S. 1824

One Hundred Eighth Congress

of the

United States of America

AT THE FIRST SESSION

Begun and held at the City of Washington on Tuesday,

the seventh day of January, two thousand and three

An Act

To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas Private

Investment Corporation, and for other purposes.

Be it enacted by the Senate and House of Representatives of

the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘‘Overseas Private Investment

Corporation Amendments Act of 2003’’.

SEC. 2. ISSUING AUTHORITY.

Section 235(a)(2) of the Foreign Assistance Act of 1961 (22

U.S.C. 2195(a)(2)) is amended by striking ‘‘November 1, 2000’’ and

inserting ‘‘2007’’.

SEC. 3. TECHNICAL CORRECTIONS.

(a) ADMINISTRATIVE COSTS.—Section 235(a)(1)(B) of the Foreign

Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is amended by

striking ‘‘subsidy cost’’ and inserting ‘‘subsidy and administrative

costs’’.

(b) NONCREDIT ACCOUNT REVOLVING FUND.—Section 235(c) of

the Foreign Assistance Act of 1961 (22 U.S.C. 2195(c)) is amended—

(1) in the first sentence—

(A) by striking ‘‘an insurance and guaranty fund, which

shall have separate accounts to be known as the Insurance

Reserve and the Guaranty Reserve, which reserves’’ and

inserting ‘‘a noncredit account revolving fund, which’’; and

(B) by striking ‘‘such reserves have’’ and inserting ‘‘of

the fund has’’;

(2) by striking the third sentence; and

(3) in the last sentence, by striking ‘‘reserves’’ and inserting

‘‘fund’’.

(c) PAYMENTS TO DISCHARGE LIABILITIES.—Section 235(d) of

the Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is amended—

(1) in the first sentence, by striking ‘‘Insurance Reserve,

as long as such reserve’’ and inserting ‘‘noncredit account

revolving fund, as long as such fund’’; and

(2) in the second sentence, by striking ‘‘or under similar

predecessor guaranty authority’’ and all that follows through

‘‘subsection (f) of this section’’ and inserting ‘‘or 234(c) shall

be paid in accordance with the Federal Credit Reform Act

of 1990’’.

(d) AUTHORIZATION OF APPROPRIATIONS.—Section 235(f) of the

Foreign Assistance Act of 1961 (22 U.S.C. 2195(f)) is amended—
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(1) in the first sentence, by striking ‘‘insurance and guaranty fund’’ and inserting ‘‘noncredit account revolving fund’’;

and

(2) by striking ‘‘Insurance Reserve’’ each place it appears

and inserting ‘‘noncredit account revolving fund’’. (e) BOARD OF DIRECTORS.—Section 233(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended in the second

paragraph—

(1) by striking ‘‘officials’’ and inserting ‘‘principal officers’’;

(2) by inserting ‘‘whose duties relate to the programs of

the Corporation’’ after ‘‘Government of the United States’’; and

(3) by striking ‘‘an official’’ and inserting ‘‘one such officer’’.

SEC. 4. INVESTMENT INSURANCE.

(a) EXPROPRIATION OR CONFISCATION.—Section 234(a)(1)(B) of

the Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is

amended by inserting ‘‘or any political subdivision thereof’’ after ‘‘government’’. (b) DEFINITION OF EXPROPRIATION.—Section 238(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by

inserting ‘‘, a political subdivision of a foreign government, or a

corporation owned or controlled by a foreign government,’’ after

‘‘government’’.

SEC. 5. LOCAL CURRENCY GUARANTY.

(a) LOCAL CURRENCY GUARANTY.—Section 234 of the Foreign

Assistance Act of 1961 (22 U.S.C. 2194) is amended by adding

at the end the following:

‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE INVESTORS.— To issue to—

‘‘(1) eligible investors, or

‘‘(2) local financial institutions, guaranties,

denominated in currencies other than United States dollars, of

loans and other investments made to projects sponsored by or

significantly involving eligible investors, assuring against loss due

to such risks and upon such terms and conditions as the Corporation

may determine, for projects that the Corporation determines to

have significant developmental effects or as the Corporation determines to be necessary or appropriate to carry out the purposes

of this title.’’. (b) DEFINITION OF LOCAL FINANCIAL INSTITUTION.—Section 238

of the Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended—

(1) in subsection (d), by striking ‘‘and’’ after the semicolon;

(2) in subsection (f), by striking the period at the end

and inserting ‘‘; and’’; and

(3) by adding at the end the following:

‘‘(g) the term ‘local financial institution’—

‘‘(1) means any bank or financial institution that is

organized under the laws of any country or area in which

the Corporation operates; but

‘‘(2) does not include a branch, however organized,

of a bank or other financial institution that is organized

under the laws of a country in which the Corporation

does not operate.’’.

SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.

(a) IN GENERAL.—Section 240 of the Foreign Assistance Act

of 1961 (22 U.S.C. 2200) is amended—
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(1) in the first sentence, by striking ‘‘The Corporation’’

and inserting:

‘‘(a) IN GENERAL.—The Corporation’’; and

(2) by adding at the end the following:

‘‘(b) OUTREACH TO MINORITY-OWNED AND WOMEN-OWNED

BUSINESSES.—The Corporation shall collect data on the involvement

of minority- and women-owned businesses in projects supported

by the Corporation, including—

‘‘(1) the amount of insurance and financing provided by

the Corporation to such businesses in connection with projects

supported by the Corporation; and

‘‘(2) to the extent such information is available, the involvement of such businesses in procurement activities conducted

or supported by the Corporation.

The Corporation shall include, in its annual report submitted to

the Congress under section 240A, the aggregate data collected under

this paragraph, in such form as to quantify the effectiveness of

the Corporation’s outreach activities to minority- and women-owned

businesses.’’.

Speaker of the House of Representatives.

Vice President of the United States and

President of the Senate.