfolio of 

14 the Corporation is liquidated. 

15 TITLE III—ADMINISTRATIVE 

16 AND GENERAL PROVISIONS 

17 SEC. 301. OPERATIONS. 

18 (a) BILATERAL AGREEMENTS.—The Corporation 

19 may provide support under title II in connection with 

20 projects in any country the government of which has en21 tered into an agreement with the United States author22 izing the Corporation to provide such support in that 

23 country. 

24 (b) CLAIMS SETTLEMENT.— 
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1 (1) IN GENERAL.—Claims arising as a result of 

2 support provided under title II or under predecessor 

3 authority may be settled, and disputes arising as a 

4 result thereof may be arbitrated with the consent of 

5 the parties, on such terms and conditions as the 

6 Corporation may determine. 

7 (2) SETTLEMENTS CONCLUSIVE.—Payment 

8 made pursuant to any settlement pursuant to para9 graph (1), or as a result of an arbitration award, 

10 shall be final and conclusive notwithstanding any 

11 other provision of law. 

12 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

13 executed by such officer or officers as may be designated 

14 by the Board shall be conclusively presumed to be issued 

15 in compliance with the requirements of this Act. 

16 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

17 Corporation shall implement policies to accept electronic 

18 documents and electronic payments in all of its programs. 

19 SEC. 302. CORPORATE POWERS. 

20 (a) IN GENERAL.—The Corporation— 

21 (1) may adopt, alter, and use a seal, to include 

22 an identifiable symbol of the United States; 

23 (2) may make and perform such contracts, in24 cluding no-cost contracts (as defined by the Corpora25 tion), grants, and other agreements notwithstanding 
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1 division C of subtitle I of title 41, United States 

2 Code, with any person or government however des3 ignated and wherever situated, as may be necessary 

4 for carrying out the functions of the Corporation; 

5 (3) may lease, purchase, or otherwise acquire, 

6 improve, and use such real property wherever situ7 ated, as may be necessary for carrying out the func8 tions of the Corporation and which, if done for the 

9 Corporation’s own occupancy, shall be made in con10 sultation with the Administrator of General Services; 

11 (4) may accept cash gifts or donations of serv12 ices or of property (real, personal, or mixed), tan13 gible or intangible, for the purpose of carrying out 

14 the functions of the Corporation; 

15 (5) may use the United States mails in the 

16 same manner and on the same conditions as the Ex17 ecutive departments (as defined in section 101 of 

18 title 5, United States Code); 

19 (6) may contract with individuals for personal 

20 services, who shall not be considered Federal em21 ployees for any provision of law administered by the 

22 Director of the Office of Personnel Management; 

23 (7) may hire or obtain passenger motor vehi24 cles; 

25 (8) may sue and be sued in its corporate name; 
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•HR 5105 EH

1 (9) may acquire, hold, or dispose of, upon such 

2 terms and conditions as the Corporation may deter3 mine, any property, real, personal, or mixed, tan4 gible or intangible, or any interest in such property 

5 and which, if done for the Corporation’s own occu6 pancy, shall be made in consultation with the Ad7 ministrator of General Services; 

8 (10) may lease office space for the Corpora9 tion’s own use, with the obligation of amounts for 

10 such lease limited to the current fiscal year for 

11 which payments are due until the expiration of the 

12 current lease under predecessor authority, as of the 

13 day before the date of the enactment of this Act; 

14 (11) may indemnify directors, officers, employ15 ees, and agents of the Corporation for liabilities and 

16 expenses incurred in connection with their activities 

17 on behalf of the Corporation; 

18 (12) notwithstanding any other provision of 

19 law, may represent itself or contract for representa20 tion in any legal or arbitral proceeding; 

21 (13) may exercise any priority of the Govern22 ment of the United States in collecting debts from 

23 bankrupt, insolvent, or decedents’ estates; 

24 (14) may collect, notwithstanding section 

25 3711(g)(1) of title 31, United States Code, or com-
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•HR 5105 EH

1 promise any obligations assigned to or held by the 

2 Corporation, including any legal or equitable rights 

3 accruing to the Corporation; 

4 (15) may make arrangements with foreign gov5 ernments (including agencies, instrumentalities, or 

6 political subdivisions of such governments) or with 

7 multilateral organizations or institutions for sharing 

8 liabilities; 

9 (16) may sell direct investments of the Corpora10 tion to private investors upon such terms and condi11 tions as the Corporation may determine; and 

12 (17) shall have such other powers as may be 

13 necessary and incident to carrying out the functions 

14 of the Corporation. 

15 (b) TREATMENT OF PROPERTY.—Notwithstanding 

16 any other provision of law relating to the acquisition, han17 dling, or disposal of property by the United States, the 

18 Corporation shall have the right in its discretion to com19 plete, recondition, reconstruct, renovate, repair, maintain, 

20 operate, or sell any property acquired by the Corporation 

21 pursuant to the provisions of this Act and which, if done 

22 for the Corporation’s own occupancy, shall be made in 

23 consultation with the Administrator of General Services. 
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1 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

2 (a) IN GENERAL.—The maximum contingent liability 

3 of the Corporation outstanding at any one time shall not 

4 exceed in the aggregate the amount specified in subsection 

5 (b). 

6 (b) AMOUNT SPECIFIED.— 

7 (1) INITIAL 5-YEAR PERIOD.—The amount 

8 specified in this subsection for the 5-year period be9 ginning on the date of the enactment of this Act, is 

10 $60,000,000,000. 

11 (2) SUBSEQUENT 5-YEAR PERIODS.—Not later 

12 than 5 years after the date of the enactment of this 

13 Act, and not less frequently than every 5 years 

14 thereafter, the amount specified in paragraph (1) 

15 shall be adjusted to reflect the percentage of the in16 crease (if any) in the average of the Consumer Price 

17 Index during the preceding 5-year period. 

18 (3) CONSUMER PRICE INDEX DEFINED.—In 

19 this subsection, the term ‘‘Consumer Price Index’’ 

20 means the most recent Consumer Price Index for All 

21 Urban Consumers published by the Bureau of Labor 

22 Statistics of the Department of Labor. 

23 SEC. 304. CORPORATE FUNDS. 

24 (a) CORPORATE CAPITAL ACCOUNT.—There is estab25 lished in the Treasury of the United States a fund to be 
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1 known as the ‘‘Corporate Capital Account’’ to carry out 

2 the purposes of the Corporation. 

3 (b) FUNDING.—The Corporate Capital Account shall 

4 consist of— 

5 (1) fees charged and collected pursuant to sub6 section (c); 

7 (2) any amounts received pursuant to sub8 section (e); 

9 (3) investments and returns on such invest10 ments pursuant to subsection (g); 

11 (4) unexpended balances transferred to the Cor12 poration pursuant to subsection (i); 

13 (5) payments received in connection with settle14 ments of all insurance and reinsurance claims of the 

15 Corporation; and 

16 (6) all other collections transferred to or earned 

17 by the Corporation, excluding the cost, as defined in 

18 section 502 of the Federal Credit Reform Act of 

19 1990 (2 U.S.C. 661a), of loans and loan guaranties. 

20 (c) FEE AUTHORITY.—Fees may be charged and col21 lected for providing services in amounts to be determined 

22 by the Corporation. 

23 (d) USES.— 

24 (1) IN GENERAL.—Subject to Acts making ap25 propriations, the Corporation is authorized to pay— 
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1 (A) the cost, as defined in section 502 of 

2 the Federal Credit Reform Act of 1990, of 

3 loans and loan guaranties; 

4 (B) administrative expenses of the Cor5 poration; 

6 (C) for the cost of providing support au7 thorized by subsections (c), (e), (f), and (g) of 

8 section 201; and 

9 (D) project-specific transaction costs. 

10 (2) INCOME AND REVENUE.—In order to carry 

11 out the purposes of the Corporation, all collections 

12 transferred to or earned by the Corporation, exclud13 ing the cost, as defined in section 502 of the Federal 

14 Credit Reform Act of 1990, of loans and loan guar15 anties, shall be deposited into the Corporate Capital 

16 Account and shall be available to carry out its pur17 pose, including without limitation— 

18 (A) payment of all insurance and reinsur19 ance claims of the Corporation; 

20 (B) repayments to the Treasury of 

21 amounts borrowed under subsection (e); and 

22 (C) dividend payments to the Treasury 

23 under subsection (f). 

24 (e) FULL FAITH AND CREDIT.— 
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1 (1) IN GENERAL.—All support provided pursu2 ant to predecessor authorities or title II shall con3 tinue to constitute obligations of the United States, 

4 and the full faith and credit of the United States is 

5 hereby pledged for the full payment and perform6 ance of such obligations. 

7 (2) AUTHORITY TO BORROW.—The Corporation 

8 is authorized to borrow from the Treasury such 

9 sums as may be necessary to fulfill such obligations 

10 of the United States and any such borrowing shall 

11 be at a rate determined by the Secretary of the 

12 Treasury, taking into consideration the current aver13 age market yields on outstanding marketable obliga14 tions of the United States of comparable maturities, 

15 for a period jointly determined by the Corporation 

16 and the Secretary, and subject to such terms and 

17 conditions as the Secretary may require. 

18 (f) DIVIDENDS.—The Board, in consultation with the 

19 Director of the Office of Management and Budget, shall 

20 annually assess a dividend payment to the Treasury if the 

21 Corporation’s insurance portfolio is more than 100 per22 cent reserved. 

23 (g) INVESTMENT AUTHORITY.— 

24 (1) IN GENERAL.—The Corporation may re25 quest the Secretary of the Treasury to invest such 
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1 portion of the Corporate Capital Account as is not, 

2 in the Corporation’s judgement, required to meet the 

3 current needs of the Corporate Capital Account. 

4 (2) FORM OF INVESTMENTS.—Such invest5 ments shall be made by the Secretary of the Treas6 ury in public debt obligations, with maturities suit7 able to the needs of the Corporate Capital Account, 

8 as determined by the Corporation, and bearing inter9 est at rates determined by the Secretary, taking into 

10 consideration current market yields on outstanding 

11 marketable obligations of the United States of com12 parable maturities. 

13 (h) COLLECTIONS.—Interest earnings made pursuant 

14 to subsection (g), earnings collected related to equity in15 vestments, and amounts, excluding fees related to insur16 ance or reinsurance, collected pursuant to subsection (c), 

17 shall not be collected for any fiscal year except to the ex18 tent provided in advance in appropriations Acts. 

19 (i) TRANSFER FROM PREDECESSOR AGENCIES AND

20 PROGRAMS.—By the date end of the transition period de21 scribed in title VI, the unexpended balances, assets, and 

22 responsibilities of any agency specified in the plan re23 quired by section 602 shall be transferred to the Corpora24 tion. 
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1 (j) TRANSFER OF FUNDS.—In order to carry out this 

2 Act, funds authorized to be appropriated to carry out the 

3 Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) 

4 may be transferred to the Corporation and funds author5 ized to be appropriated to the Corporation may be trans6 ferred to the Department of State and the United States 

7 Agency for International Development. 

8 (k) DEFINITION.—In this section, the term ‘‘project9 specific transaction costs’’— 

10 (1) means those costs incurred by the Corpora11 tion for travel, legal expenses, and direct and indi12 rect costs incurred in claims settlements associated 

13 with the provision of support under title II and shall 

14 not be considered administrative expenses for the 

15 purposes of this section; and 

16 (2) does not include information technology (as 

17 such term is defined in section 11101 of title 40, 

18 United States Code). 

19 SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 

20 AGENCIES. 

21 It is the sense of Congress that the Corporation 

22 should use relevant data of the Department of State, the 

23 Millennium Challenge Corporation, the United States 

24 Agency for International Development, and other depart25 ments and agencies that have development functions to 
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1 better inform the decisions of the Corporation with respect 

2 to providing support under title II. 

3 TITLE IV—MONITORING, 

4 EVALUATION, AND REPORTING 

5 SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT6 TEES. 

7 (a) IN GENERAL.—To assist the Board to fulfill its 

8 duties and responsibilities under section 201(a), the Cor9 poration shall establish a risk committee and an audit 

10 committee. 

11 (b) DUTIES AND RESPONSIBILITIES OF RISK COM12 MITTEE.—Subject to the direction of the Board, the risk 

13 committee established under subsection (a) shall have 

14 oversight responsibility of— 

15 (1) formulating risk management policies of the 

16 operations of the Corporation; 

17 (2) reviewing and providing guidance on oper18 ation of the Corporation’s global risk management 

19 framework; 

20 (3) developing policies for enterprise risk man21 agement, monitoring, and management of strategic, 

22 reputational, regulatory, operational, developmental, 

23 environmental, social, and financial risks; 

24 (4) developing the risk profile of the Corpora25 tion, including a risk management and compliance 
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1 framework and governance structure to support such 

2 framework; and 

3 (5) developing policies and procedures for as4 sessing, prior to providing, and for any period dur5 ing which the Corporation provides, support to any 

6 foreign entities, whether such entities have in place 

7 sufficient enhanced due diligence policies and prac8 tices to prevent money laundering and corruption to 

9 ensure the Corporation does not provide support to 

10 persons that are— 

11 (A) knowingly engaging in acts of corrup12 tion; 

13 (B) knowingly providing material or finan14 cial support for terrorism, drug trafficking, or 

15 human trafficking; or 

16 (C) responsible for ordering or otherwise 

17 directing serious or gross violations of human 

18 rights. 

19 (c) DUTIES AND RESPONSIBILITIES OF AUDIT COM20 MITTEE.—Subject to the direction of the Board, the audit 

21 committee established under subsection (a) shall have the 

22 oversight responsibility of— 

23 (1) the integrity of the Corporation’s financial 

24 reporting and systems of internal controls regarding 

25 finance and accounting; 
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1 (2) the integrity of the Corporation’s financial 

2 statements; 

3 (3) the performance of the Corporation’s inter4 nal audit function; and 

5 (4) compliance with legal and regulatory re6 quirements related to the finances of the Corpora7 tion. 

8 SEC. 402. PERFORMANCE MEASURES, EVALUATION, AND 

9 LEARNING. 

10 (a) IN GENERAL.—The Corporation shall develop a 

11 performance measurement system to evaluate and monitor 

12 projects supported by the Corporation under title II and 

13 to guide future projects of the Corporation. 

14 (b) CONSIDERATIONS.—In developing the perform15 ance measurement system required by subsection (a), the 

16 Corporation shall— 

17 (1) develop a successor for the development im18 pact measurement system of the Overseas Private 

19 Investment Corporation (as such system was in ef20 fect on the day before the date of enactment of this 

21 Act); 

22 (2) develop a mechanism for ensuring that sup23 port provided by the Corporation under title II is in 

24 addition to private investment; 
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1 (3) develop standards for, and a method for en2 suring, appropriate financial performance of the 

3 Corporation’s portfolio; and 

4 (4) develop standards for, and a method for en5 suring, appropriate development performance of the 

6 Corporation’s portfolio, including— 

7 (A) measurement of the projected and ex 

8 post development impact of a project; and 

9 (B) the information necessary to comply 

10 with section 403. 

11 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA12 TION.—The Corporation shall make available to the public 

13 on a regular basis information about support provided by 

14 the Corporation under title II and performance metrics 

15 about such support on a country-by-country basis. 

16 (d) COLLABORATION.—In developing the perform17 ance measurement system required by subsection (a), the 

18 Corporation shall consult with stakeholders and other in19 terested parties engaged in sustainable economic growth 

20 and development. 

21 SEC. 403. ANNUAL REPORT. 

22 (a) IN GENERAL.—After the end of each fiscal year, 

23 the Corporation shall submit to the appropriate congres24 sional committees a complete and detailed report of its op-
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1 erations during that fiscal year, including an assessment 

2 of— 

3 (1) the economic and social development im4 pact, including with respect to matters described in 

5 subsections (d) and (e) of section 501, of projects 

6 supported by the Corporation under title II; 

7 (2) the extent to which the operations of the 

8 Corporation complement or are compatible with the 

9 development assistance programs of the United 

10 States and qualifying sovereign entities; 

11 (3) the Corporation’s institutional linkages with 

12 other relevant United States Government depart13 ment and agencies, including efforts to strengthen 

14 such linkages; and 

15 (4) the compliance of projects supported by the 

16 Corporation under title II with human rights, envi17 ronmental, labor, and social policies, or other such 

18 related policies that govern the Corporation’s sup19 port for projects, promulgated or otherwise adminis20 tered by the Corporation. 

21 (b) ELEMENTS.—Each annual report required by 

22 subsection (a) shall include analyses of the effects of 

23 projects supported by the Corporation under title II, in24 cluding— 

25 (1) reviews and analyses of— 
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1 (A) the desired development outcomes for 

2 projects and whether or not the Corporation is 

3 meeting the associated metrics, goals, and de4 velopment objectives, including, to the extent 

5 practicable, in the years after conclusion of 

6 projects; and 

7 (B) the effect of the Corporation’s support 

8 on access to capital and ways in which the Cor9 poration is addressing identifiable market gaps 

10 or inefficiencies and what impact, if any, such 

11 support has on access to credit for a specific 

12 project, country, or sector; 

13 (2) an explanation of any partnership arrange14 ment or cooperation with a qualifying sovereign enti15 ty in support of each project; 

16 (3) projections of— 

17 (A) development outcomes, and whether or 

18 not support for projects are meeting the associ19 ated performance measures, both during the 

20 start-up phase and over the duration of the 

21 support, and to the extent practicable, measures 

22 of such development outcomes should be on a 

23 gender-disaggregated basis, such as changes in 

24 employment, access to financial services, enter25 prise development and growth, and composition 
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1 of executive boards and senior leadership of en2 terprises receiving support under title II; and 

3 (B) the value of private sector assets 

4 brought to bear relative to the amount of sup5 port provided by the Corporation and the value 

6 of any other public sector support; and 

7 (4) an assessment of the extent to which lessons 

8 learned from the monitoring and evaluation activities 

9 of the Corporation, and from annual reports from 

10 previous years compiled by the Corporation, have 

11 been applied to projects. 

12 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

13 The Corporation shall— 

14 (1) maintain a user-friendly, publicly available, 

15 machine-readable database with detailed country16 level information, including a description of the sup17 port provided by the Corporation under title II; and 

18 (2) include a clear link to information about 

19 each project supported by the Corporation under 

20 title II on the internet website of the Department of 

21 State, ‘‘ForeignAssistance.gov’’, or a successor 

22 website or other online publication. 

23 SEC. 405. ENGAGEMENT WITH INVESTORS. 

24 (a) IN GENERAL.—The Corporation, acting through 

25 the Chief Development Officer, shall, in cooperation with 
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1 the Administrator of the United States Agency for Inter2 national Development— 

3 (1) develop a strategic relationship with private 

4 sector entities focused at the nexus of business op5 portunities and development priorities; 

6 (2) engage such entities and reduce business 

7 risks primarily through direct transaction support 

8 and facilitating investment partnerships; 

9 (3) develop and support tools, approaches, and 

10 intermediaries that can mobilize private finance at 

11 scale in the developing world; 

12 (4) pursue projects of all sizes, especially those 

13 that are small but designed for work in the most un14 derdeveloped areas, including countries with chronic 

15 suffering as a result of extreme poverty, fragile insti16 tutions, or a history of violence; and 

17 (5) pursue projects consistent with the policy of 

18 the United States described in section 101 and the 

19 Joint Strategic Plan and the Mission Country Devel20 opment Cooperation Strategies of the United States 

21 Agency for International Development. 

22 (b) ASSISTANCE.—To achieve the goals described in 

23 subsection (a), the Corporation shall— 

24 (1) develop risk mitigation tools; 
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1 (2) provide transaction structuring support for 

2 blended finance models; 

3 (3) support intermediaries linking capital sup4 ply and demand; 

5 (4) coordinate with other Federal agencies to 

6 support or accelerate transactions; 

7 (5) convene financial, donor, civil society, and 

8 public sector partners around opportunities for pri9 vate finance within development priorities; 

10 (6) offer strategic planning and programming 

11 assistance to catalyze investment into priority sec12 tors; 

13 (7) provide transaction structuring support; 

14 (8) deliver training and knowledge management 

15 tools for engaging private investors; 

16 (9) partner with private sector entities that pro17 vide access to capital and expertise; and 

18 (10) identify and screen new investment part19 ners. 

20 (c) TECHNICAL ASSISTANCE.—The Corporation shall 

21 coordinate with the United States Agency for Inter22 national Development and other agencies and depart23 ments, as necessary, on projects and programs supported 

24 by the Corporation that include technical assistance. 
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1 SEC. 406. NOTIFICATION OF SUPPORT TO BE PROVIDED BY 

2 THE CORPORATION. 

3 (a) IN GENERAL.—Not later than 15 days prior to 

4 the Corporation making a financial commitment associ5 ated with the provision of support under title II in an 

6 amount in excess of $10,000,000, the Chief Executive Of7 ficer of the Corporation shall submit to the Committee on 

8 Foreign Affairs and the Committee on Appropriations of 

9 the House of Representatives and the Committee on For10 eign Relations and the Committee on Appropriations of 

11 the Senate a report in writing that contains the informa12 tion required by subsection (b). 

13 (b) INFORMATION REQUIRED.—The information re14 quired by this subsection includes— 

15 (1) the amount of each such financial commit16 ment; 

17 (2) an identification of the recipient or bene18 ficiary; and 

19 (3) a description of the project, activity, or 

20 asset and the development goal or purpose to be 

21 achieved by providing support by the Corporation. 

22 TITLE V—CONDITIONS, RESTRIC23 TIONS, AND PROHIBITIONS 

24 SEC. 501. LIMITATIONS AND PREFERENCES. 

25 (a) LIMITATION ON SUPPORT FOR SINGLE ENTI26 TY.—No entity receiving support from the Corporation 
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1 under title II may receive more than an amount equal to 

2 5 percent of the Corporation’s maximum contingent liabil3 ity authorized under section 303. 

4 (b) PREFERENCE FOR SUPPORT FOR PROJECTS

5 SPONSORED BY UNITED STATES PERSONS.— 

6 (1) IN GENERAL.—The Corporation should give 

7 preferential consideration to projects sponsored by 

8 or involving private sector entities that are United 

9 States persons. 

10 (2) UNITED STATES PERSON DEFINED.—In this 

11 subsection, the term ‘‘United States person’’ 

12 means— 

13 (A) a United States citizen; or 

14 (B) an entity significantly beneficially 

15 owned by individuals described in subparagraph 

16 (A). 

17 (c) PREFERENCE FOR SUPPORT IN COUNTRIES IN

18 COMPLIANCE WITH INTERNATIONAL TRADE OBLIGA19 TIONS.— 

20 (1) CONSULTATIONS WITH UNITED STATES

21 TRADE REPRESENTATIVE.—Not less frequently than 

22 annually, the Corporation shall consult with the 

23 United States Trade Representative with respect to 

24 the status of countries eligible to receive support 

25 from the Corporation under title II and the compli-
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1 ance of those countries with their international trade 

2 obligations. 

3 (2) PREFERENTIAL CONSIDERATION.—The Cor4 poration shall give preferential consideration to pro5 viding support under title II for projects in countries 

6 in compliance with or making substantial progress 

7 coming into compliance with their international 

8 trade obligations. 

9 (d) WORKER RIGHTS.— 

10 (1) IN GENERAL.—The Corporation should sup11 port projects under title II in countries that are tak12 ing steps to adopt and implement laws that extend 

13 internationally recognized worker rights (as defined 

14 in section 507 of the Trade Act of 1974 (19 U.S.C. 

15 2467)) to workers in that country, including any 

16 designated zone in that country. 

17 (2) REQUIRED CONTRACT LANGUAGE.—The 

18 Corporation shall also include the following lan19 guage, in substantially the following form, in all con20 tracts which the Corporation enters into with eligible 

21 investors to provide support under title II: ‘‘The per22 son receiving support agrees not to take actions to 

23 prevent employees of the foreign enterprise from 

24 lawfully exercising their right of association and 

25 their right to organize and bargain collectively. The 
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1 person further agrees to observe applicable laws re2 lating to a minimum age for employment of children, 

3 acceptable conditions of work with respect to min4 imum wages, hours of work, and occupational health 

5 and safety, and not to use forced labor or the worst 

6 forms of child labor (as defined in section 507 of the 

7 Trade Act of 1974 (19 U.S.C. 2467(6))). The per8 son is not responsible under this paragraph for the 

9 actions of a foreign government.’’. 

10 (e) ENVIRONMENTAL AND SOCIAL IMPACT.—The 

11 Board shall not vote in favor of any project proposed to 

12 be supported by the Corporation under title II that is like13 ly to have significant adverse environmental or social im14 pacts that are sensitive, diverse, or unprecedented, un15 less— 

16 (1) at least 60 days before the date of the vote, 

17 an environmental and social impact assessment or 

18 initial environmental and social audit, analyzing the 

19 environmental and social impacts of the proposed 

20 project and of alternatives to the proposed project, 

21 is completed; and 

22 (2) such assessment or audit has been made 

23 available to the public of the United States, locally 

24 affected groups in the country in which the project 
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1 will be carried out, and nongovernmental organiza2 tions in that country. 

3 (f) WOMEN’S ECONOMIC EMPOWERMENT.—In uti4 lizing its authorities under title II, the Corporation should 

5 consider the impacts of its support on women’s economic 

6 opportunities and outcomes and make efforts to mitigate 

7 gender gaps and maximize development impact by working 

8 to improve women’s economic opportunities. 

9 (g) PREFERENCE FOR PROVISION OF SUPPORT IN

10 COUNTRIES EMBRACING PRIVATE ENTERPRISE.— 

11 (1) IN GENERAL.—The Corporation should give 

12 preferential consideration to projects for which sup13 port under title II may potentially be provided in 

14 countries the governments of which have dem15 onstrated consistent support for economic policies 

16 that promote the development of private enterprise, 

17 both domestic and foreign, and maintaining the con18 ditions that enable private enterprise to make its full 

19 contribution to the development of such countries, 

20 including— 

21 (A) market-based economic policies; 

22 (B) protecting private property rights; 

23 (C) respect for the rule of law; and 

24 (D) systems to combat corruption and 

25 bribery. 
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1 (2) SOURCES OF INFORMATION.—The Corpora2 tion should rely on both third-party indicators and 

3 United States Government information, such as the 

4 Department of State’s Investment Climate State5 ments, the Department of Commerce’s Country 

6 Commercial Guides, or the Millennium Challenge 

7 Corporation’s Constraints Analysis, to assess wheth8 er countries meet the conditions described in para9 graph (1). 

10 (h) CONSIDERATION OF FOREIGN BOYCOTT PARTICI11 PATION.—In providing support for projects under title II, 

12 the Corporation shall consider, using information readily 

13 available, whether the project is sponsored by or substan14 tially affiliated with any person taking or knowingly agree15 ing to take actions, or having taken or knowingly agreed 

16 to take actions within the past 3 years, which demonstrate 

17 or otherwise evidence intent to comply with, further, or 

18 support any boycott fostered or imposed by any foreign 

19 country, or request to impose any boycott by any foreign 

20 country, against a country which is friendly to the United 

21 States and which is not itself the object of any form of 

22 boycott pursuant to United States law or regulation. 
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1 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 

2 DISTORTION. 

3 (a) IN GENERAL.—Before the Corporation provides 

4 support for a project under title II, the Corporation shall 

5 ensure that private sector entities are afforded an oppor6 tunity to support the project. 

7 (b) SAFEGUARDS, POLICIES, AND GUIDELINES.—The 

8 Corporation shall develop appropriate safeguards, policies, 

9 and guidelines to ensure that support provided by the Cor10 poration under title II— 

11 (1) supplements and encourages, but does not 

12 compete with, private sector support; 

13 (2) operates according to internationally recog14 nized best practices and standards with respect to 

15 ensuring the avoidance of market distorting govern16 ment subsidies and the crowding out of private sec17 tor lending; and 

18 (3) does not have a significant adverse impact 

19 on United States employment. 

20 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

21 COUNTRIES AND WITH SANCTIONED PER22 SONS. 

23 (a) IN GENERAL.—The Corporation is prohibited 

24 from providing support under title II in a country the gov25 ernment of which the Secretary of State has determined 
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1 has repeatedly provided support for acts of international 

2 terrorism for purposes of— 

3 (1) section 6(j)(1)(A) of the Export Administra4 tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as con5 tinued in effect pursuant to the International Emer6 gency Economic Powers Act (50 U.S.C. 1701 et 

7 seq.)); 

8 (2) section 620A(a) of the Foreign Assistance 

9 Act of 1961 (22 U.S.C. 2371(a)); 

10 (3) section 40(d) of the Arms Export Control 

11 Act (22 U.S.C. 2780(d)); or 

12 (4) any other provision of law. 

13 (b) PROHIBITION ON SUPPORT OF SANCTIONED PER14 SONS.—The Corporation is prohibited from supporting a 

15 project under title II that directly benefits any entity sub16 ject to sanctions imposed by the United States. 

17 (c) PROHIBITION ON SUPPORT OF ACTIVITIES SUB18 JECT TO SANCTIONS.—The Corporation shall require any 

19 entity or party receiving support under title II to certify 

20 it, any entity owned or controlled by the entity or party, 

21 or any entity or party which owns or otherwise manages 

22 the entity or party receiving support, does not conduct any 

23 activities subject to sanctions imposed by the United 

24 States. 
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1 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

2 AND BRIBERY. 

3 Subsections (g), (l), and (n) of section 237 of the 

4 Foreign Assistance Act of 1961 (22 U.S.C. 2197) shall 

5 apply with respect to the Corporation to the same extent 

6 and in the same manner as such subsections applied with 

7 respect to the Overseas Private Investment Corporation 

8 on the day before the date of the enactment of this Act. 

9 TITLE VI—TRANSITIONAL 

10 PROVISIONS 

11 SEC. 601. DEFINITIONS. 

12 In this title: 

13 (1) AGENCY.—The term ‘‘agency’’ includes any 

14 entity, organizational unit, program, or function. 

15 (2) TRANSITION PERIOD.—The term ‘‘transi16 tion period’’ means the period— 

17 (A) beginning on the date of the enactment 

18 of this Act; and 

19 (B) ending on the effective date of the re20 organization plan required by section 602(e). 

21 SEC. 602. REORGANIZATION PLAN. 

22 (a) SUBMISSION OF PLAN.— 

23 (1) IN GENERAL.—Not later than 120 days 

24 after the date of the enactment of this Act, the 

25 President shall transmit to the appropriate congres-
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1 sional committees a reorganization plan regarding 

2 the following: 

3 (A) The transfer of agencies, personnel, 

4 assets, and obligations to the Corporation pur5 suant to this title. 

6 (B) Any consolidation, reorganization, or 

7 streamlining of agencies transferred to the Cor8 poration pursuant to this title. 

9 (C) Any efficiencies or cost savings 

10 achieved as a result of the transfer of agencies, 

11 personnel, assets, and obligations to the Cor12 poration pursuant to this title, including reduc13 tions in unnecessary or duplicative operations, 

14 assets, and personnel. 

15 (2) CONSULTATION.—Not later than 15 days 

16 before the date on which the plan is transmitted 

17 pursuant to this subsection, the President shall con18 sult with the appropriate congressional committees 

19 on such plan. 

20 (b) PLAN ELEMENTS.—The plan transmitted under 

21 subsection (a) shall contain, consistent with this Act, such 

22 elements as the President deems appropriate, including 

23 the following: 

24 (1) Identification of any functions of agencies 

25 transferred to the Corporation pursuant to this title 
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1 that will not be transferred to the Corporation under 

2 the plan. 

3 (2) Specification of the steps to be taken to or4 ganize the Corporation, including the delegation or 

5 assignment of functions transferred to the Corpora6 tion. 

7 (3) Specification of the funds available to each 

8 agency that will be transferred to the Corporation as 

9 a result of transfers under the plan. 

10 (4) Specification of the proposed allocations 

11 within the Corporation of unexpended funds trans12 ferred in connection with transfers under the plan. 

13 (5) Specification of any proposed disposition of 

14 property, facilities, contracts, records, and other as15 sets and obligations of agencies transferred under 

16 the plan. 

17 (c) REPORT ON COORDINATION.— 

18 (1) IN GENERAL.—The transfer of functions 

19 authorized by this section may occur only after the 

20 President and Chief Executive Officer of the Over21 seas Private Investment Corporation and the Admin22 istrator of the United States Agency for Inter23 national Development jointly submit to the Com24 mittee on Foreign Affairs and Committee on Appro25 priations of the House of Representatives and Com-
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1 mittee on Foreign Relations and Committee on Ap2 propriations of the Senate a report in writing that 

3 contains the information required by paragraph (2). 

4 (2) INFORMATION REQUIRED.—The information 

5 required by this paragraph includes a description in 

6 detail of the procedures to be followed after the 

7 transfer of functions authorized by this section have 

8 occurred to coordinate between the Corporation and 

9 the United States Agency for International Develop10 ment in carrying out the functions so transferred. 

11 (d) MODIFICATION OF PLAN.—The President shall 

12 consult with the appropriate congressional committees be13 fore making any material modification or revision to the 

14 plan before the plan becomes effective in accordance with 

15 subsection (e). 

16 (e) EFFECTIVE DATE.— 

17 (1) IN GENERAL.—The reorganization plan de18 scribed in this section, including any modifications 

19 or revisions of the plan under subsection (c), shall 

20 become effective for an agency on the date specified 

21 in the plan (or the plan as modified pursuant to sub22 section (d)), except that such date may not be ear23 lier than 90 days after the date the President has 

24 transmitted the reorganization plan to the appro-
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1 priate congressional committees pursuant to sub2 section (a). 

3 (2) STATUTORY CONSTRUCTION.—Nothing in 

4 this subsection may be construed to require the 

5 transfer of functions, personnel, records, balances of 

6 appropriations, or other assets of an agency on a 

7 single date. 

8 SEC. 603. TRANSFER OF FUNCTIONS. 

9 (a) IN GENERAL.—Effective at the end of the transi10 tion period, there shall be transferred to the Corporation 

11 the functions, personnel, assets, and liabilities of— 

12 (1) the Overseas Private Investment Corpora13 tion, as in existence on the day before the date of 

14 the enactment of this Act; and 

15 (2) the following elements of the United States 

16 Agency for International Development: 

17 (A) The Development Credit Authority. 

18 (B) The existing Legacy Credit portfolio 

19 under the Urban Environment Program and 

20 any other direct loan programs and non-Devel21 opment Credit Authority guaranty programs 

22 authorized by the Foreign Assistance Act of 

23 1961 (22 U.S.C. 2151 et seq.) or other prede24 cessor Acts, as in existence on the date of the 
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1 enactment of this Act, other than any sovereign 

2 loan guaranties. 

3 (b) ADDITIONAL TRANSFER AUTHORITY.—Effective 

4 at the end of the transition period, there is authorized to 

5 be transferred to the Corporation the functions, personnel, 

6 assets, and liabilities of the following elements of the 

7 United States Agency for International Development: 

8 (1) The Office of Private Capital and Microen9 terprise. 

10 (2) The enterprise funds. 

11 (c) SOVEREIGN LOAN GUARANTY TRANSFER.— 

12 (1) IN GENERAL.—Effective at the end of the 

13 transition period, there is authorized to be trans14 ferred to the Corporation or any other appropriate 

15 department or agency of the United States Govern16 ment the loan accounts and the legal rights and re17 sponsibilities for the sovereign loan guaranty port18 folio held by the United States Agency for Inter19 national Development as in existence on the day be20 fore the date of the enactment of this Act. 

21 (2) INCLUSION IN REORGANIZATION PLAN.— 

22 The President shall include in the reorganization 

23 plan submitted under section 602 a description of 

24 the transfer authorized under paragraph (1). 
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1 (d) BILATERAL AGREEMENTS.—Any bilateral agree2 ment of the United States in effect on the date of the 

3 enactment of this Act that serves as the basis for pro4 grams of the Overseas Private Investment Corporation 

5 and the Development Credit Authority shall be considered 

6 as satisfying the requirements of section 301(a). 

7 (e) TRANSITION.—During the transition period, the 

8 agencies specified in subsection (a) shall— 

9 (1) continue to administer the assets and obli10 gations of those agencies; and 

11 (2) carry out such programs and activities au12 thorized under this Act as may be determined by the 

13 President. 

14 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST15 MENT CORPORATION AND OTHER 

16 SUPERCEDED AUTHORITIES. 

17 Effective at the end of the transition period— 

18 (1) the Overseas Private Investment Corpora19 tion is terminated; and 

20 (2) title IV of chapter 2 of part I of the For21 eign Assistance Act of 1961 (22 U.S.C. 2191 et 

22 seq.) (other than subsections (g), (l), and (n) of sec23 tion 237 of that Act) is repealed. 
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1 SEC. 605. TRANSITIONAL AUTHORITIES. 

2 (a) PROVISION OF ASSISTANCE BY OFFICIALS.— 

3 Until the transfer of an agency to the Corporation under 

4 section 603, any official having authority over or functions 

5 relating to the agency on the day before the date of the 

6 enactment of this Act shall provide to the Corporation 

7 such assistance, including the use of personnel and assets, 

8 as the Corporation may request in preparing for the trans9 fer and integration of the agency into the Corporation. 

10 (b) SERVICES AND PERSONNEL.—During the transi11 tion period, upon the request of the Corporation, the head 

12 of any executive agency may, on a reimbursable or non13 reimbursable basis, provide services or detail personnel to 

14 assist with the transition. 

15 (c) ACTING OFFICIALS.— 

16 (1) IN GENERAL.—During the transition pe17 riod, pending the advice and consent of the Senate 

18 to the appointment of an officer required by this Act 

19 to be appointed by and with such advice and con20 sent, the President may designate any officer whose 

21 appointment was required to be made by and with 

22 such advice and consent and who was such an officer 

23 before the date of the enactment of this Act (and 

24 who continues in office) or immediately before such 

25 designation, to act in such office until the same is 
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1 filled as provided in this Act. While so acting, such 

2 officers shall receive compensation at the higher of— 

3 (A) the rates provided by this Act for the 

4 respective offices in which they act; or 

5 (B) the rates provided for the offices held 

6 at the time of designation. 

7 (2) RULE OF CONSTRUCTION.—Nothing in this 

8 Act shall be construed to require the advice and con9 sent of the Senate to the appointment by the Presi10 dent to a position in the Corporation of any officer 

11 whose agency is transferred to the Corporation pur12 suant to this title and whose duties following such 

13 transfer are germane to those performed before such 

14 transfer. 

15 (d) TRANSFER OF PERSONNEL, ASSETS, OBLIGA16 TIONS, AND FUNCTIONS.—Upon the transfer of an agency 

17 to the Corporation under section 603— 

18 (1) the personnel, assets, and obligations held 

19 by or available in connection with the agency shall 

20 be transferred to the Corporation for appropriate al21 location, subject to the approval of the Director of 

22 the Office of Management and Budget and in ac23 cordance with section 1531(a)(2) of title 31, United 

24 States Code; and 

25 (2) the Corporation shall have all functions— 
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1 (A) relating to the agency that any other 

2 official could by law exercise in relation to the 

3 agency immediately before such transfer; and 

4 (B) vested in the Corporation by this Act 

5 or other law. 

6 SEC. 606. SAVINGS PROVISIONS. 

7 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

8 (1) IN GENERAL.—Completed administrative 

9 actions of an agency shall not be affected by the en10 actment of this Act or the transfer of such agency 

11 to the Corporation under section 603, but shall con12 tinue in effect according to their terms until amend13 ed, modified, superseded, terminated, set aside, or 

14 revoked in accordance with law by an officer of the 

15 United States or a court of competent jurisdiction, 

16 or by operation of law. 

17 (2) COMPLETED ADMINISTRATIVE ACTION DE18 FINED.—In this subsection, the term ‘‘completed ad19 ministrative action’’ includes orders, determinations, 

20 rules, regulations, personnel actions, permits, agree21 ments, grants, contracts, certificates, policies, li22 censes, registrations, and privileges. 

23 (b) PENDING PROCEEDINGS.— 

24 (1) IN GENERAL.—Pending proceedings in an 

25 agency, including notices of proposed rulemaking, 
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1 and applications for licenses, permits, certificates, 

2 grants, and financial assistance, shall continue not3 withstanding the enactment of this Act or the trans4 fer of the agency to the Corporation, unless discon5 tinued or modified under the same terms and condi6 tions and to the same extent that such discontinu7 ance could have occurred if such enactment or trans8 fer had not occurred. 

9 (2) ORDERS.—Orders issued in proceedings de10 scribed in paragraph (1), and appeals therefrom, 

11 and payments made pursuant to such orders, shall 

12 issue in the same manner and on the same terms as 

13 if this Act had not been enacted or the agency had 

14 not been transferred, and any such orders shall con15 tinue in effect until amended, modified, superseded, 

16 terminated, set aside, or revoked by an officer of the 

17 United States or a court of competent jurisdiction, 

18 or by operation of law. 

19 (c) PENDING CIVIL ACTIONS.—Pending civil actions 

20 shall continue notwithstanding the enactment of this Act 

21 or the transfer of an agency to the Corporation, and in 

22 such civil actions, proceedings shall be had, appeals taken, 

23 and judgments rendered and enforced in the same manner 

24 and with the same effect as if such enactment or transfer 

25 had not occurred. 
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1 (d) REFERENCES.—References relating to an agency 

2 that is transferred to the Corporation under section 603 

3 in statutes, Executive orders, rules, regulations, directives, 

4 or delegations of authority that precede such transfer or 

5 the date of the enactment of this Act shall be deemed to 

6 refer, as appropriate, to the Corporation, to its officers, 

7 employees, or agents, or to its corresponding organiza8 tional units or functions. Statutory reporting requirements 

9 that applied in relation to such an agency immediately be10 fore the effective date of this Act shall continue to apply 

11 following such transfer if they refer to the agency by 

12 name. 

13 (e) EMPLOYMENT PROVISIONS.— 

14 (1) REGULATIONS.—The Corporation may, in 

15 regulations prescribed jointly with the Director of 

16 the Office of Personnel Management, adopt the 

17 rules, procedures, terms, and conditions, established 

18 by statute, rule, or regulation before the date of the 

19 enactment of this Act, relating to employment in any 

20 agency transferred to the Corporation under section 

21 603. 

22 (2) EFFECT OF TRANSFER ON CONDITIONS OF

23 EMPLOYMENT.—Except as otherwise provided in this 

24 Act, or under authority granted by this Act, the 

25 transfer pursuant to this title of personnel shall not 
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1 alter the terms and conditions of employment, in2 cluding compensation, of any employee so trans3 ferred. 

4 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

5 statutory reporting requirement that applied to an agency 

6 transferred to the Corporation under this title immediately 

7 before the date of the enactment of this Act shall continue 

8 to apply following that transfer if the statutory require9 ment refers to the agency by name. 

10 SEC. 607. OTHER TERMINATIONS. 

11 Except as otherwise provided in this Act, whenever 

12 all the functions vested by law in any agency have been 

13 transferred pursuant to this title, each position and office 

14 the incumbent of which was authorized to receive com15 pensation at the rates prescribed for an office or position 

16 at level II, III, IV, or V of the Executive Schedule under 

17 subchapter II of chapter 53 of title 5, United States Code, 

18 shall terminate. 

19 SEC. 608. INCIDENTAL TRANSFERS. 

20 The Director of the Office of Management and Budg21 et, in consultation with the Corporation, is authorized and 

22 directed to make such additional incidental dispositions of 

23 personnel, assets, and liabilities held, used, arising from, 

24 available, or to be made available, in connection with the 
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1 functions transferred by this title, as the Director may de2 termine necessary to accomplish the purposes of this Act. 

3 SEC. 609. REFERENCE. 

4 With respect to any function transferred under this 

5 title (including under a reorganization plan under section 

6 602) and exercised on or after the date of the enactment 

7 of this Act, reference in any other Federal law to any de8 partment, commission, or agency or any officer or office 

9 the functions of which are so transferred shall be deemed 

10 to refer to the Corporation or official or component of the 

11 Corporation to which that function is so transferred. 

12 SEC. 610. CONFORMING AMENDMENTS. 

13 (a) EXEMPT PROGRAMS.—Section 255(g) of the Bal14 anced Budget and Emergency Deficit Control Act of 1985 

15 (2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Pri16 vate Investment Corporation, Noncredit Account (71– 

17 4184–0–3–151).’’ and inserting ‘‘United States Inter18 national Development Finance Corporation.’’. 

19 (b) EXECUTIVE SCHEDULE.—Title 5, United States 

20 Code, is amended— 

21 (1) in section 5314, by striking ‘‘President, 

22 Overseas Private Investment Corporation.’’; 

23 (2) in section 5315, by striking ‘‘Executive Vice 

24 President, Overseas Private Investment Corpora25 tion.’’; and 
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1 (3) in section 5316, by striking ‘‘Vice Presi2 dents, Overseas Private Investment Corporation 

3 (3).’’. 

4 (c) OFFICE OF INTERNATIONAL TRADE OF THE

5 SMALL BUSINESS ADMINISTRATION.—Section 22 of the 

6 Small Business Act (15 U.S.C. 649) is amended— 

7 (1) in subsection (b), in the matter preceding 

8 paragraph (1), by striking ‘‘the President of the 

9 Overseas Private Investment Corporation, Director’’ 

10 and inserting ‘‘the Board of Directors of the United 

11 States International Development Finance Corpora12 tion, the Director’’; and 

13 (2) by striking ‘‘Overseas Private Investment 

14 Corporation’’ each place it appears and inserting 

15 ‘‘United States International Development Finance 

16 Corporation’’. 

17 (d) UNITED STATES AND FOREIGN COMMERCIAL

18 SERVICE.—Section 2301 of the Export Enhancement Act 

19 of 1988 (15 U.S.C. 4721) is amended by striking ‘‘Over20 seas Private Investment Corporation’’ each place it ap21 pears and inserting ‘‘United States International Develop22 ment Finance Corporation’’. 

23 (e) TRADE PROMOTION COORDINATING COM24 MITTEE.—Section 2312(d)(1)(K) of the Export Enhance25 ment Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is amended 
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1 by striking ‘‘Overseas Private Investment Corporation’’ 

2 and inserting ‘‘United States International Development 

3 Finance Corporation’’. 

4 (f) INTERAGENCY TRADE DATA ADVISORY COM5 MITTEE.—Section 5402(b) of the Omnibus Trade and 

6 Competitiveness Act of 1988 (15 U.S.C. 4902(b)) is 

7 amended by striking ‘‘the President of the Overseas Pri8 vate Investment Corporation’’ and inserting ‘‘the Chief 

9 Executive Officer of the United States International De10 velopment Finance Corporation’’. 

11 (g) MISUSE OF NAMES OF FEDERAL AGENCIES.— 

12 Section 709 of title 18, United States Code, is amended 

13 by striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Pri14 vate Investment Corporation’, or ‘OPIC’,’’ and inserting 

15 ‘‘ ‘United States International Development Finance Cor16 poration’ or ‘DFC’ ’’. 

17 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

18 AND ECONOMIC POLICIES.—Section 701(c)(1)(A) of the 

19 Trade Facilitation and Trade Enforcement Act of 2015 

20 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Over21 seas Private Investment Corporation’’ and inserting 

22 ‘‘United States International Development Finance Cor23 poration’’. 

24 (i) INTERNSHIPS WITH INSTITUTE FOR INTER25 NATIONAL PUBLIC POLICY.—Section 625 of the Higher 
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1 Education Act of 1965 (20 U.S.C. 1131c(a)) is amended 

2 by striking ‘‘Overseas Private Investment Corporation’’ 

3 and inserting ‘‘United States International Development 

4 Finance Corporation’’. 

5 (j) FOREIGN ASSISTANCE ACT OF 1961.—The For6 eign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is 

7 amended— 

8 (1) in section 449B(b)(2) (22 U.S.C. 

9 2296b(b)(2)), by striking ‘‘Overseas Private Invest10 ment Corporation’’ and inserting ‘‘United States 

11 International Development Finance Corporation’’; 

12 and 

13 (2) in section 481(e)(4)(A) (22 U.S.C. 

14 2291(e)(4)(A)), in the matter preceding clause (i), 

15 by striking ‘‘(including programs under title IV of 

16 chapter 2, relating to the Overseas Private Invest17 ment Corporation)’’ and inserting ‘‘(and any support 

18 under title II of the Better Utilization of Invest19 ments Leading to Development Act of 2018, relating 

20 to the United States International Development Fi21 nance Corporation)’’. 

22 (k) ELECTRIFY AFRICA ACT OF 2015.—Sections 5 

23 and 7 of the Electrify Africa Act of 2015 (Public Law 

24 114–121; 22 U.S.C. 2293 note) are amended by striking 

25 ‘‘Overseas Private Investment Corporation’’ each place it 
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1 appears and inserting ‘‘United States International Devel2 opment Finance Corporation’’. 

3 (l) FOREIGN AID TRANSPARENCY AND ACCOUNT4 ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 

5 Transparency and Accountability Act of 2016 (Public Law 

6 114–191; 22 U.S.C. 2394c note) is amended— 

7 (1) in subparagraph (A), by striking ‘‘except 

8 for’’ and all that follows through ‘‘chapter 3’’ and 

9 insert ‘‘except for chapter 3’’; 

10 (2) in subparagraph (C), by striking ‘‘and’’ at 

11 the end; 

12 (3) in subparagraph (D), by striking the period 

13 at the end and inserting ‘‘; and’’; and 

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

15 ‘‘(E) the Better Utilization of Investments 

16 Leading to Development Act of 2018.’’. 

17 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

18 (SEED) PROGRAM.—The Support for East European De19 mocracy (SEED) Act of 1989 (22 U.S.C. 5401 et seq.) 

20 is amended— 

21 (1) in section 2(c) (22 U.S.C. 5401(c)), by 

22 striking paragraph (12) and inserting the following: 

23 ‘‘(12) UNITED STATES INTERNATIONAL DEVEL24 OPMENT FINANCE CORPORATION.—Programs of the 
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1 United States International Development Finance 

2 Corporation.’’; and 

3 (2) in section 201(e) (22 U.S.C. 5421(e)), by 

4 striking ‘‘Agency for International Development’’ 

5 and inserting ‘‘United States International Develop6 ment Finance Corporation’’. 

7 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

8 (LIBERTAD) ACT OF 1996.—Section 202(b)(2)(B)(iv) 

9 of the Cuban Liberty and Democratic Solidarity 

10 (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) 

11 is amended by striking ‘‘Overseas Private Investment Cor12 poration’’ and inserting ‘‘United States International De13 velopment Finance Corporation’’. 

14 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

15 1998.—Section 405(a)(10) of the International Religious 

16 Freedom Act of 1998 (22 U.S.C. 6445(a)(10)) is amended 

17 by striking ‘‘Overseas Private Investment Corporation’’ 

18 and inserting ‘‘United States International Development 

19 Finance Corporation’’. 

20 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

21 2000.—Section 103(8)(A) of the Trafficking Victims Pro22 tection Act of 2000 (22 U.S.C. 7102(8)(A)) is amended 

23 in clause (viii) to read as follows: 

24 ‘‘(viii) any support under title II of 

25 the Better Utilization of Investments 
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1 Leading to Development Act of 2018 relat2 ing to the United States International De3 velopment Finance Corporation; and’’. 

4 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING

5 COUNTRIES.—Section 732(b) of the Global Environmental 

6 Protection Assistance Act of 1989 (22 U.S.C. 7902(b)) 

7 is amended by striking ‘‘Overseas Private Investment Cor8 poration’’ and inserting ‘‘United States International De9 velopment Finance Corporation’’. 

10 (r) EXPANDED NONMILITARY ASSISTANCE FOR

11 UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup12 port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 

13 (1) in the paragraph heading, by striking 

14 ‘‘OVERSEAS PRIVATE INVESTMENT CORPORATION’’ 

15 and inserting ‘‘UNITED STATES INTERNATIONAL DE16 VELOPMENT FINANCE CORPORATION’’; 

17 (2) in the matter preceding subparagraph (A), 

18 by striking ‘‘Overseas Private Investment Corpora19 tion’’ and inserting ‘‘United States International De20 velopment Finance Corporation’’; and 

21 (3) in subparagraph (B), by striking ‘‘by eligi22 ble investors (as defined in section 238 of the For23 eign Assistance Act of 1961 (22 U.S.C. 2198))’’. 

24 (s) GLOBAL FOOD SECURITY ACT OF 2016.—Section 

25 4(7) of the Global Food Security Act of 2016 (22 U.S.C. 
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1 9303(7)) is amended by striking ‘‘Overseas Private Invest2 ment Corporation’’ and inserting ‘‘United States Inter3 national Development Finance Corporation’’. 

4 (t) SENSE OF CONGRESS ON EUROPEAN AND EUR5 ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 

6 Countering Russian Influence in Europe and Eurasia Act 

7 of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking 

8 ‘‘Overseas Private Investment Corporation’’ and inserting 

9 ‘‘United States International Development Finance Cor10 poration’’. 

11 (u) WHOLLY OWNED GOVERNMENT CORPORA12 TION.—Section 9101(3) of title 31, United States Code, 

13 is amended by striking ‘‘Overseas Private Investment Cor14 poration’’ and inserting ‘‘United States International De15 velopment Finance Corporation’’. 

16 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

17 2007.—Title IX of the Energy Independence and Security 

18 Act of 2007 (42 U.S.C. 17321 et seq.) is amended— 

19 (1) in section 914 (42 U.S.C. 17334)— 

20 (A) in the section heading, by striking 

21 ‘‘OVERSEAS PRIVATE INVESTMENT COR22 PORATION’’ and inserting ‘‘UNITED STATES

23 INTERNATIONAL DEVELOPMENT FINANCE

24 CORPORATION’’; 
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1 (B) in subsection (a), in the matter pre2 ceding paragraph (1), by striking ‘‘Overseas 

3 Private Investment Corporation’’ and inserting 

4 ‘‘United States International Development Fi5 nance Corporation’’; and 

6 (C) in subsection (b), in the matter pre7 ceding paragraph (1), by striking ‘‘Overseas 

8 Private Investment Corporation shall include in 

9 its annual report required under section 240A 

10 of the Foreign Assistance Act of 1961 (22 

11 U.S.C. 2200a)’’ and inserting ‘‘United States 

12 International Development Finance Corporation 

13 shall include in its annual report required under 

14 section 403 of the Better Utilization of Invest15 ments Leading to Development Act of 2018’’; 

16 and 

17 (2) in section 916(a)(2)(I) (42 U.S.C. 

18 17336(a)(2)(I)), by striking ‘‘Overseas Private In19 vestment Corporation:’’ and inserting ‘‘United 

20 States International Development Finance Corpora21 tion;’’. 
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1 (w) EFFECTIVE DATE.—The amendments made by 

2 this section shall take effect at the end of the transition 

3 period. 

Passed the House of Representatives July 17, 2018. 

Attest: 

Clerk. 
115TH CONGRESS 

2D SESSION H. R. 5105 

AN ACT 

To establish the United States International Develposes. opment Finance Corporation, and for other pur-