IIB 
110TH CONGRESS 
1ST SESSION H. R. 2798 
IN THE SENATE OF THE UNITED STATES 
JULY 24, 2007 
Received; read twice and referred to the Committee on Foreign Relations 
AN ACT 
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, 
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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-
cilitate private capital by United States investors in 
developing and emerging market countries in sup-
port 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. Denial of 
OPIC assistance is not a penalty or sanction. 
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(5) Over OPIC’s 35-year history, OPIC has 
supported $177,000,000,000 in operating invest-
ments in more than 150 developing countries, help-
ing 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. 
(7) Projects assisted by OPIC in fiscal year 
2006 are projected to generate $1,000,000,000 in 
United States exports, support more than 2,700 
United States jobs, and have a positive impact on 
the United States balance of payments. 
(8) In fiscal year 2006, 87 percent of all OPIC- 
supported projects supported small-and-medium- 
sized businesses in the United States. 
(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 $159,000,000 in fiscal year 2008. 
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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 
‘‘September 30, 2007’’ and inserting ‘‘September 30, 
2011’’. 
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 give preferential consideration to invest-
ment projects in less developed countries the govern-
ments of which are receptive to private enterprise, 
domestic and foreign, and to projects in countries 
the governments of which are willing and able to 
maintain conditions that enable private enterprise to 
make its full contribution to the development proc-
ess;’’. 
SEC. 
5. 
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’’; 
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(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: 
‘‘ ‘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 
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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, 
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-
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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— 
(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 
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(2) in subsection (i), in the first sentence, by 
inserting ‘‘, including international worker rights,’’ 
after ‘‘fundamental freedoms’’. 
SEC. 6. ENVIRONMENTAL ASSESSMENTS. 
Section 231A(b) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2191a(b)) is amended to read as follows: 
‘‘(b) ENVIRONMENTAL IMPACT.—The Board of Di-
rectors of the Corporation shall not vote in favor of any 
action proposed to be taken by the Corporation that is 
likely to have significant adverse environmental impacts, 
unless for at least 60 days before the date of the vote— 
‘‘(1) an environmental impact assessment, or 
initial environmental audit, analyzing the environ-
mental impacts of the proposed action and of alter-
natives to the proposed action has been completed by 
the project applicant and made available to the 
Board of Directors; and 
‘‘(2) such assessment or audit has been made 
available to the public of the United States, locally 
affected groups in the host country, and host coun-
try nongovernmental organizations.’’. 
SEC. 7. COMMUNITY SUPPORT. 
Section 237 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197) is amended by adding at the end the 
following: 
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‘‘(p) COMMUNITY SUPPORT.—To the maximum ex-
tent practicable, the Corporation shall require the appli-
cant for a project that is subject to section 231A(b) to 
obtain broad community support for the project.’’. 
SEC. 8. 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-
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. 
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‘‘(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 use, develop, 
or otherwise promote the use of clean and effi-
cient 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), take into account the degree to which 
the project contributes to the emission of green-
house gases. 
‘‘(B) OTHER
DUTIES
NOT
AFFECTED.— 
The requirement under subparagraph (A) is in 
addition to any other requirement, obligation, 
or duty that the 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 
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on Foreign Relations of the Senate a report on the 
plan developed to carry out paragraph (1)(A). 
Thereafter, the Corporation shall include in its an-
nual report under section 240A a discussion of such 
plan 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 
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— 
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‘‘(A) the eligible investor has agreed to im-
plement the Extractive Industries Transparency 
Initiative principles and criteria, or substan-
tially similar 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, or substantially similar prin-
ciples and criteria. 
‘‘(3) PREFERENCE FOR CERTAIN PROJECTS.— 
With respect to all projects that significantly involve 
an extractive industry, the Corporation, to the de-
gree possible and consistent with its development ob-
jectives, shall give preference to a project in which 
both the eligible investor has agreed to implement 
the Extractive Industries Transparency Initiative 
principles and criteria, or substantially similar prin-
ciples and criteria, and the host country where the 
project is to be carried out has committed to the Ex-
tractive Industries Transparency Initiative principles 
and criteria, or substantially similar principles and 
criteria. 
‘‘(4) DEFINITIONS.—In this subsection: 
‘‘(A) EXTRACTIVE
INDUSTRY.—The term 
‘extractive industry’ refers to an enterprise en-
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gaged in the exploration, development, or ex-
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. 
‘‘(5) REPORTING
REQUIREMENT.—The Cor-
poration shall include in its annual report required 
under section 240A a description of its activities to 
carry out this subsection. 
‘‘(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; 
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‘‘(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— 
‘‘(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 and less hazardous quantities 
of solid or liquid waste. 
‘‘(2) GREENHOUSE GAS.—The term ‘greenhouse 
gas’ means— 
‘‘(A) carbon dioxide; 
‘‘(B) methane; 
‘‘(C) nitrous oxide; 
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‘‘(D) hydrofluorocarbons; 
‘‘(E) perfluorocarbons; or 
‘‘(F) sulfur hexafluoride.’’. 
SEC. 9. 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. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSI-
NESS WITH STATE SPONSORS OF TERRORISM. 
(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: 
‘‘(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 a state 
sponsor of terrorism 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 in a 
country that is a state sponsor of terrorism. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) CASH BASIS.—The term ‘cash basis’ 
refers to a sale in which the purchaser of goods 
or services is required to make payment in full 
within 45 days after receiving the goods or 
services. 
‘‘(B) ENERGY SECTOR.—The term ‘energy 
sector’ refers to activities to develop or trans-
port petroleum or natural gas resources. 
‘‘(C) 
INVESTMENT
COMMITMENT.—The 
term ‘investment commitment’ means any of 
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the following activities if such activity is under-
taken pursuant to a commitment, or pursuant 
to the exercise of rights under a commitment, 
that was entered into with the government of a 
state sponsor of terrorism or a nongovern-
mental entity in a country that is a state spon-
sor of terrorism: 
‘‘(i) The entry into a contract that in-
cludes responsibility for the development of 
petroleum resources located in a country 
that is a state sponsor of terrorism, or the 
entry into a contract providing for the gen-
eral supervision 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. 
‘‘(D) STATE
SPONSOR
OF
TERRORISM.— 
The term ‘state sponsor of terrorism’ means a 
country the government of which the Secretary 
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of State has determined, for purposes of section 
6(j) of the Export Administration Act of 1979, 
section 620A of the Foreign Assistance Act of 
1961, section 40 of the Arms Export Control 
Act, or any other provision of law, to be a gov-
ernment that has repeatedly provided support 
for acts of international terrorism. 
‘‘(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, 
under penalty of perjury, that the person or en-
tity and its majority-owned subsidiaries are not 
engaged in any activity described in subpara-
graph (A) or (B) of paragraph (1). 
‘‘(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 are not engaged in any activity de-
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scribed in subparagraph (A) or (B) of para-
graph (1). 
‘‘(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 
‘‘(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, 
then the chief executive officer of the unaffili-
ated entity must make a certification under 
subparagraph (A), and any ultimate parent en-
tity must make a certification required by sub-
paragraph (B). 
‘‘(D) DILIGENT INQUIRY.—A certification 
required by subparagraph (A), (B), or (C) may 
be made to the best knowledge and belief of the 
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certifying officer if that officer states that he or 
she has made diligent inquiry into the matter 
certified. 
‘‘(E) EXCEPTION.—(i) A chief executive 
officer of an applicant or other entity may pro-
vide a certification required by subparagraph 
(A), (B), or (C) with respect to the activity of 
a majority-owned subsidiary or entity notwith-
standing activity by such majority-owned sub-
sidiary or entity that would cause a project to 
be ineligible for support under subparagraph 
(A) or (B) of paragraph (1) if such activity is 
carried out under a contract or other obligation 
of such majority-owned subsidiary or entity that 
was entered into or incurred before the acquisi-
tion of such majority-owned subsidiary or entity 
by the applicant or ultimate parent entity. 
‘‘(ii) Clause (i) shall not apply if the terms 
of such contract or other obligation are ex-
panded or extended after such acquisition. 
‘‘(F) 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. 
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‘‘(4) EXCEPTION.—The prohibition in para-
graph (1) shall not— 
‘‘(A) apply to a loan, extension of credit, 
or investment commitment by an applicant, or 
other entity covered by a certification under 
subparagraph (A), (B), or (C) of paragraph (3), 
in Southern Sudan, Southern Kordofan/Nuba 
Mountains State, Blue Nile State, or Abyei, 
Darfur, if the Corporation, with the concur-
rence of the Secretary of State, determines that 
such loan, extension of credit, or investment 
commitment will provide emergency relief, pro-
mote economic self-sufficiency, or implement a 
nonmilitary program in support of a viable 
peace agreement in Sudan, including the Com-
prehensive Peace Agreement for Sudan and the 
Darfur Peace Agreement; or 
‘‘(B) prohibit the Corporation from pro-
viding support for projects in Southern Sudan, 
Southern Kordofan/Nuba Mountains State, 
Blue Nile State, and Abyei, Darfur, if the Cor-
poration, with the concurrence of the Secretary 
of State, determines that such projects will pro-
vide emergency relief, promote economic self- 
sufficiency, or implement a nonmilitary pro-
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gram in support of a viable peace agreement in 
Sudan, including the Comprehensive Peace 
Agreement 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 an applicant, or other entity covered by a cer-
tification under subparagraph (A), (B), or (C) of 
paragraph (3) engaged in commercial activity spe-
cifically 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 with respect 
to a country that is a state sponsor of terrorism 30 
days after the President certifies to the appropriate 
congressional committees that— 
(A) the country has ceased providing sup-
port for acts of international terrorism and no 
longer satisfies the requirements for designation 
as a state sponsor of terrorism; 
(B) the country does not possess nuclear 
weapons or a significant program to develop nu-
clear weapons; and 
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(C) the country is not committing genocide 
or conducting a program of ethnic cleansing 
against a civilian population that approaches 
genocide. 
(2) DEFINITIONS.—In this subsection: 
(A) APPROPRIATE
CONGRESSIONAL
COM-
MITTEES.—The term ‘‘appropriate congres-
sional committees’’ means the Committee on 
Foreign Affairs of the House of Representatives 
and the Committee on Foreign Relations of the 
Senate. 
(B) STATE SPONSOR OF TERRORISM.—The 
term ‘‘state sponsor of terrorism’’ has the 
meaning 
given 
that 
term 
in 
section 
237(r)(2)(D) of the Foreign Assistance Act of 
1961, as added by subsection (a) of this sec-
tion. 
SEC. 11. 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 subsections: 
‘‘(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 
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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. 
‘‘(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 development 
and environment of, and international worker rights in, 
host countries, and on United States employment. 
‘‘(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 
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‘‘(B) makes the summary and information 
described in paragraph (1) available to locally 
affected groups in the area of impact of the 
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 subparagraphs (A) and 
(B). 
‘‘(2) PUBLISHED
RESPONSE.—To the extent 
practicable, the Corporation shall publish responses 
to the comments received under paragraph (1) with 
respect to a Category A project and submit the re-
sponses to the Board not later than 7 days before 
a vote is to be taken on any action proposed by the 
Corporation on the project. 
‘‘(3) DEFINITIONS.—In this subsection, the 
term ‘Category A project’ means any project or 
other activity for which the Corporation proposes to 
provide insurance, reinsurance, financing, or other 
support under this title and which is likely to have 
significant adverse environmental impacts.’’. 
(b) OFFICE OF ACCOUNTABILITY.—Section 237 of 
the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is 
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further amended by adding at the end the following new 
subsection: 
‘‘(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, to the maximum ex-
tent practicable. The Office of Accountability shall operate 
in a manner that is fair, objective and transparent.’’. 
SEC. 12. FRAUD AND OTHER BREACHES OF CONTRACT. 
Section 237(n) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197(n)) is amended— 
(1) by striking ‘‘Whoever’’ and inserting: 
‘‘(1) IN GENERAL.—Whoever’’; and 
(2) by adding at the end the following: 
‘‘(2) DEFERRALS
TO
DEPARTMENT
OF
JUS-
TICE.—(A) The President of the Corporation shall 
refer to the Department of Justice for appropriate 
action information known to the Corporation con-
cerning any substantial evidence of— 
‘‘(i) a violation of this title; 
‘‘(ii) a material breach of contract entered 
into with the Corporation by an eligible inves-
tor; or 
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‘‘(iii) a material false representation made 
by an investor to the Corporation. 
‘‘(B) Subparagraph (A) does not apply if the 
President of the Corporation concludes that the mat-
ter described in clause (i), (ii), or (iii), as the case 
may be, of subparagraph (A)— 
‘‘(i) is not evidence of a possible violation 
of criminal law; and 
‘‘(ii) is not evidence that the Federal Gov-
ernment is entitled to civil remedy or to impose 
a civil penalty.’’. 
SEC. 13. TRANSPARENCY AND ACCOUNTABILITY OF IN-
VESTMENT FUNDS. 
(a) IN GENERAL.—Section 239 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2199) is amended by adding 
at the end the following: 
‘‘(l) TRANSPARENCY AND ACCOUNTABILITY OF IN-
VESTMENT FUNDS.— 
‘‘(1) COMPETITIVE SELECTION OF INVESTMENT 
FUND MANAGEMENT.—With respect to any invest-
ment fund that the Corporation creates on or after 
the date of the enactment of the Overseas Private 
Investment Corporation Reauthorization Act of 
2007, the Corporation may select persons to manage 
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the fund only by contract using full and open com-
petitive procedures. 
‘‘(2) CRITERIA FOR SELECTION.—In assessing 
proposals for investment fund management pro-
posals, the Corporation shall consider, in addition to 
other factors, the following: 
‘‘(A) The prospective fund management’s 
experience, depth, and cohesiveness. 
‘‘(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 
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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-
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-
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