I 
108TH CONGRESS 
1ST SESSION H. R. 3145
To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas 
Private Investment Corporation, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 23, 2003
Mr. HYDE (for himself and Mr. LANTOS) introduced the following bill; which 
was referred to the Committee on International Relations 
A BILL 
To amend the Foreign Assistance Act of 1961 to reauthorize 
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 Amendments Act of 2003’’. 
SEC. 2. ISSUING AUTHORITY. 
Section 235(a)(2) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2195(a)(2)) is amended by striking 
‘‘2003’’ and inserting ‘‘2007’’.
SEC. 3. TECHNICAL CORRECTIONS. 
(a) ADMINISTRATIVE COSTS.—Section 235(a)(1)(B) 
of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(a)(1)(B)) is amended by striking ‘‘subsidy cost’’ and 
inserting ‘‘subsidy and administrative costs’’. 
(b) NONCREDIT ACCOUNT REVOLVING FUND.—Sec-
tion 235(c) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2195(c)) is amended—
(1) in the first sentence—
(A) by striking ‘‘an insurance and guar-
anty fund, which shall have separate accounts 
to be known as the Insurance Reserve and the 
Guaranty Reserve, which reserves’’ and insert-
ing ‘‘a noncredit account revolving fund, 
which’’; and 
(B) by striking ‘‘such reserves have’’ and 
inserting ‘‘of the fund has’’; 
(2) by striking the third sentence; and 
(3) in the last sentence, by striking ‘‘reserves’’ 
and inserting ‘‘fund’’. 
(c) PAYMENTS TO DISCHARGE LIABILITIES.—Section 
235(d) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(d)) is amended—
(1) in the first sentence, by striking ‘‘Insurance 
Reserve, as long as such reserve’’ and inserting
‘‘noncredit account revolving fund, as long as such 
fund’’; and 
(2) in the second sentence, by striking ‘‘or 
under similar predecessor guaranty authority’’ and 
all that follows through ‘‘subsection (f) of this sec-
tion’’ and inserting ‘‘or 234(c) shall be paid in ac-
cordance with the Federal Credit Reform Act of 
1990’’. 
(d) AUTHORIZATION OF APPROPRIATIONS.—Section 
235(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(f)) is amended—
(1) in the first sentence, by striking ‘‘insurance 
and guaranty fund’’ and inserting ‘‘noncredit ac-
count revolving fund’’; and 
(2) by striking ‘‘Insurance Reserve’’ each place 
it appears and inserting ‘‘noncredit account revolv-
ing fund’’. 
(e) BOARD OF DIRECTORS.—Section 233(b) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2193(b)) is 
amended in the second paragraph—
(1) by striking ‘‘officials’’ and inserting ‘‘prin-
cipal officers’’; 
(2) by inserting ‘‘whose duties relate to the pro-
grams of the Corporation’’ after ‘‘United States’’; 
and
(3) by striking ‘‘an official’’ and inserting ‘‘one 
such officer’’. 
SEC. 4. INVESTMENT INSURANCE. 
(a) EXPROPRIATION
OR
CONFISCATION.—Section 
234(a)(1)(B) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2194(a)(1)(B)) is amended by inserting ‘‘or any 
political subdivision thereof’’ after ‘‘government’’. 
(b) 
DEFINITION
OF
EXPROPRIATION.—Section 
238(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2198(b)) is amended by inserting ‘‘, a political subdivision 
of a foreign government, or a corporation owned or con-
trolled by a foreign government,’’ after ‘‘government’’. 
SEC. 5. LOCAL CURRENCY GUARANTY. 
(a) LOCAL CURRENCY GUARANTY.—Section 234 of 
the Foreign Assistance Act of 1961 (22 U.S.C. 2194) is 
amended by adding at the end the following: 
‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE 
INVESTORS.—To issue to—
‘‘(1) eligible investors, or 
‘‘(2) local financial institutions, 
guaranties, denominated in currencies other than United 
States dollars, of loans and other investments made to 
projects sponsored by or significantly involving eligible in-
vestors, assuring against loss due to such risks and upon 
such terms and conditions as the Corporation may deter-
mine, for projects that the Corporation determines to have 
significant developmental effects or as the Corporation de-
termines to be necessary or appropriate to carry out the 
purposes of this title.’’. 
(b) DEFINITION
OF LOCAL FINANCIAL INSTITU-
TION.—Section 238 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2198) is amended—
(1) in subsection (d), by striking ‘‘and’’ after 
the semicolon; 
(2) in subsection (f), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(g) the term ‘local financial institution’—
‘‘(1) means any bank or financial institu-
tion that is organized under the laws of any 
country or area in which the Corporation oper-
ates; but 
‘‘(2) does not include a branch, however 
organized, of a bank or other financial institu-
tion that is organized under the laws of a coun-
try in which the Corporation does not operate.’’.
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