IB 
Union Calendar No. 631 
115TH CONGRESS 
2D SESSION 
H. R. 5105 
[Report No. 115–814] 
To establish the United States International Development Finance 
Corporation, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 27, 2018 
Mr. YOHO (for himself and Mr. SMITH of Washington) introduced the 
following bill; which was referred to the Committee on Foreign Affairs 
JULY 11, 2018 
Additional sponsors: Mr. ROYCE of California, Mr. MCCAUL, Mr. SHERMAN, 
Mr. POE of Texas, Mr. FRANCIS ROONEY of Florida, Mr. KEATING, Mr. 
NORMAN, Mr. MOULTON, Mr. CICILLINE, Mr. BUDD, Mr. KIND, Mr. 
GALLAGHER, Mrs. BROOKS of Indiana, Mr. BERA, Mr. LONG, Mr. BARR, 
Mr. MEADOWS, Mr. WILSON of South Carolina, Mr. FITZPATRICK, Mr. 
POCAN, Mr. CASTRO of Texas, Mr. GARRETT, Mr. GUTHRIE, Mr. LARSEN 
of Washington, Mrs. BEATTY, Ms. BASS, Mr. BACON, Mr. KHANNA, Mr. 
NORCROSS, Mr. REICHERT, Mr. GOODLATTE, Ms. MOORE, Mr. COOPER, 
Mr. KATKO, Mr. BLUMENAUER, Mr. MCGOVERN, Mrs. COMSTOCK, Mrs. 
MCMORRIS RODGERS, Mr. WEBSTER of Florida, Mr. SCALISE, Mr. KIL-
MER, Mr. COFFMAN, and Mr. HECK 
JULY 11, 2018 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on February 27, 2018] 
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A BILL 
To establish the United States International Development 
Finance Corporation, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Bet-
ter Utilization of Investments Leading to Development Act 
of 2018’’ or the ‘‘BUILD Act of 2018’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
TITLE I—ESTABLISHMENT 
Sec. 101. Statement of policy. 
Sec. 102. United States International Development Finance Corporation. 
Sec. 103. Management of Corporation. 
Sec. 104. Inspector General of the Corporation. 
Sec. 105. Independent accountability mechanism. 
TITLE II—AUTHORITIES 
Sec. 201. Authorities relating to provision of support. 
Sec. 202. Terms and conditions. 
Sec. 203. Payment of losses. 
Sec. 204. Termination. 
TITLE III—ADMINISTRATIVE AND GENERAL PROVISIONS 
Sec. 301. Operations. 
Sec. 302. Corporate powers. 
Sec. 303. Maximum contingent liability. 
Sec. 304. Corporate funds. 
Sec. 305. Coordination with other development agencies. 
TITLE IV—MONITORING, EVALUATION, AND REPORTING 
Sec. 401. Establishment of risk and audit committees. 
Sec. 402. Performance measures. 
Sec. 403. Annual report. 
Sec. 404. Publicly available project information. 
Sec. 405. Engagement with investors. 
Sec. 406. Notification of support to be provided by the Corporation. 
TITLE V—CONDITIONS, RESTRICTIONS, AND PROHIBITIONS 
Sec. 501. Limitations and preferences. 
Sec. 502. Additionality and avoidance of market distortion. 
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Sec. 503. Prohibition on support in sanctioned countries and with sanctioned 
persons. 
Sec. 504. Penalties for misrepresentation, fraud, and bribery. 
TITLE VI—TRANSITIONAL PROVISIONS 
Sec. 601. Definitions. 
Sec. 602. Reorganization plan. 
Sec. 603. Transfer of functions. 
Sec. 604. Termination of Overseas Private Investment Corporation and other 
superceded authorities. 
Sec. 605. Transitional authorities. 
Sec. 606. Savings provisions. 
Sec. 607. Other terminations. 
Sec. 608. Incidental transfers. 
Sec. 609. Reference. 
Sec. 610. Conforming amendments. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) 
APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional commit-
tees’’ means— 
(A) the Committee on Foreign Relations 
and the Committee on Appropriations of the 
Senate; and 
(B) the Committee on Foreign Affairs and 
the Committee on Appropriations of the House of 
Representatives. 
(2) LESS DEVELOPED COUNTRY.—The term ‘‘less 
developed country’’ means a country with a low-in-
come economy, lower-middle-income economy, or 
upper-middle-income economy, as defined by the 
International Bank for Reconstruction and Develop-
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ment and the International Development Association 
(collectively referred to as the ‘‘World Bank’’). 
(3) 
PREDECESSOR
AUTHORITY.—The 
term 
‘‘predecessor authority’’ means authorities repealed by 
title VI. 
(4) QUALIFYING SOVEREIGN ENTITY.—The term 
‘‘qualifying sovereign entity’’ means— 
(A) any agency or instrumentality of a for-
eign state (as defined in section 1603 of title 28, 
United States Code) that has a purpose that is 
similar to the purpose of the Corporation as de-
scribed in section 102(b); and 
(B) any international financial institution 
(as defined in section 1701(c) of the Inter-
national Financial Institutions Act (22 U.S.C. 
262r(c))). 
TITLE I—ESTABLISHMENT 
SEC. 101. STATEMENT OF POLICY. 
It is the policy of the United States to facilitate mar-
ket-based private sector development and economic growth 
in less developed countries through the provision of credit, 
capital, and other financial support— 
(1) to mobilize private capital in support of sus-
tainable, broad-based economic growth, poverty reduc-
tion, and development through demand-driven part-
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nerships with the private sector that further the for-
eign policy interests of the United States; 
(2) to finance development in a way that builds 
and strengthens civic institutions, promotes competi-
tion, provides for public accountability and trans-
parency; 
(3) to help private sector actors overcome identi-
fiable market gaps and inefficiencies without dis-
torting markets; 
(4) to achieve clearly defined economic and so-
cial development outcomes; 
(5) to coordinate with institutions with purposes 
similar to the purposes of the Corporation to leverage 
resources of those institutions to produce the greatest 
impact; 
(6) to provide countries a robust alternative to 
state-directed investments by authoritarian govern-
ments and United States strategic competitors using 
high standards of transparency, environmental and 
social safeguards, and which take into account the 
debt sustainability of partner countries; 
(7) to leverage private sector capabilities and in-
novative development tools to help countries currently 
receiving United States assistance to transition from 
their status as recipients of traditional forms of as-
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sistance in order to decrease their reliance on such as-
sistance over time; 
(8) to complement and be guided by overall 
United States foreign policy, development, and na-
tional security objectives, taking into account the pri-
orities and needs of countries receiving support. 
SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT 
FINANCE CORPORATION. 
(a) ESTABLISHMENT.—There is established in the Ex-
ecutive branch the United States International Development 
Finance Corporation (in this Act referred to as the ‘‘Cor-
poration’’), which shall be a wholly owned Government cor-
poration (as defined in section 9101 of title 31, United 
States Code) under the foreign policy guidance of the Sec-
retary of State. 
(b) PURPOSE.—The purpose of the Corporation shall 
be to mobilize and facilitate the participation of private 
sector capital and skills in the economic development of less 
developed countries, as described in subsection (c), and 
countries in transition from nonmarket to market econo-
mies, in order to complement the development assistance ob-
jectives, and advance the foreign policy interests, of the 
United States. In carrying out its purpose, the Corporation, 
utilizing broad criteria, shall take into account in its fi-
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nancing operations the economic and financial soundness 
of projects for which it provides support under title II. 
(c) LESS DEVELOPED COUNTRY FOCUS.— 
(1) 
IN
GENERAL.—The 
Corporation 
shall 
prioritize the provision of support under title II in 
less developed countries with a low-income economy 
or a lower-middle-income economy. 
(2) SUPPORT IN UPPER-MIDDLE-INCOME COUN-
TRIES.—The Corporation shall restrict the provision 
of support under title II in a less developed country 
with an upper-middle-income economy unless— 
(A) the President certifies to the appro-
priate congressional committees that such sup-
port furthers the national economic or foreign 
policy interests of the United States; and 
(B) such support is likely to be highly devel-
opmental or provide developmental benefits to 
the poorest population of that country. 
SEC. 103. MANAGEMENT OF CORPORATION. 
(a) STRUCTURE OF CORPORATION.—There shall be in 
the Corporation a Board of Directors (in this Act referred 
to as the ‘‘Board’’), a Chief Executive Officer, a Deputy 
Chief Executive Officer, a Chief Risk Officer, Chief Develop-
ment Officer, and such other officers as the Board may de-
termine. 
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(b) BOARD OF DIRECTORS.— 
(1) DUTIES.—All powers of the Corporation 
shall vest in and be exercised by or under the author-
ity of the Board. The Board— 
(A) shall perform the functions specified to 
be carried out by the Board in this Act; 
(B) may prescribe, amend, and repeal by-
laws, rules, regulations, policies, and procedures 
governing the manner in which the business of 
the Corporation may be conducted and in which 
the powers granted to the Corporation by law 
may be exercised; and 
(C) shall develop, in consultation with 
stakeholders and other interested parties, a pub-
licly-available policy with respect to consulta-
tions, hearings, and other forms of engagement 
in order to provide for meaningful public par-
ticipation in the Board’s activities. 
(2) MEMBERSHIP OF BOARD.— 
(A) IN GENERAL.—The Board shall consist 
of— 
(i) the Chief Executive Officer of the 
Corporation; 
(ii) the officers specified in subpara-
graph (B); and 
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(iii) four other individuals who shall 
be appointed by the President, by and with 
the advice and consent of the Senate, of 
which— 
(I) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the ma-
jority leader of the Senate after con-
sultation with the chairman of the 
Committee on Foreign Relations of the 
Senate; 
(II) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the mi-
nority leader of the Senate after con-
sultation 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 at least 
five individuals submitted by the 
Speaker of the House of Representa-
tives after consultation with the chair-
man of the Committee on Foreign Af-
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fairs of the House of Representatives; 
and 
(IV) one individual should be ap-
pointed from among a list of at least 
five individuals submitted by the mi-
nority leader of the House of Rep-
resentatives after consultation with the 
ranking member of the Committee on 
Foreign Affairs of the House of Rep-
resentatives. 
(B) OFFICERS SPECIFIED.— 
(i) IN GENERAL.—The officers specified 
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 International 
Development or a designee of the Ad-
ministrator. 
(III) The Secretary of the Treas-
ury or a designee of the Secretary. 
(IV) The Secretary of Commerce 
or a designee of the Secretary. 
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(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 pro-
grams of the Corporation; and 
(III) who is designated by and 
serving at the pleasure of the Presi-
dent. 
(C) REQUIREMENTS FOR NON-GOVERNMENT 
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 experience, 
which may include experience relating to 
the private sector, international environ-
ment, labor organizations, or international 
development, to carry out the purposes of 
the Corporation; 
(iii) shall be appointed for a term of 3 
years and may be reappointed for one addi-
tional term; 
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(iv) shall serve until the member’s suc-
cessor 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 subtitle F 
of title 41, Code of Federal Regulations, 
from time to time, while away from the 
home or usual place of business of the mem-
ber. 
(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 Chair-
person of the Board. 
(5) QUORUM.—Five members of the Board shall 
constitute a quorum for the transaction of business by 
the Board. 
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(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 person 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 conjunc-
tion with each meeting of the Board, the Corporation 
shall hold a public hearing in order to afford an op-
portunity 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 Exec-
utive Officer shall be responsible for the management 
of the Corporation and shall exercise the powers and 
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discharge the duties of the Corporation subject to the 
bylaws, rules, regulations, and procedures established 
by the Board. 
(3) RELATIONSHIP TO BOARD.—The Chief Exec-
utive Officer shall report to and be under the direct 
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 Officer, 
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 Corpora-
tion shall appoint a Chief Risk Officer, from among 
individuals with experience at a senior level in finan-
cial risk management, who— 
(A) shall report directly to the Board; and 
(B) shall be removable only by a majority 
vote of the Board. 
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(2) DUTIES.—The Chief Risk Officer shall, in co-
ordination with the audit committee of the Board es-
tablished under section 401, develop, implement, and 
manage a comprehensive process for identifying, as-
sessing, monitoring, and limiting risks to the Cor-
poration, including the overall portfolio diversifica-
tion of the Corporation. 
(g) CHIEF DEVELOPMENT OFFICER.— 
(1) APPOINTMENT.—Subject to the approval of 
the Board, the Chief Executive Officer, in conjunction 
with the Administrator of the United States Agency 
for International Development, shall appoint a Chief 
Development Officer, from among individuals with 
experience in development, who— 
(A) shall report directly to the Board; and 
(B) shall be removable only by a majority 
vote of the Board. 
(2) DUTIES.—The Chief Development Officer 
shall— 
(A) coordinate the Corporation’s develop-
ment policies and implementation efforts with 
the United States Agency for International De-
velopment, the Millennium Challenge Corpora-
tion, and other relevant United State Govern-
ment departments and agencies, including di-
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rectly liaising with missions of the United States 
Agency for International Development, to ensure 
that departments, agencies, and missions have 
training, awareness, and access to the Corpora-
tion’s tools in relation to development policy and 
projects in countries; 
(B) under the guidance of the Chief Execu-
tive Officer, manage employees of the Corpora-
tion that are dedicated to structuring, moni-
toring and evaluating transactions and projects 
co-designed with the United States Agency for 
International Development and other relevant 
United State Government departments and agen-
cies; 
(C) authorize and coordinate transfers of 
funds or other resources to and from such agen-
cies, departments, or missions upon the concur-
rence of those institutions in support of the Cor-
poration’s projects or activities; and 
(D) coordinate and implement the activities 
of the Corporation under section 405. 
(h) OFFICERS AND EMPLOYEES.— 
(1) IN GENERAL.—Except as otherwise provided 
in this section, officers, employees, and agents shall be 
selected and appointed by the Corporation, and shall 
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be vested with such powers and duties as the Corpora-
tion 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 ex-
ceed 50 may be appointed, compensated, or re-
moved without regard to title 5, United States 
Code. 
(B) REINSTATEMENT.—Under such regula-
tions as the President may prescribe, officers and 
employees appointed to a position under sub-
paragraph (A) may be entitled, upon removal 
from such position (unless the removal was for 
cause), to reinstatement to the position occupied 
at the time of appointment or to a position of 
comparable grade and salary. 
(C) ADDITIONAL POSITIONS.—Positions au-
thorized by subparagraph (A) shall be in addi-
tion to those otherwise authorized by law, includ-
ing positions authorized under section 5108 of 
title 5, United States Code. 
(D) RATES OF PAY FOR OFFICERS AND EM-
PLOYEES.—The Corporation may set and adjust 
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rates of basic pay for officers and employees ap-
pointed under subparagraph (A) without regard 
to the provisions of chapter 51 or subchapter III 
of chapter 53 of title 5, United States Code, re-
lating to classification of positions and General 
Schedule pay rates, respectively. 
(3) LIABILITY OF EMPLOYEES.— 
(A) IN GENERAL.—An individual who is a 
member of the Board or an officer or employee 
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 transaction 
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 individ-
ual’s employment. 
(C) SAVINGS PROVISION.—This paragraph 
shall not be construed— 
(i) to affect— 
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(I) any other immunities and 
protections that may be available to an 
individual described in subparagraph 
(A) under applicable law with respect 
to a transaction described in that sub-
paragraph; or 
(II) any other right or remedy 
against the Corporation, against the 
United States under applicable law, or 
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 employees 
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.). 
SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM. 
(a) IN GENERAL.—The Board shall establish a trans-
parent and independent accountability mechanism. 
(b) FUNCTIONS.—The independent accountability 
mechanism established pursuant to subsection (a) shall— 
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(1) annually evaluate and report to the Board 
and Congress regarding compliance with environ-
mental, social, labor, human rights, and transparency 
standards, consistent with Corporation statutory 
mandates; 
(2) provide a forum for resolving concerns re-
garding the impacts of specific Corporation-supported 
projects with respect to such standards; and 
(3) 
provide 
advice 
regarding 
Corporation 
projects, policies, and practices. 
TITLE II—AUTHORITIES 
SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUP-
PORT. 
(a) IN GENERAL.—The authorities in this title should 
only be exercised to— 
(1) carry out of the policy of the United States 
in section 101 and the purpose of the Corporation in 
section 102; 
(2) mitigate risks to United States taxpayers by 
sharing risks with the private sector and qualifying 
sovereign entities through co-financing and struc-
turing of tools; and 
(3) ensure that support provided under this title 
is additional to private sector resources by mobilizing 
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private capital that would otherwise not be deployed 
without such support. 
(b) LENDING AND GUARANTIES.— 
(1) IN GENERAL.—The Corporation may make 
loans or guaranties upon such terms and conditions 
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. Foreign currency denominated loans and 
guaranties should only be provided if the Board deter-
mines there is a substantive policy rationale for such 
loans and guaranties. 
(3) APPLICABILITY OF FEDERAL CREDIT REFORM 
ACT OF 1990.—Loans and guaranties issued under 
paragraph (1) shall be subject to the requirements of 
the Federal Credit Reform Act of 1990 (2 U.S.C. 661 
et seq.). 
(c) 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 
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interests of any entity, including as a limited partner 
or other investor in investment funds, upon such 
terms and conditions as the Corporation may deter-
mine. 
(2) DENOMINATION.—Support provided under 
paragraph (1) may be denominated and repayable in 
United States dollars or foreign currency. Foreign 
currency denominated support provided by paragraph 
(1) should only be provided if the Board determines 
there is a substantive policy rationale for such sup-
port. 
(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 de-
velopment and foreign policy rationale, taking into 
account the following objectives: 
(A) The support for the project would be 
more likely than not to substantially reduce or 
overcome the effect of an identified market fail-
ure in the country in which the project is carried 
out. 
(B) The project would not have proceeded or 
would have been substantially delayed without 
the support. 
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(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. 
(F) The support furthers the policy of the 
United States described in section 101. 
(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 30 percent of the aggregate amount of all eq-
uity investment made from any source to the 
project at the time that the Corporation approves 
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 aggre-
gate exposure on the date that such support is 
provided. 
(5) SALES AND LIQUIDATION OF POSITION.—The 
Corporation shall seek to sell and liquidate any sup-
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port for a project provided under this subsection as 
soon as commercially feasible, commensurate with 
other similar investors in the project and taking into 
consideration the national security interests of the 
United States. 
(6) TIMETABLE.—The Corporation shall create a 
project-specific timetable for support provided under 
paragraph (1). 
(d) INSURANCE AND REINSURANCE.—The Corporation 
may issue insurance or reinsurance, upon such terms and 
conditions as the Corporation may determine, to private 
sector entities and qualifying sovereign entities assuring 
protection of their investments in whole or in part against 
any or all political risks such as currency inconvertibility 
and transfer restrictions, expropriation, war, terrorism, 
and civil disturbance, breach of contract, or non-honoring 
of financial obligations. 
(e) PROMOTION OF AND SUPPORT FOR PRIVATE IN-
VESTMENT OPPORTUNITIES.— 
(1) IN GENERAL.—In order to carry out the pur-
poses of the Corporation described in section 102(b), 
the Corporation may initiate and support, through fi-
nancial participation, incentive grant, or otherwise, 
and on such terms and conditions as the Corporation 
may determine, feasibility studies for the planning, 
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development, and management of, and procurement 
for, potential bilateral and multilateral development 
projects eligible for support under this title, including 
training activities undertaken in connection with 
such projects, for the purpose of promoting investment 
in such projects and the identification, assessment, 
surveying, and promotion of private investment op-
portunities, utilizing wherever feasible and effective, 
the facilities of private investors. 
(2) CONTRIBUTIONS
TO
COSTS.—The Corpora-
tion shall, to the maximum extent practicable, require 
any person receiving funds under the authorities 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. 
(f) SPECIAL PROJECTS AND PROGRAMS.—The Cor-
poration may administer and manage special projects and 
programs in support of specific transactions undertaken by 
the Corporation, including programs of financial and advi-
sory support that provide private technical, professional, or 
managerial assistance in the development of human re-
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sources, skills, technology, capital savings, and intermediate 
financial and investment institutions and cooperatives and 
including the initiation of incentives, grants, and studies 
for renewable energy, microenterprise households, women’s 
economic empowerment, microenterprise households, and 
other small business activities. 
(g) ENTERPRISE FUNDS.— 
(1) IN
GENERAL.—The Corporation may, fol-
lowing consultation with the Secretary of State, the 
Administrator of the United States Agency for Inter-
national Development, and the heads of other relevant 
departments or agencies, establish and operate enter-
prise funds in accordance with this subsection. 
(2) PROCEDURES
AND
REQUIREMENTS.—The 
provisions of section 201 of the Support for East Eu-
ropean Democracy (SEED) Act of 1989 (22 U.S.C. 
5421) (other than the provisions of subsections (a), 
(b), (c), (d)(1), (d)(3), (e), (f), and (j) of that section), 
shall be deemed to apply with respect to any enter-
prise fund established by the Corporation 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 enter-
prise funds established pursuant to such section 201 
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or to funds made available to enterprise funds estab-
lished under that section. 
(3) PURPOSES
FOR
WHICH
SUPPORT
MAY
BE 
PROVIDED.—The Corporation, subject to the approval 
of the Board, may designate private, nonprofit orga-
nizations as eligible to receive support under this sub-
section for the following purposes: 
(A) To promote development of economic 
freedom and private sectors, including small- 
and medium-sized enterprises and joint ventures 
with the United States and host country partici-
pants. 
(B) To facilitate access to the credit to 
small- and medium-sized enterprises with sound 
business plans in countries where there is limited 
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 develop-
ment and economic freedom. 
(E) To complement the work of the United 
States Agency for International Development 
and other donors to improve the overall business- 
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enabling environment, financing the creation 
and expansion of the private business sector. 
(F) To make financially sustainable invest-
ments designed to generate measurable social 
benefits and build technical capacity in addition 
to financial returns. 
(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 available 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 should 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-
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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. 
(6) MAJORITY
MEMBER
REQUIREMENT.—The 
majority of the members of the Board of Directors 
shall be United States citizens who shall have relevant 
experience relating to the purposes described in para-
graph (3). 
(7) REPORTS.—Not later than one year after the 
date of the establishment of an enterprise fund under 
this subsection, and annually thereafter until the en-
terprise fund terminates in accordance with para-
graph (10), the Board of Directors of the enterprise 
fund shall— 
(A) submit to the appropriate congressional 
committees a report— 
(i) detailing the administrative ex-
penses of the enterprise fund during the 
year preceding the submission of the report; 
(ii) describing the operations, activi-
ties, engagement with civil society and rel-
evant local private sector entities, develop-
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ment objectives and outcomes, financial con-
dition, and accomplishments of the enter-
prise fund during that year; 
(iii) describing the results of the audit 
conducted under paragraph (8) during that 
year; and 
(iv) describing how audits conducted 
under paragraph (8) are informing the op-
erations and activities of the enterprise 
fund; and 
(B) publish, on a publicly available internet 
website of the enterprise fund, each report re-
quired by subparagraph (A). 
(8) OVERSIGHT.— 
(A) INSPECTOR
GENERAL
PERFORMANCE 
AUDITS.— 
(i) IN GENERAL.—The Inspector Gen-
eral of the Corporation shall conduct peri-
odic audits of the activities of each enter-
prise fund established under this subsection. 
(ii) CONSIDERATION.—In conducting 
an audit under clause (i), the Inspector 
General shall assess whether the activities of 
the enterprise fund— 
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(I) support the purposes described 
in paragraph (3); 
(II) result in profitable private 
sector investing; and 
(III) generate measurable social 
benefits. 
(B) RECORDKEEPING REQUIREMENTS.—The 
Corporation shall ensure that each enterprise 
fund receiving support under this subsection— 
(i) keeps separate accounts with respect 
to such support; and 
(ii) maintains such records as may be 
reasonably necessary to facilitate effective 
audits under this paragraph. 
(9) RETURN
OF
FUNDS
TO
TREASURY.—Any 
funds resulting from any liquidation, dissolution, or 
winding up of an enterprise fund, in whole or in 
part, shall be returned to the Treasury of the United 
States. 
(10) TERMINATION.—The authority of an enter-
prise fund to provide support under this subsection 
shall terminate on the earlier of— 
(A) the date that is 7 years after the date 
of the first expenditure of amounts from the en-
terprise fund; or 
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(B) the date on which the enterprise fund is 
liquidated. 
(h) SUPERVISION
OF SUPPORT.—Support provided 
under this title shall be subject to section 622(c) of the For-
eign Assistance Act of 1961 (22 U.S.C. 2382(c)). 
SEC. 202. TERMS AND CONDITIONS. 
(a) IN GENERAL.—Except as provided in subsection 
(b), support provided by the Corporation under this title 
shall be on such terms and conditions as the Corporation 
may prescribe. 
(b) REQUIREMENTS.—The following requirements 
apply to support provided by the Corporation under this 
title: 
(1) The Corporation shall provide support using 
authorities under this title only if it is necessary— 
(A) to alleviate a credit market imperfec-
tion; or 
(B) to achieve specified development or for-
eign policy objectives of the United States Gov-
ernment by providing support in the most effi-
cient way to meet those objectives on a case-by- 
case basis. 
(2) The final maturity of a loan made or guar-
anteed by the Corporation shall not exceed the lesser 
of— 
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(A) 25 years; or 
(B) debt servicing capabilities of the project 
to be financed by the loan (as determined by the 
Corporation). 
(3) The Corporation shall, with respect to pro-
viding any loan guaranty to a project, require the 
parties to the project to bear the risk of loss in an 
amount equal to at least 20 percent of the guaranteed 
support by the Corporation in the project. 
(4) The Corporation may not make or guarantee 
a loan unless the Corporation determines that the bor-
rower or lender is responsible and that adequate pro-
vision is made for servicing the loan on reasonable 
terms and protecting the financial interest of the 
United States. 
(5) The interest rate for direct loans and interest 
supplements on guaranteed loans shall be set by ref-
erence to a benchmark interest rate (yield) on market-
able Treasury securities or other widely recognized or 
appropriate benchmarks with a similar maturity to 
the loans being made or guaranteed, as determined in 
consultation with the Director of the Office of Man-
agement and Budget and the Secretary of the Treas-
ury. The Corporation shall establish appropriate min-
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imum interest rates for loans, guaranties, and other 
instruments as necessary. 
(6) The minimum interest rate for new loans as 
established by the Corporation shall be adjusted peri-
odically to take account of changes in the interest rate 
of the benchmark financial instrument. 
(7)(A) The Corporation shall set fees or pre-
miums for support provided under this title at levels 
that minimize the cost to the Government while sup-
porting achievement of the objectives of support. 
(B) The Corporation shall review fees for loan 
guaranties periodically to ensure that the fees assessed 
on new loan guaranties are at a level sufficient to 
cover the Corporation’s most recent estimates of its 
costs. 
(8) Any loan guaranty provided by the Corpora-
tion shall be conclusive evidence that— 
(A) the guaranty has been properly ob-
tained; 
(B) the loan qualified for the guaranty; and 
(C) but for fraud or material misrepresenta-
tion by the holder of the guaranty, the guaranty 
is presumed to be valid, legal, and enforceable. 
(9) The Corporation shall prescribe explicit 
standards for use in periodically assessing the credit 
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risk of new and existing direct loans or guaranteed 
loans. 
(10) The Corporation may not make loans or 
loan guaranties except to the extent that budget au-
thority to cover the costs of the loans or guaranties is 
provided in advance in an appropriations Act, as re-
quired by section 504 of the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661c). 
(11) The Corporation shall rely upon specific 
standards to assess the developmental and strategic 
value of projects for which it provides support and 
should only provide the minimum level of support 
necessary in order to support such projects. 
(12) Any loan or loan guaranty made by the 
Corporation should be provided on a senior basis or 
pari passu with other senior debt unless there is a 
substantive policy rationale to provide such support 
otherwise. 
SEC. 203. PAYMENT OF LOSSES. 
(a) PAYMENTS
FOR
DEFAULTS
ON
GUARANTEED 
LOANS.— 
(1) IN GENERAL.—If the Corporation determines 
that the holder of a loan guaranteed by the Corpora-
tion suffers a loss as a result of a default by a bor-
rower on the loan, the Corporation shall pay to the 
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holder the percent of the loss, as specified in the guar-
anty contract after the holder of the loan has made 
such further collection efforts and instituted such en-
forcement proceedings as the Corporation may re-
quire. 
(2) SUBROGATION.—Upon making a payment 
described in paragraph (1), the Corporation shall en-
sure the Corporation will be subrogated to all the 
rights of the recipient of the payment. 
(3) RECOVERY EFFORTS.—The Corporation shall 
pursue recovery from the borrower of the amount of 
any payment made under paragraph (1) with respect 
to the loan. 
(b) LIMITATION ON PAYMENTS.— 
(1) IN GENERAL.—Except as provided by para-
graph (2), compensation for insurance, reinsurance, 
or a guaranty issued under this title shall not exceed 
the dollar value of the tangible or intangible contribu-
tions or commitments made in the project, plus inter-
est, earnings, or profits actually accrued on such con-
tributions or commitments, to the extent provided by 
such insurance, reinsurance, or guaranty. 
(2) EXCEPTION.— 
(A) IN
GENERAL.—The Corporation may 
provide that— 
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(i) appropriate adjustments in the in-
sured dollar value be made to reflect the re-
placement cost of project assets; and 
(ii) compensation for a claim of loss 
under insurance of an equity investment 
under section 201(b) may be computed on 
the basis of the net book value attributable 
to the equity investment on the date of loss. 
(3) ADDITIONAL LIMITATION.— 
(A) IN GENERAL.—Notwithstanding para-
graph (2)(A)(ii) and except as provided in sub-
paragraph (B), the Corporation shall limit the 
amount of direct insurance and reinsurance 
issued under section 201 with respect to a project 
so as to require that the insured and its affiliates 
bear the risk of loss for at least 10 percent of the 
amount of the Corporation’s exposure to that in-
sured and its affiliates in the project. 
(B) EXCEPTION.—The limitation under 
subparagraph (A) shall not apply to direct in-
surance or reinsurance of loans provided by 
banks or other financial institutions to unrelated 
parties. 
(c) ACTIONS BY ATTORNEY GENERAL.—The Attorney 
General shall take such action as may be appropriate to 
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enforce any right accruing to the United States as a result 
of the issuance of any loan or guaranty under this title. 
(d) RULE OF CONSTRUCTION.—Nothing in this section 
shall be construed to preclude any forbearance for the ben-
efit of a borrower that may be agreed upon by the parties 
to a loan guaranteed by the Corporation if budget authority 
for any resulting costs to the United States Government (as 
defined in section 502 of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661a)) is available. 
SEC. 204. TERMINATION. 
(a) IN GENERAL.—The authorities provided under this 
title terminate on the date that is 7 years after the date 
of the enactment of this Act. 
(b) TERMINATION OF CORPORATION.—The Corpora-
tion shall terminate on the date on which the portfolio of 
the Corporation is liquidated. 
TITLE III—ADMINISTRATIVE AND 
GENERAL PROVISIONS 
SEC. 301. OPERATIONS. 
(a) BILATERAL AGREEMENTS.—The Corporation may 
provide support under title II in connection with projects 
in any country the government of which has entered into 
an agreement with the United States authorizing the Cor-
poration to provide such support in that country. 
(b) CLAIMS SETTLEMENT.— 
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(1) IN GENERAL.—Claims arising as a result of 
support provided under title II or under predecessor 
authority may be settled, and disputes arising as a 
result thereof may be arbitrated with the consent of 
the parties, on such terms and conditions as the Cor-
poration may determine. 
(2) SETTLEMENTS CONCLUSIVE.—Payment made 
pursuant to any settlement pursuant to paragraph 
(1), or as a result of an arbitration award, shall be 
final and conclusive notwithstanding any other provi-
sion of law. 
(c) PRESUMPTION OF COMPLIANCE.—Each contract 
executed by such officer or officers as may be designated 
by the Board shall be conclusively presumed to be issued 
in compliance with the requirements of this Act. 
(d) ELECTRONIC PAYMENTS AND DOCUMENTS.—The 
Corporation shall implement policies to accept electronic 
documents and electronic payments in all of its programs. 
SEC. 302. CORPORATE POWERS. 
(a) IN GENERAL.—The Corporation— 
(1) may adopt, alter, and use a seal, to include 
an identifiable symbol of the United States; 
(2) may make and perform such contracts, in-
cluding no-cost contracts (as defined by the Corpora-
tion), grants, and other agreements notwithstanding 
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division C of subtitle I of title 41, United States Code, 
with any person or government however designated 
and wherever situated, as may be necessary for car-
rying out the functions of the Corporation; 
(3) may lease, purchase, or otherwise acquire, 
improve, and use such real property wherever situ-
ated, as may be necessary for carrying out the func-
tions of the Corporation; 
(4) may accept cash gifts or donations of services 
or of property (real, personal, or mixed), tangible or 
intangible, for the purpose of carrying out the func-
tions of the Corporation; 
(5) may use the United States mails in the same 
manner and on the same conditions as the Executive 
departments (as defined in section 101 of title 5, 
United States Code); 
(6) may contract with individuals for personal 
services, who shall not be considered Federal employ-
ees for any provision of law administered by the Di-
rector of the Office of Personnel Management; 
(7) may hire or obtain passenger motor vehicles; 
(8) may sue and be sued in its corporate name; 
(9) may acquire, hold, or dispose of, upon such 
terms and conditions as the Corporation may deter-
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mine, any property, real, personal, or mixed, tangible 
or intangible, or any interest in such property; 
(10) may lease office space for the Corporation’s 
own use, the obligation of amounts for such lease is 
limited to the current fiscal year for which payments 
are due until the expiration of the current lease of the 
predecessor authority, as of the day before the date of 
the enactment of this Act; 
(11) may indemnify directors, officers, employ-
ees, and agents of the Corporation for liabilities and 
expenses incurred in connection with their activities 
on behalf of the Corporation; 
(12) notwithstanding any other provision of law, 
may represent itself or contract for representation in 
all legal and arbitral proceedings; 
(13) may exercise any priority of the Govern-
ment of the United States in collecting debts from 
bankrupt, insolvent, or decedents’ estates; 
(14) 
may 
collect, 
notwithstanding 
section 
3711(g)(1) of title 31, United States Code, or com-
promise any obligations assigned to or held by the 
Corporation, including any legal or equitable rights 
accruing to the Corporation; 
(15) may make arrangements with foreign gov-
ernments (including agencies, instrumentalities, or 
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political subdivisions of such governments) or with 
multilateral organizations or institutions for sharing 
liabilities; 
(16) may sell direct investments of the Corpora-
tion to private investors upon such terms and condi-
tions as the Corporation may determine; and 
(17) shall have such other powers as may be nec-
essary and incident to carrying out the functions of 
the Corporation. 
(b) TREATMENT OF PROPERTY.—Notwithstanding any 
other provision of law relating to the acquisition, handling, 
or disposal of property by the United States, the Corpora-
tion shall have the right in its discretion to complete, recon-
dition, reconstruct, renovate, repair, maintain, operate, or 
sell any property acquired by the Corporation pursuant to 
the provisions of this Act. 
SEC. 303. MAXIMUM CONTINGENT LIABILITY. 
(a) IN GENERAL.—The maximum contingent liability 
of the Corporation outstanding at any one time shall not 
exceed in the aggregate the amount specified in subsection 
(b). 
(b) AMOUNT SPECIFIED.— 
(1) INITIAL 5-YEAR PERIOD.—The amount speci-
fied in this subsection for the 5-year period beginning 
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on the date of the enactment of this Act, is 
$60,000,000,000. 
(2) SUBSEQUENT
5-YEAR
PERIODS.—Not later 
than 5 years after the date of the enactment of this 
Act, and not less frequently than every 5 years there-
after, the amount specified in paragraph (1) shall be 
adjusted to reflect the percentage of the increase (if 
any) in the average of the Consumer Price Index dur-
ing the preceding 5-year period. 
(3) CONSUMER PRICE INDEX DEFINED.—In this 
subsection, the term ‘‘Consumer Price Index’’ means 
the most recent Consumer Price Index for All Urban 
Consumers published by the Bureau of Labor Statis-
tics of the Department of Labor. 
SEC. 304. CORPORATE FUNDS. 
(a) CORPORATE CAPITAL ACCOUNT.—There is estab-
lished in the Treasury of the United States a fund to be 
known as the ‘‘Corporate Capital Account’’ to carry out the 
purposes of the Corporation. 
(b) FUNDING.—The Corporate Capital Account shall 
consist of— 
(1) fees charged and collected pursuant to sub-
section (c); 
(2) any amounts received pursuant to subsection 
(e); 
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(3) investments and returns on such investments 
pursuant to subsection (g); 
(4) unexpended balances transferred to the Cor-
poration pursuant to subsection (h); 
(5) payments received in connection with settle-
ments of all insurance and reinsurance claims of the 
Corporation; and 
(6) all other collections transferred to or earned 
by the Corporation, excluding the cost, as defined in 
section 502 of the Federal Credit Reform Act of 1990, 
of loans and loan guaranties. 
(c) COLLECTIONS.—Fees may be charged and collected 
for providing services in amounts to be determined by the 
Corporation as provided in advance in appropriations 
Acts. 
(d) USES.— 
(1) IN GENERAL.—Subject to Acts making ap-
propriations, the Corporation is authorized to pay— 
(A) the cost, as defined in section 502 of the 
Federal Credit Reform Act of 1990, of loans and 
loan guaranties; 
(B) administrative expenses of the Corpora-
tion; and 
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(C) for the cost of providing support author-
ized by subsections (c), (e), (f), and (g) of section 
201. 
(2) INCOME AND REVENUE.—In order to carry 
out the purposes of the Corporation, all collections 
transferred to or earned by the Corporation, excluding 
the cost, as defined in section 502 of the Federal Cred-
it Reform Act of 1990, of loans and loan guaranties, 
shall be deposited into the Corporate Capital Account 
and shall be available to carry out its purpose, in-
cluding without limitation— 
(A) payment of all insurance and reinsur-
ance claims of the Corporation; 
(B) repayments to the Treasury of amounts 
borrowed under subsection (e); 
(C) dividend payments to the Treasury 
under subsection (f); and 
(D) project-specific transaction costs. 
(e) FULL FAITH AND CREDIT.— 
(1) IN GENERAL.—All support provided pursu-
ant to predecessor authorities or title II shall continue 
to constitute obligations of the United States, and the 
full faith and credit of the United States is hereby 
pledged for the full payment and performance of such 
obligations. 
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(2) AUTHORITY TO BORROW.—The Corporation 
is authorized to borrow from the Treasury such sums 
as may be necessary to fulfill such obligations of the 
United States and any such borrowing shall be at a 
rate determined by the Secretary of the Treasury, tak-
ing into consideration the current average market 
yields on outstanding marketable obligations of the 
United States of comparable maturities, for a period 
jointly determined by the Corporation and the Sec-
retary, and subject to such terms and conditions as 
the Secretary may require. 
(f) DIVIDENDS.—The Board, in consultation with the 
Director of the Office of Management and Budget, shall an-
nually assess a dividend payment to the Treasury if the 
Corporation’s insurance portfolio is more than 100 percent 
reserved. 
(g) INVESTMENT AUTHORITY.— 
(1) IN GENERAL.—The Corporation may request 
the Secretary of the Treasury to invest such portion 
of the Corporate Capital Account as is not, in the 
Corporation’s judgement, required to meet the current 
needs of the Corporate Capital Account. 
(2) FORM OF INVESTMENTS.—Such investments 
shall be made by the Secretary of the Treasury in 
public debt obligations, with maturities suitable to the 
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needs of the Corporate Capital Account, as deter-
mined by the Corporation, and bearing interest at 
rates determined by the Secretary, taking into consid-
eration current market yields on outstanding market-
able obligations of the United States of comparable 
maturities. 
(h) TRANSFER FROM PREDECESSOR AGENCIES AND 
PROGRAMS.—By the date end of the transition period de-
scribed in title VI, the unexpended balances, assets, and re-
sponsibilities of any agency specified in the plan required 
by section 602 shall be transferred to the Corporation. 
(i) TRANSFER OF FUNDS.—In order to carry out this 
Act, funds authorized to be appropriated to carry out the 
Foreign Assistance Act of 1961 may be transferred to the 
Corporation and funds authorized appropriated to the Cor-
poration may be transferred to the Department of State and 
the United States Agency for International Development. 
(j) DEFINITION.—In this section, the term ‘‘project- 
specific transaction costs’’— 
(1) means those costs incurred by the Corpora-
tion for travel, legal expenses, and direct and indirect 
costs incurred in claims settlements associated with 
the provision of support under title II and shall not 
be considered administrative expenses for the purposes 
of this section; and 
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(2) does not include information technology (as 
such term is defined in section 11101 of title 40, 
United States Code). 
SEC. 305. COORDINATION WITH OTHER DEVELOPMENT 
AGENCIES. 
It is the sense of Congress that the Corporation should 
use relevant data of the Department of State, Millennium 
Challenge Corporation, United States Agency for Inter-
national Development, and other departments and agencies 
that have development functions to better inform the deci-
sions of the Corporation with respect to providing support 
under title II. 
TITLE IV—MONITORING, 
EVALUATION, AND REPORTING 
SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMIT-
TEES. 
(a) IN GENERAL.—To assist the Board to fulfill its du-
ties and responsibilities under section 201(a), the Corpora-
tion shall establish a risk committee and an audit com-
mittee. 
(b) DUTIES AND RESPONSIBILITIES OF RISK COM-
MITTEE.—Subject to the direction of the Board, the risk 
committee established under subsection (a) shall have over-
sight responsibility of— 
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(B) knowingly providing material or finan-
cial support for terrorism, drug trafficking, or 
human trafficking; or 
(C) responsible for ordering or otherwise di-
recting serious or gross violations of human 
rights. 
(c) DUTIES AND RESPONSIBILITIES OF AUDIT COM-
MITTEE.—Subject to the direction of the Board, the audit 
committee established under subsection (a) shall have the 
oversight responsibility of— 
(1) the integrity of the Corporation’s financial 
reporting and systems of internal controls regarding 
finance and accounting; 
(2) the integrity of the Corporation’s financial 
statements; 
(3) the performance of the Corporation’s internal 
audit function; and 
(4) compliance with legal and regulatory re-
quirements related to the finances of the Corporation. 
SEC. 402. PERFORMANCE MEASURES. 
(a) IN GENERAL.—The Corporation shall develop a 
performance measurement system to evaluate and monitor 
projects supported by the Corporation under title II and 
to guide future projects of the Corporation. 
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(b) CONSIDERATIONS.—In developing the performance 
measurement system required by subsection (a), the Cor-
poration shall— 
(1) develop a successor for the development im-
pact measurement system of the Overseas Private In-
vestment Corporation (as such system was in effect on 
the day before the date of enactment of this Act); 
(2) develop a mechanism for ensuring that sup-
port provided by the Corporation under title II is in 
addition to private investment; 
(3) develop standards for, and a method for en-
suring, appropriate financial performance of the Cor-
poration’s portfolio; and 
(4) develop standards for, and a method for en-
suring, appropriate development performance of the 
Corporation’s portfolio, including— 
(A) measurement of the projected and ex 
post development impact of a project; and 
(B) the information necessary to comply 
with section 403. 
(c) PUBLIC AVAILABILITY
OF CERTAIN INFORMA-
TION.—The Corporation shall make available to the public 
on a regular basis information about support provided by 
the Corporation under title II and performance metrics 
about such support on a country-by-country basis. 
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(d) COLLABORATION.—In developing the performance 
measurement system required by subsection (a), the Cor-
poration shall consult with stakeholders and other interested 
parties engaged in sustainable economic growth and devel-
opment. 
SEC. 403. ANNUAL REPORT. 
(a) IN GENERAL.—After the end of each fiscal year, 
the Corporation shall submit to the appropriate congres-
sional committees a complete and detailed report of its oper-
ations during that fiscal year, including an assessment of— 
(1) the economic and social development impact, 
including with respect to matters described in sub-
sections (d) and (e) of section 501, of projects sup-
ported by the Corporation under title II; 
(2) the extent to which the operations of the Cor-
poration complement or are compatible with the de-
velopment assistance programs of the United States 
and qualifying sovereign entities; 
(3) the Corporation’s institutional linkages with 
other relevant United States Government department 
and agencies, including efforts to strengthen such 
linkages; and 
(4) the compliance of projects supported by the 
Corporation under title II with all relevant human 
rights, environmental, labor, and social policies, or 
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other such related policies that govern the Corpora-
tion’s support for projects, promulgated or otherwise 
administered by the Corporation. 
(b) ELEMENTS.—Each annual report required by sub-
section (a) shall include projections of the effects of projects 
supported by the Corporation under title II, including— 
(1) reviews and analysis of— 
(A) the desired development and whether or 
not the Corporation is meeting the associated 
metrics, goals, and development objectives, in-
cluding, to the extent practicable, in the years 
after conclusion of projects; and 
(B) the effect of the Corporation’s support 
on access to capital and ways in which the Cor-
poration is addressing identifiable market gaps 
or inefficiencies and what impact, if any, such 
support has on access to credit for a specific 
project, country, or sector; 
(2) an explanation of any partnership arrange-
ment or cooperation with a qualifying sovereign enti-
ty in support of each project; 
(3) projections of— 
(A) development outcomes, and whether or 
not support for projects are meeting the associ-
ated performance measures, both during the 
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start-up phase and over the duration of the sup-
port, and to the extent practicable, measures of 
such development outcomes should be on a gen-
der-disaggregated basis, such as changes in em-
ployment, access to financial services, enterprise 
development and growth, and composition of ex-
ecutive boards and senior leadership of enter-
prises receiving support under title II; and 
(B) the amount of private sector assets 
brought to bear relative to the amount of support 
provided by the Corporation and any other pub-
lic sector support; and 
(4) an assessment of the extent to which lessons 
learned from the monitoring and evaluation activities 
of the Corporation, and from annual reports from 
previous years compiled by the Corporation, have 
been applied to projects. 
SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION. 
The Corporation shall— 
(1) maintain a user-friendly, publicly available, 
machine-readable database with detailed country-level 
information, including a description of the support 
provided by the Corporation under title II; and 
(2) include a clear link to information about 
each project supported by the Corporation under title 
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II on the internet website of the Department of State, 
‘‘ForeignAssistance.gov’’, or a successor website or 
other online publication. 
SEC. 405. ENGAGEMENT WITH INVESTORS. 
(a) IN GENERAL.—The Corporation, acting through 
the Chief Development Officer, shall, in cooperation with 
the Administrator of the United States Agency for Inter-
national Development— 
(1) develop a strategic relationship with private 
sector entities focused at the nexus of business oppor-
tunities and development priorities; 
(2) engage such entities and reduce business risks 
primarily through direct transaction support and fa-
cilitating investment partnerships; 
(3) develop and support tools, approaches, and 
intermediaries that can mobilize private finance at 
scale in the developing world; 
(4) pursue projects of all sizes, especially those 
that are small but designed for work in the most un-
derdeveloped areas, including countries with chronic 
suffering as a result of extreme poverty, fragile insti-
tutions, or a history of violence; and 
(5) pursue projects consistent with the policy of 
the United States described in section 101 and the 
Joint Strategic Plan and the Mission Country Devel-
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opment Cooperation Strategies of the United States 
Agency for International Development. 
(b) ASSISTANCE.—To achieve the goals described in 
subsection (a), the Corporation shall— 
(1) develop risk mitigation tools; 
(2) provide transaction structuring support for 
blended finance models; 
(3) support intermediaries linking capital sup-
ply and demand; 
(4) coordinate with other Federal agencies to 
support or accelerate transactions; 
(5) convene financial, donor, civil society, and 
public sector partners around opportunities for pri-
vate finance within development priorities; 
(6) offer strategic planning and programming 
assistance to catalyze investment into priority sectors; 
(7) provide transaction structuring support; 
(8) deliver training and knowledge management 
tools for engaging private investors; 
(9) partner with private sector entities that pro-
vide access to capital and expertise; and 
(10) identify and screen new investment part-
ners. 
(c) TECHNICAL ASSISTANCE.—The Corporation shall 
coordinate with the United States Agency for International 
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Development and other agencies and departments, as nec-
essary, on projects and programs supported by the Corpora-
tion that include technical assistance. 
SEC. 406. NOTIFICATION OF SUPPORT TO BE PROVIDED BY 
THE CORPORATION. 
(a) IN GENERAL.—Not later than 15 days prior to the 
Corporation making a financial commitment associated 
with the provision of support under title II in an amount 
in excess of $10,000,000, the Chief Executive Officer of the 
Corporation shall submit to the Committee on Foreign Af-
fairs and the Committee on Appropriations of the House 
of Representatives and the Committee on Foreign Relations 
and the Committee on Appropriations of the Senate a re-
port in writing that contains the information required by 
subsection (b). 
(b) INFORMATION REQUIRED.—The information re-
quired by this subsection includes— 
(1) the amount of each such financial commit-
ment; 
(2) an identification of the recipient or bene-
ficiary; and 
(3) a description of the project, activity, or asset 
and the development goal or purpose to be achieved 
by providing support by the Corporation. 
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TITLE V—CONDITIONS, RESTRIC-
TIONS, AND PROHIBITIONS 
SEC. 501. LIMITATIONS AND PREFERENCES. 
(a) LIMITATION ON SUPPORT FOR SINGLE ENTITY.— 
No entity receiving support from the Corporation under 
title II may receive more than an amount equal to 5 percent 
of the Corporation’s maximum contingent liability author-
ized under section 303. 
(b) PREFERENCE FOR SUPPORT FOR PROJECTS SPON-
SORED BY UNITED STATES PERSONS.— 
(1) IN GENERAL.—The Corporation should give 
preferential consideration to projects sponsored by or 
involving private sector entities that are United 
States persons. 
(2) UNITED STATES PERSON DEFINED.—In this 
subsection, the term ‘‘United States person’’ means— 
(A) a United States citizen; or 
(B) an entity significantly beneficially 
owned by individuals described in subparagraph 
(A). 
(c) PREFERENCE
FOR SUPPORT
IN COUNTRIES
IN 
COMPLIANCE
WITH
INTERNATIONAL
TRADE
OBLIGA-
TIONS.— 
(1) CONSULTATIONS
WITH
UNITED
STATES 
TRADE REPRESENTATIVE.—Not less frequently than 
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annually, the Corporation shall consult with the 
United States Trade Representative with respect to 
the status of countries eligible to receive support from 
the Corporation under title II and the compliance of 
those countries with their international trade obliga-
tions. 
(2) PREFERENTIAL CONSIDERATION.—The Cor-
poration shall give preferential consideration to pro-
viding support under title II for projects in countries 
in compliance with or making substantial progress 
coming into compliance with their international 
trade obligations. 
(d) WORKER RIGHTS.— 
(1) IN GENERAL.—The Corporation should sup-
port projects under title II in countries that are tak-
ing steps to adopt and implement laws that extend 
internationally recognized worker rights (as defined 
in section 507 of the Trade Act of 1974 (19 U.S.C. 
2467)) to workers in that country, including any des-
ignated zone in that country. 
(2) REQUIRED CONTRACT LANGUAGE.—The Cor-
poration shall also include the following language, in 
substantially the following form, in all contracts 
which the Corporation enters into with eligible inves-
tors to provide support under title II: ‘‘The investor 
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(r) 
EXPANDED
NONMILITARY
ASSISTANCE
FOR 
UKRAINE.—Section 7(c)(3) of the Ukraine Freedom Sup-
port Act of 2014 (22 U.S.C. 8926(c)(3)) is amended— 
(1) in the matter preceding subparagraph (A), 
by striking ‘‘Overseas Private Investment Corpora-
tion’’ and inserting ‘‘United States International De-
velopment Finance Corporation’’; and 
(2) in subparagraph (B), by striking ‘‘by eligible 
investors (as defined in section 238 of the Foreign As-
sistance Act of 1961 (22 U.S.C. 2198))’’. 
(s) GLOBAL FOOD SECURITY ACT OF 2016.—Section 
4(7) of the Global Food Security Act of 2016 (22 U.S.C. 
9303(7)) is amended by striking ‘‘Overseas Private Invest-
ment Corporation’’ and inserting ‘‘United States Inter-
national Development Finance Corporation’’. 
(t) SENSE OF CONGRESS ON EUROPEAN AND EUR-
ASIAN ENERGY SECURITY.—Section 257(c)(2)(B) of the 
Countering Russian Influence in Europe and Eurasia Act 
of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking 
‘‘Overseas Private Investment Corporation’’ and inserting 
‘‘United States International Development Finance Cor-
poration’’. 
(u) WHOLLY OWNED GOVERNMENT CORPORATION.— 
Section 9101(3) of title 31, United States Code, is amended 
by striking ‘‘Overseas Private Investment Corporation’’ and 
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inserting ‘‘United States International Development Fi-
nance Corporation’’. 
(v) ENERGY INDEPENDENCE AND SECURITY ACT OF 
2007.—Title IX of the Energy Independence and Security 
Act of 2007 (42 U.S.C. 17321 et seq.) is amended— 
(1) in section 914 (42 U.S.C. 17334)— 
(A) in the section heading, by striking 
‘‘OVERSEAS
PRIVATE
INVESTMENT
COR-
PORATION’’ and inserting ‘‘UNITED STATES 
INTERNATIONAL
DEVELOPMENT
FINANCE 
CORPORATION’’; 
(B) in subsection (a), in the matter pre-
ceding paragraph (1), by striking ‘‘Overseas Pri-
vate Investment Corporation’’ and inserting 
‘‘United States International Development Fi-
nance Corporation’’; and 
(C) in subsection (b), in the matter pre-
ceding paragraph (1), by striking ‘‘Overseas Pri-
vate Investment Corporation shall include in its 
annual report required under section 240A of the 
Foreign Assistance Act of 1961 (22 U.S.C. 
2200a)’’ and inserting ‘‘United States Inter-
national Development Finance Corporation shall 
include in its annual report required under sec-
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