‘‘(B) The prospective fund management’s 
track record in investing risk capital in emerg-
ing markets. 
‘‘(C) The prospective fund management’s 
experience, management record, and monitoring 
capabilities in its target countries, including de-
tails of local presence (directly or through local 
alliances). 
‘‘(D) The prospective fund management’s 
experience as a fiduciary in managing institu-
tional capital, meeting reporting requirements, 
and administration. 
‘‘(E) The prospective fund management’s 
record in avoiding investments in companies 
that would be disqualified under section 237(r). 
‘‘(3) ANNUAL REPORT.—The Corporation shall 
include in each annual report under section 240A an 
analysis of the investment fund portfolio of the Cor-
poration, including the following: 
‘‘(A) FUND PERFORMANCE.—An analysis 
of the aggregate financial performance of the 
investment fund portfolio grouped by region 
and maturity. 
‘‘(B) STATUS OF LOAN GUARANTIES.—The 
amount of guaranties committed by the Cor-
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poration to support investment funds, including 
the percentage of such amount that has been 
disbursed to the investment funds. 
‘‘(C) RISK
RATINGS.—The definition of 
risk ratings, and the current aggregate risk rat-
ings for the investment fund portfolio, including 
the number of investment funds in each of the 
Corporation’s rating categories. 
‘‘(D) COMPETITIVE SELECTION OF INVEST-
MENT
FUND
MANAGEMENT.—The number of 
proposals received and evaluated for each newly 
established investment fund.’’. 
(b) GAO AUDIT.—Not later than 1 year after the 
submission of the first report to Congress under section 
240A of the Foreign Assistance Act of 1961 that includes 
the information required by section 239(l)(3) of that Act 
(as added by subsection (a) of this section), the Comp-
troller General of the United States shall prepare and sub-
mit to the Committee on Foreign Affairs of the House 
of Representatives and the Committee on Foreign Rela-
tions of the Senate an independent assessment of the in-
vestment fund portfolio of the Overseas Private Invest-
ment Corporation, covering the items required to be ad-
dressed under such section 239(l)(3). 
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SEC. 14. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ. 
Section 239 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2199) is amended by adding at the end the 
following: 
‘‘(m) OPERATIONS IN IRAQ.—Notwithstanding sub-
sections (a) and (b) of section 237, the Corporation is au-
thorized to undertake in Iraq any program authorized by 
this title.’’. 
SEC. 15. CONSISTENCY WITH EXISTING LAW. 
Section 239 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2199) is further amended by adding at the 
end the following: 
‘‘(n) CONSISTENCY WITH OTHER LAW.—Section 
620L of this Act shall apply to any insurance, reinsurance, 
guaranty, or other financing issued by the Corporation for 
projects in the West Bank and Gaza to the same extent 
as such section applies to other assistance under this Act. 
‘‘(o) LIMITATION ON ASSISTANCE TO GAZA AND THE 
WEST BANK.—The Corporation may not provide insur-
ance, reinsurance, a guaranty, financing, or other assist-
ance to support a project in any part of Gaza or the West 
Bank unless the Secretary of State determines that the 
location for the project is not under the effective control 
of Hamas or any other foreign terrorist organization des-
ignated under section 219 of the Immigration and Nation-
ality Act (8 U.S.C. 1189).’’. 
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SEC. 16. CONGRESSIONAL NOTIFICATION REGARDING MAX-
IMUM CONTINGENT LIABILITY. 
Section 239 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2199) is further amended by adding at the 
end the following: 
‘‘(p) CONGRESSIONAL NOTIFICATION OF INCREASE 
IN MAXIMUM CONTINGENT LIABILITY.—The Corporation 
shall notify the Committee on Foreign Affairs of the 
House of Representatives and the Committee on Foreign 
Relations of the Senate not later than 15 days after the 
date on which the Corporation’s maximum contingent li-
ability outstanding at any one time pursuant to insurance 
issued under section 234(a), and the amount of financing 
issued under sections 234(b) and (c), exceeds the previous 
fiscal year’s maximum contingent liability by 25 percent.’’. 
SEC. 17. ASSISTANCE FOR SMALL BUSINESSES AND ENTI-
TIES. 
Section 240 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2200) is amended by adding at the end the 
following: 
‘‘(c)
RESOURCES
DEDICATED
TO
SMALL
BUSI-
NESSES, COOPERATIVES,
AND OTHER SMALL UNITED 
STATES INVESTORS.—The Corporation shall ensure that 
adequate personnel and resources, including senior offi-
cers, are dedicated to assist United States small busi-
nesses, cooperatives, and other small United States inves-
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tors in obtaining insurance, reinsurance, financing, and 
other support under this title. The Corporation shall in-
clude, in each annual report under section 240A, the fol-
lowing information with respect to the period covered by 
the report: 
‘‘(1) A description of such personnel and re-
sources. 
‘‘(2) The number of small businesses, coopera-
tives, and other small United States investors that 
received such insurance, reinsurance, financing, and 
other support, and the dollar value of such insur-
ance, reinsurance, financing and other support. 
‘‘(3) A description of the projects for which 
such insurance, reinsurance, financing, and other 
support was provided.’’. 
SEC. 18. TECHNICAL CORRECTIONS. 
(a) PILOT EQUITY FINANCE PROGRAM.—Section 234 
of the Foreign Assistance Act of 1961 (22 U.S.C. 2194) 
is amended— 
(1) by striking subsection (g); and 
(2) by redesignating subsection (h) as sub-
section (g). 
(b) TRANSFER AUTHORITY.—Section 235 of the For-
eign Assistance Act of 1961 (22 U.S.C. 2195) is amend-
ed— 
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(1) by striking subsection (e); and 
(2) by redesignating subsection (f) as sub-
section (e). 
(c) GUARANTY CONTRACT.—Section 237(j) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2197(j)) is 
amended by inserting ‘‘insurance, reinsurance, and’’ after 
‘‘Each’’. 
(d) TRANSFER OF PREDECESSOR PROGRAMS AND 
AUTHORITIES.— 
(1) TRANSFER.—Section 239 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2199), as amend-
ed by the preceding provisions of this Act, is amend-
ed— 
(A) by striking subsection (b); and 
(B) by redesignating the subsections (c) 
through (p) as subsections (b) through (o), re-
spectively. 
(2) CONFORMING AMENDMENTS.—(A) Section 
237(m)(1) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197(m)(1)) is amended by striking 
‘‘239(g)’’ and inserting ‘‘239(f)’’. 
(B) Section 240A(a) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2200A(a)) is amended— 
(i) in paragraph (1), by striking ‘‘239(h)’’ 
and inserting ‘‘239(g)’’; and 
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(ii)
in
paragraph
(2)(A),
by
striking 
‘‘239(i)’’ and inserting ‘‘239(h)’’. 
(C) Section 209(e)(16) of the Admiral James 
W. Nance and Meg Donovan Foreign Relations Au-
thorization Act, Fiscal Years 2000 and 2001 (as en-
acted into law by section 1000(a)(7) of Public Law 
106–113; 31 U.S.C. 1113 note) is amended by strik-
ing ‘‘239(c)’’ and ‘‘2199(c)’’ and inserting ‘‘239(b)’’ 
and ‘‘2199(b)’’, respectively. 
(e) ADDITIONAL CLERICAL AMENDMENTS.—Section 
234(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2194(b)) is amended by striking ‘‘235(a)(2)’’ and insert-
ing ‘‘235(a)(1)’’. 
SEC. 19. EFFECTIVE DATE. 
(a) NEW APPLICATIONS.—This Act and the amend-
ments made by this Act shall apply with respect to any 
application for insurance, reinsurance, a guaranty, financ-
ing, or other support under title IV of chapter 2 of part 
I of the Foreign Assistance Act of 1961 if the application 
is received by the Overseas Private Investment Corpora-
tion on or after July 1, 2007, and the application is ap-
proved by the Corporation on or after the date of the en-
actment of this Act. 
(b) EXTENSIONS AND RENEWALS.— 
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(1) IN GENERAL.—Subject to paragraph (2), 
this Act and the amendments made by this Act shall 
apply with respect to any extension or renewal of a 
contract or agreement for any such insurance, rein-
surance, guaranty, financing, or support that was 
entered into by the Corporation before the date of 
the enactment of this Act if the extension or renewal 
is approved by the Corporation on or after such date 
of enactment. 
(2) EXCEPTION.—This Act and the amend-
ments made by this Act shall not apply to any exten-
sion or renewal which is substantially identical to an 
extension or renewal formally requested in a detailed 
writing filed with the Corporation before July 1, 
2007. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Overseas Private Invest-
ment Corporation Reauthorization Act of 2008’’. 
SEC. 2. REAUTHORIZATION OF OPIC PROGRAMS. 
Section 235(a)(2) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2195(a)(2)) is amended by striking ‘‘September 
30, 2007’’ and inserting ‘‘September 30, 2011’’. 
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SEC. 3. REQUIREMENTS REGARDING INTERNATIONALLY 
RECOGNIZED WORKER RIGHTS. 
Subsection (a) of section 231A of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2191a(a)) is amended to read 
as follows: 
‘‘(a) 
INTERNATIONALLY
RECOGNIZED
WORKER 
RIGHTS.— 
‘‘(1) IN
GENERAL.—The Corporation may in-
sure, reinsure, guaranty, or finance a project only 
if— 
‘‘(A) the country in which the project is to 
be undertaken is eligible for designation as a 
beneficiary developing country under the Gener-
alized System of Preferences (19 U.S.C. 2461 et 
seq.) and has not been determined to be ineligible 
for such designation on the basis of section 
502(b)(2)(G) of the Trade Act of 1974 (19 U.S.C. 
2462(b)(2)(G)) (relating to internationally recog-
nized worker rights), or section 502(b)(2)(H) of 
such Act (19 U.S.C. 2462(b)(2)(H) (relating to 
the worst forms of child labor); or 
‘‘(B) the country in which the project is to 
be undertaken is not eligible for designation as 
a beneficiary country under the Generalized Sys-
tem of Preferences, the government of that coun-
try has taken or is taking steps to afford workers 
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in the country (including any designated zone or 
special administrative region or area in that 
country) internationally recognized worker rights 
(as defined in section 507(4) of the Trade Act of 
1974) (19 U.S.C. 2467(4)). 
‘‘(2) LIMITATION INAPPLICABLE.—The limitation 
contained in paragraph (1) shall not apply to pro-
viding assistance for humanitarian services. 
‘‘(3) USE OF REPORTS.—The Corporation shall, 
in implementing paragraph (1), consider— 
‘‘(A) information contained in the reports 
required by sections 116(d) and 502B(b) of this 
Act and the report required by section 504 of the 
Trade Act of 1974 (19 U.S.C. 2464); 
‘‘(B) other relevant sources of information 
readily available to the Corporation, including 
observations, reports, and recommendations of 
the International Labour Organization; and 
‘‘(C) information provided in the hearing 
required under subsection (c). 
‘‘(4) CONTRACT
LANGUAGE.—The Corporation 
shall include the following language, in substantially 
the following form, in all contracts which the Cor-
poration enters into with eligible investors to provide 
support under this title: 
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‘The investor agrees not to take any actions to 
obstruct or prevent employees of the foreign enterprise 
from exercising the employees’ internationally recog-
nized worker rights (as defined in section 507(4) of 
the Trade Act of 1974) (19 U.S.C. 2467(4)) and the 
investor agrees to adhere to the obligations regarding 
those rights. The investor agrees to prohibit discrimi-
nation with respect to employment and occupation.’. 
‘‘(5) PREFERENCE
TO
CERTAIN
COUNTRIES.— 
Consistent with its development objectives, the Cor-
poration shall give preferential consideration to 
projects in countries that— 
‘‘(A) have adopted and maintained, in the 
country’s laws and regulations, internationally 
recognized worker rights, as well as the elimi-
nation of discrimination with respect to employ-
ment and occupation; and 
‘‘(B) are effectively enforcing those laws.’’. 
SEC. 4. PREFERENTIAL CONSIDERATION OF CERTAIN IN-
VESTMENT PROJECTS. 
Section 231(f) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2191(f)) is amended to read as follows: 
‘‘(f) to the greatest degree practicable and consistent 
with the goals of the Corporation, to give preferential con-
sideration to investment projects in any less developed coun-
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