II 

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. 

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

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

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

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

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

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Definitions. 


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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. 


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1 SEC. 2. DEFINITIONS. 

2 In this Act: 

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

6 (A) the Committee on Foreign Relations 

7 and the Committee on Appropriations of the 

8 Senate; and 

9 (B) the Committee on Foreign Affairs and 

10 the Committee on Appropriations of the House 

11 of Representatives. 

12 (2) LESS DEVELOPED COUNTRY.—The term 

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

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

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

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

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

19 (3) PREDECESSOR AUTHORITY.—The term 

20 ‘‘predecessor authority’’ means authorities repealed 

21 by title VI. 

22 (4) QUALIFYING SOVEREIGN ENTITY.—The 

23 term ‘‘qualifying sovereign entity’’ means— 

24 (A) any agency or instrumentality of a for25 eign state (as defined in section 1603 of title 

26 28, United States Code); and 


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1 (B) any international financial institution 

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

4 262r(c))). 

5 TITLE I—ESTABLISHMENT 

6 SEC. 101. STATEMENT OF POLICY. 

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

9 in less developed countries through the provision of credit, 

10 capital, and other financial support— 

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

14 partnerships with the private sector that further the 

15 foreign policy interests of the United States; 

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

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

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

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


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

3 leverage resources of those institutions to produce 

4 the greatest impact; 

5 (6) to help countries currently receiving United 

6 States assistance to graduate from their status as 

7 recipients of assistance; 

8 (7) to leverage the private sector and innovative 

9 development tools as a means to lessen the reliance 

10 of the United States on traditional forms of foreign 

11 assistance over time; and 

12 (8) to complement and be guided by overall 

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

16 SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 

17 FINANCE CORPORATION. 

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

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

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

23 31, United States Code). 

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

25 be to mobilize and facilitate the participation of private 


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1 sector capital and skills in the economic development of 

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

3 and countries in transition from nonmarket to market 

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

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

8 in its financing operations the economic and financial 

9 soundness of projects for which it provides support under 

10 title II. 

11 (c) LESS DEVELOPED ECONOMY FOCUS.— 

12 (1) IN GENERAL.—The Corporation shall 

13 prioritize the provision of support under title II in 

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

16 Bank. 

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

19 restrict the provision of support under title II in a 

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

21 defined by the World Bank, unless— 

22 (A) the President determines such support 

23 furthers the national economic or foreign policy 

24 interests of the United States; and 


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

3 to the poorest population of that country. 

4 (d) AUTHORIZATION TO MAKE EXPENDITURES AND

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

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

10 with law. 

11 (e) PROJECT-SPECIFIC TRANSACTION COSTS NOT

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

14 in claims settlements, and other direct costs associated 

15 with the provision of support to private sector entities and 

16 qualifying sovereign entities under title II, shall not be 

17 considered administrative expenses for the purposes of this 

18 section. 

19 SEC. 103. MANAGEMENT OF CORPORATION. 

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

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

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

24 such other officers as the Board may determine. 

25 (b) BOARD OF DIRECTORS.— 


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

2 shall vest in and be exercised by or under the au3 thority of the Board. The Board— 

4 (A) shall perform the functions specified to 

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

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

9 Corporation may be conducted and in which the 

10 powers granted to the Corporation by law may 

11 be exercised. 

12 (2) MEMBERSHIP OF BOARD.— 

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

14 of— 

15 (i) the Chief Executive Officer of the 

16 Corporation; 

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

19 (iii) four other individuals who shall 

20 be appointed by the President, by and with 

21 the advice and consent of the Senate, of 

22 which— 

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


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1 of the Senate after consultation with 

2 the chairman of the Committee on 

3 Foreign Relations of the Senate; 

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

7 of the Senate after consultation with 

8 the ranking member of the Committee 

9 on Foreign Relations of the Senate; 

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

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

15 Committee on Foreign Affairs of the 

16 House of Representatives; and 

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

20 of the House of Representatives after 

21 consultation with the ranking member 

22 of the Committee on Foreign Affairs 

23 of the House of Representatives. 

24 (B) OFFICERS SPECIFIED.— 


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

3 (I) The Secretary of State or a 

4 designee of the Secretary. 

5 (II) The Administrator of the 

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

8 the Administrator. 

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

11 (IV) The Secretary of Commerce 

12 or a designee of the Secretary. 

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

15 be selected from among officers— 

16 (I) appointed by the President, 

17 by and with the advice and consent of 

18 the Senate; 

19 (II) whose duties relate to the 

20 programs of the Corporation; and 

21 (III) who is designated by and 

22 serving at the pleasure of the Presi23 dent. 


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1 (C) REQUIREMENTS FOR PRIVATE SECTOR

2 MEMBERS.—A member of the Board described 

3 in subparagraph (A)(iii)— 

4 (i) may not be an officer or employee 

5 of the United States Government; 

6 (ii) shall have relevant private sector 

7 experience to carry out the purposes of the 

8 Corporation; 

9 (iii) shall be appointed for a term of 

10 3 years and may be reappointed for one 

11 additional term; 

12 (iv) shall serve until the member’s 

13 successor is appointed and confirmed; 

14 (v) shall be compensated at a rate 

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

17 United States Code, when engaged in the 

18 business of the Corporation; and 

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

20 subsistence at the applicable rate under 

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

24 the home or usual place of business of the 

25 member. 


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

3 from among the individuals described in paragraph 

4 (2)(A). 

5 (4) VICE CHAIRPERSON.—The Administrator of 

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

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

9 Chairperson of the Board. 

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

11 constitute a quorum for the transaction of business 

12 by the Board. 

13 (c) PUBLIC HEARINGS.— 

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

15 Board shall hold at least one public hearing each 

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

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

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

22 been or should be extended. 

23 (2) ADDITIONAL PUBLIC HEARINGS.—In con24 junction with each meeting of the Board, the Cor25 poration shall hold a public hearing in order to afVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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1 ford an opportunity for any person to present views 

2 regarding the activities of the Corporation. Such 

3 views shall be made part of the record. 

4 (d) CHIEF EXECUTIVE OFFICER.— 

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

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

9 pleasure of the President. 

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

15 established by the Board. 

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

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

20 United States Code, is amended by adding at the 

21 end the following: 

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

24 (e) DEPUTY CHIEF EXECUTIVE OFFICER.—There 

25 shall be in the Corporation a Deputy Chief Executive OffiVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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

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

3 at the pleasure of the President. 

4 (f) CHIEF RISK OFFICER.— 

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

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

8 among individuals with experience at a senior level 

9 in financial risk management, who— 

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

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

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

14 (C) shall be removable only by a majority 

15 vote of the Board. 

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

17 coordination with the audit committee of the Board 

18 established under 401, develop, implement, and 

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

23 (g) COORDINATION.—The Chief Executive Officer 

24 shall consult with the Administrator of the United States 

25 Agency for International Development and Chief ExecuVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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1 tive Officer of the Millennium Challenge Corporation to 

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

5 as by establishing in the Corporation a Chief Development 

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

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

11 (h) OFFICERS AND EMPLOYEES.— 

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

14 shall be selected and appointed by the Corporation, 

15 and shall be vested with such powers and duties as 

16 the Corporation may determine. 

17 (2) ADMINISTRATIVELY DETERMINED EMPLOY18 EES.— 

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

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

22 exceed 50 may be appointed, compensated, or 

23 removed without regard to title 5, United 

24 States Code. 


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

3 and employees appointed to a position under 

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

6 was for cause), to reinstatement to the position 

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

9 (C) ADDITIONAL POSITIONS.—Positions 

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

13 of title 5, United States Code. 

14 (D) RATES OF PAY FOR OFFICERS AND

15 EMPLOYEES.—The Corporation may set and 

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

18 without regard to the provisions of chapter 51 

19 or subchapter III of chapter 53 of title 5, 

20 United States Code, relating to classification of 

21 positions and General Schedule pay rates, re22 spectively. 

23 (3) LIABILITY OF EMPLOYEES.— 

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

25 member of the Board or an officer or employee 


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1 of the Corporation has no liability under this 

2 Act with respect to any claim arising out of or 

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

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

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

10 or omissions, willful or malicious misconduct, 

11 acts or omissions for private gain, or any other 

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

14 (C) SAVINGS PROVISION.—This paragraph 

15 shall not be construed— 

16 (i) to affect— 

17 (I) any other immunities and 

18 protections that may be available to 

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

21 respect to a transaction described in 

22 that subparagraph; or 

23 (II) any other right or remedy 

24 against the Corporation, against the 

25 United States under applicable law, or 


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

3 participating in such a transaction; or 

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

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

8 SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 

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

10 General Act of 1978 (5 U.S.C. App.) is amended by insert11 ing ‘‘the United States International Development Fi12 nance Corporation,’’ after ‘‘the Smithsonian Institution,’’. 

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

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

15 amended— 

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

17 and inserting a semicolon; 

18 (2) in subparagraph (I), by striking the semi19 colon and inserting ‘‘; and’’; and 

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

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

22 International Development Finance Corpora23 tion, such term means the Board of Directors 

24 of the United States International Development 

25 Finance Corporation;’’. 


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1 TITLE II—AUTHORITIES 

2 SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP3 PORT. 

4 (a) LENDING AND GUARANTIES.— 

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

6 loans or guarantee loans upon such terms and condi7 tions as the Corporation may determine. 

8 (2) DENOMINATION.—Loans and guaranties 

9 issued under paragraph (1) may be denominated and 

10 repayable in United States dollars or foreign cur11 rencies. 

12 (3) APPLICABILITY OF FEDERAL CREDIT RE13 FORM ACT OF 1990.—Loans and guaranties issued 

14 under paragraph (1) shall be subject to the require15 ments of the Federal Credit Reform Act of 1990 (2 

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

17 (b) EQUITY INVESTMENTS.— 

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

19 minority investor, support projects with funds or use 

20 other mechanisms for the purpose of purchasing, 

21 and may make and fund commitments to purchase, 

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

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

24 financial interests of any entity, including as a lim25 ited partner or other investor in investment funds, 


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1 upon such terms and conditions as the Corporation 

2 may determine. 

3 (2) DENOMINATION.—Support provided under 

4 paragraph (1) may be denominated and repayable in 

5 United States dollars or foreign currency. 

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

8 that the use of the authority provided by paragraph 

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

10 development rationale, taking into account the fol11 lowing factors: 

12 (A) The support for the project would be 

13 more likely than not to substantially reduce or 

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

17 (B) The project would not have proceeded 

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

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

23 (D) The support can be shown to be 

24 aligned with commercial partner incentives. 


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

4 (4) LIMITATIONS ON EQUITY INVESTMENTS.— 

5 (A) PER PROJECT LIMIT.—The aggregate 

6 amount of support provided under this sub7 section with respect to any project shall not ex8 ceed 20 percent of the aggregate amount of all 

9 equity investment made from any source to the 

10 project at the time that the Corporation ap11 proves support of the project. 

12 (B) TOTAL LIMIT.—Support provided pur13 suant to this subsection shall be limited to not 

14 more than 35 percent of the Corporation’s ag15 gregate exposure on the date that such support 

16 is provided. 

17 (5) SALES AND LIQUIDATION OF POSITION.— 

18 The Corporation shall seek to sell and liquidate any 

19 support for a project provided under this subsection 

20 as soon as commercially feasible, commensurate with 

21 other similar investors in the project. 

22 (c) INSURANCE AND REINSURANCE.—The Corpora23 tion may issue insurance or reinsurance, upon such terms 

24 and conditions as the Corporation may determine, to pri25 vate sector entities and qualifying sovereign entities assurVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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1 ing protection of their investments in whole or in part 

2 against any or all political risks such as currency incon3 vertibility and transfer restrictions, expropriation, war, 

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

5 non-honoring of financial obligations. 

6 (d) PROMOTION OF AND SUPPORT FOR PRIVATE IN7 VESTMENT OPPORTUNITIES.— 

8 (1) IN GENERAL.—The Corporation may ini9 tiate and support, through financial participation, 

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

11 conditions as the Corporation may determine, feasi12 bility studies for the planning, development, and 

13 management of, and procurement for, bilateral and 

14 multilateral development projects, including training 

15 activities undertaken in connection with such 

16 projects, for the purpose of promoting investment in 

17 such projects and the identification, assessment, sur18 veying, and promotion of private investment oppor19 tunities, utilizing wherever feasible and effective, the 

20 facilities of private investors. 

21 (2) CONTRIBUTIONS TO COSTS.—The Corpora22 tion shall, to the maximum extent practicable, re23 quire any person receiving funds under the authori24 ties of this subsection to— 


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1 (A) share the costs of feasibility studies 

2 and other project planning services funded 

3 under this subsection; and 

4 (B) reimburse the Corporation those funds 

5 provided under this section, if the person suc6 ceeds in project implementation. 

7 (e) SPECIAL PROJECTS AND PROGRAMS.—The Cor8 poration may administer and manage special projects and 

9 programs, including programs of financial and advisory 

10 support that provide private technical, professional, or 

11 managerial assistance in the development of human re12 sources, skills, technology, capital savings, and inter13 mediate financial and investment institutions and coopera14 tives and including the initiation of incentives, grants, and 

15 studies for renewable energy, microenterprise households, 

16 and other small business activities. 

17 (f) ENTERPRISE FUNDS.— 

18 (1) IN GENERAL.—The Corporation may estab19 lish and operate enterprise funds in accordance with 

20 this subsection. 

21 (2) PROCEDURES AND REQUIREMENTS.—The 

22 provisions of section 201 of the Support for East 

23 European Democracy (SEED) Act of 1989 (22 

24 U.S.C. 5421) (other than the provisions of sub25 sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 


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1 of that section), shall be deemed to apply with re2 spect to any enterprise fund established by the Cor3 poration under this subsection and to funds made 

4 available to any such enterprise fund in the same 

5 manner and to the same extent as such provisions 

6 apply with respect to enterprise funds established 

7 pursuant to such section 201 or to funds made avail8 able to enterprise funds established under that sec9 tion. 

10 (3) PURPOSES FOR WHICH SUPPORT MAY BE

11 PROVIDED.—The Corporation, subject to the ap12 proval of the Board, may designate private, non13 profit organizations as eligible to receive support 

14 under this subsection for the following purposes: 

15 (A) To promote development of economic 

16 freedom and private sectors, including small17 and medium-sized businesses and joint ventures 

18 with the United States and host country par19 ticipants. 

20 (B) To facilitate access to the credit to 

21 small- and medium-sized businesses with sound 

22 business plans in countries where there is lim23 ited means of accessing credit on market terms. 


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1 (C) To promote policies and practices con2 ducive to economic freedom and private sector 

3 development. 

4 (D) To attract foreign direct investment 

5 capital to further promote private sector devel6 opment and economic freedom. 

7 (E) To complement the work of the United 

8 States Agency for International Development 

9 and other donors to improve the overall busi10 ness-enabling environment, financing the cre11 ation and expansion of the private business sec12 tor. 

13 (F) To make financially sustainable invest14 ments designed to generate measurable social 

15 benefits and build technical capacity in addition 

16 to financial returns. 

17 (4) OPERATION OF FUNDS.— 

18 (A) EXPENDITURES.—Funds made avail19 able to an enterprise fund shall be expended at 

20 the minimum rate necessary to make timely 

21 payments for projects and activities carried out 

22 under this subsection. 

23 (B) ADMINISTRATIVE EXPENSES.—Not 

24 more than 3 percent of the funds made avail25 able to an enterprise fund may be obligated or 


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1 expended for the administrative expenses of the 

2 enterprise fund. 

3 (5) BOARD OF DIRECTORS.—Each enterprise 

4 fund established under this subsection shall be gov5 erned by a Board of Directors comprised of private 

6 citizens of the United States or the host country, 

7 who— 

8 (A) shall be appointed by the President 

9 after consultation with the chairmen and rank10 ing members of the appropriate congressional 

11 committees; and 

12 (B) have pursued careers in international 

13 business and have demonstrated expertise in 

14 international and emerging market investment 

15 activities. 

16 (6) MAJORITY MEMBER REQUIREMENT.—The 

17 majority of the members of the Board of Directors 

18 shall be United States citizens. 

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

20 the date of the establishment of an enterprise fund 

21 under this subsection, and annually thereafter until 

22 the enterprise fund terminates in accordance with 

23 paragraph (10), the Board of Directors of the enter24 prise fund shall— 


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1 (A) submit to the appropriate congres2 sional committees a report— 

3 (i) detailing the administrative ex4 penses of the enterprise fund during the 

5 year preceding the submission of the re6 port; 

7 (ii) describing the operations, activi8 ties, financial condition, and accomplish9 ments of the enterprise fund during that 

10 year; and 

11 (iii) describing the results of the audit 

12 conducted under paragraph (8) during that 

13 year; and 

14 (B) publish, on a publicly available inter15 net website of the enterprise fund, each report 

16 required by subparagraph (A). 

17 (8) OVERSIGHT.— 

18 (A) INSPECTOR GENERAL PERFORMANCE

19 AUDITS.— 

20 (i) IN GENERAL.—The Inspector Gen21 eral of the Corporation shall conduct peri22 odic audits of the activities of each enter23 prise fund established under this sub24 section. 


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1 (ii) CONSIDERATION.—In conducting 

2 an audit under clause (i), the Inspector 

3 General shall assess whether the activities 

4 of the enterprise fund— 

5 (I) support the purposes de6 scribed in paragraph (3); 

7 (II) result in profitable private 

8 sector investing; and 

9 (III) generate measurable social 

10 benefits. 

11 (B) RECORDKEEPING REQUIREMENTS.— 

12 The Corporation shall ensure that each enter13 prise fund receiving support under this sub14 section— 

15 (i) keeps separate accounts with re16 spect to such support; and 

17 (ii) maintains such records as may be 

18 reasonably necessary to facilitate effective 

19 audits under this paragraph. 

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

21 funds resulting from any liquidation, dissolution, or 

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

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

24 States. 


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1 (10) TERMINATION.—The authority of an en2 terprise fund to provide support under this sub3 section shall terminate on the earlier of— 

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

5 of the first expenditure of amounts from the en6 terprise fund; or 

7 (B) the date on which the enterprise fund 

8 is liquidated. 

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

10 consider ways to provide technical and other support to 

11 facilitate the development of diaspora bonds and other fi12 nancing mechanisms that consolidate and leverage remit13 tances for development outcomes. 

14 (h) OTHER AUTHORITIES.—The Corporation shall 

15 have, in addition to other authorities provided under this 

16 section, such authorities as are provided for under the 

17 State Department Basic Authorities Act of 1956 (22 

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

19 1961 (22 U.S.C. 2151 et seq.) and delegated by the Presi20 dent to the Overseas Private Investment Corporation or 

21 an element of the United States Agency for International 

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

23 before the date of the enactment of this Act. 


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1 SEC. 202. TERMS AND CONDITIONS. 

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

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

4 shall be on such terms and conditions as the Corporation 

5 may prescribe. 

6 (b) REQUIREMENTS.—The following requirements 

7 apply to support provided by the Corporation under this 

8 title: 

9 (1) The Corporation shall make a loan or guar10 anty only if it is necessary— 

11 (A) to alleviate a credit market imperfec12 tion; or 

13 (B) to achieve specified objectives of the 

14 United States Government by providing support 

15 in the most efficient way to meet those objec16 tives on a borrower-by-borrower basis. 

17 (2) The final maturity of a loan made or guar18 anteed by the Corporation shall not exceed the lesser 

19 of— 

20 (A) 25 years; or 

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

22 be financed by the loan (as determined by the 

23 Corporation). 

24 (3) The Corporation shall, with respect to pro25 viding any loan guaranty to a project, require that 

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1 tion bear the risk of loss for at least 20 percent of 

2 the guaranteed support by the Corporation in the 

3 project. 

4 (4) The Corporation may not guarantee a loan 

5 unless the Corporation determines that the lender is 

6 responsible and that adequate provision is made for 

7 servicing the loan on reasonable terms and pro8 tecting the financial interest of the United States. 

9 (5) The interest rate for direct loans and inter10 est supplements on guaranteed loans shall be set by 

11 reference to a benchmark interest rate (yield) on 

12 marketable Treasury securities or other widely rec13 ognized benchmarks with a similar maturity to the 

14 loans being made or guaranteed. The Corporation 

15 shall establish appropriate minimum interest rates 

16 for loans, guarantees, insurance, and other instru17 ments as necessary. 

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

19 established by the Corporation shall be adjusted pe20 riodically to take account of changes in the interest 

21 rate of the benchmark financial instrument. 

22 (7)(A) The Corporation shall set fees or pre23 miums for loan guarantee or insurance coverage at 

24 levels that minimize the cost to the Government (as 

25 defined in section 502 of the Federal Credit Reform 


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

2 while supporting achievement of the objectives of the 

3 loan. 

4 (B) The Corporation shall set the minimum 

5 guarantee fee or insurance premium at a level suffi6 cient to cover the Corporation’s costs for paying all 

7 of the estimated costs to the Government of the ex8 pected default claims and other obligations. 

9 (C) The Corporation shall review fees for loan 

10 guaranties periodically to ensure that the fees as11 sessed on new loan guarantees are at a level suffi12 cient to cover the Corporation’s most recent esti13 mates of its costs. 

14 (8) Any loan guaranty provided by the Corpora15 tion shall be conclusive evidence that— 

16 (A) the guaranty has been properly ob17 tained; 

18 (B) the loan qualified for the guaranty; 

19 and 

20 (C) but for fraud or material misrepresen21 tation by the holder of the guaranty, the guar22 anty is presumed to be valid, legal, and enforce23 able. 

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

25 loan guaranty unless the Corporation determines 


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1 that there is a reasonable assurance of repayment on 

2 the loan. 

3 (10) The Corporation shall prescribe explicit 

4 standards for use in periodically assessing the credit 

5 risk of new and existing direct loans or guaranteed 

6 loans. 

7 (11) The Corporation may not make loans or 

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

10 is provided in advance in an appropriations Act, as 

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

13 SEC. 203. PAYMENT OF LOSSES. 

14 (a) PAYMENTS FOR DEFAULTS ON GUARANTEED

15 LOANS.— 

16 (1) IN GENERAL.—If the Corporation deter17 mines that the holder of a loan guaranteed by the 

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

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

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

21 guaranty contract after the holder of the loan has 

22 made such further collection efforts and instituted 

23 such enforcement proceedings as the Corporation 

24 may require. 


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1 (2) SUBROGATION.—Upon making a payment 

2 described in paragraph (1), the Corporation shall en3 sure the Corporation will be subrogated to all the 

4 rights of the recipient of the payment. 

5 (3) RECOVERY EFFORTS.—The Corporation 

6 shall pursue recovery from the borrower of the 

7 amount of any payment made under paragraph (1) 

8 with respect to the loan. 

9 (b) LIMITATION ON PAYMENTS.— 

10 (1) IN GENERAL.—Except as provided by para11 graph (2), compensation for insurance, reinsurance, 

12 or a guaranty issued under this title shall not exceed 

13 the dollar value of the insurance, reinsurance, or 

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

15 project with the approval of the Corporation, plus 

16 interest, earnings, or profits actually accrued on the 

17 insurance, reinsurance, or guaranty, to the extent 

18 provided by such insurance, reinsurance, or guar19 anty. 

20 (2) EXCEPTION.— 

21 (A) IN GENERAL.—The Corporation may 

22 provide that— 

23 (i) appropriate adjustments in the in24 sured dollar value be made to reflect the 

25 replacement cost of project assets; and 


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1 (ii) compensation for a claim of loss 

2 under insurance of an equity investment 

3 under section 201(b) may be computed on 

4 the basis of the net book value attributable 

5 to the equity investment on the date of 

6 loss. 

7 (3) ADDITIONAL LIMITATION.— 

8 (A) IN GENERAL.—Notwithstanding para9 graph (2)(A)(ii) and except as provided in sub10 paragraph (B), the Corporation shall limit the 

11 amount of direct insurance and reinsurance 

12 issued under section 201 with respect to a 

13 project so as to require that the insured and its 

14 affiliates bear the risk of loss for at least 10 

15 percent of the amount of the Corporation’s ex16 posure to that insured and its affiliates in the 

17 project. 

18 (B) EXCEPTION.—The limitation under 

19 subparagraph (A) shall not apply to direct in20 surance or reinsurance of loans provided by 

21 banks or other financial institutions to unre22 lated parties. 

23 (c) ACTIONS BY ATTORNEY GENERAL.—The Attor24 ney General shall take such action as may be appropriate 

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


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

2 title. 

3 (d) RULE OF CONSTRUCTION.—Nothing in this sec4 tion shall be construed to preclude any forbearance for the 

5 benefit of a borrower that may be agreed upon by the par6 ties to a loan guaranteed by the Corporation if budget au7 thority for any resulting costs to the United States Gov8 ernment (as defined in section 502 of the Federal Credit 

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

10 SEC. 204. TERMINATION. 

11 The authorities provided under this title terminate on 

12 September 30, 2038. 

13 TITLE III—ADMINISTRATIVE 

14 AND GENERAL PROVISIONS 

15 SEC. 301. OPERATIONS. 

16 (a) BILATERAL AGREEMENTS.—The Corporation 

17 may provide support under title II in connection with 

18 projects in any country the government of which has en19 tered into an agreement with the United States author20 izing the Corporation to provide such support in that 

21 country. 

22 (b) CLAIMS SETTLEMENT.— 

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

24 support provided under title II or under predecessor 

25 authority may be settled, and disputes arising as a 


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1 result thereof may be arbitrated with the consent of 

2 the parties, on such terms and conditions as the 

3 Corporation may determine. 

4 (2) SETTLEMENTS CONCLUSIVE.—Payment 

5 made pursuant to any settlement pursuant to para6 graph (1), or as a result of an arbitration award, 

7 shall be final and conclusive notwithstanding any 

8 other provision of law. 

9 (c) PRESUMPTION OF COMPLIANCE.—Each contract 

10 executed by such officer or officers as may be designated 

11 by the Board shall be conclusively presumed to be issued 

12 in compliance with the requirements of this Act. 

13 (d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 

14 Corporation shall implement policies to accept electronic 

15 documents and electronic payments in all of its programs. 

16 SEC. 302. CORPORATE POWERS. 

17 (a) IN GENERAL.—The Corporation— 

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

19 an identifiable symbol of the United States; 

20 (2) may make and perform such contracts, in21 cluding no-cost contracts (as defined by the Corpora22 tion), grants, and other agreements notwithstanding 

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

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1 ignated and wherever situated, as may be necessary 

2 for carrying out the functions of the Corporation; 

3 (3) may determine and prescribe the manner in 

4 which its obligations shall be incurred and its ex5 penses allowed and paid, including expenses for rep6 resentation; 

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

8 improve, and use such real property wherever situ9 ated, as may be necessary for carrying out the func10 tions of the Corporation; 

11 (5) may accept cash gifts or donations of serv12 ices or of property (real, personal, or mixed), tan13 gible or intangible, for the purpose of carrying out 

14 the functions of the Corporation; 

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

16 same manner and on the same conditions as the Ex17 ecutive departments (as defined in section 101 of 

18 title 5, United States Code); 

19 (7) may contract with individuals for personal 

20 services, who shall not be considered Federal em21 ployees for any provision of law administered by the 

22 Director of the Office of Personnel Management; 

23 (8) may hire or obtain passenger motor vehi24 cles; 

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


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

2 such terms and conditions as the Corporation may 

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

4 tangible or intangible, or any interest in such prop5 erty, and with respect to lease of office space for the 

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

7 such lease is limited to the current fiscal year for 

8 which payments are due without regard to section 

9 1341(a)(1)(B) of title 31, United States Code; 

10 (11) may indemnify directors, officers, employ11 ees, and agents of the Corporation for liabilities and 

12 expenses incurred in connection with their activities 

13 on behalf of the Corporation; 

14 (12) notwithstanding any other provision of 

15 law, may represent itself or contract for representa16 tion in all legal and arbitral proceedings; 

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

18 and negotiate, with or without its endorsement or 

19 guaranty, and guarantee notes, participation certifi20 cates, and other evidence of indebtedness; 

21 (14) may exercise any priority of the Govern22 ment of the United States in collecting debts from 

23 bankrupt, insolvent, or decedents’ estates; 

24 (15) may collect, notwithstanding section 

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1 promise any obligations assigned to or held by the 

2 Corporation, including any legal or equitable rights 

3 accruing to the Corporation; 

4 (16) may manage assets described in section 

5 3(9) of Public Law 110–343 (12 U.S.C. 5202(9)) in 

6 a manner designed to minimize cost to the Corpora7 tion, including establishing vehicles that are author8 ized to purchase, hold, and sell assets and issue obli9 gations; 

10 (17) may make arrangements with foreign gov11 ernments (including agencies, instrumentalities, or 

12 political subdivisions of such governments) or with 

13 multilateral organizations or institutions for sharing 

14 liabilities; 

15 (18) may revolve funds of the Corporation 

16 through selling direct investments of the Corporation 

17 to private investors upon such terms and conditions 

18 as the Corporation may determine; and 

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

20 necessary and incident to carrying out the functions 

21 of the Corporation. 

22 (b) TREATMENT OF PROPERTY.—Notwithstanding 

23 any other provision of law relating to the acquisition, han24 dling, or disposal of property by the United States, the 

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1 plete, recondition, reconstruct, renovate, repair, maintain, 

2 operate, or sell any property acquired by the Corporation 

3 pursuant to the provisions of this Act. 

4 SEC. 303. MAXIMUM CONTINGENT LIABILITY. 

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

6 of the Corporation outstanding at any one time shall not 

7 exceed in the aggregate the amount specified in subsection 

8 (b). 

9 (b) AMOUNT SPECIFIED.— 

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

11 specified in this subsection for the 5-year period be12 ginning on the date of the enactment of this Act, is 

13 $60,000,000,000. 

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

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

16 Act, and every 5 years thereafter, the amount speci17 fied in paragraph (1) shall be adjusted to reflect the 

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

19 the Consumer Price Index during the preceding 5- 

20 year period. 

21 (3) CONSUMER PRICE INDEX DEFINED.—In 

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

23 means the most recent Consumer Price Index for All 

24 Urban Consumers published by the Bureau of Labor 

25 Statistics of the Department of Labor. 


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1 SEC. 304. CORPORATE FUNDS. 

2 (a) CORPORATE CAPITAL ACCOUNT.— 

3 (1) ESTABLISHMENT.—There is established in 

4 the Treasury of the United States a revolving fund 

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

6 consisting of such funds as— 

7 (A) are available to discharge liabilities 

8 under predecessor authorities; and 

9 (B) are made available to the Corporation 

10 pursuant to subsections (d), (e), and (f), or oth11 erwise available pursuant to this section. 

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

13 Capital Account shall be available for discharge of li14 abilities of the Corporation, until such time as all 

15 such liabilities have been discharged or have expired 

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

17 expended in accordance with the provisions of this 

18 section. 

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

20 There is hereby authorized to be transferred to the Cor21 poration at its call, for the purposes specified in subsection 

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

23 Private Investment Corporation pursuant to the reorga24 nization plan submitted by the President under section 

25 602. 


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

2 pursuant to predecessor authorities or title II shall con3 tinue to constitute obligations of the United States, and 

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

5 pledged for the full payment and performance of such obli6 gations. 

7 (d) AUTHORIZATION OF APPROPRIATIONS.—There 

8 are authorized to be appropriated to the Corporation, to 

9 remain available until expended, such amounts as may be 

10 necessary from time to time to replenish or increase the 

11 Corporate Capital Account. 

12 (e) ISSUANCE OF OBLIGATIONS.— 

13 (1) IN GENERAL.—In order to discharge liabil14 ities of the Corporation, the Corporation may issue 

15 from time to time for purchase by the Secretary of 

16 the Treasury notes, debentures, bonds, or other obli17 gations of the Corporation. 

18 (2) LIMITATION.—The aggregate amount of ob19 ligations outstanding under paragraph (1) at any 

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

21 (3) REPAYMENT.—Any obligation issued under 

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

23 United States within one year after the date of issue 

24 of the obligation. 


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1 (4) INTEREST RATE.—Any obligation issued 

2 under paragraph (1) shall bear interest at a rate de3 termined by the Secretary, taking into consideration 

4 the current average market yield on outstanding 

5 marketable obligations of the United States of com6 parable maturities during the month preceding the 

7 issuance of any obligation authorized by this sub8 section. 

9 (5) PURCHASE.—The Secretary shall purchase 

10 any obligation of the Corporation issued under para11 graph (1), and for such purchase the Secretary may 

12 use as a public debt transaction the proceeds of the 

13 sale of any securities issued under chapter 31 of title 

14 31, United States Code. The purpose for which secu15 rities may be issued under such chapter shall include 

16 any such purchase. 

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

18 be appropriated to the Secretary for fiscal year 2018 

19 and each fiscal year thereafter such sums as may be 

20 necessary to carry out this subsection. 

21 (f) FEES.— 

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

23 providing services and for transaction costs incurred 

24 by the Corporation in amounts to be determined by 

25 the Corporation. 


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

2 (1) paid for transaction costs and other costs associ3 ated with services provided shall be available for ob4 ligation for the purposes for which such fees were 

5 collected. 

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

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

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

9 Corporation, from whatever source derived, shall be held 

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

11 purposes of the Corporation, including— 

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

13 (2) transfers and additions to the Corporate 

14 Capital Account and such other funds or reserves as 

15 the Corporation may establish, at such time and in 

16 such amounts as the Board may determine; 

17 (3) payment of dividends on capital stock, 

18 which shall consist of and be paid from net earnings 

19 of the Corporation after payments, transfers, and 

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

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

22 from the Corporate Capital Account for costs (as de23 fined in section 502 of the Federal Credit Reform 

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


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1 under title II, including the costs of modifying such 

2 support. 

3 (h) TRANSACTION COSTS.—Transaction costs in4 curred by the Corporation, including such costs relating 

5 to loan obligations or loan guarantee commitments covered 

6 by the provisions of the Federal Credit Reform Act of 

7 1990 (2 U.S.C. 661 et seq.), shall be held in and paid 

8 out of the Corporate Capital Account. 

9 SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE 

10 CORPORATION ON CONSTRAINTS ANALYSIS. 

11 It is the sense of Congress that the Corporation 

12 should use the constraints analysis and other relevant data 

13 of the Millennium Challenge Corporation to be better in14 form the decisions of the Corporation with respect to pro15 viding support under title II. 

16 TITLE IV—MONITORING, 

17 EVALUATION, AND REPORTING 

18 SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT19 TEES. 

20 (a) IN GENERAL.—To manage risks such as key stra21 tegic, reputational, regulatory, operational, and financial 

22 risks the Corporation shall establish a risk committee and 

23 an audit committee. 


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

2 direction of the Board, the risk committee established 

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

4 (1) carrying out independent oversight of the 

5 Corporation; 

6 (2) reviewing and providing guidance on the 

7 risk governance structure of the Corporation; and 

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

10 reputational, regulatory, operational, and financial 

11 risks. 

12 SEC. 402. PERFORMANCE MEASURES. 

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

14 performance measurement system to evaluate and monitor 

15 projects supported by the Corporation under title II and 

16 to guide future projects of the Corporation. 

17 (b) CONSIDERATIONS.—In developing the perform18 ance measurement system required by subsection (a), the 

19 Corporation shall— 

20 (1) develop a successor for the development im21 pact measurement system used by the Overseas Pri22 vate Investment Corporation before the date of the 

23 enactment of this Act; 


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1 (2) develop a mechanism for ensuring that sup2 port provided by the Corporation under title II is in 

3 addition to private investment; and 

4 (3) develop standards for, and a method for en5 suring, appropriate financial performance of the 

6 Corporation’s portfolio. 

7 (c) PUBLIC AVAILABILITY OF CERTAIN INFORMA8 TION.—The Corporation shall regularly make available to 

9 the public information about support provided by the Cor10 poration under title II and performance metrics about 

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

12 (d) CONSULTATIONS.—In developing the perform13 ance measurement system required by subsection (a), the 

14 Corporation shall consult with stakeholders engaged in 

15 sustainable economic growth and development outside the 

16 United States, including private sector entities and non17 governmental and civil society organizations. 

18 SEC. 403. ANNUAL REPORT. 

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

20 the Corporation shall submit to the appropriate congres21 sional committees a complete and detailed report of its op22 erations during that fiscal year, including an assessment 

23 of— 


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1 (1) the economic and social development impact 

2 and benefits of projects supported by the Corpora3 tion under title II; and 

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

5 Corporation complement or are compatible with the 

6 development assistance programs of the United 

7 States and qualifying sovereign entities. 

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

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

10 each project supported by the Corporation under title II, 

11 including— 

12 (1) reviews and analysis of— 

13 (A) the desired development outcomes for 

14 each project and whether or not the project is 

15 meeting the associated metrics, goals, and de16 velopment objectives in the years following the 

17 conclusion of the project; and 

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

19 for the project on access to capital, specifically 

20 whether the project is addressing identifiable 

21 market gaps or inefficiencies and what impact, 

22 if any, such support will have on access to cred23 it for private sector entities in the country in 

24 which the project is carried out; 


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

4 (3) projections of— 

5 (A) each project’s development outcome, 

6 and whether or not support for the project is 

7 meeting the associated performance measures, 

8 both during the start-up phase and over the du9 ration of the project; and 

10 (B) the amount of private sector assets 

11 brought to bear relative to the amount of sup12 port provided by the Corporation and any other 

13 public sector support associated with the 

14 project; and 

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

16 learned from the monitoring and evaluation activities 

17 of the Corporation, and from annual reports from 

18 previous years compiled by the Corporation, have 

19 been applied to projects. 

20 SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 

21 The Corporation shall— 

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

23 machine-readable database with detailed country24 level information, including a description of the sup25 port provided by the Corporation under title II; and 


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1 (2) include a clear link to information about 

2 each project supported by the Corporation under 

3 title II on the internet website of the Department of 

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

5 website or other online publication. 

6 SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE 

7 CORPORATION. 

8 (a) AUDITS.—Subject to subsection (f), an inde9 pendent certified public accountant shall perform a finan10 cial and compliance audit of the financial statements of 

11 the Corporation annually, in accordance with generally ac12 cepted government auditing standards for a financial and 

13 compliance audit, as issued by the Comptroller General 

14 of the United States. 

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

16 public accountant who conducts an audit under subsection 

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

18 Director of the Corporation and the appropriate congres19 sional committees. 

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

21 Corporation and the report required by subsection (b) 

22 shall be presented in accordance with generally accepted 

23 accounting principles. 

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

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


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1 audit conducted under subsection (a), the Corporation 

2 shall submit to the appropriate congressional committees 

3 a report that includes— 

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

5 respect to the audit; and 

6 (2) the financial statements of the Corporation. 

7 (e) REVIEW AND REPORT BY THE GOVERNMENT AC8 COUNTABILITY OFFICE.—The Comptroller General may 

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

10 report to the appropriate congressional committees re11 quired by subsection (d) in the manner and at such times 

12 as the Comptroller General considers necessary. 

13 (f) ALTERNATIVE AUDITS BY GOVERNMENT AC14 COUNTABILITY OFFICE.—Instead of an audit conducted 

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

16 Comptroller General shall, if the Comptroller General con17 siders it necessary or upon the request of Congress, audit 

18 the financial statements of the Corporation in the manner 

19 provided under subsection (a). 

20 (g) AVAILABILITY OF INFORMATION.—All books, ac21 counts, financial records, reports, files, workpapers, and 

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

23 accountant who conducts an audit under subsection (a) 

24 that are necessary for purposes of conducing the audit, 

25 shall be made available to the Comptroller General and 


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1 such employees as the Comptroller General considers ap2 propriate. 

3 SEC. 406. ENGAGEMENT WITH INVESTORS. 

4 (a) IN GENERAL.—The Corporation shall, in coopera5 tion with the Administrator of the United States Agency 

6 for International Development— 

7 (1) develop a strategic relationship with private 

8 sector entities focused at the nexus of business op9 portunities and development priorities; 

10 (2) engage such entities and reduce business 

11 risks primarily through direct transaction support 

12 and facilitating investment partnerships; 

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

14 intermediaries that can mobilize private finance at 

15 scale in the developing world; 

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

17 that are small but designed for work in the most un18 derdeveloped areas, including countries with chronic 

19 suffering as a result of extreme poverty, fragile insti20 tutions, or a history of violence; and 

21 (5) pursue projects consistent with the stated 

22 goals of the Department of State and the Strategic 

23 Plan and the Mission Country Development Co24 operation Strategies of the United States Agency for 

25 International Development. 


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

2 subsection (a), the Corporation shall— 

3 (1) develop risk mitigation tools; 

4 (2) provide transaction structuring support for 

5 blended finance models; 

6 (3) support intermediaries linking capital sup7 ply and demand; 

8 (4) coordinate with other Federal agencies to 

9 support or accelerate transactions; 

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

11 partners around opportunities for private finance 

12 within development priorities; 

13 (6) offer strategic planning and programming 

14 assistance to catalyze investment into priority sec15 tors; 

16 (7) provide transaction structuring support; 

17 (8) deliver training and knowledge management 

18 tools for engaging private investors; 

19 (9) partner with private sector entities that pro20 vide access to capital and expertise; and 

21 (10) identify and screen new investment part22 ners. 


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1 TITLE V—CONDITIONS, RESTRIC2 TIONS, AND PROHIBITIONS 

3 SEC. 501. LIMITATIONS AND PREFERENCES. 

4 (a) LIMITATION ON SUPPORT FOR SINGLE ENTI5 TY.—No entity receiving support from the Corporation 

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

7 5 percent of the Corporation’s maximum contingent liabil8 ity authorized under section 303. 

9 (b) PREFERENCE FOR SUPPORT OF INVESTMENT BY

10 UNITED STATES INVESTORS.— 

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

12 preferential consideration to projects sponsored by 

13 or involving private sector entities that are United 

14 States persons. 

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

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

17 means— 

18 (A) a United States citizen; or 

19 (B) an entity significantly beneficially 

20 owned by individuals described in subparagraph 

21 (A). 

22 (c) PREFERENCE FOR PROVISION OF SUPPORT IN

23 COUNTRIES IN COMPLIANCE WITH INTERNATIONAL

24 TRADE OBLIGATIONS.— 


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1 (1) CONSULTATIONS WITH UNITED STATES

2 TRADE REPRESENTATIVE.—Not less frequently than 

3 annually, the Corporation shall consult with the 

4 United States Trade Representative with respect to 

5 the status of countries eligible to receive support 

6 from the Corporation under title II and the compli7 ance of those countries with their international trade 

8 obligations. 

9 (2) PREFERENTIAL CONSIDERATION.—The Cor10 poration shall give preferential consideration to pro11 viding support under title II for projects in countries 

12 in compliance with or making substantial progress 

13 coming into compliance with their international 

14 trade obligations. 

15 (d) WORKER RIGHTS.—The Corporation should sup16 port projects under title II in countries that are taking 

17 steps to adopt and implement laws that extend inter18 nationally recognized worker rights (as defined in section 

19 507 of the Trade Act of 1974 (19 U.S.C. 2467)) to work20 ers in that country. 

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

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

23 the Corporation under title II that is likely to have signifi24 cant adverse environmental impacts that are sensitive, di25 verse, or unprecedented, unless— 


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1 (1) before the date of the vote, an environ2 mental impact assessment or initial environmental 

3 audit, analyzing the environmental impacts of the 

4 proposed project and of alternatives to the proposed 

5 project, is completed; and 

6 (2) such assessment or audit has been made 

7 available to the public of the United States, locally 

8 affected groups in the country in which the project 

9 will be carried out, and nongovernmental organiza10 tions in that country. 

11 SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 

12 DISTORTION. 

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

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

15 ensure that private sector entities are afforded an oppor16 tunity to support the project instead of the project receiv17 ing support from the Corporation. 

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

19 Corporation shall develop appropriate safeguards, policies, 

20 and guidelines to ensure that support provided by the Cor21 poration under title II— 

22 (1) supplements and encourages, but does not 

23 compete with, private sector support; and 

24 (2) operates according to internationally recog25 nized best practices and standards with respect to 


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1 ensuring the avoidance of market distorting govern2 ment subsidies and the crowding out of private sec3 tor lending. 

4 SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 

5 COUNTRIES AND WITH SANCTIONED PER6 SONS. 

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

8 from providing support under title II in a country the gov9 ernment of which the Secretary of State has determined 

10 has repeatedly provided support for acts of international 

11 terrorism for purposes of— 

12 (1) section 6(j)(1)(A) of the Export Administra13 tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as con14 tinued in effect pursuant to the International Emer15 gency Economic Powers Act (50 U.S.C. 1701 et 

16 seq.)); 

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

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

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

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

21 (4) any other provision of law. 

22 (b) PROHIBITION ON SUPPORT OF SANCTIONED PER23 SONS.—The Corporation is prohibited from supporting a 

24 project under title II that benefits any entity subject to 

25 sanctions imposed by the United States. 


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1 SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 

2 AND BRIBERY. 

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

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

5 apply with respect to the Corporation to the same extent 

6 and in the same manner as such subsections applied with 

7 respect to the Overseas Private Investment Corporation 

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

9 SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED EN10 TERPRISES AND MONOPOLIES. 

11 (a) POLICIES WITH RESPECT TO STATE-OWNED EN12 TERPRISES.—The Corporation shall develop appropriate 

13 policies and guidelines to ensure that support provided 

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

15 fund, or a parastatal entity engaged in commercial activi16 ties or to a project in which such an entity or fund is 

17 participating is provided under appropriate principles of 

18 competitive neutrality. 

19 (b) PROHIBITION ON SUPPORT TO MONOPOLIES.— 

20 The Corporation may not provide support under title II 

21 to private sector entities engaged in monopolistic prac22 tices. 

23 (c) STATE-OWNED ENTERPRISE DEFINED.— 

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

25 ‘‘state-owned enterprise’’ means any enterprise es26 tablished for a commercial or business purpose that 


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1 is directly owned or controlled by one or more gov2 ernments, including any agency, instrumentality, 

3 subdivision, or other unit of government at any level 

4 of jurisdiction. 

5 (2) CONTROL; OWNED.—For purposes of para6 graph (1): 

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

8 respect to an enterprise, means the power by 

9 any means to control the enterprise regardless 

10 of— 

11 (i) the level of ownership; and 

12 (ii) whether or not the power is exer13 cised. 

14 (B) OWNED.—The term ‘‘owned’’, with re15 spect to an enterprise, means a majority or con16 trolling interest, whether by value or voting in17 terest, of the shares of that enterprise, includ18 ing through fiduciaries, agents, or other means. 

19 TITLE VI—TRANSITIONAL 

20 PROVISIONS 

21 SEC. 601. DEFINITIONS. 

22 In this title: 

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

24 entity, organizational unit, program, or function. 


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1 (2) TRANSITION PERIOD.—The term ‘‘transi2 tion period’’ means the period— 

3 (A) beginning on the date of the enactment 

4 of this Act; and 

5 (B) ending on the effective date of the re6 organization plan required by section 602(d). 

7 SEC. 602. REORGANIZATION PLAN. 

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

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

10 shall transmit to the appropriate congressional committees 

11 a reorganization plan regarding the following: 

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

13 and obligations to the Corporation pursuant to this 

14 title. 

15 (2) Any consolidation, reorganization, or 

16 streamlining of agencies transferred to the Corpora17 tion pursuant to this title. 

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

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

20 elements as the President deems appropriate, including 

21 the following: 

22 (1) Identification of any functions of agencies 

23 transferred to the Corporation pursuant to this title 

24 that will not be transferred to the Corporation under 

25 the plan. 


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1 (2) Specification of the steps to be taken to or2 ganize the Corporation, including the delegation or 

3 assignment of functions transferred to the Corpora4 tion among officers of the Corporation in order to 

5 permit the Corporation to carry out the functions 

6 transferred under the plan. 

7 (3) Specification of the funds available to each 

8 agency that will be transferred to the Corporation as 

9 a result of transfers under the plan. 

10 (4) Specification of the proposed allocations 

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

13 (5) Specification of any proposed disposition of 

14 property, facilities, contracts, records, and other as15 sets and obligations of agencies transferred under 

16 the plan. 

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

18 on the basis of consultations with the appropriate congres19 sional committees, modify or revise any part of the plan 

20 until that part of the plan becomes effective in accordance 

21 with subsection (d). 

22 (d) EFFECTIVE DATE.— 

23 (1) IN GENERAL.—The reorganization plan de24 scribed in this section, including any modifications 

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


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1 become effective for an agency on the date specified 

2 in the plan (or the plan as modified pursuant to sub3 section (c)), except that such date may not be earlier 

4 than 90 days after the date the President has trans5 mitted the reorganization plan to the appropriate 

6 congressional committees pursuant to subsection (a). 

7 (2) STATUTORY CONSTRUCTION.—Nothing in 

8 this subsection may be construed to require the 

9 transfer of functions, personnel, records, balances of 

10 appropriations, or other assets of an agency on a 

11 single date. 

12 SEC. 603. TRANSFER OF FUNCTIONS. 

13 (a) IN GENERAL.—Effective at the end of the transi14 tion period, there shall be transferred to the Corporation 

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

16 (1) the Overseas Private Investment Corpora17 tion, as in existence on the day before the date of 

18 the enactment of this Act; and 

19 (2) the following elements of the United States 

20 Agency for International Development: 

21 (A) The Development Credit Authority. 

22 (B) The enterprise funds. 

23 (C) The Office of Private Capital and Mi24 croenterprise. 


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1 (b) BILATERAL AGREEMENTS.—Any bilateral agree2 ment of the United States in effect on the date of the 

3 enactment of this Act that serves as the basis for pro4 grams of the Overseas Private Investment Corporation 

5 shall be considered as satisfying the requirements of sec6 tion 301(a). 

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

8 agencies specified in subsection (a) shall— 

9 (1) continue to administer the assets and obli10 gations of those agencies; and 

11 (2) carry out such programs and activities au12 thorized under this Act as may be determined by the 

13 President. 

14 SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST15 MENT CORPORATION AND OTHER SUPER16 CEDED AUTHORITIES. 

17 Effective at the end of the transition period— 

18 (1) the Overseas Private Investment Corpora19 tion is terminated; and 

20 (2) the following provisions are repealed: 

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

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

23 2191 et seq.) (other than subsections (g), (l), 

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


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

2 (22 U.S.C. 2212). 

3 SEC. 605. TRANSITIONAL AUTHORITIES. 

4 (a) PROVISION OF ASSISTANCE BY OFFICIALS.— 

5 Until the transfer of an agency to the Corporation under 

6 section 603, any official having authority over or functions 

7 relating to the agency immediately before the date of the 

8 enactment of this Act shall provide to the Corporation 

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

10 as the Corporation may request in preparing for the trans11 fer and integration of the agency into the Corporation. 

12 (b) SERVICES AND PERSONNEL.—During the transi13 tion period, upon the request of the Corporation, the head 

14 of any executive agency may, on a reimbursable basis, pro15 vide services or detail personnel to assist with the transi16 tion. 

17 (c) ACTING OFFICIALS.— 

18 (1) IN GENERAL.—During the transition pe19 riod, pending the advice and consent of the Senate 

20 to the appointment of an officer required by this Act 

21 to be appointed by and with such advice and con22 sent, the President may designate any officer whose 

23 appointment was required to be made by and with 

24 such advice and consent and who was such an officer 

25 immediately before the date of the enactment of this 


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1 Act (and who continues in office) or immediately be2 fore such designation, to act in such office until the 

3 same is filled as provided in this Act. While so act4 ing, such officers shall receive compensation at the 

5 higher of— 

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

7 respective offices in which they act; or 

8 (B) the rates provided for the offices held 

9 at the time of designation. 

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

11 Act shall be construed to require the advice and con12 sent of the Senate to the appointment by the Presi13 dent to a position in the Corporation of any officer 

14 whose agency is transferred to the Corporation pur15 suant to this title and whose duties following such 

16 transfer are germane to those performed before such 

17 transfer. 

18 (d) TRANSFER OF PERSONNEL, ASSETS, OBLIGA19 TIONS, AND FUNCTIONS.—Upon the transfer of an agency 

20 to the Corporation under section 603— 

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

22 by or available in connection with the agency shall 

23 be transferred to the Corporation for appropriate al24 location, subject to the approval of the Director of 

25 the Office of Management and Budget and in acVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00066 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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1 cordance with section 1531(a)(2) of title 31, United 

2 States Code; and 

3 (2) the Corporation shall have all functions— 

4 (A) relating to the agency that any other 

5 official could by law exercise in relation to the 

6 agency immediately before such transfer; and 

7 (B) vested in the Corporation by this Act 

8 or other law. 

9 SEC. 606. SAVINGS PROVISIONS. 

10 (a) COMPLETED ADMINISTRATIVE ACTIONS.— 

11 (1) IN GENERAL.—Completed administrative 

12 actions of an agency shall not be affected by the en13 actment of this Act or the transfer of such agency 

14 to the Corporation under section 603, but shall con15 tinue in effect according to their terms until amend16 ed, modified, superseded, terminated, set aside, or 

17 revoked in accordance with law by an officer of the 

18 United States or a court of competent jurisdiction, 

19 or by operation of law. 

20 (2) COMPLETED ADMINISTRATIVE ACTION DE21 FINED.—In this subsection, the term ‘‘completed ad22 ministrative action’’ includes orders, determinations, 

23 rules, regulations, personnel actions, permits, agree24 ments, grants, contracts, certificates, licenses, reg25 istrations, and privileges. 


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1 (b) PENDING PROCEEDINGS.— 

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

3 agency, including notices of proposed rulemaking, 

4 and applications for licenses, permits, certificates, 

5 grants, and financial assistance, shall continue not6 withstanding the enactment of this Act or the trans7 fer of the agency to the Corporation, unless discon8 tinued or modified under the same terms and condi9 tions and to the same extent that such discontinu10 ance could have occurred if such enactment or trans11 fer had not occurred. 

12 (2) ORDERS.—Orders issued in proceedings de13 scribed in paragraph (1), and appeals therefrom, 

14 and payments made pursuant to such orders, shall 

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

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

17 not been transferred, and any such orders shall con18 tinue in effect until amended, modified, superseded, 

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

20 United States or a court of competent jurisdiction, 

21 or by operation of law. 

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

23 shall continue notwithstanding the enactment of this Act 

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

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


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1 and judgments rendered and enforced in the same manner 

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

3 had not occurred. 

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

5 that is transferred to the Corporation under section 603 

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

7 or delegations of authority that precede such transfer or 

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

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

10 employees, or agents, or to its corresponding organiza11 tional units or functions. Statutory reporting requirements 

12 that applied in relation to such an agency immediately be13 fore the effective date of this Act shall continue to apply 

14 following such transfer if they refer to the agency by 

15 name. 

16 (e) EMPLOYMENT PROVISIONS.— 

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

18 regulations prescribed jointly with the Director of 

19 the Office of Personnel Management, adopt the 

20 rules, procedures, terms, and conditions, established 

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

22 enactment of this Act, relating to employment in any 

23 agency transferred to the Corporation under section 

24 603. 


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1 (2) EFFECT OF TRANSFER ON CONDITIONS OF

2 EMPLOYMENT.—Except as otherwise provided in this 

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

4 transfer pursuant to this title of personnel shall not 

5 alter the terms and conditions of employment, in6 cluding compensation, of any employee so trans7 ferred. 

8 (f) STATUTORY REPORTING REQUIREMENTS.—Any 

9 statutory reporting requirement that applied to an agency 

10 transferred to the Corporation under this title immediately 

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

12 to apply following that transfer if the statutory require13 ment refers to the agency by name. 

14 SEC. 607. OTHER TERMINATIONS. 

15 Except as otherwise provided in this Act, whenever 

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

17 transferred pursuant to this title, each position and office 

18 the incumbent of which was authorized to receive com19 pensation at the rates prescribed for an office or position 

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

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

22 shall terminate. 

23 SEC. 608. INCIDENTAL TRANSFERS. 

24 The Director of the Office of Management and Budg25 et, in consultation with the Corporation, is authorized and 


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1 directed to make such additional incidental dispositions of 

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

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

4 functions transferred by this title, as the Director may de5 termine necessary to accomplish the purposes of this Act. 

6 SEC. 609. REFERENCE. 

7 With respect to any function transferred under this 

8 title (including under a reorganization plan under section 

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

10 of this Act, reference in any other Federal law to any de11 partment, commission, or agency or any officer or office 

12 the functions of which are so transferred shall be deemed 

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

14 Corporation to which that function is so transferred. 

15 SEC. 610. CONFORMING AMENDMENTS. 

16 (a) EXEMPT PROGRAMS.—Section 255(g) of the Bal17 anced Budget and Emergency Deficit Control Act of 1985 

18 (2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Pri19 vate Investment Corporation, Noncredit Account (71– 

20 4184–0–3–151).’’ and inserting ‘‘United States Inter21 national Development Finance Corporation.’’. 

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

23 Code, is amended— 

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

25 Overseas Private Investment Corporation.’’; 


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

2 President, Overseas Private Investment Corpora3 tion.’’; and 

4 (3) in section 5316, by striking ‘‘Vice Presi5 dents, Overseas Private Investment Corporation 

6 (3).’’. 

7 (c) OFFICE OF INTERNATIONAL TRADE OF THE

8 SMALL BUSINESS ADMINISTRATION.—Section 22 of the 

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

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

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

12 Overseas Private Investment Corporation, Director’’ 

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

14 States International Development Finance Corpora15 tion, the Director’’; and 

16 (2) by striking ‘‘Overseas Private Investment 

17 Corporation’’ each place it appears and inserting 

18 ‘‘United States International Development Finance 

19 Corporation’’. 

20 (d) UNITED STATES AND FOREIGN COMMERCIAL

21 SERVICE.—Section 2301 of the Export Enhancement Act 

22 of 1988 (15 U.S.C. 4721) is amended by striking ‘‘Over23 seas Private Investment Corporation’’ each place it ap24 pears and inserting ‘‘United States International Develop25 ment Finance Corporation’’. 


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1 (e) TRADE PROMOTION COORDINATING COM2 MITTEE.—Section 2312(d)(1)(K) of the Export Enhance3 ment Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is amended 

4 by striking ‘‘Overseas Private Investment Corporation’’ 

5 and inserting ‘‘United States International Development 

6 Finance Corporation’’. 

7 (f) INTERAGENCY TRADE DATA ADVISORY COM8 MITTEE.—Section 5402(b) of the Omnibus Trade and 

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

10 amended by striking ‘‘the President of the Overseas Pri11 vate Investment Corporation’’ and inserting ‘‘the Chief 

12 Executive Officer of the United States International De13 velopment Finance Corporation’’. 

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

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

16 by striking ‘‘ ‘Overseas Private Investment’, ‘Overseas Pri17 vate Investment Corporation’, or ‘OPIC’,’’ and inserting 

18 ‘‘ ‘United States International Development Finance Cor19 poration’ or ‘DFC’ ’’. 

20 (h) ENGAGEMENT ON CURRENCY EXCHANGE RATE

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

22 Trade Facilitation and Trade Enforcement Act of 2015 

23 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Over24 seas Private Investment Corporation’’ and inserting 


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

3 (i) INTERNSHIPS WITH INSTITUTE FOR INTER4 NATIONAL PUBLIC POLICY.—Section 625 of the Higher 

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

6 by striking ‘‘Overseas Private Investment Corporation’’ 

7 and inserting ‘‘United States International Development 

8 Finance Corporation’’. 

9 (j) FOREIGN ASSISTANCE ACT OF 1961.—The For10 eign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is 

11 amended— 

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

13 2296b(b)(2)), by striking ‘‘Overseas Private Invest14 ment Corporation’’ and inserting ‘‘United States 

15 International Development Finance Corporation’’; 

16 and 

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

18 2291(e)(4)(A)), in the matter preceding clause (i), 

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

20 chapter 2, relating to the Overseas Private Invest21 ment Corporation)’’ and inserting ‘‘(and any support 

22 under title II of the Better Utilization of Invest23 ments Leading to Development Act of 2018, relating 

24 to the United States International Development Fi25 nance Corporation)’’. 


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

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

3 114–121; 22 U.S.C. 2293 note) are amended by striking 

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

5 appears and inserting ‘‘United States International Devel6 opment Finance Corporation’’. 

7 (l) FOREIGN AID TRANSPARENCY AND ACCOUNT8 ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 

9 Transparency and Accountability Act of 2016 (Public Law 

10 114–191; 22 U.S.C. 2394c note) is amended by striking 

11 subparagraph (A) and inserting the following: 

12 ‘‘(A) title II of the Better Utilization of In13 vestments Leading to Development Act of 

14 2018;’’. 

15 (m) SUPPORT FOR EAST EUROPEAN DEMOCRACY

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

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

18 5401(c)) is amended by striking paragraph (12) and in19 serting the following: 

20 ‘‘(12) UNITED STATES INTERNATIONAL DEVEL21 OPMENT FINANCE CORPORATION.—Programs of the 

22 United States International Development Finance 

23 Corporation.’’. 

24 (n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY

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


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1 of the Cuban Liberty and Democratic Solidarity 

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

3 is amended by striking ‘‘Overseas Private Investment Cor4 poration’’ and inserting ‘‘United States International De5 velopment Finance Corporation’’. 

6 (o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF

7 1998.—Section 405(a)(10) of the International Religious 

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

9 by striking ‘‘Overseas Private Investment Corporation’’ 

10 and inserting ‘‘United States International Development 

11 Finance Corporation’’. 

12 (p) TRAFFICKING VICTIMS PROTECTION ACT OF

13 2000.—Section 103(8) of the Trafficking Victims Protec14 tion Act of 2000 (22 U.S.C. 7102(8)) is amended— 

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

16 inserting ‘‘; and’’; and 

17 (2) by striking clause (viii). 

18 (q) TECHNOLOGY DEPLOYMENT IN DEVELOPING

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

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

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


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1 (r) EXPANDED NONMILITARY ASSISTANCE FOR

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

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

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

8 (2) in subparagraph (B), by striking ‘‘by eligi9 ble investors (as defined in section 238 of the For10 eign Assistance Act of 1961 (22 U.S.C. 2198))’’. 

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

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

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

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

18 Countering Russian Influence in Europe and Eurasia Act 

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

20 ‘‘Overseas Private Investment Corporation’’ and inserting 

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

23 (u) WHOLLY OWNED GOVERNMENT CORPORA24 TION.—Section 9101(3) of title 31, United States Code, 

25 is amended by striking ‘‘Overseas Private Investment CorVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00077 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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

3 (v) ENERGY INDEPENDENCE AND SECURITY ACT OF

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

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

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

7 (A) in the section heading, by striking 

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

10 INTERNATIONAL DEVELOPMENT FINANCE

11 CORPORATION’’; 

12 (B) in subsection (a), in the matter pre13 ceding paragraph (1), by striking ‘‘Overseas 

14 Private Investment Corporation’’ and inserting 

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

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

19 Private Investment Corporation shall include in 

20 its annual report required under section 240A 

21 of the Foreign Assistance Act of 1961 (22 

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

23 International Development Finance Corporation 

24 shall include in its annual report required under 

25 section 403 of the Better Utilization of InvestVerDate Sep 11 2014 03:03 Mar 01, 2018 Jkt 079200 PO 00000 Frm 00078 Fmt 6652 Sfmt 6201 E:\BILLS\S2463.IS S2463

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1 ments Leading to Development Act of 2018’’; 

2 and 

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

4 17336(a)(2)(I)), by striking ‘‘Overseas Private In5 vestment Corporation:’’ and inserting ‘‘United 

6 States International Development Finance Corpora7 tion;’’. 

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

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

10 period. 

Æ 


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