IB 

Union Calendar No. 631 

115TH CONGRESS 

2D SESSION H. R. 5105 

[Report No. 115–814] 

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 

JULY 11, 2018 

Additional sponsors: Mr. ROYCE of California, Mr. MCCAUL, Mr. SHERMAN, 

Mr. POE of Texas, Mr. FRANCIS ROONEY of Florida, Mr. KEATING, Mr. 

NORMAN, Mr. MOULTON, Mr. CICILLINE, Mr. BUDD, Mr. KIND, Mr. 

GALLAGHER, Mrs. BROOKS of Indiana, Mr. BERA, Mr. LONG, Mr. BARR, 

Mr. MEADOWS, Mr. WILSON of South Carolina, Mr. FITZPATRICK, Mr. 

POCAN, Mr. CASTRO of Texas, Mr. GARRETT, Mr. GUTHRIE, Mr. LARSEN

of Washington, Mrs. BEATTY, Ms. BASS, Mr. BACON, Mr. KHANNA, Mr. 

NORCROSS, Mr. REICHERT, Mr. GOODLATTE, Ms. MOORE, Mr. COOPER, 

Mr. KATKO, Mr. BLUMENAUER, Mr. MCGOVERN, Mrs. COMSTOCK, Mrs. 

MCMORRIS RODGERS, Mr. WEBSTER of Florida, Mr. SCALISE, Mr. KILMER, Mr. COFFMAN, and Mr. HECK

JULY 11, 2018 

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

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

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

[For text of introduced bill, see copy of bill as introduced on February 27, 2018] 


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A BILL 

To establish the United States International Development 

Finance Corporation, and for other purposes. 


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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 ‘‘Bet5 ter Utilization of Investments Leading to Development Act 

6 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 

Sec. 101. Statement of policy. 

Sec. 102. United States International Development Finance Corporation. 

Sec. 103. Management of Corporation. 

Sec. 104. Inspector General of the Corporation. 

Sec. 105. Independent accountability mechanism. 

TITLE II—AUTHORITIES 

Sec. 201. Authorities relating to provision of support. 

Sec. 202. Terms and conditions. 

Sec. 203. Payment of losses. 

Sec. 204. Termination. 

TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 

Sec. 301. Operations. 

Sec. 302. Corporate powers. 

Sec. 303. Maximum contingent liability. 

Sec. 304. Corporate funds. 

Sec. 305. Coordination with other development agencies. 

TITLE IV—MONITORING, EVALUATION, AND REPORTING 

Sec. 401. Establishment of risk and audit committees. 

Sec. 402. Performance measures. 

Sec. 403. Annual report. 

Sec. 404. Publicly available project information. 

Sec. 405. Engagement with investors. 

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

TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 

Sec. 501. Limitations and preferences. 

Sec. 502. Additionality and avoidance of market distortion. 


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

persons. 

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

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: 

3 (1) APPROPRIATE CONGRESSIONAL COMMIT4 TEES.—The term ‘‘appropriate congressional commit5 tees’’ means— 

6 (A) the Committee on Foreign Relations 

7 and the Committee on Appropriations of the 

8 Senate; and 

9 (B) the Committee on Foreign Affairs and 

10 the Committee on Appropriations of the House of 

11 Representatives. 

12 (2) LESS DEVELOPED COUNTRY.—The term ‘‘less 

13 developed country’’ means a country with a low-in14 come economy, lower-middle-income economy, or 

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

16 International Bank for Reconstruction and DevelopVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 ment and the International Development Association 

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

3 (3) PREDECESSOR AUTHORITY.—The term 

4 ‘‘predecessor authority’’ means authorities repealed by 

5 title VI. 

6 (4) QUALIFYING SOVEREIGN ENTITY.—The term 

7 ‘‘qualifying sovereign entity’’ means— 

8 (A) any agency or instrumentality of a for9 eign state (as defined in section 1603 of title 28, 

10 United States Code) that has a purpose that is 

11 similar to the purpose of the Corporation as de12 scribed in section 102(b); and 

13 (B) any international financial institution 

14 (as defined in section 1701(c) of the Inter15 national Financial Institutions Act (22 U.S.C. 

16 262r(c))). 

17 TITLE I—ESTABLISHMENT 

18 SEC. 101. STATEMENT OF POLICY. 

19 It is the policy of the United States to facilitate mar20 ket-based private sector development and economic growth 

21 in less developed countries through the provision of credit, 

22 capital, and other financial support— 

23 (1) to mobilize private capital in support of sus24 tainable, broad-based economic growth, poverty reduc25 tion, and development through demand-driven partVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 nerships with the private sector that further the for2 eign policy interests of the United States; 

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

4 and strengthens civic institutions, promotes competi5 tion, provides for public accountability and trans6 parency; 

7 (3) to help private sector actors overcome identi8 fiable market gaps and inefficiencies without dis9 torting markets; 

10 (4) to achieve clearly defined economic and so11 cial development outcomes; 

12 (5) to coordinate with institutions with purposes 

13 similar to the purposes of the Corporation to leverage 

14 resources of those institutions to produce the greatest 

15 impact; 

16 (6) to provide countries a robust alternative to 

17 state-directed investments by authoritarian govern18 ments and United States strategic competitors using 

19 high standards of transparency, environmental and 

20 social safeguards, and which take into account the 

21 debt sustainability of partner countries; 

22 (7) to leverage private sector capabilities and in23 novative development tools to help countries currently 

24 receiving United States assistance to transition from 

25 their status as recipients of traditional forms of asVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 sistance in order to decrease their reliance on such as2 sistance over time; 

3 (8) to complement and be guided by overall 

4 United States foreign policy, development, and na5 tional security objectives, taking into account the pri6 orities and needs of countries receiving support. 

7 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

8 FINANCE CORPORATION. 

9 (a) ESTABLISHMENT.—There is established in the Ex10 ecutive branch the United States International Development 

11 Finance Corporation (in this Act referred to as the ‘‘Cor12 poration’’), which shall be a wholly owned Government cor13 poration (as defined in section 9101 of title 31, United 

14 States Code) under the foreign policy guidance of the Sec15 retary of State. 

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

17 be to mobilize and facilitate the participation of private 

18 sector capital and skills in the economic development of less 

19 developed countries, as described in subsection (c), and 

20 countries in transition from nonmarket to market econo21 mies, in order to complement the development assistance ob22 jectives, and advance the foreign policy interests, of the 

23 United States. In carrying out its purpose, the Corporation, 

24 utilizing broad criteria, shall take into account in its fiVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 nancing operations the economic and financial soundness 

2 of projects for which it provides support under title II. 

3 (c) LESS DEVELOPED COUNTRY FOCUS.— 

4 (1) IN GENERAL.—The Corporation shall 

5 prioritize the provision of support under title II in 

6 less developed countries with a low-income economy 

7 or a lower-middle-income economy. 

8 (2) SUPPORT IN UPPER-MIDDLE-INCOME COUN9 TRIES.—The Corporation shall restrict the provision 

10 of support under title II in a less developed country 

11 with an upper-middle-income economy unless— 

12 (A) the President certifies to the appro13 priate congressional committees that such sup14 port furthers the national economic or foreign 

15 policy interests of the United States; and 

16 (B) such support is likely to be highly devel17 opmental or provide developmental benefits to 

18 the poorest population of that country. 

19 SEC. 103. MANAGEMENT OF CORPORATION. 

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

21 the Corporation a Board of Directors (in this Act referred 

22 to as the ‘‘Board’’), a Chief Executive Officer, a Deputy 

23 Chief Executive Officer, a Chief Risk Officer, Chief Develop24 ment Officer, and such other officers as the Board may de25 termine. 


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1 (b) BOARD OF DIRECTORS.— 

2 (1) DUTIES.—All powers of the Corporation 

3 shall vest in and be exercised by or under the author4 ity of the Board. The Board— 

5 (A) shall perform the functions specified to 

6 be carried out by the Board in this Act; 

7 (B) may prescribe, amend, and repeal by8 laws, rules, regulations, policies, and procedures 

9 governing the manner in which the business of 

10 the Corporation may be conducted and in which 

11 the powers granted to the Corporation by law 

12 may be exercised; and 

13 (C) shall develop, in consultation with 

14 stakeholders and other interested parties, a pub15 licly-available policy with respect to consulta16 tions, hearings, and other forms of engagement 

17 in order to provide for meaningful public par18 ticipation in the Board’s activities. 

19 (2) MEMBERSHIP OF BOARD.— 

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

21 of— 

22 (i) the Chief Executive Officer of the 

23 Corporation; 

24 (ii) the officers specified in subpara25 graph (B); and 


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1 (iii) four other individuals who shall 

2 be appointed by the President, by and with 

3 the advice and consent of the Senate, of 

4 which— 

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

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

10 Committee on Foreign Relations of the 

11 Senate; 

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

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

17 the Committee on Foreign Relations of 

18 the Senate; 

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

21 five individuals submitted by the 

22 Speaker of the House of Representa23 tives after consultation with the chair24 man of the Committee on Foreign AfVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 fairs of the House of Representatives; 

2 and 

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

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

8 ranking member of the Committee on 

9 Foreign Affairs of the House of Rep10 resentatives. 

11 (B) OFFICERS SPECIFIED.— 

12 (i) IN GENERAL.—The officers specified 

13 in this subparagraph are the following: 

14 (I) The Secretary of State or a 

15 designee of the Secretary. 

16 (II) The Administrator of the 

17 United States Agency for International 

18 Development or a designee of the Ad19 ministrator. 

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

22 (IV) The Secretary of Commerce 

23 or a designee of the Secretary. 


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1 (ii) REQUIREMENTS FOR DES2 IGNEES.—A designee under clause (i) shall 

3 be selected from among officers— 

4 (I) appointed by the President, by 

5 and with the advice and consent of the 

6 Senate; 

7 (II) whose duties relate to the pro8 grams of the Corporation; and 

9 (III) who is designated by and 

10 serving at the pleasure of the Presi11 dent. 

12 (C) REQUIREMENTS FOR NON-GOVERNMENT

13 MEMBERS.—A member of the Board described in 

14 subparagraph (A)(iii)— 

15 (i) may not be an officer or employee 

16 of the United States Government; 

17 (ii) shall have relevant experience, 

18 which may include experience relating to 

19 the private sector, international environ20 ment, labor organizations, or international 

21 development, to carry out the purposes of 

22 the Corporation; 

23 (iii) shall be appointed for a term of 3 

24 years and may be reappointed for one addi25 tional term; 


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1 (iv) shall serve until the member’s suc2 cessor is appointed and confirmed; 

3 (v) shall be compensated at a rate 

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

6 United States Code, when engaged in the 

7 business of the Corporation; and 

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

9 subsistence at the applicable rate under the 

10 Federal Travel Regulation under subtitle F 

11 of title 41, Code of Federal Regulations, 

12 from time to time, while away from the 

13 home or usual place of business of the mem14 ber. 

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

17 among the individuals described in paragraph (2)(A). 

18 (4) VICE CHAIRPERSON.—The Administrator of 

19 the United States Agency for International Develop20 ment, or the designee of the Administrator under 

21 paragraph (2)(B)(i)(II), shall serve as the Vice Chair22 person of the Board. 

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

24 constitute a quorum for the transaction of business by 

25 the Board. 


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1 (c) PUBLIC HEARINGS.— 

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

3 Board shall hold at least one public hearing each year 

4 in order to afford an opportunity for any person to 

5 present views with respect to whether— 

6 (A) the Corporation is carrying out its ac7 tivities in accordance with this Act; and 

8 (B) any support provided by the Corpora9 tion under title II in any country should have 

10 been or should be extended. 

11 (2) ADDITIONAL PUBLIC HEARINGS.—In conjunc12 tion with each meeting of the Board, the Corporation 

13 shall hold a public hearing in order to afford an op14 portunity for any person to present views regarding 

15 the activities of the Corporation. Such views shall be 

16 made part of the record. 

17 (d) CHIEF EXECUTIVE OFFICER.— 

18 (1) APPOINTMENT.—There shall be in the Cor19 poration a Chief Executive Officer, who shall be ap20 pointed by the President, by and with the advice and 

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

22 pleasure of the President. 

23 (2) AUTHORITIES AND DUTIES.—The Chief Exec24 utive Officer shall be responsible for the management 

25 of the Corporation and shall exercise the powers and 


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1 discharge the duties of the Corporation subject to the 

2 bylaws, rules, regulations, and procedures established 

3 by the Board. 

4 (3) RELATIONSHIP TO BOARD.—The Chief Exec5 utive Officer shall report to and be under the direct 

6 authority of the Board. 

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

8 United States Code, is amended by adding at the end 

9 the following: 

10 ‘‘Chief Executive Officer, United States Inter11 national Development Finance Corporation.’’. 

12 (e) DEPUTY CHIEF EXECUTIVE OFFICER.—There shall 

13 be in the Corporation a Deputy Chief Executive Officer, 

14 who shall be appointed by the President, by and with the 

15 advice and consent of the Senate, and who shall serve at 

16 the pleasure of the President. 

17 (f) CHIEF RISK OFFICER.— 

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

19 the Board, the Chief Executive Officer of the Corpora20 tion shall appoint a Chief Risk Officer, from among 

21 individuals with experience at a senior level in finan22 cial risk management, who— 

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

24 (B) shall be removable only by a majority 

25 vote of the Board. 


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1 (2) DUTIES.—The Chief Risk Officer shall, in co2 ordination with the audit committee of the Board es3 tablished under section 401, develop, implement, and 

4 manage a comprehensive process for identifying, as5 sessing, monitoring, and limiting risks to the Cor6 poration, including the overall portfolio diversifica7 tion of the Corporation. 

8 (g) CHIEF DEVELOPMENT OFFICER.— 

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

10 the Board, the Chief Executive Officer, in conjunction 

11 with the Administrator of the United States Agency 

12 for International Development, shall appoint a Chief 

13 Development Officer, from among individuals with 

14 experience in development, who— 

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

16 (B) shall be removable only by a majority 

17 vote of the Board. 

18 (2) DUTIES.—The Chief Development Officer 

19 shall— 

20 (A) coordinate the Corporation’s develop21 ment policies and implementation efforts with 

22 the United States Agency for International De23 velopment, the Millennium Challenge Corpora24 tion, and other relevant United State Govern25 ment departments and agencies, including diVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00016 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 rectly liaising with missions of the United States 

2 Agency for International Development, to ensure 

3 that departments, agencies, and missions have 

4 training, awareness, and access to the Corpora5 tion’s tools in relation to development policy and 

6 projects in countries; 

7 (B) under the guidance of the Chief Execu8 tive Officer, manage employees of the Corpora9 tion that are dedicated to structuring, moni10 toring and evaluating transactions and projects 

11 co-designed with the United States Agency for 

12 International Development and other relevant 

13 United State Government departments and agen14 cies; 

15 (C) authorize and coordinate transfers of 

16 funds or other resources to and from such agen17 cies, departments, or missions upon the concur18 rence of those institutions in support of the Cor19 poration’s projects or activities; and 

20 (D) coordinate and implement the activities 

21 of the Corporation under section 405. 

22 (h) OFFICERS AND EMPLOYEES.— 

23 (1) IN GENERAL.—Except as otherwise provided 

24 in this section, officers, employees, and agents shall be 

25 selected and appointed by the Corporation, and shall 


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1 be vested with such powers and duties as the Corpora2 tion may determine. 

3 (2) ADMINISTRATIVELY DETERMINED EMPLOY4 EES.— 

5 (A) APPOINTMENT; COMPENSATION; RE6 MOVAL.—Of officers and employees employed by 

7 the Corporation under paragraph (1), not to ex8 ceed 50 may be appointed, compensated, or re9 moved without regard to title 5, United States 

10 Code. 

11 (B) REINSTATEMENT.—Under such regula12 tions as the President may prescribe, officers and 

13 employees appointed to a position under sub14 paragraph (A) may be entitled, upon removal 

15 from such position (unless the removal was for 

16 cause), to reinstatement to the position occupied 

17 at the time of appointment or to a position of 

18 comparable grade and salary. 

19 (C) ADDITIONAL POSITIONS.—Positions au20 thorized by subparagraph (A) shall be in addi21 tion to those otherwise authorized by law, includ22 ing positions authorized under section 5108 of 

23 title 5, United States Code. 

24 (D) RATES OF PAY FOR OFFICERS AND EM25 PLOYEES.—The Corporation may set and adjust 


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1 rates of basic pay for officers and employees ap2 pointed under subparagraph (A) without regard 

3 to the provisions of chapter 51 or subchapter III 

4 of chapter 53 of title 5, United States Code, re5 lating to classification of positions and General 

6 Schedule pay rates, respectively. 

7 (3) LIABILITY OF EMPLOYEES.— 

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

9 member of the Board or an officer or employee 

10 of the Corporation has no liability under this 

11 Act with respect to any claim arising out of or 

12 resulting from any act or omission by the indi13 vidual within the scope of the employment of the 

14 individual in connection with any transaction 

15 by the Corporation. 

16 (B) RULE OF CONSTRUCTION.—Subpara17 graph (A) shall not be construed to limit per18 sonal liability of an individual for criminal acts 

19 or omissions, willful or malicious misconduct, 

20 acts or omissions for private gain, or any other 

21 acts or omissions outside the scope of the individ22 ual’s employment. 

23 (C) SAVINGS PROVISION.—This paragraph 

24 shall not be construed— 

25 (i) to affect— 


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1 (I) any other immunities and 

2 protections that may be available to an 

3 individual described in subparagraph 

4 (A) under applicable law with respect 

5 to a transaction described in that sub6 paragraph; or 

7 (II) any other right or remedy 

8 against the Corporation, against the 

9 United States under applicable law, or 

10 against any person other than an indi11 vidual described in subparagraph (A) 

12 participating in such a transaction; or 

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

14 immunities that are available under appli15 cable law for Federal officers and employees 

16 not described in this paragraph. 

17 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

18 The President shall appoint and maintain an Inspec19 tor General in the Corporation, in accordance with the In20 spector General Act of 1978 (5 U.S.C. App.). 

21 SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 

22 (a) IN GENERAL.—The Board shall establish a trans23 parent and independent accountability mechanism. 

24 (b) FUNCTIONS.—The independent accountability 

25 mechanism established pursuant to subsection (a) shall— 


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1 (1) annually evaluate and report to the Board 

2 and Congress regarding compliance with environ3 mental, social, labor, human rights, and transparency 

4 standards, consistent with Corporation statutory 

5 mandates; 

6 (2) provide a forum for resolving concerns re7 garding the impacts of specific Corporation-supported 

8 projects with respect to such standards; and 

9 (3) provide advice regarding Corporation 

10 projects, policies, and practices. 

11 TITLE II—AUTHORITIES 

12 SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP13 PORT. 

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

15 only be exercised to— 

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

17 in section 101 and the purpose of the Corporation in 

18 section 102; 

19 (2) mitigate risks to United States taxpayers by 

20 sharing risks with the private sector and qualifying 

21 sovereign entities through co-financing and struc22 turing of tools; and 

23 (3) ensure that support provided under this title 

24 is additional to private sector resources by mobilizing 


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1 private capital that would otherwise not be deployed 

2 without such support. 

3 (b) LENDING AND GUARANTIES.— 

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

5 loans or guaranties upon such terms and conditions 

6 as the Corporation may determine. 

7 (2) DENOMINATION.—Loans and guaranties 

8 issued under paragraph (1) may be denominated and 

9 repayable in United States dollars or foreign cur10 rencies. Foreign currency denominated loans and 

11 guaranties should only be provided if the Board deter12 mines there is a substantive policy rationale for such 

13 loans and guaranties. 

14 (3) APPLICABILITY OF FEDERAL CREDIT REFORM

15 ACT OF 1990.—Loans and guaranties issued under 

16 paragraph (1) shall be subject to the requirements of 

17 the Federal Credit Reform Act of 1990 (2 U.S.C. 661 

18 et seq.). 

19 (c) EQUITY INVESTMENTS.— 

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

21 minority investor, support projects with funds or use 

22 other mechanisms for the purpose of purchasing, and 

23 may make and fund commitments to purchase, invest 

24 in, make pledges in respect of, or otherwise acquire, 

25 equity or quasi-equity securities or shares or financial 


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1 interests of any entity, including as a limited partner 

2 or other investor in investment funds, upon such 

3 terms and conditions as the Corporation may deter4 mine. 

5 (2) DENOMINATION.—Support provided under 

6 paragraph (1) may be denominated and repayable in 

7 United States dollars or foreign currency. Foreign 

8 currency denominated support provided by paragraph 

9 (1) should only be provided if the Board determines 

10 there is a substantive policy rationale for such sup11 port. 

12 (3) GUIDELINES AND CRITERIA.—The Corpora13 tion shall develop guidelines and criteria to require 

14 that the use of the authority provided by paragraph 

15 (1) with respect to a project has a clearly defined de16 velopment and foreign policy rationale, taking into 

17 account the following objectives: 

18 (A) The support for the project would be 

19 more likely than not to substantially reduce or 

20 overcome the effect of an identified market fail21 ure in the country in which the project is carried 

22 out. 

23 (B) The project would not have proceeded or 

24 would have been substantially delayed without 

25 the support. 


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1 (C) The support will meaningfully con2 tribute to transforming local conditions to pro3 mote the development of markets. 

4 (D) The support can be shown to be aligned 

5 with commercial partner incentives. 

6 (E) The support can be shown to have sig7 nificant developmental impact and will con8 tribute to long-term commercial sustainability. 

9 (F) The support furthers the policy of the 

10 United States described in section 101. 

11 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

12 (A) PER PROJECT LIMIT.—The aggregate 

13 amount of support provided under this sub14 section with respect to any project shall not ex15 ceed 30 percent of the aggregate amount of all eq16 uity investment made from any source to the 

17 project at the time that the Corporation approves 

18 support of the project. 

19 (B) TOTAL LIMIT.—Support provided pur20 suant to this subsection shall be limited to not 

21 more than 35 percent of the Corporation’s aggre22 gate exposure on the date that such support is 

23 provided. 

24 (5) SALES AND LIQUIDATION OF POSITION.—The 

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1 port for a project provided under this subsection as 

2 soon as commercially feasible, commensurate with 

3 other similar investors in the project and taking into 

4 consideration the national security interests of the 

5 United States. 

6 (6) TIMETABLE.—The Corporation shall create a 

7 project-specific timetable for support provided under 

8 paragraph (1). 

9 (d) INSURANCE AND REINSURANCE.—The Corporation 

10 may issue insurance or reinsurance, upon such terms and 

11 conditions as the Corporation may determine, to private 

12 sector entities and qualifying sovereign entities assuring 

13 protection of their investments in whole or in part against 

14 any or all political risks such as currency inconvertibility 

15 and transfer restrictions, expropriation, war, terrorism, 

16 and civil disturbance, breach of contract, or non-honoring 

17 of financial obligations. 

18 (e) PROMOTION OF AND SUPPORT FOR PRIVATE IN19 VESTMENT OPPORTUNITIES.— 

20 (1) IN GENERAL.—In order to carry out the pur21 poses of the Corporation described in section 102(b), 

22 the Corporation may initiate and support, through fi23 nancial participation, incentive grant, or otherwise, 

24 and on such terms and conditions as the Corporation 

25 may determine, feasibility studies for the planning, 


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1 development, and management of, and procurement 

2 for, potential bilateral and multilateral development 

3 projects eligible for support under this title, including 

4 training activities undertaken in connection with 

5 such projects, for the purpose of promoting investment 

6 in such projects and the identification, assessment, 

7 surveying, and promotion of private investment op8 portunities, utilizing wherever feasible and effective, 

9 the facilities of private investors. 

10 (2) CONTRIBUTIONS TO COSTS.—The Corpora11 tion shall, to the maximum extent practicable, require 

12 any person receiving funds under the authorities of 

13 this subsection to— 

14 (A) share the costs of feasibility studies and 

15 other project planning services funded under this 

16 subsection; and 

17 (B) reimburse the Corporation those funds 

18 provided under this section, if the person suc19 ceeds in project implementation. 

20 (f) SPECIAL PROJECTS AND PROGRAMS.—The Cor21 poration may administer and manage special projects and 

22 programs in support of specific transactions undertaken by 

23 the Corporation, including programs of financial and advi24 sory support that provide private technical, professional, or 

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1 sources, skills, technology, capital savings, and intermediate 

2 financial and investment institutions and cooperatives and 

3 including the initiation of incentives, grants, and studies 

4 for renewable energy, microenterprise households, women’s 

5 economic empowerment, microenterprise households, and 

6 other small business activities. 

7 (g) ENTERPRISE FUNDS.— 

8 (1) IN GENERAL.—The Corporation may, fol9 lowing consultation with the Secretary of State, the 

10 Administrator of the United States Agency for Inter11 national Development, and the heads of other relevant 

12 departments or agencies, establish and operate enter13 prise funds in accordance with this subsection. 

14 (2) PROCEDURES AND REQUIREMENTS.—The 

15 provisions of section 201 of the Support for East Eu16 ropean Democracy (SEED) Act of 1989 (22 U.S.C. 

17 5421) (other than the provisions of subsections (a), 

18 (b), (c), (d)(1), (d)(3), (e), (f), and (j) of that section), 

19 shall be deemed to apply with respect to any enter20 prise fund established by the Corporation under this 

21 subsection and to funds made available to any such 

22 enterprise fund in the same manner and to the same 

23 extent as such provisions apply with respect to enter24 prise funds established pursuant to such section 201 


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1 or to funds made available to enterprise funds estab2 lished under that section. 

3 (3) PURPOSES FOR WHICH SUPPORT MAY BE

4 PROVIDED.—The Corporation, subject to the approval 

5 of the Board, may designate private, nonprofit orga6 nizations as eligible to receive support under this sub7 section for the following purposes: 

8 (A) To promote development of economic 

9 freedom and private sectors, including small10 and medium-sized enterprises and joint ventures 

11 with the United States and host country partici12 pants. 

13 (B) To facilitate access to the credit to 

14 small- and medium-sized enterprises with sound 

15 business plans in countries where there is limited 

16 means of accessing credit on market terms. 

17 (C) To promote policies and practices con18 ducive to economic freedom and private sector 

19 development. 

20 (D) To attract foreign direct investment 

21 capital to further promote private sector develop22 ment and economic freedom. 

23 (E) To complement the work of the United 

24 States Agency for International Development 

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1 enabling environment, financing the creation 

2 and expansion of the private business sector. 

3 (F) To make financially sustainable invest4 ments designed to generate measurable social 

5 benefits and build technical capacity in addition 

6 to financial returns. 

7 (4) OPERATION OF FUNDS.— 

8 (A) EXPENDITURES.—Funds made avail9 able to an enterprise fund shall be expended at 

10 the minimum rate necessary to make timely 

11 payments for projects and activities carried out 

12 under this subsection. 

13 (B) ADMINISTRATIVE EXPENSES.—Not more 

14 than 3 percent of the funds made available to an 

15 enterprise fund may be obligated or expended for 

16 the administrative expenses of the enterprise 

17 fund. 

18 (5) BOARD OF DIRECTORS.—Each enterprise 

19 fund established under this subsection should be gov20 erned by a Board of Directors comprised of private 

21 citizens of the United States or the host country, 

22 who— 

23 (A) shall be appointed by the President 

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1 ing members of the appropriate congressional 

2 committees; and 

3 (B) have pursued careers in international 

4 business and have demonstrated expertise in 

5 international and emerging market investment 

6 activities. 

7 (6) MAJORITY MEMBER REQUIREMENT.—The 

8 majority of the members of the Board of Directors 

9 shall be United States citizens who shall have relevant 

10 experience relating to the purposes described in para11 graph (3). 

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

13 date of the establishment of an enterprise fund under 

14 this subsection, and annually thereafter until the en15 terprise fund terminates in accordance with para16 graph (10), the Board of Directors of the enterprise 

17 fund shall— 

18 (A) submit to the appropriate congressional 

19 committees a report— 

20 (i) detailing the administrative ex21 penses of the enterprise fund during the 

22 year preceding the submission of the report; 

23 (ii) describing the operations, activi24 ties, engagement with civil society and rel25 evant local private sector entities, developVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00030 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 ment objectives and outcomes, financial con2 dition, and accomplishments of the enter3 prise fund during that year; 

4 (iii) describing the results of the audit 

5 conducted under paragraph (8) during that 

6 year; and 

7 (iv) describing how audits conducted 

8 under paragraph (8) are informing the op9 erations and activities of the enterprise 

10 fund; and 

11 (B) publish, on a publicly available internet 

12 website of the enterprise fund, each report re13 quired by subparagraph (A). 

14 (8) OVERSIGHT.— 

15 (A) INSPECTOR GENERAL PERFORMANCE

16 AUDITS.— 

17 (i) IN GENERAL.—The Inspector Gen18 eral of the Corporation shall conduct peri19 odic audits of the activities of each enter20 prise fund established under this subsection. 

21 (ii) CONSIDERATION.—In conducting 

22 an audit under clause (i), the Inspector 

23 General shall assess whether the activities of 

24 the enterprise fund— 


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1 (I) support the purposes described 

2 in paragraph (3); 

3 (II) result in profitable private 

4 sector investing; and 

5 (III) generate measurable social 

6 benefits. 

7 (B) RECORDKEEPING REQUIREMENTS.—The 

8 Corporation shall ensure that each enterprise 

9 fund receiving support under this subsection— 

10 (i) keeps separate accounts with respect 

11 to such support; and 

12 (ii) maintains such records as may be 

13 reasonably necessary to facilitate effective 

14 audits under this paragraph. 

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

16 funds resulting from any liquidation, dissolution, or 

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

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

19 States. 

20 (10) TERMINATION.—The authority of an enter21 prise fund to provide support under this subsection 

22 shall terminate on the earlier of— 

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

24 of the first expenditure of amounts from the en25 terprise fund; or 


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1 (B) the date on which the enterprise fund is 

2 liquidated. 

3 (h) SUPERVISION OF SUPPORT.—Support provided 

4 under this title shall be subject to section 622(c) of the For5 eign Assistance Act of 1961 (22 U.S.C. 2382(c)). 

6 SEC. 202. TERMS AND CONDITIONS. 

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

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

9 shall be on such terms and conditions as the Corporation 

10 may prescribe. 

11 (b) REQUIREMENTS.—The following requirements 

12 apply to support provided by the Corporation under this 

13 title: 

14 (1) The Corporation shall provide support using 

15 authorities under this title only if it is necessary— 

16 (A) to alleviate a credit market imperfec17 tion; or 

18 (B) to achieve specified development or for19 eign policy objectives of the United States Gov20 ernment by providing support in the most effi21 cient way to meet those objectives on a case-by22 case basis. 

23 (2) The final maturity of a loan made or guar24 anteed by the Corporation shall not exceed the lesser 

25 of— 


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1 (A) 25 years; or 

2 (B) debt servicing capabilities of the project 

3 to be financed by the loan (as determined by the 

4 Corporation). 

5 (3) The Corporation shall, with respect to pro6 viding any loan guaranty to a project, require the 

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

8 amount equal to at least 20 percent of the guaranteed 

9 support by the Corporation in the project. 

10 (4) The Corporation may not make or guarantee 

11 a loan unless the Corporation determines that the bor12 rower or lender is responsible and that adequate pro13 vision is made for servicing the loan on reasonable 

14 terms and protecting the financial interest of the 

15 United States. 

16 (5) The interest rate for direct loans and interest 

17 supplements on guaranteed loans shall be set by ref18 erence to a benchmark interest rate (yield) on market19 able Treasury securities or other widely recognized or 

20 appropriate benchmarks with a similar maturity to 

21 the loans being made or guaranteed, as determined in 

22 consultation with the Director of the Office of Man23 agement and Budget and the Secretary of the Treas24 ury. The Corporation shall establish appropriate minVerDate Sep 11 2014 21:40 Jul 11, 2018 Jkt 079200 PO 00000 Frm 00034 Fmt 6652 Sfmt 6203 E:\BILLS\H5105.RH H5105

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1 imum interest rates for loans, guaranties, and other 

2 instruments as necessary. 

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

4 established by the Corporation shall be adjusted peri5 odically to take account of changes in the interest rate 

6 of the benchmark financial instrument. 

7 (7)(A) The Corporation shall set fees or pre8 miums for support provided under this title at levels 

9 that minimize the cost to the Government while sup10 porting achievement of the objectives of support. 

11 (B) The Corporation shall review fees for loan 

12 guaranties periodically to ensure that the fees assessed 

13 on new loan guaranties are at a level sufficient to 

14 cover the Corporation’s most recent estimates of its 

15 costs. 

16 (8) Any loan guaranty provided by the Corpora17 tion shall be conclusive evidence that— 

18 (A) the guaranty has been properly ob19 tained; 

20 (B) the loan qualified for the guaranty; and 

21 (C) but for fraud or material misrepresenta22 tion by the holder of the guaranty, the guaranty 

23 is presumed to be valid, legal, and enforceable. 

24 (9) The Corporation shall prescribe explicit 

25 standards for use in periodically assessing the credit 


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1 risk of new and existing direct loans or guaranteed 

2 loans. 

3 (10) The Corporation may not make loans or 

4 loan guaranties except to the extent that budget au5 thority to cover the costs of the loans or guaranties is 

6 provided in advance in an appropriations Act, as re7 quired by section 504 of the Federal Credit Reform 

8 Act of 1990 (2 U.S.C. 661c). 

9 (11) The Corporation shall rely upon specific 

10 standards to assess the developmental and strategic 

11 value of projects for which it provides support and 

12 should only provide the minimum level of support 

13 necessary in order to support such projects. 

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

15 Corporation should be provided on a senior basis or 

16 pari passu with other senior debt unless there is a 

17 substantive policy rationale to provide such support 

18 otherwise. 

19 SEC. 203. PAYMENT OF LOSSES. 

20 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

21 LOANS.— 

22 (1) IN GENERAL.—If the Corporation determines 

23 that the holder of a loan guaranteed by the Corpora24 tion suffers a loss as a result of a default by a bor25 rower on the loan, the Corporation shall pay to the 


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1 holder the percent of the loss, as specified in the guar2 anty contract after the holder of the loan has made 

3 such further collection efforts and instituted such en4 forcement proceedings as the Corporation may re5 quire. 

6 (2) SUBROGATION.—Upon making a payment 

7 described in paragraph (1), the Corporation shall en8 sure the Corporation will be subrogated to all the 

9 rights of the recipient of the payment. 

10 (3) RECOVERY EFFORTS.—The Corporation shall 

11 pursue recovery from the borrower of the amount of 

12 any payment made under paragraph (1) with respect 

13 to the loan. 

14 (b) LIMITATION ON PAYMENTS.— 

15 (1) IN GENERAL.—Except as provided by para16 graph (2), compensation for insurance, reinsurance, 

17 or a guaranty issued under this title shall not exceed 

18 the dollar value of the tangible or intangible contribu19 tions or commitments made in the project, plus inter20 est, earnings, or profits actually accrued on such con21 tributions or commitments, to the extent provided by 

22 such insurance, reinsurance, or guaranty. 

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 re3 placement 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 loss. 

9 (3) ADDITIONAL LIMITATION.— 

10 (A) IN GENERAL.—Notwithstanding para11 graph (2)(A)(ii) and except as provided in sub12 paragraph (B), the Corporation shall limit the 

13 amount of direct insurance and reinsurance 

14 issued under section 201 with respect to a project 

15 so as to require that the insured and its affiliates 

16 bear the risk of loss for at least 10 percent of the 

17 amount of the Corporation’s exposure to that in18 sured and its affiliates in the project. 

19 (B) EXCEPTION.—The limitation under 

20 subparagraph (A) shall not apply to direct in21 surance or reinsurance of loans provided by 

22 banks or other financial institutions to unrelated 

23 parties. 

24 (c) ACTIONS BY ATTORNEY GENERAL.—The Attorney 

25 General shall take such action as may be appropriate to 


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1 enforce any right accruing to the United States as a result 

2 of the issuance of any loan or guaranty under this title. 

3 (d) RULE OF CONSTRUCTION.—Nothing in this section 

4 shall be construed to preclude any forbearance for the ben5 efit of a borrower that may be agreed upon by the parties 

6 to a loan guaranteed by the Corporation if budget authority 

7 for any resulting costs to the United States Government (as 

8 defined in section 502 of the Federal Credit Reform Act of 

9 1990 (2 U.S.C. 661a)) is available. 

10 SEC. 204. TERMINATION. 

11 (a) IN GENERAL.—The authorities provided under this 

12 title terminate on the date that is 7 years after the date 

13 of the enactment of this Act. 

14 (b) TERMINATION OF CORPORATION.—The Corpora15 tion shall terminate on the date on which the portfolio of 

16 the Corporation is liquidated. 

17 TITLE III—ADMINISTRATIVE AND 

18 GENERAL PROVISIONS 

19 SEC. 301. OPERATIONS. 

20 (a) BILATERAL AGREEMENTS.—The Corporation may 

21 provide support under title II in connection with projects 

22 in any country the government of which has entered into 

23 an agreement with the United States authorizing the Cor24 poration to provide such support in that country. 

25 (b) CLAIMS SETTLEMENT.— 


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

2 support provided under title II or under predecessor 

3 authority may be settled, and disputes arising as a 

4 result thereof may be arbitrated with the consent of 

5 the parties, on such terms and conditions as the Cor6 poration may determine. 

7 (2) SETTLEMENTS CONCLUSIVE.—Payment made 

8 pursuant to any settlement pursuant to paragraph 

9 (1), or as a result of an arbitration award, shall be 

10 final and conclusive notwithstanding any other provi11 sion of law. 

12 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

13 executed by such officer or officers as may be designated 

14 by the Board shall be conclusively presumed to be issued 

15 in compliance with the requirements of this Act. 

16 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

17 Corporation shall implement policies to accept electronic 

18 documents and electronic payments in all of its programs. 

19 SEC. 302. CORPORATE POWERS. 

20 (a) IN GENERAL.—The Corporation— 

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

22 an identifiable symbol of the United States; 

23 (2) may make and perform such contracts, in24 cluding no-cost contracts (as defined by the Corpora25 tion), grants, and other agreements notwithstanding 


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1 division C of subtitle I of title 41, United States Code, 

2 with any person or government however designated 

3 and wherever situated, as may be necessary for car4 rying out the functions of the Corporation; 

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

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

9 (4) may accept cash gifts or donations of services 

10 or of property (real, personal, or mixed), tangible or 

11 intangible, for the purpose of carrying out the func12 tions of the Corporation; 

13 (5) may use the United States mails in the same 

14 manner and on the same conditions as the Executive 

15 departments (as defined in section 101 of title 5, 

16 United States Code); 

17 (6) may contract with individuals for personal 

18 services, who shall not be considered Federal employ19 ees for any provision of law administered by the Di20 rector of the Office of Personnel Management; 

21 (7) may hire or obtain passenger motor vehicles; 

22 (8) may sue and be sued in its corporate name; 

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

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1 mine, any property, real, personal, or mixed, tangible 

2 or intangible, or any interest in such property; 

3 (10) may lease office space for the Corporation’s 

4 own use, the obligation of amounts for such lease is 

5 limited to the current fiscal year for which payments 

6 are due until the expiration of the current lease of the 

7 predecessor authority, as of the day before the date of 

8 the enactment of this Act; 

9 (11) may indemnify directors, officers, employ10 ees, and agents of the Corporation for liabilities and 

11 expenses incurred in connection with their activities 

12 on behalf of the Corporation; 

13 (12) notwithstanding any other provision of law, 

14 may represent itself or contract for representation in 

15 all legal and arbitral proceedings; 

16 (13) may exercise any priority of the Govern17 ment of the United States in collecting debts from 

18 bankrupt, insolvent, or decedents’ estates; 

19 (14) may collect, notwithstanding section 

20 3711(g)(1) of title 31, United States Code, or com21 promise any obligations assigned to or held by the 

22 Corporation, including any legal or equitable rights 

23 accruing to the Corporation; 

24 (15) may make arrangements with foreign gov25 ernments (including agencies, instrumentalities, or 


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1 political subdivisions of such governments) or with 

2 multilateral organizations or institutions for sharing 

3 liabilities; 

4 (16) may sell direct investments of the Corpora5 tion to private investors upon such terms and condi6 tions as the Corporation may determine; and 

7 (17) shall have such other powers as may be nec8 essary and incident to carrying out the functions of 

9 the Corporation. 

10 (b) TREATMENT OF PROPERTY.—Notwithstanding any 

11 other provision of law relating to the acquisition, handling, 

12 or disposal of property by the United States, the Corpora13 tion shall have the right in its discretion to complete, recon14 dition, reconstruct, renovate, repair, maintain, operate, or 

15 sell any property acquired by the Corporation pursuant to 

16 the provisions of this Act. 

17 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

19 of the Corporation outstanding at any one time shall not 

20 exceed in the aggregate the amount specified in subsection 

21 (b). 

22 (b) AMOUNT SPECIFIED.— 

23 (1) INITIAL 5-YEAR PERIOD.—The amount speci24 fied in this subsection for the 5-year period beginning 


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1 on the date of the enactment of this Act, is 

2 $60,000,000,000. 

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

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

5 Act, and not less frequently than every 5 years there6 after, the amount specified in paragraph (1) shall be 

7 adjusted to reflect the percentage of the increase (if 

8 any) in the average of the Consumer Price Index dur9 ing the preceding 5-year period. 

10 (3) CONSUMER PRICE INDEX DEFINED.—In this 

11 subsection, the term ‘‘Consumer Price Index’’ means 

12 the most recent Consumer Price Index for All Urban 

13 Consumers published by the Bureau of Labor Statis14 tics of the Department of Labor. 

15 SEC. 304. CORPORATE FUNDS. 

16 (a) CORPORATE CAPITAL ACCOUNT.—There is estab17 lished in the Treasury of the United States a fund to be 

18 known as the ‘‘Corporate Capital Account’’ to carry out the 

19 purposes of the Corporation. 

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

21 consist of— 

22 (1) fees charged and collected pursuant to sub23 section (c); 

24 (2) any amounts received pursuant to subsection 

25 (e); 


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1 (3) investments and returns on such investments 

2 pursuant to subsection (g); 

3 (4) unexpended balances transferred to the Cor4 poration pursuant to subsection (h); 

5 (5) payments received in connection with settle6 ments of all insurance and reinsurance claims of the 

7 Corporation; and 

8 (6) all other collections transferred to or earned 

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

10 section 502 of the Federal Credit Reform Act of 1990, 

11 of loans and loan guaranties. 

12 (c) COLLECTIONS.—Fees may be charged and collected 

13 for providing services in amounts to be determined by the 

14 Corporation as provided in advance in appropriations 

15 Acts. 

16 (d) USES.— 

17 (1) IN GENERAL.—Subject to Acts making ap18 propriations, the Corporation is authorized to pay— 

19 (A) the cost, as defined in section 502 of the 

20 Federal Credit Reform Act of 1990, of loans and 

21 loan guaranties; 

22 (B) administrative expenses of the Corpora23 tion; and 


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1 (C) for the cost of providing support author2 ized by subsections (c), (e), (f), and (g) of section 

3 201. 

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

5 out the purposes of the Corporation, all collections 

6 transferred to or earned by the Corporation, excluding 

7 the cost, as defined in section 502 of the Federal Cred8 it Reform Act of 1990, of loans and loan guaranties, 

9 shall be deposited into the Corporate Capital Account 

10 and shall be available to carry out its purpose, in11 cluding without limitation— 

12 (A) payment of all insurance and reinsur13 ance claims of the Corporation; 

14 (B) repayments to the Treasury of amounts 

15 borrowed under subsection (e); 

16 (C) dividend payments to the Treasury 

17 under subsection (f); and 

18 (D) project-specific transaction costs. 

19 (e) FULL FAITH AND CREDIT.— 

20 (1) IN GENERAL.—All support provided pursu21 ant to predecessor authorities or title II shall continue 

22 to constitute obligations of the United States, and the 

23 full faith and credit of the United States is hereby 

24 pledged for the full payment and performance of such 

25 obligations. 


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1 (2) AUTHORITY TO BORROW.—The Corporation 

2 is authorized to borrow from the Treasury such sums 

3 as may be necessary to fulfill such obligations of the 

4 United States and any such borrowing shall be at a 

5 rate determined by the Secretary of the Treasury, tak6 ing into consideration the current average market 

7 yields on outstanding marketable obligations of the 

8 United States of comparable maturities, for a period 

9 jointly determined by the Corporation and the Sec10 retary, and subject to such terms and conditions as 

11 the Secretary may require. 

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

13 Director of the Office of Management and Budget, shall an14 nually assess a dividend payment to the Treasury if the 

15 Corporation’s insurance portfolio is more than 100 percent 

16 reserved. 

17 (g) INVESTMENT AUTHORITY.— 

18 (1) IN GENERAL.—The Corporation may request 

19 the Secretary of the Treasury to invest such portion 

20 of the Corporate Capital Account as is not, in the 

21 Corporation’s judgement, required to meet the current 

22 needs of the Corporate Capital Account. 

23 (2) FORM OF INVESTMENTS.—Such investments 

24 shall be made by the Secretary of the Treasury in 

25 public debt obligations, with maturities suitable to the 


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1 needs of the Corporate Capital Account, as deter2 mined by the Corporation, and bearing interest at 

3 rates determined by the Secretary, taking into consid4 eration current market yields on outstanding market5 able obligations of the United States of comparable 

6 maturities. 

7 (h) TRANSFER FROM PREDECESSOR AGENCIES AND

8 PROGRAMS.—By the date end of the transition period de9 scribed in title VI, the unexpended balances, assets, and re10 sponsibilities of any agency specified in the plan required 

11 by section 602 shall be transferred to the Corporation. 

12 (i) TRANSFER OF FUNDS.—In order to carry out this 

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

14 Foreign Assistance Act of 1961 may be transferred to the 

15 Corporation and funds authorized appropriated to the Cor16 poration may be transferred to the Department of State and 

17 the United States Agency for International Development. 

18 (j) DEFINITION.—In this section, the term ‘‘project19 specific transaction costs’’— 

20 (1) means those costs incurred by the Corpora21 tion for travel, legal expenses, and direct and indirect 

22 costs incurred in claims settlements associated with 

23 the provision of support under title II and shall not 

24 be considered administrative expenses for the purposes 

25 of this section; and 


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1 (2) does not include information technology (as 

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

3 United States Code). 

4 SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 

5 AGENCIES. 

6 It is the sense of Congress that the Corporation should 

7 use relevant data of the Department of State, Millennium 

8 Challenge Corporation, United States Agency for Inter9 national Development, and other departments and agencies 

10 that have development functions to better inform the deci11 sions of the Corporation with respect to providing support 

12 under title II. 

13 TITLE IV—MONITORING, 

14 EVALUATION, AND REPORTING 

15 SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT16 TEES. 

17 (a) IN GENERAL.—To assist the Board to fulfill its du18 ties and responsibilities under section 201(a), the Corpora19 tion shall establish a risk committee and an audit com20 mittee. 

21 (b) DUTIES AND RESPONSIBILITIES OF RISK COM22 MITTEE.—Subject to the direction of the Board, the risk 

23 committee established under subsection (a) shall have over24 sight responsibility of— 


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1 (1) formulating risk management policies of the 

2 operations of the Corporation; 

3 (2) reviewing and providing guidance on oper4 ation of the Corporation’s global risk management 

5 framework; 

6 (3) developing policies for enterprise risk man7 agement, monitoring, and management of strategic, 

8 reputational, regulatory, operational, developmental, 

9 environmental, social, and financial risks; 

10 (4) developing the risk profile of the Corporation, 

11 including a risk management and compliance frame12 work and governance structure to support such frame13 work; and 

14 (5) developing policies and procedures for assess15 ing, prior to providing, and during any period dur16 ing which the Corporation provides, support to any 

17 foreign entities, whether such entities have in place 

18 sufficient enhanced due diligence policies and prac19 tices to prevent money laundering and corruption to 

20 ensure the Corporation does not provide support to 

21 persons that are— 

22 (A) knowingly engaging in acts of corrup23 tion; 


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1 (B) knowingly providing material or finan2 cial support for terrorism, drug trafficking, or 

3 human trafficking; or 

4 (C) responsible for ordering or otherwise di5 recting serious or gross violations of human 

6 rights. 

7 (c) DUTIES AND RESPONSIBILITIES OF AUDIT COM8 MITTEE.—Subject to the direction of the Board, the audit 

9 committee established under subsection (a) shall have the 

10 oversight responsibility of— 

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

12 reporting and systems of internal controls regarding 

13 finance and accounting; 

14 (2) the integrity of the Corporation’s financial 

15 statements; 

16 (3) the performance of the Corporation’s internal 

17 audit function; and 

18 (4) compliance with legal and regulatory re19 quirements related to the finances of the Corporation. 

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 performance 

2 measurement system required by subsection (a), the Cor3 poration shall— 

4 (1) develop a successor for the development im5 pact measurement system of the Overseas Private In6 vestment Corporation (as such system was in effect on 

7 the day before the date of 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; 

11 (3) develop standards for, and a method for en12 suring, appropriate financial performance of the Cor13 poration’s portfolio; and 

14 (4) develop standards for, and a method for en15 suring, appropriate development performance of the 

16 Corporation’s portfolio, including— 

17 (A) measurement of the projected and ex 

18 post development impact of a project; and 

19 (B) the information necessary to comply 

20 with section 403. 

21 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA22 TION.—The Corporation shall make available to the public 

23 on a regular basis information about support provided by 

24 the Corporation under title II and performance metrics 

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


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1 (d) COLLABORATION.—In developing the performance 

2 measurement system required by subsection (a), the Cor3 poration shall consult with stakeholders and other interested 

4 parties engaged in sustainable economic growth and devel5 opment. 

6 SEC. 403. ANNUAL REPORT. 

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

8 the Corporation shall submit to the appropriate congres9 sional committees a complete and detailed report of its oper10 ations during that fiscal year, including an assessment of— 

11 (1) the economic and social development impact, 

12 including with respect to matters described in sub13 sections (d) and (e) of section 501, of projects sup14 ported by the Corporation under title II; 

15 (2) the extent to which the operations of the Cor16 poration complement or are compatible with the de17 velopment assistance programs of the United States 

18 and qualifying sovereign entities; 

19 (3) the Corporation’s institutional linkages with 

20 other relevant United States Government department 

21 and agencies, including efforts to strengthen such 

22 linkages; and 

23 (4) the compliance of projects supported by the 

24 Corporation under title II with all relevant human 

25 rights, environmental, labor, and social policies, or 


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1 other such related policies that govern the Corpora2 tion’s support for projects, promulgated or otherwise 

3 administered by the Corporation. 

4 (b) ELEMENTS.—Each annual report required by sub5 section (a) shall include projections of the effects of projects 

6 supported by the Corporation under title II, including— 

7 (1) reviews and analysis of— 

8 (A) the desired development and whether or 

9 not the Corporation is meeting the associated 

10 metrics, goals, and development objectives, in11 cluding, to the extent practicable, in the years 

12 after conclusion of projects; and 

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

14 on access to capital and ways in which the Cor15 poration is addressing identifiable market gaps 

16 or inefficiencies and what impact, if any, such 

17 support has on access to credit for a specific 

18 project, country, or sector; 

19 (2) an explanation of any partnership arrange20 ment or cooperation with a qualifying sovereign enti21 ty in support of each project; 

22 (3) projections of— 

23 (A) development outcomes, and whether or 

24 not support for projects are meeting the associ25 ated performance measures, both during the 


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1 start-up phase and over the duration of the sup2 port, and to the extent practicable, measures of 

3 such development outcomes should be on a gen4 der-disaggregated basis, such as changes in em5 ployment, access to financial services, enterprise 

6 development and growth, and composition of ex7 ecutive boards and senior leadership of enter8 prises receiving support under title II; and 

9 (B) the amount of private sector assets 

10 brought to bear relative to the amount of support 

11 provided by the Corporation and any other pub12 lic sector support; and 

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

14 learned from the monitoring and evaluation activities 

15 of the Corporation, and from annual reports from 

16 previous years compiled by the Corporation, have 

17 been applied to projects. 

18 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

19 The Corporation shall— 

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

21 machine-readable database with detailed country-level 

22 information, including a description of the support 

23 provided by the Corporation under title II; and 

24 (2) include a clear link to information about 

25 each project supported by the Corporation under title 


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1 II on the internet website of the Department of State, 

2 ‘‘ForeignAssistance.gov’’, or a successor website or 

3 other online publication. 

4 SEC. 405. ENGAGEMENT WITH INVESTORS. 

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

6 the Chief Development Officer, shall, in cooperation with 

7 the Administrator of the United States Agency for Inter8 national Development— 

9 (1) develop a strategic relationship with private 

10 sector entities focused at the nexus of business oppor11 tunities and development priorities; 

12 (2) engage such entities and reduce business risks 

13 primarily through direct transaction support and fa14 cilitating investment partnerships; 

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

16 intermediaries that can mobilize private finance at 

17 scale in the developing world; 

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

19 that are small but designed for work in the most un20 derdeveloped areas, including countries with chronic 

21 suffering as a result of extreme poverty, fragile insti22 tutions, or a history of violence; and 

23 (5) pursue projects consistent with the policy of 

24 the United States described in section 101 and the 

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1 opment Cooperation Strategies of the United States 

2 Agency for International Development. 

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

4 subsection (a), the Corporation shall— 

5 (1) develop risk mitigation tools; 

6 (2) provide transaction structuring support for 

7 blended finance models; 

8 (3) support intermediaries linking capital sup9 ply and demand; 

10 (4) coordinate with other Federal agencies to 

11 support or accelerate transactions; 

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

13 public sector partners around opportunities for pri14 vate finance within development priorities; 

15 (6) offer strategic planning and programming 

16 assistance to catalyze investment into priority sectors; 

17 (7) provide transaction structuring support; 

18 (8) deliver training and knowledge management 

19 tools for engaging private investors; 

20 (9) partner with private sector entities that pro21 vide access to capital and expertise; and 

22 (10) identify and screen new investment part23 ners. 

24 (c) TECHNICAL ASSISTANCE.—The Corporation shall 

25 coordinate with the United States Agency for International 


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1 Development and other agencies and departments, as nec2 essary, on projects and programs supported by the Corpora3 tion that include technical assistance. 

4 SEC. 406. NOTIFICATION OF SUPPORT TO BE PROVIDED BY 

5 THE CORPORATION. 

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

7 Corporation making a financial commitment associated 

8 with the provision of support under title II in an amount 

9 in excess of $10,000,000, the Chief Executive Officer of the 

10 Corporation shall submit to the Committee on Foreign Af11 fairs and the Committee on Appropriations of the House 

12 of Representatives and the Committee on Foreign Relations 

13 and the Committee on Appropriations of the Senate a re14 port in writing that contains the information required by 

15 subsection (b). 

16 (b) INFORMATION REQUIRED.—The information re17 quired by this subsection includes— 

18 (1) the amount of each such financial commit19 ment; 

20 (2) an identification of the recipient or bene21 ficiary; and 

22 (3) a description of the project, activity, or asset 

23 and the development goal or purpose to be achieved 

24 by providing support by the Corporation. 


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1 TITLE V—CONDITIONS, RESTRIC2 TIONS, AND PROHIBITIONS 

3 SEC. 501. LIMITATIONS AND PREFERENCES. 

4 (a) LIMITATION ON SUPPORT FOR SINGLE ENTITY.— 

5 No entity receiving support from the Corporation under 

6 title II may receive more than an amount equal to 5 percent 

7 of the Corporation’s maximum contingent liability author8 ized under section 303. 

9 (b) PREFERENCE FOR SUPPORT FOR PROJECTS SPON10 SORED BY UNITED STATES PERSONS.— 

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

12 preferential consideration to projects sponsored by or 

13 involving private sector entities that are United 

14 States persons. 

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

16 subsection, the term ‘‘United States person’’ means— 

17 (A) a United States citizen; or 

18 (B) an entity significantly beneficially 

19 owned by individuals described in subparagraph 

20 (A). 

21 (c) PREFERENCE FOR SUPPORT IN COUNTRIES IN

22 COMPLIANCE WITH INTERNATIONAL TRADE OBLIGA23 TIONS.— 

24 (1) CONSULTATIONS WITH UNITED STATES

25 TRADE REPRESENTATIVE.—Not less frequently than 


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1 annually, the Corporation shall consult with the 

2 United States Trade Representative with respect to 

3 the status of countries eligible to receive support from 

4 the Corporation under title II and the compliance of 

5 those countries with their international trade obliga6 tions. 

7 (2) PREFERENTIAL CONSIDERATION.—The Cor8 poration shall give preferential consideration to pro9 viding support under title II for projects in countries 

10 in compliance with or making substantial progress 

11 coming into compliance with their international 

12 trade obligations. 

13 (d) WORKER RIGHTS.— 

14 (1) IN GENERAL.—The Corporation should sup15 port projects under title II in countries that are tak16 ing steps to adopt and implement laws that extend 

17 internationally recognized worker rights (as defined 

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

19 2467)) to workers in that country, including any des20 ignated zone in that country. 

21 (2) REQUIRED CONTRACT LANGUAGE.—The Cor22 poration shall also include the following language, in 

23 substantially the following form, in all contracts 

24 which the Corporation enters into with eligible inves25 tors to provide support under title II: ‘‘The investor 


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1 agrees not to take actions to prevent employees of the 

2 foreign enterprise from lawfully exercising their right 

3 of association and their right to organize and bargain 

4 collectively. The investor further agrees to observe ap5 plicable laws relating to a minimum age for employ6 ment of children, acceptable conditions of work with 

7 respect to minimum wages, hours of work, and occu8 pational health and safety, and not to use forced 

9 labor or the worst forms of child labor (as defined in 

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

11 2467(6))). The investor is not responsible under this 

12 paragraph for the actions of a foreign government.’’. 

13 (e) ENVIRONMENTAL AND SOCIAL IMPACT.—The Board 

14 shall not vote in favor of any project proposed to be sup15 ported by the Corporation under title II that is likely to 

16 have significant adverse environmental or social impacts 

17 that are sensitive, diverse, or unprecedented, unless— 

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

19 an environmental and social impact assessment or 

20 initial environmental and social audit, analyzing the 

21 environmental and social impacts of the proposed 

22 project and of alternatives to the proposed project, is 

23 completed; and 

24 (2) such assessment or audit has been made 

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1 fected groups in the country in which the project will 

2 be carried out, and nongovernmental organizations in 

3 that country. 

4 (f) WOMEN’S ECONOMIC EMPOWERMENT.—In utilizing 

5 its authorities under title II, the Corporation should con6 sider the impacts of its support on women’s economic op7 portunities and outcomes and make efforts to mitigate gen8 der gaps and maximize development impact by working to 

9 improve women’s economic opportunities. 

10 (g) PREFERENCE FOR PROVISION OF SUPPORT IN

11 COUNTRIES EMBRACING PRIVATE ENTERPRISE.— 

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

13 preferential consideration to projects for which sup14 port under title II may potentially be provided in 

15 countries the governments of which are making con16 tinual progress toward economic policies that promote 

17 the development of private enterprise, both domestic 

18 and foreign, and maintaining the conditions that en19 able private enterprise to make its full contribution to 

20 the development of such countries, including— 

21 (A) market-based economies; 

22 (B) protecting private property rights; 

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

24 (D) systems to combat corruption and brib25 ery. 


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

3 United States Government information, such as the 

4 Department of State’s Investment Climate State5 ments, the Department of Commerce’s Country Com6 mercial Guides, or the Millennium Challenge Cor7 poration’s Constraints Analysis, to assess whether 

8 countries meet the conditions described in paragraph 

9 (1). 

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

12 title II, the Corporation shall consider, using information 

13 readily available, whether the project is sponsored by or 

14 substantially affiliated with any person taking or know15 ingly agreeing to take actions, or having taken or know16 ingly agreed to take actions within the past three years, 

17 which demonstrate or otherwise evidence intent to comply 

18 with, further, or support any boycott fostered or imposed 

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

20 by any foreign country, against a country which is friendly 

21 to the United States and which is not itself the object of 

22 any form of boycott pursuant to United States law or regu23 lation. 


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1 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET DIS2 TORTION. 

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

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

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

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

8 Corporation shall develop appropriate safeguards, policies, 

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

11 (1) supplements and encourages, but does not 

12 compete with, private sector support; 

13 (2) operates according to internationally recog14 nized best practices and standards with respect to en15 suring the avoidance of market distorting government 

16 subsidies and the crowding out of private sector lend17 ing; and 

18 (3) does not have a significant adverse impact 

19 on United States employment. 

20 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

21 COUNTRIES AND WITH SANCTIONED PER22 SONS. 

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

24 providing support under title II in a country the govern25 ment of which the Secretary of State has determined has 


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1 repeatedly provided support for acts of international ter2 rorism for purposes of— 

3 (1) section 6(j)(1)(A) of the Export Administra4 tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as contin5 ued in effect pursuant to the International Emergency 

6 Economic Powers Act (50 U.S.C. 1701 et seq.)); 

7 (2) section 620A(a) of the Foreign Assistance Act 

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

9 (3) section 40(d) of the Arms Export Control Act 

10 (22 U.S.C. 2780(d)); or 

11 (4) any other provision of law. 

12 (b) PROHIBITION ON SUPPORT OF SANCTIONED PER13 SONS.—The Corporation is prohibited from supporting a 

14 project under title II that directly benefits any entity sub15 ject to sanctions imposed by the United States. 

16 (c) PROHIBITION ON SUPPORT OF ACTIVITIES SUB17 JECT TO SANCTIONS.—The Corporation shall require any 

18 entity or party receiving support under title II to certify 

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

20 or any entity or party which owns or otherwise manages 

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

22 activities subject to sanctions imposed by the United States. 


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1 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

2 AND BRIBERY. 

3 Subsections (g), (l), and (n) of section 237 of the For4 eign Assistance Act of 1961 (22 U.S.C. 2197) shall apply 

5 with respect to the Corporation to the same extent and in 

6 the same manner as such subsections applied with respect 

7 to the Overseas Private Investment Corporation on the day 

8 before the date of the enactment of this Act. 

9 TITLE VI—TRANSITIONAL 

10 PROVISIONS 

11 SEC. 601. DEFINITIONS. 

12 In this title: 

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

14 entity, organizational unit, program, or function. 

15 (2) TRANSITION PERIOD.—The term ‘‘transition 

16 period’’ means the period— 

17 (A) beginning on the date of the enactment 

18 of this Act; and 

19 (B) ending on the effective date of the reor20 ganization plan required by section 602(e). 

21 SEC. 602. REORGANIZATION PLAN. 

22 (a) SUBMISSION OF PLAN.— 

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

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

25 shall transmit to the appropriate congressional com26 mittees a reorganization plan regarding the following: 


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1 (A) The transfer of agencies, personnel, as2 sets, and obligations to the Corporation pursuant 

3 to this title. 

4 (B) Any consolidation, reorganization, or 

5 streamlining of agencies transferred to the Cor6 poration pursuant to this title. 

7 (C) Any efficiencies or cost savings achieved 

8 as a result of the transfer of agencies, personnel, 

9 assets, and obligations to the Corporation pursu10 ant to this title, including reductions in unneces11 sary or duplicative operations, assets, and per12 sonnel. 

13 (2) CONSULTATION.—Not later than 15 days be14 fore the date on which the plan is transmitted pursu15 ant to this subsection, the President shall consult with 

16 the appropriate congressional committees on such 

17 plan. 

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

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

20 elements as the President deems appropriate, including the 

21 following: 

22 (1) Identification of any functions of agencies 

23 transferred to the Corporation pursuant to this title 

24 that will not be transferred to the Corporation under 

25 the plan. 


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1 (2) Specification of the steps to be taken to orga2 nize the Corporation, including the delegation or as3 signment of functions transferred to the Corporation 

4 among officers of the Corporation in order to permit 

5 the Corporation to carry out the functions transferred 

6 under the plan. 

7 (3) Specification of the funds available to each 

8 agency that will be transferred to the Corporation as 

9 a result of transfers under the plan. 

10 (4) Specification of the proposed allocations 

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

13 (5) Specification of any proposed disposition of 

14 property, facilities, contracts, records, and other assets 

15 and obligations of agencies transferred under the 

16 plan. 

17 (c) REPORT ON COORDINATION.— 

18 (1) IN GENERAL.—The transfer of functions au19 thorized by this section may occur only after the 

20 President and Chief Executive Officer of the Overseas 

21 Private Investment Corporation and the Adminis22 trator of the United States Agency for International 

23 Development jointly submit to the Committee on For24 eign Affairs and Committee on Appropriations of the 

25 House of Representatives and Committee on Foreign 


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1 Relations and Committee on Appropriations of the 

2 Senate a report in writing that contains the informa3 tion required by paragraph (2). 

4 (2) INFORMATION REQUIRED.—The information 

5 required by this paragraph includes a description in 

6 detail of the procedures to be followed after the trans7 fer of functions authorized by this section have oc8 curred to coordinate between the Corporation and the 

9 United States Agency for International Development 

10 in carrying out the functions so transferred. 

11 (d) MODIFICATION OF PLAN.—The President may, on 

12 the basis of consultations with the appropriate congres13 sional committees, modify or revise any part of the plan 

14 until that part of the plan becomes effective in accordance 

15 with subsection (e). 

16 (e) EFFECTIVE DATE.— 

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

19 revisions of the plan under subsection (c), shall be20 come effective for an agency on the date specified in 

21 the plan (or the plan as modified pursuant to sub22 section (d)), except that such date may not be earlier 

23 than 90 days after the date the President has trans24 mitted the reorganization plan to the appropriate 

25 congressional committees pursuant to subsection (a). 


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1 (2) STATUTORY CONSTRUCTION.—Nothing in this 

2 subsection may be construed to require the transfer of 

3 functions, personnel, records, balances of appropria4 tions, or other assets of an agency on a single date. 

5 SEC. 603. TRANSFER OF FUNCTIONS. 

6 (a) IN GENERAL.—Effective at the end of the transi7 tion period, there shall be transferred to the Corporation 

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

9 (1) the Overseas Private Investment Corporation, 

10 as in existence on the day before the date of the enact11 ment of this Act; and 

12 (2) the following elements of the United States 

13 Agency for International Development: 

14 (A) The Development Credit Authority. 

15 (B) The existing Legacy Credit portfolio 

16 under the Urban Environment Program and any 

17 other direct loan programs and non-Development 

18 Credit Authority guaranty programs authorized 

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

20 2151 et seq.) or other predecessor Acts, as in ex21 istence on the date of the enactment of this Act, 

22 other than any sovereign loan guaranties. 

23 (b) ADDITIONAL TRANSFER AUTHORITY.—Effective at 

24 the end of the transition period, there is authorized to be 

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1 sets, and liabilities of the following elements of the United 

2 States Agency for International Development: 

3 (1) The Office of Private Capital and Microen4 terprise. 

5 (2) The enterprise funds. 

6 (c) SOVEREIGN LOAN GUARANTY TRANSFER.— 

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

8 transition period, there is authorized to be transferred 

9 to the Corporation or any other appropriate depart10 ment or agency of the United States Government the 

11 loan accounts and the legal rights and responsibilities 

12 for the sovereign loan guaranty portfolio held by the 

13 United States Agency for International Development 

14 as in existence on the day before the date of the enact15 ment of this Act. 

16 (2) INCLUSION IN REORGANIZATION PLAN.—The 

17 President shall include in the reorganization plan 

18 submitted under section 602 a description of the 

19 transfer authorized under paragraph (1). 

20 (d) BILATERAL AGREEMENTS.—Any bilateral agree21 ment of the United States in effect on the date of the enact22 ment of this Act that serves as the basis for programs of 

23 the Overseas Private Investment Corporation and the Devel24 opment Credit Authority shall be considered as satisfying 

25 the requirements of section 301(a). 


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

2 agencies specified in subsection (a) shall— 

3 (1) continue to administer the assets and obliga4 tions of those agencies; and 

5 (2) carry out such programs and activities au6 thorized under this Act as may be determined by the 

7 President. 

8 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST9 MENT CORPORATION AND OTHER 

10 SUPERCEDED AUTHORITIES. 

11 Effective at the end of the transition period— 

12 (1) the Overseas Private Investment Corporation 

13 is terminated; and 

14 (2) title IV of chapter 2 of part I of the Foreign 

15 Assistance Act of 1961 (22 U.S.C. 2191 et seq.) (other 

16 tan subsections (g), (l), and (n) of section 237 of that 

17 Act) is repealed. 

18 SEC. 605. TRANSITIONAL AUTHORITIES. 

19 (a) PROVISION OF ASSISTANCE BY OFFICIALS.—Until 

20 the transfer of an agency to the Corporation under section 

21 603, any official having authority over or functions relating 

22 to the agency immediately before the date of the enactment 

23 of this Act shall provide to the Corporation such assistance, 

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1 tion may request in preparing for the transfer and integra2 tion of the agency into the Corporation. 

3 (b) SERVICES AND PERSONNEL.—During the transi4 tion period, upon the request of the Corporation, the head 

5 of any executive agency may, on a reimbursable or non6 reimbursable basis, provide services or detail personnel to 

7 assist with the transition. 

8 (c) ACTING OFFICIALS.— 

9 (1) IN GENERAL.—During the transition period, 

10 pending the advice and consent of the Senate to the 

11 appointment of an officer required by this Act to be 

12 appointed by and with such advice and consent, the 

13 President may designate any officer whose appoint14 ment was required to be made by and with such ad15 vice and consent and who was such an officer imme16 diately before the date of the enactment of this Act 

17 (and who continues in office) or immediately before 

18 such designation, to act in such office until the same 

19 is filled as provided in this Act. While so acting, such 

20 officers shall receive compensation at the higher of— 

21 (A) the rates provided by this Act for the re22 spective offices in which they act; or 

23 (B) the rates provided for the offices held at 

24 the time of designation. 


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

2 Act shall be construed to require the advice and con3 sent of the Senate to the appointment by the Presi4 dent to a position in the Corporation of any officer 

5 whose agency is transferred to the Corporation pursu6 ant to this title and whose duties following such 

7 transfer are germane to those performed before such 

8 transfer. 

9 (d) TRANSFER OF PERSONNEL, ASSETS, OBLIGATIONS, 

10 AND FUNCTIONS.—Upon the transfer of an agency to the 

11 Corporation under section 603— 

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

13 or available in connection with the agency shall be 

14 transferred to the Corporation for appropriate alloca15 tion, subject to the approval of the Director of the Of16 fice of Management and Budget and in accordance 

17 with section 1531(a)(2) of title 31, United States 

18 Code; and 

19 (2) the Corporation shall have all functions— 

20 (A) relating to the agency that any other of21 ficial could by law exercise in relation to the 

22 agency immediately before such transfer; and 

23 (B) vested in the Corporation by this Act or 

24 other law. 


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1 SEC. 606. SAVINGS PROVISIONS. 

2 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

3 (1) IN GENERAL.—Completed administrative ac4 tions of an agency shall not be affected by the enact5 ment of this Act or the transfer of such agency to the 

6 Corporation under section 603, but shall continue in 

7 effect according to their terms until amended, modi8 fied, superseded, terminated, set aside, or revoked in 

9 accordance with law by an officer of the United 

10 States or a court of competent jurisdiction, or by op11 eration of law. 

12 (2) COMPLETED ADMINISTRATIVE ACTION DE13 FINED.—In this subsection, the term ‘‘completed ad14 ministrative action’’ includes orders, determinations, 

15 rules, regulations, personnel actions, permits, agree16 ments, grants, contracts, certificates, policies, licenses, 

17 registrations, and privileges. 

18 (b) PENDING PROCEEDINGS.— 

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

20 agency, including notices of proposed rulemaking, 

21 and applications for licenses, permits, certificates, 

22 grants, and financial assistance, shall continue not23 withstanding the enactment of this Act or the transfer 

24 of the agency to the Corporation, unless discontinued 

25 or modified under the same terms and conditions and 

26 to the same extent that such discontinuance could 


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1 have occurred if such enactment or transfer had not 

2 occurred. 

3 (2) ORDERS.—Orders issued in proceedings de4 scribed in paragraph (1), and appeals therefrom, and 

5 payments made pursuant to such orders, shall issue 

6 in the same manner and on the same terms as if this 

7 Act had not been enacted or the agency had not been 

8 transferred, and any such orders shall continue in ef9 fect until amended, modified, superseded, terminated, 

10 set aside, or revoked by an officer of the United States 

11 or a court of competent jurisdiction, or by operation 

12 of law. 

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

14 shall continue notwithstanding the enactment of this Act 

15 or the transfer of an agency to the Corporation, and in such 

16 civil actions, proceedings shall be had, appeals taken, and 

17 judgments rendered and enforced in the same manner and 

18 with the same effect as if such enactment or transfer had 

19 not occurred. 

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

21 that is transferred to the Corporation under section 603 in 

22 statutes, Executive orders, rules, regulations, directives, or 

23 delegations of authority that precede such transfer or the 

24 date of the enactment of this Act shall be deemed to refer, 

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1 ees, or agents, or to its corresponding organizational units 

2 or functions. Statutory reporting requirements that applied 

3 in relation to such an agency immediately before the effec4 tive date of this Act shall continue to apply following such 

5 transfer if they refer to the agency by name. 

6 (e) EMPLOYMENT PROVISIONS.— 

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

8 regulations prescribed jointly with the Director of the 

9 Office of Personnel Management, adopt the rules, pro10 cedures, terms, and conditions, established by statute, 

11 rule, or regulation before the date of the enactment of 

12 this Act, relating to employment in any agency trans13 ferred to the Corporation under section 603. 

14 (2) EFFECT OF TRANSFER ON CONDITIONS OF

15 EMPLOYMENT.—Except as otherwise provided in this 

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

17 transfer pursuant to this title of personnel shall not 

18 alter the terms and conditions of employment, includ19 ing compensation, of any employee so transferred. 

20 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

21 statutory reporting requirement that applied to an agency 

22 transferred to the Corporation under this title immediately 

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

24 to apply following that transfer if the statutory requirement 

25 refers to the agency by name. 


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1 SEC. 607. OTHER TERMINATIONS. 

2 Except as otherwise provided in this Act, whenever all 

3 the functions vested by law in any agency have been trans4 ferred pursuant to this title, each position and office the 

5 incumbent of which was authorized to receive compensation 

6 at the rates prescribed for an office or position at level II, 

7 III, IV, or V of the Executive Schedule under subchapter 

8 II of chapter 53 of title 5, United States Code, shall termi9 nate. 

10 SEC. 608. INCIDENTAL TRANSFERS. 

11 The Director of the Office of Management and Budget, 

12 in consultation with the Corporation, is authorized and di13 rected to make such additional incidental dispositions of 

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

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

16 functions transferred by this title, as the Director may de17 termine necessary to accomplish the purposes of this Act. 

18 SEC. 609. REFERENCE. 

19 With respect to any function transferred under this 

20 title (including under a reorganization plan under section 

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

22 of this Act, reference in any other Federal law to any de23 partment, commission, or agency or any officer or office 

24 the functions of which are so transferred shall be deemed 

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

26 Corporation to which that function is so transferred. 


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1 SEC. 610. CONFORMING AMENDMENTS. 

2 (a) EXEMPT PROGRAMS.—Section 255(g)(2) of the 

3 Balanced Budget and Emergency Deficit Control Act of 

4 1985 (2 U.S.C. 905(g)(2)) is amended by striking ‘‘Overseas 

5 Private Investment Corporation, Noncredit Account (71– 

6 4184–0–3–151).’’ and inserting ‘‘United States Inter7 national Development Finance Corporation.’’. 

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

9 Code, is amended— 

10 (1) in section 5314, by striking ‘‘President, Over11 seas Private Investment Corporation.’’; 

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

13 President, Overseas Private Investment Corporation.’’; 

14 and 

15 (3) in section 5316, by striking ‘‘Vice Presidents, 

16 Overseas Private Investment Corporation (3).’’. 

17 (c) OFFICE OF INTERNATIONAL TRADE OF THE SMALL

18 BUSINESS ADMINISTRATION.—Section 22 of the Small 

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

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

21 paragraph (1), by striking ‘‘the President of the Over22 seas Private Investment Corporation, Director’’ and 

23 inserting ‘‘the Board of Directors of the United States 

24 International Development Finance Corporation, the 

25 Director’’; and 


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1 (2) by striking ‘‘Overseas Private Investment 

2 Corporation’’ each place it appears and inserting 

3 ‘‘United States International Development Finance 

4 Corporation’’. 

5 (d) UNITED STATES AND FOREIGN COMMERCIAL

6 SERVICE.—Section 2301 of the Export Enhancement Act 

7 of 1988 (15 U.S.C. 4721) is amended by striking ‘‘Overseas 

8 Private Investment Corporation’’ each place it appears and 

9 inserting ‘‘United States International Development Fi10 nance Corporation’’. 

11 (e) TRADE PROMOTION COORDINATING COMMITTEE.— 

12 Section 2312(d)(1)(K) of the Export Enhancement Act of 

13 1988 (15 U.S.C. 4727(d)(1)(K)) is amended by striking 

14 ‘‘Overseas Private Investment Corporation’’ and inserting 

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

17 (f) INTERAGENCY TRADE DATA ADVISORY COM18 MITTEE.—Section 5402(b) of the Omnibus Trade and Com19 petitiveness Act of 1988 (15 U.S.C. 4902(b)) is amended 

20 by striking ‘‘the President of the Overseas Private Invest21 ment Corporation’’ and inserting ‘‘the Chief Executive Offi22 cer of the United States International Development Finance 

23 Corporation’’. 

24 (g) MISUSE OF NAMES OF FEDERAL AGENCIES.—Sec25 tion 709 of title 18, United States Code, is amended by 


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1 striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Private 

2 Investment Corporation’, or ‘OPIC’,’’ and inserting 

3 ‘‘ ‘United States International Development Finance Cor4 poration’ or ‘DFC’ ’’. 

5 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

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

7 Trade Facilitation and Trade Enforcement Act of 2015 (19 

8 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Overseas 

9 Private Investment Corporation’’ and inserting ‘‘United 

10 States International Development Finance Corporation’’. 

11 (i) INTERNSHIPS WITH INSTITUTE FOR INTER12 NATIONAL PUBLIC POLICY.—Section 625(a) of the Higher 

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

14 by striking ‘‘Overseas Private Investment Corporation’’ and 

15 inserting ‘‘United States International Development Fi16 nance Corporation’’. 

17 (j) FOREIGN ASSISTANCE ACT OF 1961.—The Foreign 

18 Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is amend19 ed— 

20 (1) in section 499B(b)(2) (22 U.S.C. 

21 2296b(b)(2)), by striking ‘‘Overseas Private Invest22 ment Corporation’’ and inserting ‘‘United States 

23 International Development Finance Corporation’’; 

24 and 


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

2 2291(e)(4)(A)), in the matter preceding clause (i), by 

3 striking ‘‘(including programs under title IV of chap4 ter 2, relating to the Overseas Private Investment 

5 Corporation)’’ and inserting ‘‘(and any support 

6 under title II of the Better Utilization of Investments 

7 Leading to Development Act of 2018, relating to the 

8 United States International Development Finance 

9 Corporation)’’. 

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

11 7 of the Electrify Africa Act of 2015 (Public Law 114–121; 

12 22 U.S.C. 2293 note) are amended by striking ‘‘Overseas 

13 Private Investment Corporation’’ each place it appears and 

14 inserting ‘‘United States International Development Fi15 nance Corporation’’. 

16 (l) FOREIGN AID TRANSPARENCY AND ACCOUNT17 ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 

18 Transparency and Accountability Act of 2016 (Public Law 

19 114–191; 22 U.S.C. 2394c note) is amended— 

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

21 for’’ and all that follows through ‘‘chapter 3’’ and in22 serting ‘‘except for chapter 3’’; 

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

24 the end; 


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

2 at the end and insert ‘‘; and’’; and 

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

4 ‘‘(E) the Better Utilization of Investments 

5 Leading to Development Act of 2018.’’. 

6 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

7 (SEED) PROGRAM.—The Support for East European De8 mocracy (SEED) Act of 1989 (22 U.S.C. 5401 et seq.) is 

9 amended— 

10 (1) in section 2(c) (22 U.S.C. 5401(c)), by strik11 ing paragraph (12) and inserting the following: 

12 ‘‘(12) UNITED STATES INTERNATIONAL DEVELOP13 MENT FINANCE CORPORATION.—Programs of the 

14 United States International Development Finance 

15 Corporation.’’; and 

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

17 striking ‘‘Agency for International Development’’ and 

18 inserting ‘‘United States International Development 

19 Finance Corporation’’. 

20 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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

22 the Cuban Liberty and Democratic Solidarity 

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

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1 poration’’ and inserting ‘‘United States International De2 velopment Finance Corporation’’. 

3 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

4 1998.—Section 405(a)(10) of the International Religious 

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

6 by striking ‘‘Overseas Private Investment Corporation’’ and 

7 inserting ‘‘United States International Development Fi8 nance Corporation’’. 

9 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

10 2000.—Section 103(8)(A) of the Trafficking Victims Protec11 tion Act of 2000 (22 U.S.C. 7102(8)(A)) is amended by 

12 amending clause (viii) to read as follows: 

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

14 the Better Utilization of Investments Lead15 ing to Development Act of 2018 relating to 

16 the United States International Develop17 ment Finance Corporation; and’’. 

18 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING COUN19 TRIES.—Section 732(b) of the Global Environmental Pro20 tection Assistance Act of 1989 (22 U.S.C. 7902(b)) is 

21 amended by striking ‘‘Overseas Private Investment Cor22 poration’’ and inserting ‘‘United States International De23 velopment Finance Corporation’’. 


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1 (r) EXPANDED NONMILITARY ASSISTANCE FOR

2 UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup3 port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 

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

5 by striking ‘‘Overseas Private Investment Corpora6 tion’’ and inserting ‘‘United States International De7 velopment Finance Corporation’’; and 

8 (2) in subparagraph (B), by striking ‘‘by eligible 

9 investors (as defined in section 238 of the Foreign As10 sistance Act of 1961 (22 U.S.C. 2198))’’. 

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

12 4(7) of the Global Food Security Act of 2016 (22 U.S.C. 

13 9303(7)) is amended by striking ‘‘Overseas Private Invest14 ment Corporation’’ and inserting ‘‘United States Inter15 national Development Finance Corporation’’. 

16 (t) SENSE OF CONGRESS ON EUROPEAN AND EUR17 ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 

18 Countering Russian Influence in Europe and Eurasia Act 

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

20 ‘‘Overseas Private Investment Corporation’’ and inserting 

21 ‘‘United States International Development Finance Cor22 poration’’. 

23 (u) WHOLLY OWNED GOVERNMENT CORPORATION.— 

24 Section 9101(3) of title 31, United States Code, is amended 

25 by striking ‘‘Overseas Private Investment Corporation’’ and 


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1 inserting ‘‘United States International Development Fi2 nance Corporation’’. 

3 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

4 2007.—Title IX of the Energy Independence and Security 

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

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

7 (A) in the section heading, by striking 

8 ‘‘OVERSEAS PRIVATE INVESTMENT COR9 PORATION’’ and inserting ‘‘UNITED STATES

10 INTERNATIONAL DEVELOPMENT FINANCE

11 CORPORATION’’; 

12 (B) in subsection (a), in the matter pre13 ceding paragraph (1), by striking ‘‘Overseas Pri14 vate Investment Corporation’’ and inserting 

15 ‘‘United States International Development Fi16 nance Corporation’’; and 

17 (C) in subsection (b), in the matter pre18 ceding paragraph (1), by striking ‘‘Overseas Pri19 vate Investment Corporation shall include in its 

20 annual report required under section 240A of the 

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

22 2200a)’’ and inserting ‘‘United States Inter23 national Development Finance Corporation shall 

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1 tion 403 of the Better Utilization of Investments 

2 Leading to Development Act of 2018’’; and 

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

4 17336(a)(2)(I)), by striking ‘‘Overseas Private Invest5 ment Corporation:’’ and inserting ‘‘United States 

6 International Development Finance Corporation;’’. 

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

8 this section shall take effect at the end of the transition pe9 riod. 


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Union Calendar No. 631 

115TH CONGRESS 

2D SESSION H. R. 5105 

[Report No. 115–814] 

A BILL 

To establish the United States International Develposes. opment Finance Corporation, and for other purJULY 11, 2018 Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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