SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Better Utilization of Investments Leading to Develop-
ment Act of 2018’’ or the ‘‘BUILD Act of 2018’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
TITLE I—ESTABLISHMENT 
Sec. 101. Statement of policy. 
Sec. 102. United States International Development Finance Corporation. 
Sec. 103. Management of Corporation. 
Sec. 104. Inspector General of the Corporation. 
Sec. 105. Independent accountability mechanism. 
TITLE II—AUTHORITIES 
Sec. 201. Authorities relating to provision of support. 
Sec. 202. Terms and conditions. 
Sec. 203. Payment of losses. 
Sec. 204. Termination. 
TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 
Sec. 301. Operations. 
Sec. 302. Corporate powers. 
Sec. 303. Maximum contingent liability. 
Sec. 304. Corporate funds. 
Sec. 305. Coordination with other development agencies. 
TITLE IV—MONITORING, EVALUATION, AND REPORTING 
Sec. 401. Establishment of risk and audit committees. 
Sec. 402. Performance measures, evaluation, and learning. 
Sec. 403. Annual report. 
Sec. 404. Publicly available project information. 
Sec. 405. Engagement with investors. 
Sec. 406. Notification of support to be provided by the Corporation. 
TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 
Sec. 501. Limitations and preferences. 
Sec. 502. Additionality and avoidance of market distortion. 
Sec. 503. Prohibition on support in sanctioned countries and with sanctioned 
persons. 
Sec. 504. Penalties for misrepresentation, fraud, and bribery. 
TITLE VI—TRANSITIONAL PROVISIONS
Sec. 601. Definitions. 
Sec. 602. Reorganization plan. 
Sec. 603. Transfer of functions. 
Sec. 604. Termination of Overseas Private Investment Corporation and other 
superceded authorities. 
Sec. 605. Transitional authorities. 
Sec. 606. Savings provisions. 
Sec. 607. Other terminations. 
Sec. 608. Incidental transfers. 
Sec. 609. Reference. 
Sec. 610. Conforming amendments. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Foreign Relations 
and the Committee on Appropriations of the 
Senate; and 
(B) the Committee on Foreign Affairs and 
the Committee on Appropriations of the House 
of Representatives. 
(2) LESS
DEVELOPED
COUNTRY.—The term 
‘‘less developed country’’ means a country with a 
low-income economy, lower-middle-income economy, 
or upper-middle-income economy, as defined by the 
International Bank for Reconstruction and Develop-
ment and the International Development Association 
(collectively referred to as the ‘‘World Bank’’).
(3) 
PREDECESSOR
AUTHORITY.—The 
term 
‘‘predecessor authority’’ means authorities repealed 
by title VI. 
(4) QUALIFYING
SOVEREIGN
ENTITY.—The 
term ‘‘qualifying sovereign entity’’ means— 
(A) any agency or instrumentality of a for-
eign state (as defined in section 1603 of title 
28, United States Code) that has a purpose 
that is similar to the purpose of the Corpora-
tion as described in section 102(b); or 
(B) any international financial institution 
(as defined in section 1701(c) of the Inter-
national Financial Institutions Act (22 U.S.C. 
262r(c))). 
TITLE I—ESTABLISHMENT 
SEC. 101. STATEMENT OF POLICY. 
It is the policy of the United States to facilitate mar-
ket-based private sector development and economic growth 
in less developed countries through the provision of credit, 
capital, and other financial support— 
(1) to mobilize private capital in support of sus-
tainable, broad-based economic growth, poverty re-
duction, and development through demand-driven 
partnerships with the private sector that further the 
foreign policy interests of the United States;
(2) to finance development that builds and 
strengthens civic institutions, promotes competition, 
and provides for public accountability and trans-
parency; 
(3) to help private sector actors overcome iden-
tifiable market gaps and inefficiencies without dis-
torting markets; 
(4) to achieve clearly defined economic and so-
cial development outcomes; 
(5) to coordinate with institutions with pur-
poses similar to the purposes of the Corporation to 
leverage resources of those institutions to produce 
the greatest impact; 
(6) to provide countries a robust alternative to 
state-directed investments by authoritarian govern-
ments and United States strategic competitors using 
high standards of transparency and environmental 
and social safeguards, and which take into account 
the debt sustainability of partner countries; 
(7) to leverage private sector capabilities and 
innovative development tools to help countries tran-
sition from recipients of bilateral development assist-
ance toward increased self-reliance; and 
(8) to complement and be guided by overall 
United States foreign policy, development, and na-
tional security objectives, taking into account the 
priorities and needs of countries receiving support. 
SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 
FINANCE CORPORATION. 
(a) ESTABLISHMENT.—There is established in the 
Executive branch the United States International Devel-
opment Finance Corporation (in this Act referred to as 
the ‘‘Corporation’’), which shall be a wholly owned Gov-
ernment corporation for purposes of chapter 91 of title 
31, United States Code, under the foreign policy guidance 
of the Secretary of State. 
(b) PURPOSE.—The purpose of the Corporation shall 
be to mobilize and facilitate the participation of private 
sector capital and skills in the economic development of 
less developed countries, as described in subsection (c), 
and countries in transition from nonmarket to market 
economies, in order to complement the development assist-
ance objectives, and advance the foreign policy interests, 
of the United States. In carrying out its purpose, the Cor-
poration, utilizing broad criteria, shall take into account 
in its financing operations the economic and financial 
soundness and development objectives of projects for 
which it provides support under title II. 
(c) LESS DEVELOPED COUNTRY FOCUS.—
(1) 
IN
GENERAL.—The 
Corporation 
shall 
prioritize the provision of support under title II in 
less developed countries with a low-income economy 
or a lower-middle-income economy. 
(2) SUPPORT IN UPPER-MIDDLE-INCOME COUN-
TRIES.—The Corporation shall restrict the provision 
of support under title II in a less developed country 
with an upper-middle-income economy unless— 
(A) the President certifies to the appro-
priate congressional committees that such sup-
port furthers the national economic or foreign 
policy interests of the United States; and 
(B) such support is likely to be highly de-
velopmental or provide developmental benefits 
to the poorest population of that country. 
SEC. 103. MANAGEMENT OF CORPORATION. 
(a) STRUCTURE OF CORPORATION.—There shall be 
in the Corporation a Board of Directors (in this Act re-
ferred to as the ‘‘Board’’), a Chief Executive Officer, a 
Deputy Chief Executive Officer, a Chief Risk Officer, a 
Chief Development Officer, and such other officers as the 
Board may determine. 
(b) BOARD OF DIRECTORS.—
(1) DUTIES.—All powers of the Corporation 
shall vest in and be exercised by or under the au-
thority of the Board. The Board— 
(A) shall perform the functions specified to 
be carried out by the Board in this Act; 
(B) may prescribe, amend, and repeal by-
laws, rules, regulations, policies, and procedures 
governing the manner in which the business of 
the Corporation may be conducted and in which 
the powers granted to the Corporation by law 
may be exercised; and 
(C) shall develop, in consultation with 
stakeholders and other interested parties, a 
publicly-available policy with respect to con-
sultations, hearings, and other forms of engage-
ment in order to provide for meaningful public 
participation in the Board’s activities. 
(2) MEMBERSHIP OF BOARD.— 
(A) IN GENERAL.—The Board shall consist 
of— 
(i) the Chief Executive Officer of the 
Corporation; 
(ii) the officers specified in subpara-
graph (B); and
(iii) four other individuals who shall 
be appointed by the President, by and with 
the advice and consent of the Senate, of 
which— 
(I) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the ma-
jority leader of the Senate after con-
sultation with the chairman of the 
Committee on Foreign Relations of 
the Senate; 
(II) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the mi-
nority leader of the Senate after con-
sultation with the ranking member of 
the Committee on Foreign Relations 
of the Senate; 
(III) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the 
Speaker of the House of Representa-
tives after consultation with the chair-
man of the Committee on Foreign Af-
fairs of the House of Representatives; 
and 
(IV) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the mi-
nority leader of the House of Rep-
resentatives after consultation with 
the ranking member of the Committee 
on Foreign Affairs of the House of 
Representatives. 
(B) OFFICERS SPECIFIED.— 
(i) IN GENERAL.—The officers speci-
fied in this subparagraph are the following: 
(I) The Secretary of State or a 
designee of the Secretary. 
(II) The Administrator of the 
United States Agency for Inter-
national Development or a designee of 
the Administrator. 
(III) The Secretary of the Treas-
ury or a designee of the Secretary. 
(IV) The Secretary of Commerce 
or a designee of the Secretary.
(ii) 
REQUIREMENTS
FOR
DES-
IGNEES.—A designee under clause (i) shall 
be selected from among officers— 
(I) appointed by the President, 
by and with the advice and consent of 
the Senate; 
(II) whose duties relate to the 
programs of the Corporation; and 
(III) who is designated by and 
serving at the pleasure of the Presi-
dent. 
(C) REQUIREMENTS
FOR
NONGOVERN-
MENT MEMBERS.—A member of the Board de-
scribed in subparagraph (A)(iii)— 
(i) may not be an officer or employee 
of the United States Government; 
(ii) shall have relevant experience, 
which may include experience relating to 
the private sector, the environment, labor 
organizations, or international develop-
ment, to carry out the purpose of the Cor-
poration; 
(iii) shall be appointed for a term of 
3 years and may be reappointed for one 
additional term;
(iv) shall serve until the member’s 
successor is appointed and confirmed; 
(v) shall be compensated at a rate 
equivalent to that of level IV of the Execu-
tive Schedule under section 5315 of title 5, 
United States Code, when engaged in the 
business of the Corporation; and 
(vi) may be paid per diem in lieu of 
subsistence at the applicable rate under 
the Federal Travel Regulation under sub-
title F of title 41, Code of Federal Regula-
tions, from time to time, while away from 
the home or usual place of business of the 
member. 
(3) CHAIRPERSON.—There shall be a Chair-
person of the Board designated by the President 
from among the individuals described in paragraph 
(2)(A). 
(4) VICE CHAIRPERSON.—The Administrator of 
the United States Agency for International Develop-
ment, or the designee of the Administrator under 
paragraph (2)(B)(i)(II), shall serve as the Vice 
Chairperson of the Board.
(5) QUORUM.—Five members of the Board 
shall constitute a quorum for the transaction of 
business by the Board. 
(c) PUBLIC HEARINGS.— 
(1) PUBLIC HEARINGS BY THE BOARD.—The 
Board shall hold at least one public hearing each 
year in order to afford an opportunity for any per-
son to present views with respect to whether— 
(A) the Corporation is carrying out its ac-
tivities in accordance with this Act; and 
(B) any support provided by the Corpora-
tion under title II in any country should be sus-
pended, expanded, or extended. 
(2) ADDITIONAL PUBLIC HEARINGS.—In con-
junction with each meeting of the Board, the Cor-
poration shall hold a public hearing in order to af-
ford an opportunity for any person to present views 
regarding the activities of the Corporation. Such 
views shall be made part of the record. 
(d) CHIEF EXECUTIVE OFFICER.— 
(1) APPOINTMENT.—There shall be in the Cor-
poration a Chief Executive Officer, who shall be ap-
pointed by the President, by and with the advice and 
consent of the Senate, and who shall serve at the 
pleasure of the President.
(1) IN
GENERAL.—Except as otherwise pro-
vided in this section, officers, employees, and agents 
shall be selected and appointed by the Corporation, 
and shall be vested with such powers and duties as 
the Corporation may determine. 
(2) ADMINISTRATIVELY DETERMINED EMPLOY-
EES.— 
(A) APPOINTMENT; COMPENSATION; RE-
MOVAL.—Of officers and employees employed 
by the Corporation under paragraph (1), not 
more than 50 may be appointed, compensated, 
or removed without regard to title 5, United 
States Code. 
(B) REINSTATEMENT.—Under such regu-
lations as the President may prescribe, officers 
and employees appointed to a position under 
subparagraph (A) may be entitled, upon re-
moval from such position (unless the removal 
was for cause), to reinstatement to the position 
occupied at the time of appointment or to a po-
sition of comparable grade and salary. 
(C) 
ADDITIONAL
POSITIONS.—Positions 
authorized by subparagraph (A) shall be in ad-
dition to those otherwise authorized by law, in-
cluding positions authorized under section 5108 
of title 5, United States Code. 
(D) RATES OF PAY FOR OFFICERS AND 
EMPLOYEES.—The Corporation may set and 
adjust rates of basic pay for officers and em-
ployees appointed under subparagraph (A) 
without regard to the provisions of chapter 51 
or subchapter III of chapter 53 of title 5, 
United States Code, relating to classification of 
positions and General Schedule pay rates, re-
spectively. 
(3) LIABILITY OF EMPLOYEES.— 
(A) IN GENERAL.—An individual who is a 
member of the Board or an officer or employee 
of the Corporation has no liability under this 
Act with respect to any claim arising out of or 
resulting from any act or omission by the indi-
vidual within the scope of the employment of 
the individual in connection with any trans-
action by the Corporation. 
(B) RULE OF CONSTRUCTION.—Subpara-
graph (A) shall not be construed to limit per-
sonal liability of an individual for criminal acts 
or omissions, willful or malicious misconduct, 
acts or omissions for private gain, or any other
acts or omissions outside the scope of the indi-
vidual’s employment. 
(C) SAVINGS PROVISION.—This paragraph 
shall not be construed— 
(i) to affect— 
(I) any other immunities and 
protections that may be available to 
an individual described in subpara-
graph (A) under applicable law with 
respect to a transaction described in 
that subparagraph; or 
(II) any other right or remedy 
against the Corporation, against the 
United States under applicable law, or 
against any person other than an indi-
vidual described in subparagraph (A) 
participating in such a transaction; or 
(ii) to limit or alter in any way the 
immunities that are available under appli-
cable law for Federal officers and employ-
ees not described in this paragraph. 
SEC. 104. INSPECTOR GENERAL OF THE CORPORATION. 
The President shall appoint and maintain an Inspec-
tor General in the Corporation, in accordance with the In-
spector General Act of 1978 (5 U.S.C. App.).
SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 
(a) IN GENERAL.—The Board shall establish a trans-
parent and independent accountability mechanism. 
(b) FUNCTIONS.—The independent accountability 
mechanism established pursuant to subsection (a) shall— 
(1) annually evaluate and report to the Board 
and Congress regarding compliance with environ-
mental, social, labor, human rights, and trans-
parency standards, consistent with Corporation stat-
utory mandates; 
(2) provide a forum for resolving concerns re-
garding the impacts of specific Corporation-sup-
ported projects with respect to such standards; and 
(3) 
provide 
advice 
regarding 
Corporation 
projects, policies, and practices. 
TITLE II—AUTHORITIES 
SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP-
PORT. 
(a) IN GENERAL.—The authorities in this title should 
only be exercised to— 
(1) carry out of the policy of the United States 
in section 101 and the purpose of the Corporation 
in section 102; 
(2) mitigate risks to United States taxpayers by 
sharing risks with the private sector and qualifying
sovereign entities through co-financing and struc-
turing of tools; and 
(3) ensure that support provided under this 
title is additional to private sector resources by mo-
bilizing private capital that would otherwise not be 
deployed without such support. 
(b) LENDING AND GUARANTIES.— 
(1) IN GENERAL.—The Corporation may make 
loans or guaranties upon such terms and conditions 
as the Corporation may determine. 
(2) DENOMINATION.—Loans and guaranties 
issued under paragraph (1) may be denominated and 
repayable in United States dollars or foreign cur-
rencies. Foreign currency denominated loans and 
guaranties should only be provided if the Board de-
termines there is a substantive policy rationale for 
such loans and guaranties. 
(3) APPLICABILITY OF FEDERAL CREDIT RE-
FORM ACT OF 1990.—Loans and guaranties issued 
under paragraph (1) shall be subject to the require-
ments of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661 et seq.). 
(c) EQUITY INVESTMENTS.— 
(1) IN GENERAL.—The Corporation may, as a 
minority investor, support projects with funds or use
other mechanisms for the purpose of purchasing, 
and may make and fund commitments to purchase, 
invest in, make pledges in respect of, or otherwise 
acquire, equity or quasi-equity securities or shares or 
financial interests of any entity, including as a lim-
ited partner or other investor in investment funds, 
upon such terms and conditions as the Corporation 
may determine. 
(2) DENOMINATION.—Support provided under 
paragraph (1) may be denominated and repayable in 
United States dollars or foreign currency. Foreign 
currency denominated support provided by para-
graph (1) should only be provided if the Board de-
termines there is a substantive policy rationale for 
such support. 
(3) GUIDELINES AND CRITERIA.—The Corpora-
tion shall develop guidelines and criteria to require 
that the use of the authority provided by paragraph 
(1) with respect to a project has a clearly defined 
development and foreign policy purpose, taking into 
account the following objectives: 
(A) The support for the project would be 
more likely than not to substantially reduce or 
overcome the effect of an identified market fail-
ure in the country in which the project is car-
ried out. 
(B) The project would not have proceeded 
or would have been substantially delayed with-
out the support. 
(C) The support would meaningfully con-
tribute to transforming local conditions to pro-
mote the development of markets. 
(D) The support can be shown to be 
aligned with commercial partner incentives. 
(E) The support can be shown to have sig-
nificant developmental impact and will con-
tribute to long-term commercial sustainability. 
(F) The support furthers the policy of the 
United States described in section 101. 
(4) LIMITATIONS ON EQUITY INVESTMENTS.— 
(A) PER PROJECT LIMIT.—The aggregate 
amount of support provided under this sub-
section with respect to any project shall not ex-
ceed 30 percent of the aggregate amount of all 
equity investment made from any source to the 
project at the time that the Corporation ap-
proves support of the project. 
(B) TOTAL LIMIT.—Support provided pur-
suant to this subsection shall be limited to not
more than 35 percent of the Corporation’s ag-
gregate exposure on the date that such support 
is provided. 
(5) SALES AND LIQUIDATION OF POSITION.— 
The Corporation shall seek to sell and liquidate any 
support for a project provided under this subsection 
as soon as commercially feasible, commensurate with 
other similar investors in the project and taking into 
consideration the national security interests of the 
United States. 
(6) TIMETABLE.—The Corporation shall create 
a project-specific timetable for support provided 
under paragraph (1). 
(d) INSURANCE AND REINSURANCE.—The Corpora-
tion may issue insurance or reinsurance, upon such terms 
and conditions as the Corporation may determine, to pri-
vate sector entities and qualifying sovereign entities assur-
ing protection of their investments in whole or in part 
against any or all political risks such as currency incon-
vertibility and transfer restrictions, expropriation, war, 
terrorism, civil disturbance, breach of contract, or nonhon-
oring of financial obligations. 
(e) PROMOTION OF AND SUPPORT FOR PRIVATE IN-
VESTMENT OPPORTUNITIES.—
(1) IN GENERAL.—In order to carry out the 
purpose of the Corporation described in section 
102(b), the Corporation may initiate and support, 
through financial participation, incentive grant, or 
otherwise, and on such terms and conditions as the 
Corporation may determine, feasibility studies for 
the planning, development, and management of, and 
procurement for, potential bilateral and multilateral 
development projects eligible for support under this 
title, including training activities undertaken in con-
nection with such projects, for the purpose of pro-
moting investment in such projects and the identi-
fication, assessment, surveying, and promotion of 
private investment opportunities, utilizing wherever 
feasible and effective, the facilities of private inves-
tors. 
(2) CONTRIBUTIONS TO COSTS.—The Corpora-
tion shall, to the maximum extent practicable, re-
quire any person receiving funds under the authori-
ties of this subsection to— 
(A) share the costs of feasibility studies 
and other project planning services funded 
under this subsection; and
(B) reimburse the Corporation those funds 
provided under this section, if the person suc-
ceeds in project implementation. 
(f) SPECIAL PROJECTS AND PROGRAMS.—The Cor-
poration may administer and manage special projects and 
programs in support of specific transactions undertaken 
by the Corporation, including programs of financial and 
advisory support that provide private technical, profes-
sional, or managerial assistance in the development of 
human resources, skills, technology, capital savings, or in-
termediate financial and investment institutions or co-
operatives and including the initiation of incentives, 
grants, and studies for renewable energy, women’s eco-
nomic empowerment, microenterprise households, or other 
small business activities. 
(g) ENTERPRISE FUNDS.— 
(1) IN GENERAL.—The Corporation may, fol-
lowing consultation with the Secretary of State, the 
Administrator of the United States Agency for 
International Development, and the heads of other 
relevant departments or agencies, establish and op-
erate enterprise funds in accordance with this sub-
section. 
(2) PROCEDURES
AND
REQUIREMENTS.—The 
provisions of section 201 of the Support for East
European Democracy (SEED) Act of 1989 (22 
U.S.C. 5421) (other than the provisions of sub-
sections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) 
of that section), shall be deemed to apply with re-
spect to any enterprise fund established by the Cor-
poration under this subsection and to funds made 
available to any such enterprise fund in the same 
manner and to the same extent as such provisions 
apply with respect to enterprise funds established 
pursuant to such section 201 or to funds made avail-
able to enterprise funds established under that sec-
tion. 
(3) PURPOSES FOR WHICH SUPPORT MAY BE 
PROVIDED.—The Corporation, subject to the ap-
proval of the Board, may designate private, non-
profit organizations as eligible to receive support 
under this title for the following purposes: 
(A) To promote development of economic 
freedom and private sectors, including small- 
and medium-sized enterprises and joint ven-
tures with the United States and host country 
participants. 
(B) To facilitate access to credit to small- 
and medium-sized enterprises with sound busi-
ness plans in countries where there is limited 
means of accessing credit on market terms. 
(C) To promote policies and practices con-
ducive to economic freedom and private sector 
development. 
(D) To attract foreign direct investment 
capital to further promote private sector devel-
opment and economic freedom. 
(E) To complement the work of the United 
States Agency for International Development 
and other donors to improve the overall busi-
ness-enabling environment, financing the cre-
ation and expansion of the private business sec-
tor. 
(F) To make financially sustainable invest-
ments designed to generate measurable social 
benefits and build technical capacity in addition 
to financial returns. 
(4) OPERATION OF FUNDS.— 
(A) EXPENDITURES.—Funds made avail-
able to an enterprise fund shall be expended at 
the minimum rate necessary to make timely 
payments for projects and activities carried out 
under this subsection.
(B) 
ADMINISTRATIVE
EXPENSES.—Not 
more than 3 percent per annum of the funds 
made available to an enterprise fund may be ob-
ligated or expended for the administrative ex-
penses of the enterprise fund. 
(5) BOARD
OF
DIRECTORS.—Each enterprise 
fund established under this subsection should be 
governed by a Board of Directors comprised of pri-
vate citizens of the United States or the host coun-
try, who— 
(A) shall be appointed by the President 
after consultation with the chairmen and rank-
ing members of the appropriate congressional 
committees; and 
(B) have pursued careers in international 
business and have demonstrated expertise in 
international and emerging market investment 
activities. 
(6) MAJORITY
MEMBER
REQUIREMENT.—The 
majority of the members of the Board of Directors 
shall be United States citizens who shall have rel-
evant experience relating to the purposes described 
in paragraph (3). 
(7) REPORTS.—Not later than 1 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, engagement with civil society and rel-
evant local private sector entities, develop-
ment objectives and outcomes, financial 
condition, and accomplishments of the en-
terprise fund during that year; 
(iii) describing the results of any 
audit conducted under paragraph (8); and 
(iv) describing how audits conducted 
under paragraph (8) are informing the op-
erations and activities of the enterprise 
fund; and 
(B) publish, on a publicly available inter-
net website of the enterprise fund, each report 
required by subparagraph (A).
(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
(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. 
(h) SUPERVISION OF SUPPORT.—Support provided 
under this title shall be subject to section 622(c) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2382(c)). 
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 provide support using 
authorities under this title only if it is necessary— 
(A) to alleviate a credit market imperfec-
tion; or 
(B) to achieve specified development or 
foreign policy objectives of the United States 
Government by providing support in the most 
efficient way to meet those objectives on a case- 
by-case 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) debt servicing capabilities of the 
project to be financed by the loan (as deter-
mined by the Corporation). 
(3) The Corporation shall, with respect to pro-
viding any loan guaranty to a project, require the 
parties to the project to bear the risk of loss in an 
amount equal to at least 20 percent of the guaran-
teed support by the Corporation in the project.
(4) The Corporation may not make or guar-
antee a loan unless the Corporation determines that 
the borrower or lender is responsible and that ade-
quate provision is made for servicing the loan on 
reasonable terms and protecting the financial inter-
est 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 or appropriate benchmarks with a similar 
maturity to the loans being made or guaranteed, as 
determined in consultation with the Director of the 
Office of Management and Budget and the Secretary 
of the Treasury. The Corporation shall establish ap-
propriate minimum interest rates for loans, guaran-
ties, and other instruments 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. 
(7)(A) The Corporation shall set fees or pre-
miums for support provided under this title at levels 
that minimize the cost to the Government while sup-
porting achievement of the objectives of support.
(B) The Corporation shall review fees for loan 
guaranties periodically to ensure that the fees as-
sessed on new loan guaranties 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-
anty is presumed to be valid, legal, and enforce-
able. 
(9) The Corporation shall prescribe explicit 
standards for use in periodically assessing the credit 
risk of new and existing direct loans or guaranteed 
loans. 
(10) The Corporation may not make loans or 
loan guaranties except to the extent that budget au-
thority to cover the costs of the loans or guaranties 
is provided in advance in an appropriations Act, as 
required by section 504 of the Federal Credit Re-
form Act of 1990 (2 U.S.C. 661c).
(11) The Corporation shall rely upon specific 
standards to assess the developmental and strategic 
value of projects for which it provides support and 
should only provide the minimum level of support 
necessary in order to support such projects. 
(12) Any loan or loan guaranty made by the 
Corporation should be provided on a senior basis or 
pari passu with other senior debt unless there is a 
substantive policy rationale to provide such support 
otherwise. 
SEC. 203. PAYMENT OF LOSSES. 
(a) PAYMENTS
FOR DEFAULTS
ON GUARANTEED 
LOANS.— 
(1) IN
GENERAL.—If the Corporation deter-
mines that the holder of a loan guaranteed by the 
Corporation suffers a loss as a result of a default by 
a borrower on the loan, the Corporation shall pay to 
the holder the percent of the loss, as specified in the 
guaranty contract after the holder of the loan has 
made such further collection efforts and instituted 
such enforcement proceedings as the Corporation 
may require. 
(2) SUBROGATION.—Upon making a payment 
described in paragraph (1), the Corporation shall en-
sure the Corporation will be subrogated to all the 
rights of the recipient of the payment. 
(3) RECOVERY
EFFORTS.—The Corporation 
shall pursue recovery from the borrower of the 
amount of any payment made under paragraph (1) 
with respect to the loan. 
(b) LIMITATION ON PAYMENTS.— 
(1) IN GENERAL.—Except as provided by para-
graph (2), compensation for insurance, reinsurance, 
or a guaranty issued under this title shall not exceed 
the dollar value of the tangible or intangible con-
tributions or commitments made in the project, plus 
interest, earnings, or profits actually accrued on 
such contributions or commitments, to the extent 
provided by such insurance, reinsurance, or guar-
anty. 
(2) EXCEPTION.— 
(A) IN GENERAL.—The Corporation may 
provide that— 
(i) appropriate adjustments in the in-
sured dollar value be made to reflect the 
replacement cost of project assets; and 
(ii) compensation for a claim of loss 
under insurance of an equity investment 
under section 201(d) may be computed on
the basis of the net book value attributable 
to the equity investment on the date of 
loss. 
(3) ADDITIONAL LIMITATION.— 
(A) IN GENERAL.—Notwithstanding para-
graph (2)(A)(ii) and except as provided in sub-
paragraph (B), the Corporation shall limit the 
amount of direct insurance and reinsurance 
issued under section 201 with respect to a 
project so as to require that the insured and its 
affiliates bear the risk of loss for at least 10 
percent of the amount of the Corporation’s ex-
posure to that insured and its affiliates in the 
project. 
(B) EXCEPTION.—The limitation under 
subparagraph (A) shall not apply to direct in-
surance or reinsurance of loans provided by 
banks or other financial institutions to unre-
lated parties. 
(c) ACTIONS BY ATTORNEY GENERAL.—The Attor-
ney General shall take such action as may be appropriate 
to enforce any right accruing to the United States as a 
result of the issuance of any loan or guaranty under this 
title.
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to preclude any forbearance for the 
benefit of a borrower that may be agreed upon by the par-
ties to a loan guaranteed by the Corporation if budget au-
thority for any resulting costs to the United States Gov-
ernment (as defined in section 502 of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661a)) is available. 
SEC. 204. TERMINATION. 
(a) IN GENERAL.—The authorities provided under 
this title terminate on the date that is 7 years after the 
date of the enactment of this Act. 
(b) TERMINATION OF CORPORATION.—The Corpora-
tion shall terminate on the date on which the portfolio of 
the Corporation is liquidated. 
TITLE III—ADMINISTRATIVE 
AND GENERAL PROVISIONS 
SEC. 301. OPERATIONS. 
(a) BILATERAL
AGREEMENTS.—The Corporation 
may provide support under title II in connection with 
projects in any country the government of which has en-
tered into an agreement with the United States author-
izing the Corporation to provide such support in that 
country. 
(b) CLAIMS SETTLEMENT.—
(1) IN GENERAL.—Claims arising as a result of 
support provided under title II or under predecessor 
authority may be settled, and disputes arising as a 
result thereof may be arbitrated with the consent of 
the parties, on such terms and conditions as the 
Corporation may determine. 
(2) 
SETTLEMENTS
CONCLUSIVE.—Payment 
made pursuant to any settlement pursuant to para-
graph (1), or as a result of an arbitration award, 
shall be final and conclusive notwithstanding any 
other provision of law. 
(c) PRESUMPTION OF COMPLIANCE.—Each contract 
executed by such officer or officers as may be designated 
by the Board shall be conclusively presumed to be issued 
in compliance with the requirements of this Act. 
(d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 
Corporation shall implement policies to accept electronic 
documents and electronic payments in all of its programs. 
SEC. 302. CORPORATE POWERS. 
(a) IN GENERAL.—The Corporation— 
(1) may adopt, alter, and use a seal, to include 
an identifiable symbol of the United States; 
(2) may make and perform such contracts, in-
cluding no-cost contracts (as defined by the Corpora-
tion), grants, and other agreements notwithstanding
division C of subtitle I of title 41, United States 
Code, with any person or government however des-
ignated and wherever situated, as may be necessary 
for carrying out the functions of the Corporation; 
(3) may lease, purchase, or otherwise acquire, 
improve, and use such real property wherever situ-
ated, as may be necessary for carrying out the func-
tions of the Corporation and which, if done for the 
Corporation’s own occupancy, shall be made in con-
sultation with the Administrator of General Services; 
(4) may accept cash gifts or donations of serv-
ices or of property (real, personal, or mixed), tan-
gible or intangible, for the purpose of carrying out 
the functions of the Corporation; 
(5) may use the United States mails in the 
same manner and on the same conditions as the Ex-
ecutive departments (as defined in section 101 of 
title 5, United States Code); 
(6) may contract with individuals for personal 
services, who shall not be considered Federal em-
ployees for any provision of law administered by the 
Director of the Office of Personnel Management; 
(7) may hire or obtain passenger motor vehi-
cles; 
(8) may sue and be sued in its corporate name;
(9) may acquire, hold, or dispose of, upon such 
terms and conditions as the Corporation may deter-
mine, any property, real, personal, or mixed, tan-
gible or intangible, or any interest in such property 
and which, if done for the Corporation’s own occu-
pancy, shall be made in consultation with the Ad-
ministrator of General Services; 
(10) may lease office space for the Corpora-
tion’s own use, with the obligation of amounts for 
such lease limited to the current fiscal year for 
which payments are due until the expiration of the 
current lease under predecessor authority, as of the 
day before the date of the enactment of this Act; 
(11) may indemnify directors, officers, employ-
ees, and agents of the Corporation for liabilities and 
expenses incurred in connection with their activities 
on behalf of the Corporation; 
(12) notwithstanding any other provision of 
law, may represent itself or contract for representa-
tion in any legal or arbitral proceeding; 
(13) may exercise any priority of the Govern-
ment of the United States in collecting debts from 
bankrupt, insolvent, or decedents’ estates; 
(14) 
may 
collect, 
notwithstanding 
section 
3711(g)(1) of title 31, United States Code, or com-
promise any obligations assigned to or held by the 
Corporation, including any legal or equitable rights 
accruing to the Corporation; 
(15) may make arrangements with foreign gov-
ernments (including agencies, instrumentalities, or 
political subdivisions of such governments) or with 
multilateral organizations or institutions for sharing 
liabilities; 
(16) may sell direct investments of the Corpora-
tion to private investors upon such terms and condi-
tions as the Corporation may determine; and 
(17) shall have such other powers as may be 
necessary and incident to carrying out the functions 
of the Corporation. 
(b) TREATMENT
OF PROPERTY.—Notwithstanding 
any other provision of law relating to the acquisition, han-
dling, or disposal of property by the United States, the 
Corporation shall have the right in its discretion to com-
plete, recondition, reconstruct, renovate, repair, maintain, 
operate, or sell any property acquired by the Corporation 
pursuant to the provisions of this Act and which, if done 
for the Corporation’s own occupancy, shall be made in 
consultation with the Administrator of General Services.
SEC. 303. MAXIMUM CONTINGENT LIABILITY. 
(a) IN GENERAL.—The maximum contingent liability 
of the Corporation outstanding at any one time shall not 
exceed in the aggregate the amount specified in subsection 
(b). 
(b) AMOUNT SPECIFIED.— 
(1) INITIAL
5-YEAR
PERIOD.—The amount 
specified in this subsection for the 5-year period be-
ginning on the date of the enactment of this Act, is 
$60,000,000,000. 
(2) SUBSEQUENT 5-YEAR PERIODS.—Not later 
than 5 years after the date of the enactment of this 
Act, and not less frequently than every 5 years 
thereafter, the amount specified in paragraph (1) 
shall be adjusted to reflect the percentage of the in-
crease (if any) in the average of the Consumer Price 
Index during the preceding 5-year period. 
(3) CONSUMER
PRICE
INDEX
DEFINED.—In 
this subsection, the term ‘‘Consumer Price Index’’ 
means the most recent Consumer Price Index for All 
Urban Consumers published by the Bureau of Labor 
Statistics of the Department of Labor. 
SEC. 304. CORPORATE FUNDS. 
(a) CORPORATE CAPITAL ACCOUNT.—There is estab-
lished in the Treasury of the United States a fund to be
known as the ‘‘Corporate Capital Account’’ to carry out 
the purposes of the Corporation. 
(b) FUNDING.—The Corporate Capital Account shall 
consist of— 
(1) fees charged and collected pursuant to sub-
section (c); 
(2) any amounts received pursuant to sub-
section (e); 
(3) investments and returns on such invest-
ments pursuant to subsection (g); 
(4) unexpended balances transferred to the Cor-
poration pursuant to subsection (i); 
(5) payments received in connection with settle-
ments of all insurance and reinsurance claims of the 
Corporation; and 
(6) all other collections transferred to or earned 
by the Corporation, excluding the cost, as defined in 
section 502 of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661a), of loans and loan guaranties. 
(c) FEE AUTHORITY.—Fees may be charged and col-
lected for providing services in amounts to be determined 
by the Corporation. 
(d) USES.— 
(1) IN GENERAL.—Subject to Acts making ap-
propriations, the Corporation is authorized to pay—
(A) the cost, as defined in section 502 of 
the Federal Credit Reform Act of 1990, of 
loans and loan guaranties; 
(B) administrative expenses of the Cor-
poration; 
(C) for the cost of providing support au-
thorized by subsections (c), (e), (f), and (g) of 
section 201; and 
(D) project-specific transaction costs. 
(2) INCOME AND REVENUE.—In order to carry 
out the purposes of the Corporation, all collections 
transferred to or earned by the Corporation, exclud-
ing the cost, as defined in section 502 of the Federal 
Credit Reform Act of 1990, of loans and loan guar-
anties, shall be deposited into the Corporate Capital 
Account and shall be available to carry out its pur-
pose, including without limitation— 
(A) payment of all insurance and reinsur-
ance claims of the Corporation; 
(B) repayments to the Treasury of 
amounts borrowed under subsection (e); and 
(C) dividend payments to the Treasury 
under subsection (f). 
(e) FULL FAITH AND CREDIT.—
portion of the Corporate Capital Account as is not, 
in the Corporation’s judgement, required to meet the 
current needs of the Corporate Capital Account. 
(2) FORM
OF
INVESTMENTS.—Such invest-
ments shall be made by the Secretary of the Treas-
ury in public debt obligations, with maturities suit-
able to the needs of the Corporate Capital Account, 
as determined by the Corporation, and bearing inter-
est at rates determined by the Secretary, taking into 
consideration current market yields on outstanding 
marketable obligations of the United States of com-
parable maturities. 
(h) COLLECTIONS.—Interest earnings made pursuant 
to subsection (g), earnings collected related to equity in-
vestments, and amounts, excluding fees related to insur-
ance or reinsurance, collected pursuant to subsection (c), 
shall not be collected for any fiscal year except to the ex-
tent provided in advance in appropriations Acts. 
(i) TRANSFER FROM PREDECESSOR AGENCIES AND 
PROGRAMS.—By the date end of the transition period de-
scribed in title VI, the unexpended balances, assets, and 
responsibilities of any agency specified in the plan re-
quired by section 602 shall be transferred to the Corpora-
tion.
(j) TRANSFER OF FUNDS.—In order to carry out this 
Act, funds authorized to be appropriated to carry out the 
Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) 
may be transferred to the Corporation and funds author-
ized to be appropriated to the Corporation may be trans-
ferred to the Department of State and the United States 
Agency for International Development. 
(k) DEFINITION.—In this section, the term ‘‘project- 
specific transaction costs’’— 
(1) means those costs incurred by the Corpora-
tion for travel, legal expenses, and direct and indi-
rect costs incurred in claims settlements associated 
with the provision of support under title II and shall 
not be considered administrative expenses for the 
purposes of this section; and 
(2) does not include information technology (as 
such term is defined in section 11101 of title 40, 
United States Code). 
SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 
AGENCIES. 
It is the sense of Congress that the Corporation 
should use relevant data of the Department of State, the 
Millennium Challenge Corporation, the United States 
Agency for International Development, and other depart-
ments and agencies that have development functions to
better inform the decisions of the Corporation with respect 
to providing support under title II. 
TITLE IV—MONITORING, 
EVALUATION, AND REPORTING 
SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT-
TEES. 
(a) IN GENERAL.—To assist the Board to fulfill its 
duties and responsibilities under section 201(a), the Cor-
poration shall establish a risk committee and an audit 
committee. 
(b) DUTIES AND RESPONSIBILITIES OF RISK COM-
MITTEE.—Subject to the direction of the Board, the risk 
committee established under subsection (a) shall have 
oversight responsibility of— 
(1) formulating risk management policies of the 
operations of the Corporation; 
(2) reviewing and providing guidance on oper-
ation of the Corporation’s global risk management 
framework; 
(3) developing policies for enterprise risk man-
agement, monitoring, and management of strategic, 
reputational, regulatory, operational, developmental, 
environmental, social, and financial risks; 
(4) developing the risk profile of the Corpora-
tion, including a risk management and compliance
framework and governance structure to support such 
framework; and 
(5) developing policies and procedures for as-
sessing, prior to providing, and for any period dur-
ing which the Corporation provides, support to any 
foreign entities, whether such entities have in place 
sufficient enhanced due diligence policies and prac-
tices to prevent money laundering and corruption to 
ensure the Corporation does not provide support to 
persons that are— 
(A) knowingly engaging in acts of corrup-
tion; 
(B) knowingly providing material or finan-
cial support for terrorism, drug trafficking, or 
human trafficking; or 
(C) responsible for ordering or otherwise 
directing serious or gross violations of human 
rights. 
(c) DUTIES AND RESPONSIBILITIES OF AUDIT COM-
MITTEE.—Subject to the direction of the Board, the audit 
committee established under subsection (a) shall have the 
oversight responsibility of— 
(1) the integrity of the Corporation’s financial 
reporting and systems of internal controls regarding 
finance and accounting;
(2) the integrity of the Corporation’s financial 
statements; 
(3) the performance of the Corporation’s inter-
nal audit function; and 
(4) compliance with legal and regulatory re-
quirements related to the finances of the Corpora-
tion. 
SEC. 402. PERFORMANCE MEASURES, EVALUATION, AND 
LEARNING. 
(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. 
(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 of the Overseas Private 
Investment Corporation (as such system was in ef-
fect on the day before the date of 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;
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 
‘‘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’’;