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[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2463 Introduced in Senate (IS)]

<DOC>

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, and Mr. Kaine) introduced the following 
  bill; which was read twice and referred to the Committee on Foreign 
                               Relations

_______________________________________________________________________

                                 A BILL

 
   To establish the United States International Development Finance 
                  Corporation, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Better Utilization 
of Investments Leading to Development Act of 2018'' or the ``BUILD Act 
of 2018''.
    (b) Table of Contents.--The table of contents for 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.
Sec. 608. Incidental transfers.
Sec. 609. Reference.
Sec. 610. Conforming amendments.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Relations and the 
                Committee on Appropriations of the Senate; and
                    (B) the Committee on Foreign Affairs and the 
                Committee on Appropriations of the House of 
                Representatives.
            (2) Less developed country.--The term ``less developed 
        country'' means a country with a low-income economy, lower-
        middle-income economy, or upper-middle-income economy, as 
        defined by the International Bank for Reconstruction and 
        Development and the International Development Association 
        (collectively referred to as the ``World Bank'').
            (3) Predecessor authority.--The term ``predecessor 
        authority'' means authorities repealed by title VI.
            (4) Qualifying sovereign entity.--The term ``qualifying 
        sovereign entity'' means--
                    (A) any agency or instrumentality of a foreign 
                state (as defined in section 1603 of title 28, United 
                States Code); and
                    (B) any international financial institution (as 
                defined in section 1701(c) of the International 
                Financial Institutions Act (22 U.S.C. 262r(c))).

                         TITLE I--ESTABLISHMENT

SEC. 101. STATEMENT OF POLICY.

    It is the policy of the United States to facilitate market-based 
private sector development and economic growth in less developed 
countries through the provision of credit, capital, and other financial 
support--
            (1) to mobilize private capital in support of sustainable, 
        broad-based economic growth, poverty reduction, and development 
        through demand-driven partnerships with the private sector that 
        further the foreign policy interests of the United States;
            (2) to finance development in a way that builds and 
        strengthens civic institutions, promotes competition, provides 
        for public accountability and transparency;
            (3) to help private sector actors overcome identifiable 
        market gaps and inefficiencies without distorting markets;
            (4) to achieve clearly defined economic and social 
        development outcomes;
            (5) to coordinate with institutions with purposes similar 
        to the purposes of the Corporation to leverage resources of 
        those institutions to produce the greatest impact;
            (6) to help countries currently receiving United States 
        assistance to graduate from their status as recipients of 
        assistance;
            (7) to leverage the private sector and innovative 
        development tools as a means to lessen the reliance of the 
        United States on traditional forms of foreign assistance over 
        time; and
            (8) to complement and be guided by overall United States 
        foreign policy and development objectives, taking into account 
        the policies of countries receiving support.

SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION.

    (a) Establishment.--There is established in the Executive branch 
the United States International Development Finance Corporation (in 
this Act referred to as the ``Corporation''), which shall be a wholly 
owned Government corporation (as defined in section 9101 of title 31, 
United States Code).
    (b) Purpose.--The purpose of the Corporation shall be to mobilize 
and facilitate the participation of private sector capital and skills 
in the economic development of less developed countries, as described 
in subsection (c), and countries in transition from nonmarket to market 
economies, in order to complement the development assistance 
objectives, and advance the foreign policy interests, of the United 
States. In carrying out its purpose, the Corporation, utilizing broad 
criteria, shall take into account in its financing operations the 
economic and financial soundness of projects for which it provides 
support under title II.
    (c) Less Developed Economy Focus.--
            (1) In general.--The Corporation shall prioritize the 
        provision of support under title II in countries with low-
        income economies or lower-middle-income economies, as defined 
        by the World Bank.
            (2) Support in countries with upper-middle-income 
        economies.--The Corporation shall restrict the provision of 
        support under title II in a country with an upper-middle-income 
        economy, as defined by the World Bank, unless--
                    (A) the President determines such support furthers 
                the national economic or foreign policy interests of 
                the United States; and
                    (B) such support is likely to be highly 
                developmental or provide developmental benefits to the 
                poorest population of that country.
    (d) Authorization To Make Expenditures and Commitments.--The 
Corporation may make, without regard to fiscal year limitation, such 
expenditures and commitments as may be necessary using amounts 
appropriated to the Corporation pursuant to section 9104 of title 31, 
United States Code, and otherwise in accordance with law.
    (e) Project-Specific Transaction Costs Not Administrative 
Expenses.--Project-specific transaction costs, including direct and 
indirect costs incurred in claims settlements, and other direct costs 
associated with the provision of support to private sector entities and 
qualifying sovereign entities under title II, shall not be considered 
administrative expenses for the purposes of this section.

SEC. 103. MANAGEMENT OF CORPORATION.

    (a) Structure of Corporation.--There shall be in the Corporation a 
Board of Directors (in this Act referred to as the ``Board''), a Chief 
Executive Officer, a Deputy Chief Executive Officer, a Chief Risk 
Officer, and such other officers as the Board may determine.
    (b) Board of Directors.--
            (1) Duties.--All powers of the Corporation shall vest in 
        and be exercised by or under the authority of the Board. The 
        Board--
                    (A) shall perform the functions specified to be 
                carried out by the Board in this Act; and
                    (B) may prescribe, amend, and repeal bylaws, rules, 
                regulations, and procedures governing the manner in 
                which the business of the Corporation may be conducted 
                and in which the powers granted to the Corporation by 
                law may be exercised.
            (2) Membership of board.--
                    (A) In general.--The Board shall consist of--
                            (i) the Chief Executive Officer of the 
                        Corporation;
                            (ii) the officers specified in subparagraph 
                        (B); and
                            (iii) four other individuals who shall be 
                        appointed by the President, by and with the 
                        advice and consent of the Senate, of which--
                                    (I) one individual should be 
                                appointed from among a list of 
                                individuals submitted by the majority 
                                leader of the Senate after consultation 
                                with the chairman of the Committee on 
                                Foreign Relations of the Senate;
                                    (II) one individual should be 
                                appointed from among a list of 
                                individuals submitted by the minority 
                                leader of the Senate after consultation 
                                with the ranking member of the 
                                Committee on Foreign Relations of the 
                                Senate;
                                    (III) one individual should be 
                                appointed from among a list of 
                                individuals submitted by the Speaker of 
                                the House of Representatives after 
                                consultation with the chairman of the 
                                Committee on Foreign Affairs of the 
                                House of Representatives; and
                                    (IV) one individual should be 
                                appointed from among a list of 
                                individuals submitted by the minority 
                                leader of the House of Representatives 
                                after consultation with the ranking 
                                member of the Committee on Foreign 
                                Affairs of the House of 
                                Representatives.
                    (B) Officers specified.--
                            (i) In general.--The officers specified in 
                        this subparagraph are the following:
                                    (I) The Secretary of State or a 
                                designee of the Secretary.
                                    (II) The Administrator of the 
                                United States Agency for International 
                                Development or a designee of the 
                                Administrator.
                                    (III) The Secretary of the Treasury 
                                or a designee of the Secretary.
                                    (IV) The Secretary of Commerce or a 
                                designee of the Secretary.
                            (ii) Requirements for designees.--A 
                        designee under clause (i) shall be selected 
                        from among officers--
                                    (I) appointed by the President, by 
                                and with the advice and consent of the 
                                Senate;
                                    (II) whose duties relate to the 
                                programs of the Corporation; and
                                    (III) who is designated by and 
                                serving at the pleasure of the 
                                President.
                    (C) Requirements for private sector members.--A 
                member of the Board described in subparagraph 
                (A)(iii)--
                            (i) may not be an officer or employee of 
                        the United States Government;
                            (ii) shall have relevant private sector 
                        experience to carry out the purposes of the 
                        Corporation;
                            (iii) shall be appointed for a term of 3 
                        years and may be reappointed for one additional 
                        term;
                            (iv) shall serve until the member's 
                        successor is appointed and confirmed;
                            (v) shall be compensated at a rate 
                        equivalent to that of level IV of the Executive 
                        Schedule under section 5315 of title 5, United 
                        States Code, when engaged in the business of 
                        the Corporation; and
                            (vi) may be paid per diem in lieu of 
                        subsistence at the applicable rate under the 
                        Federal Travel Regulation under subtitle F of 
                        title 41, Code of Federal Regulations, from 
                        time to time, while away from the home or usual 
                        place of business of the member.
            (3) Chairperson.--There shall be a Chairperson of the Board 
        designated by the President from among the individuals 
        described in paragraph (2)(A).
            (4) Vice chairperson.--The Administrator of the United 
        States Agency for International Development, or the designee of 
        the Administrator under paragraph (2)(B)(i)(II), shall serve as 
        the Vice Chairperson of the Board.
            (5) Quorum.--Six members of the Board shall constitute a 
        quorum for the transaction of business by the Board.
    (c) Public Hearings.--
            (1) Public hearings by the board.--The Board shall hold at 
        least one public hearing each year in order to afford an 
        opportunity for any person to present views with respect to 
        whether--
                    (A) the Corporation is carrying out its activities 
                in accordance with this Act; and
                    (B) any support provided by the Corporation under 
                title II in any country should have been or should be 
                extended.
            (2) Additional public hearings.--In conjunction with each 
        meeting of the Board, the Corporation shall hold a public 
        hearing in order to afford an opportunity for any person to 
        present views regarding the activities of the Corporation. Such 
        views shall be made part of the record.
    (d) Chief Executive Officer.--
            (1) Appointment.--There shall be in the Corporation a Chief 
        Executive Officer, who shall be appointed by the President, by 
        and with the advice and consent of the Senate, and who shall 
        serve at the pleasure of the President.
            (2) Authorities and duties.--The Chief Executive Officer 
        shall be responsible for the management of the Corporation and 
        shall exercise the powers and discharge the duties of the 
        Corporation subject to the bylaws, rules, regulations, and 
        procedures established by the Board.
            (3) Relationship to board.--The Chief Executive Officer 
        shall report to and be under the direct authority of the Board.
            (4) Compensation.--Section 5313 of title 5, United States 
        Code, is amended by adding at the end the following:
            ``Chief Executive Officer, United States International 
        Development Finance Corporation.''.
    (e) Deputy Chief Executive Officer.--There shall be in the 
Corporation a Deputy Chief Executive Officer, who shall be appointed by 
the President, by and with the advice and consent of the Senate, and 
who shall serve at the pleasure of the President.
    (f) Chief Risk Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer of the Corporation shall appoint a 
        Chief Risk Officer, from among individuals with experience at a 
        senior level in financial risk management, who--
                    (A) shall have as the officer's sole function to 
                serve as Chief Risk Officer of the Corporation;
                    (B) shall report directly to the Board; and
                    (C) shall be removable only by a majority vote of 
                the Board.
            (2) Duties.--The Chief Risk Officer shall, in coordination 
        with the audit committee of the Board established under 401, 
        develop, implement, and manage a comprehensive process for 
        identifying, assessing, monitoring, and limiting risks to the 
        Corporation, including the overall portfolio of the 
        Corporation.
    (g) Coordination.--The Chief Executive Officer shall consult with 
the Administrator of the United States Agency for International 
Development and Chief Executive Officer of the Millennium Challenge 
Corporation to coordinate the activities of the Corporation with the 
activities of the United States Agency for International Development 
and the Millennium Challenge Corporation, such as by establishing in 
the Corporation a Chief Development Officer who shall have 
responsibility for coordinating development finance policy and 
implementation efforts of the Corporation with the United States Agency 
for International Development and the Millennium Challenge Corporation 
and their respective development missions.
    (h) Officers and Employees.--
            (1) In general.--Except as otherwise provided in this 
        section, officers, employees, and agents shall be selected and 
        appointed by the Corporation, and shall be vested with such 
        powers and duties as the Corporation may determine.
            (2) Administratively determined employees.--
                    (A) Appointment; compensation; removal.--Of 
                officers and employees employed by the Corporation 
                under paragraph (1), not to exceed 50 may be appointed, 
                compensated, or removed without regard to title 5, 
                United States Code.
                    (B) Reinstatement.--Under such regulations as the 
                President may prescribe, officers and employees 
                appointed to a position under subparagraph (A) may be 
                entitled, upon removal from such position (unless the 
                removal was for cause), to reinstatement to the 
                position occupied at the time of appointment or to a 
                position of comparable grade and salary.
                    (C) Additional positions.--Positions authorized by 
                subparagraph (A) shall be in addition to those 
                otherwise authorized by law, including positions 
                authorized under section 5108 of title 5, United States 
                Code.
                    (D) Rates of pay for officers and employees.--The 
                Corporation may set and adjust rates of basic pay for 
                officers and employees appointed under subparagraph (A) 
                without regard to the provisions of chapter 51 or 
                subchapter III of chapter 53 of title 5, United States 
                Code, relating to classification of positions and 
                General Schedule pay rates, respectively.
            (3) Liability of employees.--
                    (A) In general.--An individual who is a member of 
                the Board or an officer or employee of the Corporation 
                has no liability under this Act with respect to any 
                claim arising out of or resulting from any act or 
                omission by the individual within the scope of the 
                employment of the individual in connection with any 
                transaction by the Corporation.
                    (B) Rule of construction.--Subparagraph (A) shall 
                not be construed to limit personal liability of an 
                individual for criminal acts or omissions, willful or 
                malicious misconduct, acts or omissions for private 
                gain, or any other acts or omissions outside the scope 
                of the individual's employment.
                    (C) Savings provision.--This paragraph shall not be 
                construed--
                            (i) to affect--
                                    (I) any other immunities and 
                                protections that may be available to an 
                                individual described in subparagraph 
                                (A) under applicable law with respect 
                                to a transaction described in that 
                                subparagraph; or
                                    (II) any other right or remedy 
                                against the Corporation, against the 
                                United States under applicable law, or 
                                against any person other than an 
                                individual described in subparagraph 
                                (A) participating in such a 
                                transaction; or
                            (ii) to limit or alter in any way the 
                        immunities that are available under applicable 
                        law for Federal officers and employees not 
                        described in this paragraph.

SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.

    (a) In General.--Section 8G(a)(2) of the Inspector General Act of 
1978 (5 U.S.C. App.) is amended by inserting ``the United States 
International Development Finance Corporation,'' after ``the 
Smithsonian Institution,''.
    (b) Oversight Independence.--Section 8G(a)(4) of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended--
            (1) in subparagraph (G), by striking ``; and'' and 
        inserting a semicolon;
            (2) in subparagraph (I), by striking the semicolon and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(J) with respect to the United States 
                International Development Finance Corporation, such 
                term means the Board of Directors of the United States 
                International Development Finance Corporation;''.

                         TITLE II--AUTHORITIES

SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUPPORT.

    (a) Lending and Guaranties.--
            (1) In general.--The Corporation may make loans or 
        guarantee loans upon such terms and conditions as the 
        Corporation may determine.
            (2) Denomination.--Loans and guaranties issued under 
        paragraph (1) may be denominated and repayable in United States 
        dollars or foreign currencies.
            (3) Applicability of federal credit reform act of 1990.--
        Loans and guaranties issued under paragraph (1) shall be 
        subject to the requirements of the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661 et seq.).
    (b) Equity Investments.--
            (1) In general.--The Corporation may, as a minority 
        investor, support projects with funds or use other mechanisms 
        for the purpose of purchasing, and may make and fund 
        commitments to purchase, invest in, make pledges in respect of, 
        or otherwise acquire, equity or quasi-equity securities or 
        shares or financial interests of any entity, including as a 
        limited partner or other investor in investment funds, upon 
        such terms and conditions as the Corporation may determine.
            (2) Denomination.--Support provided under paragraph (1) may 
        be denominated and repayable in United States dollars or 
        foreign currency.
            (3) Guidelines and criteria.--The Corporation shall develop 
        guidelines and criteria to require that the use of the 
        authority provided by paragraph (1) with respect to a project 
        has a clearly defined development rationale, taking into 
        account the following factors:
                    (A) The support for the project would be more 
                likely than not to substantially reduce or overcome the 
                effect of an identified market failure in the country 
                in which the project is carried out.
                    (B) The project would not have proceeded or would 
                have been substantially delayed without the support.
                    (C) The support will meaningfully contribute to 
                transforming local conditions to promote the 
                development of markets.
                    (D) The support can be shown to be aligned with 
                commercial partner incentives.
                    (E) The support can be shown to have significant 
                developmental impact and will contribute to long-term 
                commercial sustainability.
            (4) Limitations on equity investments.--
                    (A) Per project limit.--The aggregate amount of 
                support provided under this subsection with respect to 
                any project shall not exceed 20 percent of the 
                aggregate amount of all equity investment made from any 
                source to the project at the time that the Corporation 
                approves support of the project.
                    (B) Total limit.--Support provided pursuant to this 
                subsection shall be limited to not more than 35 percent 
                of the Corporation's aggregate exposure on the date 
                that such support is provided.
            (5) Sales and liquidation of position.--The Corporation 
        shall seek to sell and liquidate any support for a project 
        provided under this subsection as soon as commercially 
        feasible, commensurate with other similar investors in the 
        project.
    (c) Insurance and Reinsurance.--The Corporation may issue insurance 
or reinsurance, upon such terms and conditions as the Corporation may 
determine, to private sector entities and qualifying sovereign entities 
assuring protection of their investments in whole or in part against 
any or all political risks such as currency inconvertibility and 
transfer restrictions, expropriation, war, terrorism, and civil 
disturbance, breach of contract, or non-honoring of financial 
obligations.
    (d) Promotion of and Support for Private Investment 
Opportunities.--
            (1) In general.--The Corporation may initiate and support, 
        through financial participation, incentive grant, or otherwise, 
        and on such terms and conditions as the Corporation may 
        determine, feasibility studies for the planning, development, 
        and management of, and procurement for, bilateral and 
        multilateral development projects, including training 
        activities undertaken in connection with such projects, for the 
        purpose of promoting investment in such projects and the 
        identification, assessment, surveying, and promotion of private 
        investment opportunities, utilizing wherever feasible and 
        effective, the facilities of private investors.
            (2) Contributions to costs.--The Corporation shall, to the 
        maximum extent practicable, require any person receiving funds 
        under the authorities of this subsection to--
                    (A) share the costs of feasibility studies and 
                other project planning services funded under this 
                subsection; and
                    (B) reimburse the Corporation those funds provided 
                under this section, if the person succeeds in project 
                implementation.
    (e) Special Projects and Programs.--The Corporation may administer 
and manage special projects and programs, including programs of 
financial and advisory support that provide private technical, 
professional, or managerial assistance in the development of human 
resources, skills, technology, capital savings, and intermediate 
financial and investment institutions and cooperatives and including 
the initiation of incentives, grants, and studies for renewable energy, 
microenterprise households, and other small business activities.
    (f) Enterprise Funds.--
            (1) In general.--The Corporation may establish and operate 
        enterprise funds in accordance with this subsection.
            (2) Procedures and requirements.--The provisions of section 
        201 of the Support for East European Democracy (SEED) Act of 
        1989 (22 U.S.C. 5421) (other than the provisions of subsections 
        (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) of that 
        section), shall be deemed to apply with respect to any 
        enterprise fund established by the Corporation under this 
        subsection and to funds made available to any such enterprise 
        fund in the same manner and to the same extent as such 
        provisions apply with respect to enterprise funds established 
        pursuant to such section 201 or to funds made available to 
        enterprise funds established under that section.
            (3) Purposes for which support may be provided.--The 
        Corporation, subject to the approval of the Board, may 
        designate private, nonprofit organizations as eligible to 
        receive support under this subsection for the following 
        purposes:
                    (A) To promote development of economic freedom and 
                private sectors, including small- and medium-sized 
                businesses and joint ventures with the United States 
                and host country participants.
                    (B) To facilitate access to the credit to small- 
                and medium-sized businesses with sound business plans 
                in countries where there is limited means of accessing 
                credit on market terms.
                    (C) To promote policies and practices conducive to 
                economic freedom and private sector development.
                    (D) To attract foreign direct investment capital to 
                further promote private sector development and economic 
                freedom.
                    (E) To complement the work of the United States 
                Agency for International Development and other donors 
                to improve the overall business-enabling environment, 
                financing the creation and expansion of the private 
                business sector.
                    (F) To make financially sustainable investments 
                designed to generate measurable social benefits and 
                build technical capacity in addition to financial 
                returns.
            (4) Operation of funds.--
                    (A) Expenditures.--Funds made available to an 
                enterprise fund shall be expended at the minimum rate 
                necessary to make timely payments for projects and 
                activities carried out under this subsection.
                    (B) Administrative expenses.--Not more than 3 
                percent of the funds made available to an enterprise 
                fund may be obligated or expended for the 
                administrative expenses of the enterprise fund.
            (5) Board of directors.--Each enterprise fund established 
        under this subsection shall be governed by a Board of Directors 
        comprised of private citizens of the United States or the host 
        country, who--
                    (A) shall be appointed by the President after 
                consultation with the chairmen and ranking members of 
                the appropriate congressional committees; and
                    (B) have pursued careers in international business 
                and have demonstrated expertise in international and 
                emerging market investment activities.
            (6) Majority member requirement.--The majority of the 
        members of the Board of Directors shall be United States 
        citizens.
            (7) Reports.--Not later than one year after the date of the 
        establishment of an enterprise fund under this subsection, and 
        annually thereafter until the enterprise fund terminates in 
        accordance with paragraph (10), the Board of Directors of the 
        enterprise fund shall--
                    (A) submit to the appropriate congressional 
                committees a report--
                            (i) detailing the administrative expenses 
                        of the enterprise fund during the year 
                        preceding the submission of the report;
                            (ii) describing the operations, activities, 
                        financial condition, and accomplishments of the 
                        enterprise fund during that year; and
                            (iii) describing the results of the audit 
                        conducted under paragraph (8) during that year; 
                        and
                    (B) publish, on a publicly available internet 
                website of the enterprise fund, each report required by 
                subparagraph (A).
            (8) Oversight.--
                    (A) Inspector general performance audits.--
                            (i) In general.--The Inspector General of 
                        the Corporation shall conduct periodic audits 
                        of the activities of each enterprise fund 
                        established under this subsection.
                            (ii) Consideration.--In conducting an audit 
                        under clause (i), the Inspector General shall 
                        assess whether the activities of the enterprise 
                        fund--
                                    (I) support the purposes described 
                                in paragraph (3);
                                    (II) result in profitable private 
                                sector investing; and
                                    (III) generate measurable social 
                                benefits.
                    (B) Recordkeeping requirements.--The Corporation 
                shall ensure that each enterprise fund receiving 
                support under this subsection--
                            (i) keeps separate accounts with respect to 
                        such support; and
                            (ii) maintains such records as may be 
                        reasonably necessary to facilitate effective 
                        audits under this paragraph.
            (9) Return of funds to treasury.--Any funds resulting from 
        any liquidation, dissolution, or winding up of an enterprise 
        fund, in whole or in part, shall be returned to the Treasury of 
        the United States.
            (10) Termination.--The authority of an enterprise fund to 
        provide support under this subsection shall terminate on the 
        earlier of--
                    (A) the date that is 7 years after the date of the 
                first expenditure of amounts from the enterprise fund; 
                or
                    (B) the date on which the enterprise fund is 
                liquidated.
    (g) Sense of Congress.--The Corporation should consider ways to 
provide technical and other support to facilitate the development of 
diaspora bonds and other financing mechanisms that consolidate and 
leverage remittances for development outcomes.
    (h) Other Authorities.--The Corporation shall have, in addition to 
other authorities provided under this section, such authorities as are 
provided for under the State Department Basic Authorities Act of 1956 
(22 U.S.C. 2651a et seq.) and the Foreign Assistance Act of 1961 (22 
U.S.C. 2151 et seq.) and delegated by the President to the Overseas 
Private Investment Corporation or an element of the United States 
Agency for International Development specified in section 603(a)(2) as 
of the day before the date of the enactment of this Act.

SEC. 202. TERMS AND CONDITIONS.

    (a) In General.--Except as provided in subsection (b), support 
provided by the Corporation under this title shall be on such terms and 
conditions as the Corporation may prescribe.
    (b) Requirements.--The following requirements apply to support 
provided by the Corporation under this title:
            (1) The Corporation shall make a loan or guaranty only if 
        it is necessary--
                    (A) to alleviate a credit market imperfection; or
                    (B) to achieve specified objectives of the United 
                States Government by providing support in the most 
                efficient way to meet those objectives on a borrower-
                by-borrower basis.
            (2) The final maturity of a loan made or guaranteed by the 
        Corporation shall not exceed the lesser of--
                    (A) 25 years; or
                    (B) the useful life of any physical asset to be 
                financed by the loan (as determined by the 
                Corporation).
            (3) The Corporation shall, with respect to providing any 
        loan guaranty to a project, require that the parties to the 
        loan guaranteed by the Corporation bear the risk of loss for at 
        least 20 percent of the guaranteed support by the Corporation 
        in the project.
            (4) The Corporation may not guarantee a loan unless the 
        Corporation determines that the lender is responsible and that 
        adequate provision is made for servicing the loan on reasonable 
        terms and protecting the financial interest of the United 
        States.
            (5) The interest rate for direct loans and interest 
        supplements on guaranteed loans shall be set by reference to a 
        benchmark interest rate (yield) on marketable Treasury 
        securities or other widely recognized benchmarks with a similar 
        maturity to the loans being made or guaranteed. The Corporation 
        shall establish appropriate minimum interest rates for loans, 
        guarantees, insurance, and other instruments as necessary.
            (6) The minimum interest rate for new loans as established 
        by the Corporation shall be adjusted periodically to take 
        account of changes in the interest rate of the benchmark 
        financial instrument.
            (7)(A) The Corporation shall set fees or premiums for loan 
        guarantee or insurance coverage at levels that minimize the 
        cost to the Government (as defined in section 502 of the 
        Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of such 
        coverage, while supporting achievement of the objectives of the 
        loan.
            (B) The Corporation shall set the minimum guarantee fee or 
        insurance premium at a level sufficient to cover the 
        Corporation's costs for paying all of the estimated costs to 
        the Government of the expected default claims and other 
        obligations.
            (C) The Corporation shall review fees for loan guaranties 
        periodically to ensure that the fees assessed on new loan 
        guarantees are at a level sufficient to cover the Corporation's 
        most recent estimates of its costs.
            (8) Any loan guaranty provided by the Corporation shall be 
        conclusive evidence that--
                    (A) the guaranty has been properly obtained;
                    (B) the loan qualified for the guaranty; and
                    (C) but for fraud or material misrepresentation by 
                the holder of the guaranty, the guaranty is presumed to 
                be valid, legal, and enforceable.
            (9) The Corporation may not make a loan or loan guaranty 
        unless the Corporation determines that there is a reasonable 
        assurance of repayment on the loan.
            (10) The Corporation shall prescribe explicit standards for 
        use in periodically assessing the credit risk of new and 
        existing direct loans or guaranteed loans.
            (11) The Corporation may not make loans or loan guaranties 
        except to the extent that budget authority to cover the costs 
        of the loans or guaranties is provided in advance in an 
        appropriations Act, as required by section 504 of the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661c).

SEC. 203. PAYMENT OF LOSSES.

    (a) Payments for Defaults on Guaranteed Loans.--
            (1) In general.--If the Corporation determines that the 
        holder of a loan guaranteed by the Corporation suffers a loss 
        as a result of a default by a borrower on the loan, the 
        Corporation shall pay to the holder the percent of the loss, as 
        specified in the guaranty contract after the holder of the loan 
        has made such further collection efforts and instituted such 
        enforcement proceedings as the Corporation may require.
            (2) Subrogation.--Upon making a payment described in 
        paragraph (1), the Corporation shall ensure the Corporation 
        will be subrogated to all the rights of the recipient of the 
        payment.
            (3) Recovery efforts.--The Corporation shall pursue 
        recovery from the borrower of the amount of any payment made 
        under paragraph (1) with respect to the loan.
    (b) Limitation on Payments.--
            (1) In general.--Except as provided by paragraph (2), 
        compensation for insurance, reinsurance, or a guaranty issued 
        under this title shall not exceed the dollar value of the 
        insurance, reinsurance, or guaranty, as of the date of its 
        issuance, made in the project with the approval of the 
        Corporation, plus interest, earnings, or profits actually 
        accrued on the insurance, reinsurance, or guaranty, to the 
        extent provided by such insurance, reinsurance, or guaranty.
            (2) Exception.--
                    (A) In general.--The Corporation may provide that--
                            (i) appropriate adjustments in the insured 
                        dollar value be made to reflect the replacement 
                        cost of project assets; and
                            (ii) compensation for a claim of loss under 
                        insurance of an equity investment under section 
                        201(b) may be computed on the basis of the net 
                        book value attributable to the equity 
                        investment on the date of loss.
            (3) Additional limitation.--
                    (A) In general.--Notwithstanding paragraph 
                (2)(A)(ii) and except as provided in subparagraph (B), 
                the Corporation shall limit the amount of direct 
                insurance and reinsurance issued under section 201 with 
                respect to a project so as to require that the insured 
                and its affiliates bear the risk of loss for at least 
                10 percent of the amount of the Corporation's exposure 
                to that insured and its affiliates in the project.
                    (B) Exception.--The limitation under subparagraph 
                (A) shall not apply to direct insurance or reinsurance 
                of loans provided by banks or other financial 
                institutions to unrelated parties.
    (c) Actions by Attorney General.--The Attorney General shall take 
such action as may be appropriate to enforce any right accruing to the 
United States as a result of the issuance of any loan or guarantee 
under this title.
    (d) Rule of Construction.--Nothing in this section shall be 
construed to preclude any forbearance for the benefit of a borrower 
that may be agreed upon by the parties to a loan guaranteed by the 
Corporation if budget authority for any resulting costs to the United 
States Government (as defined in section 502 of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661a)) is available.

SEC. 204. TERMINATION.

    The authorities provided under this title terminate on September 
30, 2038.

            TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

SEC. 301. OPERATIONS.

    (a) Bilateral Agreements.--The Corporation may provide support 
under title II in connection with projects in any country the 
government of which has entered into an agreement with the United 
States authorizing the Corporation to provide such support in that 
country.
    (b) Claims Settlement.--
            (1) In general.--Claims arising as a result of support 
        provided under title II or under predecessor authority may be 
        settled, and disputes arising as a result thereof may be 
        arbitrated with the consent of the parties, on such terms and 
        conditions as the Corporation may determine.
            (2) Settlements conclusive.--Payment made pursuant to any 
        settlement pursuant to paragraph (1), or as a result of an 
        arbitration award, shall be final and conclusive 
        notwithstanding any other provision of law.
    (c) Presumption of Compliance.--Each contract executed by such 
officer or officers as may be designated by the Board shall be 
conclusively presumed to be issued in compliance with the requirements 
of this Act.
    (d) Electronic Payments and Documents.--The Corporation shall 
implement policies to accept electronic documents and electronic 
payments in all of its programs.

SEC. 302. CORPORATE POWERS.

    (a) In General.--The Corporation--
            (1) may adopt, alter, and use a seal, to include an 
        identifiable symbol of the United States;
            (2) may make and perform such contracts, including no-cost 
        contracts (as defined by the Corporation), grants, and other 
        agreements notwithstanding division C of subtitle I of title 
        41, United States Code, with any person or government however 
        designated and wherever situated, as may be necessary for 
        carrying out the functions of the Corporation;
            (3) may determine and prescribe the manner in which its 
        obligations shall be incurred and its expenses allowed and 
        paid, including expenses for representation;
            (4) may lease, purchase, or otherwise acquire, improve, and 
        use such real property wherever situated, as may be necessary 
        for carrying out the functions of the Corporation;
            (5) may accept cash gifts or donations of services or of 
        property (real, personal, or mixed), tangible or intangible, 
        for the purpose of carrying out the functions of the 
        Corporation;
            (6) may use the United States mails in the same manner and 
        on the same conditions as the Executive departments (as defined 
        in section 101 of title 5, United States Code);
            (7) may contract with individuals for personal services, 
        who shall not be considered Federal employees for any provision 
        of law administered by the Director of the Office of Personnel 
        Management;
            (8) may hire or obtain passenger motor vehicles;
            (9) may sue and be sued in its corporate name;
            (10) may acquire, hold, or dispose of, upon such terms and 
        conditions as the Corporation may determine, any property, 
        real, personal, or mixed, tangible or intangible, or any 
        interest in such property, and with respect to lease of office 
        space for the Corporation's own use, the obligation of amounts 
        for such lease is limited to the current fiscal year for which 
        payments are due without regard to section 1341(a)(1)(B) of 
        title 31, United States Code;
            (11) may indemnify directors, officers, employees, and 
        agents of the Corporation for liabilities and expenses incurred 
        in connection with their activities on behalf of the 
        Corporation;
            (12) notwithstanding any other provision of law, may 
        represent itself or contract for representation in all legal 
        and arbitral proceedings;
            (13) may purchase, discount, rediscount, sell, and 
        negotiate, with or without its endorsement or guaranty, and 
        guarantee notes, participation certificates, and other evidence 
        of indebtedness;
            (14) may exercise any priority of the Government of the 
        United States in collecting debts from bankrupt, insolvent, or 
        decedents' estates;
            (15) may collect, notwithstanding section 3711(g)(1) of 
        title 31, United States Code, or compromise any obligations 
        assigned to or held by the Corporation, including any legal or 
        equitable rights accruing to the Corporation;
            (16) may manage assets described in section 3(9) of Public 
        Law 110-343 (12 U.S.C. 5202(9)) in a manner designed to 
        minimize cost to the Corporation, including establishing 
        vehicles that are authorized to purchase, hold, and sell assets 
        and issue obligations;
            (17) may make arrangements with foreign governments 
        (including agencies, instrumentalities, or political 
        subdivisions of such governments) or with multilateral 
        organizations or institutions for sharing liabilities;
            (18) may revolve funds of the Corporation through selling 
        direct investments of the Corporation to private investors upon 
        such terms and conditions as the Corporation may determine; and
            (19) shall have such other powers as may be necessary and 
        incident to carrying out the functions of the Corporation.
    (b) Treatment of Property.--Notwithstanding any other provision of 
law relating to the acquisition, handling, or disposal of property by 
the United States, the Corporation shall have the right in its 
discretion to complete, recondition, reconstruct, renovate, repair, 
maintain, operate, or sell any property acquired by the Corporation 
pursuant to the provisions of this Act.

SEC. 303. MAXIMUM CONTINGENT LIABILITY.

    (a) In General.--The maximum contingent liability of the 
Corporation outstanding at any one time shall not exceed in the 
aggregate the amount specified in subsection (b).
    (b) Amount Specified.--
            (1) Initial 5-year period.--The amount specified in this 
        subsection for the 5-year period beginning on the date of the 
        enactment of this Act, is $60,000,000,000.
            (2) Subsequent 5-year periods.--Not later than 5 years 
        after the date of the enactment of this Act, and every 5 years 
        thereafter, the amount specified in paragraph (1) shall be 
        adjusted to reflect the percentage of the increase (if any) in 
        the average of the Consumer Price Index during the preceding 5-
        year period.
            (3) Consumer price index defined.--In this subsection, the 
        term ``Consumer Price Index'' means the most recent Consumer 
        Price Index for All Urban Consumers published by the Bureau of 
        Labor Statistics of the Department of Labor.

SEC. 304. CORPORATE FUNDS.

    (a) Corporate Capital Account.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a revolving fund to be known as the 
        ``Corporate Capital Account'', consisting of such funds as--
                    (A) are available to discharge liabilities under 
                predecessor authorities; and
                    (B) are made available to the Corporation pursuant 
                to subsections (d), (e), and (f), or otherwise 
                available pursuant to this section.
            (2) Use of funds.--Amounts in the Corporate Capital Account 
        shall be available for discharge of liabilities of the 
        Corporation, until such time as all such liabilities have been 
        discharged or have expired or until all of the amounts in the 
        Account have been expended in accordance with the provisions of 
        this section.
    (b) Transfer of Previous Fees and Revenue.--There is hereby 
authorized to be transferred to the Corporation at its call, for the 
purposes specified in subsection (g), all fees and other revenues 
collected by the Overseas Private Investment Corporation pursuant to 
the reorganization plan submitted by the President under section 602.
    (c) Full Faith and Credit.--All support provided pursuant to 
predecessor authorities or title II shall continue to constitute 
obligations of the United States, and the full faith and credit of the 
United States is hereby pledged for the full payment and performance of 
such obligations.
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated to the Corporation, to remain available until expended, 
such amounts as may be necessary from time to time to replenish or 
increase the Corporate Capital Account.
    (e) Issuance of Obligations.--
            (1) In general.--In order to discharge liabilities of the 
        Corporation, the Corporation may issue from time to time for 
        purchase by the Secretary of the Treasury notes, debentures, 
        bonds, or other obligations of the Corporation.
            (2) Limitation.--The aggregate amount of obligations 
        outstanding under paragraph (1) at any one time shall not 
        exceed $1,000,000,000.
            (3) Repayment.--Any obligation issued under paragraph (1) 
        shall be repaid to the Treasury of the United States within one 
        year after the date of issue of the obligation.
            (4) Interest rate.--Any obligation issued under paragraph 
        (1) shall bear interest at a rate determined by the Secretary, 
        taking into consideration the current average market yield on 
        outstanding marketable obligations of the United States of 
        comparable maturities during the month preceding the issuance 
        of any obligation authorized by this subsection.
            (5) Purchase.--The Secretary shall purchase any obligation 
        of the Corporation issued under paragraph (1), and for such 
        purchase the Secretary may use as a public debt transaction the 
        proceeds of the sale of any securities issued under chapter 31 
        of title 31, United States Code. The purpose for which 
        securities may be issued under such chapter shall include any 
        such purchase.
            (6) Funding.--There are hereby authorized to be 
        appropriated to the Secretary for fiscal year 2018 and each 
        fiscal year thereafter such sums as may be necessary to carry 
        out this subsection.
    (f) Fees.--
            (1) In general.--Fees may be charged for providing services 
        and for transaction costs incurred by the Corporation in 
        amounts to be determined by the Corporation.
            (2) Use of fees.--All fees under paragraph (1) paid for 
        transaction costs and other costs associated with services 
        provided shall be available for obligation for the purposes for 
        which such fees were collected.
    (g) Income and Revenue in General.--In order to carry out the 
purposes of the Corporation, all funds, fees, revenues, and income 
transferred to or earned by the Corporation, from whatever source 
derived, shall be held by the Corporation and shall be available to 
carry out the purposes of the Corporation, including--
            (1) payment of all expenses of the Corporation;
            (2) transfers and additions to the Corporate Capital 
        Account and such other funds or reserves as the Corporation may 
        establish, at such time and in such amounts as the Board may 
        determine;
            (3) payment of dividends on capital stock, which shall 
        consist of and be paid from net earnings of the Corporation 
        after payments, transfers, and additions under paragraphs (1) 
        and (2); and
            (4) transfer of such sums as may be necessary from the 
        Corporate Capital Account for costs (as defined in section 502 
        of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of 
        providing support under title II, including the costs of 
        modifying such support.
    (h) Transaction Costs.--Transaction costs incurred by the 
Corporation, including such costs relating to loan obligations or loan 
guarantee commitments covered by the provisions of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661 et seq.), shall be held in and paid 
out of the Corporate Capital Account.

SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE CORPORATION ON 
              CONSTRAINTS ANALYSIS.

    It is the sense of Congress that the Corporation should use the 
constraints analysis and other relevant data of the Millennium 
Challenge Corporation to be better inform the decisions of the 
Corporation with respect to providing support under title II.

            TITLE IV--MONITORING, EVALUATION, AND REPORTING

SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES.

    (a) In General.--To manage risks such as key strategic, 
reputational, regulatory, operational, and financial risks the 
Corporation shall establish a risk committee and an audit committee.
    (b) Duties and Responsibilities.--Subject to the direction of the 
Board, the risk committee established under subsection (a) shall have 
the responsibility of--
            (1) carrying out independent oversight of the Corporation;
            (2) reviewing and providing guidance on the risk governance 
        structure of the Corporation; and
            (3) developing policies for enterprise risk management, 
        monitoring, and management of strategic, reputational, 
        regulatory, operational, and financial risks.

SEC. 402. PERFORMANCE MEASURES.

    (a) In General.--The Corporation shall develop a performance 
measurement system to evaluate and monitor projects supported by the 
Corporation under title II and to guide future projects of the 
Corporation.
    (b) Considerations.--In developing the performance measurement 
system required by subsection (a), the Corporation shall--
            (1) develop a successor for the development impact 
        measurement system used by the Overseas Private Investment 
        Corporation before the date of the enactment of this Act;
            (2) develop a mechanism for ensuring that support provided 
        by the Corporation under title II is in addition to private 
        investment; and
            (3) develop standards for, and a method for ensuring, 
        appropriate financial performance of the Corporation's 
        portfolio.
    (c) Public Availability of Certain Information.--The Corporation 
shall regularly make available to the public information about support 
provided by the Corporation under title II and performance metrics 
about such support on a country-by-country basis.
    (d) Consultations.--In developing the performance measurement 
system required by subsection (a), the Corporation shall consult with 
stakeholders engaged in sustainable economic growth and development 
outside the United States, including private sector entities and 
nongovernmental and civil society organizations.

SEC. 403. ANNUAL REPORT.

    (a) In General.--After the end of each fiscal year, the Corporation 
shall submit to the appropriate congressional committees a complete and 
detailed report of its operations during that fiscal year, including an 
assessment of--
            (1) the economic and social development impact and benefits 
        of projects supported by the Corporation under title II; and
            (2) the extent to which the operations of the Corporation 
        complement or are compatible with the development assistance 
        programs of the United States and qualifying sovereign 
        entities.
    (b) Elements.--Each annual report required by subsection (a) shall 
include projections of the effects of each project supported by the 
Corporation under title II, including--
            (1) reviews and analysis of--
                    (A) the desired development outcomes for each 
                project and whether or not the project is meeting the 
                associated metrics, goals, and development objectives 
                in the years following the conclusion of the project; 
                and
                    (B) the effect of the Corporation's support for the 
                project on access to capital, specifically whether the 
                project is addressing identifiable market gaps or 
                inefficiencies and what impact, if any, such support 
                will have on access to credit for private sector 
                entities in the country in which the project is carried 
                out;
            (2) an explanation of any partnership arrangement or 
        cooperation with a qualifying sovereign entity in support of 
        each project;
            (3) projections of--
                    (A) each project's development outcome, and whether 
                or not support for the project is meeting the 
                associated performance measures, both during the start-
                up phase and over the duration of the project; and
                    (B) the amount of private sector assets brought to 
                bear relative to the amount of support provided by the 
                Corporation and any other public sector support 
                associated with the project; and
            (4) an assessment of the extent to which lessons learned 
        from the monitoring and evaluation activities of the 
        Corporation, and from annual reports from previous years 
        compiled by the Corporation, have been applied to projects.

SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION.

    The Corporation shall--
            (1) maintain a user-friendly, publicly available, machine-
        readable database with detailed country-level information, 
        including a description of the support provided by the 
        Corporation under title II; and
            (2) include a clear link to information about each project 
        supported by the Corporation under title II on the internet 
        website of the Department of State, ``ForeignAssistance.gov'', 
        or a successor website or other online publication.

SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE CORPORATION.

    (a) Audits.--Subject to subsection (f), an independent certified 
public accountant shall perform a financial and compliance audit of the 
financial statements of the Corporation annually, in accordance with 
generally accepted government auditing standards for a financial and 
compliance audit, as issued by the Comptroller General of the United 
States.
    (b) Reports on Audits.--The independent certified public accountant 
who conducts an audit under subsection (a) shall report the results of 
the audit to the Executive Director of the Corporation and the 
appropriate congressional committees.
    (c) Presentation.--The financial statements of the Corporation and 
the report required by subsection (b) shall be presented in accordance 
with generally accepted accounting principles.
    (d) Reports to Congress.--Not later than 195 days after the end of 
the last fiscal year covered by an audit conducted under subsection 
(a), the Corporation shall submit to the appropriate congressional 
committees a report that includes--
            (1) the report required by subsection (b) with respect to 
        the audit; and
            (2) the financial statements of the Corporation.
    (e) Review and Report by the Government Accountability Office.--The 
Comptroller General may review an audit conducted under subsection (a) 
and the report to the appropriate congressional committees required by 
subsection (d) in the manner and at such times as the Comptroller 
General considers necessary.
    (f) Alternative Audits by Government Accountability Office.--
Instead of an audit conducted under subsection (a) by a certified 
public accountant, the Comptroller General shall, if the Comptroller 
General considers it necessary or upon the request of Congress, audit 
the financial statements of the Corporation in the manner provided 
under subsection (a).
    (g) Availability of Information.--All books, accounts, financial 
records, reports, files, workpapers, and property belonging to or in 
use by the Corporation or the accountant who conducts an audit under 
subsection (a) that are necessary for purposes of conducing the audit, 
shall be made available to the Comptroller General and such employees 
as the Comptroller General considers appropriate.

SEC. 406. ENGAGEMENT WITH INVESTORS.

    (a) In General.--The Corporation shall, in cooperation with the 
Administrator of the United States Agency for International 
Development--
            (1) develop a strategic relationship with private sector 
        entities focused at the nexus of business opportunities and 
        development priorities;
            (2) engage such entities and reduce business risks 
        primarily through direct transaction support and facilitating 
        investment partnerships;
            (3) develop and support tools, approaches, and 
        intermediaries that can mobilize private finance at scale in 
        the developing world;
            (4) pursue projects of all sizes, especially those that are 
        small but designed for work in the most underdeveloped areas, 
        including countries with chronic suffering as a result of 
        extreme poverty, fragile institutions, or a history of 
        violence; and
            (5) pursue projects consistent with the stated goals of the 
        Department of State and the Strategic Plan and the Mission 
        Country Development Cooperation Strategies of the United States 
        Agency for International Development.
    (b) Assistance.--To achieve the goals described in subsection (a), 
the Corporation shall--
            (1) develop risk mitigation tools;
            (2) provide transaction structuring support for blended 
        finance models;
            (3) support intermediaries linking capital supply and 
        demand;
            (4) coordinate with other Federal agencies to support or 
        accelerate transactions;
            (5) convene financial, donor, and public sector partners 
        around opportunities for private finance within development 
        priorities;
            (6) offer strategic planning and programming assistance to 
        catalyze investment into priority sectors;
            (7) provide transaction structuring support;
            (8) deliver training and knowledge management tools for 
        engaging private investors;
            (9) partner with private sector entities that provide 
        access to capital and expertise; and
            (10) identify and screen new investment partners.

          TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

SEC. 501. LIMITATIONS AND PREFERENCES.

    (a) Limitation on Support for Single Entity.--No entity receiving 
support from the Corporation under title II may receive more than an 
amount equal to 5 percent of the Corporation's maximum contingent 
liability authorized under section 303.
    (b) Preference for Support of Investment by United States 
Investors.--
            (1) In general.--The Corporation shall give preferential 
        consideration to projects sponsored by or involving private 
        sector entities that are United States persons.
            (2) United states person defined.--In this subsection, the 
        term ``United States person'' means--
                    (A) a United States citizen; or
                    (B) an entity significantly beneficially owned by 
                individuals described in subparagraph (A).
    (c) Preference for Provision of Support in Countries in Compliance 
With International Trade Obligations.--
            (1) Consultations with united states trade 
        representative.--Not less frequently than annually, the 
        Corporation shall consult with the United States Trade 
        Representative with respect to the status of countries eligible 
        to receive support from the Corporation under title II and the 
        compliance of those countries with their international trade 
        obligations.
            (2) Preferential consideration.--The Corporation shall give 
        preferential consideration to providing support under title II 
        for projects in countries in compliance with or making 
        substantial progress coming into compliance with their 
        international trade obligations.
    (d) Worker Rights.--The Corporation should support projects under 
title II in countries that are taking steps to adopt and implement laws 
that extend internationally recognized worker rights (as defined in 
section 507 of the Trade Act of 1974 (19 U.S.C. 2467)) to workers in 
that country.
    (e) Environmental Impact.--The Board shall not vote in favor of any 
project proposed to be supported by the Corporation under title II that 
is likely to have significant adverse environmental impacts that are 
sensitive, diverse, or unprecedented, unless--
            (1) before the date of the vote, an environmental impact 
        assessment or initial environmental audit, analyzing the 
        environmental impacts of the proposed project and of 
        alternatives to the proposed project, is completed; and
            (2) such assessment or audit has been made available to the 
        public of the United States, locally affected groups in the 
        country in which the project will be carried out, and 
        nongovernmental organizations in that country.

SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET DISTORTION.

    (a) In General.--Before the Corporation provides support for a 
project under title II, the Corporation shall ensure that private 
sector entities are afforded an opportunity to support the project 
instead of the project receiving support from the Corporation.
    (b) Safeguards, Policies, and Guidelines.--The Corporation shall 
develop appropriate safeguards, policies, and guidelines to ensure that 
support provided by the Corporation under title II--
            (1) supplements and encourages, but does not compete with, 
        private sector support; and
            (2) operates according to internationally recognized best 
        practices and standards with respect to ensuring the avoidance 
        of market distorting government subsidies and the crowding out 
        of private sector lending.

SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED COUNTRIES AND WITH 
              SANCTIONED PERSONS.

    (a) In General.--The Corporation is prohibited from providing 
support under title II in a country the government of which the 
Secretary of State has determined has repeatedly provided support for 
acts of international terrorism for purposes of--
            (1) section 6(j)(1)(A) of the Export Administration Act of 
        1979 (50 U.S.C. 4605(j)(1)(A)) (as continued in effect pursuant 
        to the International Emergency Economic Powers Act (50 U.S.C. 
        1701 et seq.));
            (2) section 620A(a) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2371(a));
            (3) section 40(d) of the Arms Export Control Act (22 U.S.C. 
        2780(d)); or
            (4) any other provision of law.
    (b) Prohibition on Support of Sanctioned Persons.--The Corporation 
is prohibited from supporting a project under title II that benefits 
any entity subject to sanctions imposed by the United States.

SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, AND BRIBERY.

    Subsections (g), (l), and (n) of section 237 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2197) shall apply with respect to the 
Corporation to the same extent and in the same manner as such 
subsections applied with respect to the Overseas Private Investment 
Corporation on the day before the date of the enactment of this Act.

SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED ENTERPRISES AND 
              MONOPOLIES.

    (a) Policies With Respect to State-Owned Enterprises.--The 
Corporation shall develop appropriate policies and guidelines to ensure 
that support provided under title II to a state-owned enterprise, 
sovereign wealth fund, or a parastatal entity engaged in commercial 
activities or to a project in which such an entity or fund is 
participating is provided under appropriate principles of competitive 
neutrality.
    (b) Prohibition on Support to Monopolies.--The Corporation may not 
provide support under title II to private sector entities engaged in 
monopolistic practices.
    (c) State-Owned Enterprise Defined.--
            (1) In general.--In this section, the term ``state-owned 
        enterprise'' means any enterprise established for a commercial 
        or business purpose that is directly owned or controlled by one 
        or more governments, including any agency, instrumentality, 
        subdivision, or other unit of government at any level of 
        jurisdiction.
            (2) Control; owned.--For purposes of paragraph (1):
                    (A) Control.--The term ``control'', with respect to 
                an enterprise, means the power by any means to control 
                the enterprise regardless of--
                            (i) the level of ownership; and
                            (ii) whether or not the power is exercised.
                    (B) Owned.--The term ``owned'', with respect to an 
                enterprise, means a majority or controlling interest, 
                whether by value or voting interest, of the shares of 
                that enterprise, including through fiduciaries, agents, 
                or other means.

                   TITLE VI--TRANSITIONAL PROVISIONS

SEC. 601. DEFINITIONS.

    In this title:
            (1) Agency.--The term ``agency'' includes any entity, 
        organizational unit, program, or function.
            (2) Transition period.--The term ``transition period'' 
        means the period--
                    (A) beginning on the date of the enactment of this 
                Act; and
                    (B) ending on the effective date of the 
                reorganization plan required by section 602(d).

SEC. 602. REORGANIZATION PLAN.

    (a) Submission of Plan.--Not later than 60 days after the date of 
the enactment of this Act, the President shall transmit to the 
appropriate congressional committees a reorganization plan regarding 
the following:
            (1) The transfer of agencies, personnel, assets, and 
        obligations to the Corporation pursuant to this title.
            (2) Any consolidation, reorganization, or streamlining of 
        agencies transferred to the Corporation pursuant to this title.
    (b) Plan Elements.--The plan transmitted under subsection (a) shall 
contain, consistent with this Act, such elements as the President deems 
appropriate, including the following:
            (1) Identification of any functions of agencies transferred 
        to the Corporation pursuant to this title that will not be 
        transferred to the Corporation under the plan.
            (2) Specification of the steps to be taken to organize the 
        Corporation, including the delegation or assignment of 
        functions transferred to the Corporation among officers of the 
        Corporation in order to permit the Corporation to carry out the 
        functions transferred under the plan.
            (3) Specification of the funds available to each agency 
        that will be transferred to the Corporation as a result of 
        transfers under the plan.
            (4) Specification of the proposed allocations within the 
        Corporation of unexpended funds transferred in connection with 
        transfers under the plan.
            (5) Specification of any proposed disposition of property, 
        facilities, contracts, records, and other assets and 
        obligations of agencies transferred under the plan.
    (c) Modification of Plan.--The President may, on the basis of 
consultations with the appropriate congressional committees, modify or 
revise any part of the plan until that part of the plan becomes 
effective in accordance with subsection (d).
    (d) Effective Date.--
            (1) In general.--The reorganization plan described in this 
        section, including any modifications or revisions of the plan 
        under subsection (c), shall become effective for an agency on 
        the date specified in the plan (or the plan as modified 
        pursuant to subsection (c)), except that such date may not be 
        earlier than 90 days after the date the President has 
        transmitted the reorganization plan to the appropriate 
        congressional committees pursuant to subsection (a).
            (2) Statutory construction.--Nothing in this subsection may 
        be construed to require the transfer of functions, personnel, 
        records, balances of appropriations, or other assets of an 
        agency on a single date.

SEC. 603. TRANSFER OF FUNCTIONS.

    (a) In General.--Effective at the end of the transition period, 
there shall be transferred to the Corporation the functions, personnel, 
assets, and liabilities of--
            (1) the Overseas Private Investment Corporation, as in 
        existence on the day before the date of the enactment of this 
        Act; and
            (2) the following elements of the United States Agency for 
        International Development:
                    (A) The Development Credit Authority.
                    (B) The enterprise funds.
                    (C) The Office of Private Capital and 
                Microenterprise.
    (b) Bilateral Agreements.--Any bilateral agreement of the United 
States in effect on the date of the enactment of this Act that serves 
as the basis for programs of the Overseas Private Investment 
Corporation shall be considered as satisfying the requirements of 
section 301(a).
    (c) Transition.--During the transition period, the agencies 
specified in subsection (a) shall--
            (1) continue to administer the assets and obligations of 
        those agencies; and
            (2) carry out such programs and activities authorized under 
        this Act as may be determined by the President.

SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION AND 
              OTHER SUPERCEDED AUTHORITIES.

    Effective at the end of the transition period--
            (1) the Overseas Private Investment Corporation is 
        terminated; and
            (2) the following provisions are repealed:
                    (A) Title IV of chapter 2 of part I of the Foreign 
                Assistance Act of 1961 (22 U.S.C. 2191 et seq.) (other 
                than subsections (g), (l), and (n) of section 237 of 
                that Act).
                    (B) Subtitle B of title VI of that chapter (22 
                U.S.C. 2212).

SEC. 605. TRANSITIONAL AUTHORITIES.

    (a) Provision of Assistance by Officials.--Until the transfer of an 
agency to the Corporation under section 603, any official having 
authority over or functions relating to the agency immediately before 
the date of the enactment of this Act shall provide to the Corporation 
such assistance, including the use of personnel and assets, as the 
Corporation may request in preparing for the transfer and integration 
of the agency into the Corporation.
    (b) Services and Personnel.--During the transition period, upon the 
request of the Corporation, the head of any executive agency may, on a 
reimbursable basis, provide services or detail personnel to assist with 
the transition.
    (c) Acting Officials.--
            (1) In general.--During the transition period, pending the 
        advice and consent of the Senate to the appointment of an 
        officer required by this Act to be appointed by and with such 
        advice and consent, the President may designate any officer 
        whose appointment was required to be made by and with such 
        advice and consent and who was such an officer immediately 
        before the date of the enactment of this Act (and who continues 
        in office) or immediately before such designation, to act in 
        such office until the same is filled as provided in this Act. 
        While so acting, such officers shall receive compensation at 
        the higher of--
                    (A) the rates provided by this Act for the 
                respective offices in which they act; or
                    (B) the rates provided for the offices held at the 
                time of designation.
            (2) Rule of construction.--Nothing in this Act shall be 
        construed to require the advice and consent of the Senate to 
        the appointment by the President to a position in the 
        Corporation of any officer whose agency is transferred to the 
        Corporation pursuant to this title and whose duties following 
        such transfer are germane to those performed before such 
        transfer.
    (d) Transfer of Personnel, Assets, Obligations, and Functions.--
Upon the transfer of an agency to the Corporation under section 603--
            (1) the personnel, assets, and obligations held by or 
        available in connection with the agency shall be transferred to 
        the Corporation for appropriate allocation, subject to the 
        approval of the Director of the Office of Management and Budget 
        and in accordance with section 1531(a)(2) of title 31, United 
        States Code; and
            (2) the Corporation shall have all functions--
                    (A) relating to the agency that any other official 
                could by law exercise in relation to the agency 
                immediately before such transfer; and
                    (B) vested in the Corporation by this Act or other 
                law.

SEC. 606. SAVINGS PROVISIONS.

    (a) Completed Administrative Actions.--
            (1) In general.--Completed administrative actions of an 
        agency shall not be affected by the enactment of this Act or 
        the transfer of such agency to the Corporation under section 
        603, but shall continue in effect according to their terms 
        until amended, modified, superseded, terminated, set aside, or 
        revoked in accordance with law by an officer of the United 
        States or a court of competent jurisdiction, or by operation of 
        law.
            (2) Completed administrative action defined.--In this 
        subsection, the term ``completed administrative action'' 
        includes orders, determinations, rules, regulations, personnel 
        actions, permits, agreements, grants, contracts, certificates, 
        licenses, registrations, and privileges.
    (b) Pending Proceedings.--
            (1) In general.--Pending proceedings in an agency, 
        including notices of proposed rulemaking, and applications for 
        licenses, permits, certificates, grants, and financial 
        assistance, shall continue notwithstanding the enactment of 
        this Act or the transfer of the agency to the Corporation, 
        unless discontinued or modified under the same terms and 
        conditions and to the same extent that such discontinuance 
        could have occurred if such enactment or transfer had not 
        occurred.
            (2) Orders.--Orders issued in proceedings described in 
        paragraph (1), and appeals therefrom, and payments made 
        pursuant to such orders, shall issue in the same manner and on 
        the same terms as if this Act had not been enacted or the 
        agency had not been transferred, and any such orders shall 
        continue in effect until amended, modified, superseded, 
        terminated, set aside, or revoked by an officer of the United 
        States or a court of competent jurisdiction, or by operation of 
        law.
    (c) Pending Civil Actions.--Pending civil actions shall continue 
notwithstanding the enactment of this Act or the transfer of an agency 
to the Corporation, and in such civil actions, proceedings shall be 
had, appeals taken, and judgments rendered and enforced in the same 
manner and with the same effect as if such enactment or transfer had 
not occurred.
    (d) References.--References relating to an agency that is 
transferred to the Corporation under section 603 in statutes, Executive 
orders, rules, regulations, directives, or delegations of authority 
that precede such transfer or the date of the enactment of this Act 
shall be deemed to refer, as appropriate, to the Corporation, to its 
officers, employees, or agents, or to its corresponding organizational 
units or functions. Statutory reporting requirements that applied in 
relation to such an agency immediately before the effective date of 
this Act shall continue to apply following such transfer if they refer 
to the agency by name.
    (e) Employment Provisions.--
            (1) Regulations.--The Corporation may, in regulations 
        prescribed jointly with the Director of the Office of Personnel 
        Management, adopt the rules, procedures, terms, and conditions, 
        established by statute, rule, or regulation before the date of 
        the enactment of this Act, relating to employment in any agency 
        transferred to the Corporation under section 603.
            (2) Effect of transfer on conditions of employment.--Except 
        as otherwise provided in this Act, or under authority granted 
        by this Act, the transfer pursuant to this title of personnel 
        shall not alter the terms and conditions of employment, 
        including compensation, of any employee so transferred.
    (f) Statutory Reporting Requirements.--Any statutory reporting 
requirement that applied to an agency transferred to the Corporation 
under this title immediately before the date of the enactment of this 
Act shall continue to apply following that transfer if the statutory 
requirement refers to the agency by name.

SEC. 607. OTHER TERMINATIONS.

    Except as otherwise provided in this Act, whenever all the 
functions vested by law in any agency have been transferred pursuant to 
this title, each position and office the incumbent of which was 
authorized to receive compensation at the rates prescribed for an 
office or position at level II, III, IV, or V of the Executive Schedule 
under subchapter II of chapter 53 of title 5, United States Code, shall 
terminate.

SEC. 608. INCIDENTAL TRANSFERS.

    The Director of the Office of Management and Budget, in 
consultation with the Corporation, is authorized and directed to make 
such additional incidental dispositions of personnel, assets, and 
liabilities held, used, arising from, available, or to be made 
available, in connection with the functions transferred by this title, 
as the Director may determine necessary to accomplish the purposes of 
this Act.

SEC. 609. REFERENCE.

    With respect to any function transferred under this title 
(including under a reorganization plan under section 602) and exercised 
on or after the date of the enactment of this Act, reference in any 
other Federal law to any department, commission, or agency or any 
officer or office the functions of which are so transferred shall be 
deemed to refer to the Corporation or official or component of the 
Corporation to which that function is so transferred.

SEC. 610. CONFORMING AMENDMENTS.

    (a) Exempt Programs.--Section 255(g) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)) is amended by 
striking ``Overseas Private Investment Corporation, Noncredit Account 
(71-4184-0-3-151).'' and inserting ``United States International 
Development Finance Corporation.''.
    (b) Executive Schedule.--Title 5, United States Code, is amended--
            (1) in section 5314, by striking ``President, Overseas 
        Private Investment Corporation.'';
            (2) in section 5315, by striking ``Executive Vice 
        President, Overseas Private Investment Corporation.''; and
            (3) in section 5316, by striking ``Vice Presidents, 
        Overseas Private Investment Corporation (3).''.
    (c) Office of International Trade of the Small Business 
Administration.--Section 22 of the Small Business Act (15 U.S.C. 649) 
is amended--
            (1) in subsection (b), in the matter preceding paragraph 
        (1), by striking ``the President of the Overseas Private 
        Investment Corporation, Director'' and inserting ``the Board of 
        Directors of the United States International Development 
        Finance Corporation, the Director''; and
            (2) by striking ``Overseas Private Investment Corporation'' 
        each place it appears and inserting ``United States 
        International Development Finance Corporation''.
    (d) United States and Foreign Commercial Service.--Section 2301 of 
the Export Enhancement Act of 1988 (15 U.S.C. 4721) is amended by 
striking ``Overseas Private Investment Corporation'' each place it 
appears and inserting ``United States International Development Finance 
Corporation''.
    (e) Trade Promotion Coordinating Committee.--Section 2312(d)(1)(K) 
of the Export Enhancement Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is 
amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (f) Interagency Trade Data Advisory Committee.--Section 5402(b) of 
the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 4902(b)) 
is amended by striking ``the President of the Overseas Private 
Investment Corporation'' and inserting ``the Chief Executive Officer of 
the United States International Development Finance Corporation''.
    (g) Misuse of Names of Federal Agencies.--Section 709 of title 18, 
United States Code, is amended by striking ```Overseas Private 
Investment', `Overseas Private Investment Corporation', or `OPIC','' 
and inserting ```United States International Development Finance 
Corporation' or `DFC'''.
    (h) Engagement on Currency Exchange Rate and Economic Policies.--
Section 701(c)(1)(A) of the Trade Facilitation and Trade Enforcement 
Act of 2015 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ``Overseas 
Private Investment Corporation'' and inserting ``United States 
International Development Finance Corporation''.
    (i) Internships With Institute for International Public Policy.--
Section 625 of the Higher Education Act of 1965 (20 U.S.C. 1131c(a)) is 
amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (j) Foreign Assistance Act of 1961.--The Foreign Assistance Act of 
1961 (22 U.S.C. 2151 et seq.) is amended--
            (1) in section 449B(b)(2) (22 U.S.C. 2296b(b)(2)), by 
        striking ``Overseas Private Investment Corporation'' and 
        inserting ``United States International Development Finance 
        Corporation''; and
            (2) in section 481(e)(4)(A) (22 U.S.C. 2291(e)(4)(A)), in 
        the matter preceding clause (i), by striking ``(including 
        programs under title IV of chapter 2, relating to the Overseas 
        Private Investment Corporation)'' and inserting ``(and any 
        support under title II of the Better Utilization of Investments 
        Leading to Development Act of 2018, relating to the United 
        States International Development Finance Corporation)''.
    (k) Electrify Africa Act of 2015.--Sections 5 and 7 of the 
Electrify Africa Act of 2015 (Public Law 114-121; 22 U.S.C. 2293 note) 
are amended by striking ``Overseas Private Investment Corporation'' 
each place it appears and inserting ``United States International 
Development Finance Corporation''.
    (l) Foreign Aid Transparency and Accountability Act of 2016.--
Section 2(3) of the Foreign Aid Transparency and Accountability Act of 
2016 (Public Law 114-191; 22 U.S.C. 2394c note) is amended by striking 
subparagraph (A) and inserting the following:
                    ``(A) title II of the Better Utilization of 
                Investments Leading to Development Act of 2018;''.
    (m) Support for East European Democracy (SEED) Program.--Section 
2(c) of the Support for East European Democracy (SEED) Act of 1989 (22 
U.S.C. 5401(c)) is amended by striking paragraph (12) and inserting the 
following:
            ``(12) United states international development finance 
        corporation.--Programs of the United States International 
        Development Finance Corporation.''.
    (n) Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 
1996.--Section 202(b)(2)(B)(iv) of the Cuban Liberty and Democratic 
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) is 
amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (o) International Religious Freedom Act of 1998.--Section 
405(a)(10) of the International Religious Freedom Act of 1998 (22 
U.S.C. 6445(a)(10)) is amended by striking ``Overseas Private 
Investment Corporation'' and inserting ``United States International 
Development Finance Corporation''.
    (p) Trafficking Victims Protection Act of 2000.--Section 103(8) of 
the Trafficking Victims Protection Act of 2000 (22 U.S.C. 7102(8)) is 
amended--
            (1) in clause (vii), by striking the semicolon and 
        inserting ``; and''; and
            (2) by striking clause (viii).
    (q) Technology Deployment in Developing Countries.--Section 732(b) 
of the Global Environmental Protection Assistance Act of 1989 (22 
U.S.C. 7902(b)) is amended by striking ``Overseas Private Investment 
Corporation'' and inserting ``United States International Development 
Finance Corporation''.
    (r) Expanded Nonmilitary Assistance for Ukraine.--Section 7(c)(3) 
of the Ukraine Freedom Support Act of 2014 (22 U.S.C. 8926(c)(3)) is 
amended--
            (1) in the matter preceding subparagraph (A), by striking 
        ``Overseas Private Investment Corporation'' and inserting 
        ``United States International Development Finance 
        Corporation''; and
            (2) in subparagraph (B), by striking ``by eligible 
        investors (as defined in section 238 of the Foreign Assistance 
        Act of 1961 (22 U.S.C. 2198))''.
    (s) Global Food Security Act of 2016.--Section 4(7) of the Global 
Food Security Act of 2016 (22 U.S.C. 9303(7)) is amended by striking 
``Overseas Private Investment Corporation'' and inserting ``United 
States International Development Finance Corporation''.
    (t) Sense of Congress on European and Eurasian Energy Security.--
Section 257(c)(2)(B) of the Countering Russian Influence in Europe and 
Eurasia Act of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking 
``Overseas Private Investment Corporation'' and inserting ``United 
States International Development Finance Corporation''.
    (u) Wholly Owned Government Corporation.--Section 9101(3) of title 
31, United States Code, is amended by striking ``Overseas Private 
Investment Corporation'' and inserting ``United States International 
Development Finance Corporation''.
    (v) Energy Independence and Security Act of 2007.--Title IX of the 
Energy Independence and Security Act of 2007 (42 U.S.C. 17321 et seq.) 
is amended--
            (1) in section 914 (42 U.S.C. 17334)--
                    (A) in the section heading, by striking ``overseas 
                private investment corporation'' and inserting ``united 
                states international development finance corporation'';
                    (B) in subsection (a), in the matter preceding 
                paragraph (1), by striking ``Overseas Private 
                Investment Corporation'' and inserting ``United States 
                International Development Finance Corporation''; and
                    (C) in subsection (b), in the matter preceding 
                paragraph (1), by striking ``Overseas Private 
                Investment Corporation shall include in its annual 
                report required under section 240A of the Foreign 
                Assistance Act of 1961 (22 U.S.C. 2200a)'' and 
                inserting ``United States International Development 
                Finance Corporation shall include in its annual report 
                required under section 403 of the Better Utilization of 
                Investments Leading to Development Act of 2018''; and
            (2) in section 916(a)(2)(I) (42 U.S.C. 17336(a)(2)(I)), by 
        striking ``Overseas Private Investment Corporation:'' and 
        inserting ``United States International Development Finance 
        Corporation;''.
    (w) Effective Date.--The amendments made by this section shall take 
effect at the end of the transition period.
                                 <all>
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