(6) MAJORITY
MEMBER
REQUIREMENT.—The 
majority of the members of the Board of Directors 
shall be United States citizens. 
(7) REPORTS.—Not later than one year after 
the date of the establishment of an enterprise fund 
under this subsection, and annually thereafter until 
the enterprise fund terminates in accordance with 
paragraph (10), the Board of Directors of the enter-
prise fund shall— 
(A) submit to the appropriate congres-
sional committees a report— 
(i) detailing the administrative ex-
penses of the enterprise fund during the 
year preceding the submission of the re-
port; 
(ii) describing the operations, activi-
ties, financial condition, and accomplish-
ments of the enterprise fund during that 
year; and 
(iii) describing the results of the audit 
conducted under paragraph (8) during that 
year; and 
(B) publish, on a publicly available inter-
net website of the enterprise fund, each report 
required by subparagraph (A). 
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(8) OVERSIGHT.— 
(A) INSPECTOR
GENERAL
PERFORMANCE 
AUDITS.— 
(i) IN GENERAL.—The Inspector Gen-
eral of the Corporation shall conduct peri-
odic audits of the activities of each enter-
prise fund established under this sub-
section. 
(ii) CONSIDERATION.—In conducting 
an audit under clause (i), the Inspector 
General shall assess whether the activities 
of the enterprise fund— 
(I) support the purposes de-
scribed in paragraph (3); 
(II) result in profitable private 
sector investing; and 
(III) generate measurable social 
benefits. 
(B) RECORDKEEPING
REQUIREMENTS.— 
The Corporation shall ensure that each enter-
prise fund receiving support under this sub-
section— 
(i) keeps separate accounts with re-
spect to such support; and 
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(ii) maintains such records as may be 
reasonably necessary to facilitate effective 
audits under this paragraph. 
(9) RETURN OF FUNDS TO TREASURY.—Any 
funds resulting from any liquidation, dissolution, or 
winding up of an enterprise fund, in whole or in 
part, shall be returned to the Treasury of the United 
States. 
(10) TERMINATION.—The authority of an en-
terprise fund to provide support under this sub-
section shall terminate on the earlier of— 
(A) the date that is 7 years after the date 
of the first expenditure of amounts from the en-
terprise fund; or 
(B) the date on which the enterprise fund 
is liquidated. 
(g) OTHER AUTHORITIES.—The Corporation shall 
have, in addition to other authorities provided under this 
section, such authorities as are provided for under the 
State Department Basic Authorities Act of 1956 (22 
U.S.C. 2651a et seq.) and the Foreign Assistance Act of 
1961 (22 U.S.C. 2151 et seq.) and delegated by the Presi-
dent to the Overseas Private Investment Corporation or 
an element of the United States Agency for International 
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Development specified in section 603(a)(2) as of the day 
before the date of the enactment of this Act. 
SEC. 202. TERMS AND CONDITIONS. 
(a) IN GENERAL.—Except as provided in subsection 
(b), support provided by the Corporation under this title 
shall be on such terms and conditions as the Corporation 
may prescribe. 
(b) REQUIREMENTS.—The following requirements 
apply to support provided by the Corporation under this 
title: 
(1) The Corporation shall make a loan or guar-
anty only if it is necessary— 
(A) to alleviate a credit market imperfec-
tion; or 
(B) to achieve specified objectives of the 
United States Government by providing support 
in the most efficient way to meet those objec-
tives on a borrower-by-borrower basis. 
(2) The final maturity of a loan made or guar-
anteed by the Corporation shall not exceed the lesser 
of— 
(A) 25 years; or 
(B) the useful life of any physical asset to 
be financed by the loan (as determined by the 
Corporation). 
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(3) The Corporation shall, with respect to pro-
viding any loan guaranty to a project, require the 
parties to the loan guaranteed by the Corporation to 
bear the risk of loss for at least 20 percent of the 
guaranteed support by the Corporation in the 
project. 
(4) The Corporation may not guarantee a loan 
unless the Corporation determines that the lender is 
responsible and that adequate provision is made for 
servicing the loan on reasonable terms and pro-
tecting the financial interest of the United States. 
(5) The interest rate for direct loans and inter-
est supplements on guaranteed loans shall be set by 
reference to a benchmark interest rate (yield) on 
marketable Treasury securities or other widely rec-
ognized benchmarks with a similar maturity to the 
loans being made or guaranteed. The Corporation 
shall establish appropriate minimum interest rates 
for loans, guarantees, insurance, and other instru-
ments as necessary. 
(6) The minimum interest rate for new loans as 
established by the Corporation shall be adjusted pe-
riodically to take account of changes in the interest 
rate of the benchmark financial instrument. 
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(7)(A) The Corporation shall set fees or pre-
miums for loan guarantee or insurance coverage at 
levels that minimize the cost to the Government (as 
defined in section 502 of the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661a)) of such coverage, 
while supporting achievement of the objectives of the 
loan. 
(B) The Corporation shall set the minimum 
guarantee fee or insurance premium at a level suffi-
cient to cover the Corporation’s costs for paying all 
of the estimated costs to the Government of the ex-
pected default claims and other obligations. 
(C) The Corporation shall review fees for loan 
guaranties periodically to ensure that the fees as-
sessed on new loan guarantees are at a level suffi-
cient to cover the Corporation’s most recent esti-
mates of its costs. 
(8) Any loan guaranty provided by the Corpora-
tion shall be conclusive evidence that— 
(A) the guaranty has been properly ob-
tained; 
(B) the loan qualified for the guaranty; 
and 
(C) but for fraud or material misrepresen-
tation by the holder of the guaranty, the guar-
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