(b) TRANSFER OF PREVIOUS FEES AND REVENUE.— 
There is hereby authorized to be transferred to the Cor-
poration at its call, for the purposes specified in subsection 
(g), all fees and other revenues collected by the Overseas 
Private Investment Corporation pursuant to the reorga-
nization plan submitted by the President under section 
602. 
(c) FULL FAITH AND CREDIT.—All support provided 
pursuant to predecessor authorities or title II shall con-
tinue to constitute obligations of the United States, and 
the full faith and credit of the United States is hereby 
pledged for the full payment and performance of such obli-
gations. 
(d) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated to the Corporation, to 
remain available until expended, such amounts as may be 
necessary from time to time to replenish or increase the 
Corporate Capital Account. 
(e) ISSUANCE OF OBLIGATIONS.— 
(1) IN GENERAL.—In order to discharge liabil-
ities of the Corporation, the Corporation may issue 
from time to time for purchase by the Secretary of 
the Treasury notes, debentures, bonds, or other obli-
gations of the Corporation. 
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(2) LIMITATION.—The aggregate amount of ob-
ligations outstanding under paragraph (1) at any 
one time shall not exceed $1,000,000,000. 
(3) REPAYMENT.—Any obligation issued under 
paragraph (1) shall be repaid to the Treasury of the 
United States within one year after the date of issue 
of the obligation. 
(4) INTEREST
RATE.—Any obligation issued 
under paragraph (1) shall bear interest at a rate de-
termined by the Secretary, taking into consideration 
the current average market yield on outstanding 
marketable obligations of the United States of com-
parable maturities during the month preceding the 
issuance of any obligation authorized by this sub-
section. 
(5) PURCHASE.—The Secretary shall purchase 
any obligation of the Corporation issued under para-
graph (1), and for such purchase the Secretary may 
use as a public debt transaction the proceeds of the 
sale of any securities issued under chapter 31 of title 
31, United States Code. The purpose for which secu-
rities may be issued under such chapter shall include 
any such purchase. 
(6) FUNDING.—There are hereby authorized to 
be appropriated to the Secretary for fiscal year 2018 
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and each fiscal year thereafter such sums as may be 
necessary to carry out this subsection. 
(f) FEES.— 
(1) IN
GENERAL.—Fees may be charged for 
providing services and for transaction costs incurred 
by the Corporation in amounts to be determined by 
the Corporation. 
(2) USE OF FEES.—All fees under paragraph 
(1) paid for transaction costs and other costs associ-
ated with services provided shall be available for ob-
ligation for the purposes for which such fees were 
collected. 
(g) INCOME AND REVENUE IN GENERAL.—In order 
to carry out the purposes of the Corporation, all funds, 
fees, revenues, and income transferred to or earned by the 
Corporation, from whatever source derived, shall be held 
by the Corporation and shall be available to carry out the 
purposes of the Corporation, including— 
(1) payment of all expenses of the Corporation; 
(2) transfers and additions to the Corporate 
Capital Account and such other funds or reserves as 
the Corporation may establish, at such time and in 
such amounts as the Board may determine; 
(3) payment of dividends on capital stock, 
which shall consist of and be paid from net earnings 
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of the Corporation after payments, transfers, and 
additions under paragraphs (1) and (2); and 
(4) transfer of such sums as may be necessary 
from the Corporate Capital Account for costs (as de-
fined in section 502 of the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661a)) of providing support 
under title II, including the costs of modifying such 
support. 
(h) TRANSACTION COSTS.—Transaction costs in-
curred by the Corporation, including such costs relating 
to loan obligations or loan guarantee commitments covered 
by the provisions of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661 et seq.), shall be held in and paid 
out of the Corporate Capital Account. 
SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE 
CORPORATION ON CONSTRAINTS ANALYSIS. 
It is the sense of Congress that the Corporation 
should use the constraints analysis and other relevant data 
of the Millennium Challenge Corporation to better inform 
the decisions of the Corporation with respect to providing 
support under title II. 
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TITLE IV—MONITORING, 
EVALUATION, AND REPORTING 
SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT-
TEES. 
(a) IN GENERAL.—To manage risks such as key stra-
tegic, reputational, regulatory, operational, and financial 
risks the Corporation shall establish a risk committee and 
an audit committee. 
(b) DUTIES AND RESPONSIBILITIES.—Subject to the 
direction of the Board, the risk committee established 
under subsection (a) shall have the responsibility of— 
(1) carrying out independent oversight of the 
Corporation; 
(2) reviewing and providing guidance on the 
risk governance structure of the Corporation; and 
(3) developing policies for enterprise risk man-
agement, monitoring, and management of strategic, 
reputational, regulatory, operational, and financial 
risks. 
SEC. 402. PERFORMANCE MEASURES. 
(a) IN GENERAL.—The Corporation shall develop a 
performance measurement system to evaluate and monitor 
projects supported by the Corporation under title II and 
to guide future projects of the Corporation. 
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(b) CONSIDERATIONS.—In developing the perform-
ance measurement system required by subsection (a), the 
Corporation shall— 
(1) develop a successor for the development im-
pact measurement system used by the Overseas Pri-
vate Investment Corporation before the date of the 
enactment of this Act; 
(2) develop a mechanism for ensuring that sup-
port provided by the Corporation under title II is in 
addition to private investment; and 
(3) develop standards for, and a method for en-
suring, appropriate financial performance of the 
Corporation’s portfolio. 
(c) PUBLIC AVAILABILITY OF CERTAIN INFORMA-
TION.—The Corporation shall regularly make available to 
the public information about support provided by the Cor-
poration under title II and performance metrics about 
such support on a country-by-country basis. 
(d) CONSULTATIONS.—In developing the perform-
ance measurement system required by subsection (a), the 
Corporation shall consult with stakeholders engaged in 
sustainable economic growth and development outside the 
United States, including private sector entities and non-
governmental and civil society organizations. 
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SEC. 403. ANNUAL REPORT. 
(a) IN GENERAL.—After the end of each fiscal year, 
the Corporation shall submit to the appropriate congres-
sional committees a complete and detailed report of its op-
erations during that fiscal year, including an assessment 
of— 
(1) the economic and social development impact 
and benefits of projects supported by the Corpora-
tion under title II; and 
(2) the extent to which the operations of the 
Corporation complement or are compatible with the 
development assistance programs of the United 
States and qualifying sovereign entities. 
(b) ELEMENTS.—Each annual report required by 
subsection (a) shall include projections of the effects of 
each project supported by the Corporation under title II, 
including— 
(1) reviews and analysis of— 
(A) the desired development outcomes for 
each project and whether or not the project is 
meeting the associated metrics, goals, and de-
velopment objectives in the years following the 
conclusion of the project; and 
(B) the effect of the Corporation’s support 
for the project on access to capital, specifically 
whether the project is addressing identifiable 
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market gaps or inefficiencies and what impact, 
if any, such support will have on access to cred-
it for private sector entities in the country in 
which the project is carried out; 
(2) an explanation of any partnership arrange-
ment or cooperation with a qualifying sovereign enti-
ty in support of each project; 
(3) projections of— 
(A) each project’s development outcome, 
and whether or not support for the project is 
meeting the associated performance measures, 
both during the start-up phase and over the du-
ration of the project; and 
(B) the amount of private sector assets 
brought to bear relative to the amount of sup-
port provided by the Corporation and any other 
public sector support associated with the 
project; and 
(4) an assessment of the extent to which lessons 
learned from the monitoring and evaluation activities 
of the Corporation, and from annual reports from 
previous years compiled by the Corporation, have 
been applied to projects. 
SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 
The Corporation shall— 
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(1) maintain a user-friendly, publicly available, 
machine-readable database with detailed country- 
level information, including a description of the sup-
port provided by the Corporation under title II; and 
(2) include a clear link to information about 
each project supported by the Corporation under 
title II on the internet website of the Department of 
State, ‘‘ForeignAssistance.gov’’, or a successor 
website or other online publication. 
SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE 
CORPORATION. 
(a) AUDITS.—Subject to subsection (f), an inde-
pendent certified public accountant shall perform a finan-
cial and compliance audit of the financial statements of 
the Corporation annually, in accordance with generally ac-
cepted government auditing standards for a financial and 
compliance audit, as issued by the Comptroller General 
of the United States. 
(b) REPORTS ON AUDITS.—The independent certified 
public accountant who conducts an audit under subsection 
(a) shall report the results of the audit to the Executive 
Director of the Corporation and the appropriate congres-
sional committees. 
(c) PRESENTATION.—The financial statements of the 
Corporation and the report required by subsection (b) 
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shall be presented in accordance with generally accepted 
accounting principles. 
(d) REPORTS TO CONGRESS.—Not later than 195 
days after the end of the last fiscal year covered by an 
audit conducted under subsection (a), the Corporation 
shall submit to the appropriate congressional committees 
a report that includes— 
(1) the report required by subsection (b) with 
respect to the audit; and 
(2) the financial statements of the Corporation. 
(e) REVIEW AND REPORT BY THE GOVERNMENT AC-
COUNTABILITY OFFICE.—The Comptroller General may 
review an audit conducted under subsection (a) and the 
report to the appropriate congressional committees re-
quired by subsection (d) in the manner and at such times 
as the Comptroller General considers necessary. 
(f) ALTERNATIVE AUDITS
BY GOVERNMENT AC-
COUNTABILITY OFFICE.—Instead of an audit conducted 
under subsection (a) by a certified public accountant, the 
Comptroller General shall, if the Comptroller General con-
siders it necessary or upon the request of Congress, audit 
the financial statements of the Corporation in the manner 
provided under subsection (a). 
(g) AVAILABILITY OF INFORMATION.—All books, ac-
counts, financial records, reports, files, workpapers, and 
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property belonging to or in use by the Corporation or the 
accountant who conducts an audit under subsection (a) 
that are necessary for purposes of conducing the audit, 
shall be made available to the Comptroller General and 
such employees as the Comptroller General considers ap-
propriate. 
SEC. 406. ENGAGEMENT WITH INVESTORS. 
(a) IN GENERAL.—The Corporation shall, in coopera-
tion with the Administrator of the United States Agency 
for International Development— 
(1) develop a strategic relationship with private 
sector entities focused at the nexus of business op-
portunities and development priorities; 
(2) engage such entities and reduce business 
risks primarily through direct transaction support 
and facilitating investment partnerships; 
(3) develop and support tools, approaches, and 
intermediaries that can mobilize private finance at 
scale in the developing world; 
(4) pursue projects of all sizes, especially those 
that are small but designed for work in the most un-
derdeveloped areas, including countries with chronic 
suffering as a result of extreme poverty, fragile insti-
tutions, or a history of violence; and 
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(10) identify and screen new investment part-
ners. 
TITLE V—CONDITIONS, RESTRIC-
TIONS, AND PROHIBITIONS 
SEC. 501. LIMITATIONS AND PREFERENCES. 
(a) LIMITATION ON SUPPORT FOR SINGLE ENTI-
TY.—No entity receiving support from the Corporation 
under title II may receive more than an amount equal to 
5 percent of the Corporation’s maximum contingent liabil-
ity authorized under section 303. 
(b) PREFERENCE FOR SUPPORT OF INVESTMENT BY 
UNITED STATES INVESTORS.— 
(1) IN GENERAL.—The Corporation shall give 
preferential consideration to projects sponsored by 
or involving private sector entities that are United 
States persons. 
(2) UNITED STATES PERSON DEFINED.—In this 
subsection, the term ‘‘United States person’’ 
means— 
(A) a United States citizen; or 
(B) an entity significantly beneficially 
owned by individuals described in subparagraph 
(A). 
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(c) PREFERENCE FOR PROVISION OF SUPPORT IN 
COUNTRIES
IN
COMPLIANCE
WITH
INTERNATIONAL 
TRADE OBLIGATIONS.— 
(1) CONSULTATIONS
WITH
UNITED
STATES 
TRADE REPRESENTATIVE.—Not less frequently than 
annually, the Corporation shall consult with the 
United States Trade Representative with respect to 
the status of countries eligible to receive support 
from the Corporation under title II and the compli-
ance of those countries with their international trade 
obligations. 
(2) PREFERENTIAL CONSIDERATION.—The Cor-
poration shall give preferential consideration to pro-
viding support under title II for projects in countries 
in compliance with or making substantial progress 
coming into compliance with their international 
trade obligations. 
(d) WORKER RIGHTS.—The Corporation should sup-
port projects under title II in countries that are taking 
steps to adopt and implement laws that extend inter-
nationally recognized worker rights (as defined in section 
507 of the Trade Act of 1974 (19 U.S.C. 2467)) to work-
ers in that country. 
(e) ENVIRONMENTAL IMPACT.—The Board shall not 
vote in favor of any project proposed to be supported by 
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the Corporation under title II that is likely to have signifi-
cant adverse environmental impacts that are sensitive, di-
verse, or unprecedented, unless— 
(1) before the date of the vote, an environ-
mental impact assessment or initial environmental 
audit, analyzing the environmental impacts of the 
proposed project and of alternatives to the proposed 
project, is completed; and 
(2) such assessment or audit has been made 
available to the public of the United States, locally 
affected groups in the country in which the project 
will be carried out, and nongovernmental organiza-
tions in that country. 
SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 
DISTORTION. 
(a) IN GENERAL.—Before the Corporation provides 
support for a project under title II, the Corporation shall 
ensure that private sector entities are afforded an oppor-
tunity to support the project instead of the project receiv-
ing support from the Corporation. 
(b) SAFEGUARDS, POLICIES, AND GUIDELINES.—The 
Corporation shall develop appropriate safeguards, policies, 
and guidelines to ensure that support provided by the Cor-
poration under title II— 
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(1) supplements and encourages, but does not 
compete with, private sector support; and 
(2) operates according to internationally recog-
nized best practices and standards with respect to 
ensuring the avoidance of market distorting govern-
ment subsidies and the crowding out of private sec-
tor lending. 
SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 
COUNTRIES AND WITH SANCTIONED PER-
SONS. 
(a) IN GENERAL.—The Corporation is prohibited 
from providing support under title II in a country the gov-
ernment of which the Secretary of State has determined 
has repeatedly provided support for acts of international 
terrorism for purposes of— 
(1) section 6(j)(1)(A) of the Export Administra-
tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as con-
tinued in effect pursuant to the International Emer-
gency Economic Powers Act (50 U.S.C. 1701 et 
seq.)); 
(2) section 620A(a) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2371(a)); 
(3) section 40(d) of the Arms Export Control 
Act (22 U.S.C. 2780(d)); or 
(4) any other provision of law. 
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(b) PROHIBITION ON SUPPORT OF SANCTIONED PER-
SONS.—The Corporation is prohibited from supporting a 
project under title II that benefits any entity subject to 
sanctions imposed by the United States. 
SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 
AND BRIBERY. 
Subsections (g), (l), and (n) of section 237 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2197) shall 
apply with respect to the Corporation to the same extent 
and in the same manner as such subsections applied with 
respect to the Overseas Private Investment Corporation 
on the day before the date of the enactment of this Act. 
SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED EN-
TERPRISES AND MONOPOLIES. 
(a) POLICIES WITH RESPECT TO STATE-OWNED EN-
TERPRISES.—The Corporation shall develop appropriate 
policies and guidelines to ensure that support provided 
under title II to a state-owned enterprise, sovereign wealth 
fund, or a parastatal entity engaged in commercial activi-
ties or to a project in which such an entity or fund is 
participating is provided under appropriate principles of 
competitive neutrality. 
(b) PROHIBITION ON SUPPORT TO MONOPOLIES.— 
The Corporation may not provide support under title II 
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to private sector entities engaged in monopolistic prac-
tices. 
(c) STATE-OWNED ENTERPRISE DEFINED.— 
(1) IN
GENERAL.—In this section, the term 
‘‘state-owned enterprise’’ means any enterprise es-
tablished for a commercial or business purpose that 
is directly owned or controlled by one or more gov-
ernments, including any agency, instrumentality, 
subdivision, or other unit of government at any level 
of jurisdiction. 
(2) CONTROL; OWNED.—For purposes of para-
graph (1): 
(A) CONTROL.—The term ‘‘control’’, with 
respect to an enterprise, means the power by 
any means to control the enterprise regardless 
of— 
(i) the level of ownership; and 
(ii) whether or not the power is exer-
cised. 
(B) OWNED.—The term ‘‘owned’’, with re-
spect to an enterprise, means a majority or con-
trolling interest, whether by value or voting in-
terest, of the shares of that enterprise, includ-
ing through fiduciaries, agents, or other means. 
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TITLE VI—TRANSITIONAL 
PROVISIONS 
SEC. 601. DEFINITIONS. 
In this title: 
(1) AGENCY.—The term ‘‘agency’’ includes any 
entity, organizational unit, program, or function. 
(2) TRANSITION
PERIOD.—The term ‘‘transi-
tion period’’ means the period— 
(A) beginning on the date of the enactment 
of this Act; and 
(B) ending on the effective date of the re-
organization plan required by section 602(d). 
SEC. 602. REORGANIZATION PLAN. 
(a) SUBMISSION OF PLAN.—Not later than 60 days 
after the date of the enactment of this Act, the President 
shall transmit to the appropriate congressional committees 
a reorganization plan regarding the following: 
(1) The transfer of agencies, personnel, assets, 
and obligations to the Corporation pursuant to this 
title. 
(2) 
Any 
consolidation, 
reorganization, 
or 
streamlining of agencies transferred to the Corpora-
tion pursuant to this title. 
(b) PLAN ELEMENTS.—The plan transmitted under 
subsection (a) shall contain, consistent with this Act, such 
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elements as the President deems appropriate, including 
the following: 
(1) Identification of any functions of agencies 
transferred to the Corporation pursuant to this title 
that will not be transferred to the Corporation under 
the plan. 
(2) Specification of the steps to be taken to or-
ganize the Corporation, including the delegation or 
assignment of functions transferred to the Corpora-
tion among officers of the Corporation in order to 
permit the Corporation to carry out the functions 
transferred under the plan. 
(3) Specification of the funds available to each 
agency that will be transferred to the Corporation as 
a result of transfers under the plan. 
(4) Specification of the proposed allocations 
within the Corporation of unexpended funds trans-
ferred in connection with transfers under the plan. 
(5) Specification of any proposed disposition of 
property, facilities, contracts, records, and other as-
sets and obligations of agencies transferred under 
the plan. 
(c) MODIFICATION OF PLAN.—The President may, 
on the basis of consultations with the appropriate congres-
sional committees, modify or revise any part of the plan 
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until that part of the plan becomes effective in accordance 
with subsection (d). 
(d) EFFECTIVE DATE.— 
(1) IN GENERAL.—The reorganization plan de-
scribed in this section, including any modifications 
or revisions of the plan under subsection (c), shall 
become effective for an agency on the date specified 
in the plan (or the plan as modified pursuant to sub-
section (c)), except that such date may not be earlier 
than 90 days after the date the President has trans-
mitted the reorganization plan to the appropriate 
congressional committees pursuant to subsection (a). 
(2) STATUTORY
CONSTRUCTION.—Nothing in 
this subsection may be construed to require the 
transfer of functions, personnel, records, balances of 
appropriations, or other assets of an agency on a 
single date. 
SEC. 603. TRANSFER OF FUNCTIONS. 
(a) IN GENERAL.—Effective at the end of the transi-
tion period, there shall be transferred to the Corporation 
the functions, personnel, assets, and liabilities of— 
(1) the Overseas Private Investment Corpora-
tion, as in existence on the day before the date of 
the enactment of this Act; and 
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(2) the following elements of the United States 
Agency for International Development: 
(A) The Development Credit Authority. 
(B) The enterprise funds. 
(C) The Office of Private Capital and Mi-
croenterprise. 
(b) BILATERAL AGREEMENTS.—Any bilateral agree-
ment of the United States in effect on the date of the 
enactment of this Act that serves as the basis for pro-
grams of the Overseas Private Investment Corporation 
shall be considered as satisfying the requirements of sec-
tion 301(a). 
(c) TRANSITION.—During the transition period, the 
agencies specified in subsection (a) shall— 
(1) continue to administer the assets and obli-
gations of those agencies; and 
(2) carry out such programs and activities au-
thorized under this Act as may be determined by the 
President. 
SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST-
MENT 
CORPORATION 
AND 
OTHER 
SUPERCEDED AUTHORITIES. 
Effective at the end of the transition period— 
(1) the Overseas Private Investment Corpora-
tion is terminated; and 
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(2) the following provisions are repealed: 
(A) Title IV of chapter 2 of part I of the 
Foreign Assistance Act of 1961 (22 U.S.C. 
2191 et seq.) (other than subsections (g), (l), 
and (n) of section 237 of that Act). 
(B) Subtitle B of title VI of that chapter 
(22 U.S.C. 2212). 
SEC. 605. TRANSITIONAL AUTHORITIES. 
(a) PROVISION
OF ASSISTANCE
BY OFFICIALS.— 
Until the transfer of an agency to the Corporation under 
section 603, any official having authority over or functions 
relating to the agency immediately before the date of the 
enactment of this Act shall provide to the Corporation 
such assistance, including the use of personnel and assets, 
as the Corporation may request in preparing for the trans-
fer and integration of the agency into the Corporation. 
(b) SERVICES AND PERSONNEL.—During the transi-
tion period, upon the request of the Corporation, the head 
of any executive agency may, on a reimbursable basis, pro-
vide services or detail personnel to assist with the transi-
tion. 
(c) ACTING OFFICIALS.— 
(1) IN
GENERAL.—During the transition pe-
riod, pending the advice and consent of the Senate 
to the appointment of an officer required by this Act 
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to be appointed by and with such advice and con-
sent, the President may designate any officer whose 
appointment was required to be made by and with 
such advice and consent and who was such an officer 
immediately before the date of the enactment of this 
Act (and who continues in office) or immediately be-
fore such designation, to act in such office until the 
same is filled as provided in this Act. While so act-
ing, such officers shall receive compensation at the 
higher of— 
(A) the rates provided by this Act for the 
respective offices in which they act; or 
(B) the rates provided for the offices held 
at the time of designation. 
(2) RULE OF CONSTRUCTION.—Nothing in this 
Act shall be construed to require the advice and con-
sent of the Senate to the appointment by the Presi-
dent to a position in the Corporation of any officer 
whose agency is transferred to the Corporation pur-
suant to this title and whose duties following such 
transfer are germane to those performed before such 
transfer. 
(d) TRANSFER OF PERSONNEL, ASSETS, OBLIGA-
TIONS, AND FUNCTIONS.—Upon the transfer of an agency 
to the Corporation under section 603— 
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(1) the personnel, assets, and obligations held 
by or available in connection with the agency shall 
be transferred to the Corporation for appropriate al-
location, subject to the approval of the Director of 
the Office of Management and Budget and in ac-
cordance with section 1531(a)(2) of title 31, United 
States Code; and 
(2) the Corporation shall have all functions— 
(A) relating to the agency that any other 
official could by law exercise in relation to the 
agency immediately before such transfer; and 
(B) vested in the Corporation by this Act 
or other law. 
SEC. 606. SAVINGS PROVISIONS. 
(a) COMPLETED ADMINISTRATIVE ACTIONS.— 
(1) IN
GENERAL.—Completed administrative 
actions of an agency shall not be affected by the en-
actment of this Act or the transfer of such agency 
to the Corporation under section 603, but shall con-
tinue in effect according to their terms until amend-
ed, modified, superseded, terminated, set aside, or 
revoked in accordance with law by an officer of the 
United States or a court of competent jurisdiction, 
or by operation of law. 
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(2) COMPLETED ADMINISTRATIVE ACTION DE-
FINED.—In this subsection, the term ‘‘completed ad-
ministrative action’’ includes orders, determinations, 
rules, regulations, personnel actions, permits, agree-
ments, grants, contracts, certificates, licenses, reg-
istrations, and privileges. 
(b) PENDING PROCEEDINGS.— 
(1) IN GENERAL.—Pending proceedings in an 
agency, including notices of proposed rulemaking, 
and applications for licenses, permits, certificates, 
grants, and financial assistance, shall continue not-
withstanding the enactment of this Act or the trans-
fer of the agency to the Corporation, unless discon-
tinued or modified under the same terms and condi-
tions and to the same extent that such discontinu-
ance could have occurred if such enactment or trans-
fer had not occurred. 
(2) ORDERS.—Orders issued in proceedings de-
scribed in paragraph (1), and appeals therefrom, 
and payments made pursuant to such orders, shall 
issue in the same manner and on the same terms as 
if this Act had not been enacted or the agency had 
not been transferred, and any such orders shall con-
tinue in effect until amended, modified, superseded, 
terminated, set aside, or revoked by an officer of the 
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United States or a court of competent jurisdiction, 
or by operation of law. 
(c) PENDING CIVIL ACTIONS.—Pending civil actions 
shall continue notwithstanding the enactment of this Act 
or the transfer of an agency to the Corporation, and in 
such civil actions, proceedings shall be had, appeals taken, 
and judgments rendered and enforced in the same manner 
and with the same effect as if such enactment or transfer 
had not occurred. 
(d) REFERENCES.—References relating to an agency 
that is transferred to the Corporation under section 603 
in statutes, Executive orders, rules, regulations, directives, 
or delegations of authority that precede such transfer or 
the date of the enactment of this Act shall be deemed to 
refer, as appropriate, to the Corporation, to its officers, 
employees, or agents, or to its corresponding organiza-
tional units or functions. Statutory reporting requirements 
that applied in relation to such an agency immediately be-
fore the effective date of this Act shall continue to apply 
following such transfer if they refer to the agency by 
name. 
(e) EMPLOYMENT PROVISIONS.— 
(1) REGULATIONS.—The Corporation may, in 
regulations prescribed jointly with the Director of 
the Office of Personnel Management, adopt the 
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rules, procedures, terms, and conditions, established 
by statute, rule, or regulation before the date of the 
enactment of this Act, relating to employment in any 
agency transferred to the Corporation under section 
603. 
(2) EFFECT OF TRANSFER ON CONDITIONS OF 
EMPLOYMENT.—Except as otherwise provided in this 
Act, or under authority granted by this Act, the 
transfer pursuant to this title of personnel shall not 
alter the terms and conditions of employment, in-
cluding compensation, of any employee so trans-
ferred. 
(f) STATUTORY REPORTING REQUIREMENTS.—Any 
statutory reporting requirement that applied to an agency 
transferred to the Corporation under this title immediately 
before the date of the enactment of this Act shall continue 
to apply following that transfer if the statutory require-
ment refers to the agency by name. 
SEC. 607. OTHER TERMINATIONS. 
Except as otherwise provided in this Act, whenever 
all the functions vested by law in any agency have been 
transferred pursuant to this title, each position and office 
the incumbent of which was authorized to receive com-
pensation at the rates prescribed for an office or position 
at level II, III, IV, or V of the Executive Schedule under 
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subchapter II of chapter 53 of title 5, United States Code, 
shall terminate. 
SEC. 608. INCIDENTAL TRANSFERS. 
The Director of the Office of Management and Budg-
et, in consultation with the Corporation, is authorized and 
directed to make such additional incidental dispositions of 
personnel, assets, and liabilities held, used, arising from, 
available, or to be made available, in connection with the 
functions transferred by this title, as the Director may de-
termine necessary to accomplish the purposes of this Act. 
SEC. 609. REFERENCE. 
With respect to any function transferred under this 
title (including under a reorganization plan under section 
602) and exercised on or after the date of the enactment 
of this Act, reference in any other Federal law to any de-
partment, commission, or agency or any officer or office 
the functions of which are so transferred shall be deemed 
to refer to the Corporation or official or component of the 
Corporation to which that function is so transferred. 
SEC. 610. CONFORMING AMENDMENTS. 
(a) EXEMPT PROGRAMS.—Section 255(g) of the Bal-
anced Budget and Emergency Deficit Control Act of 1985 
(2 U.S.C. 905(g)) is amended by striking ‘‘Overseas Pri-
vate Investment Corporation, Noncredit Account (71– 
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4184–0–3–151).’’ and inserting ‘‘United States Inter-
national Development Finance Corporation.’’. 
(b) EXECUTIVE SCHEDULE.—Title 5, United States 
Code, is amended— 
(1) in section 5314, by striking ‘‘President, 
Overseas Private Investment Corporation.’’; 
(2) in section 5315, by striking ‘‘Executive Vice 
President, Overseas Private Investment Corpora-
tion.’’; and 
(3) in section 5316, by striking ‘‘Vice Presi-
dents, Overseas Private Investment Corporation 
(3).’’. 
(c) OFFICE
OF INTERNATIONAL TRADE
OF
THE 
SMALL BUSINESS ADMINISTRATION.—Section 22 of the 
Small Business Act (15 U.S.C. 649) is amended— 
(1) in subsection (b), in the matter preceding 
paragraph (1), by striking ‘‘the President of the 
Overseas Private Investment Corporation, Director’’ 
and inserting ‘‘the Board of Directors of the United 
States International Development Finance Corpora-
tion, the Director’’; and 
(2) by striking ‘‘Overseas Private Investment 
Corporation’’ each place it appears and inserting 
‘‘United States International Development Finance 
Corporation’’. 
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(h) ENGAGEMENT ON CURRENCY EXCHANGE RATE 
AND ECONOMIC POLICIES.—Section 701(c)(1)(A) of the 
Trade Facilitation and Trade Enforcement Act of 2015 
(19 U.S.C. 4421(c)(1)(A)) is amended by striking ‘‘Over-
seas Private Investment Corporation’’ and inserting 
‘‘United States International Development Finance Cor-
poration’’. 
(i) INTERNSHIPS WITH INSTITUTE
FOR INTER-
NATIONAL PUBLIC POLICY.—Section 625 of the Higher 
Education Act of 1965 (20 U.S.C. 1131c(a)) is amended 
by striking ‘‘Overseas Private Investment Corporation’’ 
and inserting ‘‘United States International Development 
Finance Corporation’’. 
(j) FOREIGN ASSISTANCE ACT OF 1961.—The For-
eign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is 
amended— 
(1) 
in 
section 
449B(b)(2) 
(22 
U.S.C. 
2296b(b)(2)), by striking ‘‘Overseas Private Invest-
ment Corporation’’ and inserting ‘‘United States 
International Development Finance Corporation’’; 
and 
(2) 
in 
section 
481(e)(4)(A) 
(22 
U.S.C. 
2291(e)(4)(A)), in the matter preceding clause (i), 
by striking ‘‘(including programs under title IV of 
chapter 2, relating to the Overseas Private Invest-
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ment Corporation)’’ and inserting ‘‘(and any support 
under title II of the Better Utilization of Invest-
ments Leading to Development Act of 2018, relating 
to the United States International Development Fi-
nance Corporation)’’. 
(k) ELECTRIFY AFRICA ACT OF 2015.—Sections 5 
and 7 of the Electrify Africa Act of 2015 (Public Law 
114–121; 22 U.S.C. 2293 note) are amended by striking 
‘‘Overseas Private Investment Corporation’’ each place it 
appears and inserting ‘‘United States International Devel-
opment Finance Corporation’’. 
(l) FOREIGN AID TRANSPARENCY AND ACCOUNT-
ABILITY ACT OF 2016.—Section 2(3) of the Foreign Aid 
Transparency and Accountability Act of 2016 (Public Law 
114–191; 22 U.S.C. 2394c note) is amended by striking 
subparagraph (A) and inserting the following: 
‘‘(A) title II of the Better Utilization of In-
vestments Leading to Development Act of 
2018;’’. 
(m) SUPPORT FOR EAST EUROPEAN DEMOCRACY 
(SEED) PROGRAM.—Section 2(c) of the Support for East 
European Democracy (SEED) Act of 1989 (22 U.S.C. 
5401(c)) is amended by striking paragraph (12) and in-
serting the following: 
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‘‘(12) UNITED STATES INTERNATIONAL DEVEL-
OPMENT FINANCE CORPORATION.—Programs of the 
United States International Development Finance 
Corporation.’’. 
(n) CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY 
(LIBERTAD) ACT OF 1996.—Section 202(b)(2)(B)(iv) 
of the Cuban Liberty and Democratic Solidarity 
(LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) 
is amended by striking ‘‘Overseas Private Investment Cor-
poration’’ and inserting ‘‘United States International De-
velopment Finance Corporation’’. 
(o) INTERNATIONAL RELIGIOUS FREEDOM ACT OF 
1998.—Section 405(a)(10) of the International Religious 
Freedom Act of 1998 (22 U.S.C. 6445(a)(10)) is amended 
by striking ‘‘Overseas Private Investment Corporation’’ 
and inserting ‘‘United States International Development 
Finance Corporation’’. 
(p) TRAFFICKING VICTIMS PROTECTION ACT
OF 
2000.—Section 103(8) of the Trafficking Victims Protec-
tion Act of 2000 (22 U.S.C. 7102(8)) is amended— 
(1) in clause (vii), by striking the semicolon and 
inserting ‘‘; and’’; and 
(2) by striking clause (viii). 
(q) TECHNOLOGY DEPLOYMENT
IN DEVELOPING 
COUNTRIES.—Section 732(b) of the Global Environmental 
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Protection Assistance Act of 1989 (22 U.S.C. 7902(b)) 
is amended by striking ‘‘Overseas Private Investment Cor-
poration’’ and inserting ‘‘United States International De-
velopment Finance Corporation’’. 
(r) EXPANDED
NONMILITARY
ASSISTANCE
FOR 
UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup-
port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 
(1) in the matter preceding subparagraph (A), 
by striking ‘‘Overseas Private Investment Corpora-
tion’’ and inserting ‘‘United States International De-
velopment Finance Corporation’’; and 
(2) in subparagraph (B), by striking ‘‘by eligi-
ble investors (as defined in section 238 of the For-
eign Assistance Act of 1961 (22 U.S.C. 2198))’’. 
(s) GLOBAL FOOD SECURITY ACT OF 2016.—Section 
4(7) of the Global Food Security Act of 2016 (22 U.S.C. 
9303(7)) is amended by striking ‘‘Overseas Private Invest-
ment Corporation’’ and inserting ‘‘United States Inter-
national Development Finance Corporation’’. 
(t) SENSE OF CONGRESS ON EUROPEAN AND EUR-
ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 
Countering Russian Influence in Europe and Eurasia Act 
of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking 
‘‘Overseas Private Investment Corporation’’ and inserting 
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‘‘United States International Development Finance Cor-
poration’’. 
(u) WHOLLY
OWNED
GOVERNMENT
CORPORA-
TION.—Section 9101(3) of title 31, United States Code, 
is amended by striking ‘‘Overseas Private Investment Cor-
poration’’ and inserting ‘‘United States International De-
velopment Finance Corporation’’. 
(v) ENERGY INDEPENDENCE AND SECURITY ACT OF 
2007.—Title IX of the Energy Independence and Security 
Act of 2007 (42 U.S.C. 17321 et seq.) is amended— 
(1) in section 914 (42 U.S.C. 17334)— 
(A) in the section heading, by striking 
‘‘OVERSEAS
PRIVATE
INVESTMENT
COR-
PORATION’’ and inserting ‘‘UNITED STATES 
INTERNATIONAL
DEVELOPMENT
FINANCE 
CORPORATION’’; 
(B) in subsection (a), in the matter pre-
ceding paragraph (1), by striking ‘‘Overseas 
Private Investment Corporation’’ and inserting 
‘‘United States International Development Fi-
nance Corporation’’; and 
(C) in subsection (b), in the matter pre-
ceding paragraph (1), by striking ‘‘Overseas 
Private Investment Corporation shall include in 
its annual report required under section 240A 
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of the Foreign Assistance Act of 1961 (22 
U.S.C. 2200a)’’ and inserting ‘‘United States 
International Development Finance Corporation 
shall include in its annual report required under 
section 403 of the Better Utilization of Invest-
ments Leading to Development Act of 2018’’; 
and 
(2) 
in 
section 
916(a)(2)(I) 
(42 
U.S.C. 
17336(a)(2)(I)), by striking ‘‘Overseas Private In-
vestment Corporation:’’ and inserting ‘‘United 
States International Development Finance Corpora-
tion;’’. 
(w) EFFECTIVE DATE.—The amendments made by 
this section shall take effect at the end of the transition 
period. 
Æ 
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