I 
110TH CONGRESS 
1ST SESSION H. R. 2798 
To reauthorize the programs of the Overseas Private Investment Corporation, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 20, 2007 
Mr. SHERMAN introduced the following bill; which was referred to the 
Committee on Foreign Affairs 
A BILL 
To reauthorize the programs of the Overseas Private 
Investment Corporation, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Overseas Private In-
vestment Corporation Reauthorization Act of 2007’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) Since its founding in 1971, the Overseas 
Private Investment Corporation (in this section re-
ferred to as ‘‘OPIC’’) has helped to mobilize and fa-
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cilitate private capital investment by United States 
investors in developing and emerging market coun-
tries in support of United States foreign policy and 
development goals. 
(2) OPIC assistance should not, in any way, 
support projects in countries that reject their obliga-
tions to support international peace, security, and 
basic human rights. 
(3) OPIC assistance should not be provided to 
those who support enemies of the United States. 
(4) OPIC assistance is a privilege and should be 
granted to persons that, along with their affiliated 
companies, demonstrate responsible and sustainable 
business practices, particularly with regard to the 
environment, international worker rights, and efforts 
against genocide and nuclear proliferation. 
(5) Over OPIC’s 35-year history, OPIC has 
supported $177,000,000,000 in operating invest-
ments in more than 150 developing counties, helping 
to create more than 800,000 jobs and some 
$13,000,000,000 in host-government revenues. 
(6) 
OPIC 
projects 
have 
generated 
$71,000,000,000 in United States exports and sup-
ported more than 271,000 United States jobs. 
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(7) In fiscal year 2006, OPIC-assisted projects 
generated $1,000,000,000 in United States exports, 
supported more than2,700 United States jobs, and 
had a positive impact on the United States balance 
of payments. 
(8) OPIC has increasingly benefitted small- and 
medium-sized businesses in the United States, with 
87 percent of all OPIC-supported projects involving 
such businesses in fiscal year 2006. 
(9) In an era of limited Federal budgetary re-
sources, OPIC has consistently demonstrated an 
ability to operate on a self-sustaining basis to sup-
port United States companies, all at a net cost of 
zero to the United States taxpayer. 
(10) OPIC has reserves totaling approximately 
$5,300,000,000 and will make an estimated net 
budget contribution to the international affairs ac-
count of some $159,000,000 in fiscal year 2008. 
SEC. 3. 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 
‘‘2007’’ and inserting ‘‘September 30, 2011’’ . 
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SEC. 
4. 
REQUIREMENTS 
REGARDING 
INTERNATIONAL 
WORKER RIGHTS. 
(a) COUNTRY REQUIREMENTS.—Subsection (a) of 
section 231A of the Foreign Assistance Act of 1961 (22 
U.S.C. 2191a(a)) is amended— 
(1) by amending the subsection heading to read 
as follows: ‘‘INTERNATIONAL WORKER RIGHTS’’; 
(2) in paragraph (4), by striking ‘‘(4) In’’ and 
inserting ‘‘(5) ADDITIONAL DETERMINATION.—In’’; 
and 
(3) by striking paragraphs (1) through (3) and 
inserting the following: 
‘‘(1) LIMITATION
ON
OPIC
ACTIVITIES.—(A) 
The Corporation may insure, reinsure, guarantee, or 
finance a project only if the country in which the 
project is to be undertaken has made or is making 
significant progress towards the recognition, adop-
tion, and implementation of laws that substantially 
provide international worker rights, including in any 
designated zone, or special administrative region or 
area, in that country. 
‘‘(B) The Corporation shall also include the fol-
lowing language, in substantially the following form, 
in all contracts which the Corporation enters into 
with eligible investors to provide financial support 
under this title: 
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‘‘ ‘The investor agrees not to take any actions 
to obstruct or prevent employees of the foreign en-
terprise from exercising their international worker 
rights (as defined in section 238(h) of the Foreign 
Assistance Act of 1961), and agrees to adhere to the 
obligations regarding those international worker 
rights.’ 
‘‘(2) PREFERENCE TO CERTAIN COUNTRIES.— 
To the degree possible and consistent with its devel-
opment objectives, the Corporation shall give pref-
erential consideration to projects in countries that 
have adopted, maintain, and enforce laws that sub-
stantially provide international worker rights. 
‘‘(3) USE
OF
ANNUAL
REPORTS
ON
INTER-
NATIONAL WORKER RIGHTS.—The Corporation shall, 
in carrying out paragraph (1)(A), use, among other 
sources, the reports submitted to the Congress pur-
suant to section 504 of the Trade Act of 1974. Such 
other sources include the observations, reports, and 
recommendations of the International Labor Organi-
zation, and other relevant organizations. 
‘‘(4) INAPPLICABILITY TO HUMANITARIAN AC-
TIVITIES.—Paragraph (1) shall not prohibit the Cor-
poration from providing any insurance, reinsurance, 
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guaranty, financing, or other assistance for the pro-
vision of humanitarian assistance in a country.’’. 
(b) BOARD OF DIRECTORS.—Section 233(b) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is 
amended by adding at the end the following: ‘‘The selec-
tion of the small business, organized labor, and coopera-
tive directors should be made, respectively, in consultation 
with relevant representative organizations.’’. 
(c) DEFINITIONS.—Section 238 of the Foreign As-
sistance Act of 1961 (22 U.S.C. 2198) is amended— 
(1) in subsection (f), by striking ‘‘and’’ after 
the semicolon; 
(2) in subsection (g), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(h) the term ‘international worker rights’ 
means— 
‘‘(1) internationally recognized worker 
rights, as defined in section 507(4) of the 
Trade Act of 1974 (19 U.S.C. 2467(4); and 
‘‘(2) the elimination of discrimination with 
respect to employment and occupation.’’. 
(d) GENERAL PROVISIONS AND POWERS.—Section 
239 of the Foreign Assistance Act of 1961 (22 U.S.C. 
2199) is amended— 
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(1) in subsection (h), by adding at the end the 
following: ‘‘In addition, the Corporation should con-
sult with relevant stakeholders in developing such 
criteria.’’; and 
(2) in subsection (i), in the first sentence, by 
inserting ‘‘, including international worker rights,’’ 
after ‘‘fundamental freedoms’’. 
SEC. 5. COMMUNITY SUPPORT. 
Section 237 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2191(n)) is amended by adding at the end the 
following: 
‘‘(p) COMMUNITY SUPPORT.—To the maximum ex-
tent practicable, the Corporation shall require the appli-
cant for a project that is subject to the requirements in 
section 231A(b) to obtain broad community support for 
the project.’’. 
SEC. 6. CLIMATE CHANGE MITIGATION ACTION PLAN. 
Title IV of chapter 2 of part I of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2291 et seq.) is amended 
by inserting after section 234A the following new section: 
‘‘SEC. 234B. CLIMATE CHANGE MITIGATION. 
‘‘(a) MITIGATION ACTION PLAN.—The Corporation 
shall, not later than 180 days after the date of the enact-
ment of the Overseas Private Investment Corporation Re-
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authorization Act of 2007, institute a climate change miti-
gation action plan that includes the following: 
‘‘(1) CLEAN
AND
EFFICIENT
ENERGY
TECH-
NOLOGY.— 
‘‘(A) INCREASING ASSISTANCE.—The Cor-
poration shall establish a goal of substantially 
increasing its support of projects that use, de-
velop, or otherwise promote the use of clean en-
ergy technologies over the 4-year period begin-
ning on the date of the enactment of the Over-
seas Private Investment Corporation Reauthor-
ization Act of 2007. 
‘‘(B) 
PREFERENTIAL
TREATMENT
TO 
PROJECTS.—The Corporation shall give pref-
erential treatment to the evaluation and award-
ing of assistance for and provide greater flexi-
bility in supporting projects that involve the in-
vestment or use of clean and efficient energy 
technologies. 
‘‘(2) 
ENVIRONMENTAL
IMPACT
ASSESS-
MENTS.— 
‘‘(A) GREENHOUSE GAS EMISSIONS.—The 
Corporation shall, in making an environmental 
impact assessment for a project under section 
231A(b) in which assistance by the Corporation 
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would be valued at $10,000,000 or more (in-
cluding contingent liability), take into account 
the degree to which the project contributes to 
the emission of greenhouse gases. 
‘‘(B) OTHER
DUTIES
NOT
AFFECTED.— 
The requirement under subparagraph (A) is in 
addition to the any other requirement, obliga-
tion, or duty that Corporation has. 
‘‘(3) REPORT
TO
CONGRESSIONAL
COMMIT-
TEES.—The Corporation shall, within 180 days after 
the date of the enactment of the Overseas Private 
Investment Corporation Reauthorization Act of 
2007, submit to the Committee on Foreign Affairs 
of the House of Representatives and the Committee 
on Foreign Relations of the Senate a report on the 
strategy developed to carry out paragraph (1)(A). 
Thereafter, the Corporation shall include in its an-
nual report under section 240A a discussion of the 
strategy and its implementation. 
‘‘(b) EXTRACTION INVESTMENTS.— 
‘‘(1) PRIOR NOTIFICATION TO CONGRESSIONAL 
COMMITTEES.—The Corporation may not approve 
any contract of insurance or reinsurance, or any 
guaranty, or enter into any agreement to provide fi-
nancing for any project which significantly involves 
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an extractive industry and in which assistance by the 
Corporation would be valued at $10,000,000 or 
more (including contingent liability), until at least 
30 days after the Corporation notifies the Com-
mittee on Foreign Affairs of the House of Rep-
resentatives and the Committee on Foreign Rela-
tions of the Senate of such contract or agreement. 
‘‘(2) COMMITMENT TO EITI PRINCIPLES.—The 
Corporation may approve a contract of insurance or 
reinsurance, or any guaranty, or enter into an agree-
ment to provide financing to an eligible investor for 
a project that significantly involves an extractive in-
dustry only if— 
‘‘(A) the eligible investor has agreed to im-
plement the Extractive Industries Transparency 
Initiative principles and criteria; or 
‘‘(B) the host country where the project is 
to be carried out has committed to the Extrac-
tive Industries Transparency Initiative prin-
ciples and criteria. 
‘‘(3) DEFINITIONS.—In this subsection: 
‘‘(A) EXTRACTIVE
INDUSTRY.—The term 
‘extractive industry’ refers to an enterprise en-
gaged in the exploration, development, or ex-
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traction of oil and gas reserves, metal ores, 
gemstones, industrial minerals, or coal. 
‘‘(B) EXTRACTIVE
INDUSTRIES
TRANS-
PARENCY
INITIATIVE
PRINCIPLES
AND
CRI-
TERIA.—The term ‘Extractive Industries Trans-
parency Initiative principles and criteria’ means 
the principles and criteria of the Extractive In-
dustries Transparency Initiative, as set forth in 
Annex A to the Anti-Corruption Policies and 
Strategies Handbook of the Corporation, as 
published in September 2006. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) CLEAN
AND
EFFICIENT
ENERGY
TECH-
NOLOGY.—The term ‘clean and efficient energy tech-
nology’ means an energy supply or end-use tech-
nology— 
‘‘(A) such as— 
‘‘(i) solar technology; 
‘‘(ii) wind technology; 
‘‘(iii) geothermal technology; 
‘‘(iv) hydroelectric technology; and 
‘‘(v) carbon capture technology; and 
‘‘(B) that, over its life cycle and compared 
to a similar technology already in commercial 
use— 
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‘‘(i) is reliable, affordable, economi-
cally viable, socially acceptable, and com-
patible with the needs and norms of the 
country involved; 
‘‘(ii) results in— 
‘‘(I) reduced emissions of green-
house gases; or 
‘‘(II) increased geological seques-
tration; and 
‘‘(iii) may— 
‘‘(I) substantially lower emissions 
of air pollutants; or 
‘‘(II) 
generate 
substantially 
smaller or less hazardous quantities of 
solid or liquid waste. 
‘‘(2) GREENHOUSE GAS.—The term ‘greenhouse 
gas’ means— 
‘‘(A) carbon dioxide; 
‘‘(B) methane; 
‘‘(C) nitrous oxide; 
‘‘(D) hydrofluorocarbons; 
‘‘(E) perfluorocarbons; or 
‘‘(F) sulfur hexafluoride. 
‘‘(d) REPORTING REQUIREMENT.—The Corporation 
shall include in its annual report required under section 
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240A a description of its activities to carry out this sec-
tion.’’. 
SEC. 7. PROHIBITION ON ASSISTANCE TO DEVELOP OR 
PROMOTE CERTAIN RAILWAY CONNECTIONS 
AND RAILWAY-RELATED CONNECTIONS. 
Section 237 of the of the Foreign Assistance Act of 
1961 (22 U.S.C. 2197) is further amended by adding at 
the end the following: 
‘‘(q) PROHIBITION
ON ASSISTANCE
FOR CERTAIN 
RAILWAY PROJECTS.—The Corporation may not provide 
insurance, reinsurance, a guaranty, financing, or other as-
sistance to support the development or promotion of any 
railway connection or railway-related connection that does 
not traverse or connect with Armenia and does connect 
Azerbaijan and Turkey.’’. 
SEC. 8. INELIGIBILITY OF PERSONS DOING CERTAIN BUSI-
NESS WITH IRAN, SUDAN, OR NORTH KOREA. 
(a) IN GENERAL.—Section 237 of the of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2197) is further 
amended by adding at the end the following: 
‘‘(r) INELIGIBLE PROJECTS.— 
‘‘(1) IN GENERAL.—A project will not be eligi-
ble to receive support provided by the Corporation 
under this title if either of the following applies: 
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‘‘(A)(i) An applicant for insurance, rein-
surance, financing, or other support for a 
project provided to the Government of North 
Korea, Sudan, or Iran a loan, or an extension 
of credit, that remains outstanding. 
‘‘(ii) For purposes of this subparagraph, 
the sale of goods, other than food or medicine, 
on any terms other than a cash basis shall be 
considered to be an extension of credit. 
‘‘(B) An applicant for insurance, reinsur-
ance, financing, or other support for a project 
has an investment commitment valued at 
$20,000,000 or more for the energy sector. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) ENERGY SECTOR.—The term ‘energy 
sector’ refers to activities to develop petroleum 
or natural gas resources. 
‘‘(B) 
INVESTMENT
COMMITMENT.—The 
term ‘investment means’ means any of the fol-
lowing activities if such activity is undertaken 
pursuant to a commitment, or pursuant to the 
exercise of rights under a commitment, that 
was entered into with the Government of North 
Korea, Sudan, or Iran or a nongovernmental 
entity in North Korea, Sudan, or Iran: 
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‘‘(i) The entry into a contract that in-
cludes responsibility for the development of 
petroleum resources located in North 
Korea, Sudan, or Iran, or the entry into a 
contract providing for the general super-
vision and guarantee of another person’s 
performance of such a contract. 
‘‘(ii) The purchase of a share of own-
ership, including an equity interest, in that 
development. 
‘‘(iii) The entry into a contract pro-
viding for the participation in royalties, 
earnings, or profits in that development, 
without regard to the form of the partici-
pation. 
The term ‘investment commitment’ does not in-
clude the entry into, performance, or financing 
of a contract solely to sell or purchase goods, 
services, or technology. 
‘‘(3) CERTIFICATION.— 
‘‘(A) BY APPLICANTS.—A person or entity 
applying for insurance, reinsurance, a guaranty, 
financing, or other assistance under this title 
may not receive such support unless its chief 
executive officer certifies to the Corporation, 
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under penalty of perjury, that the person or en-
tity and its majority-owned subsidiaries have 
not engaged in any activity described in sub-
paragraph (A) or (B) of paragraph (1) and will 
not do so for the duration of the project. 
‘‘(B) BY ULTIMATE PARENT ENTITIES.— 
In the case of an applicant that is a majority- 
owned entity of another entity, in addition to 
the certification under subparagraph (A), the 
chief executive officer of the ultimate parent en-
tity of the applicant must certify, under penalty 
of perjury, that it and its majority-owned sub-
sidiaries have not engaged in any activity de-
scribed in subparagraph (A) or (B) of para-
graph (1) and will not do so for the duration 
of the project. 
‘‘(C) APPLICATION TO STRAW MAN TRANS-
ACTIONS.—In any case in which— 
‘‘(i) an applicant for insurance, rein-
surance, financing, or other assistance 
under this title is providing goods and 
services to a project, 
‘‘(ii) more than 50 percent of such 
goods and services are acquired from an 
unaffiliated entity, and 
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‘‘(iii) the unaffiliated entity is receiv-
ing $20,000,000 or more, or sums greater 
than 50 percent of the amount of the as-
sistance provided by the Corporation for 
the project (including contingent liability), 
for such goods or services, than the chief 
executive officer of the unaffiliated entity 
must make a certification under subpara-
graph (A), and any ultimate parent entity 
must make a certification required by sub-
paragraph (B). 
‘‘(D) DEFINITION.—For purposes of this 
paragraph, a person is an ultimate parent of an 
entity if the person owns directly, or through 
majority ownership of other entities, greater 
than 50 percent of the equity of the entity. 
‘‘(4) EXCEPTION.—Notwithstanding the prohi-
bition in paragraph (1), the Corporation may pro-
vide support for projects in Southern Sudan, South-
ern Kordofan/Nuba Mountains State, Blue Nile 
State, Abyei, Darfur, and marginalized areas in and 
around Khartoum, if the Corporation, with the con-
currence of the Secretary of State, determines that 
such projects will provide emergency relief, promote 
economic self-sufficiency, or implement a nonmilitary 
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program in support of a viable peace agreement in 
Sudan, including the Comprehensive Peace Agree-
ment for Sudan and the Darfur Peace Agreement. 
‘‘(5) PROSPECTIVE
APPLICATION
OF
SUB-
SECTION.—This subsection shall not be applied to 
limit support by the Corporation under this title be-
cause a project party engaged in commercial activity 
specifically licensed by the Office of Foreign Assets 
Control of the Department of the Treasury.’’. 
(b) TERMINATION.— 
(1) IN
GENERAL.—The amendment made by 
this section shall cease to be effective— 
(A) with respect to North Korea, 30 days 
after the President certifies to the appropriate 
congressional committees that North Korea 
does not possess nuclear weapons or maintain a 
program to produce nuclear weapons; 
(B) with respect to Iran, 30 days after the 
President certifies to the appropriate congres-
sional committees that Iran does not possess 
nuclear weapons or maintain a program to 
produce nuclear weapons; and 
(C) with respect to Sudan, 30 days after 
the President certifies to the appropriate con-
gressional committees that the Government of 
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Sudan is making a good faith effort to end the 
humanitarian crisis in Darfur and to provide 
for the protection of its all of its citizens, in-
cluding through efforts to disarm, demobilize, 
and demilitarize the Janjaweed militia and com-
pliance with all relevant United Nations Secu-
rity Council Resolutions. 
(2) DEFINITION.—In this subsection, the term 
‘‘appropriate congressional committees’’ means the 
Committee on Foreign Affairs of the House of Rep-
resentatives and the Committee on Foreign Rela-
tions of the Senate. 
SEC. 9. INCREASED TRANSPARENCY. 
(a) IN GENERAL.—Section 237 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2197) is further amended 
by adding at the end the following new subsection: 
‘‘(s) AVAILABILITY OF PROJECT INFORMATION.—Be-
ginning 90 days after the date of the enactment of the 
Overseas Private Investment Corporation Reauthorization 
Act of 2007, the Corporation shall make public, and post 
on its Internet website, summaries of all new projects sup-
ported by the Corporation, and other relevant information, 
except that the Corporation shall not include any confiden-
tial business information in the summaries and informa-
tion made available under this subsection. 
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‘‘(t) REVIEW OF METHODOLOGY.—Not later than 
180 days after the date of the enactment of the Overseas 
Private Investment Corporation Reauthorization Act of 
2007, the Corporation shall publish in the Federal Reg-
ister and periodically revise, subject to a period of public 
comment, the detailed methodology, including relevant 
regulations, used to assess and monitor the impact of 
projects supported by the Corporation on the develop-
mental and environmental impact of, and international 
worker rights in, host countries, and on United States em-
ployment. 
‘‘(u) PUBLIC
NOTICE
PRIOR
TO
PROJECT
AP-
PROVAL.— 
‘‘(1) PUBLIC NOTICE.—The Board of Directors 
of the Corporation may not vote in favor of any ac-
tion proposed to be taken by the Corporation on any 
Category A project until at least 60 days after the 
Corporation— 
‘‘(A) makes available for public comment a 
summary of the project and relevant informa-
tion about the project; and 
‘‘(B) makes the summary and information 
described in paragraph (1) available to locally 
affected groups in the area of impact of the 
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proposed project, and to host country non-
governmental organizations. 
The Corporation shall not include any business con-
fidential information in the summary and informa-
tion made available under subparagraph (A) and 
(B). 
‘‘(2) PUBLISHED
RESPONSE.—To the extent 
practicable, the Corporation shall publish any of its 
responses to the comments received under paragraph 
(1) with respect to a category A project and submit 
the responses to the Board not later than 7 days be-
fore a vote is to be taken on any action proposed by 
the Corporation on the project. 
‘‘(v) CATEGORY A PROJECT.—In this section, the 
term ‘category A project’ means any project or other activ-
ity for which the Corporation proposes to provide insur-
ance, reinsurance, financing, or other support under this 
title and which is likely to have significant adverse envi-
ronmental impacts that are sensitive, diverse, or unprece-
dented.’’. 
(b) OFFICE OF ACCOUNTABILITY.—Section 237 of 
the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is 
further amended by adding at the end the following new 
subsection: 
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‘‘(v) OFFICE OF ACCOUNTABILITY.—The Corpora-
tion shall maintain an Office of Accountability to provide 
problem-solving services for projects supported by the Cor-
poration and to review the Corporation’s compliance with 
its environmental, social, worker rights, human rights, and 
transparency policies and procedures. The Office of Ac-
countability shall operate in a manner that is fair, objec-
tive and transparent.’’. 
SEC. 10. FRAUD AND OTHER BREACHES OF CONTRACT. 
Section 237(n) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197(n)) is amended by adding at the end the 
following: ‘‘The President of the Corporation shall refer 
to the Department of Justice for appropriate action infor-
mation known to the Corporation concerning any substan-
tial evidence of— 
‘‘(1) a violation of this title; 
‘‘(2) any material breach of contract entered 
into with the Corporation by an eligible investor; or 
‘‘(3) any material false representation made by 
an investor to the Corporation.’’. 
SEC. 11. 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: 
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‘‘(l) 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. 12. 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: 
‘‘(m) 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. 
‘‘(n) 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 no longer under the effective 
control of Hamas or any other foreign terrorist organiza-
tion designated under section 219 of the Immigration and 
Nationality Act (8 U.S.C. 1189).’’. 
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SEC. 13. 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— 
(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) is amend-
ed— 
(A) by striking subsection (b); and 
(B) by redesignating the subsections (c) 
through (m) (as added by section 12 of this 
Act) as subsections (b) through (l), respectively. 
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(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 
(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.—(1) Sec-
tion 234(b) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2194(b)) is amended by striking ‘‘235(a)(2)’’ and 
inserting ‘‘235(a)(1)’’. 
(2) Section 236 of the Foreign Assistance Act of 
1961 (22 U.S.C. 2196) is amended— 
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(A) in subsection (b), by striking ‘‘the Direct 
Investment Fund established pursuant to section 
235,’’; and 
(B) by redesignating subsections (a) through 
(a) as paragraphs (1) through (3), respectively. 
SEC. 14. 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 is approved by the Cor-
poration on or after the date of the enactment of this Act. 
(b) EXTENSIONS AND RENEWALS.—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, reinsurance, 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. 
Æ 
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