II 

Calendar No. 493 

115TH CONGRESS 

2D SESSION S. 2463 

To establish the United States International Development Finance 

Corporation, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 27, 2018 

Mr. CORKER (for himself, Mr. COONS, Mr. ISAKSON, Mr. MURPHY, Mr. 

YOUNG, Mrs. SHAHEEN, Mr. PORTMAN, Mr. KAINE, Mr. PERDUE, Mr. 

RUBIO, Mr. GARDNER, and Mr. CARDIN) introduced the following bill; 

which was read twice and referred to the Committee on Foreign Relations 

JUNE 27, 2018 

Reported by Mr. CORKER, with an amendment 

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

A BILL 

To establish the United States International Development 

Finance Corporation, and for other purposes. 

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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

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


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

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—ESTABLISHMENT 

Sec. 101. Statement of policy. 

Sec. 102. United States International Development Finance Corporation. 

Sec. 103. Management of Corporation. 

Sec. 104. Inspector General of the Corporation. 

TITLE II—AUTHORITIES 

Sec. 201. Authorities relating to provision of support. 

Sec. 202. Terms and conditions. 

Sec. 203. Payment of losses. 

Sec. 204. Termination. 

TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 

Sec. 301. Operations. 

Sec. 302. Corporate powers. 

Sec. 303. Maximum contingent liability. 

Sec. 304. Corporate funds. 

Sec. 305. Coordination with Millennium Challenge Corporation on constraints 

analysis. 

TITLE IV—MONITORING, EVALUATION, AND REPORTING 

Sec. 401. Establishment of risk and audit committees. 

Sec. 402. Performance measures. 

Sec. 403. Annual report. 

Sec. 404. Publicly available project information. 

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

Sec. 406. Engagement with investors. 

TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 

Sec. 501. Limitations and preferences. 

Sec. 502. Additionality and avoidance of market distortion. 

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

persons. 

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

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

TITLE VI—TRANSITIONAL PROVISIONS 

Sec. 601. Definitions. 

Sec. 602. Reorganization plan. 

Sec. 603. Transfer of functions. 

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

superceded authorities. 

Sec. 605. Transitional authorities. 

Sec. 606. Savings provisions. 

Sec. 607. Other terminations. 


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Sec. 608. Incidental transfers. 

Sec. 609. Reference. 

Sec. 610. Conforming amendments. 

1 SEC. 2. DEFINITIONS. 

2 In this Act: 

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

6 (A) the Committee on Foreign Relations 

7 and the Committee on Appropriations of the 

8 Senate; and 

9 (B) the Committee on Foreign Affairs and 

10 the Committee on Appropriations of the House 

11 of Representatives. 

12 (2) LESS DEVELOPED COUNTRY.—The term 

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

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

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

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

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

19 (3) PREDECESSOR AUTHORITY.—The term 

20 ‘‘predecessor authority’’ means authorities repealed 

21 by title VI. 

22 (4) QUALIFYING SOVEREIGN ENTITY.—The 

23 term ‘‘qualifying sovereign entity’’ means— 


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1 (A) any agency or instrumentality of a for2 eign state (as defined in section 1603 of title 

3 28, United States Code); and 

4 (B) any international financial institution 

5 (as defined in section 1701(c) of the Inter6 national Financial Institutions Act (22 U.S.C. 

7 262r(c))). 

8 TITLE I—ESTABLISHMENT 

9 SEC. 101. STATEMENT OF POLICY. 

10 It is the policy of the United States to facilitate mar11 ket-based private sector development and economic growth 

12 in less developed countries through the provision of credit, 

13 capital, and other financial support— 

14 (1) to mobilize private capital in support of sus15 tainable, broad-based economic growth, poverty re16 duction, and development through demand-driven 

17 partnerships with the private sector that further the 

18 foreign policy interests of the United States; 

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

20 and strengthens civic institutions, promotes competi21 tion, provides for public accountability and trans22 parency; 

23 (3) to help private sector actors overcome iden24 tifiable market gaps and inefficiencies without dis25 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 help countries currently receiving United 

8 States assistance to graduate from their status as 

9 recipients of assistance; 

10 (7) to leverage the private sector and innovative 

11 development tools as a means to lessen the reliance 

12 of the United States on traditional forms of foreign 

13 assistance over time; and 

14 (8) to complement and be guided by overall 

15 United States foreign policy and development objec16 tives, taking into account the policies of countries re17 ceiving support. 

18 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

19 FINANCE CORPORATION. 

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

21 Executive branch the United States International Devel22 opment Finance Corporation (in this Act referred to as 

23 the ‘‘Corporation’’), which shall be a wholly owned Gov24 ernment corporation (as defined in section 9101 of title 

25 31, United States Code). 


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

2 be to mobilize and facilitate the participation of private 

3 sector capital and skills in the economic development of 

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

5 and countries in transition from nonmarket to market 

6 economies, in order to complement the development assist7 ance objectives, and advance the foreign policy interests, 

8 of the United States. In carrying out its purpose, the Cor9 poration, utilizing broad criteria, shall take into account 

10 in its financing operations the economic and financial 

11 soundness of projects for which it provides support under 

12 title II. 

13 (c) LESS DEVELOPED ECONOMY FOCUS.— 

14 (1) IN GENERAL.—The Corporation shall 

15 prioritize the provision of support under title II in 

16 countries with low-income economies or lower-mid17 dle-income economies, as defined by the World 

18 Bank. 

19 (2) SUPPORT IN COUNTRIES WITH UPPER-MID20 DLE-INCOME ECONOMIES.—The Corporation shall 

21 restrict the provision of support under title II in a 

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

23 defined by the World Bank, unless— 


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1 (A) the President determines such support 

2 furthers the national economic or foreign policy 

3 interests of the United States; and 

4 (B) such support is likely to be highly de5 velopmental or provide developmental benefits 

6 to the poorest population of that country. 

7 (d) AUTHORIZATION TO MAKE EXPENDITURES AND

8 COMMITMENTS.—The Corporation may make, without re9 gard to fiscal year limitation, such expenditures and com10 mitments as may be necessary using amounts appro11 priated to the Corporation pursuant to section 9104 of 

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

13 with law. 

14 (e) PROJECT-SPECIFIC TRANSACTION COSTS NOT

15 ADMINISTRATIVE EXPENSES.—Project-specific trans16 action costs, including direct and indirect costs incurred 

17 in claims settlements, and other direct costs associated 

18 with the provision of support to private sector entities and 

19 qualifying sovereign entities under title II, shall not be 

20 considered administrative expenses for the purposes of this 

21 section. 

22 SEC. 103. MANAGEMENT OF CORPORATION. 

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

24 in the Corporation a Board of Directors (in this Act re25 ferred to as the ‘‘Board’’), a Chief Executive Officer, a 


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

2 such other officers as the Board may determine. 

3 (b) BOARD OF DIRECTORS.— 

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

5 shall vest in and be exercised by or under the au6 thority of the Board. The Board— 

7 (A) shall perform the functions specified to 

8 be carried out by the Board in this Act; and 

9 (B) may prescribe, amend, and repeal by10 laws, rules, regulations, and procedures gov11 erning the manner in which the business of the 

12 Corporation may be conducted and in which the 

13 powers granted to the Corporation by law may 

14 be exercised. 

15 (2) MEMBERSHIP OF BOARD.— 

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

17 of— 

18 (i) the Chief Executive Officer of the 

19 Corporation; 

20 (ii) the officers specified in subpara21 graph (B); and 

22 (iii) four other individuals who shall 

23 be appointed by the President, by and with 

24 the advice and consent of the Senate, of 

25 which— 


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1 (I) one individual should be ap2 pointed from among a list of individ3 uals submitted by the majority leader 

4 of the Senate after consultation with 

5 the chairman of the Committee on 

6 Foreign Relations of the Senate; 

7 (II) one individual should be ap8 pointed from among a list of individ9 uals submitted by the minority leader 

10 of the Senate after consultation with 

11 the ranking member of the Committee 

12 on Foreign Relations of the Senate; 

13 (III) one individual should be ap14 pointed from among a list of individ15 uals submitted by the Speaker of the 

16 House of Representatives after con17 sultation with the chairman of the 

18 Committee on Foreign Affairs of the 

19 House of Representatives; and 

20 (IV) one individual should be ap21 pointed from among a list of individ22 uals submitted by the minority leader 

23 of the House of Representatives after 

24 consultation with the ranking member 


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1 of the Committee on Foreign Affairs 

2 of the House of Representatives. 

3 (B) OFFICERS SPECIFIED.— 

4 (i) IN GENERAL.—The officers speci5 fied in this subparagraph are the following: 

6 (I) The Secretary of State or a 

7 designee of the Secretary. 

8 (II) The Administrator of the 

9 United States Agency for Inter10 national Development or a designee of 

11 the Administrator. 

12 (III) The Secretary of the Treas13 ury or a designee of the Secretary. 

14 (IV) The Secretary of Commerce 

15 or a designee of the Secretary. 

16 (ii) REQUIREMENTS FOR DES17 IGNEES.—A designee under clause (i) shall 

18 be selected from among officers— 

19 (I) appointed by the President, 

20 by and with the advice and consent of 

21 the Senate; 

22 (II) whose duties relate to the 

23 programs of the Corporation; and 


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1 (III) who is designated by and 

2 serving at the pleasure of the Presi3 dent. 

4 (C) REQUIREMENTS FOR PRIVATE SECTOR

5 MEMBERS.—A member of the Board described 

6 in subparagraph (A)(iii)— 

7 (i) may not be an officer or employee 

8 of the United States Government; 

9 (ii) shall have relevant private sector 

10 experience to carry out the purposes of the 

11 Corporation; 

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.—Six members of the Board shall 

14 constitute a quorum for the transaction of business 

15 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 have 

25 been or should be 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 have as the officer’s sole function 

15 to serve as Chief Risk Officer of the Corpora16 tion; 

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

18 (C) shall be removable only by a majority 

19 vote of the Board. 

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

21 coordination with the audit committee of the Board 

22 established under 401, develop, implement, and 

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1 poration, including the overall portfolio of the Cor2 poration. 

3 (g) COORDINATION.—The Chief Executive Officer 

4 shall consult with the Administrator of the United States 

5 Agency for International Development and Chief Execu6 tive Officer of the Millennium Challenge Corporation to 

7 coordinate the activities of the Corporation with the activi8 ties of the United States Agency for International Devel9 opment and the Millennium Challenge Corporation, such 

10 as by establishing in the Corporation a Chief Development 

11 Officer who shall have responsibility for coordinating de12 velopment finance policy and implementation efforts of the 

13 Corporation with the United States Agency for Inter14 national Development and the Millennium Challenge Cor15 poration and their respective development missions. 

16 (h) OFFICERS AND EMPLOYEES.— 

17 (1) IN GENERAL.—Except as otherwise pro18 vided in this section, officers, employees, and agents 

19 shall be selected and appointed by the Corporation, 

20 and shall be vested with such powers and duties as 

21 the Corporation may determine. 

22 (2) ADMINISTRATIVELY DETERMINED EMPLOY23 EES.— 

24 (A) APPOINTMENT; COMPENSATION; RE25 MOVAL.—Of officers and employees employed 


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

2 exceed 50 may be appointed, compensated, or 

3 removed without regard to title 5, United 

4 States Code. 

5 (B) REINSTATEMENT.—Under such regu6 lations as the President may prescribe, officers 

7 and employees appointed to a position under 

8 subparagraph (A) may be entitled, upon re9 moval from such position (unless the removal 

10 was for cause), to reinstatement to the position 

11 occupied at the time of appointment or to a po12 sition of comparable grade and salary. 

13 (C) ADDITIONAL POSITIONS.—Positions 

14 authorized by subparagraph (A) shall be in ad15 dition to those otherwise authorized by law, in16 cluding positions authorized under section 5108 

17 of title 5, United States Code. 

18 (D) RATES OF PAY FOR OFFICERS AND

19 EMPLOYEES.—The Corporation may set and 

20 adjust rates of basic pay for officers and em21 ployees appointed under subparagraph (A) 

22 without regard to the provisions of chapter 51 

23 or subchapter III of chapter 53 of title 5, 

24 United States Code, relating to classification of 


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1 positions and General Schedule pay rates, re2 spectively. 

3 (3) LIABILITY OF EMPLOYEES.— 

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

5 member of the Board or an officer or employee 

6 of the Corporation has no liability under this 

7 Act with respect to any claim arising out of or 

8 resulting from any act or omission by the indi9 vidual within the scope of the employment of 

10 the individual in connection with any trans11 action by the Corporation. 

12 (B) RULE OF CONSTRUCTION.—Subpara13 graph (A) shall not be construed to limit per14 sonal liability of an individual for criminal acts 

15 or omissions, willful or malicious misconduct, 

16 acts or omissions for private gain, or any other 

17 acts or omissions outside the scope of the indi18 vidual’s employment. 

19 (C) SAVINGS PROVISION.—This paragraph 

20 shall not be construed— 

21 (i) to affect— 

22 (I) any other immunities and 

23 protections that may be available to 

24 an individual described in subpara25 graph (A) under applicable law with 


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1 respect to a transaction described in 

2 that subparagraph; or 

3 (II) any other right or remedy 

4 against the Corporation, against the 

5 United States under applicable law, or 

6 against any person other than an indi7 vidual described in subparagraph (A) 

8 participating in such a transaction; or 

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

10 immunities that are available under appli11 cable law for Federal officers and employ12 ees not described in this paragraph. 

13 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

14 (a) IN GENERAL.—Section 8G(a)(2) of the Inspector 

15 General Act of 1978 (5 U.S.C. App.) is amended by insert16 ing ‘‘the United States International Development Fi17 nance Corporation,’’ after ‘‘the Smithsonian Institution,’’. 

18 (b) OVERSIGHT INDEPENDENCE.—Section 8G(a)(4) 

19 of the Inspector General Act of 1978 (5 U.S.C. App.) is 

20 amended— 

21 (1) in subparagraph (G), by striking ‘‘; and’’ 

22 and inserting a semicolon; 

23 (2) in subparagraph (I), by striking the semi24 colon and inserting ‘‘; and’’; and 

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


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1 ‘‘(J) with respect to the United States 

2 International Development Finance Corpora3 tion, such term means the Board of Directors 

4 of the United States International Development 

5 Finance Corporation;’’. 

6 TITLE II—AUTHORITIES 

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

9 (a) LENDING AND GUARANTIES.— 

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

11 loans or guarantee loans upon such terms and condi12 tions as the Corporation may determine. 

13 (2) DENOMINATION.—Loans and guaranties 

14 issued under paragraph (1) may be denominated and 

15 repayable in United States dollars or foreign cur16 rencies. 

17 (3) APPLICABILITY OF FEDERAL CREDIT RE18 FORM ACT OF 1990.—Loans and guaranties issued 

19 under paragraph (1) shall be subject to the require20 ments of the Federal Credit Reform Act of 1990 (2 

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

22 (b) EQUITY INVESTMENTS.— 

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

24 minority investor, support projects with funds or use 

25 other mechanisms for the purpose of purchasing, 


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1 and may make and fund commitments to purchase, 

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

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

4 financial interests of any entity, including as a lim5 ited partner or other investor in investment funds, 

6 upon such terms and conditions as the Corporation 

7 may determine. 

8 (2) DENOMINATION.—Support provided under 

9 paragraph (1) may be denominated and repayable in 

10 United States dollars or foreign currency. 

11 (3) GUIDELINES AND CRITERIA.—The Corpora12 tion shall develop guidelines and criteria to require 

13 that the use of the authority provided by paragraph 

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

15 development rationale, taking into account the fol16 lowing factors: 

17 (A) The support for the project would be 

18 more likely than not to substantially reduce or 

19 overcome the effect of an identified market fail20 ure in the country in which the project is car21 ried out. 

22 (B) The project would not have proceeded 

23 or would have been substantially delayed with24 out the support. 


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

4 (D) The support can be shown to be 

5 aligned with commercial partner incentives. 

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

9 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

10 (A) PER PROJECT LIMIT.—The aggregate 

11 amount of support provided under this sub12 section with respect to any project shall not ex13 ceed 20 percent of the aggregate amount of all 

14 equity investment made from any source to the 

15 project at the time that the Corporation ap16 proves support of the project. 

17 (B) TOTAL LIMIT.—Support provided pur18 suant to this subsection shall be limited to not 

19 more than 35 percent of the Corporation’s ag20 gregate exposure on the date that such support 

21 is provided. 

22 (5) SALES AND LIQUIDATION OF POSITION.— 

23 The Corporation shall seek to sell and liquidate any 

24 support for a project provided under this subsection 


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1 as soon as commercially feasible, commensurate with 

2 other similar investors in the project. 

3 (c) INSURANCE AND REINSURANCE.—The Corpora4 tion may issue insurance or reinsurance, upon such terms 

5 and conditions as the Corporation may determine, to pri6 vate sector entities and qualifying sovereign entities assur7 ing protection of their investments in whole or in part 

8 against any or all political risks such as currency incon9 vertibility and transfer restrictions, expropriation, war, 

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

11 non-honoring of financial obligations. 

12 (d) PROMOTION OF AND SUPPORT FOR PRIVATE IN13 VESTMENT OPPORTUNITIES.— 

14 (1) IN GENERAL.—The Corporation may ini15 tiate and support, through financial participation, 

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

17 conditions as the Corporation may determine, feasi18 bility studies for the planning, development, and 

19 management of, and procurement for, bilateral and 

20 multilateral development projects, including training 

21 activities undertaken in connection with such 

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1 tunities, utilizing wherever feasible and effective, the 

2 facilities of private investors. 

3 (2) CONTRIBUTIONS TO COSTS.—The Corpora4 tion shall, to the maximum extent practicable, re5 quire any person receiving funds under the authori6 ties of this subsection to— 

7 (A) share the costs of feasibility studies 

8 and other project planning services funded 

9 under this subsection; and 

10 (B) reimburse the Corporation those funds 

11 provided under this section, if the person suc12 ceeds in project implementation. 

13 (e) SPECIAL PROJECTS AND PROGRAMS.—The Cor14 poration may administer and manage special projects and 

15 programs, including programs of financial and advisory 

16 support that provide private technical, professional, or 

17 managerial assistance in the development of human re18 sources, skills, technology, capital savings, and inter19 mediate financial and investment institutions and coopera20 tives and including the initiation of incentives, grants, and 

21 studies for renewable energy, microenterprise households, 

22 and other small business activities. 

23 (f) ENTERPRISE FUNDS.— 


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1 (1) IN GENERAL.—The Corporation may estab2 lish and operate enterprise funds in accordance with 

3 this subsection. 

4 (2) PROCEDURES AND REQUIREMENTS.—The 

5 provisions of section 201 of the Support for East 

6 European Democracy (SEED) Act of 1989 (22 

7 U.S.C. 5421) (other than the provisions of sub8 sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 

9 of that section), shall be deemed to apply with re10 spect to any enterprise fund established by the Cor11 poration under this subsection and to funds made 

12 available to any such enterprise fund in the same 

13 manner and to the same extent as such provisions 

14 apply with respect to enterprise funds established 

15 pursuant to such section 201 or to funds made avail16 able to enterprise funds established under that sec17 tion. 

18 (3) PURPOSES FOR WHICH SUPPORT MAY BE

19 PROVIDED.—The Corporation, subject to the ap20 proval of the Board, may designate private, non21 profit organizations as eligible to receive support 

22 under this subsection for the following purposes: 

23 (A) To promote development of economic 

24 freedom and private sectors, including small25 and medium-sized businesses and joint ventures 


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1 with the United States and host country par2 ticipants. 

3 (B) To facilitate access to the credit to 

4 small- and medium-sized businesses with sound 

5 business plans in countries where there is lim6 ited means of accessing credit on market terms. 

7 (C) To promote policies and practices con8 ducive to economic freedom and private sector 

9 development. 

10 (D) To attract foreign direct investment 

11 capital to further promote private sector devel12 opment and economic freedom. 

13 (E) To complement the work of the United 

14 States Agency for International Development 

15 and other donors to improve the overall busi16 ness-enabling environment, financing the cre17 ation and expansion of the private business sec18 tor. 

19 (F) To make financially sustainable invest20 ments designed to generate measurable social 

21 benefits and build technical capacity in addition 

22 to financial returns. 

23 (4) OPERATION OF FUNDS.— 

24 (A) EXPENDITURES.—Funds made avail25 able to an enterprise fund shall be expended at 


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1 the minimum rate necessary to make timely 

2 payments for projects and activities carried out 

3 under this subsection. 

4 (B) ADMINISTRATIVE EXPENSES.—Not 

5 more than 3 percent of the funds made avail6 able to an enterprise fund may be obligated or 

7 expended for the administrative expenses of the 

8 enterprise fund. 

9 (5) BOARD OF DIRECTORS.—Each enterprise 

10 fund established under this subsection shall be gov11 erned by a Board of Directors comprised of private 

12 citizens of the United States or the host country, 

13 who— 

14 (A) shall be appointed by the President 

15 after consultation with the chairmen and rank16 ing members of the appropriate congressional 

17 committees; and 

18 (B) have pursued careers in international 

19 business and have demonstrated expertise in 

20 international and emerging market investment 

21 activities. 

22 (6) MAJORITY MEMBER REQUIREMENT.—The 

23 majority of the members of the Board of Directors 

24 shall be United States citizens. 


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

2 the date of the establishment of an enterprise fund 

3 under this subsection, and annually thereafter until 

4 the enterprise fund terminates in accordance with 

5 paragraph (10), the Board of Directors of the enter6 prise fund shall— 

7 (A) submit to the appropriate congres8 sional committees a report— 

9 (i) detailing the administrative ex10 penses of the enterprise fund during the 

11 year preceding the submission of the re12 port; 

13 (ii) describing the operations, activi14 ties, financial condition, and accomplish15 ments of the enterprise fund during that 

16 year; and 

17 (iii) describing the results of the audit 

18 conducted under paragraph (8) during that 

19 year; and 

20 (B) publish, on a publicly available inter21 net website of the enterprise fund, each report 

22 required by subparagraph (A). 

23 (8) OVERSIGHT.— 

24 (A) INSPECTOR GENERAL PERFORMANCE

25 AUDITS.— 


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1 (i) IN GENERAL.—The Inspector Gen2 eral of the Corporation shall conduct peri3 odic audits of the activities of each enter4 prise fund established under this sub5 section. 

6 (ii) CONSIDERATION.—In conducting 

7 an audit under clause (i), the Inspector 

8 General shall assess whether the activities 

9 of the enterprise fund— 

10 (I) support the purposes de11 scribed in paragraph (3); 

12 (II) result in profitable private 

13 sector investing; and 

14 (III) generate measurable social 

15 benefits. 

16 (B) RECORDKEEPING REQUIREMENTS.— 

17 The Corporation shall ensure that each enter18 prise fund receiving support under this sub19 section— 

20 (i) keeps separate accounts with re21 spect to such support; and 

22 (ii) maintains such records as may be 

23 reasonably necessary to facilitate effective 

24 audits under this paragraph. 


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

2 funds resulting from any liquidation, dissolution, or 

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

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

5 States. 

6 (10) TERMINATION.—The authority of an en7 terprise fund to provide support under this sub8 section shall terminate on the earlier of— 

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

10 of the first expenditure of amounts from the en11 terprise fund; or 

12 (B) the date on which the enterprise fund 

13 is liquidated. 

14 (g) SENSE OF CONGRESS.—The Corporation should 

15 consider ways to provide technical and other support to 

16 facilitate the development of diaspora bonds and other fi17 nancing mechanisms that consolidate and leverage remit18 tances for development outcomes. 

19 (h) OTHER AUTHORITIES.—The Corporation shall 

20 have, in addition to other authorities provided under this 

21 section, such authorities as are provided for under the 

22 State Department Basic Authorities Act of 1956 (22 

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

24 1961 (22 U.S.C. 2151 et seq.) and delegated by the Presi25 dent to the Overseas Private Investment Corporation or 


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1 an element of the United States Agency for International 

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

3 before the date of the enactment of this Act. 

4 SEC. 202. TERMS AND CONDITIONS. 

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

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

7 shall be on such terms and conditions as the Corporation 

8 may prescribe. 

9 (b) REQUIREMENTS.—The following requirements 

10 apply to support provided by the Corporation under this 

11 title: 

12 (1) The Corporation shall make a loan or guar13 anty only if it is necessary— 

14 (A) to alleviate a credit market imperfec15 tion; or 

16 (B) to achieve specified objectives of the 

17 United States Government by providing support 

18 in the most efficient way to meet those objec19 tives on a borrower-by-borrower basis. 

20 (2) The final maturity of a loan made or guar21 anteed by the Corporation shall not exceed the lesser 

22 of— 

23 (A) 25 years; or 


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

2 be financed by the loan (as determined by the 

3 Corporation). 

4 (3) The Corporation shall, with respect to pro5 viding any loan guaranty to a project, require that 

6 the parties to the loan guaranteed by the Corpora7 tion bear the risk of loss for at least 20 percent of 

8 the guaranteed support by the Corporation in the 

9 project. 

10 (4) The Corporation may not guarantee a loan 

11 unless the Corporation determines that the lender is 

12 responsible and that adequate provision is made for 

13 servicing the loan on reasonable terms and pro14 tecting the financial interest of the United States. 

15 (5) The interest rate for direct loans and inter16 est supplements on guaranteed loans shall be set by 

17 reference to a benchmark interest rate (yield) on 

18 marketable Treasury securities or other widely rec19 ognized benchmarks with a similar maturity to the 

20 loans being made or guaranteed. The Corporation 

21 shall establish appropriate minimum interest rates 

22 for loans, guarantees, insurance, and other instru23 ments as necessary. 

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

25 established by the Corporation shall be adjusted peVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6401 E:\BILLS\S2463.RS S2463

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1 riodically to take account of changes in the interest 

2 rate of the benchmark financial instrument. 

3 (7)(A) The Corporation shall set fees or pre4 miums for loan guarantee or insurance coverage at 

5 levels that minimize the cost to the Government (as 

6 defined in section 502 of the Federal Credit Reform 

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

8 while supporting achievement of the objectives of the 

9 loan. 

10 (B) The Corporation shall set the minimum 

11 guarantee fee or insurance premium at a level suffi12 cient to cover the Corporation’s costs for paying all 

13 of the estimated costs to the Government of the ex14 pected default claims and other obligations. 

15 (C) The Corporation shall review fees for loan 

16 guaranties periodically to ensure that the fees as17 sessed on new loan guarantees are at a level suffi18 cient to cover the Corporation’s most recent esti19 mates of its costs. 

20 (8) Any loan guaranty provided by the Corpora21 tion shall be conclusive evidence that— 

22 (A) the guaranty has been properly ob23 tained; 

24 (B) the loan qualified for the guaranty; 

25 and 


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1 (C) but for fraud or material misrepresen2 tation by the holder of the guaranty, the guar3 anty is presumed to be valid, legal, and enforce4 able. 

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

6 loan guaranty unless the Corporation determines 

7 that there is a reasonable assurance of repayment on 

8 the loan. 

9 (10) The Corporation shall prescribe explicit 

10 standards for use in periodically assessing the credit 

11 risk of new and existing direct loans or guaranteed 

12 loans. 

13 (11) The Corporation may not make loans or 

14 loan guaranties except to the extent that budget au15 thority to cover the costs of the loans or guaranties 

16 is provided in advance in an appropriations Act, as 

17 required by section 504 of the Federal Credit Re18 form Act of 1990 (2 U.S.C. 661c). 

19 SEC. 203. PAYMENT OF LOSSES. 

20 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

21 LOANS.— 

22 (1) IN GENERAL.—If the Corporation deter23 mines that the holder of a loan guaranteed by the 

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

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


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

2 guaranty contract after the holder of the loan has 

3 made such further collection efforts and instituted 

4 such enforcement proceedings as the Corporation 

5 may require. 

6 (2) SUBROGATION.—Upon making a payment 

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

9 rights of the recipient of the payment. 

10 (3) RECOVERY EFFORTS.—The Corporation 

11 shall pursue recovery from the borrower of the 

12 amount of any payment made under paragraph (1) 

13 with respect to the loan. 

14 (b) LIMITATION ON PAYMENTS.— 

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

17 or a guaranty issued under this title shall not exceed 

18 the dollar value of the insurance, reinsurance, or 

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

20 project with the approval of the Corporation, plus 

21 interest, earnings, or profits actually accrued on the 

22 insurance, reinsurance, or guaranty, to the extent 

23 provided by such insurance, reinsurance, or guar24 anty. 

25 (2) EXCEPTION.— 


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1 (A) IN GENERAL.—The Corporation may 

2 provide that— 

3 (i) appropriate adjustments in the in4 sured dollar value be made to reflect the 

5 replacement cost of project assets; and 

6 (ii) compensation for a claim of loss 

7 under insurance of an equity investment 

8 under section 201(b) may be computed on 

9 the basis of the net book value attributable 

10 to the equity investment on the date of 

11 loss. 

12 (3) ADDITIONAL LIMITATION.— 

13 (A) IN GENERAL.—Notwithstanding para14 graph (2)(A)(ii) and except as provided in sub15 paragraph (B), the Corporation shall limit the 

16 amount of direct insurance and reinsurance 

17 issued under section 201 with respect to a 

18 project so as to require that the insured and its 

19 affiliates bear the risk of loss for at least 10 

20 percent of the amount of the Corporation’s ex21 posure to that insured and its affiliates in the 

22 project. 

23 (B) EXCEPTION.—The limitation under 

24 subparagraph (A) shall not apply to direct in25 surance or reinsurance of loans provided by 


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1 banks or other financial institutions to unre2 lated parties. 

3 (c) ACTIONS BY ATTORNEY GENERAL.—The Attor4 ney General shall take such action as may be appropriate 

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

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

7 title. 

8 (d) RULE OF CONSTRUCTION.—Nothing in this sec9 tion shall be construed to preclude any forbearance for the 

10 benefit of a borrower that may be agreed upon by the par11 ties to a loan guaranteed by the Corporation if budget au12 thority for any resulting costs to the United States Gov13 ernment (as defined in section 502 of the Federal Credit 

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

15 SEC. 204. TERMINATION. 

16 The authorities provided under this title terminate on 

17 September 30, 2038. 

18 TITLE III—ADMINISTRATIVE 

19 AND GENERAL PROVISIONS 

20 SEC. 301. OPERATIONS. 

21 (a) BILATERAL AGREEMENTS.—The Corporation 

22 may provide support under title II in connection with 

23 projects in any country the government of which has en24 tered into an agreement with the United States authorVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00036 Fmt 6652 Sfmt 6401 E:\BILLS\S2463.RS S2463

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1 izing the Corporation to provide such support in that 

2 country. 

3 (b) CLAIMS SETTLEMENT.— 

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

5 support provided under title II or under predecessor 

6 authority may be settled, and disputes arising as a 

7 result thereof may be arbitrated with the consent of 

8 the parties, on such terms and conditions as the 

9 Corporation may determine. 

10 (2) SETTLEMENTS CONCLUSIVE.—Payment 

11 made pursuant to any settlement pursuant to para12 graph (1), or as a result of an arbitration award, 

13 shall be final and conclusive notwithstanding any 

14 other provision of law. 

15 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

16 executed by such officer or officers as may be designated 

17 by the Board shall be conclusively presumed to be issued 

18 in compliance with the requirements of this Act. 

19 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

20 Corporation shall implement policies to accept electronic 

21 documents and electronic payments in all of its programs. 

22 SEC. 302. CORPORATE POWERS. 

23 (a) IN GENERAL.—The Corporation— 

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

25 an identifiable symbol of the United States; 


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1 (2) may make and perform such contracts, in2 cluding no-cost contracts (as defined by the Corpora3 tion), grants, and other agreements notwithstanding 

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

5 Code, with any person or government however des6 ignated and wherever situated, as may be necessary 

7 for carrying out the functions of the Corporation; 

8 (3) may determine and prescribe the manner in 

9 which its obligations shall be incurred and its ex10 penses allowed and paid, including expenses for rep11 resentation; 

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

13 improve, and use such real property wherever situ14 ated, as may be necessary for carrying out the func15 tions of the Corporation; 

16 (5) may accept cash gifts or donations of serv17 ices or of property (real, personal, or mixed), tan18 gible or intangible, for the purpose of carrying out 

19 the functions of the Corporation; 

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

21 same manner and on the same conditions as the Ex22 ecutive departments (as defined in section 101 of 

23 title 5, United States Code); 

24 (7) may contract with individuals for personal 

25 services, who shall not be considered Federal emVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00038 Fmt 6652 Sfmt 6401 E:\BILLS\S2463.RS S2463

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1 ployees for any provision of law administered by the 

2 Director of the Office of Personnel Management; 

3 (8) may hire or obtain passenger motor vehi4 cles; 

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

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

7 such terms and conditions as the Corporation may 

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

9 tangible or intangible, or any interest in such prop10 erty, and with respect to lease of office space for the 

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

12 such lease is limited to the current fiscal year for 

13 which payments are due without regard to section 

14 1341(a)(1)(B) of title 31, United States Code; 

15 (11) may indemnify directors, officers, employ16 ees, and agents of the Corporation for liabilities and 

17 expenses incurred in connection with their activities 

18 on behalf of the Corporation; 

19 (12) notwithstanding any other provision of 

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

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

23 and negotiate, with or without its endorsement or 

24 guaranty, and guarantee notes, participation certifi25 cates, and other evidence of indebtedness; 


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

3 bankrupt, insolvent, or decedents’ estates; 

4 (15) may collect, notwithstanding section 

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

7 Corporation, including any legal or equitable rights 

8 accruing to the Corporation; 

9 (16) may manage assets described in section 

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

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

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

17 political subdivisions of such governments) or with 

18 multilateral organizations or institutions for sharing 

19 liabilities; 

20 (18) may revolve funds of the Corporation 

21 through selling direct investments of the Corporation 

22 to private investors upon such terms and conditions 

23 as the Corporation may determine; and 


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

2 necessary and incident to carrying out the functions 

3 of the Corporation. 

4 (b) TREATMENT OF PROPERTY.—Notwithstanding 

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

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

9 operate, or sell any property acquired by the Corporation 

10 pursuant to the provisions of this Act. 

11 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

13 of the Corporation outstanding at any one time shall not 

14 exceed in the aggregate the amount specified in subsection 

15 (b). 

16 (b) AMOUNT SPECIFIED.— 

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

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

20 $60,000,000,000. 

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

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

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

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


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1 the Consumer Price Index during the preceding 5- 

2 year period. 

3 (3) CONSUMER PRICE INDEX DEFINED.—In 

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

5 means the most recent Consumer Price Index for All 

6 Urban Consumers published by the Bureau of Labor 

7 Statistics of the Department of Labor. 

8 SEC. 304. CORPORATE FUNDS. 

9 (a) CORPORATE CAPITAL ACCOUNT.— 

10 (1) ESTABLISHMENT.—There is established in 

11 the Treasury of the United States a revolving fund 

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

13 consisting of such funds as— 

14 (A) are available to discharge liabilities 

15 under predecessor authorities; and 

16 (B) are made available to the Corporation 

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

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

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

22 such liabilities have been discharged or have expired 

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

24 expended in accordance with the provisions of this 

25 section. 


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

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

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

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

7 602. 

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

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

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

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

14 (d) AUTHORIZATION OF APPROPRIATIONS.—There 

15 are authorized to be appropriated to the Corporation, to 

16 remain available until expended, such amounts as may be 

17 necessary from time to time to replenish or increase the 

18 Corporate Capital Account. 

19 (e) ISSUANCE OF OBLIGATIONS.— 

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

22 from time to time for purchase by the Secretary of 

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


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

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

4 (3) REPAYMENT.—Any obligation issued under 

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

6 United States within one year after the date of issue 

7 of the obligation. 

8 (4) INTEREST RATE.—Any obligation issued 

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

11 the current average market yield on outstanding 

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

14 issuance of any obligation authorized by this sub15 section. 

16 (5) PURCHASE.—The Secretary shall purchase 

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

19 use as a public debt transaction the proceeds of the 

20 sale of any securities issued under chapter 31 of title 

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

23 any such purchase. 

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

25 be appropriated to the Secretary for fiscal year 2018 


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1 and each fiscal year thereafter such sums as may be 

2 necessary to carry out this subsection. 

3 (f) FEES.— 

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

5 providing services and for transaction costs incurred 

6 by the Corporation in amounts to be determined by 

7 the Corporation. 

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

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

12 collected. 

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

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

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

16 Corporation, from whatever source derived, shall be held 

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

18 purposes of the Corporation, including— 

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

20 (2) transfers and additions to the Corporate 

21 Capital Account and such other funds or reserves as 

22 the Corporation may establish, at such time and in 

23 such amounts as the Board may determine; 

24 (3) payment of dividends on capital stock, 

25 which shall consist of and be paid from net earnings 


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1 of the Corporation after payments, transfers, and 

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

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

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

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

7 under title II, including the costs of modifying such 

8 support. 

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

11 to loan obligations or loan guarantee commitments covered 

12 by the provisions of the Federal Credit Reform Act of 

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

14 out of the Corporate Capital Account. 

15 SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE 

16 CORPORATION ON CONSTRAINTS ANALYSIS. 

17 It is the sense of Congress that the Corporation 

18 should use the constraints analysis and other relevant data 

19 of the Millennium Challenge Corporation to be better in20 form the decisions of the Corporation with respect to pro21 viding support under title II. 


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1 TITLE IV—MONITORING, 

2 EVALUATION, AND REPORTING 

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

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

7 risks the Corporation shall establish a risk committee and 

8 an audit committee. 

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

10 direction of the Board, the risk committee established 

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

12 (1) carrying out independent oversight of the 

13 Corporation; 

14 (2) reviewing and providing guidance on the 

15 risk governance structure of the Corporation; and 

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

18 reputational, regulatory, operational, and financial 

19 risks. 

20 SEC. 402. PERFORMANCE MEASURES. 

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

22 performance measurement system to evaluate and monitor 

23 projects supported by the Corporation under title II and 

24 to guide future projects of the Corporation. 


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

3 Corporation shall— 

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

7 enactment of this Act; 

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

10 addition to private investment; and 

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

13 Corporation’s portfolio. 

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

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

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

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

21 Corporation shall consult with stakeholders engaged in 

22 sustainable economic growth and development outside the 

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


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1 SEC. 403. ANNUAL REPORT. 

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

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

6 of— 

7 (1) the economic and social development impact 

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

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

11 Corporation complement or are compatible with the 

12 development assistance programs of the United 

13 States and qualifying sovereign entities. 

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

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

16 each project supported by the Corporation under title II, 

17 including— 

18 (1) reviews and analysis of— 

19 (A) the desired development outcomes for 

20 each project and whether or not the project is 

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

23 conclusion of the project; and 

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

25 for the project on access to capital, specifically 

26 whether the project is addressing identifiable 


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1 market gaps or inefficiencies and what impact, 

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

4 which the project is carried out; 

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

8 (3) projections of— 

9 (A) each project’s development outcome, 

10 and whether or not support for the project is 

11 meeting the associated performance measures, 

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

14 (B) the amount of private sector assets 

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

17 public sector support associated with the 

18 project; and 

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

20 learned from the monitoring and evaluation activities 

21 of the Corporation, and from annual reports from 

22 previous years compiled by the Corporation, have 

23 been applied to projects. 

24 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

25 The Corporation shall— 


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

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

5 (2) include a clear link to information about 

6 each project supported by the Corporation under 

7 title II on the internet website of the Department of 

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

9 website or other online publication. 

10 SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE 

11 CORPORATION. 

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

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

17 compliance audit, as issued by the Comptroller General 

18 of the United States. 

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

20 public accountant who conducts an audit under subsection 

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

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

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

25 Corporation and the report required by subsection (b) 


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1 shall be presented in accordance with generally accepted 

2 accounting principles. 

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

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

5 audit conducted under subsection (a), the Corporation 

6 shall submit to the appropriate congressional committees 

7 a report that includes— 

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

9 respect to the audit; and 

10 (2) the financial statements of the Corporation. 

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

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

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

16 as the Comptroller General considers necessary. 

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

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

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

22 the financial statements of the Corporation in the manner 

23 provided under subsection (a). 

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


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

2 accountant who conducts an audit under subsection (a) 

3 that are necessary for purposes of conducing the audit, 

4 shall be made available to the Comptroller General and 

5 such employees as the Comptroller General considers ap6 propriate. 

7 SEC. 406. ENGAGEMENT WITH INVESTORS. 

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

10 for International Development— 

11 (1) develop a strategic relationship with private 

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

14 (2) engage such entities and reduce business 

15 risks primarily through direct transaction support 

16 and facilitating investment partnerships; 

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

18 intermediaries that can mobilize private finance at 

19 scale in the developing world; 

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

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

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


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1 (5) pursue projects consistent with the stated 

2 goals of the Department of State and the Strategic 

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

5 International Development. 

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

7 subsection (a), the Corporation shall— 

8 (1) develop risk mitigation tools; 

9 (2) provide transaction structuring support for 

10 blended finance models; 

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

13 (4) coordinate with other Federal agencies to 

14 support or accelerate transactions; 

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

16 partners around opportunities for private finance 

17 within development priorities; 

18 (6) offer strategic planning and programming 

19 assistance to catalyze investment into priority sec20 tors; 

21 (7) provide transaction structuring support; 

22 (8) deliver training and knowledge management 

23 tools for engaging private investors; 

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


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

3 TITLE V—CONDITIONS, RESTRIC4 TIONS, AND PROHIBITIONS 

5 SEC. 501. LIMITATIONS AND PREFERENCES. 

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

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

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

11 (b) PREFERENCE FOR SUPPORT OF INVESTMENT BY

12 UNITED STATES INVESTORS.— 

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

14 preferential consideration to projects sponsored by 

15 or involving private sector entities that are United 

16 States persons. 

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

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

19 means— 

20 (A) a United States citizen; or 

21 (B) an entity significantly beneficially 

22 owned by individuals described in subparagraph 

23 (A). 


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1 (c) PREFERENCE FOR PROVISION OF SUPPORT IN

2 COUNTRIES IN COMPLIANCE WITH INTERNATIONAL

3 TRADE OBLIGATIONS.— 

4 (1) CONSULTATIONS WITH UNITED STATES

5 TRADE REPRESENTATIVE.—Not less frequently than 

6 annually, the Corporation shall consult with the 

7 United States Trade Representative with respect to 

8 the status of countries eligible to receive support 

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

11 obligations. 

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

15 in compliance with or making substantial progress 

16 coming into compliance with their international 

17 trade obligations. 

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

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

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

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

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


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

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

6 audit, analyzing the environmental impacts of the 

7 proposed project and of alternatives to the proposed 

8 project, is completed; and 

9 (2) such assessment or audit has been made 

10 available to the public of the United States, locally 

11 affected groups in the country in which the project 

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

14 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 

15 DISTORTION. 

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

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

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

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

22 Corporation shall develop appropriate safeguards, policies, 

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


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1 (1) supplements and encourages, but does not 

2 compete with, private sector support; and 

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

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

8 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

9 COUNTRIES AND WITH SANCTIONED PER10 SONS. 

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

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

14 has repeatedly provided support for acts of international 

15 terrorism for purposes of— 

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

20 seq.)); 

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

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

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

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

25 (4) any other provision of law. 


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

3 project under title II that benefits any entity subject to 

4 sanctions imposed by the United States. 

5 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

6 AND BRIBERY. 

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

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

9 apply with respect to the Corporation to the same extent 

10 and in the same manner as such subsections applied with 

11 respect to the Overseas Private Investment Corporation 

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

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

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

17 policies and guidelines to ensure that support provided 

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

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

21 participating is provided under appropriate principles of 

22 competitive neutrality. 

23 (b) PROHIBITION ON SUPPORT TO MONOPOLIES.— 

24 The Corporation may not provide support under title II 


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1 to private sector entities engaged in monopolistic prac2 tices. 

3 (c) STATE-OWNED ENTERPRISE DEFINED.— 

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

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

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

9 subdivision, or other unit of government at any level 

10 of jurisdiction. 

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

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

14 respect to an enterprise, means the power by 

15 any means to control the enterprise regardless 

16 of— 

17 (i) the level of ownership; and 

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

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


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1 TITLE VI—TRANSITIONAL 

2 PROVISIONS 

3 SEC. 601. DEFINITIONS. 

4 In this title: 

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

6 entity, organizational unit, program, or function. 

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

9 (A) beginning on the date of the enactment 

10 of this Act; and 

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

13 SEC. 602. REORGANIZATION PLAN. 

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

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

16 shall transmit to the appropriate congressional committees 

17 a reorganization plan regarding the following: 

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

19 and obligations to the Corporation pursuant to this 

20 title. 

21 (2) Any consolidation, reorganization, or 

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

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

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


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1 elements as the President deems appropriate, including 

2 the following: 

3 (1) Identification of any functions of agencies 

4 transferred to the Corporation pursuant to this title 

5 that will not be transferred to the Corporation under 

6 the plan. 

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

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

11 permit the Corporation to carry out the functions 

12 transferred under the plan. 

13 (3) Specification of the funds available to each 

14 agency that will be transferred to the Corporation as 

15 a result of transfers under the plan. 

16 (4) Specification of the proposed allocations 

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

19 (5) Specification of any proposed disposition of 

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

22 the plan. 

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

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


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1 until that part of the plan becomes effective in accordance 

2 with subsection (d). 

3 (d) EFFECTIVE DATE.— 

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

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

7 become effective for an agency on the date specified 

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

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

12 congressional committees pursuant to subsection (a). 

13 (2) STATUTORY CONSTRUCTION.—Nothing in 

14 this subsection may be construed to require the 

15 transfer of functions, personnel, records, balances of 

16 appropriations, or other assets of an agency on a 

17 single date. 

18 SEC. 603. TRANSFER OF FUNCTIONS. 

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

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

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

24 the enactment of this Act; and 


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1 (2) the following elements of the United States 

2 Agency for International Development: 

3 (A) The Development Credit Authority. 

4 (B) The enterprise funds. 

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

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

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

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

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

14 agencies specified in subsection (a) shall— 

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

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

19 President. 

20 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST21 MENT CORPORATION AND OTHER SUPER22 CEDED AUTHORITIES. 

23 Effective at the end of the transition period— 

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


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1 (2) the following provisions are repealed: 

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

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

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

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

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

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

8 SEC. 605. TRANSITIONAL AUTHORITIES. 

9 (a) PROVISION OF ASSISTANCE BY OFFICIALS.— 

10 Until the transfer of an agency to the Corporation under 

11 section 603, any official having authority over or functions 

12 relating to the agency immediately before the date of the 

13 enactment of this Act shall provide to the Corporation 

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

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

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

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

22 (c) ACTING OFFICIALS.— 

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

25 to the appointment of an officer required by this Act 


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

3 appointment was required to be made by and with 

4 such advice and consent and who was such an officer 

5 immediately before the date of the enactment of this 

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

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

10 higher of— 

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

12 respective offices in which they act; or 

13 (B) the rates provided for the offices held 

14 at the time of designation. 

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

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

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

21 transfer are germane to those performed before such 

22 transfer. 

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

25 to the Corporation under section 603— 


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

2 by or available in connection with the agency shall 

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

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

7 States Code; and 

8 (2) the Corporation shall have all functions— 

9 (A) relating to the agency that any other 

10 official could by law exercise in relation to the 

11 agency immediately before such transfer; and 

12 (B) vested in the Corporation by this Act 

13 or other law. 

14 SEC. 606. SAVINGS PROVISIONS. 

15 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

16 (1) IN GENERAL.—Completed administrative 

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

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

22 revoked in accordance with law by an officer of the 

23 United States or a court of competent jurisdiction, 

24 or by operation of law. 


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

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

7 (b) PENDING PROCEEDINGS.— 

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

9 agency, including notices of proposed rulemaking, 

10 and applications for licenses, permits, certificates, 

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

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

20 and payments made pursuant to such orders, shall 

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

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

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

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


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1 United States or a court of competent jurisdiction, 

2 or by operation of law. 

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

4 shall continue notwithstanding the enactment of this Act 

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

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

7 and judgments rendered and enforced in the same manner 

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

9 had not occurred. 

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

11 that is transferred to the Corporation under section 603 

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

13 or delegations of authority that precede such transfer or 

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

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

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

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

20 following such transfer if they refer to the agency by 

21 name. 

22 (e) EMPLOYMENT PROVISIONS.— 

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

24 regulations prescribed jointly with the Director of 

25 the Office of Personnel Management, adopt the 


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1 rules, procedures, terms, and conditions, established 

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

3 enactment of this Act, relating to employment in any 

4 agency transferred to the Corporation under section 

5 603. 

6 (2) EFFECT OF TRANSFER ON CONDITIONS OF

7 EMPLOYMENT.—Except as otherwise provided in this 

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

9 transfer pursuant to this title of personnel shall not 

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

13 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

14 statutory reporting requirement that applied to an agency 

15 transferred to the Corporation under this title immediately 

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

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

19 SEC. 607. OTHER TERMINATIONS. 

20 Except as otherwise provided in this Act, whenever 

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

22 transferred pursuant to this title, each position and office 

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

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


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

2 shall terminate. 

3 SEC. 608. INCIDENTAL TRANSFERS. 

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

6 directed to make such additional incidental dispositions of 

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

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

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

11 SEC. 609. REFERENCE. 

12 With respect to any function transferred under this 

13 title (including under a reorganization plan under section 

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

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

17 the functions of which are so transferred shall be deemed 

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

19 Corporation to which that function is so transferred. 

20 SEC. 610. CONFORMING AMENDMENTS. 

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

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


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

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

4 Code, is amended— 

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

6 Overseas Private Investment Corporation.’’; 

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

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

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

12 (3).’’. 

13 (c) OFFICE OF INTERNATIONAL TRADE OF THE

14 SMALL BUSINESS ADMINISTRATION.—Section 22 of the 

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

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

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

18 Overseas Private Investment Corporation, Director’’ 

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

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

22 (2) by striking ‘‘Overseas Private Investment 

23 Corporation’’ each place it appears and inserting 

24 ‘‘United States International Development Finance 

25 Corporation’’. 


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1 (d) UNITED STATES AND FOREIGN COMMERCIAL

2 SERVICE.—Section 2301 of the Export Enhancement Act 

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

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

10 by striking ‘‘Overseas Private Investment Corporation’’ 

11 and inserting ‘‘United States International Development 

12 Finance Corporation’’. 

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

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

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

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

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

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

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

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


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1 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

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

3 Trade Facilitation and Trade Enforcement Act of 2015 

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

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

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

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

11 by striking ‘‘Overseas Private Investment Corporation’’ 

12 and inserting ‘‘United States International Development 

13 Finance Corporation’’. 

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

16 amended— 

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

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

20 International Development Finance Corporation’’; 

21 and 

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

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

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

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

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

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

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

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

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

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

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

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

14 Transparency and Accountability Act of 2016 (Public Law 

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

16 subparagraph (A) and inserting the following: 

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

19 2018;’’. 

20 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

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

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

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


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

3 United States International Development Finance 

4 Corporation.’’. 

5 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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

7 of the Cuban Liberty and Democratic Solidarity 

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

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

12 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

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

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

15 by striking ‘‘Overseas Private Investment Corporation’’ 

16 and inserting ‘‘United States International Development 

17 Finance Corporation’’. 

18 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

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

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

22 inserting ‘‘; and’’; and 

23 (2) by striking clause (viii). 

24 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING

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


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

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

5 (r) EXPANDED NONMILITARY ASSISTANCE FOR

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

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

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

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

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

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

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

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

22 Countering Russian Influence in Europe and Eurasia Act 

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

24 ‘‘Overseas Private Investment Corporation’’ and inserting 


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

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

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

8 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

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

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

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

12 (A) in the section heading, by striking 

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

15 INTERNATIONAL DEVELOPMENT FINANCE

16 CORPORATION’’; 

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

19 Private Investment Corporation’’ and inserting 

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

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

24 Private Investment Corporation shall include in 

25 its annual report required under section 240A 


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1 of the Foreign Assistance Act of 1961 (22 

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

3 International Development Finance Corporation 

4 shall include in its annual report required under 

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

7 and 

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

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

11 States International Development Finance Corpora12 tion;’’. 

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

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

15 period. 

16 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

17 (a) SHORT TITLE.—This Act may be cited as the ‘‘Bet18 ter Utilization of Investments Leading to Development Act 

19 of 2018’’ or the ‘‘BUILD Act of 2018’’. 

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

21 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 

TITLE I—ESTABLISHMENT 

Sec. 101. Statement of policy. 

Sec. 102. United States International Development Finance Corporation. 

Sec. 103. Management of Corporation. 

Sec. 104. Inspector General of the Corporation. 

Sec. 105. Independent accountability mechanism. 


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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. Notifications 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. Applicability of certain provisions of law. 

TITLE VI—TRANSITIONAL PROVISIONS 

Sec. 601. Definitions. 

Sec. 602. Reorganization plan. 

Sec. 603. Transfer of functions. 

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

superceded authorities. 

Sec. 605. Transitional authorities. 

Sec. 606. Savings provisions. 

Sec. 607. Other terminations. 

Sec. 608. Incidental transfers. 

Sec. 609. Reference. 

Sec. 610. Conforming amendments. 

1 SEC. 2. DEFINITIONS. 

2 In this Act: 

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


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1 (A) the Committee on Foreign Relations 

2 and the Committee on Appropriations of the 

3 Senate; and 

4 (B) the Committee on Foreign Affairs and 

5 the Committee on Appropriations of the House of 

6 Representatives. 

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

8 developed country’’ means a country with a low-in9 come economy, lower-middle-income economy, or 

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

11 International Bank for Reconstruction and Develop12 ment and the International Development Association 

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

14 (3) PREDECESSOR AUTHORITY.—The term 

15 ‘‘predecessor authority’’ means authorities repealed by 

16 title VI. 

17 (4) QUALIFYING SOVEREIGN ENTITY.—The term 

18 ‘‘qualifying sovereign entity’’ means— 

19 (A) any agency or instrumentality of a for20 eign state (as defined in section 1603 of title 28, 

21 United States Code) that has a purpose that is 

22 similar to the purpose of the Corporation as de23 scribed in section 102(b); or 

24 (B) any international financial institution 

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1 national Financial Institutions Act (22 U.S.C. 

2 262r(c))). 

3 TITLE I—ESTABLISHMENT 

4 SEC. 101. STATEMENT OF POLICY. 

5 It is the policy of the United States to facilitate mar6 ket-based private sector development and economic growth 

7 in less developed countries through the provision of credit, 

8 capital, and other financial support— 

9 (1) to mobilize private capital in support of sus10 tainable, broad-based economic growth, poverty reduc11 tion, and development through demand-driven part12 nerships with the private sector that further the for13 eign policy interests of the United States; 

14 (2) to finance development that builds and 

15 strengthens civic institutions, promotes competition, 

16 and provides for public accountability and trans17 parency; 

18 (3) to help private sector actors overcome identi19 fiable market gaps and inefficiencies without dis20 torting markets; 

21 (4) to achieve clearly defined economic and so22 cial development outcomes; 

23 (5) to coordinate with institutions with purposes 

24 similar to the purposes of the Corporation to leverage 


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1 resources of those institutions to produce the greatest 

2 impact; 

3 (6) to provide countries a robust alternative to 

4 state-directed investments by authoritarian govern5 ments and United States strategic competitors using 

6 high standards of transparency and environmental 

7 and social safeguards, and which take into account 

8 the debt sustainability of partner countries; 

9 (7) to leverage private sector capabilities and in10 novative development tools to help countries transi11 tion from recipients of bilateral development assist12 ance toward increased self-reliance; and 

13 (8) to complement and be guided by overall 

14 United States foreign policy, development, and na15 tional security objectives, taking into account the pri16 orities and needs of countries receiving support. 

17 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

18 FINANCE CORPORATION. 

19 (a) ESTABLISHMENT.—There is established in the exec20 utive branch the United States International Development 

21 Finance Corporation (in this Act referred to as the ‘‘Cor22 poration’’), which shall be a wholly owned Government cor23 poration for purposes of chapter 91 of title 31, United 

24 States Code, under the foreign policy guidance of the Sec25 retary of State. 


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

2 be to mobilize and facilitate the participation of private 

3 sector capital and skills in the economic development of less 

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

5 countries in transition from nonmarket to market econo6 mies, in order to complement the development assistance ob7 jectives, and advance the foreign policy interests, of the 

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

9 utilizing broad criteria, shall take into account in its fi10 nancing operations the economic and financial soundness 

11 and development objectives of projects for which it provides 

12 support under title II. 

13 (c) LESS DEVELOPED COUNTRY FOCUS.— 

14 (1) IN GENERAL.—The Corporation shall 

15 prioritize the provision of support under title II in 

16 less developed countries with a low-income economy 

17 or a lower-middle-income economy. 

18 (2) SUPPORT IN UPPER-MIDDLE-INCOME COUN19 TRIES.—The Corporation shall restrict the provision 

20 of support under title II in a less developed country 

21 with an upper-middle-income economy unless— 

22 (A) the President certifies to the appro23 priate congressional committees that such sup24 port furthers the national economic or foreign 

25 policy interests of the United States; and 


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1 (B) such support is likely to be highly devel2 opmental or provide developmental benefits to 

3 the poorest population of that country. 

4 SEC. 103. MANAGEMENT OF CORPORATION. 

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

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

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

8 Chief Executive Officer, a Chief Risk Officer, a Chief Devel9 opment Officer, and such other officers as the Board may 

10 determine. 

11 (b) BOARD OF DIRECTORS.— 

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

13 shall vest in and be exercised by or under the author14 ity of the Board. The Board— 

15 (A) shall perform the functions specified to 

16 be carried out by the Board in this Act; 

17 (B) may prescribe, amend, and repeal by18 laws, rules, regulations, policies, and procedures 

19 governing the manner in which the business of 

20 the Corporation may be conducted and in which 

21 the powers granted to the Corporation by law 

22 may be exercised; and 

23 (C) shall develop, in consultation with 

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1 tions, hearings, and other forms of engagement 

2 in order to provide for meaningful public par3 ticipation in the Board’s activities. 

4 (2) MEMBERSHIP OF BOARD.— 

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

6 of— 

7 (i) the Chief Executive Officer of the 

8 Corporation; 

9 (ii) the officers specified in subpara10 graph (B); and 

11 (iii) four other individuals who shall 

12 be appointed by the President, by and with 

13 the advice and consent of the Senate, of 

14 which— 

15 (I) one individual should be ap16 pointed from among a list of at least 

17 5 individuals submitted by the major18 ity leader of the Senate after consulta19 tion with the chairman of the Com20 mittee on Foreign Relations of the Sen21 ate; 

22 (II) one individual should be ap23 pointed from among a list of at least 

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1 tion with the ranking member of the 

2 Committee on Foreign Relations of the 

3 Senate; 

4 (III) one individual should be ap5 pointed from among a list of at least 

6 5 individuals submitted by the Speaker 

7 of the House of Representatives after 

8 consultation with the chairman of the 

9 Committee on Foreign Affairs of the 

10 House of Representatives; and 

11 (IV) one individual should be ap12 pointed from among a list of at least 

13 5 individuals submitted by the minor14 ity leader of the House of Representa15 tives after consultation with the rank16 ing member of the Committee on For17 eign Affairs of the House of Represent18 atives. 

19 (B) OFFICERS SPECIFIED.— 

20 (i) IN GENERAL.—The officers specified 

21 in this subparagraph are the following: 

22 (I) The Secretary of State or a 

23 designee of the Secretary. 

24 (II) The Administrator of the 

25 United States Agency for International 


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1 Development or a designee of the Ad2 ministrator. 

3 (III) The Secretary of the Treas4 ury or a designee of the Secretary. 

5 (IV) The Secretary of Commerce 

6 or a designee of the Secretary. 

7 (ii) REQUIREMENTS FOR DES8 IGNEES.—A designee under clause (i) shall 

9 be selected from among officers— 

10 (I) appointed by the President, by 

11 and with the advice and consent of the 

12 Senate; 

13 (II) whose duties relate to the pro14 grams of the Corporation; and 

15 (III) who is designated by and 

16 serving at the pleasure of the Presi17 dent. 

18 (C) REQUIREMENTS FOR NONGOVERNMENT

19 MEMBERS.—A member of the Board described in 

20 subparagraph (A)(iii)— 

21 (i) may not be an officer or employee 

22 of the United States Government; 

23 (ii) shall have relevant experience, 

24 which may include experience relating to 

25 the private sector, the environment, labor 


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1 organizations, or international development, 

2 to carry out the purpose of the Corporation; 

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

4 years and may be reappointed for one addi5 tional term; 

6 (iv) shall serve until the member’s suc7 cessor is appointed and confirmed; 

8 (v) shall be compensated at a rate 

9 equivalent to that of level IV of the Execu10 tive Schedule under section 5315 of title 5, 

11 United States Code, when engaged in the 

12 business of the Corporation; and 

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

14 subsistence at the applicable rate under the 

15 Federal Travel Regulation under subtitle F 

16 of title 41, Code of Federal Regulations, 

17 from time to time, while away from the 

18 home or usual place of business of the mem19 ber. 

20 (3) CHAIRPERSON.—The Secretary of State, or 

21 the designee of the Secretary under paragraph 

22 (2)(B)(i)(I), shall serve as the Chairperson of the 

23 Board. 

24 (4) VICE CHAIRPERSON.—The Administrator of 

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1 ment, or the designee of the Administrator under 

2 paragraph (2)(B)(i)(II), shall serve as the Vice Chair3 person of the Board. 

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

5 constitute a quorum for the transaction of business by 

6 the Board. 

7 (c) PUBLIC HEARINGS.—The Board shall hold at least 

8 2 public hearings each year in order to afford an oppor9 tunity for any person to present views with respect to 

10 whether— 

11 (1) the Corporation is carrying out its activities 

12 in accordance with this Act; and 

13 (2) any support provided by the Corporation 

14 under title II in any country should be suspended, ex15 panded, or extended. 

16 (d) CHIEF EXECUTIVE OFFICER.— 

17 (1) APPOINTMENT.—There shall be in the Cor18 poration a Chief Executive Officer, who shall be ap19 pointed by the President, by and with the advice and 

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

21 pleasure of the President. 

22 (2) AUTHORITIES AND DUTIES.—The Chief Exec23 utive Officer shall be responsible for the management 

24 of the Corporation and shall exercise the powers and 

25 discharge the duties of the Corporation subject to the 


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1 bylaws, rules, regulations, and procedures established 

2 by the Board. 

3 (3) RELATIONSHIP TO BOARD.—The Chief Exec4 utive Officer shall report to and be under the direct 

5 authority of the Board. 

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

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

8 the following: 

9 ‘‘Chief Executive Officer, United States Inter10 national Development Finance Corporation.’’. 

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

12 be in the Corporation a Deputy Chief Executive Officer, 

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

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

15 the pleasure of the President. 

16 (f) CHIEF RISK OFFICER.— 

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

18 the Board, the Chief Executive Officer of the Corpora19 tion shall appoint a Chief Risk Officer, from among 

20 individuals with experience at a senior level in finan21 cial risk management, who— 

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

23 (B) shall be removable only by a majority 

24 vote of the Board. 


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

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

8 (g) CHIEF DEVELOPMENT OFFICER.— 

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

10 the Board, the Chief Executive Officer, in conjunction 

11 with the Administrator of the United States Agency 

12 for International Development, shall appoint a Chief 

13 Development Officer, from among individuals with 

14 experience in development, who— 

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

16 (B) shall be removable only by a majority 

17 vote of the Board. 

18 (2) DUTIES.—The Chief Development Officer 

19 shall— 

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

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1 rectly liaising with missions of the United States 

2 Agency for International Development, to ensure 

3 that departments, agencies, and missions have 

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

6 projects in countries; 

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

11 co-designed with the United States Agency for 

12 International Development and other relevant 

13 United States Government departments and 

14 agencies; 

15 (C) authorize and coordinate transfers of 

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

20 (D) manage the responsibilities of the Cor21 poration under paragraphs (1) and (4) of sub22 section 402(b) and paragraphs (1)(A) and (3)(A) 

23 of section 403(b); 

24 (E) coordinate and implement the activities 

25 of the Corporation under section 405; and 


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1 (F) be an ex officio member of the Develop2 ment Advisory Council established under sub3 section (i) and participate in or send a rep4 resentative to each meeting of the Council. 

5 (h) OFFICERS AND EMPLOYEES.— 

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

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

8 selected and appointed by the Corporation, and shall 

9 be vested with such powers and duties as the Corpora10 tion may determine. 

11 (2) ADMINISTRATIVELY DETERMINED EMPLOY12 EES.— 

13 (A) APPOINTMENT; COMPENSATION; RE14 MOVAL.—Of officers and employees employed by 

15 the Corporation under paragraph (1), not more 

16 than 50 may be appointed, compensated, or re17 moved without regard to title 5, United States 

18 Code. 

19 (B) REINSTATEMENT.—Under such regula20 tions as the President may prescribe, officers and 

21 employees appointed to a position under sub22 paragraph (A) may be entitled, upon removal 

23 from such position (unless the removal was for 

24 cause), to reinstatement to the position occupied 


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1 at the time of appointment or to a position of 

2 comparable grade and salary. 

3 (C) ADDITIONAL POSITIONS.—Positions au4 thorized by subparagraph (A) shall be in addi5 tion to those otherwise authorized by law, includ6 ing positions authorized under section 5108 of 

7 title 5, United States Code. 

8 (D) RATES OF PAY FOR OFFICERS AND EM9 PLOYEES.—The Corporation may set and adjust 

10 rates of basic pay for officers and employees ap11 pointed under subparagraph (A) without regard 

12 to the provisions of chapter 51 or subchapter III 

13 of chapter 53 of title 5, United States Code, re14 lating to classification of positions and General 

15 Schedule pay rates, respectively. 

16 (3) LIABILITY OF EMPLOYEES.— 

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

18 member of the Board or an officer or employee 

19 of the Corporation has no liability under this 

20 Act with respect to any claim arising out of or 

21 resulting from any act or omission by the indi22 vidual within the scope of the employment of the 

23 individual in connection with any transaction 

24 by the Corporation. 


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1 (B) RULE OF CONSTRUCTION.—Subpara2 graph (A) shall not be construed to limit per3 sonal liability of an individual for criminal acts 

4 or omissions, willful or malicious misconduct, 

5 acts or omissions for private gain, or any other 

6 acts or omissions outside the scope of the individ7 ual’s employment. 

8 (C) CONFLICTS OF INTEREST.—The Cor9 poration shall establish and publish procedures 

10 for avoiding conflicts of interest on the part of 

11 officers and employees of the Corporation and 

12 members of the Development Advisory Council 

13 established under subsection (i). 

14 (D) SAVINGS PROVISION.—This paragraph 

15 shall not be construed— 

16 (i) to affect— 

17 (I) any other immunities and 

18 protections that may be available to an 

19 individual described in subparagraph 

20 (A) under applicable law with respect 

21 to a transaction described in that sub22 paragraph; or 

23 (II) any other right or remedy 

24 against the Corporation, against the 

25 United States under applicable law, or 


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

3 participating in such a transaction; or 

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

5 immunities that are available under appli6 cable law for Federal officers and employees 

7 not described in this paragraph. 

8 (i) DEVELOPMENT ADVISORY COUNCIL.— 

9 (1) IN GENERAL.—There is established a Devel10 opment Advisory Council (in this subsection referred 

11 to as the ‘‘Council’’) to advise the Board on develop12 ment objectives of the Corporation. 

13 (2) MEMBERSHIP.—Members of the Council shall 

14 be appointed by the Board, on the recommendation of 

15 the Chief Executive Officer and the Chief Development 

16 Officer, and shall be composed of not more than 9 

17 members broadly representative of nongovernmental 

18 organizations, think tanks, advocacy organizations, 

19 foundations, and other institutions engaged in inter20 national development. 

21 (3) FUNCTIONS.—The Board shall call upon 

22 members of the Council, either collectively or individ23 ually, to advise the Board regarding the extent to 

24 which the Corporation is meeting its development 

25 mandate and any suggestions for improvements in 


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1 with respect to meeting that mandate, including op2 portunities in countries and project development and 

3 implementation challenges and opportunities. 

4 (4) FEDERAL ADVISORY COMMITTEE ACT.—The 

5 Council shall not be subject to the Federal Advisory 

6 Committee Act (5 U.S.C. App.). 

7 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

8 (a) IN GENERAL.—Section 8G(a)(2) of the Inspector 

9 General Act of 1978 (5 U.S.C. App.) is amended by insert10 ing ‘‘the United States International Development Finance 

11 Corporation,’’ after ‘‘the Smithsonian Institution,’’. 

12 (b) OVERSIGHT INDEPENDENCE.—Section 8G(a)(4) of 

13 the Inspector General Act of 1978 (5 U.S.C. App.) is 

14 amended— 

15 (1) in subparagraph (H), by striking ‘‘; and’’ 

16 and inserting a semicolon; 

17 (2) in subparagraph (I), by striking the semi18 colon and inserting ‘‘; and’’; and 

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

20 ‘‘(J) with respect to the United States Inter21 national Development Finance Corporation, such 

22 term means the Board of Directors of the United 

23 States International Development Finance Cor24 poration;’’. 


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1 SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 

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

4 (b) FUNCTIONS.—The independent accountability 

5 mechanism established pursuant to subsection (a) shall— 

6 (1) annually evaluate and report to the Board 

7 and Congress regarding compliance with environ8 mental, social, labor, human rights, and transparency 

9 standards, consistent with Corporation statutory 

10 mandates; 

11 (2) provide a forum for resolving concerns re12 garding the impacts of specific Corporation-supported 

13 projects with respect to such standards; and 

14 (3) provide advice regarding Corporation 

15 projects, policies, and practices. 

16 TITLE II—AUTHORITIES 

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

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

20 only be exercised to— 

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

22 in section 101 and the purpose of the Corporation in 

23 section 102; 

24 (2) mitigate risks to United States taxpayers by 

25 sharing risks with the private sector and qualifying 


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1 sovereign entities through co-financing and struc2 turing of tools; and 

3 (3) ensure that support provided under this title 

4 is additional to private sector resources by mobilizing 

5 private capital that would otherwise not be deployed 

6 without such support. 

7 (b) LENDING AND GUARANTIES.— 

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

9 loans or guaranties upon such terms and conditions 

10 as the Corporation may determine. 

11 (2) DENOMINATION.—Loans and guaranties 

12 issued under paragraph (1) may be denominated and 

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

15 guaranties should only be provided if the Board deter16 mines there is a substantive policy rationale for such 

17 loans and guaranties. 

18 (3) APPLICABILITY OF FEDERAL CREDIT REFORM

19 ACT OF 1990.—Loans and guaranties issued under 

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

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

22 et seq.). 

23 (c) EQUITY INVESTMENTS.— 

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

25 minority investor, support projects with funds or use 


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1 other mechanisms for the purpose of purchasing, and 

2 may make and fund commitments to purchase, invest 

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

4 equity or quasi-equity securities or shares or financial 

5 interests of any entity, including as a limited partner 

6 or other investor in investment funds, upon such 

7 terms and conditions as the Corporation may deter8 mine. 

9 (2) DENOMINATION.—Support provided under 

10 paragraph (1) may be denominated and repayable in 

11 United States dollars or foreign currency. Foreign 

12 currency denominated support provided by paragraph 

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

14 there is a substantive policy rationale for such sup15 port. 

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

18 that the use of the authority provided by paragraph 

19 (1) with respect to a project has a clearly defined de20 velopment and foreign policy purpose, taking into ac21 count the following objectives: 

22 (A) The support for the project would be 

23 more likely than not to substantially reduce or 

24 overcome the effect of an identified market failVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00101 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 ure in the country in which the project is carried 

2 out. 

3 (B) The project would not have proceeded or 

4 would have been substantially delayed without 

5 the support. 

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

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

10 with commercial partner incentives. 

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

14 (F) The support furthers the policy of the 

15 United States described in section 101. 

16 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

17 (A) PER PROJECT LIMIT.—The aggregate 

18 amount of support provided under this sub19 section with respect to any project shall not ex20 ceed 30 percent of the aggregate amount of all eq21 uity investment made to the project at the time 

22 that the Corporation approves support of the 

23 project. 

24 (B) TOTAL LIMIT.—Support provided pur25 suant to this subsection shall be limited to not 


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1 more than 35 percent of the Corporation’s aggre2 gate exposure on the date that such support is 

3 provided. 

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

5 Corporation shall seek to sell and liquidate any sup6 port for a project provided under this subsection as 

7 soon as commercially feasible, commensurate with 

8 other similar investors in the project and taking into 

9 consideration the national security interests of the 

10 United States. 

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

12 project-specific timetable for support provided under 

13 paragraph (1). 

14 (d) INSURANCE AND REINSURANCE.—The Corporation 

15 may issue insurance or reinsurance, upon such terms and 

16 conditions as the Corporation may determine, to private 

17 sector entities and qualifying sovereign entities assuring 

18 protection of their investments in whole or in part against 

19 any or all political risks such as currency inconvertibility 

20 and transfer restrictions, expropriation, war, terrorism, 

21 civil disturbance, breach of contract, or nonhonoring of fi22 nancial obligations. 

23 (e) PROMOTION OF AND SUPPORT FOR PRIVATE IN24 VESTMENT OPPORTUNITIES.— 


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1 (1) IN GENERAL.—In order to carry out the pur2 pose of the Corporation described in section 102(b), 

3 the Corporation may initiate and support, through fi4 nancial participation, incentive grant, or otherwise, 

5 and on such terms and conditions as the Corporation 

6 may determine, feasibility studies for the planning, 

7 development, and management of, and procurement 

8 for, potential bilateral and multilateral development 

9 projects eligible for support under this title, including 

10 training activities undertaken in connection with 

11 such projects, for the purpose of promoting investment 

12 in such projects and the identification, assessment, 

13 surveying, and promotion of private investment op14 portunities, utilizing wherever feasible and effective, 

15 the facilities of private investors. 

16 (2) CONTRIBUTIONS TO COSTS.—The Corpora17 tion shall, to the maximum extent practicable, require 

18 any person receiving funds under the authorities of 

19 this subsection to— 

20 (A) share the costs of feasibility studies and 

21 other project planning services funded under this 

22 subsection; and 

23 (B) reimburse the Corporation those funds 

24 provided under this section, if the person suc25 ceeds in project implementation. 


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1 (f) SPECIAL PROJECTS AND PROGRAMS.—The Cor2 poration may administer and manage special projects and 

3 programs in support of specific transactions undertaken by 

4 the Corporation, including programs of financial and advi5 sory support that provide private technical, professional, or 

6 managerial assistance in the development of human re7 sources, skills, technology, capital savings, or intermediate 

8 financial and investment institutions or cooperatives, and 

9 including the initiation of incentives, grants, or studies for 

10 renewable energy, women’s economic empowerment, micro11 enterprise households, or other small business activities. 

12 (g) ENTERPRISE FUNDS.— 

13 (1) IN GENERAL.—The Corporation may, fol14 lowing consultation with the Secretary of State, the 

15 Administrator of the United States Agency for Inter16 national Development, and the heads of other relevant 

17 departments or agencies, establish and operate enter18 prise funds in accordance with this subsection. 

19 (2) PRIVATE CHARACTER OF FUNDS.—Nothing 

20 in this section shall be construed to make an enter21 prise fund an agency or establishment of the United 

22 States Government, or to make the officers, employees, 

23 or members of the Board of Directors of an enterprise 

24 fund officers or employees of the United States for 

25 purposes of title 5, United States Code. 


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1 (3) PURPOSES FOR WHICH SUPPORT MAY BE

2 PROVIDED.—The Corporation, subject to the approval 

3 of the Board, may designate private, nonprofit orga4 nizations as eligible to receive support under this title 

5 for the following purposes: 

6 (A) To promote development of economic 

7 freedom and private sectors, including small8 and medium-sized enterprises and joint ventures 

9 with the United States and host country partici10 pants. 

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 develop20 ment 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 business24 enabling environment, financing the creation 

25 and expansion of the private business sector. 


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1 (F) To make financially sustainable invest2 ments designed to generate measurable social 

3 benefits and build technical capacity in addition 

4 to financial returns. 

5 (4) OPERATION OF FUNDS.— 

6 (A) EXPENDITURES.—Funds made avail7 able to an enterprise fund shall be expended at 

8 the minimum rate necessary to make timely 

9 payments for projects and activities carried out 

10 under this subsection. 

11 (B) ADMINISTRATIVE EXPENSES.—Not more 

12 than 3 percent per annum of the funds made 

13 available to an enterprise fund may be obligated 

14 or expended for the administrative expenses of 

15 the enterprise fund. 

16 (5) BOARD OF DIRECTORS.—Each enterprise 

17 fund established under this subsection should be gov18 erned by a Board of Directors comprised of private 

19 citizens of the United States or the host country, 

20 who— 

21 (A) shall be appointed by the President 

22 after consultation with the chairmen and rank23 ing members of the appropriate congressional 

24 committees; and 


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1 (B) have pursued careers in international 

2 business and have demonstrated expertise in 

3 international and emerging market investment 

4 activities. 

5 (6) MAJORITY MEMBER REQUIREMENT.—The 

6 majority of the members of the Board of Directors 

7 shall be United States citizens who shall have relevant 

8 experience relating to the purposes described in para9 graph (3). 

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

11 date of the establishment of an enterprise fund under 

12 this subsection, and annually thereafter until the en13 terprise fund terminates in accordance with para14 graph (10), the Board of Directors of the enterprise 

15 fund shall— 

16 (A) submit to the appropriate congressional 

17 committees a report— 

18 (i) detailing the administrative ex19 penses of the enterprise fund during the 

20 year preceding the submission of the report; 

21 (ii) describing the operations, activi22 ties, engagement with civil society and rel23 evant local private sector entities, develop24 ment objectives and outcomes, financial conVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00108 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 dition, and accomplishments of the enter2 prise fund during that year; 

3 (iii) describing the results of any audit 

4 conducted under paragraph (8); and 

5 (iv) describing how audits conducted 

6 under paragraph (8) are informing the op7 erations and activities of the enterprise 

8 fund; and 

9 (B) publish, on a publicly available internet 

10 website of the enterprise fund, each report re11 quired by subparagraph (A). 

12 (8) OVERSIGHT.— 

13 (A) INSPECTOR GENERAL PERFORMANCE

14 AUDITS.— 

15 (i) IN GENERAL.—The Inspector Gen16 eral of the Corporation shall conduct peri17 odic audits of the activities of each enter18 prise fund established under this subsection. 

19 (ii) CONSIDERATION.—In conducting 

20 an audit under clause (i), the Inspector 

21 General shall assess whether the activities of 

22 the enterprise fund— 

23 (I) support the purposes described 

24 in paragraph (3); 


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1 (II) result in profitable private 

2 sector investing; and 

3 (III) generate measurable social 

4 benefits. 

5 (B) RECORDKEEPING REQUIREMENTS.—The 

6 Corporation shall ensure that each enterprise 

7 fund receiving support under this subsection— 

8 (i) keeps separate accounts with respect 

9 to such support; and 

10 (ii) maintains such records as may be 

11 reasonably necessary to facilitate effective 

12 audits under this paragraph. 

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

14 funds resulting from any liquidation, dissolution, or 

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

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

17 States. 

18 (10) TERMINATION.—The authority of an enter19 prise fund to provide support under this subsection 

20 shall terminate on the earlier of— 

21 (A) the date that is 10 years after the date 

22 of the first expenditure of amounts from the en23 terprise fund; or 

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

25 liquidated. 


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1 (h) SUPERVISION OF SUPPORT.—Support provided 

2 under this title shall be subject to section 622(c) of the For3 eign Assistance Act of 1961 (22 U.S.C. 2382(c)). 

4 (i) SMALL BUSINESS DEVELOPMENT.— 

5 (1) IN GENERAL.—The Corporation shall under6 take, in cooperation with appropriate departments, 

7 agencies, and instrumentalities of the United States 

8 as well as private entities and others, to broaden the 

9 participation of United States small businesses and 

10 cooperatives and other small United States investors 

11 in the development of small private enterprise in less 

12 developed friendly countries or areas. 

13 (2) OUTREACH TO MINORITY-OWNED AND

14 WOMEN-OWNED BUSINESSES.— 

15 (A) IN GENERAL.—The Corporation shall 

16 collect data on the involvement of minority- and 

17 women-owned businesses in projects supported by 

18 the Corporation, including— 

19 (i) the amount of insurance and fi20 nancing provided by the Corporation to 

21 such businesses in connection with projects 

22 supported by the Corporation; and 

23 (ii) to the extent such information is 

24 available, the involvement of such businesses 


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1 in procurement activities conducted or sup2 ported by the Corporation. 

3 (B) INCLUSION IN ANNUAL REPORT.—The 

4 Corporation shall include, in its annual report 

5 submitted to Congress under section 403, the ag6 gregate data collected under this paragraph, in 

7 such form as to quantify the effectiveness of the 

8 Corporation’s outreach activities to minority9 and women-owned businesses. 

10 SEC. 202. TERMS AND CONDITIONS. 

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

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

13 shall be on such terms and conditions as the Corporation 

14 may prescribe. 

15 (b) REQUIREMENTS.—The following requirements 

16 apply to support provided by the Corporation under this 

17 title: 

18 (1) The Corporation shall provide support using 

19 authorities under this title only if it is necessary— 

20 (A) to alleviate a credit market imperfec21 tion; or 

22 (B) to achieve specified development or for23 eign policy objectives of the United States Gov24 ernment by providing support in the most effiVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00112 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 cient way to meet those objectives on a case-by2 case basis. 

3 (2) The final maturity of a loan made or guar4 anteed by the Corporation shall not exceed the lesser 

5 of— 

6 (A) 25 years; or 

7 (B) debt servicing capabilities of the project 

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

9 Corporation). 

10 (3) The Corporation shall, with respect to pro11 viding any loan guaranty to a project, require the 

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

13 amount equal to at least 20 percent of the guaranteed 

14 support by the Corporation in the project. 

15 (4) The Corporation may not make or guarantee 

16 a loan unless the Corporation determines that the bor17 rower or lender is responsible and that adequate pro18 vision is made for servicing the loan on reasonable 

19 terms and protecting the financial interest of the 

20 United States. 

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

22 supplements on guaranteed loans shall be set by ref23 erence to a benchmark interest rate (yield) on market24 able Treasury securities or other widely recognized or 

25 appropriate benchmarks with a similar maturity to 


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1 the loans being made or guaranteed, as determined in 

2 consultation with the Director of the Office of Man3 agement and Budget and the Secretary of the Treas4 ury. The Corporation shall establish appropriate min5 imum interest rates for loans, guaranties, and other 

6 instruments as necessary. 

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

8 established by the Corporation shall be adjusted peri9 odically to take account of changes in the interest rate 

10 of the benchmark financial instrument. 

11 (7)(A) The Corporation shall set fees or pre12 miums for support provided under this title at levels 

13 that minimize the cost to the Government while sup14 porting achievement of the objectives of support. 

15 (B) The Corporation shall review fees for loan 

16 guaranties periodically to ensure that the fees assessed 

17 on new loan guaranties are at a level sufficient to 

18 cover the Corporation’s most recent estimates of its 

19 costs. 

20 (8) Any loan guaranty provided by the Corpora21 tion shall be conclusive evidence that— 

22 (A) the guaranty has been properly ob23 tained; 

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


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1 (C) but for fraud or material misrepresenta2 tion by the holder of the guaranty, the guaranty 

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

4 (9) The Corporation shall prescribe explicit 

5 standards for use in periodically assessing the credit 

6 risk of new and existing direct loans or guaranteed 

7 loans. 

8 (10) The Corporation may not make loans or 

9 loan guaranties except to the extent that budget au10 thority to cover the costs of the loans or guaranties is 

11 provided in advance in an appropriations Act, as re12 quired by section 504 of the Federal Credit Reform 

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

14 (11) The Corporation shall rely upon specific 

15 standards to assess the developmental and strategic 

16 value of projects for which it provides support and 

17 should only provide the minimum level of support 

18 necessary in order to support such projects. 

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

20 Corporation should be provided on a senior basis or 

21 pari passu with other senior debt unless there is a 

22 substantive policy rationale to provide such support 

23 otherwise. 


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1 SEC. 203. PAYMENT OF LOSSES. 

2 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

3 LOANS.— 

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

5 that the holder of a loan guaranteed by the Corpora6 tion suffers a loss as a result of a default by a bor7 rower on the loan, the Corporation shall pay to the 

8 holder the percent of the loss, as specified in the guar9 anty contract, after the holder of the loan has made 

10 such further collection efforts and instituted such en11 forcement proceedings as the Corporation may re12 quire. 

13 (2) SUBROGATION.—Upon making a payment 

14 described in paragraph (1), the Corporation shall en15 sure the Corporation will be subrogated to all the 

16 rights of the recipient of the payment. 

17 (3) RECOVERY EFFORTS.—The Corporation shall 

18 pursue recovery from the borrower of the amount of 

19 any payment made under paragraph (1) with respect 

20 to the loan. 

21 (b) LIMITATION ON PAYMENTS.— 

22 (1) IN GENERAL.—Except as provided by para23 graph (2), compensation for insurance, reinsurance, 

24 or a guaranty issued under this title shall not exceed 

25 the dollar value of the tangible or intangible contribu26 tions or commitments made in the project, plus interVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00116 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 est, earnings, or profits actually accrued on such con2 tributions or commitments, to the extent provided by 

3 such insurance, reinsurance, or guaranty. 

4 (2) EXCEPTION.— 

5 (A) IN GENERAL.—The Corporation may 

6 provide that— 

7 (i) appropriate adjustments in the in8 sured dollar value be made to reflect the re9 placement cost of project assets; and 

10 (ii) compensation for a claim of loss 

11 under insurance of an equity investment 

12 under section 201(c) may be computed on 

13 the basis of the net book value attributable 

14 to the equity investment on the date of 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 project 

21 so as to require that the insured and its affiliates 

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

23 amount of the Corporation’s exposure to that in24 sured and its affiliates in the 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 unrelated 

5 parties. 

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

7 General shall take such action as may be appropriate to 

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

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

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

11 shall be construed to preclude any forbearance for the ben12 efit of a borrower that may be agreed upon by the parties 

13 to a loan guaranteed by the Corporation if budget authority 

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

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

16 1990 (2 U.S.C. 661a)) is available. 

17 SEC. 204. TERMINATION. 

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

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

20 of the enactment of this Act. 

21 (b) TERMINATION OF CORPORATION.—The Corpora22 tion shall terminate on the date on which the portfolio of 

23 the Corporation is liquidated. 


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1 TITLE III—ADMINISTRATIVE AND 

2 GENERAL PROVISIONS 

3 SEC. 301. OPERATIONS. 

4 (a) BILATERAL AGREEMENTS.—The Corporation may 

5 provide support under title II in connection with projects 

6 in any country the government of which has entered into 

7 an agreement with the United States authorizing the Cor8 poration to provide such support in that country. 

9 (b) CLAIMS SETTLEMENT.— 

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

11 support provided under title II or under predecessor 

12 authority may be settled, and disputes arising as a 

13 result thereof may be arbitrated with the consent of 

14 the parties, on such terms and conditions as the Cor15 poration may determine. 

16 (2) SETTLEMENTS CONCLUSIVE.—Payment made 

17 pursuant to any settlement pursuant to paragraph 

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

19 final and conclusive notwithstanding any other provi20 sion of law. 

21 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

22 executed by such officer or officers as may be designated 

23 by the Board shall be conclusively presumed to be issued 

24 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 Code, 

12 with any person or government however designated 

13 and wherever situated, as may be necessary for car14 rying 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; 

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

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

21 intangible, for the purpose of carrying out the func22 tions of the Corporation; 

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

24 manner and on the same conditions as the Executive 


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

2 United States Code); 

3 (6) may contract with individuals for personal 

4 services, who shall not be considered Federal employ5 ees for any provision of law administered by the Di6 rector of the Office of Personnel Management; 

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

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

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

10 terms and conditions as the Corporation may deter11 mine, any property, real, personal, or mixed, tangible 

12 or intangible, or any interest in such property; 

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

14 own use, with the obligation of amounts for such lease 

15 limited to the current fiscal year for which payments 

16 are due until the expiration of the current lease under 

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

18 the enactment of this Act; 

19 (11) may indemnify directors, officers, employ20 ees, and agents of the Corporation for liabilities and 

21 expenses incurred in connection with their activities 

22 on behalf of the Corporation; 

23 (12) notwithstanding any other provision of law, 

24 may represent itself or contract for representation in 

25 any legal or arbitral proceeding; 


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

3 bankrupt, insolvent, or decedents’ estates; 

4 (14) may collect, notwithstanding section 

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

7 Corporation, including any legal or equitable rights 

8 accruing to the Corporation; 

9 (15) may make arrangements with foreign gov10 ernments (including agencies, instrumentalities, or 

11 political subdivisions of such governments) or with 

12 multilateral organizations or institutions for sharing 

13 liabilities; 

14 (16) may sell direct investments of the Corpora15 tion to private investors upon such terms and condi16 tions as the Corporation may determine; and 

17 (17) shall have such other powers as may be nec18 essary and incident to carrying out the functions of 

19 the Corporation. 

20 (b) TREATMENT OF PROPERTY.—Notwithstanding any 

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

22 or disposal of property by the United States, the Corpora23 tion shall have the right in its discretion to complete, recon24 dition, reconstruct, renovate, repair, maintain, operate, or 


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1 sell any property acquired by the Corporation pursuant to 

2 the provisions of this Act. 

3 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

5 of the Corporation outstanding at any one time shall not 

6 exceed in the aggregate the amount specified in subsection 

7 (b). 

8 (b) AMOUNT SPECIFIED.— 

9 (1) INITIAL 5-YEAR PERIOD.—The amount speci10 fied in this subsection for the 5-year period beginning 

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

12 $60,000,000,000. 

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

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

15 Act, and not less frequently than every 5 years there16 after, the amount specified in paragraph (1) shall be 

17 adjusted to reflect the percentage of the increase (if 

18 any) in the average of the Consumer Price Index dur19 ing the preceding 5-year period. 

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

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

22 the most recent Consumer Price Index for All Urban 

23 Consumers published by the Bureau of Labor Statis24 tics of the Department of Labor. 


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1 SEC. 304. CORPORATE FUNDS. 

2 (a) CORPORATE CAPITAL ACCOUNT.—There is estab3 lished in the Treasury of the United States a fund to be 

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

5 purposes of the Corporation. 

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

7 consist of— 

8 (1) fees charged and collected pursuant to sub9 section (c); 

10 (2) any amounts received pursuant to subsection 

11 (e); 

12 (3) investments and returns on such investments 

13 pursuant to subsection (g); 

14 (4) unexpended balances transferred to the Cor15 poration pursuant to subsection (i); 

16 (5) payments received in connection with settle17 ments of all insurance and reinsurance claims of the 

18 Corporation; and 

19 (6) all other collections transferred to or earned 

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

21 section 502 of the Federal Credit Reform Act of 1990 

22 (2 U.S.C. 661a), of loans and loan guaranties. 

23 (c) FEE AUTHORITY.—Fees may be charged and col24 lected for providing services in amounts to be determined 

25 by the Corporation. 

26 (d) USES.— 


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1 (1) IN GENERAL.—Subject to Acts making ap2 propriations, the Corporation is authorized to pay— 

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

4 Federal Credit Reform Act of 1990, of loans and 

5 loan guaranties; 

6 (B) administrative expenses of the Corpora7 tion; 

8 (C) for the cost of providing support author9 ized by subsections (c), (e), (f), and (g) of section 

10 201; 

11 (D) project-specific transaction costs. 

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

13 out the purposes of the Corporation, all collections 

14 transferred to or earned by the Corporation, excluding 

15 the cost, as defined in section 502 of the Federal Cred16 it Reform Act of 1990, of loans and loan guaranties, 

17 shall be deposited into the Corporate Capital Account 

18 and shall be available to carry out its purpose, in19 cluding without limitation— 

20 (A) payment of all insurance and reinsur21 ance claims of the Corporation; 

22 (B) repayments to the Treasury of amounts 

23 borrowed under subsection (e); and 

24 (C) dividend payments to the Treasury 

25 under subsection (f). 


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1 (e) FULL FAITH AND CREDIT.— 

2 (1) IN GENERAL.—All support provided pursu3 ant to predecessor authorities or title II shall continue 

4 to constitute obligations of the United States, and the 

5 full faith and credit of the United States is hereby 

6 pledged for the full payment and performance of such 

7 obligations. 

8 (2) AUTHORITY TO BORROW.—The Corporation 

9 is authorized to borrow from the Treasury such sums 

10 as may be necessary to fulfill such obligations of the 

11 United States and any such borrowing shall be at a 

12 rate determined by the Secretary of the Treasury, tak13 ing into consideration the current average market 

14 yields on outstanding marketable obligations of the 

15 United States of comparable maturities, for a period 

16 jointly determined by the Corporation and the Sec17 retary, and subject to such terms and conditions as 

18 the Secretary may require. 

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

20 Director of the Office of Management and Budget, shall an21 nually assess a dividend payment to the Treasury if the 

22 Corporation’s insurance portfolio is more than 100 percent 

23 reserved. 

24 (g) INVESTMENT AUTHORITY.— 


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

2 the Secretary of the Treasury to invest such portion 

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

4 Corporation’s judgment, required to meet the current 

5 needs of the Corporate Capital Account. 

6 (2) FORM OF INVESTMENTS.—Such investments 

7 shall be made by the Secretary of the Treasury in 

8 public debt obligations, with maturities suitable to the 

9 needs of the Corporate Capital Account, as deter10 mined by the Corporation, and bearing interest at 

11 rates determined by the Secretary, taking into consid12 eration current market yields on outstanding market13 able obligations of the United States of comparable 

14 maturities. 

15 (h) COLLECTIONS.—Interest earnings made pursuant 

16 to subsection (g), earnings collected related to equity invest17 ments, and amounts, excluding fees related to insurance or 

18 reinsurance, collected pursuant to subsection (c), shall not 

19 be collected for any fiscal year except to the extent provided 

20 in advance in appropriations Acts. 

21 (i) TRANSFER FROM PREDECESSOR AGENCIES AND

22 PROGRAMS.—By the end of the transition period described 

23 in title VI, the unexpended balances, assets, and responsibil24 ities of any agency specified in the plan required by section 

25 602 shall be transferred to the Corporation. 


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

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

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

4 be transferred to the Corporation and funds authorized to 

5 be appropriated to the Corporation may be transferred to 

6 the Department of State and the United States Agency for 

7 International Development. 

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

10 (1) means those costs incurred by the Corpora11 tion for travel, legal expenses, and direct and indirect 

12 costs incurred in claims settlements associated with 

13 the provision of support under title II and shall not 

14 be considered administrative expenses for the purposes 

15 of this section; and 

16 (2) does not include information technology (as 

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

18 United States Code). 

19 SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 

20 AGENCIES. 

21 It is the sense of Congress that the Corporation should 

22 use relevant data of the Department of State, the Millen23 nium Challenge Corporation, the United States Agency for 

24 International Development, and other departments and 

25 agencies that have development functions to better inform 


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1 the decisions of the Corporation with respect to providing 

2 support under title II. 

3 TITLE IV—MONITORING, 

4 EVALUATION, AND REPORTING 

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

7 (a) IN GENERAL.—To assist the Board to fulfill its du8 ties and responsibilities under section 201(a), the Corpora9 tion shall establish a risk committee and an audit com10 mittee. 

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

13 committee established under subsection (a) shall have over14 sight responsibility of— 

15 (1) formulating risk management policies of the 

16 operations of the Corporation; 

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

19 framework; 

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

22 reputational, regulatory, operational, developmental, 

23 environmental, social, and financial risks; 

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

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1 work and governance structure to support such frame2 work; and 

3 (5) developing policies and procedures for assess4 ing, prior to providing, and for any period during 

5 which the Corporation provides, support to any for6 eign entities, whether such entities have in place suffi7 cient enhanced due diligence policies and practices to 

8 prevent money laundering and corruption to ensure 

9 the Corporation does not provide support to persons 

10 that are— 

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

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

15 human trafficking; or 

16 (C) responsible for ordering or otherwise di17 recting serious or gross violations of human 

18 rights. 

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

21 committee established under subsection (a) shall have the 

22 oversight responsibility of— 

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

24 reporting and systems of internal controls regarding 

25 finance and accounting; 


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

2 statements; 

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

4 audit function; and 

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

7 SEC. 402. PERFORMANCE MEASURES, EVALUATION, AND 

8 LEARNING. 

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

10 performance measurement system to evaluate and monitor 

11 projects supported by the Corporation under title II and 

12 to guide future projects of the Corporation. 

13 (b) CONSIDERATIONS.—In developing the performance 

14 measurement system required by subsection (a), the Cor15 poration shall— 

16 (1) develop a successor for the development im17 pact measurement system of the Overseas Private In18 vestment Corporation (as such system was in effect on 

19 the day before the date of the enactment of this Act); 

20 (2) develop a mechanism for ensuring that sup21 port provided by the Corporation under title II is in 

22 addition to private investment; 

23 (3) develop standards for, and a method for en24 suring, appropriate financial performance of the Cor25 poration’s portfolio; and 


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1 (4) develop standards for, and a method for en2 suring, appropriate development performance of the 

3 Corporation’s portfolio, including— 

4 (A) measurement of the projected and ex 

5 post development impact of a project; and 

6 (B) the information necessary to comply 

7 with section 403. 

8 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA9 TION.—The Corporation shall make available to the public 

10 on a regular basis information about support provided by 

11 the Corporation under title II and performance metrics 

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

13 (d) CONSULTATION.—In developing the performance 

14 measurement system required by subsection (a), the Cor15 poration shall consult with the Development Advisory 

16 Council established under section 103(i) and other stake17 holders and interested parties engaged in sustainable eco18 nomic growth and development. 

19 SEC. 403. ANNUAL REPORT. 

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

21 the Corporation shall submit to the appropriate congres22 sional committees a complete and detailed report of its oper23 ations during that fiscal year, including an assessment of— 

24 (1) the economic and social development impact, 

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1 sections (d), (e), and (f) of section 501, of projects 

2 supported by the Corporation under title II; 

3 (2) the extent to which the operations of the Cor4 poration complement or are compatible with the de5 velopment assistance programs of the United States 

6 and qualifying sovereign entities; 

7 (3) the Corporation’s institutional linkages with 

8 other relevant United States Government department 

9 and agencies, including efforts to strengthen such 

10 linkages; and 

11 (4) the compliance of projects supported by the 

12 Corporation under title II with human rights, envi13 ronmental, labor, and social policies, or other such re14 lated policies that govern the Corporation’s support 

15 for projects, promulgated or otherwise administered 

16 by the Corporation. 

17 (b) ELEMENTS.—Each annual report required by sub18 section (a) shall include analyses of the effects of projects 

19 supported by the Corporation under title II, including— 

20 (1) reviews and analyses of— 

21 (A) the desired development outcomes for 

22 projects and whether or not the Corporation is 

23 meeting the associated metrics, goals, and devel24 opment objectives, including, to the extent pracVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00133 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 ticable, in the years after conclusion of projects; 

2 and 

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

4 on access to capital and ways in which the Cor5 poration is addressing identifiable market gaps 

6 or inefficiencies and what impact, if any, such 

7 support has on access to credit for a specific 

8 project, country, or sector; 

9 (2) an explanation of any partnership arrange10 ment or cooperation with a qualifying sovereign enti11 ty in support of each project; 

12 (3) projections of— 

13 (A) development outcomes, and whether or 

14 not support for projects are meeting the associ15 ated performance measures, both during the 

16 start-up phase and over the duration of the sup17 port, and to the extent practicable, measures of 

18 such development outcomes should be on a gen19 der-disaggregated basis, such as changes in em20 ployment, access to financial services, enterprise 

21 development and growth, and composition of ex22 ecutive boards and senior leadership of enter23 prises receiving support under title II; and 

24 (B) the value of private sector assets 

25 brought to bear relative to the amount of support 


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1 provided by the Corporation and the value of 

2 any other public sector support; and 

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

4 learned from the monitoring and evaluation activities 

5 of the Corporation, and from annual reports from 

6 previous years compiled by the Corporation, have 

7 been applied to projects. 

8 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

9 The Corporation shall— 

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

11 machine-readable database with detailed project-level 

12 information, as appropriate and to the extent prac13 ticable, including a description of the support pro14 vided by the Corporation under title II, which should 

15 include, to the extent feasible, the information in16 cluded in the report to Congress under section 403; 

17 and 

18 (2) include a clear link to information about 

19 each project supported by the Corporation under title 

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

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

22 other online publication. 

23 SEC. 405. ENGAGEMENT WITH INVESTORS. 

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

25 the Chief Development Officer, shall, in cooperation with 


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1 the Administrator of the United States Agency for Inter2 national Development— 

3 (1) develop a strategic relationship with private 

4 sector entities focused at the nexus of business oppor5 tunities and development priorities; 

6 (2) engage such entities and reduce business risks 

7 primarily through direct transaction support and fa8 cilitating investment partnerships; 

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

10 intermediaries that can mobilize private finance at 

11 scale in the developing world; 

12 (4) pursue highly developmental projects of all 

13 sizes, especially those that are small but designed for 

14 work in the most underdeveloped areas, including 

15 countries with chronic suffering as a result of extreme 

16 poverty, fragile institutions, or a history of violence; 

17 and 

18 (5) pursue projects consistent with the policy of 

19 the United States described in section 101 and the 

20 Joint Strategic Plan and the Mission Country Devel21 opment Cooperation Strategies of the United States 

22 Agency for International Development. 

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

24 subsection (a), the Corporation shall— 

25 (1) develop risk mitigation tools; 


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1 (2) provide transaction structuring support for 

2 blended finance models; 

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

5 (4) coordinate with other Federal agencies to 

6 support or accelerate transactions; 

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

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

10 (6) offer strategic planning and programming 

11 assistance to catalyze investment into priority sectors; 

12 (7) provide transaction structuring support; 

13 (8) deliver training and knowledge management 

14 tools for engaging private investors; 

15 (9) partner with private sector entities that pro16 vide access to capital and expertise; and 

17 (10) identify and screen new investment part18 ners. 

19 (c) TECHNICAL ASSISTANCE.—The Corporation shall 

20 coordinate with the United States Agency for International 

21 Development and other agencies and departments, as nec22 essary, on projects and programs supported by the Corpora23 tion that include technical assistance. 


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1 SEC. 406. NOTIFICATIONS TO BE PROVIDED BY THE COR2 PORATION. 

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

4 Corporation making a financial commitment associated 

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

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

7 Corporation shall submit to the appropriate congressional 

8 committees a report in writing that contains the informa9 tion required by subsection (b). 

10 (b) INFORMATION REQUIRED.—The information re11 quired by this subsection includes— 

12 (1) the amount of each such financial commit13 ment; 

14 (2) an identification of the recipient or bene15 ficiary; and 

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

17 and the development goal or purpose to be achieved 

18 by providing support by the Corporation. 

19 (c) BILATERAL AGREEMENTS.—The Chief Executive 

20 Officer of the Corporation shall notify the appropriate con21 gressional committees not later than 30 days after entering 

22 into a new bilateral agreement described in section 301(a). 


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1 TITLE V—CONDITIONS, RESTRIC2 TIONS, AND PROHIBITIONS 

3 SEC. 501. LIMITATIONS AND PREFERENCES. 

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

5 No entity receiving support from the Corporation under 

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

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

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

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

12 preferential consideration to projects sponsored by or 

13 involving private sector entities that are United 

14 States persons. 

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

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

17 (A) a United States citizen; or 

18 (B) an entity owned or controlled by an in19 dividual or individuals described in subpara20 graph (A). 

21 (c) PREFERENCE FOR SUPPORT IN COUNTRIES IN

22 COMPLIANCE WITH INTERNATIONAL TRADE OBLIGA23 TIONS.— 

24 (1) CONSULTATIONS WITH UNITED STATES

25 TRADE REPRESENTATIVE.—Not less frequently than 


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1 annually, the Corporation shall consult with the 

2 United States Trade Representative with respect to 

3 the status of countries eligible to receive support from 

4 the Corporation under title II and the compliance of 

5 those countries with their international trade obliga6 tions. 

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

10 in compliance with or making substantial progress 

11 coming into compliance with their international 

12 trade obligations. 

13 (d) WORKER RIGHTS.— 

14 (1) IN GENERAL.—The Corporation shall only 

15 support projects under title II in countries that are 

16 taking steps to adopt and implement laws that extend 

17 internationally recognized worker rights (as defined 

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

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

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

23 substantially the following form, in all contracts 

24 which the Corporation enters into with persons receiv25 ing support under title II: ‘‘The person receiving supVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00140 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 port agrees not to take actions to prevent employees 

2 of the foreign enterprise from lawfully exercising their 

3 right of association and their right to organize and 

4 bargain collectively. The person further agrees to ob5 serve applicable laws relating to a minimum age for 

6 employment of children, acceptable conditions of work 

7 with respect to minimum wages, hours of work, and 

8 occupational health and safety, and not to use forced 

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

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

11 2467)). The person is not responsible under this para12 graph for the actions of a foreign government.’’. 

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

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

16 have significant adverse environmental or social impacts 

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

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

19 an environmental and social impact assessment or 

20 initial environmental and social audit, analyzing the 

21 environmental and social impacts of the proposed 

22 project and of alternatives to the proposed project, is 

23 completed; and 

24 (2) such assessment or audit has been made 

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1 fected groups in the country in which the project will 

2 be carried out, and nongovernmental organizations in 

3 that country. 

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

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

9 improve women’s economic opportunities. 

10 (g) PREFERENCE FOR PROVISION OF SUPPORT IN

11 COUNTRIES EMBRACING PRIVATE ENTERPRISE.— 

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

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

15 governments of which have demonstrated consistent 

16 support for economic policies that promote the devel17 opment of private enterprise, both domestic and for18 eign, and maintaining the conditions that enable pri19 vate enterprise to make a full contribution to the de20 velopment of such countries, including— 

21 (A) market-based economic policies; 

22 (B) protection of private property rights; 

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

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


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

3 United States Government information, such as the 

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

8 countries meet the conditions described in paragraph 

9 (1). 

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

12 the Corporation shall consider, using information readily 

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

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

17 or otherwise evidence intent to comply with, further, or sup18 port any boycott fostered or imposed by any foreign coun19 try, or request to impose any boycott by any foreign coun20 try, against a country which is friendly to the United 

21 States and which is not itself the object of any form of boy22 cott pursuant to United States law or regulation. 

23 (i) ENSURING OPPORTUNITIES FOR SMALL BUSI24 NESSES IN FOREIGN DEVELOPMENT.—The Corporation 


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1 shall, using broad criteria, make, to the maximum extent 

2 possible consistent with this Act, efforts— 

3 (1) to give preferential consideration in pro4 viding support under title II to projects sponsored by 

5 or involving small businesses; and 

6 (2) to ensure that the proportion of projects 

7 sponsored by or involving United States small busi8 nesses, including women-, minority-, and veteran9 owned small businesses, is not less than 50 percent of 

10 all projects for which the Corporation provides sup11 port and that involve United States persons. 

12 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET DIS13 TORTION. 

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

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

16 ensure that private sector entities are afforded an oppor17 tunity to support the project. 

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

19 Corporation shall develop appropriate safeguards, policies, 

20 and guidelines to ensure that support provided by the Cor21 poration under title II— 

22 (1) supplements and encourages, but does not 

23 compete with, private sector support; 

24 (2) operates according to internationally recog25 nized best practices and standards with respect to enVerDate Sep 11 2014 23:21 Jun 27, 2018 Jkt 079200 PO 00000 Frm 00144 Fmt 6652 Sfmt 6203 E:\BILLS\S2463.RS S2463

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1 suring the avoidance of market distorting government 

2 subsidies and the crowding out of private sector lend3 ing; and 

4 (3) does not have a significant adverse impact 

5 on United States employment. 

6 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

7 COUNTRIES AND WITH SANCTIONED PER8 SONS. 

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

10 providing support under title II in a country the govern11 ment of which the Secretary of State has determined has 

12 repeatedly provided support for acts of international ter13 rorism for purposes of— 

14 (1) section 6(j)(1)(A) of the Export Administra15 tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as contin16 ued in effect pursuant to the International Emergency 

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

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

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

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

21 (22 U.S.C. 2780(d)); or 

22 (4) any other provision of law. 

23 (b) PROHIBITION ON SUPPORT OF SANCTIONED PER24 SONS.—The Corporation is prohibited from all dealings re25 lated to any project under title II prohibited under United 


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1 States sanctions laws or regulations, including dealings 

2 with persons on the list of specially designated persons and 

3 blocked persons maintained by the Office of Foreign Assets 

4 Control of the Department of the Treasury, except to the 

5 extent otherwise authorized by the Secretary of the Treasury 

6 or the Secretary of State. 

7 (c) PROHIBITION ON SUPPORT OF ACTIVITIES SUB8 JECT TO SANCTIONS.—The Corporation shall require any 

9 person receiving support under title II to certify that the 

10 person, and any entity owned or controlled by the person, 

11 is in compliance with all United States sanctions laws and 

12 regulations. 

13 SEC. 504. APPLICABILITY OF CERTAIN PROVISIONS OF LAW. 

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

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

16 apply with respect to the Corporation to the same extent 

17 and in the same manner as such subsections applied with 

18 respect to the Overseas Private Investment Corporation on 

19 the day before the date of the enactment of this Act. 

20 TITLE VI—TRANSITIONAL 

21 PROVISIONS 

22 SEC. 601. DEFINITIONS. 

23 In this title: 

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

25 entity, organizational unit, program, or function. 


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

2 period’’ means the period— 

3 (A) beginning on the date of the enactment 

4 of this Act; and 

5 (B) ending on the effective date of the reor6 ganization plan required by section 602(e). 

7 SEC. 602. REORGANIZATION PLAN. 

8 (a) SUBMISSION OF PLAN.— 

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

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

11 shall transmit to the appropriate congressional com12 mittees a reorganization plan regarding the following: 

13 (A) The transfer of agencies, personnel, as14 sets, and obligations to the Corporation pursuant 

15 to this title. 

16 (B) Any consolidation, reorganization, or 

17 streamlining of agencies transferred to the Cor18 poration pursuant to this title. 

19 (C) Any efficiencies or cost savings achieved 

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

21 assets, and obligations to the Corporation pursu22 ant to this title, including reductions in unneces23 sary or duplicative operations, assets, and per24 sonnel. 


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1 (2) CONSULTATION.—Not later than 15 days be2 fore the date on which the plan is transmitted pursu3 ant to this subsection, the President shall consult with 

4 the appropriate congressional committees on such 

5 plan. 

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

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

8 elements as the President deems appropriate, including the 

9 following: 

10 (1) Identification of any functions of agencies 

11 transferred to the Corporation pursuant to this title 

12 that will not be transferred to the Corporation under 

13 the plan. 

14 (2) Specification of the steps to be taken to orga15 nize the Corporation, including the delegation or as16 signment of functions transferred to the Corporation. 

17 (3) Specification of the funds available to each 

18 agency that will be transferred to the Corporation as 

19 a result of transfers under the plan. 

20 (4) Specification of the proposed allocations 

21 within the Corporation of unexpended funds trans22 ferred in connection with transfers under the plan. 

23 (5) Specification of any proposed disposition of 

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


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1 and obligations of agencies transferred under the 

2 plan. 

3 (c) REPORT ON COORDINATION.— 

4 (1) IN GENERAL.—The transfer of functions au5 thorized by this section may occur only after the 

6 President and Chief Executive Officer of the Overseas 

7 Private Investment Corporation and the Adminis8 trator of the United States Agency for International 

9 Development jointly submit to the Committee on For10 eign Affairs and Committee on Appropriations of the 

11 House of Representatives and Committee on Foreign 

12 Relations and Committee on Appropriations of the 

13 Senate a report in writing that contains the informa14 tion required by paragraph (2). 

15 (2) INFORMATION REQUIRED.—The information 

16 required by this paragraph includes a description in 

17 detail of the procedures to be followed after the trans18 fer of functions authorized by this section have oc19 curred to coordinate between the Corporation and the 

20 United States Agency for International Development 

21 in carrying out the functions so transferred. 

22 (d) MODIFICATION OF PLAN.—The President shall con23 sult with the appropriate congressional committees before 

24 making any material modification or revision to the plan 


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1 before the plan becomes effective in accordance with sub2 section (e). 

3 (e) EFFECTIVE DATE.— 

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

6 revisions of the plan under subsection (c), shall be7 come effective for an agency on the date specified in 

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

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

12 congressional committees pursuant to subsection (a). 

13 (2) STATUTORY CONSTRUCTION.—Nothing in this 

14 subsection may be construed to require the transfer of 

15 functions, personnel, records, balances of appropria16 tions, or other assets of an agency on a single date. 

17 SEC. 603. TRANSFER OF FUNCTIONS. 

18 (a) IN GENERAL.—Effective at the end of the transi19 tion period, there shall be transferred to the Corporation 

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

21 (1) the Overseas Private Investment Corporation, 

22 as in existence on the day before the date of the enact23 ment of this Act; and 

24 (2) the following elements of the United States 

25 Agency for International Development: 


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1 (A) The Development Credit Authority. 

2 (B) The existing Legacy Credit portfolio 

3 under the Urban Environment Program and any 

4 other direct loan programs and non-Development 

5 Credit Authority guaranty programs authorized 

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

7 2151 et seq.) or other predecessor Acts, as in ex8 istence on the date of the enactment of this Act, 

9 other than any sovereign loan guaranties. 

10 (b) ADDITIONAL TRANSFER AUTHORITY.—Effective at 

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

12 transferred to the Corporation, with the concurrence of the 

13 Administrator of the United States Agency for Inter14 national Development, the functions, personnel, assets, and 

15 liabilities of the following elements of the United States 

16 Agency for International Development: 

17 (1) The Office of Private Capital and Microen18 terprise. 

19 (2) The enterprise funds. 

20 (c) SOVEREIGN LOAN GUARANTY TRANSFER.— 

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

22 transition period, there is authorized to be transferred 

23 to the Corporation or any other appropriate depart24 ment or agency of the United States Government the 

25 loan accounts and the legal rights and responsibilities 


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1 for the sovereign loan guaranty portfolio held by the 

2 United States Agency for International Development 

3 as in existence on the day before the date of the enact4 ment of this Act. 

5 (2) INCLUSION IN REORGANIZATION PLAN.—The 

6 President shall include in the reorganization plan 

7 submitted under section 602 a description of the 

8 transfer authorized under paragraph (1). 

9 (d) BILATERAL AGREEMENTS.—Any bilateral agree10 ment of the United States in effect on the date of the enact11 ment of this Act that serves as the basis for programs of 

12 the Overseas Private Investment Corporation and the Devel13 opment Credit Authority shall be considered as satisfying 

14 the requirements of section 301(a). 

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

16 agencies specified in subsection (a) shall— 

17 (1) continue to administer the assets and obliga18 tions of those agencies; and 

19 (2) carry out such programs and activities au20 thorized under this Act as may be determined by the 

21 President. 

22 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST23 MENT CORPORATION AND OTHER 

24 SUPERCEDED AUTHORITIES. 

25 Effective at the end of the transition period— 


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1 (1) the Overseas Private Investment Corporation 

2 is terminated; and 

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

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

5 than subsections (g), (l), (m), and (n) of section 237 

6 of that Act) is repealed. 

7 SEC. 605. TRANSITIONAL AUTHORITIES. 

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

9 the transfer of an agency to the Corporation under section 

10 603, any official having authority over, or functions relat11 ing to, the agency on the day before the date of the enact12 ment of this Act shall provide to the Corporation such as13 sistance, including the use of personnel and assets, as the 

14 Corporation may request in preparing for the transfer and 

15 integration of the agency into the Corporation. 

16 (b) SERVICES AND PERSONNEL.—During the transi17 tion period, upon the request of the Corporation, the head 

18 of any executive agency may, on a reimbursable or non19 reimbursable basis, provide services or detail personnel to 

20 assist with the transition. 

21 (c) ACTING OFFICIALS.— 

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

23 pending the advice and consent of the Senate to the 

24 appointment of an officer required by this Act to be 

25 appointed by and with such advice and consent, the 


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1 President may designate any officer whose appoint2 ment was required to be made by and with such ad3 vice and consent and who was such an officer before 

4 the date of the enactment of this Act (and who con5 tinues in office) or immediately before such designa6 tion, to act in such office until the same is filled as 

7 provided in this Act. While so acting, such officers 

8 shall receive compensation at the higher of— 

9 (A) the rates provided by this Act for the re10 spective offices in which they act; or 

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

12 the time of designation. 

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

14 Act shall be construed to require the advice and con15 sent of the Senate to the appointment by the Presi16 dent to a position in the Corporation of any officer 

17 whose agency is transferred to the Corporation pursu18 ant to this title and whose duties following such 

19 transfer are germane to those performed before such 

20 transfer. 

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

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

23 Corporation under section 603— 

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

25 or available in connection with the agency shall be 


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1 transferred to the Corporation for appropriate alloca2 tion, subject to the approval of the Director of the Of3 fice of Management and Budget and in accordance 

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

5 Code; and 

6 (2) the Corporation shall have all functions— 

7 (A) relating to the agency that any other of8 ficial could by law exercise in relation to the 

9 agency immediately before such transfer; and 

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

11 other law. 

12 SEC. 606. SAVINGS PROVISIONS. 

13 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

14 (1) IN GENERAL.—Completed administrative ac15 tions of an agency shall not be affected by the enact16 ment of this Act or the transfer of such agency to the 

17 Corporation under section 603, but shall continue in 

18 effect according to their terms until amended, modi19 fied, superseded, terminated, set aside, or revoked in 

20 accordance with law by an officer of the United 

21 States or a court of competent jurisdiction, or by op22 eration of law. 

23 (2) COMPLETED ADMINISTRATIVE ACTION DE24 FINED.—In this subsection, the term ‘‘completed ad25 ministrative action’’ includes orders, determinations, 


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1 rules, regulations, personnel actions, permits, agree2 ments, grants, contracts, certificates, policies, licenses, 

3 registrations, and privileges. 

4 (b) PENDING PROCEEDINGS.— 

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

6 agency, including notices of proposed rulemaking, 

7 and applications for licenses, permits, certificates, 

8 grants, and financial assistance, shall continue not9 withstanding the enactment of this Act or the transfer 

10 of the agency to the Corporation, unless discontinued 

11 or modified under the same terms and conditions and 

12 to the same extent that such discontinuance could 

13 have occurred if such enactment or transfer had not 

14 occurred. 

15 (2) ORDERS.—Orders issued in proceedings de16 scribed in paragraph (1), and appeals therefrom, and 

17 payments made pursuant to such orders, shall issue 

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

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

20 transferred, and any such orders shall continue in ef21 fect until amended, modified, superseded, terminated, 

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

23 or a court of competent jurisdiction, or by operation 

24 of law. 


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

2 shall continue notwithstanding the enactment of this Act 

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

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

5 judgments rendered and enforced in the same manner and 

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

7 not occurred. 

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

9 that is transferred to the Corporation under section 603 in 

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

11 delegations of authority that precede such transfer or the 

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

13 as appropriate, to the Corporation, to its officers, employ14 ees, or agents, or to its corresponding organizational units 

15 or functions. Statutory reporting requirements that applied 

16 in relation to such an agency immediately before the effec17 tive date of this Act shall continue to apply following such 

18 transfer if they refer to the agency by name. 

19 (e) EMPLOYMENT PROVISIONS.— 

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

21 regulations prescribed jointly with the Director of the 

22 Office of Personnel Management, adopt the rules, pro23 cedures, terms, and conditions, established by statute, 

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


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1 this Act, relating to employment in any agency trans2 ferred to the Corporation under section 603. 

3 (2) EFFECT OF TRANSFER ON CONDITIONS OF

4 EMPLOYMENT.—Except as otherwise provided in this 

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

6 transfer pursuant to this title of personnel shall not 

7 alter the terms and conditions of employment, includ8 ing compensation, of any employee so transferred. 

9 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

10 statutory reporting requirement that applied to an agency 

11 transferred to the Corporation under this title immediately 

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

13 to apply following that transfer if the statutory requirement 

14 refers to the agency by name. 

15 SEC. 607. OTHER TERMINATIONS. 

16 Except as otherwise provided in this Act, whenever all 

17 the functions vested by law in any agency have been trans18 ferred pursuant to this title, each position and office the 

19 incumbent of which was authorized to receive compensation 

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

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

22 II of chapter 53 of title 5, United States Code, shall termi23 nate. 


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1 SEC. 608. INCIDENTAL TRANSFERS. 

2 The Director of the Office of Management and Budget, 

3 in consultation with the Corporation, is authorized and di4 rected to make such additional incidental dispositions of 

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

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

7 functions transferred by this title, as the Director may de8 termine necessary to accomplish the purposes of this Act. 

9 SEC. 609. REFERENCE. 

10 With respect to any function transferred under this 

11 title (including under a reorganization plan under section 

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

13 of this Act, reference in any other Federal law to any de14 partment, commission, or agency or any officer or office 

15 the functions of which are so transferred shall be deemed 

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

17 Corporation to which that function is so transferred. 

18 SEC. 610. CONFORMING AMENDMENTS. 

19 (a) EXEMPT PROGRAMS.—Section 255(g) of the Bal20 anced Budget and Emergency Deficit Control Act of 1985 

21 (2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Private 

22 Investment Corporation, Noncredit Account (71–4184–0–3– 

23 151).’’ and inserting ‘‘United States International Develop24 ment Finance Corporation.’’. 

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

26 Code, is amended— 


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1 (1) in section 5314, by striking ‘‘President, Over2 seas Private Investment Corporation.’’; 

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

4 President, Overseas Private Investment Corporation.’’; 

5 and 

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

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

8 (c) OFFICE OF INTERNATIONAL TRADE OF THE SMALL

9 BUSINESS ADMINISTRATION.—Section 22 of the Small 

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

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

12 paragraph (1), by striking ‘‘the President of the Over13 seas Private Investment Corporation, Director’’ and 

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

15 International Development Finance Corporation, the 

16 Director’’; and 

17 (2) by striking ‘‘Overseas Private Investment 

18 Corporation’’ each place it appears and inserting 

19 ‘‘United States International Development Finance 

20 Corporation’’. 

21 (d) UNITED STATES AND FOREIGN COMMERCIAL

22 SERVICE.—Section 2301 of the Export Enhancement Act 

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

24 Private Investment Corporation’’ each place it appears and 


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

3 (e) TRADE PROMOTION COORDINATING COMMITTEE.— 

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

5 1988 (15 U.S.C. 4727(d)(1)(K)) is amended by striking 

6 ‘‘Overseas Private Investment Corporation’’ and inserting 

7 ‘‘United States International Development Finance Cor8 poration’’. 

9 (f) INTERAGENCY TRADE DATA ADVISORY COM10 MITTEE.—Section 5402(b) of the Omnibus Trade and Com11 petitiveness Act of 1988 (15 U.S.C. 4902(b)) is amended 

12 by striking ‘‘the President of the Overseas Private Invest13 ment Corporation’’ and inserting ‘‘the Chief Executive Offi14 cer of the United States International Development Finance 

15 Corporation’’. 

16 (g) MISUSE OF NAMES OF FEDERAL AGENCIES.—Sec17 tion 709 of title 18, United States Code, is amended by 

18 striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Private 

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

20 ‘‘ ‘United States International Development Finance Cor21 poration’ or ‘DFC’ ’’. 

22 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

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

24 Trade Facilitation and Trade Enforcement Act of 2015 (19 

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


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1 Private Investment Corporation’’ and inserting ‘‘United 

2 States International Development Finance Corporation’’. 

3 (i) INTERNSHIPS WITH INSTITUTE FOR INTER4 NATIONAL PUBLIC POLICY.—Section 625 of the Higher 

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

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

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

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

10 Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is amend11 ed— 

12 (1) in section 116— 

13 (A) in subsection (a), by inserting ‘‘, and 

14 no support may be provided under title II of the 

15 Better Utilization of Investments Leading to De16 velopment Act of 2018,’’ after ‘‘this part’’; 

17 (B) in the first subsection (b)— 

18 (i) by inserting ‘‘or title II of the Bet19 ter Utilization of Investments Leading to 

20 Development Act of 2018’’ after ‘‘this part’’; 

21 (ii) by inserting ‘‘or the Chief Execu22 tive Officer of the United States Inter23 national Development Finance Corporation, 

24 as applicable,’’ after ‘‘this Act’’; 


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1 (iii) by inserting ‘‘or support’’ after 

2 ‘‘the assistance’’; and 

3 (iv) by inserting ‘‘or support’’ after 

4 ‘‘such assistance’’ each place it appears; 

5 (C) in the second subsection (b), by insert6 ing ‘‘under this part, and no support may be 

7 provided under title II of the Better Utilization 

8 of Investments Leading to Development Act of 

9 2018,’’ after ‘‘provided’’; and 

10 (D) in subsection (c), by striking ‘‘under 

11 this part, the Administrator’’ and inserting 

12 ‘‘under this part, or support provided under title 

13 II of the Better Utilization of Investments Lead14 ing to Development Act of 2018, the Adminis15 trator, or the Chief Executive Officer of the 

16 United States International Development Fi17 nance Corporation, as applicable,’’; 

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

19 2296b(b)(2)), by striking ‘‘Overseas Private Invest20 ment Corporation’’ and inserting ‘‘United States 

21 International Development Finance Corporation’’; 

22 and 

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

24 2291(e)(4)(A)), in the matter preceding clause (i), by 

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1 ter 2, relating to the Overseas Private Investment 

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

3 under title II of the Better Utilization of Investments 

4 Leading to Development Act of 2018, relating to the 

5 United States International Development Finance 

6 Corporation)’’. 

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

8 7 of the Electrify Africa Act of 2015 (Public Law 114–121; 

9 22 U.S.C. 2293 note) are amended by striking ‘‘Overseas 

10 Private Investment Corporation’’ each place it appears and 

11 inserting ‘‘United States International Development Fi12 nance Corporation’’. 

13 (l) FOREIGN AID TRANSPARENCY AND ACCOUNT14 ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 

15 Transparency and Accountability Act of 2016 (Public Law 

16 114–191; 22 U.S.C. 2394c note) is amended— 

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

18 for’’ and all that follows through ‘‘chapter 3’’ and in19 sert ‘‘except for chapter 3’’; 

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

21 the end; 

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

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

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


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1 ‘‘(E) the Better Utilization of Investments 

2 Leading to Development Act of 2018.’’. 

3 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

4 (SEED) PROGRAM.—The Support for East European De5 mocracy (SEED) Act of 1989 (22 U.S.C. 5401 et seq.) is 

6 amended— 

7 (1) in section 2(c) (22 U.S.C. 5401(c)), by strik8 ing paragraph (12) and inserting the following: 

9 ‘‘(12) UNITED STATES INTERNATIONAL DEVELOP10 MENT FINANCE CORPORATION.—Programs of the 

11 United States International Development Finance 

12 Corporation.’’; and 

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

14 striking ‘‘Agency for International Development’’ and 

15 inserting ‘‘United States International Development 

16 Finance Corporation’’. 

17 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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

19 the Cuban Liberty and Democratic Solidarity 

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

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

24 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

25 1998.—Section 405(a)(10) of the International Religious 


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

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

3 inserting ‘‘United States International Development Fi4 nance Corporation’’. 

5 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

6 2000.—Section 103(8)(A) of the Trafficking Victims Protec7 tion Act of 2000 (22 U.S.C. 7102(8)(A)) is amended in 

8 clause (viii) to read as follows: 

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

10 the Better Utilization of Investments Lead11 ing to Development Act of 2018 relating to 

12 the United States International Develop13 ment Finance Corporation; and’’. 

14 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING COUN15 TRIES.—Section 732(b) of the Global Environmental Pro16 tection Assistance Act of 1989 (22 U.S.C. 7902(b)) is 

17 amended by striking ‘‘Overseas Private Investment Cor18 poration’’ and inserting ‘‘United States International De19 velopment Finance Corporation’’. 

20 (r) EXPANDED NONMILITARY ASSISTANCE FOR

21 UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup22 port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 

23 (1) in the paragraph heading, by striking 

24 ‘‘OVERSEAS PRIVATE INVESTMENT CORPORATION’’ and 


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1 inserting ‘‘UNITED STATES INTERNATIONAL DEVELOP2 MENT FINANCE CORPORATION’’; 

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

4 by striking ‘‘Overseas Private Investment Corpora5 tion’’ and inserting ‘‘United States International De6 velopment Finance Corporation’’; and 

7 (3) in subparagraph (B), by striking ‘‘by eligible 

8 investors (as defined in section 238 of the Foreign As9 sistance Act of 1961 (22 U.S.C. 2198))’’. 

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

11 4(7) of the Global Food Security Act of 2016 (22 U.S.C. 

12 9303(7)) is amended by striking ‘‘Overseas Private Invest13 ment Corporation’’ and inserting ‘‘United States Inter14 national Development Finance Corporation’’. 

15 (t) SENSE OF CONGRESS ON EUROPEAN AND EUR16 ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 

17 Countering Russian Influence in Europe and Eurasia Act 

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

19 ‘‘Overseas Private Investment Corporation’’ and inserting 

20 ‘‘United States International Development Finance Cor21 poration’’. 

22 (u) WHOLLY OWNED GOVERNMENT CORPORATION.— 

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

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


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

3 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

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

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

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

7 (A) in the section heading, by striking 

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

10 INTERNATIONAL DEVELOPMENT FINANCE

11 CORPORATION’’; 

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

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

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

20 annual report required under section 240A of the 

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

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

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1 tion 403 of the Better Utilization of Investments 

2 Leading to Development Act of 2018’’; and 

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

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

6 International Development Finance Corporation;’’. 

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

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


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Calendar No. 493 

115TH CONGRESS 

2D SESSION S. 2463 

A BILL 

To establish the United States International Develposes. opment Finance Corporation, and for other purJUNE 27, 2018 

Reported with an amendment 


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