I 

111TH CONGRESS 

2D SESSION H. R. 5782 

To implement cost savings within the Department of the Treasury and the 

Department of Housing and Urban Development, and to terminate the 

Overseas Private Investment Corporation. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 20, 2010 

Mr. ADLER of New Jersey (for himself, Mr. PETERS, Mr. HIMES, and Mr. 

WELCH) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

A BILL 

To implement cost savings within the Department of the 

Treasury and the Department of Housing and Urban 

Development, and to terminate 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; TABLE OF CONTENTS. 

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

5 ‘‘Reduce and End our Deficits Using Commonsense Elimi6 nations in the Treas-HUD and OPIC Programs Act’’. 


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

2 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—TREASURY SAVINGS 

Sec. 101. Limitations on obligation of funds for Bureau of the Public Debt and 

Financial Management Service. 

Sec. 102. Electronic pay stubs for Treasury employees. 

Sec. 103. Termination of advanced earned income credit. 

TITLE II—HUD SAVINGS 

Sec. 201. Rent subsidies under HUD section 8 housing choice voucher program 

for one-person households. 

TITLE III—OPIC TERMINATION 

Sec. 301. Short title. 

Sec. 302. Termination of Overseas Private Investment Corporation. 

Sec. 303. Savings provisions. 

Sec. 304. Technical and conforming amendments. 

3 TITLE I—TREASURY SAVINGS 

4 SEC. 101. LIMITATIONS ON OBLIGATION OF FUNDS FOR BU5 REAU OF THE PUBLIC DEBT AND FINANCIAL 

6 MANAGEMENT SERVICE. 

7 (a) BUREAU OF PUBLIC DEBT.—The total amount 

8 obligated in each of fiscal years 2011 through 2015 by 

9 the Bureau of the Public Debt in the Department of the 

10 Treasury shall not exceed $186,244,000. 

11 (b) FINANCIAL MANAGEMENT SERVICE.—The total 

12 amount obligated in each of fiscal years 2011 through 

13 2015 by the Financial Management Service in the Depart14 ment of the Treasury shall not exceed $235,132,000. 


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1 SEC. 102. ELECTRONIC PAY STUBS FOR TREASURY EM2 PLOYEES. 

3 (a) IN GENERAL.—For pay periods ending in fiscal 

4 year 2011 and any fiscal year thereafter, the Secretary 

5 of the Treasury shall, in coordination with the Office of 

6 Personnel Management, issue electronic pay stubs to em7 ployees of the Department of the Treasury who receive 

8 their pay by electronic funds transfer. 

9 (b) ELECTRONIC FUNDS TRANSFER DEFINED.—For 

10 purposes of this section, the term ‘‘electronic funds trans11 fer’’ has the meaning given such term by section 3332 of 

12 title 31, United States Code. 

13 SEC. 103. TERMINATION OF ADVANCED EARNED INCOME 

14 CREDIT. 

15 (a) IN GENERAL.—Chapter 25 of the Internal Rev16 enue Code of 1986 is amended by striking section 3507 

17 (relating to advance payment of earned income credit). 

18 (b) CONFORMING AMENDMENTS.— 

19 (1) Section 32 of such Code is amended by 

20 striking subsection (g). 

21 (2) Section 6012(a) of such Code is amended 

22 by striking paragraph (8) and redesignating para23 graph (9) as paragraph (8). 

24 (3) Section 6051(a) of such Code is amended 

25 by striking paragraph (7). 


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1 (4) Section 6302 of such Code is amended by 

2 striking subsection (i). 

3 (5) The table of sections for chapter 25 of such 

4 Code is amended by striking the item relating to sec5 tion 3507. 

6 (c) EFFECTIVE DATE.—The amendments made by 

7 this section shall apply to taxable years beginning after 

8 the date of the enactment of this Act. 

9 TITLE II—HUD SAVINGS 

10 SEC. 201. RENT SUBSIDIES UNDER HUD SECTION 8 HOUS11 ING CHOICE VOUCHER PROGRAM FOR ONE12 PERSON HOUSEHOLDS. 

13 Paragraph (1) of section 8(o) of the United States 

14 Housing Act of 1937 (42 U.S.C. 1437f(o)(1)) is amended 

15 by adding at the end the following new subparagraph: 

16 ‘‘(F) SINGLE PERSON FAMILIES.—In deter17 mining the amount of monthly assistance under this 

18 subsection for any family that consists of a single 

19 person who is initially provided such assistance after 

20 the date of the enactment of the Reduce and End 

21 our Deficits Using Commonsense Eliminations in 

22 the Treas-HUD and OPIC Programs Act or who 

23 moves to a new dwelling unit after such date of en24 actment, the payment standard used shall be the 

25 payment standard for the market area for an effiVerDate Mar 15 2010 05:41 Jul 21, 2010 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H5782.IH H5782

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1 ciency dwelling unit and the payment standard for 

2 a one-bedroom dwelling unit or any larger dwelling 

3 unit may not be used.’’. 

4 TITLE III—OPIC TERMINATION 

5 SEC. 301. SHORT TITLE. 

6 This title may be cited as the ‘‘OPIC Repeal Act’’. 

7 SEC. 302. TERMINATION OF OVERSEAS PRIVATE INVEST8 MENT CORPORATION. 

9 (a) TERMINATION OF AUTHORITY TO MAKE NEW

10 OBLIGATIONS.— 

11 (1) TERMINATION OF AUTHORITY.—Effective 

12 on the date of the enactment of this Act, the Over13 seas Private Investment Corporation shall not issue 

14 any insurance, guaranties, or reinsurance, make any 

15 loan, or acquire any securities, under section 234 of 

16 the Foreign Assistance Act of 1961, enter into any 

17 agreements for any other activity authorized by such 

18 section 234, or enter into risk sharing arrangements 

19 authorized by section 234A of that Act. 

20 (2) PRESERVATION OF EXISTING CONTRACTS

21 AND AGREEMENTS.—Paragraph (1) does not require 

22 the termination of any contract or other agreement 

23 entered into before the date of the enactment of this 

24 Act. 


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1 (b) TERMINATION OF OPIC.—Effective September 

2 30, 2011, the Overseas Private Investment Corporation is 

3 abolished. 

4 (c) TRANSFER OF OPERATIONS TO AID.—The Ad5 ministrator of the Agency for International Development 

6 shall, effective October 1, 2011, perform the functions of 

7 the Overseas Private Investment Corporation with respect 

8 to contracts and agreements described in subsection (a)(2) 

9 until the expiration of such contracts and agreements, but 

10 shall not renew any such contract or agreement. The Ad11 ministrator shall take the necessary steps to wind up the 

12 affairs of the Corporation. 

13 (d) REPEAL OF AUTHORITIES.—Effective September 

14 30, 2011, title IV of chapter 2 of part I of the Foreign 

15 Assistance Act of 1961 (22 U.S.C. 2191 and following) 

16 is repealed, but shall continue to apply with respect to 

17 functions performed by the Administrator of the Agency 

18 for International Development under subsection (c). 

19 (e) APPROPRIATIONS.—Funds available to the Over20 seas Private Investment Corporation shall, upon the effec21 tive date of the repeal made by subsection (d), be trans22 ferred to the Administrator of the Agency for Inter23 national Development for use in performing the functions 

24 of the Corporation under subsection (c). Upon the expira25 tion of the contracts and agreements with respect to which 


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1 the Administrator is exercising such functions, any unex2 pended balances of the funds transferred under this sub3 section shall be deposited in the Treasury as miscellaneous 

4 receipts. 

5 SEC. 303. SAVINGS PROVISIONS. 

6 (a) PRIOR DETERMINATIONS NOT AFFECTED.—The 

7 repeal made by section 302(d) of the provisions of law set 

8 forth in such subsection shall not affect any order, deter9 mination, regulation, or contract that has been issued, 

10 made, or allowed to become effective under such provisions 

11 before the effective date of the repeal. All such orders, de12 terminations, regulations, and contracts shall continue in 

13 effect until modified, superseded, terminated, set aside, or 

14 revoked in accordance with law by the President, the Ad15 ministrator of the Agency for International Development, 

16 another authorized official, or a court of competent juris17 diction, or by operation of law. 

18 (b) PENDING PROCEEDINGS.— 

19 (1) EFFECT ON PENDING PROCEEDINGS.— 

20 (A) IN GENERAL.—The repeal made by 

21 section 302(d) shall not affect any proceedings, 

22 including notices of proposed rulemaking, pend23 ing on the effective date of the repeal, before 

24 the Overseas Private Investment Corporation, 

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1 antee, or loan may be issued pursuant to any 

2 application pending on such effective date. Such 

3 proceedings, to the extent that they relate to 

4 functions performed by the Administrator of 

5 the Agency for International Development after 

6 such repeal, shall be continued. Orders shall be 

7 issued in such proceedings, appeals shall be 

8 taken therefrom, and payments shall be made 

9 pursuant to such orders, as if this section had 

10 not been enacted; and orders issued in any such 

11 proceedings shall continue in effect until modi12 fied, terminated, superseded, or revoked by the 

13 Administrator of the Agency for International 

14 Development, by a court of competent jurisdic15 tion, or by operation of law. 

16 (B) CONSTRUCTION.—Nothing in this 

17 paragraph shall be deemed to prohibit the dis18 continuance or modification of any proceeding 

19 described in subparagraph (A) under the same 

20 terms and conditions and to the same extent 

21 that such proceeding could have been discon22 tinued or modified if this section had not been 

23 enacted. 

24 (2) REGULATIONS FOR TRANSFER OF PRO25 CEEDINGS.—The Administrator of the Agency for 


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1 International Development may issue regulations 

2 providing for the orderly transfer of proceedings 

3 continued under paragraph (1). 

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

5 (e)— 

6 (1) the provisions of this section shall not affect 

7 suits commenced before the effective date of the re8 peal made by section 302(d); and 

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

10 appeals taken, and judgments rendered in the same 

11 manner and effect as if this section had not been en12 acted. 

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

14 other proceeding commenced by or against an individual 

15 in the official capacity of such individual as an officer of 

16 the Overseas Private Investment Corporation shall abate 

17 by reason of the enactment of this section. No cause of 

18 action by or against the Overseas Private Investment Cor19 poration, or by or against any officer thereof in the official 

20 capacity of such officer, shall abate by reason of the enact21 ment of this section. 

22 (e) PARTIES.—If, before the effective date of the re23 peal made by section 302(d), the Overseas Private Invest24 ment Corporation or an officer thereof in the official ca25 pacity of such officer, is a party to a suit, then such suit 


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1 shall be continued with the Administrator of the Agency 

2 for International Development substituted or added as a 

3 party. 

4 (f) REVIEW.—Orders and actions of the Adminis5 trator of the Agency for International Development in the 

6 exercise of functions of the Overseas Private Investment 

7 Corporation shall be subject to judicial review to the same 

8 extent and in the same manner as if such orders and ac9 tions had been issued or taken by the Overseas Private 

10 Investment Corporation. Any statutory requirements re11 lating 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 Administrator of the Agency 

15 for International Development. 

16 SEC. 304. TECHNICAL AND CONFORMING AMENDMENTS. 

17 (a) TITLE 5, UNITED STATES CODE.—(1) Section 

18 5314 of title 5, United States Code, is amended by strik19 ing: 

20 ‘‘President, Overseas Private Investment Cor21 poration.’’. 

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

23 amended by striking: 

24 ‘‘Executive Vice President, Overseas Private In25 vestment Corporation.’’. 


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

2 amended by striking: 

3 ‘‘Vice Presidents, Overseas Private Investment 

4 Corporation (3).’’. 

5 (b) OTHER AMENDMENTS AND REPEALS.—(1) Sec6 tion 222(a) of the Foreign Assistance Act of 1961 (22 

7 U.S.C. 2182) is amended by inserting after ‘‘section 

8 238(c)’’ the following: ‘‘as in effect on the day before the 

9 effective date of the repeal of that section made by section 

10 302(d) of the OPIC Repeal Act’’. 

11 (2) Section 222A of the Foreign Assistance Act of 

12 1961 (22 U.S.C. 2182a) is amended— 

13 (A) by striking subsections (f) and (g); and 

14 (B) by redesignating subsections (h) and (i) as 

15 subsections (f) and (g), respectively. 

16 (3) Section 499B(b) of the Foreign Assistance Act 

17 of 1961 (22 U.S.C. 2296b(b)) is amended— 

18 (A) by striking paragraph (2); and 

19 (B) by redesignating paragraph (3) as para20 graph (2). 

21 (4) Section 2301(b)(9) of the Export Enhancement 

22 Act of 1988 (15 U.S.C. 4721(b)(9)) is amended by strik23 ing ‘‘the Overseas Private Investment Corporation,’’. 

24 (5) Section 2312(d)(1) of the Export Enhancement 

25 Act of 1988 (15 U.S.C. 4727(d)(1)) is amended— 


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1 (A) by striking subparagraph (K); and 

2 (B) by redesignating subparagraphs (L) and 

3 (M) as subparagraphs (K) and (L), respectively. 

4 (6) Section 5402(b) of the Omnibus Trade and Com5 petitiveness Act of 1988 (15 U.S.C. 4902(b)) is amend6 ed— 

7 (A) in paragraph (12), by adding ‘‘and’’ after 

8 the semicolon; 

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

10 (C) by redesignating paragraph (14) as para11 graph (13). 

12 (7) Section 625(a) of the Higher Education Act of 

13 1965 (20 U.S.C. 1131c(a)) is amended by striking ‘‘the 

14 Overseas Private Investment Corporation,’’. 

15 (8) Section 481(e)(4)(A) of the Foreign Assistance 

16 Act of 1961 (22 U.S.C. 2291(e)(4)(A)) is amended by 

17 striking ‘‘(including programs under title IV of chapter 

18 2, relating to the Overseas Private Investment Corpora19 tion)’’. 

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

21 Democratic Solidarity (LIBERTAD) Act of 1996 (22 

22 U.S.C. 6062(b)(2)(B)) is amended— 

23 (A) by striking clause (iv); and 

24 (B) by redesignating clauses (v), (vi), and (vii) 

25 as clauses (iv), (v), and (vi), respectively. 


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1 (10) Section 103(7)(A) of the Victims of Trafficking 

2 and Violence Protection Act of 2000 (22 U.S.C. 

3 7102(7)(A)) is amended— 

4 (A) in clause (vii), by adding ‘‘and’’ after the 

5 semicolon; 

6 (B) by striking clause (viii); and 

7 (C) by redesignating clause (ix) as clause (viii). 

8 (11) Section 405(a)(10) of the International Reli9 gious Freedom Act of 1998 (22 U.S.C. 6445(a)(10)) is 

10 amended by striking ‘‘, the Overseas Private Investment 

11 Corporation,’’. 

12 (12) Section 732(b) of the Global Environmental 

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

14 is amended by striking ‘‘the Overseas Private Investment 

15 Corporation,’’. 

16 (13) Section 916(a)(2) of the Energy Independence 

17 and Security Act of 2007 (42 U.S.C. 17336(a)(2)) is 

18 amended— 

19 (A) by striking subparagraph (I); and 

20 (B) by redesignating subparagraphs (J) 

21 through (M) as subparagraphs (I) through (L), re22 spectively. 

23 (14) Section 6(d)(1) of the Belarus Democracy Act 

24 of 2004 (22 U.S.C. 5811 note) is amended by striking 

25 ‘‘and the Overseas Private Investment Corporation’’. 


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1 (15) The following provisions of law are repealed: 

2 (A) Section 5(b)(2) of the Overseas Private In3 vestment Corporation Amendments Act of 1981 (22 

4 U.S.C. 2194a). 

5 (B) Section 5 of the Taiwan Relations Act (22 

6 U.S.C. 3304). 

7 (C) Section 2(c)(12) of the Support for East 

8 European Democracy (SEED) Act of 1989 (22 

9 U.S.C. 5401(c)(12)). 

10 (D) Section 9101(3)(H) of title 31, United 

11 States Code. 

12 (E) Section 123 of the African Growth and Op13 portunity Act (19 U.S.C. 3733), and the item relat14 ing to that section in the table of contents of that 

15 Act. 

16 (F) Section 104 of the Africa: Seeds of Hope 

17 Act of 1998 (22 U.S.C. 2293), and the item relating 

18 to that section in the table of contents for that Act. 

19 (G) Section 914 of the Energy Independence 

20 and Security Act of 2007 (42 U.S.C. 17334), and 

21 the item relating to that section in the table of con22 tents for that Act. 


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1 (c) EFFECTIVE DATE.—The amendments and re2 peals made by this subsection shall take effect on October 

3 1, 2011. 

Æ 


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