I

105TH CONGRESS

1ST SESSION H. R. 527

To terminate the authorities of the Overseas Private Investment Corporation.

IN THE HOUSE OF REPRESENTATIVES

FEBRUARY 4, 1997

Mr. DICKEY introduced the following bill; which was referred to the

Committee on International Relations

A BILL

To terminate the authorities of 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.

4 This Act may be cited as the ‘‘OPIC Abolition Act’’.

5 SEC. 2. TERMINATION OF OVERSEAS PRIVATE INVESTMENT

6 CORPORATION.

7 (a) TERMINATION OF AUTHORITY TO MAKE NEW

8 OBLIGATIONS.—(1) Effective 60 days after the date of the

9 enactment of this Act, the Overseas Private Investment

10 Corporation shall not issue any insurance, guaranties, or

11 reinsurance, make any loan, or acquire any securities,
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1 under section 234 of the Foreign Assistance Act of 1961,

2 enter into any agreements for any other activity author3 ized by such section 234, or enter into risk sharing ar4 rangements authorized by section 234A of that Act.

5 (2) Paragraph (1) does not require the termination

6 of any contract or other agreement entered into before

7 such paragraph takes effect.

8 (b) TERMINATION OF OPIC.—Effective 180 days

9 after the date of the enactment of this Act, the Overseas

10 Private Investment Corporation is abolished.

11 (c) TRANSFER OF OPERATIONS TO OMB.—The Di12 rector of the Office of Management and Budget shall, ef13 fective 180 days after the date of the enactment of this

14 Act, perform the functions of the Overseas Private Invest15 ment Corporation with respect to contracts and agree16 ments described in subsection (a)(2) until the expiration

17 of such contracts and agreements, but shall not renew any

18 such contract or agreement. The Director shall take the

19 necessary steps to wind up the affairs of the Corporation.

20 (d) REPEAL OF AUTHORITIES.—Effective 180 days

21 after the date of the enactment of this Act, title IV of

22 chapter 2 of part I of the Foreign Assistance Act of 1961

23 (22 U.S.C. 2191 and following) is repealed, but shall con24 tinue to apply with respect to functions performed by the
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1 Director of the Office of Management and Budget under

2 subsection (c).

3 (e) APPROPRIATIONS.—Funds available to the Cor4 poration shall, upon the effective date of the repeal made

5 by subsection (d), be transferred to the Director of the

6 Office of Management and Budget for use in performing

7 the functions of the Corporation under subsection (c).

8 Upon the expiration of the contracts and agreements with

9 respect to which the Director is exercising such functions,

10 any unexpended balances of the funds transferred under

11 this subsection shall be deposited in the Treasury as mis12 cellaneous receipts.

13 SEC. 3. SAVINGS PROVISIONS.

14 (a) PRIOR DETERMINATIONS NOT AFFECTED.—The

15 repeal made by section 2(d) of the provisions of law set

16 forth in such section shall not affect any order, determina17 tion, regulation, or contract that has been issued, made,

18 or allowed to become effective under such provisions before

19 the effective date of the repeal. All such orders, determina20 tions, regulations, and contracts shall continue in effect

21 until modified, superseded, terminated, set aside, or re22 voked in accordance with law by the President, the Direc23 tor of the Office of Management and Budget, or other au24 thorized official, a court of competent jurisdiction, or by

25 operation of law.
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1 (b) PENDING PROCEEDINGS.—(1) The repeal made

2 by section 2(d) shall not affect any proceedings, including

3 notices of proposed rulemaking, pending on the effective

4 date of the repeal, before the Overseas Private Investment

5 Corporation, except that no insurance, reinsurance, guar6 antee, or loan may be issued pursuant to any application

7 pending on such effective date. Such proceedings, to the

8 extent that they relate to functions performed by the Di9 rector of the Office of Management and Budget after such

10 repeal, shall be continued. Orders shall be issued in such

11 proceedings, appeals shall be taken therefrom, and pay12 ments shall be made pursuant to such orders, as if this

13 Act had not been enacted; and orders issued in any such

14 proceedings shall continue in effect until modified, termi15 nated, superseded, or revoked by the Director, by a court

16 of competent jurisdiction, or by operation of law. Nothing

17 in this subsection shall be deemed to prohibit the dis18 continuance or modification of any such proceeding under

19 the same terms and conditions and to the same extent that

20 such proceeding could have been discontinued or modified

21 if this Act had not been enacted.

22 (2) The Director of the Office of Management and

23 Budget is authorized to issue regulations providing for the

24 orderly transfer of proceedings continued under paragraph

25 (1).
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1 (c) ACTIONS.—Except as provided in subsection

2 (e)—

3 (1) the provisions of this Act shall not affect

4 suits commenced before the effective date of the re5 peal made by section 2(d); and

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

7 appeals taken, and judgments rendered in the same

8 manner and effect as if this Act had not been en9 acted.

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

11 other proceeding commenced by or against any officer in

12 the official capacity of such individual as an officer of the

13 Overseas Private Investment Corporation, shall abate by

14 reason of the enactment of this Act. No cause of action

15 by or against the Overseas Private Investment Corpora16 tion, or by or against any officer thereof in the official

17 capacity of such officer shall abate by reason of the enact18 ment of this Act.

19 (e) PARTIES.—If, before the effective date of the re20 peal made by section 2(d), the Overseas Private Invest21 ment Corporation or an officer thereof in the official ca22 pacity of such officer, is a party to a suit, then such suit

23 shall be continued with the Director of the Office of Man24 agement and Budget substituted or added as a party.
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1 (f) REVIEW.—Orders and actions of the Director of

2 the Office of Management and Budget in the exercise of

3 functions of the Overseas Private Investment Corporation

4 shall be subject to judicial review to the same extent and

5 in the same manner as if such orders and actions had been

6 issued or taken by the Overseas Private Investment Cor7 poration. Any statutory requirements relating to notice,

8 hearings, action upon the record, or administrative review

9 that apply to any function of the Overseas Private Invest10 ment Corporation shall apply to the exercise of such func11 tion by the Director of the Office of Management and

12 Budget.

13 SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.

14 (a) TITLE 5, United States Code.—(1) Section 5314

15 of title 5, United States Code, is amended by striking

16 ‘‘President, Overseas Private Investment Cor17 poration.’’.

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

19 amended by striking

20 ‘‘Executive Vice President, Overseas Private In21 vestment Corporation.’’.

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

23 amended by striking

24 ‘‘Vice Presidents, Overseas Private Investment

25 Corporation (3).’’.
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1 (b) OTHER AMENDMENTS AND REPEALS.—(1) Sec2 tion 222(a) of the Foreign Assistance Act of 1961 is

3 amended by inserting after ‘‘section 238(c)’’ the following:

4 ‘‘as in effect on the day before the effective date of the

5 repeal of that section made by section 2(d) of the OPIC

6 Abolition Act’’.

7 (2) Section 2301(b)(9) of the Export Enhancement

8 Act of 1988 (15 U.S.C. 4721(b)(9)) is amended by strik9 ing ‘‘the Overseas Private Investment Corporation,’’.

10 (3) Section 2312(d)(1) of the Export Enhancement

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

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

13 (B) by redesignating subparagraphs (L) and

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

15 (4) Section 5402(b) of the Omnibus Trade and Com16 petitiveness Act of 1988 (15 U.S.C. 4902(b)) is amend17 ed—

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

19 the semicolon;

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

21 (C) by redesignating paragraph (14) as para22 graph (13).

23 (5) Section 709 of title 18, United States Code, is

24 amended by striking the paragraph that begins ‘‘Whoever

25 uses the words ‘Overseas Private Investment’ ’’.
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1 (6) Section 624 of the Higher Education Act of 1965

2 (20 U.S.C. 1131c) is amended by striking ‘‘the Overseas

3 Private Investment Corporation,’’.

4 (7) Section 481(e)(4)(A) of the Foreign Assistance

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

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

7 2, relating to the Overseas Private Investment Corpora8 tion)’’.

9 (8)(A) Section 574 of the Foreign Operations, Export

10 Financing, and Related Programs Appropriations Act,

11 1996 (22 U.S.C. 2394 note) is amended—

12 (i) by amending subsection (b) to read as fol13 lows:

14 ‘‘(b) COUNTRIES.—The countries referred to in sub15 section (a) are countries for which in excess of $5,000,000

16 has been obligated during the previous fiscal year for as17 sistance under sections 103 through 106, chapters 10 and

18 11 of part I, and chapter 4 of part II of the Foreign As19 sistance Act of 1961, and under the Support for East Eu20 ropean Democracy Act of 1989.’’; and

21 (ii) in the first sentence of subsection (c) by

22 striking ‘‘the Administrator’’ and all that follows

23 through ‘‘Corporation’’ and inserting ‘‘and the Ad24 ministrator of the Agency for International Develop25 ment’’.
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1 (B) The amendment made by subparagraph (A) shall

2 first apply to the annual report required to be submitted

3 under section 574(a) of the Foreign Operations, Export

4 Financing, and Related Programs Appropriations Act,

5 1996 in the fiscal year following the fiscal year in which

6 no funds have been obligated by the Overseas Private In7 vestment Corporation by virtue of this Act.

8 (9) Section 2(c)(12) of the Support for East Euro9 pean Democracy (SEED) Act of 1989 (22 U.S.C.

10 5401(c)(12)) is repealed.

11 (10) Section 202(b)(2)(B) of the Cuban Liberty and

12 Democratic Solidarity (LIBERTAD) Act of 1996 (22

13 U.S.C. 6062(b)(2)(B)) is amended—

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

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

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

17 (11) Section 9101(3) of title 31, United States Code,

18 is amended—

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

20 (B) by redesignating subparagraphs (I) through

21 (P) as subparagraphs (G) through (O), respectively.

22 (12) The following provisions of law are repealed:

23 (A) Section 5(b)(2) of the Overseas Private In24 vestment Corporation Amendments Act of 1981 (22

25 U.S.C. 2194a).
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1 (B) Section 5 of the Taiwan Relations Act (22

2 U.S.C. 3304).

3 (C) Subsections (b), (c), and (d) of section 576

4 of the Foreign Operations, Export Financing, and

5 Related Programs Appropriations Act, 1991.

6 (D) Subsections (b), (c), and (d) of section 597

7 of the Foreign Operations, Export Financing, and

8 Related Programs Appropriations Act, 1990.

9 (E) Sections 109 and 111 of the Overseas Pri10 vate Investment Corporation Amendments Act of

11 1988, as enacted by reference in section 555 of Pub12 lic Law 100–461.

13 (c) EFFECTIVE DATE.—The amendments and re14 peals made by this section shall take effect 180 days after

15 the date of the enactment of this Act.

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