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to prohibit assistance to a country in the event
that a private sector recipient of assistance fur-
nished under this section is in default in its
payment to the United States for the period
specified in such section.
‘‘(B) PROCUREMENT
PROVISION.—Assist-
ance may be provided under this section with-
out regard to section 604(a) of this Act.
‘‘(3) TERMS AND CONDITIONS OF CREDIT AS-
SISTANCE.—(A) Credit assistance provided under
this section shall be offered on such terms and con-
ditions, including fees charged, as the board may de-
termine.
‘‘(B) The principal amount of loans made or
guaranteed under this section in any fiscal year,
with respect to any single borrower, may not exceed
$30,000,000.
‘‘(C) No payment may be made under any
guarantee issued under this section for any loss aris-
ing out of fraud or misrepresentation for which the
party seeking payment is responsible.
‘‘(4) FULL FAITH AND CREDIT.—All guarantees
issued under this section shall constitute obligations,
in accordance with the terms of such guarantees, of
the United States of America and the full faith and
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credit of the United States of America is hereby
pledged for the full payment and performance of
such obligations to the extent of the guarantee.
‘‘(e) REPORT.—Not later than 60 days after the date
on which the last representative to the board is appointed
pursuant to subsection (b), the chairman of the board
shall prepare and submit to the appropriate congressional
committees a report on the policies, rules, and regulations
of the Facility.
‘‘(f) FUNDING.—(1)(A) Of the amounts made avail-
able to carry out this part for each of the fiscal years 2000
and 2001, up to $5,000,000 may be made available for—
‘‘(i) the subsidy cost, as defined in section
502(5) of the Federal Credit Reform Act of 1990,
to carry out this section; and
‘‘(ii) subject to subparagraph (B), the cost of
administrative expenses to carry out this section.
‘‘(B) Of the amount made available under subpara-
graph (A) to carry out this section for a fiscal year, not
more than $500,000 may be made available for adminis-
trative expenses under subparagraph (A)(ii).
‘‘(2) Amounts made available under paragraph (1)
are in addition to amounts available under any other pro-
vision of law to carry out this section.
‘‘(g) DEFINITIONS.—In this section:
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‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional com-
mittees’ means the Committee on International Re-
lations of the House of Representatives and the
Committee on Foreign Relations of the Senate.
‘‘(2) 
UNITED
STATES-SUPPORTED
MICRO-
FINANCE INSTITUTION.—The term ‘United States-
supported microfinance institution’ means a finan-
cial intermediary that has received funds made avail-
able under this Act for fiscal year 1980 or any sub-
sequent fiscal year.’’.
SEC. 7. REPORT RELATING TO FUTURE DEVELOPMENT OF
MICROFINANCE INSTITUTIONS.
(a) REPORT.—Not later than 180 days after the date
of the enactment of this Act, the President, in consultation
with the Administrator of the United States Agency for
International Development, the Secretary of State, and
the Secretary of the Treasury, shall prepare and transmit
to the appropriate congressional committees a report on
the most cost-effective methods for increasing the access
of poor people to credit, other financial services, and re-
lated training.
(b) CONTENTS.—The report described in subsection
(a)—
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(1) should include how the President, in con-
sultation with the Administrator of the United
States Agency for International Development, the
Secretary of State, and the Secretary of the Treas-
ury, will jointly develop a comprehensive strategy for
advancing the global microenterprise sector in a way
that maintains market principles while assuring that
the very poor, particularly women, obtain access to
financial services; and
(2) shall provide guidelines and recommenda-
tions for—
(A) instruments to assist microenterprise
networks to develop multi-country and regional
microlending programs;
(B) technical assistance to foreign govern-
ments, foreign central banks and regulatory en-
tities to improve the policy environment for
microfinance institutions, and to strengthen the
capacity of supervisory bodies to supervise
microcredit institutions;
(C) the potential for federal chartering of
United States-based international microfinance
network institutions, including proposed legisla-
tion;
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(D) instruments to increase investor con-
fidence in microcredit institutions which would
strengthen the long-term financial position of
the microcredit institutions and attract capital
from private sector entities and individuals,
such as a rating system for microcredit institu-
tions and local credit bureaus;
(E) an agenda for integrating microfinance
into United States foreign policy initiatives
seeking to develop and strengthen the global fi-
nance sector; and
(F) innovative instruments to attract funds
from the capital markets, such as instruments
for leveraging funds from the local commercial
banking sector, and the securitization of
microloan portfolios.
(c) APPROPRIATE CONGRESSIONAL COMMITTEES DE-
FINED.—In this section, the term ‘‘appropriate congres-
sional committees’’ means the Committee on International
Relations of the House of Representatives and the Com-
mittee on Foreign Relations of the Senate.
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SEC. 8. UNITED STATES AGENCY FOR INTERNATIONAL DE-
VELOPMENT AS GLOBAL LEADER AND COOR-
DINATOR OF BILATERAL AND MULTILATERAL
MICROENTERPRISE ASSISTANCE ACTIVITIES.
(a) FINDINGS AND POLICY.—The Congress finds and
declares that—
(1) the United States can provide leadership to
other bilateral and multilateral development agencies
as such agencies expand their support to the micro-
enterprise sector; and
(2) the United States should seek to improve
coordination among G-7 countries in the support of
the microenterprise sector in order to leverage the
investment of the United States with that of other
donor nations.
(b) SENSE OF THE CONGRESS.—It is the sense of
the Congress that—
(1) the Administrator of the United States
Agency for International Development and the Sec-
retary of State should seek to support and strength-
en the effectiveness of microfinance activities in
United Nations agencies, such as the International
Fund for Agricultural Development (IFAD) and the
United Nations Development Program (UNDP),
which have provided key leadership in developing the
microenterprise sector; and