I 

111TH CONGRESS 

2D SESSION H. R. 5975 

To reauthorize the programs of the Overseas Private Investment Corporation, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 29, 2010 

Mr. SHERMAN (for himself and Mr. MANZULLO) introduced the following bill; 

which was referred to the Committee on Foreign Affairs 

A BILL 

To reauthorize the programs of the Overseas Private 

Investment 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. 

4 This Act may be cited as the ‘‘Overseas Private In5 vestment Corporation Reauthorization Act of 2010’’. 

6 SEC. 2. REAUTHORIZATION OF OPIC PROGRAMS. 

7 Section 235(a)(2) of the Foreign Assistance Act of 

8 1961 (22 U.S.C. 2195(a)(2)) is amended by striking 

9 ‘‘September 30, 2007’’ and inserting ‘‘the date that is 4 

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1 vate Investment Corporation Reauthorization Act of 

2 2010’’. 

3 SEC. 3. CONGRESSIONAL NOTIFICATION REGARDING MAX4 IMUM CONTINGENT LIABILITY. 

5 Section 239 of the Foreign Assistance Act of 1961 

6 (22 U.S.C. 2199) is amended by adding at the end the 

7 following: 

8 ‘‘(l) CONGRESSIONAL NOTIFICATION OF INCREASE IN

9 MAXIMUM CONTINGENT LIABILITY.—The Corporation 

10 shall notify the Committee on Foreign Relations of the 

11 Senate and the Committee on Foreign Affairs of the 

12 House of Representatives not later than 15 days after the 

13 date on which the Corporation’s maximum contingent li14 ability outstanding at any one time pursuant to insurance 

15 issued under section 234(a), and the amount of financing 

16 issued under sections 234(b) and 234(c), exceeds the Cor17 poration’s maximum contingent liability for the preceding 

18 fiscal year by 25 percent or more.’’. 

19 SEC. 4. TRANSPARENCY AND ACCOUNTABILITY OF INVEST20 MENT FUNDS. 

21 (a) IN GENERAL.—Section 239 of the Foreign Assist22 ance Act of 1961 (22 U.S.C. 2199), as amended by section 

23 3, is amended by adding at the end the following: 

24 ‘‘(m) TRANSPARENCY AND ACCOUNTABILITY OF IN25 VESTMENT FUNDS.— 


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1 ‘‘(1) COMPETITIVE SELECTION OF INVESTMENT

2 FUND MANAGEMENT.—With respect to any invest3 ment fund that the Corporation creates on or after 

4 the date of the enactment of the Overseas Private 

5 Investment Corporation Reauthorization Act of 

6 2010, the Corporation may select persons to manage 

7 the fund only by contract using competitive proce8 dures that are full and open. 

9 ‘‘(2) CRITERIA FOR SELECTION.—In assessing 

10 a proposal for investment fund management, the 

11 Corporation shall consider, in addition to other fac12 tors, the following: 

13 ‘‘(A) The prospective fund management’s 

14 experience, depth, and cohesiveness. 

15 ‘‘(B) The prospective fund management’s 

16 track record in investing risk capital in emerg17 ing markets. 

18 ‘‘(C) The prospective fund management’s 

19 experience, management record, and monitoring 

20 capabilities in the countries in which the man21 agement operates, including details of local 

22 presence (directly or through local alliances). 

23 ‘‘(D) The prospective fund management’s 

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1 tional capital, meeting reporting requirements, 

2 and administration. 

3 ‘‘(E) The prospective fund management’s 

4 record in avoiding investments in companies 

5 that would be disqualified under section 237(l). 

6 ‘‘(3) ANNUAL REPORT.—The Corporation shall 

7 include in each annual report under section 240A an 

8 analysis of the investment fund portfolio of the Cor9 poration, including the following: 

10 ‘‘(A) FUND PERFORMANCE.—An analysis 

11 of the aggregate financial performance of the 

12 investment fund portfolio grouped by region 

13 and maturity. 

14 ‘‘(B) STATUS OF LOAN GUARANTIES.—The 

15 amount of guaranties committed by the Cor16 poration to support investment funds, including 

17 the percentage of such amount that has been 

18 disbursed to the investment funds. 

19 ‘‘(C) RISK RATINGS.—The definition of 

20 risk ratings, and the current aggregate risk rat21 ings for the investment fund portfolio, including 

22 the number of investment funds in each of the 

23 Corporation’s rating categories. 

24 ‘‘(D) COMPETITIVE SELECTION OF INVEST25 MENT FUND MANAGEMENT.—The number of 


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1 proposals received and evaluated for each newly 

2 established investment fund.’’. 

3 (b) GAO REVIEW.—Not later than 1 year after the 

4 submission of the first report to Congress under section 

5 240A of the Foreign Assistance Act of 1961 that includes 

6 the information required by section 239(m)(3) of that Act 

7 (as added by subsection (a) of this section), the Comp8 troller General of the United States shall prepare and sub9 mit to the Committee on Foreign Relations of the Senate 

10 and the Committee on Foreign Affairs of the House of 

11 Representatives an independent assessment of the invest12 ment fund portfolio of the Overseas Private Investment 

13 Corporation, covering the items required to be addressed 

14 under such section 239(m)(3). 

15 SEC. 5. INCREASED TRANSPARENCY. 

16 (a) IN GENERAL.—Section 231A(c)(2) of the Foreign 

17 Assistance Act of 1961 (22 U.S.C. 2191a(c)(2)) is amend18 ed to read as follows: 

19 ‘‘(2) In conjunction with each meeting of its Board 

20 of Directors, the Corporation shall hold a public hearing 

21 in order to afford an opportunity for any person to present 

22 views regarding the activities of the Corporation. The Cor23 poration shall provide notice of the hearing at least 20 

24 days before the hearing. At least 15 days in before the 

25 hearing the Corporation shall make available a public 


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1 summary of each project, including information related to 

2 workers rights, to be considered at the meeting. The Cor3 poration shall not include any confidential business infor4 mation in the summary made available under this sub5 section. Any views expressed at the hearing or in written 

6 comments shall be made part of the record.’’. 

7 (b) ADDITIONAL TRANSPARENCY.—Section 237 of 

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

9 amended by adding at the end the following new sub10 sections: 

11 ‘‘(p) REVIEW OF METHODOLOGY.—Not later than 

12 180 days after the date of the enactment of the Overseas 

13 Private Investment Corporation Reauthorization Act of 

14 2010, the Corporation shall make available to the public 

15 the methodology, including relevant regulations, used to 

16 assess and monitor the impact of projects supported by 

17 the Corporation— 

18 ‘‘(1) on employment in the United States; 

19 ‘‘(2) on development and the environment in 

20 host countries; and 

21 ‘‘(3) on the protection of internationally recog22 nized worker rights, as well as the elimination of dis23 crimination with respect to employment and occupa24 tion, in host countries. 


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1 ‘‘(q) PUBLIC NOTICE PRIOR TO PROJECT AP2 PROVAL.— 

3 ‘‘(1) PUBLIC NOTICE.— 

4 ‘‘(A) IN GENERAL.—The Board of Direc5 tors of the Corporation may not vote in favor 

6 of any action proposed to be taken by the Cor7 poration on a Category A project before the 

8 date that is 60 days after the Corporation— 

9 ‘‘(i) makes available for public com10 ment a summary of the project and rel11 evant information about the project; and 

12 ‘‘(ii) such summary and information 

13 described in clause (i) has been made 

14 available to groups in the area that may be 

15 impacted by the proposed project and to 

16 nongovernmental organizations in the host 

17 country. 

18 ‘‘(B) EXCEPTION.—The Corporation shall 

19 not include any confidential business informa20 tion in the summary and information made 

21 available under clauses (i) and (ii) of subpara22 graph (A). 

23 ‘‘(2) PUBLISHED RESPONSE.—To the extent 

24 practicable, the Corporation shall publish responses 

25 to the comments received under paragraph (1)(A)(i) 


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1 with respect to a Category A project and submit the 

2 responses to the Board not later than 7 days before 

3 a vote is to be taken on any action proposed by the 

4 Corporation on the project. 

5 ‘‘(3) CATEGORY A PROJECT DEFINED.—The 

6 term ‘Category A project’ means any project or 

7 other activity for which the Corporation proposes to 

8 provide insurance, reinsurance, a guaranty, financ9 ing, or other assistance under this title and which is 

10 likely to have a significant adverse environmental 

11 impact.’’. 

12 (c) OFFICE OF ACCOUNTABILITY.—Section 237 of 

13 the Foreign Assistance Act of 1961 (22 U.S.C. 2197), as 

14 amended by subsection (b) of this section, is amended by 

15 adding at the end the following new subsection: 

16 ‘‘(r) OFFICE OF ACCOUNTABILITY.—The Corporation 

17 shall maintain an Office of Accountability to provide, to 

18 the maximum extent practicable, upon request, problem19 solving services for projects supported by the Corporation 

20 and review of the Corporation’s compliance with its envi21 ronmental, social, internationally recognized worker 

22 rights, human rights, and transparency policies and proce23 dures. The Office of Accountability shall operate in a man24 ner that is fair, objective, and transparent.’’. 


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1 SEC. 6. EXTRACTION INVESTMENT. 

2 Title IV of chapter 2 of part I of the Foreign Assist3 ance Act of 1961 (22 U.S.C. 2191 et seq.) is amended 

4 by inserting after section 234A the following new section: 

5 ‘‘SEC. 234B. EXTRACTION INVESTMENT. 

6 ‘‘(a) EXTRACTION INVESTMENTS.— 

7 ‘‘(1) PRIOR NOTIFICATION TO CONGRESSIONAL

8 COMMITTEES.— 

9 ‘‘(A) IN GENERAL.—The Corporation shall 

10 provide notice of consideration of approval of a 

11 project described in subparagraph (B) to the 

12 Committees on Foreign Relations and Appro13 priations of the Senate and the Committees on 

14 Foreign Affairs and Appropriations of the 

15 House of Representatives not later than 60 

16 days before approval of such project. 

17 ‘‘(B) PROJECT DESCRIBED.—A project de18 scribed in this subparagraph is a Category A 

19 project (as defined in section 237(q)(3)) relat20 ing to an extractive industry project or any ex21 tractive industry project for which the assist22 ance to be provided by the Corporation is val23 ued at $10,000,000 or more (including contin24 gent liability). 

25 ‘‘(2) COMMITMENT TO EITI PRINCIPLES.— 


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1 ‘‘(A) IN GENERAL.—Except as provided in 

2 subparagraph (B), the Corporation may ap3 prove a contract of insurance, reinsurance, a 

4 guaranty, or enter into an agreement to provide 

5 financing to an eligible investor for a project 

6 that significantly involves an extractive industry 

7 only if— 

8 ‘‘(i) the eligible investor has agreed to 

9 implement the Extractive Industries 

10 Transparency Initiative principles and cri11 teria, or substantially similar principles 

12 and criteria related to the specific project 

13 to be carried out; and 

14 ‘‘(ii)(I) the host country where the 

15 project is to be carried out has committed 

16 to the Extractive Industries Transparency 

17 Initiative principles and criteria, or sub18 stantially similar principles and criteria; or 

19 ‘‘(II) the host country where the 

20 project is to be carried out has in place or 

21 is taking the necessary steps to establish 

22 functioning systems for— 

23 ‘‘(aa) accurately accounting for 

24 revenues and expenditures in connec25 tion with the extraction and export of 


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1 the type of natural resource to be ex2 tracted or exported; 

3 ‘‘(bb) the independent audit of 

4 such revenues and expenditures and 

5 the widespread public dissemination of 

6 the finding of the audit; and 

7 ‘‘(cc) verifying government re8 ceipts against company payments, in9 cluding widespread dissemination of 

10 such payment information, and disclo11 sure of such documents as host gov12 ernment agreements, concession 

13 agreements, and bidding documents, 

14 and allowing in any such dissemina15 tion or disclosure for the redaction of, 

16 or exceptions for, information that is 

17 commercially proprietary or that 

18 would create a competitive disadvan19 tage. 

20 ‘‘(B) EXCEPTION.—If a host country does 

21 not meet the requirements of subparagraph 

22 (A)(ii) (I) or (II), the Corporation may approve 

23 a contract of insurance, reinsurance, or a guar24 anty, or enter into an agreement to provide fi25 nancing for a project in the host country if the 


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1 Corporation determines it is in the foreign pol2 icy interest of the United States for the Cor3 poration to provide support for the project in 

4 the host country and the host country does not 

5 prevent an eligible investor from complying with 

6 subparagraph (A)(i). 

7 ‘‘(3) PREFERENCE FOR CERTAIN PROJECTS.— 

8 With respect to all projects that significantly involve 

9 an extractive industry, the Corporation, to the extent 

10 practicable and consistent with the Corporation’s de11 velopment objectives, shall give preference to a 

12 project in which the eligible investor has agreed to 

13 implement the Extractive Industries Transparency 

14 Initiative principles and criteria, or substantially 

15 similar principles and criteria, and the host country 

16 where the project is to be carried out has committed 

17 to the Extractive Industries Transparency Initiative 

18 principles and criteria, or substantially similar prin19 ciples and criteria. 

20 ‘‘(4) EFFECT ON OTHER REQUIREMENTS.— 

21 Nothing in this subsection shall affect the limita22 tions and prohibitions with respect to direct invest23 ments described in section 234(c). 

24 ‘‘(5) REPORTING REQUIREMENT.—The Cor25 poration shall include in each annual report required 


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1 under section 240A a description of its activities to 

2 carry out this subsection. 

3 ‘‘(b) EXTRACTIVE INDUSTRY.—In this section, the 

4 term ‘extractive industry’ refers to an enterprise engaged 

5 in the exploration, development, or extraction of oil and 

6 gas reserves, metal ores, gemstones, industrial minerals 

7 (except rock used for construction purposes), or coal.’’. 

8 SEC. 7. ASSISTANCE FOR SMALL BUSINESSES AND ENTI9 TIES. 

10 Section 240 of the Foreign Assistance Act of 1961 

11 (22 U.S.C. 2200) is amended by adding at the end the 

12 following: 

13 ‘‘(c) RESOURCES DEDICATED TO SMALL BUSI14 NESSES, COOPERATIVES, AND OTHER SMALL UNITED

15 STATES INVESTORS.—The Corporation shall ensure that 

16 adequate personnel and resources, including senior offi17 cers, are dedicated to assist United States small busi18 nesses, cooperatives, and other small United States inves19 tors in obtaining insurance, reinsurance, financing, and 

20 other assistance under this title. The Corporation shall in21 clude, in each annual report under section 240A, the fol22 lowing information with respect to the period covered by 

23 the report: 

24 ‘‘(1) A description of such personnel and re25 sources. 


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1 ‘‘(2) The number of United States small busi2 nesses, cooperatives, and other small United States 

3 investors that received insurance, reinsurance, fi4 nancing, and other assistance from the Corporation, 

5 and the dollar value of such insurance, reinsurance, 

6 financing, and other assistance. 

7 ‘‘(3) A description of the projects for which the 

8 insurance, reinsurance, financing, and other assist9 ance was provided.’’. 

10 SEC. 8. PREFERENTIAL CONSIDERATION OF CERTAIN IN11 VESTMENT PROJECTS. 

12 Section 231(f) of the Foreign Assistance Act of 1961 

13 (22 U.S.C. 2191(f)) is amended to read as follows: 

14 ‘‘(f) to the greatest degree practicable and con15 sistent with the goals of the Corporation, to give 

16 preferential consideration to investment projects in 

17 any less developed country the government of which 

18 is receptive to both domestic and foreign private en19 terprise and to projects in any country the govern20 ment of which is willing and able to maintain condi21 tions that enable private enterprise to make a full 

22 contribution to the development process;’’. 


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1 SEC. 9. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ. 

2 Section 239 of the Foreign Assistance Act of 1961 

3 (22 U.S.C. 2199), as amended by sections 3 and 4, is 

4 amended by adding at the end the following: 

5 ‘‘(n) OPERATIONS IN IRAQ.—Notwithstanding sub6 sections (a) and (b) of section 237, the Corporation is au7 thorized to undertake in Iraq any program authorized by 

8 this title.’’. 

9 SEC. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSI10 NESS WITH STATE SPONSORS OF TERRORISM. 

11 (a) IN GENERAL.—Section 231 of the Foreign Assist12 ance Act of 1961 (22 U.S.C. 2191) is amended— 

13 (1) by striking ‘‘and’’ at the end of division 

14 (m); 

15 (2) by striking the period at the end of division 

16 (n) and inserting ‘‘; and’’; and 

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

18 ‘‘(o) to decline to issue any contract of insur19 ance or reinsurance, or any guaranty, or to enter 

20 into any agreement to provide financing or any other 

21 assistance for a prospective eligible investor who en22 ters, directly or through an affiliate, into certain dis23 couraged transactions with a state sponsor of ter24 rorism.’’. 

25 (b) GENERAL PROVISIONS AND POWERS.—Section 

26 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 


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1 2199), as amended by sections 3, 4, and 9, is amended 

2 by adding at the end the following: 

3 ‘‘(o) STATE SPONSOR OF TERRORISM.— 

4 ‘‘(1) IN GENERAL.—In order to carry out the 

5 policy set forth in section 231(o) of this Act, the 

6 Corporation shall require a certification from an of7 ficer of a prospective OPIC-supported United States 

8 investor that the investor and all affiliates of the in9 vestor are not engaged in a discouraged transaction 

10 with a state sponsor of terrorism. 

11 ‘‘(2) DISCOURAGED TRANSACTION.—In this 

12 subsection, the term ‘discouraged transaction’ means 

13 any of the following activities: 

14 ‘‘(A) An investment commitment of 

15 $20,000,000 or more by the investor in the en16 ergy sector in a state sponsor of terrorism. 

17 ‘‘(B) Any loan, or an extension of credit, 

18 to the government of a state sponsor of ter19 rorism by the investor that— 

20 ‘‘(i) is outstanding on the date the 

21 Corporation enters into a contract with the 

22 investor; and 

23 ‘‘(ii) that has a value of more than 

24 $5,000,000, including the sale of goods for 


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1 which payment is not required by the pur2 chaser within 45 days. 

3 ‘‘(C) The transfer by the investor of goods 

4 that are included on the United States Muni5 tions List, referred to in section 38(a)(1) of the 

6 Arms Export Control Act (22 U.S.C. 

7 2778(a)(1)) to a state sponsor of terrorism 

8 within the 3-year period preceding the date the 

9 Corporation enters into a contract with the in10 vestor. 

11 ‘‘(3) EXCEPTION.—An officer of a prospective 

12 OPIC-supported United States investor may provide 

13 a certification under this subsection notwithstanding 

14 the fact that an affiliate of the investor is engaged 

15 in a discouraged transaction if the transaction is 

16 carried out under a contract or other obligation of 

17 the affiliate that was entered into or incurred before 

18 the acquisition of such affiliate by the prospective 

19 OPIC-supported United States investor or the par20 ent company of the OPIC-supported United States 

21 investor. 

22 ‘‘(4) DEFINITIONS.—In this subsection: 

23 ‘‘(A) AFFILIATE.—The term ‘affiliate’ 

24 means any person that is directly or indirectly 

25 controlled by, under common control with, or 


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1 controls a prospective OPIC-supported United 

2 States investor or the parent company of such 

3 investor. 

4 ‘‘(B) INVESTMENT COMMITMENT IN THE

5 ENERGY SECTOR OF A STATE SPONSOR OF TER6 RORISM.—The term ‘investment commitment in 

7 the energy sector of a state sponsor of ter8 rorism’ means any of the following activities if 

9 such activity is undertaken pursuant to a com10 mitment, or pursuant to the exercise of rights 

11 under a commitment, that was entered into 

12 with the government of a state sponsor of ter13 rorism or a nongovernmental entity in a coun14 try that is a state sponsor of terrorism: 

15 ‘‘(i) The entry into a contract that in16 cludes responsibility for the development or 

17 transportation of petroleum or natural gas 

18 resources located in a country that is a 

19 state sponsor of terrorism, or the entry 

20 into a contract providing for the general 

21 supervision or guaranty of another per22 son’s performance of such a contract. 

23 ‘‘(ii) The purchase of a share of own24 ership, including an equity interest, in the 


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1 development of petroleum or natural re2 sources described in clause (i). 

3 ‘‘(iii) The entry into a contract pro4 viding for the participation in royalties, 

5 earnings, or profits in the development of 

6 petroleum or natural resources described in 

7 clause (i), without regard to the form of 

8 the participation. 

9 ‘‘(C) STATE SPONSOR OF TERRORISM.— 

10 The term ‘state sponsor of terrorism’— 

11 ‘‘(i) means any country the govern12 ment of which the Secretary of State has 

13 determined has repeatedly provided sup14 port for acts of international terrorism 

15 pursuant to section 6(j) of the Export Ad16 ministration Act of 1979, section 620A of 

17 this Act, or section 40 of the Arms Export 

18 Control Act; and 

19 ‘‘(ii) does not include Southern 

20 Sudan, Southern Kordofan/Nuba Moun21 tains State, Blue Nile State, and Abyei, 

22 Darfur, if the Corporation, with the con23 currence of the Secretary of State, deter24 mines that providing assistance for 

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1 gency relief, promote economic self-suffi2 ciency, or implement a nonmilitary pro3 gram in support of a viable peace agree4 ment in Sudan, such as the Comprehensive 

5 Peace Agreement for Sudan and the 

6 Darfur Peace Agreement.’’. 

7 SEC. 11. PROHIBITION ON ASSISTANCE TO DEVELOP OR 

8 PROMOTE CERTAIN RAILWAY CONNECTIONS 

9 AND RAILWAY-RELATED CONNECTIONS. 

10 Section 237 of the Foreign Assistance Act of 1961 

11 (22 U.S.C. 2197), as amended by section 5, is amended 

12 by adding at the end the following: 

13 ‘‘(s) PROHIBITION ON ASSISTANCE FOR CERTAIN

14 RAILWAY PROJECTS.—The Corporation may not provide 

15 insurance, reinsurance, a guaranty, financing, or other as16 sistance to support the development or promotion of a rail17 way connection or railway-related connection that connects 

18 Azerbaijan and Turkey without connecting or traversing 

19 with Armenia.’’. 

20 SEC. 12. INCREASING PROJECT REQUIREMENTS REGARD21 ING EMPLOYMENT. 

22 Subsection (a) of section 231A of the Foreign Assist23 ance Act of 1961 (22 U.S.C. 2191a(a)) is amended to read 

24 as follows: 


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1 ‘‘(a) INCREASING PROJECT REQUIREMENTS RE2 GARDING EMPLOYMENT.— 

3 ‘‘(1) IN GENERAL.—The Corporation may in4 sure, reinsure, guaranty, or finance a project only 

5 if— 

6 ‘‘(A) the country in which the project is to 

7 be undertaken is eligible for designation as a 

8 beneficiary developing country under the Gener9 alized System of Preferences (19 U.S.C. 2461 

10 et seq.) and has not been determined to be in11 eligible for such designation on the basis of sec12 tion 502(b)(2)(G) of the Trade Act of 1974 (19 

13 U.S.C. 2462(b)(2)(G)) (relating to internation14 ally recognized worker rights), or section 

15 502(b)(2)(H) of such Act (19 U.S.C. 

16 2462(b)(2)(H) (relating to the worst forms of 

17 child labor); or 

18 ‘‘(B) the country in which the project is to 

19 be undertaken is not eligible for designation as 

20 a beneficiary country under the Generalized 

21 System of Preferences (referred to in subpara22 graph (A)), but the government of that country 

23 has taken or is taking steps to afford workers 

24 in the country (including any designated zone 

25 or special administrative region or area in that 


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1 country) internationally recognized worker 

2 rights (as defined in section 507(4) of the 

3 Trade Act of 1974 (19 U.S.C. 2467(4))). 

4 ‘‘(2) LIMITATION INAPPLICABLE.—The limita5 tion contained in paragraph (1) shall not apply to 

6 providing assistance for humanitarian services. 

7 ‘‘(3) USE OF REPORTS.—The Corporation shall, 

8 in implementing paragraph (1), consider— 

9 ‘‘(A) information contained in the reports 

10 required by sections 116(d) and 502B(b) of this 

11 Act and the report required by section 504 of 

12 the Trade Act of 1974 (19 U.S.C. 2464); 

13 ‘‘(B) other relevant sources of information 

14 readily available to the Corporation, including 

15 observations, reports, and recommendations of 

16 the International Labour Organization; and 

17 ‘‘(C) information provided in the hearing 

18 required under subsection (c). 

19 ‘‘(4) CONTRACT LANGUAGE.—The Corporation 

20 shall include the following language, in substantially 

21 the following form, in all contracts that the Corpora22 tion enters into with eligible investors to provide 

23 support under this title: 

24 ‘‘ ‘The investor agrees not to take any actions 

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1 terprise from exercising the employees’ internation2 ally recognized worker rights (as defined in section 

3 507(4) of the Trade Act of 1974 (19 U.S.C. 

4 2467(4))) and the investor agrees to adhere to the 

5 obligations regarding those rights. The investor 

6 agrees to prohibit discrimination with respect to em7 ployment and occupation.’. 

8 ‘‘(5) PREFERENCE TO CERTAIN COUNTRIES.— 

9 Consistent with its development objectives, the Cor10 poration shall give preferential consideration to 

11 projects in countries that— 

12 ‘‘(A) have adopted and maintained, in the 

13 country’s laws and regulations, internationally 

14 recognized worker rights, as well as the elimi15 nation of discrimination with respect to employ16 ment and occupation; and 

17 ‘‘(B) are effectively enforcing those laws.’’. 

18 SEC. 13. TECHNICAL CORRECTIONS. 

19 (a) PILOT EQUITY FINANCE PROGRAM.—Section 234 

20 of the Foreign Assistance Act of 1961 (22 U.S.C. 2194) 

21 is amended— 

22 (1) by striking subsection (g); and 

23 (2) by redesignating subsection (h) as sub24 section (g). 


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1 (b) TRANSFER AUTHORITY.—Section 235 of the For2 eign Assistance Act of 1961 (22 U.S.C. 2195) is amend3 ed— 

4 (1) by striking subsection (e); and 

5 (2) by redesignating subsection (f) as sub6 section (e). 

7 (c) GUARANTY CONTRACT.—Section 237(j) of the 

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

9 amended by inserting ‘‘insurance, reinsurance, and’’ after 

10 ‘‘Each’’. 

11 (d) TRANSFER OF PREDECESSOR PROGRAMS AND

12 AUTHORITIES.— 

13 (1) TRANSFER.—Section 239 of the Foreign 

14 Assistance Act of 1961 (22 U.S.C. 2199), as amend15 ed by sections 3, 4, 9, and 10, is amended— 

16 (A) by striking subsection (b); and 

17 (B) by redesignating subsections (c) 

18 through (o) as subsections (b) through (n), re19 spectively. 

20 (2) CONFORMING AMENDMENTS.— 

21 (A) Section 237(m)(1) of the Foreign As22 sistance Act of 1961 (22 U.S.C. 2197(m)(1)) is 

23 amended by striking ‘‘239(g)’’ and inserting 

24 ‘‘239(f)’’. 


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25 

•HR 5975 IH

1 (B) Section 240A(a) of the Foreign Assist2 ance Act of 1961 (22 U.S.C. 2200a(a)) is 

3 amended— 

4 (i) in paragraph (1), by striking 

5 ‘‘239(h)’’ and inserting ‘‘239(g)’’; and 

6 (ii) in paragraph (2)(A), by striking 

7 ‘‘239(i)’’ and inserting ‘‘239(h)’’. 

8 (C) Section 209(e)(16) of the Admiral 

9 James W. Nance and Meg Donovan Foreign 

10 Relations Authorization Act, Fiscal Years 2000 

11 and 2001 (as enacted into law by section 

12 1000(a)(7) of Public Law 106–113; 31 U.S.C. 

13 1113 note) is amended by striking ‘‘239(c)’’ 

14 and ‘‘2199(c)’’ and inserting ‘‘239(b)’’ and 

15 ‘‘2199(b)’’, respectively. 

16 (e) ADDITIONAL CLERICAL AMENDMENTS.—Section 

17 234(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 

18 2194(b)) is amended by striking ‘‘235(a)(2)’’ and insert19 ing ‘‘235(a)(1)’’. 

Æ 


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