II 

108TH CONGRESS 

1ST SESSION S. 1824

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

Private Investment Corporation, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 5, 2003

Mr. LUGAR (for himself, Mr. HAGEL, Mr. BIDEN, and Mr. SARBANES) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations 

A BILL

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’’. 

6 SEC. 2. ISSUING AUTHORITY. 

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

8 1961 (22 U.S.C. 2195(a)(2)) is amended by striking ‘‘No9 vember 1, 2000’’ and inserting ‘‘2007’’. 
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1 SEC. 3. TECHNICAL CORRECTIONS. 

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

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

4 2195(a)(1)(B)) is amended by striking ‘‘subsidy cost’’ and 

5 inserting ‘‘subsidy and administrative costs’’. 

6 (b) NONCREDIT ACCOUNT REVOLVING FUND.—Sec7 tion 235(c) of the Foreign Assistance Act of 1961 (22 

8 U.S.C. 2195(c)) is amended—

9 (1) in the first sentence—

10 (A) by striking ‘‘an insurance and guar11 anty fund, which shall have separate accounts 

12 to be known as the Insurance Reserve and the 

13 Guaranty Reserve, which reserves’’ and insert14 ing ‘‘a noncredit account revolving fund, 

15 which’’; and 

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

17 inserting ‘‘of the fund has’’; 

18 (2) by striking the third sentence; and 

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

20 and inserting ‘‘fund’’. 

21 (c) PAYMENTS TO DISCHARGE LIABILITIES.—Sec22 tion 235(d) of the Foreign Assistance Act of 1961 (22 

23 U.S.C. 2195(d)) is amended—

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

25 Reserve, as long as such reserve’’ and inserting 
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1 ‘‘noncredit account revolving fund, as long as such 

2 fund’’; and 

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

4 under similar predecessor guaranty authority’’ and 

5 all that follows through ‘‘subsection (f) of this sec6 tion’’ and inserting ‘‘or 234(c) shall be paid in ac7 cordance with the Federal Credit Reform Act of 

8 1990’’. 

9 (d) AUTHORIZATION OF APPROPRIATIONS.—Section 

10 235(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 

11 2195(f)) is amended—

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

13 and guaranty fund’’ and inserting ‘‘noncredit ac14 count revolving fund’’; and 

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

16 it appears and inserting ‘‘noncredit account revolv17 ing fund’’. 

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

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

20 amended in the second paragraph—

21 (1) by striking ‘‘officials’’ and inserting ‘‘prin22 cipal officers’’; 

23 (2) by inserting ‘‘whose duties relate to the pro24 grams of the Corporation’’ after ‘‘Government of the 

25 United States’’; and 
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1 (3) by striking ‘‘an official’’ and inserting ‘‘one 

2 such officer’’. 

3 SEC. 4. INVESTMENT INSURANCE. 

4 (a) EXPROPRIATION OR CONFISCATION.—Section 

5 234(a)(1)(B) of the Foreign Assistance Act of 1961 (22 

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

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

8 (b) DEFINITION OF EXPROPRIATION.—Section 

9 238(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 

10 2198(b)) is amended by inserting ‘‘, a political subdivision 

11 of a foreign government, or a corporation owned or con12 trolled by a foreign government,’’ after ‘‘government’’. 

13 SEC. 5. LOCAL CURRENCY GUARANTY. 

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

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

16 amended by adding at the end the following: 

17 ‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE

18 INVESTORS.—To issue to—

19 ‘‘(1) eligible investors, or 

20 ‘‘(2) local financial institutions, guaranties, 

21 denominated in currencies other than United States dol22 lars, of loans and other investments made to projects 

23 sponsored by or significantly involving eligible investors, 

24 assuring against loss due to such risks and upon such 

25 terms and conditions as the Corporation may determine, 
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1 for projects that the Corporation determines to have sig2 nificant developmental effects or as the Corporation deter3 mines to be necessary or appropriate to carry out the pur4 poses of this title.’’. 

5 (b) DEFINITION OF LOCAL FINANCIAL INSTITU6 TION.—Section 238 of the Foreign Assistance Act of 1961 

7 (22 U.S.C. 2198) is amended—

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

9 the semicolon; 

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

11 the end and inserting ‘‘; and’’; and 

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

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

14 ‘‘(1) means any bank or financial institu15 tion that is organized under the laws of any 

16 country or area in which the Corporation oper17 ates; but 

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

19 organized, of a bank or other financial institu20 tion that is organized under the laws of a coun21 try in which the Corporation does not operate.’’. 

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

23 BUSINESSES. 

24 (a) IN GENERAL.—Section 240 of the Foreign Assist25 ance Act of 1961 (22 U.S.C. 2200) is amended—
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1 (1) in the first sentence, by striking ‘‘The Cor2 poration’’ and inserting: 

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

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

5 ‘‘(b) OUTREACH TO MINORITY-OWNED AND WOMEN6 OWNED BUSINESSES.—The Corporation shall collect data 

7 on the involvement of minority- and women-owned busi8 nesses in projects supported by the Corporation, includ9 ing—

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

11 provided by the Corporation to such businesses in 

12 connection with projects supported by the Corpora13 tion; and 

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

15 the involvement of such businesses in procurement 

16 activities conducted or supported by the Corporation. 

17 The Corporation shall include, it its annual report sub18 mitted to the Congress under section 240A, the aggregate 

19 data collected under this paragraph, in such form as to 

20 quantify the effectiveness of the Corporation’s outreach 

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

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