of the Senate after consultation with 
the chairman of the Committee on 
Foreign Relations of the Senate; 
(II) one individual should be ap-
pointed from among a list of individ-
uals submitted by the minority leader 
of the Senate after consultation 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 individ-
uals submitted by the Speaker of the 
House of Representatives after con-
sultation with the chairman of the 
Committee on Foreign Affairs of the 
House of Representatives; and 
(IV) one individual should be ap-
pointed from among a list of individ-
uals submitted by the minority leader 
of the House of Representatives after 
consultation with the ranking member 
of the Committee on Foreign Affairs 
of the House of Representatives. 
(B) OFFICERS SPECIFIED.— 
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(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. 
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(C) REQUIREMENTS FOR PRIVATE SECTOR 
MEMBERS.—A member of the Board described 
in subparagraph (A)(iii)— 
(i) may not be an officer or employee 
of the United States Government; 
(ii) shall have relevant private sector 
experience to carry out the purposes of the 
Corporation; 
(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. 
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(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.—Six 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 have 
been or should be 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-
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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. 
(2) AUTHORITIES AND DUTIES.—The Chief Ex-
ecutive Officer shall be responsible for the manage-
ment of the Corporation and shall exercise the pow-
ers and discharge the duties of the Corporation sub-
ject to the bylaws, rules, regulations, and procedures 
established by the Board. 
(3) RELATIONSHIP TO BOARD.—The Chief Ex-
ecutive Officer shall report to and be under the di-
rect authority of the Board. 
(4) COMPENSATION.—Section 5313 of title 5, 
United States Code, is amended by adding at the 
end the following: 
‘‘Chief Executive Officer, United States Inter-
national Development Finance Corporation.’’. 
(e) DEPUTY CHIEF EXECUTIVE OFFICER.—There 
shall be in the Corporation a Deputy Chief Executive Offi-
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cer, who shall be appointed by the President, by and with 
the advice and consent of the Senate, and who shall serve 
at the pleasure of the President. 
(f) CHIEF RISK OFFICER.— 
(1) APPOINTMENT.—Subject to the approval of 
the Board, the Chief Executive Officer of the Cor-
poration shall appoint a Chief Risk Officer, from 
among individuals with experience at a senior level 
in financial risk management, who— 
(A) shall have as the officer’s sole function 
to serve as Chief Risk Officer of the Corpora-
tion; 
(B) shall report directly to the Board; and 
(C) shall be removable only by a majority 
vote of the Board. 
(2) DUTIES.—The Chief Risk Officer shall, in 
coordination with the audit committee of the Board 
established under 401, develop, implement, and 
manage a comprehensive process for identifying, as-
sessing, monitoring, and limiting risks to the Cor-
poration, including the overall portfolio of the Cor-
poration. 
(g) COORDINATION.—The Chief Executive Officer 
shall consult with the Administrator of the United States 
Agency for International Development and Chief Execu-
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tive Officer of the Millennium Challenge Corporation to 
coordinate the activities of the Corporation with the activi-
ties of the United States Agency for International Devel-
opment and the Millennium Challenge Corporation, such 
as by establishing in the Corporation a Chief Development 
Officer who shall have responsibility for coordinating de-
velopment finance policy and implementation efforts of the 
Corporation with the United States Agency for Inter-
national Development and the Millennium Challenge Cor-
poration and their respective development missions. 
(h) OFFICERS AND EMPLOYEES.— 
(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 to 
exceed 50 may be appointed, compensated, or 
removed without regard to title 5, United 
States Code. 
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(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 
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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 
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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.). 
TITLE II—AUTHORITIES 
SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP-
PORT. 
(a) LENDING AND GUARANTIES.— 
(1) IN GENERAL.—The Corporation may make 
loans or guarantee loans upon such terms and condi-
tions 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. 
(3) APPLICABILITY OF FEDERAL CREDIT RE-
FORM ACT OF 1990.—Loans and guaranties issued 
under paragraph (1) shall be subject to the require-
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ments of the Federal Credit Reform Act of 1990 (2 
U.S.C. 661 et seq.). 
(b) 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. 
(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 rationale, taking into account the fol-
lowing factors: 
(A) The support for the project would be 
more likely than not to substantially reduce or 
overcome the effect of an identified market fail-
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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 will 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. 
(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 20 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-
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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. 
(c) 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, and civil disturbance, breach of contract, or 
non-honoring of financial obligations. 
(d) PROMOTION OF AND SUPPORT FOR PRIVATE IN-
VESTMENT OPPORTUNITIES.— 
(1) IN GENERAL.—The Corporation may ini-
tiate and support, through financial participation, 
incentive grant, or otherwise, and on such terms and 
conditions as the Corporation may determine, feasi-
bility studies for the planning, development, and 
management of, and procurement for, bilateral and 
multilateral development projects, including training 
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activities undertaken in connection with such 
projects, for the purpose of promoting investment in 
such projects and the identification, assessment, sur-
veying, and promotion of private investment oppor-
tunities, utilizing wherever feasible and effective, the 
facilities of private investors. 
(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. 
(e) SPECIAL PROJECTS AND PROGRAMS.—The Cor-
poration may administer and manage special projects and 
programs, including programs of financial and advisory 
support that provide private technical, professional, or 
managerial assistance in the development of human re-
sources, skills, technology, capital savings, and inter-
mediate financial and investment institutions and coopera-
tives and including the initiation of incentives, grants, and 
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studies for renewable energy, microenterprise households, 
and other small business activities. 
(f) ENTERPRISE FUNDS.— 
(1) IN GENERAL.—The Corporation may estab-
lish and operate enterprise funds in accordance with 
this subsection. 
(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 subsection for the following purposes: 
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(A) To promote development of economic 
freedom and private sectors, including small- 
and medium-sized businesses and joint ventures 
with the United States and host country par-
ticipants. 
(B) To facilitate access to the credit to 
small- and medium-sized businesses with sound 
business plans in countries where there is lim-
ited 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. 
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(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 of the funds made avail-
able to an enterprise fund may be obligated or 
expended for the administrative expenses of the 
enterprise fund. 
(5) BOARD
OF
DIRECTORS.—Each enterprise 
fund established under this subsection shall be gov-
erned by a Board of Directors comprised of private 
citizens of the United States or the host country, 
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. 
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