II 

Calendar No. 522 

115TH CONGRESS 

2D SESSION H. R. 5105 

IN THE SENATE OF THE UNITED STATES 

JULY 18, 2018 

Received; read twice and placed on the calendar 

AN ACT 

To establish the United States International Development 

Finance Corporation, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

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

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

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—ESTABLISHMENT 

Sec. 101. Statement of policy. 

Sec. 102. United States International Development Finance Corporation. 


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Sec. 103. Management of Corporation. 

Sec. 104. Inspector General of the Corporation. 

Sec. 105. Independent accountability mechanism. 

TITLE II—AUTHORITIES 

Sec. 201. Authorities relating to provision of support. 

Sec. 202. Terms and conditions. 

Sec. 203. Payment of losses. 

Sec. 204. Termination. 

TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 

Sec. 301. Operations. 

Sec. 302. Corporate powers. 

Sec. 303. Maximum contingent liability. 

Sec. 304. Corporate funds. 

Sec. 305. Coordination with other development agencies. 

TITLE IV—MONITORING, EVALUATION, AND REPORTING 

Sec. 401. Establishment of risk and audit committees. 

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

Sec. 403. Annual report. 

Sec. 404. Publicly available project information. 

Sec. 405. Engagement with investors. 

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

TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 

Sec. 501. Limitations and preferences. 

Sec. 502. Additionality and avoidance of market distortion. 

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

persons. 

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

TITLE VI—TRANSITIONAL PROVISIONS 

Sec. 601. Definitions. 

Sec. 602. Reorganization plan. 

Sec. 603. Transfer of functions. 

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

superceded authorities. 

Sec. 605. Transitional authorities. 

Sec. 606. Savings provisions. 

Sec. 607. Other terminations. 

Sec. 608. Incidental transfers. 

Sec. 609. Reference. 

Sec. 610. Conforming amendments. 

1 SEC. 2. DEFINITIONS. 

2 In this Act: 


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

4 (A) the Committee on Foreign Relations 

5 and the Committee on Appropriations of the 

6 Senate; and 

7 (B) the Committee on Foreign Affairs and 

8 the Committee on Appropriations of the House 

9 of Representatives. 

10 (2) LESS DEVELOPED COUNTRY.—The term 

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

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

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

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

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

17 (3) PREDECESSOR AUTHORITY.—The term 

18 ‘‘predecessor authority’’ means authorities repealed 

19 by title VI. 

20 (4) QUALIFYING SOVEREIGN ENTITY.—The 

21 term ‘‘qualifying sovereign entity’’ means— 

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

24 28, United States Code) that has a purpose 


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1 that is similar to the purpose of the Corpora2 tion as described in section 102(b); or 

3 (B) any international financial institution 

4 (as defined in section 1701(c) of the Inter5 national Financial Institutions Act (22 U.S.C. 

6 262r(c))). 

7 TITLE I—ESTABLISHMENT 

8 SEC. 101. STATEMENT OF POLICY. 

9 It is the policy of the United States to facilitate mar10 ket-based private sector development and economic growth 

11 in less developed countries through the provision of credit, 

12 capital, and other financial support— 

13 (1) to mobilize private capital in support of sus14 tainable, broad-based economic growth, poverty re15 duction, and development through demand-driven 

16 partnerships with the private sector that further the 

17 foreign policy interests of the United States; 

18 (2) to finance development that builds and 

19 strengthens civic institutions, promotes competition, 

20 and provides for public accountability and trans21 parency; 

22 (3) to help private sector actors overcome iden23 tifiable market gaps and inefficiencies without dis24 torting markets; 


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1 (4) to achieve clearly defined economic and so2 cial development outcomes; 

3 (5) to coordinate with institutions with pur4 poses similar to the purposes of the Corporation to 

5 leverage resources of those institutions to produce 

6 the greatest impact; 

7 (6) to provide countries a robust alternative to 

8 state-directed investments by authoritarian govern9 ments and United States strategic competitors using 

10 high standards of transparency and environmental 

11 and social safeguards, and which take into account 

12 the debt sustainability of partner countries; 

13 (7) to leverage private sector capabilities and 

14 innovative development tools to help countries tran15 sition from recipients of bilateral development assist16 ance toward increased self-reliance; and 

17 (8) to complement and be guided by overall 

18 United States foreign policy, development, and na19 tional security objectives, taking into account the 

20 priorities and needs of countries receiving support. 

21 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

22 FINANCE CORPORATION. 

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

24 Executive branch the United States International Devel25 opment Finance Corporation (in this Act referred to as 


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1 the ‘‘Corporation’’), which shall be a wholly owned Gov2 ernment corporation for purposes of chapter 91 of title 

3 31, United States Code, under the foreign policy guidance 

4 of the Secretary of State. 

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

6 be to mobilize and facilitate the participation of private 

7 sector capital and skills in the economic development of 

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

9 and countries in transition from nonmarket to market 

10 economies, in order to complement the development assist11 ance objectives, and advance the foreign policy interests, 

12 of the United States. In carrying out its purpose, the Cor13 poration, utilizing broad criteria, shall take into account 

14 in its financing operations the economic and financial 

15 soundness and development objectives of projects for 

16 which it provides support under title II. 

17 (c) LESS DEVELOPED COUNTRY FOCUS.— 

18 (1) IN GENERAL.—The Corporation shall 

19 prioritize the provision of support under title II in 

20 less developed countries with a low-income economy 

21 or a lower-middle-income economy. 

22 (2) SUPPORT IN UPPER-MIDDLE-INCOME COUN23 TRIES.—The Corporation shall restrict the provision 

24 of support under title II in a less developed country 

25 with an upper-middle-income economy unless— 


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1 (A) the President certifies to the appro2 priate congressional committees that such sup3 port furthers the national economic or foreign 

4 policy interests of the United States; and 

5 (B) such support is likely to be highly de6 velopmental or provide developmental benefits 

7 to the poorest population of that country. 

8 SEC. 103. MANAGEMENT OF CORPORATION. 

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

10 in the Corporation a Board of Directors (in this Act re11 ferred to as the ‘‘Board’’), a Chief Executive Officer, a 

12 Deputy Chief Executive Officer, a Chief Risk Officer, a 

13 Chief Development Officer, and such other officers as the 

14 Board may determine. 

15 (b) BOARD OF DIRECTORS.— 

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

17 shall vest in and be exercised by or under the au18 thority of the Board. The Board— 

19 (A) shall perform the functions specified to 

20 be carried out by the Board in this Act; 

21 (B) may prescribe, amend, and repeal by22 laws, rules, regulations, policies, and procedures 

23 governing the manner in which the business of 

24 the Corporation may be conducted and in which 


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1 the powers granted to the Corporation by law 

2 may be exercised; and 

3 (C) shall develop, in consultation with 

4 stakeholders and other interested parties, a 

5 publicly-available policy with respect to con6 sultations, hearings, and other forms of engage7 ment in order to provide for meaningful public 

8 participation in the Board’s activities. 

9 (2) MEMBERSHIP OF BOARD.— 

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

11 of— 

12 (i) the Chief Executive Officer of the 

13 Corporation; 

14 (ii) the officers specified in subpara15 graph (B); and 

16 (iii) four other individuals who shall 

17 be appointed by the President, by and with 

18 the advice and consent of the Senate, of 

19 which— 

20 (I) one individual should be ap21 pointed from among a list of at least 

22 five individuals submitted by the ma23 jority leader of the Senate after con24 sultation with the chairman of the 


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1 Committee on Foreign Relations of 

2 the Senate; 

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

5 five individuals submitted by the mi6 nority leader of the Senate after con7 sultation with the ranking member of 

8 the Committee on Foreign Relations 

9 of the Senate; 

10 (III) one individual should be ap11 pointed from among a list of at least 

12 five individuals submitted by the 

13 Speaker of the House of Representa14 tives after consultation with the chair15 man of the Committee on Foreign Af16 fairs of the House of Representatives; 

17 and 

18 (IV) one individual should be ap19 pointed from among a list of at least 

20 five individuals submitted by the mi21 nority leader of the House of Rep22 resentatives after consultation with 

23 the ranking member of the Committee 

24 on Foreign Affairs of the House of 

25 Representatives. 


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1 (B) OFFICERS SPECIFIED.— 

2 (i) IN GENERAL.—The officers speci3 fied in this subparagraph are the following: 

4 (I) The Secretary of State or a 

5 designee of the Secretary. 

6 (II) The Administrator of the 

7 United States Agency for Inter8 national Development or a designee of 

9 the Administrator. 

10 (III) The Secretary of the Treas11 ury or a designee of the Secretary. 

12 (IV) The Secretary of Commerce 

13 or a designee of the Secretary. 

14 (ii) REQUIREMENTS FOR DES15 IGNEES.—A designee under clause (i) shall 

16 be selected from among officers— 

17 (I) appointed by the President, 

18 by and with the advice and consent of 

19 the Senate; 

20 (II) whose duties relate to the 

21 programs of the Corporation; and 

22 (III) who is designated by and 

23 serving at the pleasure of the Presi24 dent. 


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1 (C) REQUIREMENTS FOR NONGOVERN2 MENT MEMBERS.—A member of the Board de3 scribed in subparagraph (A)(iii)— 

4 (i) may not be an officer or employee 

5 of the United States Government; 

6 (ii) shall have relevant experience, 

7 which may include experience relating to 

8 the private sector, the environment, labor 

9 organizations, or international develop10 ment, to carry out the purpose of the Cor11 poration; 

12 (iii) shall be appointed for a term of 

13 3 years and may be reappointed for one 

14 additional term; 

15 (iv) shall serve until the member’s 

16 successor is appointed and confirmed; 

17 (v) shall be compensated at a rate 

18 equivalent to that of level IV of the Execu19 tive Schedule under section 5315 of title 5, 

20 United States Code, when engaged in the 

21 business of the Corporation; and 

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

23 subsistence at the applicable rate under 

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1 tions, from time to time, while away from 

2 the home or usual place of business of the 

3 member. 

4 (3) CHAIRPERSON.—There shall be a Chair5 person of the Board designated by the President 

6 from among the individuals described in paragraph 

7 (2)(A). 

8 (4) VICE CHAIRPERSON.—The Administrator of 

9 the United States Agency for International Develop10 ment, or the designee of the Administrator under 

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

12 Chairperson of the Board. 

13 (5) QUORUM.—Five members of the Board 

14 shall constitute a quorum for the transaction of 

15 business by the Board. 

16 (c) PUBLIC HEARINGS.— 

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

18 Board shall hold at least one public hearing each 

19 year in order to afford an opportunity for any per20 son to present views with respect to whether— 

21 (A) the Corporation is carrying out its ac22 tivities in accordance with this Act; and 

23 (B) any support provided by the Corpora24 tion under title II in any country should be sus25 pended, expanded, or extended. 


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1 (2) ADDITIONAL PUBLIC HEARINGS.—In con2 junction with each meeting of the Board, the Cor3 poration shall hold a public hearing in order to af4 ford an opportunity for any person to present views 

5 regarding the activities of the Corporation. Such 

6 views shall be made part of the record. 

7 (d) CHIEF EXECUTIVE OFFICER.— 

8 (1) APPOINTMENT.—There shall be in the Cor9 poration a Chief Executive Officer, who shall be ap10 pointed by the President, by and with the advice and 

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

12 pleasure of the President. 

13 (2) AUTHORITIES AND DUTIES.—The Chief Ex14 ecutive Officer shall be responsible for the manage15 ment of the Corporation and shall exercise the pow16 ers and discharge the duties of the Corporation sub17 ject to the bylaws, rules, regulations, and procedures 

18 established by the Board. 

19 (3) RELATIONSHIP TO BOARD.—The Chief Ex20 ecutive Officer shall report to and be under the di21 rect authority of the Board. 

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

23 United States Code, is amended by adding at the 

24 end the following: 


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1 ‘‘Chief Executive Officer, United States Inter2 national Development Finance Corporation.’’. 

3 (e) DEPUTY CHIEF EXECUTIVE OFFICER.—There 

4 shall be in the Corporation a Deputy Chief Executive Offi5 cer, who shall be appointed by the President, by and with 

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

7 at the pleasure of the President. 

8 (f) CHIEF RISK OFFICER.— 

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

10 the Board, the Chief Executive Officer of the Cor11 poration shall appoint a Chief Risk Officer, from 

12 among individuals with experience at a senior level 

13 in financial risk management, who— 

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

15 (B) shall be removable only by a majority 

16 vote of the Board. 

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

18 coordination with the audit committee of the Board 

19 established under section 401, develop, implement, 

20 and manage a comprehensive process for identifying, 

21 assessing, monitoring, and limiting risks to the Cor22 poration, including the overall portfolio diversifica23 tion of the Corporation. 

24 (g) CHIEF DEVELOPMENT OFFICER.— 


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

2 the Board, the Chief Executive Officer, in conjunc3 tion with the Administrator of the United States 

4 Agency for International Development, shall appoint 

5 a Chief Development Officer, from among individ6 uals with experience in development, who— 

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

8 (B) shall be removable only by a majority 

9 vote of the Board. 

10 (2) DUTIES.—The Chief Development Officer 

11 shall— 

12 (A) coordinate the Corporation’s develop13 ment policies and implementation efforts with 

14 the United States Agency for International De15 velopment, the Millennium Challenge Corpora16 tion, and other relevant United States Govern17 ment departments and agencies, including di18 rectly liaising with missions of the United 

19 States Agency for International Development, 

20 to ensure that departments, agencies, and mis21 sions have training, awareness, and access to 

22 the Corporation’s tools in relation to develop23 ment policy and projects in countries; 

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1 poration that are dedicated to structuring, mon2 itoring and evaluating transactions and projects 

3 co-designed with the United States Agency for 

4 International Development and other relevant 

5 United States Government departments and 

6 agencies; 

7 (C) authorize and coordinate transfers of 

8 funds or other resources to and from such 

9 agencies, departments, or missions upon the 

10 concurrence of those institutions in support of 

11 the Corporation’s projects or activities; and 

12 (D) coordinate and implement the activi13 ties of the Corporation under section 405. 

14 (h) OFFICERS AND EMPLOYEES.— 

15 (1) IN GENERAL.—Except as otherwise pro16 vided in this section, officers, employees, and agents 

17 shall be selected and appointed by the Corporation, 

18 and shall be vested with such powers and duties as 

19 the Corporation may determine. 

20 (2) ADMINISTRATIVELY DETERMINED EMPLOY21 EES.— 

22 (A) APPOINTMENT; COMPENSATION; RE23 MOVAL.—Of officers and employees employed 

24 by the Corporation under paragraph (1), not 

25 more than 50 may be appointed, compensated, 


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1 or removed without regard to title 5, United 

2 States Code. 

3 (B) REINSTATEMENT.—Under such regu4 lations as the President may prescribe, officers 

5 and employees appointed to a position under 

6 subparagraph (A) may be entitled, upon re7 moval from such position (unless the removal 

8 was for cause), to reinstatement to the position 

9 occupied at the time of appointment or to a po10 sition of comparable grade and salary. 

11 (C) ADDITIONAL POSITIONS.—Positions 

12 authorized by subparagraph (A) shall be in ad13 dition to those otherwise authorized by law, in14 cluding positions authorized under section 5108 

15 of title 5, United States Code. 

16 (D) RATES OF PAY FOR OFFICERS AND

17 EMPLOYEES.—The Corporation may set and 

18 adjust rates of basic pay for officers and em19 ployees appointed under subparagraph (A) 

20 without regard to the provisions of chapter 51 

21 or subchapter III of chapter 53 of title 5, 

22 United States Code, relating to classification of 

23 positions and General Schedule pay rates, re24 spectively. 

25 (3) LIABILITY OF EMPLOYEES.— 


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

2 member of the Board or an officer or employee 

3 of the Corporation has no liability under this 

4 Act with respect to any claim arising out of or 

5 resulting from any act or omission by the indi6 vidual within the scope of the employment of 

7 the individual in connection with any trans8 action by the Corporation. 

9 (B) RULE OF CONSTRUCTION.—Subpara10 graph (A) shall not be construed to limit per11 sonal liability of an individual for criminal acts 

12 or omissions, willful or malicious misconduct, 

13 acts or omissions for private gain, or any other 

14 acts or omissions outside the scope of the indi15 vidual’s employment. 

16 (C) SAVINGS PROVISION.—This paragraph 

17 shall not be construed— 

18 (i) to affect— 

19 (I) any other immunities and 

20 protections that may be available to 

21 an individual described in subpara22 graph (A) under applicable law with 

23 respect to a transaction described in 

24 that subparagraph; or 


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1 (II) any other right or remedy 

2 against the Corporation, against the 

3 United States under applicable law, or 

4 against any person other than an indi5 vidual described in subparagraph (A) 

6 participating in such a transaction; or 

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

8 immunities that are available under appli9 cable law for Federal officers and employ10 ees not described in this paragraph. 

11 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

12 The President shall appoint and maintain an Inspec13 tor General in the Corporation, in accordance with the In14 spector General Act of 1978 (5 U.S.C. App.). 

15 SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 

16 (a) IN GENERAL.—The Board shall establish a trans17 parent and independent accountability mechanism. 

18 (b) FUNCTIONS.—The independent accountability 

19 mechanism established pursuant to subsection (a) shall— 

20 (1) annually evaluate and report to the Board 

21 and Congress regarding compliance with environ22 mental, social, labor, human rights, and trans23 parency standards, consistent with Corporation stat24 utory mandates; 


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1 (2) provide a forum for resolving concerns re2 garding the impacts of specific Corporation-sup3 ported projects with respect to such standards; and 

4 (3) provide advice regarding Corporation 

5 projects, policies, and practices. 

6 TITLE II—AUTHORITIES 

7 SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP8 PORT. 

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

10 only be exercised to— 

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

12 in section 101 and the purpose of the Corporation 

13 in section 102; 

14 (2) mitigate risks to United States taxpayers by 

15 sharing risks with the private sector and qualifying 

16 sovereign entities through co-financing and struc17 turing of tools; and 

18 (3) ensure that support provided under this 

19 title is additional to private sector resources by mo20 bilizing private capital that would otherwise not be 

21 deployed without such support. 

22 (b) LENDING AND GUARANTIES.— 

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

24 loans or guaranties upon such terms and conditions 

25 as the Corporation may determine. 


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1 (2) DENOMINATION.—Loans and guaranties 

2 issued under paragraph (1) may be denominated and 

3 repayable in United States dollars or foreign cur4 rencies. Foreign currency denominated loans and 

5 guaranties should only be provided if the Board de6 termines there is a substantive policy rationale for 

7 such loans and guaranties. 

8 (3) APPLICABILITY OF FEDERAL CREDIT RE9 FORM ACT OF 1990.—Loans and guaranties issued 

10 under paragraph (1) shall be subject to the require11 ments of the Federal Credit Reform Act of 1990 (2 

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

13 (c) EQUITY INVESTMENTS.— 

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

15 minority investor, support projects with funds or use 

16 other mechanisms for the purpose of purchasing, 

17 and may make and fund commitments to purchase, 

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

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

20 financial interests of any entity, including as a lim21 ited partner or other investor in investment funds, 

22 upon such terms and conditions as the Corporation 

23 may determine. 

24 (2) DENOMINATION.—Support provided under 

25 paragraph (1) may be denominated and repayable in 


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1 United States dollars or foreign currency. Foreign 

2 currency denominated support provided by para3 graph (1) should only be provided if the Board de4 termines there is a substantive policy rationale for 

5 such support. 

6 (3) GUIDELINES AND CRITERIA.—The Corpora7 tion shall develop guidelines and criteria to require 

8 that the use of the authority provided by paragraph 

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

10 development and foreign policy purpose, taking into 

11 account the following objectives: 

12 (A) The support for the project would be 

13 more likely than not to substantially reduce or 

14 overcome the effect of an identified market fail15 ure in the country in which the project is car16 ried out. 

17 (B) The project would not have proceeded 

18 or would have been substantially delayed with19 out the support. 

20 (C) The support would meaningfully con21 tribute to transforming local conditions to pro22 mote the development of markets. 

23 (D) The support can be shown to be 

24 aligned with commercial partner incentives. 


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1 (E) The support can be shown to have sig2 nificant developmental impact and will con3 tribute to long-term commercial sustainability. 

4 (F) The support furthers the policy of the 

5 United States described in section 101. 

6 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

7 (A) PER PROJECT LIMIT.—The aggregate 

8 amount of support provided under this sub9 section with respect to any project shall not ex10 ceed 30 percent of the aggregate amount of all 

11 equity investment made from any source to the 

12 project at the time that the Corporation ap13 proves support of the project. 

14 (B) TOTAL LIMIT.—Support provided pur15 suant to this subsection shall be limited to not 

16 more than 35 percent of the Corporation’s ag17 gregate exposure on the date that such support 

18 is provided. 

19 (5) SALES AND LIQUIDATION OF POSITION.— 

20 The Corporation shall seek to sell and liquidate any 

21 support for a project provided under this subsection 

22 as soon as commercially feasible, commensurate with 

23 other similar investors in the project and taking into 

24 consideration the national security interests of the 

25 United States. 


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1 (6) TIMETABLE.—The Corporation shall create 

2 a project-specific timetable for support provided 

3 under paragraph (1). 

4 (d) INSURANCE AND REINSURANCE.—The Corpora5 tion may issue insurance or reinsurance, upon such terms 

6 and conditions as the Corporation may determine, to pri7 vate sector entities and qualifying sovereign entities assur8 ing protection of their investments in whole or in part 

9 against any or all political risks such as currency incon10 vertibility and transfer restrictions, expropriation, war, 

11 terrorism, civil disturbance, breach of contract, or nonhon12 oring of financial obligations. 

13 (e) PROMOTION OF AND SUPPORT FOR PRIVATE IN14 VESTMENT OPPORTUNITIES.— 

15 (1) IN GENERAL.—In order to carry out the 

16 purpose of the Corporation described in section 

17 102(b), the Corporation may initiate and support, 

18 through financial participation, incentive grant, or 

19 otherwise, and on such terms and conditions as the 

20 Corporation may determine, feasibility studies for 

21 the planning, development, and management of, and 

22 procurement for, potential bilateral and multilateral 

23 development projects eligible for support under this 

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1 moting investment in such projects and the identi2 fication, assessment, surveying, and promotion of 

3 private investment opportunities, utilizing wherever 

4 feasible and effective, the facilities of private inves5 tors. 

6 (2) CONTRIBUTIONS TO COSTS.—The Corpora7 tion shall, to the maximum extent practicable, re8 quire any person receiving funds under the authori9 ties of this subsection to— 

10 (A) share the costs of feasibility studies 

11 and other project planning services funded 

12 under this subsection; and 

13 (B) reimburse the Corporation those funds 

14 provided under this section, if the person suc15 ceeds in project implementation. 

16 (f) SPECIAL PROJECTS AND PROGRAMS.—The Cor17 poration may administer and manage special projects and 

18 programs in support of specific transactions undertaken 

19 by the Corporation, including programs of financial and 

20 advisory support that provide private technical, profes21 sional, or managerial assistance in the development of 

22 human resources, skills, technology, capital savings, or in23 termediate financial and investment institutions or co24 operatives and including the initiation of incentives, 

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1 nomic empowerment, microenterprise households, or other 

2 small business activities. 

3 (g) ENTERPRISE FUNDS.— 

4 (1) IN GENERAL.—The Corporation may, fol5 lowing consultation with the Secretary of State, the 

6 Administrator of the United States Agency for 

7 International Development, and the heads of other 

8 relevant departments or agencies, establish and op9 erate enterprise funds in accordance with this sub10 section. 

11 (2) PROCEDURES AND REQUIREMENTS.—The 

12 provisions of section 201 of the Support for East 

13 European Democracy (SEED) Act of 1989 (22 

14 U.S.C. 5421) (other than the provisions of sub15 sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 

16 of that section), shall be deemed to apply with re17 spect to any enterprise fund established by the Cor18 poration under this subsection and to funds made 

19 available to any such enterprise fund in the same 

20 manner and to the same extent as such provisions 

21 apply with respect to enterprise funds established 

22 pursuant to such section 201 or to funds made avail23 able to enterprise funds established under that sec24 tion. 


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1 (3) PURPOSES FOR WHICH SUPPORT MAY BE

2 PROVIDED.—The Corporation, subject to the ap3 proval of the Board, may designate private, non4 profit organizations as eligible to receive support 

5 under this title for the following purposes: 

6 (A) To promote development of economic 

7 freedom and private sectors, including small8 and medium-sized enterprises and joint ven9 tures with the United States and host country 

10 participants. 

11 (B) To facilitate access to credit to small12 and medium-sized enterprises with sound busi13 ness plans in countries where there is limited 

14 means of accessing credit on market terms. 

15 (C) To promote policies and practices con16 ducive to economic freedom and private sector 

17 development. 

18 (D) To attract foreign direct investment 

19 capital to further promote private sector devel20 opment and economic freedom. 

21 (E) To complement the work of the United 

22 States Agency for International Development 

23 and other donors to improve the overall busi24 ness-enabling environment, financing the creVerDate Sep 11 2014 21:30 Jul 18, 2018 Jkt 079200 PO 00000 Frm 00027 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.PCS H5105

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1 ation and expansion of the private business sec2 tor. 

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 

14 more than 3 percent per annum of the funds 

15 made available to an enterprise fund may be ob16 ligated or expended for the administrative ex17 penses of the enterprise fund. 

18 (5) BOARD OF DIRECTORS.—Each enterprise 

19 fund established under this subsection should be 

20 governed by a Board of Directors comprised of pri21 vate citizens of the United States or the host coun22 try, 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 rel10 evant experience relating to the purposes described 

11 in paragraph (3). 

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

13 date of the establishment of an enterprise fund 

14 under this subsection, and annually thereafter until 

15 the enterprise fund terminates in accordance with 

16 paragraph (10), the Board of Directors of the enter17 prise fund shall— 

18 (A) submit to the appropriate congres19 sional committees a report— 

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

22 year preceding the submission of the re23 port; 

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1 evant local private sector entities, develop2 ment objectives and outcomes, financial 

3 condition, and accomplishments of the en4 terprise fund during that year; 

5 (iii) describing the results of any 

6 audit conducted under paragraph (8); 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 inter12 net website of the enterprise fund, each report 

13 required 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 sub21 section. 

22 (ii) CONSIDERATION.—In conducting 

23 an audit under clause (i), the Inspector 

24 General shall assess whether the activities 

25 of the enterprise fund— 


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1 (I) support the purposes de2 scribed in paragraph (3); 

3 (II) result in profitable private 

4 sector investing; and 

5 (III) generate measurable social 

6 benefits. 

7 (B) RECORDKEEPING REQUIREMENTS.— 

8 The Corporation shall ensure that each enter9 prise fund receiving support under this sub10 section— 

11 (i) keeps separate accounts with re12 spect to such support; and 

13 (ii) maintains such records as may be 

14 reasonably necessary to facilitate effective 

15 audits under this paragraph. 

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

17 funds resulting from any liquidation, dissolution, or 

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

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

20 States. 

21 (10) TERMINATION.—The authority of an en22 terprise fund to provide support under this sub23 section shall terminate on the earlier of— 


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

2 of the first expenditure of amounts from the en3 terprise fund; or 

4 (B) the date on which the enterprise fund 

5 is liquidated. 

6 (h) SUPERVISION OF SUPPORT.—Support provided 

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

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

9 SEC. 202. TERMS AND CONDITIONS. 

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

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

12 shall be on such terms and conditions as the Corporation 

13 may prescribe. 

14 (b) REQUIREMENTS.—The following requirements 

15 apply to support provided by the Corporation under this 

16 title: 

17 (1) The Corporation shall provide support using 

18 authorities under this title only if it is necessary— 

19 (A) to alleviate a credit market imperfec20 tion; or 

21 (B) to achieve specified development or 

22 foreign policy objectives of the United States 

23 Government by providing support in the most 

24 efficient way to meet those objectives on a case25 by-case basis. 


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1 (2) The final maturity of a loan made or guar2 anteed by the Corporation shall not exceed the lesser 

3 of— 

4 (A) 25 years; or 

5 (B) debt servicing capabilities of the 

6 project to be financed by the loan (as deter7 mined by the Corporation). 

8 (3) The Corporation shall, with respect to pro9 viding any loan guaranty to a project, require the 

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

11 amount equal to at least 20 percent of the guaran12 teed support by the Corporation in the project. 

13 (4) The Corporation may not make or guar14 antee a loan unless the Corporation determines that 

15 the borrower or lender is responsible and that ade16 quate provision is made for servicing the loan on 

17 reasonable terms and protecting the financial inter18 est of the United States. 

19 (5) The interest rate for direct loans and inter20 est supplements on guaranteed loans shall be set by 

21 reference to a benchmark interest rate (yield) on 

22 marketable Treasury securities or other widely rec23 ognized or appropriate benchmarks with a similar 

24 maturity to the loans being made or guaranteed, as 

25 determined in consultation with the Director of the 


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1 Office of Management and Budget and the Secretary 

2 of the Treasury. The Corporation shall establish ap3 propriate minimum interest rates for loans, guaran4 ties, and other instruments as necessary. 

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

6 established by the Corporation shall be adjusted pe7 riodically to take account of changes in the interest 

8 rate of the benchmark financial instrument. 

9 (7)(A) The Corporation shall set fees or pre10 miums for support provided under this title at levels 

11 that minimize the cost to the Government while sup12 porting achievement of the objectives of support. 

13 (B) The Corporation shall review fees for loan 

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

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

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

22 (B) the loan qualified for the guaranty; 

23 and 

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

3 (9) The Corporation shall prescribe explicit 

4 standards for use in periodically assessing the credit 

5 risk of new and existing direct loans or guaranteed 

6 loans. 

7 (10) The Corporation may not make loans or 

8 loan guaranties except to the extent that budget au9 thority to cover the costs of the loans or guaranties 

10 is provided in advance in an appropriations Act, as 

11 required by section 504 of the Federal Credit Re12 form Act of 1990 (2 U.S.C. 661c). 

13 (11) The Corporation shall rely upon specific 

14 standards to assess the developmental and strategic 

15 value of projects for which it provides support and 

16 should only provide the minimum level of support 

17 necessary in order to support such projects. 

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

19 Corporation should be provided on a senior basis or 

20 pari passu with other senior debt unless there is a 

21 substantive policy rationale to provide such support 

22 otherwise. 

23 SEC. 203. PAYMENT OF LOSSES. 

24 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

25 LOANS.— 


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1 (1) IN GENERAL.—If the Corporation deter2 mines that the holder of a loan guaranteed by the 

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

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

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

6 guaranty contract after the holder of the loan has 

7 made such further collection efforts and instituted 

8 such enforcement proceedings as the Corporation 

9 may require. 

10 (2) SUBROGATION.—Upon making a payment 

11 described in paragraph (1), the Corporation shall en12 sure the Corporation will be subrogated to all the 

13 rights of the recipient of the payment. 

14 (3) RECOVERY EFFORTS.—The Corporation 

15 shall pursue recovery from the borrower of the 

16 amount of any payment made under paragraph (1) 

17 with respect to the loan. 

18 (b) LIMITATION ON PAYMENTS.— 

19 (1) IN GENERAL.—Except as provided by para20 graph (2), compensation for insurance, reinsurance, 

21 or a guaranty issued under this title shall not exceed 

22 the dollar value of the tangible or intangible con23 tributions or commitments made in the project, plus 

24 interest, earnings, or profits actually accrued on 

25 such contributions or commitments, to the extent 


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1 provided by such insurance, reinsurance, or guar2 anty. 

3 (2) EXCEPTION.— 

4 (A) IN GENERAL.—The Corporation may 

5 provide that— 

6 (i) appropriate adjustments in the in7 sured dollar value be made to reflect the 

8 replacement cost of project assets; and 

9 (ii) compensation for a claim of loss 

10 under insurance of an equity investment 

11 under section 201(d) may be computed on 

12 the basis of the net book value attributable 

13 to the equity investment on the date of 

14 loss. 

15 (3) ADDITIONAL LIMITATION.— 

16 (A) IN GENERAL.—Notwithstanding para17 graph (2)(A)(ii) and except as provided in sub18 paragraph (B), the Corporation shall limit the 

19 amount of direct insurance and reinsurance 

20 issued under section 201 with respect to a 

21 project so as to require that the insured and its 

22 affiliates bear the risk of loss for at least 10 

23 percent of the amount of the Corporation’s ex24 posure to that insured and its affiliates in the 

25 project. 


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1 (B) EXCEPTION.—The limitation under 

2 subparagraph (A) shall not apply to direct in3 surance or reinsurance of loans provided by 

4 banks or other financial institutions to unre5 lated parties. 

6 (c) ACTIONS BY ATTORNEY GENERAL.—The Attor7 ney General shall take such action as may be appropriate 

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

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

10 title. 

11 (d) RULE OF CONSTRUCTION.—Nothing in this sec12 tion shall be construed to preclude any forbearance for the 

13 benefit of a borrower that may be agreed upon by the par14 ties to a loan guaranteed by the Corporation if budget au15 thority for any resulting costs to the United States Gov16 ernment (as defined in section 502 of the Federal Credit 

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

18 SEC. 204. TERMINATION. 

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

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

21 date of the enactment of this Act. 

22 (b) TERMINATION OF CORPORATION.—The Corpora23 tion shall terminate on the date on which the portfolio of 

24 the Corporation is liquidated. 


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1 TITLE III—ADMINISTRATIVE 

2 AND GENERAL PROVISIONS 

3 SEC. 301. OPERATIONS. 

4 (a) BILATERAL AGREEMENTS.—The Corporation 

5 may provide support under title II in connection with 

6 projects in any country the government of which has en7 tered into an agreement with the United States author8 izing the Corporation to provide such support in that 

9 country. 

10 (b) CLAIMS SETTLEMENT.— 

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

12 support provided under title II or under predecessor 

13 authority may be settled, and disputes arising as a 

14 result thereof may be arbitrated with the consent of 

15 the parties, on such terms and conditions as the 

16 Corporation may determine. 

17 (2) SETTLEMENTS CONCLUSIVE.—Payment 

18 made pursuant to any settlement pursuant to para19 graph (1), or as a result of an arbitration award, 

20 shall be final and conclusive notwithstanding any 

21 other provision of law. 

22 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

23 executed by such officer or officers as may be designated 

24 by the Board shall be conclusively presumed to be issued 

25 in compliance with the requirements of this Act. 


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1 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

2 Corporation shall implement policies to accept electronic 

3 documents and electronic payments in all of its programs. 

4 SEC. 302. CORPORATE POWERS. 

5 (a) IN GENERAL.—The Corporation— 

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

7 an identifiable symbol of the United States; 

8 (2) may make and perform such contracts, in9 cluding no-cost contracts (as defined by the Corpora10 tion), grants, and other agreements notwithstanding 

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

12 Code, with any person or government however des13 ignated and wherever situated, as may be necessary 

14 for carrying out the functions of the Corporation; 

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

16 improve, and use such real property wherever situ17 ated, as may be necessary for carrying out the func18 tions of the Corporation and which, if done for the 

19 Corporation’s own occupancy, shall be made in con20 sultation with the Administrator of General Services; 

21 (4) may accept cash gifts or donations of serv22 ices or of property (real, personal, or mixed), tan23 gible or intangible, for the purpose of carrying out 

24 the functions of the Corporation; 


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

2 same manner and on the same conditions as the Ex3 ecutive departments (as defined in section 101 of 

4 title 5, United States Code); 

5 (6) may contract with individuals for personal 

6 services, who shall not be considered Federal em7 ployees for any provision of law administered by the 

8 Director of the Office of Personnel Management; 

9 (7) may hire or obtain passenger motor vehi10 cles; 

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

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

13 terms and conditions as the Corporation may deter14 mine, any property, real, personal, or mixed, tan15 gible or intangible, or any interest in such property 

16 and which, if done for the Corporation’s own occu17 pancy, shall be made in consultation with the Ad18 ministrator of General Services; 

19 (10) may lease office space for the Corpora20 tion’s own use, with the obligation of amounts for 

21 such lease limited to the current fiscal year for 

22 which payments are due until the expiration of the 

23 current lease under predecessor authority, as of the 

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


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1 (11) may indemnify directors, officers, employ2 ees, and agents of the Corporation for liabilities and 

3 expenses incurred in connection with their activities 

4 on behalf of the Corporation; 

5 (12) notwithstanding any other provision of 

6 law, may represent itself or contract for representa7 tion in any legal or arbitral proceeding; 

8 (13) may exercise any priority of the Govern9 ment of the United States in collecting debts from 

10 bankrupt, insolvent, or decedents’ estates; 

11 (14) may collect, notwithstanding section 

12 3711(g)(1) of title 31, United States Code, or com13 promise any obligations assigned to or held by the 

14 Corporation, including any legal or equitable rights 

15 accruing to the Corporation; 

16 (15) may make arrangements with foreign gov17 ernments (including agencies, instrumentalities, or 

18 political subdivisions of such governments) or with 

19 multilateral organizations or institutions for sharing 

20 liabilities; 

21 (16) may sell direct investments of the Corpora22 tion to private investors upon such terms and condi23 tions as the Corporation may determine; and 


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

2 necessary and incident to carrying out the functions 

3 of the Corporation. 

4 (b) TREATMENT OF PROPERTY.—Notwithstanding 

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

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

9 operate, or sell any property acquired by the Corporation 

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

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

12 consultation with the Administrator of General Services. 

13 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

15 of the Corporation outstanding at any one time shall not 

16 exceed in the aggregate the amount specified in subsection 

17 (b). 

18 (b) AMOUNT SPECIFIED.— 

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

20 specified in this subsection for the 5-year period be21 ginning on the date of the enactment of this Act, is 

22 $60,000,000,000. 

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

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

25 Act, and not less frequently than every 5 years 


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1 thereafter, the amount specified in paragraph (1) 

2 shall be adjusted to reflect the percentage of the in3 crease (if any) in the average of the Consumer Price 

4 Index during the preceding 5-year period. 

5 (3) CONSUMER PRICE INDEX DEFINED.—In 

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

7 means the most recent Consumer Price Index for All 

8 Urban Consumers published by the Bureau of Labor 

9 Statistics of the Department of Labor. 

10 SEC. 304. CORPORATE FUNDS. 

11 (a) CORPORATE CAPITAL ACCOUNT.—There is estab12 lished in the Treasury of the United States a fund to be 

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

14 the purposes of the Corporation. 

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

16 consist of— 

17 (1) fees charged and collected pursuant to sub18 section (c); 

19 (2) any amounts received pursuant to sub20 section (e); 

21 (3) investments and returns on such invest22 ments pursuant to subsection (g); 

23 (4) unexpended balances transferred to the Cor24 poration pursuant to subsection (i); 


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1 (5) payments received in connection with settle2 ments of all insurance and reinsurance claims of the 

3 Corporation; and 

4 (6) all other collections transferred to or earned 

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

6 section 502 of the Federal Credit Reform Act of 

7 1990 (2 U.S.C. 661a), of loans and loan guaranties. 

8 (c) FEE AUTHORITY.—Fees may be charged and col9 lected for providing services in amounts to be determined 

10 by the Corporation. 

11 (d) USES.— 

12 (1) IN GENERAL.—Subject to Acts making ap13 propriations, the Corporation is authorized to pay— 

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

15 the Federal Credit Reform Act of 1990, of 

16 loans and loan guaranties; 

17 (B) administrative expenses of the Cor18 poration; 

19 (C) for the cost of providing support au20 thorized by subsections (c), (e), (f), and (g) of 

21 section 201; and 

22 (D) project-specific transaction costs. 

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

24 out the purposes of the Corporation, all collections 

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1 ing the cost, as defined in section 502 of the Federal 

2 Credit Reform Act of 1990, of loans and loan guar3 anties, shall be deposited into the Corporate Capital 

4 Account and shall be available to carry out its pur5 pose, including without limitation— 

6 (A) payment of all insurance and reinsur7 ance claims of the Corporation; 

8 (B) repayments to the Treasury of 

9 amounts borrowed under subsection (e); and 

10 (C) dividend payments to the Treasury 

11 under subsection (f). 

12 (e) FULL FAITH AND CREDIT.— 

13 (1) IN GENERAL.—All support provided pursu14 ant to predecessor authorities or title II shall con15 tinue to constitute obligations of the United States, 

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

17 hereby pledged for the full payment and perform18 ance of such obligations. 

19 (2) AUTHORITY TO BORROW.—The Corporation 

20 is authorized to borrow from the Treasury such 

21 sums as may be necessary to fulfill such obligations 

22 of the United States and any such borrowing shall 

23 be at a rate determined by the Secretary of the 

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1 tions of the United States of comparable maturities, 

2 for a period jointly determined by the Corporation 

3 and the Secretary, and subject to such terms and 

4 conditions as the Secretary may require. 

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

6 Director of the Office of Management and Budget, shall 

7 annually assess a dividend payment to the Treasury if the 

8 Corporation’s insurance portfolio is more than 100 per9 cent reserved. 

10 (g) INVESTMENT AUTHORITY.— 

11 (1) IN GENERAL.—The Corporation may re12 quest the Secretary of the Treasury to invest such 

13 portion of the Corporate Capital Account as is not, 

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

15 current needs of the Corporate Capital Account. 

16 (2) FORM OF INVESTMENTS.—Such invest17 ments shall be made by the Secretary of the Treas18 ury in public debt obligations, with maturities suit19 able to the needs of the Corporate Capital Account, 

20 as determined by the Corporation, and bearing inter21 est at rates determined by the Secretary, taking into 

22 consideration current market yields on outstanding 

23 marketable obligations of the United States of com24 parable maturities. 


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1 (h) COLLECTIONS.—Interest earnings made pursuant 

2 to subsection (g), earnings collected related to equity in3 vestments, and amounts, excluding fees related to insur4 ance or reinsurance, collected pursuant to subsection (c), 

5 shall not be collected for any fiscal year except to the ex6 tent provided in advance in appropriations Acts. 

7 (i) 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 

10 responsibilities of any agency specified in the plan re11 quired by section 602 shall be transferred to the Corpora12 tion. 

13 (j) TRANSFER OF FUNDS.—In order to carry out this 

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

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

16 may be transferred to the Corporation and funds author17 ized to be appropriated to the Corporation may be trans18 ferred to the Department of State and the United States 

19 Agency for International Development. 

20 (k) DEFINITION.—In this section, the term ‘‘project21 specific transaction costs’’— 

22 (1) means those costs incurred by the Corpora23 tion for travel, legal expenses, and direct and indi24 rect costs incurred in claims settlements associated 

25 with the provision of support under title II and shall 


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1 not be considered administrative expenses for the 

2 purposes of this section; and 

3 (2) does not include information technology (as 

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

5 United States Code). 

6 SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 

7 AGENCIES. 

8 It is the sense of Congress that the Corporation 

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

10 Millennium Challenge Corporation, the United States 

11 Agency for International Development, and other depart12 ments and agencies that have development functions to 

13 better inform the decisions of the Corporation with respect 

14 to providing support under title II. 

15 TITLE IV—MONITORING, 

16 EVALUATION, AND REPORTING 

17 SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT18 TEES. 

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

20 duties and responsibilities under section 201(a), the Cor21 poration shall establish a risk committee and an audit 

22 committee. 

23 (b) DUTIES AND RESPONSIBILITIES OF RISK COM24 MITTEE.—Subject to the direction of the Board, the risk 


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1 committee established under subsection (a) shall have 

2 oversight responsibility of— 

3 (1) formulating risk management policies of the 

4 operations of the Corporation; 

5 (2) reviewing and providing guidance on oper6 ation of the Corporation’s global risk management 

7 framework; 

8 (3) developing policies for enterprise risk man9 agement, monitoring, and management of strategic, 

10 reputational, regulatory, operational, developmental, 

11 environmental, social, and financial risks; 

12 (4) developing the risk profile of the Corpora13 tion, including a risk management and compliance 

14 framework and governance structure to support such 

15 framework; and 

16 (5) developing policies and procedures for as17 sessing, prior to providing, and for any period dur18 ing which the Corporation provides, support to any 

19 foreign entities, whether such entities have in place 

20 sufficient enhanced due diligence policies and prac21 tices to prevent money laundering and corruption to 

22 ensure the Corporation does not provide support to 

23 persons that are— 

24 (A) knowingly engaging in acts of corrup25 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 

5 directing 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 inter17 nal audit function; and 

18 (4) compliance with legal and regulatory re19 quirements related to the finances of the Corpora20 tion. 

21 SEC. 402. PERFORMANCE MEASURES, EVALUATION, AND 

22 LEARNING. 

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

24 performance measurement system to evaluate and monitor 


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1 projects supported by the Corporation under title II and 

2 to guide future projects of the Corporation. 

3 (b) CONSIDERATIONS.—In developing the perform4 ance measurement system required by subsection (a), the 

5 Corporation shall— 

6 (1) develop a successor for the development im7 pact measurement system of the Overseas Private 

8 Investment Corporation (as such system was in ef9 fect on the day before the date of enactment of this 

10 Act); 

11 (2) develop a mechanism for ensuring that sup12 port provided by the Corporation under title II is in 

13 addition to private investment; 

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

16 Corporation’s portfolio; and 

17 (4) develop standards for, and a method for en18 suring, appropriate development performance of the 

19 Corporation’s portfolio, including— 

20 (A) measurement of the projected and ex 

21 post development impact of a project; and 

22 (B) the information necessary to comply 

23 with section 403. 

24 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA25 TION.—The Corporation shall make available to the public 


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1 on a regular basis information about support provided by 

2 the Corporation under title II and performance metrics 

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

4 (d) COLLABORATION.—In developing the perform5 ance measurement system required by subsection (a), the 

6 Corporation shall consult with stakeholders and other in7 terested parties engaged in sustainable economic growth 

8 and development. 

9 SEC. 403. ANNUAL REPORT. 

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

11 the Corporation shall submit to the appropriate congres12 sional committees a complete and detailed report of its op13 erations during that fiscal year, including an assessment 

14 of— 

15 (1) the economic and social development im16 pact, including with respect to matters described in 

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

18 supported by the Corporation under title II; 

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

20 Corporation complement or are compatible with the 

21 development assistance programs of the United 

22 States and qualifying sovereign entities; 

23 (3) the Corporation’s institutional linkages with 

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1 ment and agencies, including efforts to strengthen 

2 such linkages; and 

3 (4) the compliance of projects supported by the 

4 Corporation under title II with human rights, envi5 ronmental, labor, and social policies, or other such 

6 related policies that govern the Corporation’s sup7 port for projects, promulgated or otherwise adminis8 tered by the Corporation. 

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

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

11 projects supported by the Corporation under title II, in12 cluding— 

13 (1) reviews and analyses of— 

14 (A) the desired development outcomes for 

15 projects and whether or not the Corporation is 

16 meeting the associated metrics, goals, and de17 velopment objectives, including, to the extent 

18 practicable, in the years after conclusion of 

19 projects; and 

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

21 on access to capital and ways in which the Cor22 poration is addressing identifiable market gaps 

23 or inefficiencies and what impact, if any, such 

24 support has on access to credit for a specific 

25 project, country, or sector; 


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1 (2) an explanation of any partnership arrange2 ment or cooperation with a qualifying sovereign enti3 ty in support of each project; 

4 (3) projections of— 

5 (A) development outcomes, and whether or 

6 not support for projects are meeting the associ7 ated performance measures, both during the 

8 start-up phase and over the duration of the 

9 support, and to the extent practicable, measures 

10 of such development outcomes should be on a 

11 gender-disaggregated basis, such as changes in 

12 employment, access to financial services, enter13 prise development and growth, and composition 

14 of executive boards and senior leadership of en15 terprises receiving support under title II; and 

16 (B) the value of private sector assets 

17 brought to bear relative to the amount of sup18 port provided by the Corporation and the value 

19 of any other public sector support; and 

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

21 learned from the monitoring and evaluation activities 

22 of the Corporation, and from annual reports from 

23 previous years compiled by the Corporation, have 

24 been applied to projects. 


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1 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

2 The Corporation shall— 

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

4 machine-readable database with detailed country5 level information, including a description of the sup6 port provided by the Corporation under title II; and 

7 (2) include a clear link to information about 

8 each project supported by the Corporation under 

9 title II on the internet website of the Department of 

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

11 website or other online publication. 

12 SEC. 405. ENGAGEMENT WITH INVESTORS. 

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

14 the Chief Development Officer, shall, in cooperation with 

15 the Administrator of the United States Agency for Inter16 national Development— 

17 (1) develop a strategic relationship with private 

18 sector entities focused at the nexus of business op19 portunities and development priorities; 

20 (2) engage such entities and reduce business 

21 risks primarily through direct transaction support 

22 and facilitating investment partnerships; 

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

24 intermediaries that can mobilize private finance at 

25 scale in the developing world; 


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

2 that are small but designed for work in the most un3 derdeveloped areas, including countries with chronic 

4 suffering as a result of extreme poverty, fragile insti5 tutions, or a history of violence; and 

6 (5) pursue projects consistent with the policy of 

7 the United States described in section 101 and the 

8 Joint Strategic Plan and the Mission Country Devel9 opment Cooperation Strategies of the United States 

10 Agency for International Development. 

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

12 subsection (a), the Corporation shall— 

13 (1) develop risk mitigation tools; 

14 (2) provide transaction structuring support for 

15 blended finance models; 

16 (3) support intermediaries linking capital sup17 ply and demand; 

18 (4) coordinate with other Federal agencies to 

19 support or accelerate transactions; 

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

21 public sector partners around opportunities for pri22 vate finance within development priorities; 

23 (6) offer strategic planning and programming 

24 assistance to catalyze investment into priority sec25 tors; 


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1 (7) provide transaction structuring support; 

2 (8) deliver training and knowledge management 

3 tools for engaging private investors; 

4 (9) partner with private sector entities that pro5 vide access to capital and expertise; and 

6 (10) identify and screen new investment part7 ners. 

8 (c) TECHNICAL ASSISTANCE.—The Corporation shall 

9 coordinate with the United States Agency for Inter10 national Development and other agencies and depart11 ments, as necessary, on projects and programs supported 

12 by the Corporation that include technical assistance. 

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

14 THE CORPORATION. 

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

16 the Corporation making a financial commitment associ17 ated with the provision of support under title II in an 

18 amount in excess of $10,000,000, the Chief Executive Of19 ficer of the Corporation shall submit to the Committee on 

20 Foreign Affairs and the Committee on Appropriations of 

21 the House of Representatives and the Committee on For22 eign Relations and the Committee on Appropriations of 

23 the Senate a report in writing that contains the informa24 tion required by subsection (b). 


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1 (b) INFORMATION REQUIRED.—The information re2 quired by this subsection includes— 

3 (1) the amount of each such financial commit4 ment; 

5 (2) an identification of the recipient or bene6 ficiary; and 

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

8 asset and the development goal or purpose to be 

9 achieved by providing support by the Corporation. 

10 TITLE V—CONDITIONS, RESTRIC11 TIONS, AND PROHIBITIONS 

12 SEC. 501. LIMITATIONS AND PREFERENCES. 

13 (a) LIMITATION ON SUPPORT FOR SINGLE ENTI14 TY.—No entity receiving support from the Corporation 

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

16 5 percent of the Corporation’s maximum contingent liabil17 ity authorized under section 303. 

18 (b) PREFERENCE FOR SUPPORT FOR PROJECTS

19 SPONSORED BY UNITED STATES PERSONS.— 

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

21 preferential consideration to projects sponsored by 

22 or involving private sector entities that are United 

23 States persons. 


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

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

3 means— 

4 (A) a United States citizen; or 

5 (B) an entity significantly beneficially 

6 owned by individuals described in subparagraph 

7 (A). 

8 (c) PREFERENCE FOR SUPPORT IN COUNTRIES IN

9 COMPLIANCE WITH INTERNATIONAL TRADE OBLIGA10 TIONS.— 

11 (1) CONSULTATIONS WITH UNITED STATES

12 TRADE REPRESENTATIVE.—Not less frequently than 

13 annually, the Corporation shall consult with the 

14 United States Trade Representative with respect to 

15 the status of countries eligible to receive support 

16 from the Corporation under title II and the compli17 ance of those countries with their international trade 

18 obligations. 

19 (2) PREFERENTIAL CONSIDERATION.—The Cor20 poration shall give preferential consideration to pro21 viding support under title II for projects in countries 

22 in compliance with or making substantial progress 

23 coming into compliance with their international 

24 trade obligations. 

25 (d) WORKER RIGHTS.— 


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1 (1) IN GENERAL.—The Corporation should sup2 port projects under title II in countries that are tak3 ing steps to adopt and implement laws that extend 

4 internationally recognized worker rights (as defined 

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

6 2467)) to workers in that country, including any 

7 designated zone in that country. 

8 (2) REQUIRED CONTRACT LANGUAGE.—The 

9 Corporation shall also include the following lan10 guage, in substantially the following form, in all con11 tracts which the Corporation enters into with eligible 

12 investors to provide support under title II: ‘‘The per13 son receiving support agrees not to take actions to 

14 prevent employees of the foreign enterprise from 

15 lawfully exercising their right of association and 

16 their right to organize and bargain collectively. The 

17 person further agrees to observe applicable laws re18 lating to a minimum age for employment of children, 

19 acceptable conditions of work with respect to min20 imum wages, hours of work, and occupational health 

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

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

23 Trade Act of 1974 (19 U.S.C. 2467(6))). The per24 son is not responsible under this paragraph for the 

25 actions of a foreign government.’’. 


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1 (e) ENVIRONMENTAL AND SOCIAL IMPACT.—The 

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

3 be supported by the Corporation under title II that is like4 ly to have significant adverse environmental or social im5 pacts that are sensitive, diverse, or unprecedented, un6 less— 

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

8 an environmental and social impact assessment or 

9 initial environmental and social audit, analyzing the 

10 environmental and social impacts of the proposed 

11 project and of alternatives to the proposed project, 

12 is completed; and 

13 (2) such assessment or audit has been made 

14 available to the public of the United States, locally 

15 affected groups in the country in which the project 

16 will be carried out, and nongovernmental organiza17 tions in that country. 

18 (f) WOMEN’S ECONOMIC EMPOWERMENT.—In uti19 lizing its authorities under title II, the Corporation should 

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

21 opportunities and outcomes and make efforts to mitigate 

22 gender gaps and maximize development impact by working 

23 to improve women’s economic opportunities. 

24 (g) PREFERENCE FOR PROVISION OF SUPPORT IN

25 COUNTRIES EMBRACING PRIVATE ENTERPRISE.— 


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

2 preferential consideration to projects for which sup3 port under title II may potentially be provided in 

4 countries the governments of which have dem5 onstrated consistent support for economic policies 

6 that promote the development of private enterprise, 

7 both domestic and foreign, and maintaining the con8 ditions that enable private enterprise to make its full 

9 contribution to the development of such countries, 

10 including— 

11 (A) market-based economic policies; 

12 (B) protecting private property rights; 

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

14 (D) systems to combat corruption and 

15 bribery. 

16 (2) SOURCES OF INFORMATION.—The Corpora17 tion should rely on both third-party indicators and 

18 United States Government information, such as the 

19 Department of State’s Investment Climate State20 ments, the Department of Commerce’s Country 

21 Commercial Guides, or the Millennium Challenge 

22 Corporation’s Constraints Analysis, to assess wheth23 er countries meet the conditions described in para24 graph (1). 


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1 (h) CONSIDERATION OF FOREIGN BOYCOTT PARTICI2 PATION.—In providing support for projects under title II, 

3 the Corporation shall consider, using information readily 

4 available, whether the project is sponsored by or substan5 tially affiliated with any person taking or knowingly agree6 ing to take actions, or having taken or knowingly agreed 

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

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

9 support any boycott fostered or imposed by any foreign 

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

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

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

13 boycott pursuant to United States law or regulation. 

14 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 

15 DISTORTION. 

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

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

18 ensure that private sector entities are afforded an oppor19 tunity to support the project. 

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

21 Corporation shall develop appropriate safeguards, policies, 

22 and guidelines to ensure that support provided by the Cor23 poration under title II— 

24 (1) supplements and encourages, but does not 

25 compete with, private sector support; 


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1 (2) operates according to internationally recog2 nized best practices and standards with respect to 

3 ensuring the avoidance of market distorting govern4 ment subsidies and the crowding out of private sec5 tor lending; and 

6 (3) does not have a significant adverse impact 

7 on United States employment. 

8 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

9 COUNTRIES AND WITH SANCTIONED PER10 SONS. 

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

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

14 has repeatedly provided support for acts of international 

15 terrorism for purposes of— 

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

20 seq.)); 

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

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

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

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

25 (4) any other provision of law. 


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

3 project under title II that directly benefits any entity sub4 ject to sanctions imposed by the United States. 

5 (c) PROHIBITION ON SUPPORT OF ACTIVITIES SUB6 JECT TO SANCTIONS.—The Corporation shall require any 

7 entity or party receiving support under title II to certify 

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

9 or any entity or party which owns or otherwise manages 

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

11 activities subject to sanctions imposed by the United 

12 States. 

13 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

14 AND BRIBERY. 

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

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

17 apply with respect to the Corporation to the same extent 

18 and in the same manner as such subsections applied with 

19 respect to the Overseas Private Investment Corporation 

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

21 TITLE VI—TRANSITIONAL 

22 PROVISIONS 

23 SEC. 601. DEFINITIONS. 

24 In this title: 


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

2 entity, organizational unit, program, or function. 

3 (2) TRANSITION PERIOD.—The term ‘‘transi4 tion period’’ means the period— 

5 (A) beginning on the date of the enactment 

6 of this Act; and 

7 (B) ending on the effective date of the re8 organization plan required by section 602(e). 

9 SEC. 602. REORGANIZATION PLAN. 

10 (a) SUBMISSION OF PLAN.— 

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

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

13 President shall transmit to the appropriate congres14 sional committees a reorganization plan regarding 

15 the following: 

16 (A) The transfer of agencies, personnel, 

17 assets, and obligations to the Corporation pur18 suant to this title. 

19 (B) Any consolidation, reorganization, or 

20 streamlining of agencies transferred to the Cor21 poration pursuant to this title. 

22 (C) Any efficiencies or cost savings 

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1 tions in unnecessary or duplicative operations, 

2 assets, and personnel. 

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

4 before the date on which the plan is transmitted 

5 pursuant to this subsection, the President shall con6 sult with the appropriate congressional committees 

7 on such plan. 

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

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

10 elements as the President deems appropriate, including 

11 the following: 

12 (1) Identification of any functions of agencies 

13 transferred to the Corporation pursuant to this title 

14 that will not be transferred to the Corporation under 

15 the plan. 

16 (2) Specification of the steps to be taken to or17 ganize the Corporation, including the delegation or 

18 assignment of functions transferred to the Corpora19 tion. 

20 (3) Specification of the funds available to each 

21 agency that will be transferred to the Corporation as 

22 a result of transfers under the plan. 

23 (4) Specification of the proposed allocations 

24 within the Corporation of unexpended funds trans25 ferred in connection with transfers under the plan. 


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1 (5) Specification of any proposed disposition of 

2 property, facilities, contracts, records, and other as3 sets and obligations of agencies transferred under 

4 the plan. 

5 (c) REPORT ON COORDINATION.— 

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

7 authorized by this section may occur only after the 

8 President and Chief Executive Officer of the Over9 seas Private Investment Corporation and the Admin10 istrator of the United States Agency for Inter11 national Development jointly submit to the Com12 mittee on Foreign Affairs and Committee on Appro13 priations of the House of Representatives and Com14 mittee on Foreign Relations and Committee on Ap15 propriations of the Senate a report in writing that 

16 contains the information required by paragraph (2). 

17 (2) INFORMATION REQUIRED.—The information 

18 required by this paragraph includes a description in 

19 detail of the procedures to be followed after the 

20 transfer of functions authorized by this section have 

21 occurred to coordinate between the Corporation and 

22 the United States Agency for International Develop23 ment in carrying out the functions so transferred. 

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

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1 fore making any material modification or revision to the 

2 plan before the plan becomes effective in accordance with 

3 subsection (e). 

4 (e) EFFECTIVE DATE.— 

5 (1) IN GENERAL.—The reorganization plan de6 scribed in this section, including any modifications 

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

8 become effective for an agency on the date specified 

9 in the plan (or the plan as modified pursuant to sub10 section (d)), except that such date may not be ear11 lier than 90 days after the date the President has 

12 transmitted the reorganization plan to the appro13 priate congressional committees pursuant to sub14 section (a). 

15 (2) STATUTORY CONSTRUCTION.—Nothing in 

16 this subsection may be construed to require the 

17 transfer of functions, personnel, records, balances of 

18 appropriations, or other assets of an agency on a 

19 single date. 

20 SEC. 603. TRANSFER OF FUNCTIONS. 

21 (a) IN GENERAL.—Effective at the end of the transi22 tion period, there shall be transferred to the Corporation 

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


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1 (1) the Overseas Private Investment Corpora2 tion, as in existence on the day before the date of 

3 the enactment of this Act; and 

4 (2) the following elements of the United States 

5 Agency for International Development: 

6 (A) The Development Credit Authority. 

7 (B) The existing Legacy Credit portfolio 

8 under the Urban Environment Program and 

9 any other direct loan programs and non-Devel10 opment Credit Authority guaranty programs 

11 authorized by the Foreign Assistance Act of 

12 1961 (22 U.S.C. 2151 et seq.) or other prede13 cessor Acts, as in existence on the date of the 

14 enactment of this Act, other than any sovereign 

15 loan guaranties. 

16 (b) ADDITIONAL TRANSFER AUTHORITY.—Effective 

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

18 be transferred to the Corporation the functions, personnel, 

19 assets, and liabilities of the following elements of the 

20 United States Agency for International Development: 

21 (1) The Office of Private Capital and Microen22 terprise. 

23 (2) The enterprise funds. 

24 (c) SOVEREIGN LOAN GUARANTY TRANSFER.— 


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

2 transition period, there is authorized to be trans3 ferred to the Corporation or any other appropriate 

4 department or agency of the United States Govern5 ment the loan accounts and the legal rights and re6 sponsibilities for the sovereign loan guaranty port7 folio held by the United States Agency for Inter8 national Development as in existence on the day be9 fore the date of the enactment of this Act. 

10 (2) INCLUSION IN REORGANIZATION PLAN.— 

11 The President shall include in the reorganization 

12 plan submitted under section 602 a description of 

13 the transfer authorized under paragraph (1). 

14 (d) BILATERAL AGREEMENTS.—Any bilateral agree15 ment of the United States in effect on the date of the 

16 enactment of this Act that serves as the basis for pro17 grams of the Overseas Private Investment Corporation 

18 and the Development Credit Authority shall be considered 

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

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

21 agencies specified in subsection (a) shall— 

22 (1) continue to administer the assets and obli23 gations of those agencies; and 


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1 (2) carry out such programs and activities au2 thorized under this Act as may be determined by the 

3 President. 

4 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST5 MENT CORPORATION AND OTHER 

6 SUPERCEDED AUTHORITIES. 

7 Effective at the end of the transition period— 

8 (1) the Overseas Private Investment Corpora9 tion is terminated; and 

10 (2) title IV of chapter 2 of part I of the For11 eign Assistance Act of 1961 (22 U.S.C. 2191 et 

12 seq.) (other than subsections (g), (l), and (n) of sec13 tion 237 of that Act) is repealed. 

14 SEC. 605. TRANSITIONAL AUTHORITIES. 

15 (a) PROVISION OF ASSISTANCE BY OFFICIALS.— 

16 Until the transfer of an agency to the Corporation under 

17 section 603, any official having authority over or functions 

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

19 enactment of this Act shall provide to the Corporation 

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

21 as the Corporation may request in preparing for the trans22 fer and integration of the agency into the Corporation. 

23 (b) SERVICES AND PERSONNEL.—During the transi24 tion period, upon the request of the Corporation, the head 

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1 reimbursable basis, provide services or detail personnel to 

2 assist with the transition. 

3 (c) ACTING OFFICIALS.— 

4 (1) IN GENERAL.—During the transition pe5 riod, pending the advice and consent of the Senate 

6 to the appointment of an officer required by this Act 

7 to be appointed by and with such advice and con8 sent, the President may designate any officer whose 

9 appointment was required to be made by and with 

10 such advice and consent and who was such an officer 

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

12 who continues in office) or immediately before such 

13 designation, to act in such office until the same is 

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

15 officers shall receive compensation at the higher of— 

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

17 respective offices in which they act; or 

18 (B) the rates provided for the offices held 

19 at the time of designation. 

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

21 Act shall be construed to require the advice and con22 sent of the Senate to the appointment by the Presi23 dent to a position in the Corporation of any officer 

24 whose agency is transferred to the Corporation pur25 suant to this title and whose duties following such 


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1 transfer are germane to those performed before such 

2 transfer. 

3 (d) TRANSFER OF PERSONNEL, ASSETS, OBLIGA4 TIONS, AND FUNCTIONS.—Upon the transfer of an agency 

5 to the Corporation under section 603— 

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

7 by or available in connection with the agency shall 

8 be transferred to the Corporation for appropriate al9 location, subject to the approval of the Director of 

10 the Office of Management and Budget and in ac11 cordance with section 1531(a)(2) of title 31, United 

12 States Code; and 

13 (2) the Corporation shall have all functions— 

14 (A) relating to the agency that any other 

15 official could by law exercise in relation to the 

16 agency immediately before such transfer; and 

17 (B) vested in the Corporation by this Act 

18 or other law. 

19 SEC. 606. SAVINGS PROVISIONS. 

20 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

21 (1) IN GENERAL.—Completed administrative 

22 actions of an agency shall not be affected by the en23 actment of this Act or the transfer of such agency 

24 to the Corporation under section 603, but shall con25 tinue in effect according to their terms until amendVerDate Sep 11 2014 21:30 Jul 18, 2018 Jkt 079200 PO 00000 Frm 00075 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.PCS H5105

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1 ed, modified, superseded, terminated, set aside, or 

2 revoked in accordance with law by an officer of the 

3 United States or a court of competent jurisdiction, 

4 or by operation of law. 

5 (2) COMPLETED ADMINISTRATIVE ACTION DE6 FINED.—In this subsection, the term ‘‘completed ad7 ministrative action’’ includes orders, determinations, 

8 rules, regulations, personnel actions, permits, agree9 ments, grants, contracts, certificates, policies, li10 censes, registrations, and privileges. 

11 (b) PENDING PROCEEDINGS.— 

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

13 agency, including notices of proposed rulemaking, 

14 and applications for licenses, permits, certificates, 

15 grants, and financial assistance, shall continue not16 withstanding the enactment of this Act or the trans17 fer of the agency to the Corporation, unless discon18 tinued or modified under the same terms and condi19 tions and to the same extent that such discontinu20 ance could have occurred if such enactment or trans21 fer had not occurred. 

22 (2) ORDERS.—Orders issued in proceedings de23 scribed in paragraph (1), and appeals therefrom, 

24 and payments made pursuant to such orders, shall 

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


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

2 not been transferred, and any such orders shall con3 tinue in effect until amended, modified, superseded, 

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

5 United States or a court of competent jurisdiction, 

6 or by operation of law. 

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

8 shall continue notwithstanding the enactment of this Act 

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

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

11 and judgments rendered and enforced in the same manner 

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

13 had not occurred. 

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

15 that is transferred to the Corporation under section 603 

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

17 or delegations of authority that precede such transfer or 

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

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

20 employees, or agents, or to its corresponding organiza21 tional units or functions. Statutory reporting requirements 

22 that applied in relation to such an agency immediately be23 fore the effective date of this Act shall continue to apply 

24 following such transfer if they refer to the agency by 

25 name. 


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1 (e) EMPLOYMENT PROVISIONS.— 

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

3 regulations prescribed jointly with the Director of 

4 the Office of Personnel Management, adopt the 

5 rules, procedures, terms, and conditions, established 

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

7 enactment of this Act, relating to employment in any 

8 agency transferred to the Corporation under section 

9 603. 

10 (2) EFFECT OF TRANSFER ON CONDITIONS OF

11 EMPLOYMENT.—Except as otherwise provided in this 

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

13 transfer pursuant to this title of personnel shall not 

14 alter the terms and conditions of employment, in15 cluding compensation, of any employee so trans16 ferred. 

17 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

18 statutory reporting requirement that applied to an agency 

19 transferred to the Corporation under this title immediately 

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

21 to apply following that transfer if the statutory require22 ment refers to the agency by name. 

23 SEC. 607. OTHER TERMINATIONS. 

24 Except as otherwise provided in this Act, whenever 

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


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1 transferred pursuant to this title, each position and office 

2 the incumbent of which was authorized to receive com3 pensation at the rates prescribed for an office or position 

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

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

6 shall terminate. 

7 SEC. 608. INCIDENTAL TRANSFERS. 

8 The Director of the Office of Management and Budg9 et, in consultation with the Corporation, is authorized and 

10 directed to make such additional incidental dispositions of 

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

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

13 functions transferred by this title, as the Director may de14 termine necessary to accomplish the purposes of this Act. 

15 SEC. 609. REFERENCE. 

16 With respect to any function transferred under this 

17 title (including under a reorganization plan under section 

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

19 of this Act, reference in any other Federal law to any de20 partment, commission, or agency or any officer or office 

21 the functions of which are so transferred shall be deemed 

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

23 Corporation to which that function is so transferred. 


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1 SEC. 610. CONFORMING AMENDMENTS. 

2 (a) EXEMPT PROGRAMS.—Section 255(g) of the Bal3 anced Budget and Emergency Deficit Control Act of 1985 

4 (2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Pri5 vate 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, 

11 Overseas Private Investment Corporation.’’; 

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

13 President, Overseas Private Investment Corpora14 tion.’’; and 

15 (3) in section 5316, by striking ‘‘Vice Presi16 dents, Overseas Private Investment Corporation 

17 (3).’’. 

18 (c) OFFICE OF INTERNATIONAL TRADE OF THE

19 SMALL BUSINESS ADMINISTRATION.—Section 22 of the 

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

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

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

23 Overseas Private Investment Corporation, Director’’ 

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

25 States International Development Finance Corpora26 tion, the 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 ‘‘Over8 seas Private Investment Corporation’’ each place it ap9 pears and inserting ‘‘United States International Develop10 ment Finance Corporation’’. 

11 (e) TRADE PROMOTION COORDINATING COM12 MITTEE.—Section 2312(d)(1)(K) of the Export Enhance13 ment Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is amended 

14 by striking ‘‘Overseas Private Investment Corporation’’ 

15 and inserting ‘‘United States International Development 

16 Finance Corporation’’. 

17 (f) INTERAGENCY TRADE DATA ADVISORY COM18 MITTEE.—Section 5402(b) of the Omnibus Trade and 

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

20 amended by striking ‘‘the President of the Overseas Pri21 vate Investment Corporation’’ and inserting ‘‘the Chief 

22 Executive Officer of the United States International De23 velopment Finance Corporation’’. 

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

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


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1 by striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Pri2 vate 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 

8 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Over9 seas Private Investment Corporation’’ and inserting 

10 ‘‘United States International Development Finance Cor11 poration’’. 

12 (i) INTERNSHIPS WITH INSTITUTE FOR INTER13 NATIONAL PUBLIC POLICY.—Section 625 of the Higher 

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

15 by striking ‘‘Overseas Private Investment Corporation’’ 

16 and inserting ‘‘United States International Development 

17 Finance Corporation’’. 

18 (j) FOREIGN ASSISTANCE ACT OF 1961.—The For19 eign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is 

20 amended— 

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

22 2296b(b)(2)), by striking ‘‘Overseas Private Invest23 ment Corporation’’ and inserting ‘‘United States 

24 International Development Finance Corporation’’; 

25 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), 

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

4 chapter 2, relating to the Overseas Private Invest5 ment Corporation)’’ and inserting ‘‘(and any support 

6 under title II of the Better Utilization of Invest7 ments Leading to Development Act of 2018, relating 

8 to the United States International Development Fi9 nance Corporation)’’. 

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

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

12 114–121; 22 U.S.C. 2293 note) are amended by striking 

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

14 appears and inserting ‘‘United States International Devel15 opment Finance 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 

22 insert ‘‘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 inserting ‘‘; 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.) 

9 is amended— 

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

11 striking paragraph (12) and inserting the following: 

12 ‘‘(12) UNITED STATES INTERNATIONAL DEVEL13 OPMENT 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’’ 

18 and inserting ‘‘United States International Develop19 ment Finance Corporation’’. 

20 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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

22 of the Cuban Liberty and Democratic Solidarity 

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

24 is amended by striking ‘‘Overseas Private Investment CorVerDate Sep 11 2014 21:30 Jul 18, 2018 Jkt 079200 PO 00000 Frm 00084 Fmt 6652 Sfmt 6201 E:\BILLS\H5105.PCS H5105

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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’’ 

7 and inserting ‘‘United States International Development 

8 Finance Corporation’’. 

9 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

10 2000.—Section 103(8)(A) of the Trafficking Victims Pro11 tection Act of 2000 (22 U.S.C. 7102(8)(A)) is amended 

12 in clause (viii) to read as follows: 

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

14 the Better Utilization of Investments 

15 Leading to Development Act of 2018 relat16 ing to the United States International De17 velopment Finance Corporation; and’’. 

18 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING

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

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

21 is 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 paragraph heading, by striking 

5 ‘‘OVERSEAS PRIVATE INVESTMENT CORPORATION’’ 

6 and inserting ‘‘UNITED STATES INTERNATIONAL DE7 VELOPMENT FINANCE CORPORATION’’; 

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

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

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

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

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

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

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

22 Countering Russian Influence in Europe and Eurasia Act 

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

24 ‘‘Overseas Private Investment Corporation’’ and inserting 


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

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

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

8 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

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

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

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

12 (A) in the section heading, by striking 

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

15 INTERNATIONAL DEVELOPMENT FINANCE

16 CORPORATION’’; 

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

19 Private Investment Corporation’’ and inserting 

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

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

24 Private Investment Corporation shall include in 

25 its annual report required under section 240A 


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1 of the Foreign Assistance Act of 1961 (22 

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

3 International Development Finance Corporation 

4 shall include in its annual report required under 

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

7 and 

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

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

11 States International Development Finance Corpora12 tion;’’. 

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

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

15 period. 

Passed the House of Representatives July 17, 2018. 

Attest: KAREN L. HAAS, 

Clerk. 


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Calendar No. 522 

115TH CONGRESS 

2D SESSION H. R. 5105 

AN ACT 

To establish the United States International Develposes. opment Finance Corporation, and for other purJULY 18, 2018 

Received; read twice and placed on the calendar 


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