I
105TH CONGRESS
1ST SESSION
H. R. 527
To terminate the authorities of the Overseas Private Investment Corporation.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 4, 1997
Mr. DICKEY introduced the following bill; which was referred to the
Committee on International Relations
A BILL
To terminate the authorities of the Overseas Private
Investment Corporation.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘OPIC Abolition Act’’.
SEC. 2. TERMINATION OF OVERSEAS PRIVATE INVESTMENT
CORPORATION.
(a) TERMINATION OF AUTHORITY TO MAKE NEW
OBLIGATIONS.—(1) Effective 60 days after the date of the
enactment of this Act, the Overseas Private Investment
Corporation shall not issue any insurance, guaranties, or
reinsurance, make any loan, or acquire any securities,
under section 234 of the Foreign Assistance Act of 1961,
enter into any agreements for any other activity author-
ized by such section 234, or enter into risk sharing ar-
rangements authorized by section 234A of that Act.
(2) Paragraph (1) does not require the termination
of any contract or other agreement entered into before
such paragraph takes effect.
(b) TERMINATION
OF OPIC.—Effective 180 days
after the date of the enactment of this Act, the Overseas
Private Investment Corporation is abolished.
(c) TRANSFER OF OPERATIONS TO OMB.—The Di-
rector of the Office of Management and Budget shall, ef-
fective 180 days after the date of the enactment of this
Act, perform the functions of the Overseas Private Invest-
ment Corporation with respect to contracts and agree-
ments described in subsection (a)(2) until the expiration
of such contracts and agreements, but shall not renew any
such contract or agreement. The Director shall take the
necessary steps to wind up the affairs of the Corporation.
(d) REPEAL OF AUTHORITIES.—Effective 180 days
after the date of the enactment of this Act, title IV of
chapter 2 of part I of the Foreign Assistance Act of 1961
(22 U.S.C. 2191 and following) is repealed, but shall con-
tinue to apply with respect to functions performed by the
Director of the Office of Management and Budget under
subsection (c).
(e) APPROPRIATIONS.—Funds available to the Cor-
poration shall, upon the effective date of the repeal made
by subsection (d), be transferred to the Director of the
Office of Management and Budget for use in performing
the functions of the Corporation under subsection (c).
Upon the expiration of the contracts and agreements with
respect to which the Director is exercising such functions,
any unexpended balances of the funds transferred under
this subsection shall be deposited in the Treasury as mis-
cellaneous receipts.
SEC. 3. SAVINGS PROVISIONS.
(a) PRIOR DETERMINATIONS NOT AFFECTED.—The
repeal made by section 2(d) of the provisions of law set
forth in such section shall not affect any order, determina-
tion, regulation, or contract that has been issued, made,
or allowed to become effective under such provisions before
the effective date of the repeal. All such orders, determina-
tions, regulations, and contracts shall continue in effect
until modified, superseded, terminated, set aside, or re-
voked in accordance with law by the President, the Direc-
tor of the Office of Management and Budget, or other au-
thorized official, a court of competent jurisdiction, or by
operation of law.
(b) PENDING PROCEEDINGS.—(1) The repeal made
by section 2(d) shall not affect any proceedings, including
notices of proposed rulemaking, pending on the effective
date of the repeal, before the Overseas Private Investment
Corporation, except that no insurance, reinsurance, guar-
antee, or loan may be issued pursuant to any application
pending on such effective date. Such proceedings, to the
extent that they relate to functions performed by the Di-
rector of the Office of Management and Budget after such
repeal, shall be continued. Orders shall be issued in such
proceedings, appeals shall be taken therefrom, and pay-
ments shall be made pursuant to such orders, as if this
Act had not been enacted; and orders issued in any such
proceedings shall continue in effect until modified, termi-
nated, superseded, or revoked by the Director, by a court
of competent jurisdiction, or by operation of law. Nothing
in this subsection shall be deemed to prohibit the dis-
continuance or modification of any such proceeding under
the same terms and conditions and to the same extent that
such proceeding could have been discontinued or modified
if this Act had not been enacted.
(2) The Director of the Office of Management and
Budget is authorized to issue regulations providing for the
orderly transfer of proceedings continued under paragraph
(1).