I 

115TH CONGRESS 

2D SESSION H. R. 5105 

To establish the United States International Development Finance 

Corporation, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 27, 2018 

Mr. YOHO (for himself and Mr. SMITH of Washington) introduced the 

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

A BILL 

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, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

5 ‘‘Better Utilization of Investments Leading to Develop6 ment Act of 2018’’ or the ‘‘BUILD Act of 2018’’. 

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

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—ESTABLISHMENT 


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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. 

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 Millennium Challenge Corporation on constraints 

analysis. 

TITLE IV—MONITORING, EVALUATION, AND REPORTING 

Sec. 401. Establishment of risk and audit committees. 

Sec. 402. Performance measures. 

Sec. 403. Annual report. 

Sec. 404. Publicly available project information. 

Sec. 405. Audits and financial statements of the Corporation. 

Sec. 406. Engagement with investors. 

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. 

Sec. 505. Market displacement by state-owned enterprises and monopolies. 

TITLE VI—TRANSITIONAL PROVISIONS 

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: 


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1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means— 

4 (A) the Committee on Foreign Relations 

5 and the Committee on Appropriations of the 

6 Senate; and 

7 (B) the Committee on Foreign Affairs and 

8 the Committee on Appropriations of the House 

9 of Representatives. 

10 (2) LESS DEVELOPED COUNTRY.—The term 

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

12 low-income economy, lower-middle-income economy, 

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

14 International Bank for Reconstruction and Develop15 ment and the International Development Association 

16 (collectively referred to as the ‘‘World Bank’’). 

17 (3) PREDECESSOR AUTHORITY.—The term 

18 ‘‘predecessor authority’’ means authorities repealed 

19 by title VI. 

20 (4) QUALIFYING SOVEREIGN ENTITY.—The 

21 term ‘‘qualifying sovereign entity’’ means— 

22 (A) any agency or instrumentality of a for23 eign state (as defined in section 1603 of title 

24 28, United States Code); and 


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1 (B) any international financial institution 

2 (as defined in section 1701(c) of the Inter3 national Financial Institutions Act (22 U.S.C. 

4 262r(c))). 

5 TITLE I—ESTABLISHMENT 

6 SEC. 101. STATEMENT OF POLICY. 

7 It is the policy of the United States to facilitate mar8 ket-based private sector development and economic growth 

9 in less developed countries through the provision of credit, 

10 capital, and other financial support— 

11 (1) to mobilize private capital in support of sus12 tainable, broad-based economic growth, poverty re13 duction, and development through demand-driven 

14 partnerships with the private sector that further the 

15 foreign policy interests of the United States; 

16 (2) to finance development in a way that builds 

17 and strengthens civic institutions, promotes competi18 tion, provides for public accountability and trans19 parency; 

20 (3) to help private sector actors overcome iden21 tifiable market gaps and inefficiencies without dis22 torting markets; 

23 (4) to achieve clearly defined economic and so24 cial development outcomes; 


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1 (5) to coordinate with institutions with pur2 poses similar to the purposes of the Corporation to 

3 leverage resources of those institutions to produce 

4 the greatest impact; 

5 (6) to help countries currently receiving United 

6 States assistance to graduate from their status as 

7 recipients of assistance; 

8 (7) to leverage the private sector and innovative 

9 development tools as a means to lessen the reliance 

10 of the United States on traditional forms of foreign 

11 assistance over time; and 

12 (8) to complement and be guided by overall 

13 United States foreign policy and development objec14 tives, taking into account the policies of countries re15 ceiving support. 

16 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

17 FINANCE CORPORATION. 

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

19 Executive branch the United States International Devel20 opment Finance Corporation (in this Act referred to as 

21 the ‘‘Corporation’’), which shall be a wholly owned Gov22 ernment corporation (as defined in section 9101 of title 

23 31, United States Code). 

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

25 be to mobilize and facilitate the participation of private 


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1 sector capital and skills in the economic development of 

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

3 and countries in transition from nonmarket to market 

4 economies, in order to complement the development assist5 ance objectives, and advance the foreign policy interests, 

6 of the United States. In carrying out its purpose, the Cor7 poration, utilizing broad criteria, shall take into account 

8 in its financing operations the economic and financial 

9 soundness of projects for which it provides support under 

10 title II. 

11 (c) LESS DEVELOPED ECONOMY FOCUS.— 

12 (1) IN GENERAL.—The Corporation shall 

13 prioritize the provision of support under title II in 

14 countries with low-income economies or lower-mid15 dle-income economies, as defined by the World 

16 Bank. 

17 (2) SUPPORT IN COUNTRIES WITH UPPER-MID18 DLE-INCOME ECONOMIES.—The Corporation shall 

19 restrict the provision of support under title II in a 

20 country with an upper-middle-income economy, as 

21 defined by the World Bank, unless— 

22 (A) the President determines such support 

23 furthers the national economic or foreign policy 

24 interests of the United States; and 


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1 (B) such support is likely to be highly de2 velopmental or provide developmental benefits 

3 to the poorest population of that country. 

4 (d) AUTHORIZATION TO MAKE EXPENDITURES AND

5 COMMITMENTS.—The Corporation may make, without re6 gard to fiscal year limitation, such expenditures and com7 mitments as may be necessary using amounts appro8 priated to the Corporation pursuant to section 9104 of 

9 title 31, United States Code, and otherwise in accordance 

10 with law. 

11 (e) PROJECT-SPECIFIC TRANSACTION COSTS NOT

12 ADMINISTRATIVE EXPENSES.—Project-specific trans13 action costs, including direct and indirect costs incurred 

14 in claims settlements, and other direct costs associated 

15 with the provision of support to private sector entities and 

16 qualifying sovereign entities under title II shall not be con17 sidered administrative expenses for the purposes of this 

18 section. 

19 SEC. 103. MANAGEMENT OF CORPORATION. 

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

21 in the Corporation a Board of Directors (in this Act re22 ferred to as the ‘‘Board’’), a Chief Executive Officer, a 

23 Deputy Chief Executive Officer, a Chief Risk Officer, and 

24 such other officers as the Board may determine. 

25 (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; and 

6 (B) may prescribe, amend, and repeal by7 laws, rules, regulations, and procedures gov8 erning the manner in which the business of the 

9 Corporation may be conducted and in which the 

10 powers granted to the Corporation by law may 

11 be exercised. 

12 (2) MEMBERSHIP OF BOARD.— 

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

14 of— 

15 (i) the Chief Executive Officer of the 

16 Corporation; 

17 (ii) the officers specified in subpara18 graph (B); and 

19 (iii) four other individuals who shall 

20 be appointed by the President, by and with 

21 the advice and consent of the Senate, of 

22 which— 

23 (I) one individual should be ap24 pointed from among a list of individ25 uals submitted by the majority leader 


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1 of the Senate after consultation with 

2 the chairman of the Committee on 

3 Foreign Relations of the Senate; 

4 (II) one individual should be ap5 pointed from among a list of individ6 uals submitted by the minority leader 

7 of the Senate after consultation with 

8 the ranking member of the Committee 

9 on Foreign Relations of the Senate; 

10 (III) one individual should be ap11 pointed from among a list of individ12 uals submitted by the Speaker of the 

13 House of Representatives after con14 sultation with the chairman of the 

15 Committee on Foreign Affairs of the 

16 House of Representatives; and 

17 (IV) one individual should be ap18 pointed from among a list of individ19 uals submitted by the minority leader 

20 of the House of Representatives after 

21 consultation with the ranking member 

22 of the Committee on Foreign Affairs 

23 of the House of Representatives. 

24 (B) OFFICERS SPECIFIED.— 


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1 (i) IN GENERAL.—The officers speci2 fied in this subparagraph are the following: 

3 (I) The Secretary of State or a 

4 designee of the Secretary. 

5 (II) The Administrator of the 

6 United States Agency for Inter7 national Development or a designee of 

8 the Administrator. 

9 (III) The Secretary of the Treas10 ury or a designee of the Secretary. 

11 (IV) The Secretary of Commerce 

12 or a designee of the Secretary. 

13 (ii) REQUIREMENTS FOR DES14 IGNEES.—A designee under clause (i) shall 

15 be selected from among officers— 

16 (I) appointed by the President, 

17 by and with the advice and consent of 

18 the Senate; 

19 (II) whose duties relate to the 

20 programs of the Corporation; and 

21 (III) who is designated by and 

22 serving at the pleasure of the Presi23 dent. 


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1 (C) REQUIREMENTS FOR PRIVATE SECTOR

2 MEMBERS.—A member of the Board described 

3 in subparagraph (A)(iii)— 

4 (i) may not be an officer or employee 

5 of the United States Government; 

6 (ii) shall have relevant private sector 

7 experience to carry out the purposes of the 

8 Corporation; 

9 (iii) shall be appointed for a term of 

10 3 years and may be reappointed for one 

11 additional term; 

12 (iv) shall serve until the member’s 

13 successor is appointed and confirmed; 

14 (v) shall be compensated at a rate 

15 equivalent to that of level IV of the Execu16 tive Schedule under section 5315 of title 5, 

17 United States Code, when engaged in the 

18 business of the Corporation; and 

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

20 subsistence at the applicable rate under 

21 the Federal Travel Regulation under sub22 title F of title 41, Code of Federal Regula23 tions, from time to time, while away from 

24 the home or usual place of business of the 

25 member. 


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1 (3) CHAIRPERSON.—There shall be a Chair2 person of the Board designated by the President 

3 from among the individuals described in paragraph 

4 (2)(A). 

5 (4) VICE CHAIRPERSON.—The Administrator of 

6 the United States Agency for International Develop7 ment, or the designee of the Administrator under 

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

9 Chairperson of the Board. 

10 (5) QUORUM.—Six members of the Board shall 

11 constitute a quorum for the transaction of business 

12 by the Board. 

13 (c) PUBLIC HEARINGS.— 

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

15 Board shall hold at least one public hearing each 

16 year in order to afford an opportunity for any per17 son to present views with respect to whether— 

18 (A) the Corporation is carrying out its ac19 tivities in accordance with this Act; and 

20 (B) any support provided by the Corpora21 tion under title II in any country should have 

22 been or should be extended. 

23 (2) ADDITIONAL PUBLIC HEARINGS.—In con24 junction with each meeting of the Board, the Cor25 poration shall hold a public hearing in order to afVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 ford an opportunity for any person to present views 

2 regarding the activities of the Corporation. Such 

3 views shall be made part of the record. 

4 (d) CHIEF EXECUTIVE OFFICER.— 

5 (1) APPOINTMENT.—There shall be in the Cor6 poration a Chief Executive Officer, who shall be ap7 pointed by the President, by and with the advice and 

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

9 pleasure of the President. 

10 (2) AUTHORITIES AND DUTIES.—The Chief Ex11 ecutive Officer shall be responsible for the manage12 ment of the Corporation and shall exercise the pow13 ers and discharge the duties of the Corporation sub14 ject to the bylaws, rules, regulations, and procedures 

15 established by the Board. 

16 (3) RELATIONSHIP TO BOARD.—The Chief Ex17 ecutive Officer shall report to and be under the di18 rect authority of the Board. 

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

20 United States Code, is amended by adding at the 

21 end the following: 

22 ‘‘Chief Executive Officer, United States Inter23 national Development Finance Corporation.’’. 

24 (e) DEPUTY CHIEF EXECUTIVE OFFICER.—There 

25 shall be in the Corporation a Deputy Chief Executive OffiVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 cer, who shall be appointed by the President, by and with 

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

3 at the pleasure of the President. 

4 (f) CHIEF RISK OFFICER.— 

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

6 the Board, the Chief Executive Officer of the Cor7 poration shall appoint a Chief Risk Officer, from 

8 among individuals with experience at a senior level 

9 in financial risk management, who— 

10 (A) shall have as the officer’s sole function 

11 to serve as Chief Risk Officer of the Corpora12 tion; 

13 (B) shall report directly to the Board; and 

14 (C) shall be removable only by a majority 

15 vote of the Board. 

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

17 coordination with the audit committee of the Board 

18 established under 401, develop, implement, and 

19 manage a comprehensive process for identifying, as20 sessing, monitoring, and limiting risks to the Cor21 poration, including the overall portfolio of the Cor22 poration. 

23 (g) COORDINATION.—The Chief Executive Officer 

24 shall consult with the Administrator of the United States 

25 Agency for International Development and Chief ExecuVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 tive Officer of the Millennium Challenge Corporation to 

2 coordinate the activities of the Corporation with the activi3 ties of the United States Agency for International Devel4 opment and the Millennium Challenge Corporation, such 

5 as by establishing in the Corporation a Chief Development 

6 Officer who shall have responsibility for coordinating de7 velopment finance policy and implementation efforts of the 

8 Corporation with the United States Agency for Inter9 national Development and the Millennium Challenge Cor10 poration and their respective development missions. 

11 (h) OFFICERS AND EMPLOYEES.— 

12 (1) IN GENERAL.—Except as otherwise pro13 vided in this section, officers, employees, and agents 

14 shall be selected and appointed by the Corporation, 

15 and shall be vested with such powers and duties as 

16 the Corporation may determine. 

17 (2) ADMINISTRATIVELY DETERMINED EMPLOY18 EES.— 

19 (A) APPOINTMENT; COMPENSATION; RE20 MOVAL.—Of officers and employees employed 

21 by the Corporation under paragraph (1), not to 

22 exceed 50 may be appointed, compensated, or 

23 removed without regard to title 5, United 

24 States Code. 


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1 (B) REINSTATEMENT.—Under such regu2 lations as the President may prescribe, officers 

3 and employees appointed to a position under 

4 subparagraph (A) may be entitled, upon re5 moval from such position (unless the removal 

6 was for cause), to reinstatement to the position 

7 occupied at the time of appointment or to a po8 sition of comparable grade and salary. 

9 (C) ADDITIONAL POSITIONS.—Positions 

10 authorized by subparagraph (A) shall be in ad11 dition to those otherwise authorized by law, in12 cluding positions authorized under section 5108 

13 of title 5, United States Code. 

14 (D) RATES OF PAY FOR OFFICERS AND

15 EMPLOYEES.—The Corporation may set and 

16 adjust rates of basic pay for officers and em17 ployees appointed under subparagraph (A) 

18 without regard to the provisions of chapter 51 

19 or subchapter III of chapter 53 of title 5, 

20 United States Code, relating to classification of 

21 positions and General Schedule pay rates, re22 spectively. 

23 (3) LIABILITY OF EMPLOYEES.— 

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

25 member of the Board or an officer or employee 


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1 of the Corporation has no liability under this 

2 Act with respect to any claim arising out of or 

3 resulting from any act or omission by the indi4 vidual within the scope of the employment of 

5 the individual in connection with any trans6 action by the Corporation. 

7 (B) RULE OF CONSTRUCTION.—Subpara8 graph (A) shall not be construed to limit per9 sonal liability of an individual for criminal acts 

10 or omissions, willful or malicious misconduct, 

11 acts or omissions for private gain, or any other 

12 acts or omissions outside the scope of the indi13 vidual’s employment. 

14 (C) SAVINGS PROVISION.—This paragraph 

15 shall not be construed— 

16 (i) to affect— 

17 (I) any other immunities and 

18 protections that may be available to 

19 an individual described in subpara20 graph (A) under applicable law with 

21 respect to a transaction described in 

22 that subparagraph; or 

23 (II) any other right or remedy 

24 against the Corporation, against the 

25 United States under applicable law, or 


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1 against any person other than an indi2 vidual described in subparagraph (A) 

3 participating in such a transaction; or 

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

5 immunities that are available under appli6 cable law for Federal officers and employ7 ees not described in this paragraph. 

8 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

9 The President shall appoint and maintain an Inspec10 tor General in the Corporation, in accordance with the In11 spector General Act of 1978 (5 U.S.C. App.). 

12 TITLE II—AUTHORITIES 

13 SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP14 PORT. 

15 (a) LENDING AND GUARANTIES.— 

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

17 loans or guarantee loans upon such terms and condi18 tions as the Corporation may determine. 

19 (2) DENOMINATION.—Loans and guaranties 

20 issued under paragraph (1) may be denominated and 

21 repayable in United States dollars or foreign cur22 rencies. 

23 (3) APPLICABILITY OF FEDERAL CREDIT RE24 FORM ACT OF 1990.—Loans and guaranties issued 

25 under paragraph (1) shall be subject to the requireVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 ments of the Federal Credit Reform Act of 1990 (2 

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

3 (b) EQUITY INVESTMENTS.— 

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

5 minority investor, support projects with funds or use 

6 other mechanisms for the purpose of purchasing, 

7 and may make and fund commitments to purchase, 

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

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

10 financial interests of any entity, including as a lim11 ited partner or other investor in investment funds, 

12 upon such terms and conditions as the Corporation 

13 may determine. 

14 (2) DENOMINATION.—Support provided under 

15 paragraph (1) may be denominated and repayable in 

16 United States dollars or foreign currency. 

17 (3) GUIDELINES AND CRITERIA.—The Corpora18 tion shall develop guidelines and criteria to require 

19 that the use of the authority provided by paragraph 

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

21 development rationale, taking into account the fol22 lowing factors: 

23 (A) The support for the project would be 

24 more likely than not to substantially reduce or 

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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 will 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 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

15 (A) PER PROJECT LIMIT.—The aggregate 

16 amount of support provided under this sub17 section with respect to any project shall not ex18 ceed 20 percent of the aggregate amount of all 

19 equity investment made from any source to the 

20 project at the time that the Corporation ap21 proves support of the project. 

22 (B) TOTAL LIMIT.—Support provided pur23 suant to this subsection shall be limited to not 

24 more than 35 percent of the Corporation’s agVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 gregate exposure on the date that such support 

2 is provided. 

3 (5) SALES AND LIQUIDATION OF POSITION.— 

4 The Corporation shall seek to sell and liquidate any 

5 support for a project provided under this subsection 

6 as soon as commercially feasible, commensurate with 

7 other similar investors in the project. 

8 (c) INSURANCE AND REINSURANCE.—The Corpora9 tion may issue insurance or reinsurance, upon such terms 

10 and conditions as the Corporation may determine, to pri11 vate sector entities and qualifying sovereign entities assur12 ing protection of their investments in whole or in part 

13 against any or all political risks such as currency incon14 vertibility and transfer restrictions, expropriation, war, 

15 terrorism, and civil disturbance, breach of contract, or 

16 non-honoring of financial obligations. 

17 (d) PROMOTION OF AND SUPPORT FOR PRIVATE IN18 VESTMENT OPPORTUNITIES.— 

19 (1) IN GENERAL.—The Corporation may ini20 tiate and support, through financial participation, 

21 incentive grant, or otherwise, and on such terms and 

22 conditions as the Corporation may determine, feasi23 bility studies for the planning, development, and 

24 management of, and procurement for, bilateral and 

25 multilateral development projects, including training 


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1 activities undertaken in connection with such 

2 projects, for the purpose of promoting investment in 

3 such projects and the identification, assessment, sur4 veying, and promotion of private investment oppor5 tunities, utilizing wherever feasible and effective, the 

6 facilities of private investors. 

7 (2) CONTRIBUTIONS TO COSTS.—The Corpora8 tion shall, to the maximum extent practicable, re9 quire any person receiving funds under the authori10 ties of this subsection to— 

11 (A) share the costs of feasibility studies 

12 and other project planning services funded 

13 under this subsection; and 

14 (B) reimburse the Corporation those funds 

15 provided under this section, if the person suc16 ceeds in project implementation. 

17 (e) SPECIAL PROJECTS AND PROGRAMS.—The Cor18 poration may administer and manage special projects and 

19 programs, including programs of financial and advisory 

20 support that provide private technical, professional, or 

21 managerial assistance in the development of human re22 sources, skills, technology, capital savings, and inter23 mediate financial and investment institutions and coopera24 tives and including the initiation of incentives, grants, and 


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1 studies for renewable energy, microenterprise households, 

2 and other small business activities. 

3 (f) ENTERPRISE FUNDS.— 

4 (1) IN GENERAL.—The Corporation may estab5 lish and operate enterprise funds in accordance with 

6 this subsection. 

7 (2) PROCEDURES AND REQUIREMENTS.—The 

8 provisions of section 201 of the Support for East 

9 European Democracy (SEED) Act of 1989 (22 

10 U.S.C. 5421) (other than the provisions of sub11 sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 

12 of that section), shall be deemed to apply with re13 spect to any enterprise fund established by the Cor14 poration under this subsection and to funds made 

15 available to any such enterprise fund in the same 

16 manner and to the same extent as such provisions 

17 apply with respect to enterprise funds established 

18 pursuant to such section 201 or to funds made avail19 able to enterprise funds established under that sec20 tion. 

21 (3) PURPOSES FOR WHICH SUPPORT MAY BE

22 PROVIDED.—The Corporation, subject to the ap23 proval of the Board, may designate private, non24 profit organizations as eligible to receive support 

25 under this subsection for the following purposes: 


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1 (A) To promote development of economic 

2 freedom and private sectors, including small3 and medium-sized businesses and joint ventures 

4 with the United States and host country par5 ticipants. 

6 (B) To facilitate access to the credit to 

7 small- and medium-sized businesses with sound 

8 business plans in countries where there is lim9 ited means of accessing credit on market terms. 

10 (C) To promote policies and practices con11 ducive to economic freedom and private sector 

12 development. 

13 (D) To attract foreign direct investment 

14 capital to further promote private sector devel15 opment and economic freedom. 

16 (E) To complement the work of the United 

17 States Agency for International Development 

18 and other donors to improve the overall busi19 ness-enabling environment, financing the cre20 ation and expansion of the private business sec21 tor. 

22 (F) To make financially sustainable invest23 ments designed to generate measurable social 

24 benefits and build technical capacity in addition 

25 to financial returns. 


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1 (4) OPERATION OF FUNDS.— 

2 (A) EXPENDITURES.—Funds made avail3 able to an enterprise fund shall be expended at 

4 the minimum rate necessary to make timely 

5 payments for projects and activities carried out 

6 under this subsection. 

7 (B) ADMINISTRATIVE EXPENSES.—Not 

8 more than 3 percent of the funds made avail9 able to an enterprise fund may be obligated or 

10 expended for the administrative expenses of the 

11 enterprise fund. 

12 (5) BOARD OF DIRECTORS.—Each enterprise 

13 fund established under this subsection shall be gov14 erned by a Board of Directors comprised of private 

15 citizens of the United States or the host country, 

16 who— 

17 (A) shall be appointed by the President 

18 after consultation with the chairmen and rank19 ing members of the appropriate congressional 

20 committees; and 

21 (B) have pursued careers in international 

22 business and have demonstrated expertise in 

23 international and emerging market investment 

24 activities. 


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1 (6) MAJORITY MEMBER REQUIREMENT.—The 

2 majority of the members of the Board of Directors 

3 shall be United States citizens. 

4 (7) REPORTS.—Not later than one year after 

5 the date of the establishment of an enterprise fund 

6 under this subsection, and annually thereafter until 

7 the enterprise fund terminates in accordance with 

8 paragraph (10), the Board of Directors of the enter9 prise fund shall— 

10 (A) submit to the appropriate congres11 sional committees a report— 

12 (i) detailing the administrative ex13 penses of the enterprise fund during the 

14 year preceding the submission of the re15 port; 

16 (ii) describing the operations, activi17 ties, financial condition, and accomplish18 ments of the enterprise fund during that 

19 year; and 

20 (iii) describing the results of the audit 

21 conducted under paragraph (8) during that 

22 year; 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 (g) OTHER AUTHORITIES.—The Corporation shall 

18 have, in addition to other authorities provided under this 

19 section, such authorities as are provided for under the 

20 State Department Basic Authorities Act of 1956 (22 

21 U.S.C. 2651a et seq.) and the Foreign Assistance Act of 

22 1961 (22 U.S.C. 2151 et seq.) and delegated by the Presi23 dent to the Overseas Private Investment Corporation or 

24 an element of the United States Agency for International 


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1 Development specified in section 603(a)(2) as of the day 

2 before the date of the enactment of this Act. 

3 SEC. 202. TERMS AND CONDITIONS. 

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

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

6 shall be on such terms and conditions as the Corporation 

7 may prescribe. 

8 (b) REQUIREMENTS.—The following requirements 

9 apply to support provided by the Corporation under this 

10 title: 

11 (1) The Corporation shall make a loan or guar12 anty only if it is necessary— 

13 (A) to alleviate a credit market imperfec14 tion; or 

15 (B) to achieve specified objectives of the 

16 United States Government by providing support 

17 in the most efficient way to meet those objec18 tives on a borrower-by-borrower basis. 

19 (2) The final maturity of a loan made or guar20 anteed by the Corporation shall not exceed the lesser 

21 of— 

22 (A) 25 years; or 

23 (B) the useful life of any physical asset to 

24 be financed by the loan (as determined by the 

25 Corporation). 


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1 (3) The Corporation shall, with respect to pro2 viding any loan guaranty to a project, require the 

3 parties to the loan guaranteed by the Corporation to 

4 bear the risk of loss for at least 20 percent of the 

5 guaranteed support by the Corporation in the 

6 project. 

7 (4) The Corporation may not guarantee a loan 

8 unless the Corporation determines that the lender is 

9 responsible and that adequate provision is made for 

10 servicing the loan on reasonable terms and pro11 tecting the financial interest of the United States. 

12 (5) The interest rate for direct loans and inter13 est supplements on guaranteed loans shall be set by 

14 reference to a benchmark interest rate (yield) on 

15 marketable Treasury securities or other widely rec16 ognized benchmarks with a similar maturity to the 

17 loans being made or guaranteed. The Corporation 

18 shall establish appropriate minimum interest rates 

19 for loans, guarantees, insurance, and other instru20 ments as necessary. 

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

22 established by the Corporation shall be adjusted pe23 riodically to take account of changes in the interest 

24 rate of the benchmark financial instrument. 


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1 (7)(A) The Corporation shall set fees or pre2 miums for loan guarantee or insurance coverage at 

3 levels that minimize the cost to the Government (as 

4 defined in section 502 of the Federal Credit Reform 

5 Act of 1990 (2 U.S.C. 661a)) of such coverage, 

6 while supporting achievement of the objectives of the 

7 loan. 

8 (B) The Corporation shall set the minimum 

9 guarantee fee or insurance premium at a level suffi10 cient to cover the Corporation’s costs for paying all 

11 of the estimated costs to the Government of the ex12 pected default claims and other obligations. 

13 (C) The Corporation shall review fees for loan 

14 guaranties periodically to ensure that the fees as15 sessed on new loan guarantees are at a level suffi16 cient to cover the Corporation’s most recent esti17 mates of its costs. 

18 (8) Any loan guaranty provided by the Corpora19 tion shall be conclusive evidence that— 

20 (A) the guaranty has been properly ob21 tained; 

22 (B) the loan qualified for the guaranty; 

23 and 

24 (C) but for fraud or material misrepresen25 tation by the holder of the guaranty, the guarVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 anty is presumed to be valid, legal, and enforce2 able. 

3 (9) The Corporation may not make a loan or 

4 loan guaranty unless the Corporation determines 

5 that there is a reasonable assurance of repayment on 

6 the loan. 

7 (10) The Corporation shall prescribe explicit 

8 standards for use in periodically assessing the credit 

9 risk of new and existing direct loans or guaranteed 

10 loans. 

11 (11) The Corporation may not make loans or 

12 loan guaranties except to the extent that budget au13 thority to cover the costs of the loans or guaranties 

14 is provided in advance in an appropriations Act, as 

15 required by section 504 of the Federal Credit Re16 form Act of 1990 (2 U.S.C. 661c). 

17 SEC. 203. PAYMENT OF LOSSES. 

18 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

19 LOANS.— 

20 (1) IN GENERAL.—If the Corporation deter21 mines that the holder of a loan guaranteed by the 

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

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

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

25 guaranty contract after the holder of the loan has 


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1 made such further collection efforts and instituted 

2 such enforcement proceedings as the Corporation 

3 may require. 

4 (2) SUBROGATION.—Upon making a payment 

5 described in paragraph (1), the Corporation shall en6 sure the Corporation will be subrogated to all the 

7 rights of the recipient of the payment. 

8 (3) RECOVERY EFFORTS.—The Corporation 

9 shall pursue recovery from the borrower of the 

10 amount of any payment made under paragraph (1) 

11 with respect to the loan. 

12 (b) LIMITATION ON PAYMENTS.— 

13 (1) IN GENERAL.—Except as provided by para14 graph (2), compensation for insurance, reinsurance, 

15 or a guaranty issued under this title shall not exceed 

16 the dollar value of the insurance, reinsurance, or 

17 guaranty, as of the date of its issuance, made in the 

18 project with the approval of the Corporation, plus 

19 interest, earnings, or profits actually accrued on the 

20 insurance, reinsurance, or guaranty, to the extent 

21 provided by such insurance, reinsurance, or guar22 anty. 

23 (2) EXCEPTION.— 

24 (A) IN GENERAL.—The Corporation may 

25 provide that— 


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1 (i) appropriate adjustments in the in2 sured dollar value be made to reflect the 

3 replacement cost of project assets; and 

4 (ii) compensation for a claim of loss 

5 under insurance of an equity investment 

6 under section 201(b) may be computed on 

7 the basis of the net book value attributable 

8 to the equity investment on the date of 

9 loss. 

10 (3) ADDITIONAL LIMITATION.— 

11 (A) IN GENERAL.—Notwithstanding para12 graph (2)(A)(ii) and except as provided in sub13 paragraph (B), the Corporation shall limit the 

14 amount of direct insurance and reinsurance 

15 issued under section 201 with respect to a 

16 project so as to require that the insured and its 

17 affiliates bear the risk of loss for at least 10 

18 percent of the amount of the Corporation’s ex19 posure to that insured and its affiliates in the 

20 project. 

21 (B) EXCEPTION.—The limitation under 

22 subparagraph (A) shall not apply to direct in23 surance or reinsurance of loans provided by 

24 banks or other financial institutions to unre25 lated parties. 


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1 (c) ACTIONS BY ATTORNEY GENERAL.—The Attor2 ney General shall take such action as may be appropriate 

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

4 result of the issuance of any loan or guarantee under this 

5 title. 

6 (d) RULE OF CONSTRUCTION.—Nothing in this sec7 tion shall be construed to preclude any forbearance for the 

8 benefit of a borrower that may be agreed upon by the par9 ties to a loan guaranteed by the Corporation if budget au10 thority for any resulting costs to the United States Gov11 ernment (as defined in section 502 of the Federal Credit 

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

13 SEC. 204. TERMINATION. 

14 The authorities provided under this title terminate on 

15 the date that is 7 years after the date of the enactment 

16 of this Act. 

17 TITLE III—ADMINISTRATIVE 

18 AND GENERAL PROVISIONS 

19 SEC. 301. OPERATIONS. 

20 (a) BILATERAL AGREEMENTS.—The Corporation 

21 may provide support under title II in connection with 

22 projects in any country the government of which has en23 tered into an agreement with the United States author24 izing the Corporation to provide such support in that 

25 country. 


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1 (b) CLAIMS SETTLEMENT.— 

2 (1) IN GENERAL.—Claims arising as a result of 

3 support provided under title II or under predecessor 

4 authority may be settled, and disputes arising as a 

5 result thereof may be arbitrated with the consent of 

6 the parties, on such terms and conditions as the 

7 Corporation may determine. 

8 (2) SETTLEMENTS CONCLUSIVE.—Payment 

9 made pursuant to any settlement pursuant to para10 graph (1), or as a result of an arbitration award, 

11 shall be final and conclusive notwithstanding any 

12 other provision of law. 

13 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

14 executed by such officer or officers as may be designated 

15 by the Board shall be conclusively presumed to be issued 

16 in compliance with the requirements of this Act. 

17 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

18 Corporation shall implement policies to accept electronic 

19 documents and electronic payments in all of its programs. 

20 SEC. 302. CORPORATE POWERS. 

21 (a) IN GENERAL.—The Corporation— 

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

23 an identifiable symbol of the United States; 

24 (2) may make and perform such contracts, in25 cluding no-cost contracts (as defined by the CorporaVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00036 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 tion), grants, and other agreements notwithstanding 

2 division C of subtitle I of title 41, United States 

3 Code, with any person or government however des4 ignated and wherever situated, as may be necessary 

5 for carrying out the functions of the Corporation; 

6 (3) may determine and prescribe the manner in 

7 which its obligations shall be incurred and its ex8 penses allowed and paid, including expenses for rep9 resentation; 

10 (4) may lease, purchase, or otherwise acquire, 

11 improve, and use such real property wherever situ12 ated, as may be necessary for carrying out the func13 tions of the Corporation; 

14 (5) may accept cash gifts or donations of serv15 ices or of property (real, personal, or mixed), tan16 gible or intangible, for the purpose of carrying out 

17 the functions of the Corporation; 

18 (6) may use the United States mails in the 

19 same manner and on the same conditions as the Ex20 ecutive departments (as defined in section 101 of 

21 title 5, United States Code); 

22 (7) may contract with individuals for personal 

23 services, who shall not be considered Federal em24 ployees for any provision of law administered by the 

25 Director of the Office of Personnel Management; 


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1 (8) may hire or obtain passenger motor vehi2 cles; 

3 (9) may sue and be sued in its corporate name; 

4 (10) may acquire, hold, or dispose of, upon 

5 such terms and conditions as the Corporation may 

6 determine, any property, real, personal, or mixed, 

7 tangible or intangible, or any interest in such prop8 erty, and with respect to lease of office space for the 

9 Corporation’s own use, the obligation of amounts for 

10 such lease is limited to the current fiscal year for 

11 which payments are due without regard to section 

12 1341(a)(1)(B) of title 31, United States Code; 

13 (11) may indemnify directors, officers, employ14 ees, and agents of the Corporation for liabilities and 

15 expenses incurred in connection with their activities 

16 on behalf of the Corporation; 

17 (12) notwithstanding any other provision of 

18 law, may represent itself or contract for representa19 tion in all legal and arbitral proceedings; 

20 (13) may purchase, discount, rediscount, sell, 

21 and negotiate, with or without its endorsement or 

22 guaranty, and guarantee notes, participation certifi23 cates, and other evidence of indebtedness; 


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1 (14) may exercise any priority of the Govern2 ment of the United States in collecting debts from 

3 bankrupt, insolvent, or decedents’ estates; 

4 (15) may collect, notwithstanding section 

5 3711(g)(1) of title 31, United States Code, or com6 promise any obligations assigned to or held by the 

7 Corporation, including any legal or equitable rights 

8 accruing to the Corporation; 

9 (16) may manage assets described in section 

10 3(9) of Public Law 110–343 (12 U.S.C. 5202(9)) in 

11 a manner designed to minimize cost to the Corpora12 tion, including establishing vehicles that are author13 ized to purchase, hold, and sell assets and issue obli14 gations; 

15 (17) may make arrangements with foreign gov16 ernments (including agencies, instrumentalities, or 

17 political subdivisions of such governments) or with 

18 multilateral organizations or institutions for sharing 

19 liabilities; 

20 (18) may revolve funds of the Corporation 

21 through selling direct investments of the Corporation 

22 to private investors upon such terms and conditions 

23 as the Corporation may determine; and 


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1 (19) shall have such other powers as may be 

2 necessary and incident to carrying out the functions 

3 of the Corporation. 

4 (b) TREATMENT OF PROPERTY.—Notwithstanding 

5 any other provision of law relating to the acquisition, han6 dling, or disposal of property by the United States, the 

7 Corporation shall have the right in its discretion to com8 plete, recondition, reconstruct, renovate, repair, maintain, 

9 operate, or sell any property acquired by the Corporation 

10 pursuant to the provisions of this Act. 

11 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

13 of the Corporation outstanding at any one time shall not 

14 exceed in the aggregate the amount specified in subsection 

15 (b). 

16 (b) AMOUNT SPECIFIED.— 

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

18 specified in this subsection for the 5-year period be19 ginning on the date of the enactment of this Act, is 

20 $60,000,000,000. 

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

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

23 Act, and every 5 years thereafter, the amount speci24 fied in paragraph (1) shall be adjusted to reflect the 

25 percentage of the increase (if any) in the average of 


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1 the Consumer Price Index during the preceding 5- 

2 year period. 

3 (3) CONSUMER PRICE INDEX DEFINED.—In 

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

5 means the most recent Consumer Price Index for All 

6 Urban Consumers published by the Bureau of Labor 

7 Statistics of the Department of Labor. 

8 SEC. 304. CORPORATE FUNDS. 

9 (a) CORPORATE CAPITAL ACCOUNT.— 

10 (1) ESTABLISHMENT.—There is established in 

11 the Treasury of the United States a revolving fund 

12 to be known as the ‘‘Corporate Capital Account’’, 

13 consisting of such funds as— 

14 (A) are available to discharge liabilities 

15 under predecessor authorities; and 

16 (B) are made available to the Corporation 

17 pursuant to subsections (d), (e), and (f), or oth18 erwise available pursuant to this section. 

19 (2) USE OF FUNDS.—Amounts in the Corporate 

20 Capital Account shall be available for discharge of li21 abilities of the Corporation, until such time as all 

22 such liabilities have been discharged or have expired 

23 or until all of the amounts in the Account have been 

24 expended in accordance with the provisions of this 

25 section. 


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1 (b) TRANSFER OF PREVIOUS FEES AND REVENUE.— 

2 There is hereby authorized to be transferred to the Cor3 poration at its call, for the purposes specified in subsection 

4 (g), all fees and other revenues collected by the Overseas 

5 Private Investment Corporation pursuant to the reorga6 nization plan submitted by the President under section 

7 602. 

8 (c) FULL FAITH AND CREDIT.—All support provided 

9 pursuant to predecessor authorities or title II shall con10 tinue to constitute obligations of the United States, and 

11 the full faith and credit of the United States is hereby 

12 pledged for the full payment and performance of such obli13 gations. 

14 (d) AUTHORIZATION OF APPROPRIATIONS.—There 

15 are authorized to be appropriated to the Corporation, to 

16 remain available until expended, such amounts as may be 

17 necessary from time to time to replenish or increase the 

18 Corporate Capital Account. 

19 (e) ISSUANCE OF OBLIGATIONS.— 

20 (1) IN GENERAL.—In order to discharge liabil21 ities of the Corporation, the Corporation may issue 

22 from time to time for purchase by the Secretary of 

23 the Treasury notes, debentures, bonds, or other obli24 gations of the Corporation. 


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1 (2) LIMITATION.—The aggregate amount of ob2 ligations outstanding under paragraph (1) at any 

3 one time shall not exceed $1,000,000,000. 

4 (3) REPAYMENT.—Any obligation issued under 

5 paragraph (1) shall be repaid to the Treasury of the 

6 United States within one year after the date of issue 

7 of the obligation. 

8 (4) INTEREST RATE.—Any obligation issued 

9 under paragraph (1) shall bear interest at a rate de10 termined by the Secretary, taking into consideration 

11 the current average market yield on outstanding 

12 marketable obligations of the United States of com13 parable maturities during the month preceding the 

14 issuance of any obligation authorized by this sub15 section. 

16 (5) PURCHASE.—The Secretary shall purchase 

17 any obligation of the Corporation issued under para18 graph (1), and for such purchase the Secretary may 

19 use as a public debt transaction the proceeds of the 

20 sale of any securities issued under chapter 31 of title 

21 31, United States Code. The purpose for which secu22 rities may be issued under such chapter shall include 

23 any such purchase. 

24 (6) FUNDING.—There are hereby authorized to 

25 be appropriated to the Secretary for fiscal year 2018 


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1 and each fiscal year thereafter such sums as may be 

2 necessary to carry out this subsection. 

3 (f) FEES.— 

4 (1) IN GENERAL.—Fees may be charged for 

5 providing services and for transaction costs incurred 

6 by the Corporation in amounts to be determined by 

7 the Corporation. 

8 (2) USE OF FEES.—All fees under paragraph 

9 (1) paid for transaction costs and other costs associ10 ated with services provided shall be available for ob11 ligation for the purposes for which such fees were 

12 collected. 

13 (g) INCOME AND REVENUE IN GENERAL.—In order 

14 to carry out the purposes of the Corporation, all funds, 

15 fees, revenues, and income transferred to or earned by the 

16 Corporation, from whatever source derived, shall be held 

17 by the Corporation and shall be available to carry out the 

18 purposes of the Corporation, including— 

19 (1) payment of all expenses of the Corporation; 

20 (2) transfers and additions to the Corporate 

21 Capital Account and such other funds or reserves as 

22 the Corporation may establish, at such time and in 

23 such amounts as the Board may determine; 

24 (3) payment of dividends on capital stock, 

25 which shall consist of and be paid from net earnings 


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1 of the Corporation after payments, transfers, and 

2 additions under paragraphs (1) and (2); and 

3 (4) transfer of such sums as may be necessary 

4 from the Corporate Capital Account for costs (as de5 fined in section 502 of the Federal Credit Reform 

6 Act of 1990 (2 U.S.C. 661a)) of providing support 

7 under title II, including the costs of modifying such 

8 support. 

9 (h) TRANSACTION COSTS.—Transaction costs in10 curred by the Corporation, including such costs relating 

11 to loan obligations or loan guarantee commitments covered 

12 by the provisions of the Federal Credit Reform Act of 

13 1990 (2 U.S.C. 661 et seq.), shall be held in and paid 

14 out of the Corporate Capital Account. 

15 SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE 

16 CORPORATION ON CONSTRAINTS ANALYSIS. 

17 It is the sense of Congress that the Corporation 

18 should use the constraints analysis and other relevant data 

19 of the Millennium Challenge Corporation to better inform 

20 the decisions of the Corporation with respect to providing 

21 support under title II. 


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1 TITLE IV—MONITORING, 

2 EVALUATION, AND REPORTING 

3 SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT4 TEES. 

5 (a) IN GENERAL.—To manage risks such as key stra6 tegic, reputational, regulatory, operational, and financial 

7 risks the Corporation shall establish a risk committee and 

8 an audit committee. 

9 (b) DUTIES AND RESPONSIBILITIES.—Subject to the 

10 direction of the Board, the risk committee established 

11 under subsection (a) shall have the responsibility of— 

12 (1) carrying out independent oversight of the 

13 Corporation; 

14 (2) reviewing and providing guidance on the 

15 risk governance structure of the Corporation; and 

16 (3) developing policies for enterprise risk man17 agement, monitoring, and management of strategic, 

18 reputational, regulatory, operational, and financial 

19 risks. 

20 SEC. 402. PERFORMANCE MEASURES. 

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

22 performance measurement system to evaluate and monitor 

23 projects supported by the Corporation under title II and 

24 to guide future projects of the Corporation. 


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1 (b) CONSIDERATIONS.—In developing the perform2 ance measurement system required by subsection (a), the 

3 Corporation shall— 

4 (1) develop a successor for the development im5 pact measurement system used by the Overseas Pri6 vate Investment Corporation before the date of the 

7 enactment of this Act; 

8 (2) develop a mechanism for ensuring that sup9 port provided by the Corporation under title II is in 

10 addition to private investment; and 

11 (3) develop standards for, and a method for en12 suring, appropriate financial performance of the 

13 Corporation’s portfolio. 

14 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA15 TION.—The Corporation shall regularly make available to 

16 the public information about support provided by the Cor17 poration under title II and performance metrics about 

18 such support on a country-by-country basis. 

19 (d) CONSULTATIONS.—In developing the perform20 ance measurement system required by subsection (a), the 

21 Corporation shall consult with stakeholders engaged in 

22 sustainable economic growth and development outside the 

23 United States, including private sector entities and non24 governmental and civil society organizations. 


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1 SEC. 403. ANNUAL REPORT. 

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

3 the Corporation shall submit to the appropriate congres4 sional committees a complete and detailed report of its op5 erations during that fiscal year, including an assessment 

6 of— 

7 (1) the economic and social development impact 

8 and benefits of projects supported by the Corpora9 tion under title II; and 

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

11 Corporation complement or are compatible with the 

12 development assistance programs of the United 

13 States and qualifying sovereign entities. 

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

15 subsection (a) shall include projections of the effects of 

16 each project supported by the Corporation under title II, 

17 including— 

18 (1) reviews and analysis of— 

19 (A) the desired development outcomes for 

20 each project and whether or not the project is 

21 meeting the associated metrics, goals, and de22 velopment objectives in the years following the 

23 conclusion of the project; and 

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

25 for the project on access to capital, specifically 

26 whether the project is addressing identifiable 


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1 market gaps or inefficiencies and what impact, 

2 if any, such support will have on access to cred3 it for private sector entities in the country in 

4 which the project is carried out; 

5 (2) an explanation of any partnership arrange6 ment or cooperation with a qualifying sovereign enti7 ty in support of each project; 

8 (3) projections of— 

9 (A) each project’s development outcome, 

10 and whether or not support for the project is 

11 meeting the associated performance measures, 

12 both during the start-up phase and over the du13 ration of the project; and 

14 (B) the amount of private sector assets 

15 brought to bear relative to the amount of sup16 port provided by the Corporation and any other 

17 public sector support associated with the 

18 project; and 

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

20 learned from the monitoring and evaluation activities 

21 of the Corporation, and from annual reports from 

22 previous years compiled by the Corporation, have 

23 been applied to projects. 

24 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

25 The Corporation shall— 


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

2 machine-readable database with detailed country3 level information, including a description of the sup4 port provided by the Corporation under title II; and 

5 (2) include a clear link to information about 

6 each project supported by the Corporation under 

7 title II on the internet website of the Department of 

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

9 website or other online publication. 

10 SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE 

11 CORPORATION. 

12 (a) AUDITS.—Subject to subsection (f), an inde13 pendent certified public accountant shall perform a finan14 cial and compliance audit of the financial statements of 

15 the Corporation annually, in accordance with generally ac16 cepted government auditing standards for a financial and 

17 compliance audit, as issued by the Comptroller General 

18 of the United States. 

19 (b) REPORTS ON AUDITS.—The independent certified 

20 public accountant who conducts an audit under subsection 

21 (a) shall report the results of the audit to the Executive 

22 Director of the Corporation and the appropriate congres23 sional committees. 

24 (c) PRESENTATION.—The financial statements of the 

25 Corporation and the report required by subsection (b) 


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1 shall be presented in accordance with generally accepted 

2 accounting principles. 

3 (d) REPORTS TO CONGRESS.—Not later than 195 

4 days after the end of the last fiscal year covered by an 

5 audit conducted under subsection (a), the Corporation 

6 shall submit to the appropriate congressional committees 

7 a report that includes— 

8 (1) the report required by subsection (b) with 

9 respect to the audit; and 

10 (2) the financial statements of the Corporation. 

11 (e) REVIEW AND REPORT BY THE GOVERNMENT AC12 COUNTABILITY OFFICE.—The Comptroller General may 

13 review an audit conducted under subsection (a) and the 

14 report to the appropriate congressional committees re15 quired by subsection (d) in the manner and at such times 

16 as the Comptroller General considers necessary. 

17 (f) ALTERNATIVE AUDITS BY GOVERNMENT AC18 COUNTABILITY OFFICE.—Instead of an audit conducted 

19 under subsection (a) by a certified public accountant, the 

20 Comptroller General shall, if the Comptroller General con21 siders it necessary or upon the request of Congress, audit 

22 the financial statements of the Corporation in the manner 

23 provided under subsection (a). 

24 (g) AVAILABILITY OF INFORMATION.—All books, ac25 counts, financial records, reports, files, workpapers, and 


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1 property belonging to or in use by the Corporation or the 

2 accountant who conducts an audit under subsection (a) 

3 that are necessary for purposes of conducing the audit, 

4 shall be made available to the Comptroller General and 

5 such employees as the Comptroller General considers ap6 propriate. 

7 SEC. 406. ENGAGEMENT WITH INVESTORS. 

8 (a) IN GENERAL.—The Corporation shall, in coopera9 tion with the Administrator of the United States Agency 

10 for International Development— 

11 (1) develop a strategic relationship with private 

12 sector entities focused at the nexus of business op13 portunities and development priorities; 

14 (2) engage such entities and reduce business 

15 risks primarily through direct transaction support 

16 and facilitating investment partnerships; 

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

18 intermediaries that can mobilize private finance at 

19 scale in the developing world; 

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

21 that are small but designed for work in the most un22 derdeveloped areas, including countries with chronic 

23 suffering as a result of extreme poverty, fragile insti24 tutions, or a history of violence; and 


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1 (5) pursue projects consistent with the stated 

2 goals of the Department of State and the Strategic 

3 Plan and the Mission Country Development Co4 operation Strategies of the United States Agency for 

5 International Development. 

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

7 subsection (a), the Corporation shall— 

8 (1) develop risk mitigation tools; 

9 (2) provide transaction structuring support for 

10 blended finance models; 

11 (3) support intermediaries linking capital sup12 ply and demand; 

13 (4) coordinate with other Federal agencies to 

14 support or accelerate transactions; 

15 (5) convene financial, donor, and public sector 

16 partners around opportunities for private finance 

17 within development priorities; 

18 (6) offer strategic planning and programming 

19 assistance to catalyze investment into priority sec20 tors; 

21 (7) provide transaction structuring support; 

22 (8) deliver training and knowledge management 

23 tools for engaging private investors; 

24 (9) partner with private sector entities that pro25 vide access to capital and expertise; and 


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1 (10) identify and screen new investment part2 ners. 

3 TITLE V—CONDITIONS, RESTRIC4 TIONS, AND PROHIBITIONS 

5 SEC. 501. LIMITATIONS AND PREFERENCES. 

6 (a) LIMITATION ON SUPPORT FOR SINGLE ENTI7 TY.—No entity receiving support from the Corporation 

8 under title II may receive more than an amount equal to 

9 5 percent of the Corporation’s maximum contingent liabil10 ity authorized under section 303. 

11 (b) PREFERENCE FOR SUPPORT OF INVESTMENT BY

12 UNITED STATES INVESTORS.— 

13 (1) IN GENERAL.—The Corporation shall give 

14 preferential consideration to projects sponsored by 

15 or involving private sector entities that are United 

16 States persons. 

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

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

19 means— 

20 (A) a United States citizen; or 

21 (B) an entity significantly beneficially 

22 owned by individuals described in subparagraph 

23 (A). 


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1 (c) PREFERENCE FOR PROVISION OF SUPPORT IN

2 COUNTRIES IN COMPLIANCE WITH INTERNATIONAL

3 TRADE OBLIGATIONS.— 

4 (1) CONSULTATIONS WITH UNITED STATES

5 TRADE REPRESENTATIVE.—Not less frequently than 

6 annually, the Corporation shall consult with the 

7 United States Trade Representative with respect to 

8 the status of countries eligible to receive support 

9 from the Corporation under title II and the compli10 ance of those countries with their international trade 

11 obligations. 

12 (2) PREFERENTIAL CONSIDERATION.—The Cor13 poration shall give preferential consideration to pro14 viding support under title II for projects in countries 

15 in compliance with or making substantial progress 

16 coming into compliance with their international 

17 trade obligations. 

18 (d) WORKER RIGHTS.—The Corporation should sup19 port projects under title II in countries that are taking 

20 steps to adopt and implement laws that extend inter21 nationally recognized worker rights (as defined in section 

22 507 of the Trade Act of 1974 (19 U.S.C. 2467)) to work23 ers in that country. 

24 (e) ENVIRONMENTAL IMPACT.—The Board shall not 

25 vote in favor of any project proposed to be supported by 


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1 the Corporation under title II that is likely to have signifi2 cant adverse environmental impacts that are sensitive, di3 verse, or unprecedented, unless— 

4 (1) before the date of the vote, an environ5 mental impact assessment or initial environmental 

6 audit, analyzing the environmental impacts of the 

7 proposed project and of alternatives to the proposed 

8 project, is completed; and 

9 (2) such assessment or audit has been made 

10 available to the public of the United States, locally 

11 affected groups in the country in which the project 

12 will be carried out, and nongovernmental organiza13 tions in that country. 

14 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 

15 DISTORTION. 

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

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

18 ensure that private sector entities are afforded an oppor19 tunity to support the project instead of the project receiv20 ing support from the Corporation. 

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

22 Corporation shall develop appropriate safeguards, policies, 

23 and guidelines to ensure that support provided by the Cor24 poration under title II— 


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1 (1) supplements and encourages, but does not 

2 compete with, private sector support; and 

3 (2) operates according to internationally recog4 nized best practices and standards with respect to 

5 ensuring the avoidance of market distorting govern6 ment subsidies and the crowding out of private sec7 tor lending. 

8 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

9 COUNTRIES AND WITH SANCTIONED PER10 SONS. 

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

12 from providing support under title II in a country the gov13 ernment of which the Secretary of State has determined 

14 has repeatedly provided support for acts of international 

15 terrorism for purposes of— 

16 (1) section 6(j)(1)(A) of the Export Administra17 tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as con18 tinued in effect pursuant to the International Emer19 gency Economic Powers Act (50 U.S.C. 1701 et 

20 seq.)); 

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

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

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

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

25 (4) any other provision of law. 


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1 (b) PROHIBITION ON SUPPORT OF SANCTIONED PER2 SONS.—The Corporation is prohibited from supporting a 

3 project under title II that benefits any entity subject to 

4 sanctions imposed by the United States. 

5 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

6 AND BRIBERY. 

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

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

9 apply with respect to the Corporation to the same extent 

10 and in the same manner as such subsections applied with 

11 respect to the Overseas Private Investment Corporation 

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

13 SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED EN14 TERPRISES AND MONOPOLIES. 

15 (a) POLICIES WITH RESPECT TO STATE-OWNED EN16 TERPRISES.—The Corporation shall develop appropriate 

17 policies and guidelines to ensure that support provided 

18 under title II to a state-owned enterprise, sovereign wealth 

19 fund, or a parastatal entity engaged in commercial activi20 ties or to a project in which such an entity or fund is 

21 participating is provided under appropriate principles of 

22 competitive neutrality. 

23 (b) PROHIBITION ON SUPPORT TO MONOPOLIES.— 

24 The Corporation may not provide support under title II 


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1 to private sector entities engaged in monopolistic prac2 tices. 

3 (c) STATE-OWNED ENTERPRISE DEFINED.— 

4 (1) IN GENERAL.—In this section, the term 

5 ‘‘state-owned enterprise’’ means any enterprise es6 tablished for a commercial or business purpose that 

7 is directly owned or controlled by one or more gov8 ernments, including any agency, instrumentality, 

9 subdivision, or other unit of government at any level 

10 of jurisdiction. 

11 (2) CONTROL; OWNED.—For purposes of para12 graph (1): 

13 (A) CONTROL.—The term ‘‘control’’, with 

14 respect to an enterprise, means the power by 

15 any means to control the enterprise regardless 

16 of— 

17 (i) the level of ownership; and 

18 (ii) whether or not the power is exer19 cised. 

20 (B) OWNED.—The term ‘‘owned’’, with re21 spect to an enterprise, means a majority or con22 trolling interest, whether by value or voting in23 terest, of the shares of that enterprise, includ24 ing through fiduciaries, agents, or other means. 


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1 TITLE VI—TRANSITIONAL 

2 PROVISIONS 

3 SEC. 601. DEFINITIONS. 

4 In this title: 

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

6 entity, organizational unit, program, or function. 

7 (2) TRANSITION PERIOD.—The term ‘‘transi8 tion period’’ means the period— 

9 (A) beginning on the date of the enactment 

10 of this Act; and 

11 (B) ending on the effective date of the re12 organization plan required by section 602(d). 

13 SEC. 602. REORGANIZATION PLAN. 

14 (a) SUBMISSION OF PLAN.—Not later than 60 days 

15 after the date of the enactment of this Act, the President 

16 shall transmit to the appropriate congressional committees 

17 a reorganization plan regarding the following: 

18 (1) The transfer of agencies, personnel, assets, 

19 and obligations to the Corporation pursuant to this 

20 title. 

21 (2) Any consolidation, reorganization, or 

22 streamlining of agencies transferred to the Corpora23 tion pursuant to this title. 

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

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


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1 elements as the President deems appropriate, including 

2 the following: 

3 (1) Identification of any functions of agencies 

4 transferred to the Corporation pursuant to this title 

5 that will not be transferred to the Corporation under 

6 the plan. 

7 (2) Specification of the steps to be taken to or8 ganize the Corporation, including the delegation or 

9 assignment of functions transferred to the Corpora10 tion among officers of the Corporation in order to 

11 permit the Corporation to carry out the functions 

12 transferred under the plan. 

13 (3) Specification of the funds available to each 

14 agency that will be transferred to the Corporation as 

15 a result of transfers under the plan. 

16 (4) Specification of the proposed allocations 

17 within the Corporation of unexpended funds trans18 ferred in connection with transfers under the plan. 

19 (5) Specification of any proposed disposition of 

20 property, facilities, contracts, records, and other as21 sets and obligations of agencies transferred under 

22 the plan. 

23 (c) MODIFICATION OF PLAN.—The President may, 

24 on the basis of consultations with the appropriate congres25 sional committees, modify or revise any part of the plan 


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1 until that part of the plan becomes effective in accordance 

2 with subsection (d). 

3 (d) EFFECTIVE DATE.— 

4 (1) IN GENERAL.—The reorganization plan de5 scribed in this section, including any modifications 

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

7 become effective for an agency on the date specified 

8 in the plan (or the plan as modified pursuant to sub9 section (c)), except that such date may not be earlier 

10 than 90 days after the date the President has trans11 mitted the reorganization plan to the appropriate 

12 congressional committees pursuant to subsection (a). 

13 (2) STATUTORY CONSTRUCTION.—Nothing in 

14 this subsection may be construed to require the 

15 transfer of functions, personnel, records, balances of 

16 appropriations, or other assets of an agency on a 

17 single date. 

18 SEC. 603. TRANSFER OF FUNCTIONS. 

19 (a) IN GENERAL.—Effective at the end of the transi20 tion period, there shall be transferred to the Corporation 

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

22 (1) the Overseas Private Investment Corpora23 tion, as in existence on the day before the date of 

24 the enactment of this Act; and 


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1 (2) the following elements of the United States 

2 Agency for International Development: 

3 (A) The Development Credit Authority. 

4 (B) The enterprise funds. 

5 (C) The Office of Private Capital and Mi6 croenterprise. 

7 (b) BILATERAL AGREEMENTS.—Any bilateral agree8 ment of the United States in effect on the date of the 

9 enactment of this Act that serves as the basis for pro10 grams of the Overseas Private Investment Corporation 

11 shall be considered as satisfying the requirements of sec12 tion 301(a). 

13 (c) TRANSITION.—During the transition period, the 

14 agencies specified in subsection (a) shall— 

15 (1) continue to administer the assets and obli16 gations of those agencies; and 

17 (2) carry out such programs and activities au18 thorized under this Act as may be determined by the 

19 President. 

20 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST21 MENT CORPORATION AND OTHER 

22 SUPERCEDED AUTHORITIES. 

23 Effective at the end of the transition period— 

24 (1) the Overseas Private Investment Corpora25 tion is terminated; and 


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1 (2) the following provisions are repealed: 

2 (A) Title IV of chapter 2 of part I of the 

3 Foreign Assistance Act of 1961 (22 U.S.C. 

4 2191 et seq.) (other than subsections (g), (l), 

5 and (n) of section 237 of that Act). 

6 (B) Subtitle B of title VI of that chapter 

7 (22 U.S.C. 2212). 

8 SEC. 605. TRANSITIONAL AUTHORITIES. 

9 (a) PROVISION OF ASSISTANCE BY OFFICIALS.— 

10 Until the transfer of an agency to the Corporation under 

11 section 603, any official having authority over or functions 

12 relating to the agency immediately before the date of the 

13 enactment of this Act shall provide to the Corporation 

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

15 as the Corporation may request in preparing for the trans16 fer and integration of the agency into the Corporation. 

17 (b) SERVICES AND PERSONNEL.—During the transi18 tion period, upon the request of the Corporation, the head 

19 of any executive agency may, on a reimbursable basis, pro20 vide services or detail personnel to assist with the transi21 tion. 

22 (c) ACTING OFFICIALS.— 

23 (1) IN GENERAL.—During the transition pe24 riod, pending the advice and consent of the Senate 

25 to the appointment of an officer required by this Act 


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1 to be appointed by and with such advice and con2 sent, the President may designate any officer whose 

3 appointment was required to be made by and with 

4 such advice and consent and who was such an officer 

5 immediately before the date of the enactment of this 

6 Act (and who continues in office) or immediately be7 fore such designation, to act in such office until the 

8 same is filled as provided in this Act. While so act9 ing, such officers shall receive compensation at the 

10 higher of— 

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

12 respective offices in which they act; or 

13 (B) the rates provided for the offices held 

14 at the time of designation. 

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

16 Act shall be construed to require the advice and con17 sent of the Senate to the appointment by the Presi18 dent to a position in the Corporation of any officer 

19 whose agency is transferred to the Corporation pur20 suant to this title and whose duties following such 

21 transfer are germane to those performed before such 

22 transfer. 

23 (d) TRANSFER OF PERSONNEL, ASSETS, OBLIGA24 TIONS, AND FUNCTIONS.—Upon the transfer of an agency 

25 to the Corporation under section 603— 


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

2 by or available in connection with the agency shall 

3 be transferred to the Corporation for appropriate al4 location, subject to the approval of the Director of 

5 the Office of Management and Budget and in ac6 cordance with section 1531(a)(2) of title 31, United 

7 States Code; and 

8 (2) the Corporation shall have all functions— 

9 (A) relating to the agency that any other 

10 official could by law exercise in relation to the 

11 agency immediately before such transfer; and 

12 (B) vested in the Corporation by this Act 

13 or other law. 

14 SEC. 606. SAVINGS PROVISIONS. 

15 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

16 (1) IN GENERAL.—Completed administrative 

17 actions of an agency shall not be affected by the en18 actment of this Act or the transfer of such agency 

19 to the Corporation under section 603, but shall con20 tinue in effect according to their terms until amend21 ed, modified, superseded, terminated, set aside, or 

22 revoked in accordance with law by an officer of the 

23 United States or a court of competent jurisdiction, 

24 or by operation of law. 


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1 (2) COMPLETED ADMINISTRATIVE ACTION DE2 FINED.—In this subsection, the term ‘‘completed ad3 ministrative action’’ includes orders, determinations, 

4 rules, regulations, personnel actions, permits, agree5 ments, grants, contracts, certificates, licenses, reg6 istrations, and privileges. 

7 (b) PENDING PROCEEDINGS.— 

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

9 agency, including notices of proposed rulemaking, 

10 and applications for licenses, permits, certificates, 

11 grants, and financial assistance, shall continue not12 withstanding the enactment of this Act or the trans13 fer of the agency to the Corporation, unless discon14 tinued or modified under the same terms and condi15 tions and to the same extent that such discontinu16 ance could have occurred if such enactment or trans17 fer had not occurred. 

18 (2) ORDERS.—Orders issued in proceedings de19 scribed in paragraph (1), and appeals therefrom, 

20 and payments made pursuant to such orders, shall 

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

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

23 not been transferred, and any such orders shall con24 tinue in effect until amended, modified, superseded, 

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


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1 United States or a court of competent jurisdiction, 

2 or by operation of law. 

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

4 shall continue notwithstanding the enactment of this Act 

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

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

7 and judgments rendered and enforced in the same manner 

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

9 had not occurred. 

10 (d) REFERENCES.—References relating to an agency 

11 that is transferred to the Corporation under section 603 

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

13 or delegations of authority that precede such transfer or 

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

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

16 employees, or agents, or to its corresponding organiza17 tional units or functions. Statutory reporting requirements 

18 that applied in relation to such an agency immediately be19 fore the effective date of this Act shall continue to apply 

20 following such transfer if they refer to the agency by 

21 name. 

22 (e) EMPLOYMENT PROVISIONS.— 

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

24 regulations prescribed jointly with the Director of 

25 the Office of Personnel Management, adopt the 


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1 rules, procedures, terms, and conditions, established 

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

3 enactment of this Act, relating to employment in any 

4 agency transferred to the Corporation under section 

5 603. 

6 (2) EFFECT OF TRANSFER ON CONDITIONS OF

7 EMPLOYMENT.—Except as otherwise provided in this 

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

9 transfer pursuant to this title of personnel shall not 

10 alter the terms and conditions of employment, in11 cluding compensation, of any employee so trans12 ferred. 

13 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

14 statutory reporting requirement that applied to an agency 

15 transferred to the Corporation under this title immediately 

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

17 to apply following that transfer if the statutory require18 ment refers to the agency by name. 

19 SEC. 607. OTHER TERMINATIONS. 

20 Except as otherwise provided in this Act, whenever 

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

22 transferred pursuant to this title, each position and office 

23 the incumbent of which was authorized to receive com24 pensation at the rates prescribed for an office or position 

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


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

2 shall terminate. 

3 SEC. 608. INCIDENTAL TRANSFERS. 

4 The Director of the Office of Management and Budg5 et, in consultation with the Corporation, is authorized and 

6 directed to make such additional incidental dispositions of 

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

8 available, or to be made available, in connection with the 

9 functions transferred by this title, as the Director may de10 termine necessary to accomplish the purposes of this Act. 

11 SEC. 609. REFERENCE. 

12 With respect to any function transferred under this 

13 title (including under a reorganization plan under section 

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

15 of this Act, reference in any other Federal law to any de16 partment, commission, or agency or any officer or office 

17 the functions of which are so transferred shall be deemed 

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

19 Corporation to which that function is so transferred. 

20 SEC. 610. CONFORMING AMENDMENTS. 

21 (a) EXEMPT PROGRAMS.—Section 255(g) of the Bal22 anced Budget and Emergency Deficit Control Act of 1985 

23 (2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Pri24 vate Investment Corporation, Noncredit Account (71– 


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1 4184–0–3–151).’’ and inserting ‘‘United States Inter2 national Development Finance Corporation.’’. 

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

4 Code, is amended— 

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

6 Overseas Private Investment Corporation.’’; 

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

8 President, Overseas Private Investment Corpora9 tion.’’; and 

10 (3) in section 5316, by striking ‘‘Vice Presi11 dents, Overseas Private Investment Corporation 

12 (3).’’. 

13 (c) OFFICE OF INTERNATIONAL TRADE OF THE

14 SMALL BUSINESS ADMINISTRATION.—Section 22 of the 

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

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

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

18 Overseas Private Investment Corporation, Director’’ 

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

20 States International Development Finance Corpora21 tion, the Director’’; and 

22 (2) by striking ‘‘Overseas Private Investment 

23 Corporation’’ each place it appears and inserting 

24 ‘‘United States International Development Finance 

25 Corporation’’. 


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1 (d) UNITED STATES AND FOREIGN COMMERCIAL

2 SERVICE.—Section 2301 of the Export Enhancement Act 

3 of 1988 (15 U.S.C. 4721) is amended by striking ‘‘Over4 seas Private Investment Corporation’’ each place it ap5 pears and inserting ‘‘United States International Develop6 ment Finance Corporation’’. 

7 (e) TRADE PROMOTION COORDINATING COM8 MITTEE.—Section 2312(d)(1)(K) of the Export Enhance9 ment Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is amended 

10 by striking ‘‘Overseas Private Investment Corporation’’ 

11 and inserting ‘‘United States International Development 

12 Finance Corporation’’. 

13 (f) INTERAGENCY TRADE DATA ADVISORY COM14 MITTEE.—Section 5402(b) of the Omnibus Trade and 

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

16 amended by striking ‘‘the President of the Overseas Pri17 vate Investment Corporation’’ and inserting ‘‘the Chief 

18 Executive Officer of the United States International De19 velopment Finance Corporation’’. 

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

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

22 by striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Pri23 vate Investment Corporation’, or ‘OPIC’,’’ and inserting 

24 ‘‘ ‘United States International Development Finance Cor25 poration’ or ‘DFC’ ’’. 


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1 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

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

3 Trade Facilitation and Trade Enforcement Act of 2015 

4 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Over5 seas Private Investment Corporation’’ and inserting 

6 ‘‘United States International Development Finance Cor7 poration’’. 

8 (i) INTERNSHIPS WITH INSTITUTE FOR INTER9 NATIONAL PUBLIC POLICY.—Section 625 of the Higher 

10 Education Act of 1965 (20 U.S.C. 1131c(a)) is amended 

11 by striking ‘‘Overseas Private Investment Corporation’’ 

12 and inserting ‘‘United States International Development 

13 Finance Corporation’’. 

14 (j) FOREIGN ASSISTANCE ACT OF 1961.—The For15 eign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is 

16 amended— 

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

18 2296b(b)(2)), by striking ‘‘Overseas Private Invest19 ment Corporation’’ and inserting ‘‘United States 

20 International Development Finance Corporation’’; 

21 and 

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

23 2291(e)(4)(A)), in the matter preceding clause (i), 

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

25 chapter 2, relating to the Overseas Private InvestVerDate Sep 11 2014 03:33 Mar 02, 2018 Jkt 079200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.IH H5105

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1 ment Corporation)’’ and inserting ‘‘(and any support 

2 under title II of the Better Utilization of Invest3 ments Leading to Development Act of 2018, relating 

4 to the United States International Development Fi5 nance Corporation)’’. 

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

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

8 114–121; 22 U.S.C. 2293 note) are amended by striking 

9 ‘‘Overseas Private Investment Corporation’’ each place it 

10 appears and inserting ‘‘United States International Devel11 opment Finance Corporation’’. 

12 (l) FOREIGN AID TRANSPARENCY AND ACCOUNT13 ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 

14 Transparency and Accountability Act of 2016 (Public Law 

15 114–191; 22 U.S.C. 2394c note) is amended by striking 

16 subparagraph (A) and inserting the following: 

17 ‘‘(A) title II of the Better Utilization of In18 vestments Leading to Development Act of 

19 2018;’’. 

20 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

21 (SEED) PROGRAM.—Section 2(c) of the Support for East 

22 European Democracy (SEED) Act of 1989 (22 U.S.C. 

23 5401(c)) is amended by striking paragraph (12) and in24 serting the following: 


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1 ‘‘(12) UNITED STATES INTERNATIONAL DEVEL2 OPMENT FINANCE CORPORATION.—Programs of the 

3 United States International Development Finance 

4 Corporation.’’. 

5 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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

7 of the Cuban Liberty and Democratic Solidarity 

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

9 is amended by striking ‘‘Overseas Private Investment Cor10 poration’’ and inserting ‘‘United States International De11 velopment Finance Corporation’’. 

12 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

13 1998.—Section 405(a)(10) of the International Religious 

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

15 by striking ‘‘Overseas Private Investment Corporation’’ 

16 and inserting ‘‘United States International Development 

17 Finance Corporation’’. 

18 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

19 2000.—Section 103(8) of the Trafficking Victims Protec20 tion Act of 2000 (22 U.S.C. 7102(8)) is amended— 

21 (1) in clause (vii), by striking the semicolon and 

22 inserting ‘‘; and’’; and 

23 (2) by striking clause (viii). 

24 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING

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


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

2 is amended by striking ‘‘Overseas Private Investment Cor3 poration’’ and inserting ‘‘United States International De4 velopment Finance Corporation’’. 

5 (r) EXPANDED NONMILITARY ASSISTANCE FOR

6 UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup7 port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 

8 (1) in the matter preceding subparagraph (A), 

9 by striking ‘‘Overseas Private Investment Corpora10 tion’’ and inserting ‘‘United States International De11 velopment Finance Corporation’’; and 

12 (2) in subparagraph (B), by striking ‘‘by eligi13 ble investors (as defined in section 238 of the For14 eign Assistance Act of 1961 (22 U.S.C. 2198))’’. 

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

16 4(7) of the Global Food Security Act of 2016 (22 U.S.C. 

17 9303(7)) is amended by striking ‘‘Overseas Private Invest18 ment Corporation’’ and inserting ‘‘United States Inter19 national Development Finance Corporation’’. 

20 (t) SENSE OF CONGRESS ON EUROPEAN AND EUR21 ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 

22 Countering Russian Influence in Europe and Eurasia Act 

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

24 ‘‘Overseas Private Investment Corporation’’ and inserting 


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1 ‘‘United States International Development Finance Cor2 poration’’. 

3 (u) WHOLLY OWNED GOVERNMENT CORPORA4 TION.—Section 9101(3) of title 31, United States Code, 

5 is amended by striking ‘‘Overseas Private Investment Cor6 poration’’ and inserting ‘‘United States International De7 velopment Finance Corporation’’. 

8 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

9 2007.—Title IX of the Energy Independence and Security 

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

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

12 (A) in the section heading, by striking 

13 ‘‘OVERSEAS PRIVATE INVESTMENT COR14 PORATION’’ and inserting ‘‘UNITED STATES

15 INTERNATIONAL DEVELOPMENT FINANCE

16 CORPORATION’’; 

17 (B) in subsection (a), in the matter pre18 ceding paragraph (1), by striking ‘‘Overseas 

19 Private Investment Corporation’’ and inserting 

20 ‘‘United States International Development Fi21 nance Corporation’’; and 

22 (C) in subsection (b), in the matter pre23 ceding paragraph (1), by striking ‘‘Overseas 

24 Private Investment Corporation shall include in 

25 its annual report required under section 240A 


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1 of the Foreign Assistance Act of 1961 (22 

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

3 International Development Finance Corporation 

4 shall include in its annual report required under 

5 section 403 of the Better Utilization of Invest6 ments Leading to Development Act of 2018’’; 

7 and 

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

9 17336(a)(2)(I)), by striking ‘‘Overseas Private In10 vestment Corporation:’’ and inserting ‘‘United 

11 States International Development Finance Corpora12 tion;’’. 

13 (w) EFFECTIVE DATE.—The amendments made by 

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

15 period. 

Æ 


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