594 
association or other entity established for the pur-
poses of sharing risks under investment insurance. 
(4) REINSURANCE OF CERTAIN LIABILITIES.— 
The Corporation may issue, upon such terms and 
conditions as it may determine, reinsurance of liabil-
ities assumed by other insurers or groups thereof 
with respect to risks referred to in subsection (a)(1). 
(5) LIMIT ON REINSURANCE.—The amount of 
reinsurance of liabilities under this subtitle that the 
Corporation may issue may not in the aggregate ex-
ceed at any one time an amount equal to the amount 
authorized for the maximum contingent liability out-
standing at any one time under section 7106(a)(1). 
All reinsurance issued by the Corporation under this 
subsection shall require that the reinsured party re-
tain for that party’s own account specified portions 
of liability, whether first loss or otherwise. 
(g) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE 
INVESTORS.—The Corporation may issue to eligible inves-
tors, or to local financial institutions, guaranties, denomi-
nated in currencies other than United States dollars, of 
loans and other investments made to projects sponsored 
by or significantly involving eligible investors, assuring 
against loss due to such risks and upon such terms and 
conditions as the Corporation may determine, for projects 
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595 
that the Corporation determines to have significant devel-
opmental effects or as the Corporation determines to be 
necessary or appropriate to carry out the purposes of this 
subtitle. 
(h) PUBLIC HEARINGS.— 
(1) ANNUAL
PUBLIC
HEARINGS.—The Board 
shall hold at least one public hearing each year in 
order to afford an opportunity for any person to 
present views as to whether the Corporation is car-
rying out its activities in accordance with section 
7101 and this section or whether any investment in 
a particular country should have been or should be 
extended insurance, reinsurance, guaranties, or fi-
nancing under this subtitle. 
(2) HEARINGS
IN
CONNECTION
WITH
BOARD 
MEETINGS.—In conjunction with each meeting of its 
Board, the Corporation shall hold a public hearing 
in order to afford an opportunity for any person to 
present views regarding the activities of the Cor-
poration. Such views shall be made part of the 
record. 
SEC. 7106. ISSUING AUTHORITY; DIRECT LOAN AUTHORITY; 
DISCHARGE OF LIABILITIES. 
(a) ISSUING AUTHORITY.— 
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596 
(1) MAXIMUM
CONTINGENT
LIABILITY.—The 
maximum contingent liability outstanding at any one 
time pursuant to insurance issued under section 
7105(a), and the amount of financing issued under 
subsections (b) and (c) of section 7105, may not ex-
ceed in the aggregate $50,000,000,000. 
(2) PAYMENT OF SUBSIDY AND ADMINISTRA-
TIVE
COSTS.—Subject to spending authority pro-
vided in appropriations Acts pursuant to section 
504(b) of the Federal Credit Reform Act of 1990, 
the Corporation may transfer such sums as are nec-
essary from its noncredit activities to pay for the 
subsidy and administrative costs of the investment 
guaranties and direct loan programs under sub-
sections (b) and (c) of section 7105. 
(b) NONCREDIT
ACCOUNT
REVOLVING
FUND.— 
There is established in the Treasury of the United States 
a noncredit account revolving fund, which shall be avail-
able for discharge of liabilities, as provided in subsection 
(c), until such time as all such liabilities have been dis-
charged or have expired or until all of the fund has been 
expended in accordance with the provisions of this section. 
Such fund shall be funded by— 
(1) the funds remaining, on the day before the 
date of the enactment of this Act, in the noncredit 
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597 
account revolving fund established under section 
235(c) of the Foreign Assistance Act of 1961; 
(2) such sums as are appropriated pursuant to 
subsection (d) for such purpose; and 
(3) additional amounts as may be transferred 
to such fund pursuant to section 7107. 
(c) ORDER OF PAYMENTS TO DISCHARGE LIABIL-
ITIES.—Any payment made to discharge liabilities under 
investment insurance or reinsurance issued under section 
7105 or under similar predecessor guaranty authority, 
shall be paid first out of the noncredit account revolving 
fund, as long as such fund remains available, and there-
after out of funds made available pursuant to subsection 
(d) of this section. Any payments made to discharge liabil-
ities under guaranties issued under subsection (b) or (c) 
of section 7105 shall be paid in accordance with the Fed-
eral Credit Reform Act of 1990. 
(d) AUTHORIZATION OF APPROPRIATIONS.— 
(1) IN GENERAL.—There are authorized to be 
appropriated to the Corporation, to remain available 
until expended, such amounts as may be necessary 
from time to time to replenish or increase the non-
credit account revolving fund, to discharge the liabil-
ities under insurance, reinsurance, or guaranties 
issued by the Corporation or issued under prede-
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598 
cessor guaranty authority, or to discharge obliga-
tions of the Corporation purchased by the Secretary 
of the Treasury pursuant to this subsection. 
(2) LIMITATION ON APPROPRIATIONS.—No ap-
propriations may be made to augment the noncredit 
account revolving fund until the amount of funds in 
the noncredit account revolving fund is less than 
$25,000,000. Any appropriations to augment the 
noncredit account revolving fund shall then only be 
made either pursuant to specific authorization en-
acted after the date of the enactment of this Act, or 
to satisfy the full faith and credit provision of sec-
tion 7108(c). 
(3) ISSUANCE OF TREASURY INSTRUMENTS.— 
In order to discharge liabilities under investment in-
surance or reinsurance, the Corporation may issue 
from time to time for purchase by the Secretary of 
the Treasury its notes, debentures, bonds, or other 
obligations, except that the aggregate amount of 
such obligations outstanding at any one time may 
not exceed $100,000,000. Any such obligation shall 
be repaid to the Treasury within one year after the 
date of issue of such obligation. Any such obligation 
shall bear interest at a rate determined by the Sec-
retary of the Treasury, taking into consideration the 
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599 
current average market yield on outstanding market-
able obligations of the United States of comparable 
maturities during the month preceding the issuance 
of the obligation. The Secretary of the Treasury 
shall purchase any obligation of the Corporation 
issued under this subsection, and for such purchase 
the Secretary may use as a public debt transaction 
the proceeds of the sale of any securities issued 
under chapter 31 of title 31, United States Code (or 
the Second Liberty Bond Act), after the date of the 
enactment of the Overseas Private Investment Cor-
poration Amendments Act of 1974. The purpose for 
which securities may be issued under such chapter 
shall include any such purchase. 
SEC. 7107. INCOME AND REVENUES. 
In order to carry out the purposes of the Corporation, 
all revenues and income transferred to or earned by the 
Corporation, from whatever source derived, shall be held 
by the Corporation and shall be available to carry out its 
purposes, including without limitation— 
(1) payment of all expenses of the Corporation, 
including investment promotion expenses; 
(2) transfers and additions to the insurance or 
guaranty reserves, noncredit account revolving fund, 
and such other funds or reserves as the Corporation 
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600 
may establish, at such time and in such amounts as 
the Board may determine; and 
(3) payment of dividends, on capital stock, 
which shall consist of and be paid from net earnings 
of the Corporation after payments, transfers, and 
additions under paragraphs (1) and (2). 
SEC. 7108. GENERAL PROVISIONS RELATING TO INSUR-
ANCE, 
GUARANTY, 
AND 
FINANCING 
PRO-
GRAM. 
(a) AGREEMENT WITH HOST COUNTRY.—Insurance, 
guaranties, and reinsurance issued under this subtitle 
shall cover investment made in connection with projects 
in any less developed country with the government to 
which the President of the United States has agreed to 
institute a program for insurance, guaranties, or reinsur-
ance. 
(b) PROTECTION OF INTERESTS OF CORPORATION.— 
The Corporation shall determine that suitable arrange-
ments exist for protecting the interest of the Corporation 
in connection with any insurance, guaranty, or reinsurance 
issued under this subtitle, including arrangements con-
cerning ownership, use, and disposition of the currency, 
credits, assets, or investments on account of which pay-
ment under such insurance, guaranty, or reinsurance is 
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601 
to be made, and right, title, claim, or cause of action exist-
ing in connection therewith. 
(c) FULL FAITH
AND CREDIT
OF
THE UNITED 
STATES.—All insurance, reinsurance, and guaranties 
issued under this subtitle or predecessor guaranty author-
ity shall constitute obligations, in accordance with the 
terms of such insurance, reinsurance, or guaranties, of the 
United States of America and the full faith and credit of 
the United States of America is hereby pledged for the 
full payment and performance of such obligations. 
(d) FEES.— 
(1) IN
GENERAL.—Fees may be charged for 
providing insurance, reinsurance, guaranties, financ-
ing, and other services under this subtitle in 
amounts to be determined by the Corporation. In 
the event fees charged for insurance, reinsurance, 
guaranties, financing, or other services are reduced, 
fees to be paid under existing contracts for the same 
type of insurance, reinsurance, guaranties, financing, 
or services and for similar guaranties issued under 
predecessor guaranty authority may be reduced. 
(2) CREDIT TRANSACTION COSTS.—Project-spe-
cific transaction costs incurred by the Corporation 
relating to loan obligations or loan guaranty commit-
ments covered by the provisions of the Federal Cred-
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602 
it Reform Act of 1990, including the costs of 
project-related travel and expenses for legal rep-
resentation provided by persons outside the Corpora-
tion and other similar expenses that are charged to 
the borrower, shall be paid out of the appropriate fi-
nance account established pursuant to section 
505(b) of that Act. 
(3) NONCREDIT
TRANSACTION
COSTS.—Fees 
paid for the project-specific transaction costs and 
other direct costs associated with services provided 
to specific investors or potential investors pursuant 
to section 7105 (other than those covered in para-
graph (2)), including financing, insurance, reinsur-
ance, missions, seminars, conferences, and other 
preinvestment services, shall be available for obliga-
tion for the purposes for which they were collected, 
notwithstanding any other provision of law. 
(e) LIMITATION ON TERM OF ASSISTANCE.—No in-
surance, guaranty, or reinsurance of any equity invest-
ment may extend beyond 20 years from the date of 
issuance. 
(f) LIMITATION ON COMPENSATION.— 
(1) IN GENERAL.—Compensation for any insur-
ance, reinsurance, or guaranty issued under this 
subtitle may not exceed the dollar value, as of the 
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603 
date of the investment, of the investment made in 
the project with the approval of the Corporation, 
plus interest, earnings, or profits actually accrued on 
such investment to the extent provided by such in-
surance, reinsurance, or guaranties, except that the 
Corporation may provide that— 
(A) appropriate adjustments in the insured 
dollar value be made to reflect the replacement 
cost of project assets; 
(B) compensation for a claim of loss under 
insurance of an equity investment may be com-
puted on the basis of the net book value attrib-
utable to such equity investment on the date of 
loss; and 
(C) compensation for loss due to business 
interruption may be computed on a basis to be 
determined by the Corporation that reflects 
amounts lost. 
(2) LIMITATION ON RISK OF LOSS.—Notwith-
standing paragraph (1), the Corporation shall limit 
the amount of direct insurance and reinsurance 
issued by it under section 7105 so that risk of loss 
as to at least 10 percent of the total investment of 
the insured and its affiliates in the project is borne 
by the insured and such affiliates, except that limita-
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604 
tion shall not apply to direct insurance or reinsur-
ance of loans by banks or other financial institutions 
to unrelated parties. 
(g) NO PAYMENT WHEN FRAUD INVOLVED.—No 
payment may be made under any guaranty, insurance, or 
reinsurance issued under this subtitle for any loss arising 
out of fraud or misrepresentation for which the party seek-
ing payment is responsible. 
(h) LIMITATION ON INVESTMENT IN FOREIGN INSTI-
TUTIONS.—Insurance, guaranties, or reinsurance issued 
under this subtitle of a loan or equity investment of an 
eligible investor in a foreign bank, finance company, or 
other credit institution shall extend only to such loan or 
equity investment and not to any individual loan or equity 
investment made by such foreign bank, finance company, 
or other credit institution. 
(i) SETTLEMENT OF CLAIMS.—Claims arising as a 
result of insurance, reinsurance, or guaranty operations 
under this subtitle or under predecessor guaranty author-
ity 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 Corporation may determine. 
Payment made pursuant to any such settlement, or as a 
result of an arbitration award, shall be final and conclu-
sive, notwithstanding any other provision of law. 
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605 
(j) 
PRESUMPTION
OF
COMPLIANCE
OF
CON-
TRACTS.—Each guaranty contract executed by such offi-
cer or officers as may be designated by the Board shall 
be conclusively presumed to be issued in compliance with 
the requirements of this subtitle. 
(k) CONSIDERATION OF EFFECT ON BALANCE OF 
PAYMENTS.—In making a determination to issue insur-
ance, guaranties, or reinsurance under this subtitle, the 
Corporation shall consider the possible adverse effect of 
the dollar investment under such insurance, guaranty, or 
reinsurance upon the balance of payments of the United 
States. 
(l) VIOLATION OF FOREIGN CORRUPT PRACTICES 
ACT.— 
(1) IN GENERAL.—No payment may be made 
under any insurance or reinsurance that is issued 
under this subtitle for any loss occurring with re-
spect to a project, if the preponderant cause of such 
loss was an act by the investor seeking payment 
under this subtitle, by a person possessing majority 
ownership and control of the investor at the time of 
the act, or by any agent of such investor or control-
ling person, and a court of the United States has en-
tered a final judgment that such act constituted a 
violation under the Foreign Corrupt Practices Act of 
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606 
1977 or section 30A of the Securities Exchange Act 
of 1934. 
(2) REGULATIONS TO BAR ELIGIBILITY.—The 
Corporation shall adopt regulations setting forth ap-
propriate conditions under which any person con-
victed under the Foreign Corrupt Practices Act of 
1977 or section 30A of the Securities Exchange Act 
of 1934 for an offense related to a project insured 
or otherwise supported by the Corporation shall be 
suspended, for a period of not more than 5 years, 
from eligibility to receive any insurance, reinsurance, 
guaranty, loan, or other financial support authorized 
by this subtitle. 
(m) NOTIFICATION OF HOST COUNTRY OF HEALTH, 
SAFETY, AND ENVIRONMENTAL STANDARDS.— 
(1) NOTIFICATION.— 
(A) IN GENERAL.—Before finally providing 
insurance, reinsurance, guaranties, or financing 
under this subtitle for any environmentally sen-
sitive investment in connection with a project in 
a country, the Corporation shall notify appro-
priate government officials of that country of— 
(i) all guidelines and other standards 
adopted by the International Bank for Re-
construction and Development and any 
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607 
other international organization relating to 
the public health or safety or the environ-
ment that are applicable to the project; 
and 
(ii) to the maximum extent prac-
ticable, any restriction under any law of 
the United States relating to public health 
or safety or the environment that would 
apply to the project if the project were un-
dertaken in the United States. 
(B) CONTENTS
OF
NOTIFICATION.—The 
notification under the subparagraph (A) shall 
include a summary of the guidelines, standards, 
and restrictions referred to in clauses (i) and 
(ii) of subparagraph (A). 
(2) CONSIDERATION OF COMMENTS.—Before fi-
nally providing insurance, reinsurance, guaranties, 
or financing for any investment subject to paragraph 
(1), the Corporation shall take into account any 
comments it receives on the project involved that the 
Corporation considers relevant to such project. 
(n) PENALTIES
FOR FRAUD.—Whoever knowingly 
makes any false statement or report, or willfully over-
values any land, property, or security, for the purpose of 
influencing in any way the action of the Corporation with 
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608 
respect to any insurance, reinsurance, guaranty, loan, eq-
uity investment, or other activity of the Corporation under 
section 7105, or any change or extension of any such in-
surance, reinsurance, guaranty, loan, equity investment, 
or activity, by renewal, deferment of action, or otherwise, 
or the acceptance, release, or substitution of security 
therefor, shall be fined not more than $1,000,000 or im-
prisoned not more than 30 years, or both. 
(o) USE OF LOCAL CURRENCIES.—Direct loans or in-
vestments made in order to preserve the value of funds 
received in inconvertible foreign currency by the Corpora-
tion as a result of activities conducted pursuant to section 
7105(a) shall not be considered in determining whether 
the Corporation has made or has outstanding loans or in-
vestments to the extent of any limitation on obligations 
and equity investment imposed by or pursuant to this sub-
title. The provisions of section 504(b) of the Federal Cred-
it Reform Act of 1990 shall not apply to direct loan obliga-
tions made with funds described in this subsection. 
SEC. 7109. GENERAL PROVISIONS AND POWERS. 
(a) PRINCIPAL OFFICE AND RESIDENCE.—The Cor-
poration shall have its principal office in the District of 
Columbia and shall be deemed, for purposes of venue in 
civil actions, to be resident thereof. 
(b) APPLICABILITY OF TITLE 31 PROVISIONS.— 
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609 
(1) IN
GENERAL.—The Corporation shall be 
subject to the applicable provisions of chapter 91 of 
title 31, United States Code, except as otherwise 
provided in this subtitle. 
(2) AUDITS.—An independent certified public 
accountant shall perform a financial and compliance 
audit of the financial statements of the Corporation 
annually, in accordance with generally accepted Gov-
ernment auditing standards for a financial and com-
pliance audit, as issued by the Comptroller General. 
The independent certified public accountant shall re-
port the results of such audit to the Board. The fi-
nancial statements of the Corporation shall be pre-
sented in accordance with generally accepted ac-
counting principles. These financial statements and 
the report of the accountant shall be included in a 
report that contains, to the extent applicable, the in-
formation identified in section 9106 of title 31, 
United States Code, and that the Corporation shall 
submit to the Congress not later than 3 months 
after the end of the last fiscal year covered by the 
audit. The Comptroller General may review the 
audit conducted by the accountant and the report to 
the Congress in the manner and at such times as 
the Comptroller General considers necessary. 
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610 
(3) AUDIT BY GAO.—The Comptroller General 
shall, if the Comptroller General considers it nec-
essary or upon the request of the Congress, audit 
the financial statements of the Corporation in the 
manner provided in paragraph (2). The Corporation 
shall reimburse the Government Accountability Of-
fice for the full cost of any audit conducted under 
this paragraph. 
(4) AVAILABILITY
OF
OPIC
RECORDS.—All 
books, accounts, financial records, reports, files, 
workpapers, and property belonging to or in use by 
the Corporation and the accountant who conducts 
the audit under paragraph (2), that are necessary 
for purposes of this subsection, shall be made avail-
able to the representatives of the Government Ac-
countability Office. 
(c) GENERAL AUTHORITIES.—To carry out the pur-
poses of this subtitle, the Corporation may— 
(1) adopt and use a corporate seal, which shall 
be judicially noticed; 
(2) sue and be sued in its corporate name; 
(3) adopt, amend, and repeal bylaws governing 
the conduct of its business and the performance of 
the powers and duties granted to or imposed upon 
it by law; 
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