II

106TH CONGRESS

1ST SESSION S. 691

To terminate the authorities of the Overseas Private Investment Corporation.

IN THE SENATE OF THE UNITED STATES

MARCH 23, 1999

Mr. ALLARD introduced the following bill; which was read twice and referred

to the Committee on Foreign Relations

A BILL

To terminate the authorities of the Overseas Private

Investment Corporation.

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.

4 This Act may be cited as the ‘‘OPIC Termination

5 Act’’.

6 SEC. 2. TERMINATION OF OVERSEAS PRIVATE INVESTMENT

7 CORPORATION.

8 (a) TERMINATION OF AUTHORITY TO MAKE NEW

9 OBLIGATIONS.—

10 (1) IN GENERAL.—Effective 60 days after the

11 date of enactment of this Act, the Overseas Private
2

•S 691 IS

1 Investment Corporation shall not issue any insur2 ance, guaranties, or reinsurance, make any loan, or

3 acquire any securities, under section 234 of the For4 eign Assistance Act of 1961 (22 U.S.C. 2194), enter

5 into any agreements for any other activity author6 ized by such section 234, or enter into risk sharing

7 arrangements authorized by section 234A of that

8 Act.

9 (2) EFFECT ON EXISTING CONTRACTS AND

10 AGREEMENTS.—Paragraph (1) does not require the

11 termination of any contract or other agreement en12 tered into before such paragraph takes effect.

13 (b) TERMINATION OF OPIC.—Effective 180 days

14 after the date of enactment of this Act, the Overseas Pri15 vate Investment Corporation is abolished.

16 (c) TRANSFER OF OPERATIONS TO OMB.—The Di17 rector of the Office of Management and Budget (referred

18 to in this Act as the ‘‘Director’’) shall, effective 180 days

19 after the date of enactment of this Act, perform the func20 tions of the Overseas Private Investment Corporation with

21 respect to contracts and agreements described in sub22 section (a)(2) until the expiration of such contracts and

23 agreements, but shall not renew any such contract or

24 agreement. The Director shall take the necessary steps to

25 wind up the affairs of the Corporation.
3

•S 691 IS

1 (d) REPEAL OF AUTHORITIES.—Effective 180 days

2 after the date of enactment of this Act, title IV of chapter

3 2 of part I of the Foreign Assistance Act of 1961 (22

4 U.S.C. 2191 et seq.) is repealed, but shall continue to

5 apply with respect to functions performed by the Director

6 under subsection (c).

7 (e) APPROPRIATIONS.—Funds available to the Over8 seas Private Investment Corporation shall, upon the effec9 tive date of the repeal made by subsection (d), be trans10 ferred to the Director for use in performing the functions

11 of the Corporation under subsection (c). Upon the expira12 tion of the contracts and agreements with respect to which

13 the Director is exercising such functions, any unexpended

14 balances of the funds transferred under this subsection

15 shall be deposited in the Treasury as miscellaneous re16 ceipts.

17 SEC. 3. SAVINGS PROVISIONS.

18 (a) PRIOR DETERMINATIONS NOT AFFECTED.—The

19 repeal made by section 2(d) of the provisions of law set

20 forth in such section shall not affect any order, determina21 tion, regulation, or contract that has been issued, made,

22 or allowed to become effective under such provisions before

23 the effective date of the repeal. All such orders, determina24 tions, regulations, and contracts shall continue in effect

25 until modified, superseded, terminated, set aside, or re-
4

•S 691 IS

1 voked in accordance with law by the President, the Direc2 tor, or other authorized official, a court of competent ju3 risdiction, or by operation of law.

4 (b) PENDING PROCEEDINGS.—

5 (1) GENERAL EFFECT OF REPEAL.—The repeal

6 made by section 2(d) shall not affect any pro7 ceedings, including notices of proposed rulemaking,

8 pending on the effective date of the repeal, before

9 the Overseas Private Investment Corporation, except

10 that no insurance, reinsurance, guarantee, or loan

11 may be issued pursuant to any application pending

12 on such effective date. Such proceedings, to the ex13 tent that they relate to functions performed by the

14 Director after such repeal, shall be continued. Or15 ders shall be issued in such proceedings, appeals

16 shall be taken therefrom, and payments shall be

17 made pursuant to such orders, as if this Act had not

18 been enacted; and orders issued in any such pro19 ceedings shall continue in effect until modified, ter20 minated, superseded, or revoked by the Director, by

21 a court of competent jurisdiction, or by operation of

22 law. Nothing in this subsection shall be deemed to

23 prohibit the discontinuance or modification of any

24 such proceeding under the same terms and condi25 tions and to the same extent that such proceeding
5

•S 691 IS

1 could have been discontinued or modified if this Act

2 had not been enacted.

3 (2) REGULATIONS.—The Director is authorized

4 to issue regulations providing for the orderly trans5 fer of proceedings continued under paragraph (1).

6 (c) ACTIONS.—Except as provided in subsection

7 (e)—

8 (1) the provisions of this Act shall not affect

9 suits commenced before the effective date of the re10 peal made by section 2(d); and

11 (2) in all such suits, proceedings shall be had,

12 appeals taken, and judgments rendered in the same

13 manner and effect as if this Act had not been en14 acted.

15 (d) LIABILITIES INCURRED.—No suit, action, or

16 other proceeding commenced by or against any officer in

17 the official capacity of such individual as an officer of the

18 Overseas Private Investment Corporation, shall abate by

19 reason of the enactment of this Act. No cause of action

20 by or against the Overseas Private Investment Corpora21 tion, or by or against any officer thereof in the official

22 capacity of such officer, shall abate by reason of the enact23 ment of this Act.

24 (e) PARTIES.—If, before the effective date of the re25 peal made by section 2(d), the Overseas Private Invest-
6

•S 691 IS

1 ment Corporation or an officer thereof in the official ca2 pacity of such officer, is a party to a suit, then such suit

3 shall be continued with the Director substituted or added

4 as a party.

5 (f) REVIEW.—Orders and actions of the Director in

6 the exercise of functions of the Overseas Private Invest7 ment Corporation shall be subject to judicial review to the

8 same extent and in the same manner as if such orders

9 and actions had been issued or taken by the Overseas Pri10 vate Investment Corporation. Any statutory requirements

11 relating to notice, hearings, action upon the record, or ad12 ministrative review that apply to any function of the Over13 seas Private Investment Corporation shall apply to the ex14 ercise of such function by the Director.

15 SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.

16 (a) TITLE 5, UNITED STATES CODE.—

17 (1) Section 5314 of title 5, United States Code,

18 is amended by striking:

19 ‘‘President, Overseas Private Investment Cor20 poration.’’.

21 (2) Section 5315 of title 5, United States Code,

22 is amended by striking:

23 ‘‘Executive Vice President, Overseas Private In24 vestment Corporation.’’.
7

•S 691 IS

1 (3) Section 5316 of title 5, United States Code,

2 is amended by striking:

3 ‘‘Vice Presidents, Overseas Private Investment

4 Corporation (3).’’.

5 (b) OTHER AMENDMENTS AND REPEALS.—

6 (1) Section 222(a) of the Foreign Assistance

7 Act of 1961 (22 U.S.C. 2182(a)) is amended by in8 serting after ‘‘section 238(c)’’ the following: ‘‘as in

9 effect on the day before the effective date of the re10 peal of that section made by section 2(d) of the

11 OPIC Abolition Act’’.

12 (2) Section 2301(b)(9) of the Export Enhance13 ment Act of 1988 (15 U.S.C. 4721(b)(9)) is amend14 ed by striking ‘‘the Overseas Private Investment

15 Corporation,’’.

16 (3) Section 2312 of the Export Enhancement

17 Act of 1988 (15 U.S.C. 4727) is amended—

18 (A) in subsection (d)(1)—

19 (i) by striking subparagraph (K); and

20 (ii) by redesignating subparagraphs

21 (L) and (M) as subparagraphs (K) and

22 (L), respectively; and

23 (B) in subsection (f), by striking ‘‘the

24 Overseas Private Investment Corporation,’’.
8

•S 691 IS

1 (4) Section 5402(b) of the Omnibus Trade and

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

3 amended—

4 (A) in paragraph (12) by adding ‘‘and’’

5 after the semicolon;

6 (B) by striking paragraph (13); and

7 (C) by redesignating paragraph (14) as

8 paragraph (13).

9 (5) Section 624 of the Higher Education Act of

10 1965 (20 U.S.C. 1131c) is amended by striking ‘‘the

11 Overseas Private Investment Corporation,’’.

12 (6) Section 481(e)(4)(A) of the Foreign Assist13 ance Act of 1961 (22 U.S.C. 2291(e)(4)(A)) is

14 amended by striking ‘‘(including programs under

15 title IV of chapter 2, relating to the Overseas Pri16 vate Investment Corporation)’’.

17 (7)(A) Section 574 of the Foreign Operations,

18 Export Financing, and Related Programs Appro19 priations Act, 1996 (22 U.S.C. 2394 note) is

20 amended—

21 (i) by amending subsection (b) to read as

22 follows:

23 ‘‘(b) COUNTRIES.—The countries referred to in sub24 section (a) are countries for which in excess of $5,000,000

25 has been obligated during the previous fiscal year for as-
9

•S 691 IS

1 sistance under sections 103 through 106, chapters 10 and

2 11 of part I, and chapter 4 of part II of the Foreign As3 sistance Act of 1961, and under the Support for East Eu4 ropean Democracy Act of 1989.’’; and

5 (ii) in the first sentence of subsection (c)

6 by striking ‘‘the Administrator’’ and all that

7 follows through ‘‘Corporation’’ and inserting

8 ‘‘and the Administrator of the Agency for Inter9 national Development’’.

10 (B) The amendments made by subparagraph

11 (A) shall first apply to the annual report required to

12 be submitted under section 574(a) of the Foreign

13 Operations, Export Financing, and Related Pro14 grams Appropriations Act, 1996 (22 U.S.C. 2394

15 note) in the fiscal year following the fiscal year in

16 which no funds have been obligated by the Overseas

17 Private Investment Corporation by virtue of this

18 Act.

19 (8) Section 2(c)(12) of the Support for East

20 European Democracy (SEED) Act of 1989 (22

21 U.S.C. 5401(c)(12)) is repealed.

22 (9) Section 202(b)(2)(B) of the Cuban Liberty

23 and Democratic Solidarity (LIBERTAD) Act of

24 1996 (22 U.S.C. 6062(b)(2)(B)) is amended—

25 (A) by striking clause (iv); and
10

•S 691 IS

1 (B) by redesignating clauses (v), (vi), and

2 (vii) as clauses (iv), (v), and (vi), respectively.

3 (10) Section 9101(3) of title 31, United States

4 Code, is amended—

5 (A) by striking subparagraph (H); and

6 (B) by redesignating subparagraphs (I)

7 through (P) as subparagraphs (H) through (O),

8 respectively.

9 (11) The following provisions of law are re10 pealed:

11 (A) Section 5(b)(2) of the Overseas Private

12 Investment Corporation Amendments Act of

13 1981 (22 U.S.C. 2194a).

14 (B) Section 5 of the Taiwan Relations Act

15 (22 U.S.C. 3304).

16 (C) Subsections (b), (c), and (d) of section

17 576 of the Foreign Operations, Export Financ18 ing, and Related Programs Appropriations Act,

19 1991.

20 (D) Subsections (b), (c), and (d) of section

21 597 of the Foreign Operations, Export Financ22 ing, and Related Programs Appropriations Act,

23 1990.

24 (E) Sections 109 and 111 of the Overseas

25 Private Investment Corporation Amendments
11

•S 691 IS

1 Act of 1988, as enacted by reference in section

2 555 of Public Law 100–461.

3 (c) EFFECTIVE DATE.—The amendments and re4 peals made by this section shall take effect 180 days after

5 the date of enactment of this Act.

Æ