108TH CONGRESS

1ST SESSION S. 1824

AN ACT

To amend the Foreign Assistance Act of 1961 to reauthorize

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 Amendments Act of 2003’’.
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1 SEC. 2. ISSUING AUTHORITY.

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

3 1961 (22 U.S.C. 2195(a)(2)) is amended by striking ‘‘No4 vember 1, 2000’’ and inserting ‘‘2007’’.

5 SEC. 3. TECHNICAL CORRECTIONS.

6 (a) ADMINISTRATIVE COSTS.—Section 235(a)(1)(B)

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

8 2195(a)(1)(B)) is amended by striking ‘‘subsidy cost’’ and

9 inserting ‘‘subsidy and administrative costs’’.

10 (b) NONCREDIT ACCOUNT REVOLVING FUND.—Sec11 tion 235(c) of the Foreign Assistance Act of 1961 (22

12 U.S.C. 2195(c)) is amended—

13 (1) in the first sentence—

14 (A) by striking ‘‘an insurance and guar15 anty fund, which shall have separate accounts

16 to be known as the Insurance Reserve and the

17 Guaranty Reserve, which reserves’’ and insert18 ing ‘‘a noncredit account revolving fund,

19 which’’; and

20 (B) by striking ‘‘such reserves have’’ and

21 inserting ‘‘of the fund has’’;

22 (2) by striking the third sentence; and

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

24 and inserting ‘‘fund’’.
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1 (c) PAYMENTS TO DISCHARGE LIABILITIES.—Sec2 tion 235(d) of the Foreign Assistance Act of 1961 (22

3 U.S.C. 2195(d)) is amended—

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

5 Reserve, as long as such reserve’’ and inserting

6 ‘‘noncredit account revolving fund, as long as such

7 fund’’; and

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

9 under similar predecessor guaranty authority’’ and

10 all that follows through ‘‘subsection (f) of this sec11 tion’’ and inserting ‘‘or 234(c) shall be paid in ac12 cordance with the Federal Credit Reform Act of

13 1990’’.

14 (d) AUTHORIZATION OF APPROPRIATIONS.—Section

15 235(f) of the Foreign Assistance Act of 1961 (22 U.S.C.

16 2195(f)) is amended—

17 (1) in the first sentence, by striking ‘‘insurance

18 and guaranty fund’’ and inserting ‘‘noncredit ac19 count revolving fund’’; and

20 (2) by striking ‘‘Insurance Reserve’’ each place

21 it appears and inserting ‘‘noncredit account revolv22 ing fund’’.

23 (e) BOARD OF DIRECTORS.—Section 233(b) of the

24 Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is

25 amended in the second paragraph—
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1 (1) by striking ‘‘officials’’ and inserting ‘‘prin2 cipal officers’’;

3 (2) by inserting ‘‘whose duties relate to the pro4 grams of the Corporation’’ after ‘‘Government of the

5 United States’’; and

6 (3) by striking ‘‘an official’’ and inserting ‘‘one

7 such officer’’.

8 SEC. 4. INVESTMENT INSURANCE.

9 (a) EXPROPRIATION OR CONFISCATION.—Section

10 234(a)(1)(B) of the Foreign Assistance Act of 1961 (22

11 U.S.C. 2194(a)(1)(B)) is amended by inserting ‘‘or any

12 political subdivision thereof’’ after ‘‘government’’.

13 (b) DEFINITION OF EXPROPRIATION.—Section

14 238(b) of the Foreign Assistance Act of 1961 (22 U.S.C.

15 2198(b)) is amended by inserting ‘‘, a political subdivision

16 of a foreign government, or a corporation owned or con17 trolled by a foreign government,’’ after ‘‘government’’.

18 SEC. 5. LOCAL CURRENCY GUARANTY.

19 (a) LOCAL CURRENCY GUARANTY.—Section 234 of

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

21 amended by adding at the end the following:

22 ‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE

23 INVESTORS.—To issue to—

24 ‘‘(1) eligible investors, or

25 ‘‘(2) local financial institutions, guaranties,
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1 denominated in currencies other than United States dol2 lars, of loans and other investments made to projects

3 sponsored by or significantly involving eligible investors,

4 assuring against loss due to such risks and upon such

5 terms and conditions as the Corporation may determine,

6 for projects that the Corporation determines to have sig7 nificant developmental effects or as the Corporation deter8 mines to be necessary or appropriate to carry out the pur9 poses of this title.’’.

10 (b) DEFINITION OF LOCAL FINANCIAL INSTITU11 TION.—Section 238 of the Foreign Assistance Act of 1961

12 (22 U.S.C. 2198) is amended—

13 (1) in subsection (d), by striking ‘‘and’’ after

14 the semicolon;

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

16 the end and inserting ‘‘; and’’; and

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

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

19 ‘‘(1) means any bank or financial institu20 tion that is organized under the laws of any

21 country or area in which the Corporation oper22 ates; but

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

24 organized, of a bank or other financial institu-
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1 tion that is organized under the laws of a coun2 try in which the Corporation does not operate.’’.

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

4 BUSINESSES.

5 (a) IN GENERAL.—Section 240 of the Foreign Assist6 ance Act of 1961 (22 U.S.C. 2200) is amended—

7 (1) in the first sentence, by striking ‘‘The Cor8 poration’’ and inserting:

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

10 (2) by adding at the end the following:

11 ‘‘(b) OUTREACH TO MINORITY-OWNED AND WOMEN12 OWNED BUSINESSES.—The Corporation shall collect data

13 on the involvement of minority- and women-owned busi14 nesses in projects supported by the Corporation,

15 including—

16 ‘‘(1) the amount of insurance and financing

17 provided by the Corporation to such businesses in

18 connection with projects supported by the Corpora19 tion; and

20 ‘‘(2) to the extent such information is available,

21 the involvement of such businesses in procurement

22 activities conducted or supported by the Corporation.

23 The Corporation shall include, in its annual report sub24 mitted to the Congress under section 240A, the aggregate

25 data collected under this paragraph, in such form as to
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1 quantify the effectiveness of the Corporation’s outreach

2 activities to minority- and women-owned businesses.’’.

Passed the Senate November 14 (legislative day, November 12), 2003.

Attest:

Secretary.
108TH CONGRESS

1ST SESSION S. 1824

AN ACT

To amend the Foreign Assistance Act of 1961 to

reauthorize the Overseas Private Investment Corporation, and for other purposes.