erential consideration to projects in countries that 
have adopted, maintain, and enforce laws that sub-
stantially provide international worker rights. 
‘‘(3) USE
OF
ANNUAL
REPORTS
ON
INTER-
NATIONAL WORKER RIGHTS.—The Corporation shall, 
in carrying out paragraph (1)(A), use, among other 
sources, the reports submitted to the Congress pursu-
ant to section 504 of the Trade Act of 1974. Such 
other sources include the observations, reports, and 
recommendations of the International Labor Organi-
zation, and other relevant organizations. 
‘‘(4) INAPPLICABILITY TO HUMANITARIAN ACTIVI-
TIES.—Paragraph (1) shall not prohibit the Corpora-
tion from providing any insurance, reinsurance, 
guaranty, financing, or other assistance for the provi-
sion of humanitarian assistance in a country.’’. 
(b) BOARD OF DIRECTORS.—Section 233(b) of the For-
eign Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended 
by adding at the end the following: ‘‘The selection of the 
small business, organized labor, and cooperative directors 
should be made, respectively, in consultation with relevant 
representative organizations.’’. 
(c) DEFINITIONS.—Section 238 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2198) is amended— 
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(1) in subsection (f), by striking ‘‘and’’ after the 
semicolon; 
(2) in subsection (g), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(h) the term ‘international worker rights’ means— 
‘‘(1) internationally recognized worker rights, as 
defined in section 507(4) of the Trade Act of 1974 (19 
U.S.C. 2467(4)); and 
‘‘(2) the elimination of discrimination with re-
spect to employment and occupation.’’. 
(d) GENERAL PROVISIONS AND POWERS.—Section 239 
of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is 
amended— 
(1) in subsection (h), by adding at the end the 
following: ‘‘In addition, the Corporation should con-
sult with relevant stakeholders in developing such cri-
teria.’’; and 
(2) in subsection (i), in the first sentence, by in-
serting ‘‘, including international worker rights,’’ 
after ‘‘fundamental freedoms’’. 
SEC. 6. ENVIRONMENTAL ASSESSMENTS. 
Section 231A(b) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2191a(b)) is amended to read as follows: 
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‘‘(b) ENVIRONMENTAL IMPACT.—The Board of Direc-
tors of the Corporation shall not vote in favor of any action 
proposed to be taken by the Corporation that is likely to 
have significant adverse environmental impacts, unless for 
at least 60 days before the date of the vote— 
‘‘(1) an environmental impact assessment, or 
initial environmental audit, analyzing the environ-
mental impacts of the proposed action and of alter-
natives to the proposed action has been completed by 
the project applicant and made available to the Board 
of Directors; and 
‘‘(2) such assessment or audit has been made 
available to the public of the United States, locally af-
fected groups in the host country, and host country 
nongovernmental organizations.’’. 
SEC. 7. COMMUNITY SUPPORT. 
Section 237 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2197) is amended by adding at the end the following: 
‘‘(p) COMMUNITY SUPPORT.—To the maximum extent 
practicable, the Corporation shall require the applicant for 
a project that is subject to section 231A(b) to obtain broad 
community support for the project.’’. 
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SEC. 8. CLIMATE CHANGE MITIGATION ACTION PLAN. 
Title IV of chapter 2 of part I of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2291 et seq.) is amended by insert-
ing after section 234A the following new section: 
‘‘SEC. 234B. CLIMATE CHANGE MITIGATION. 
‘‘(a) MITIGATION ACTION PLAN.—The Corporation 
shall, not later than 180 days after the date of the enact-
ment of the Overseas Private Investment Corporation Reau-
thorization Act of 2007, institute a climate change mitiga-
tion action plan that includes the following: 
‘‘(1) CLEAN
AND
EFFICIENT
ENERGY
TECH-
NOLOGY.— 
‘‘(A) INCREASING
ASSISTANCE.—The Cor-
poration shall establish a goal of substantially 
increasing its support of projects that use, de-
velop, or otherwise promote the use of clean en-
ergy technologies over the 4-year period begin-
ning on the date of the enactment of the Overseas 
Private Investment Corporation Reauthorization 
Act of 2007. 
‘‘(B) 
PREFERENTIAL
TREATMENT
TO 
PROJECTS.—The Corporation shall give pref-
erential treatment to the evaluation and award-
ing of assistance for and provide greater flexi-
bility in supporting projects that use, develop, or 
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otherwise promote the use of clean and efficient 
energy technologies. 
‘‘(2) ENVIRONMENTAL IMPACT ASSESSMENTS.— 
‘‘(A) GREENHOUSE
GAS
EMISSIONS.—The 
Corporation shall, in making an environmental 
impact assessment for a project under section 
231A(b), take into account the degree to which 
the project contributes to the emission of green-
house gases. 
‘‘(B) OTHER DUTIES NOT AFFECTED.—The 
requirement under subparagraph (A) is in addi-
tion to any other requirement, obligation, or 
duty that the Corporation has. 
‘‘(3) REPORT
TO
CONGRESSIONAL
COMMIT-
TEES.—The Corporation shall, within 180 days after 
the date of the enactment of the Overseas Private In-
vestment Corporation Reauthorization Act of 2007, 
submit to the Committee on Foreign Affairs of the 
House of Representatives and the Committee on For-
eign Relations of the Senate a report on the plan de-
veloped to carry out paragraph (1)(A). Thereafter, the 
Corporation shall include in its annual report under 
section 240A a discussion of such plan and its imple-
mentation. 
‘‘(b) EXTRACTION INVESTMENTS.— 
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‘‘(1) PRIOR
NOTIFICATION
TO
CONGRESSIONAL 
COMMITTEES.—The Corporation may not approve 
any contract of insurance or reinsurance, or any 
guaranty, or enter into any agreement to provide fi-
nancing for any project which significantly involves 
an extractive industry and in which assistance by the 
Corporation would be valued at $10,000,000 or more 
(including contingent liability), until at least 30 days 
after the Corporation notifies the Committee on For-
eign Affairs of the House of Representatives and the 
Committee on Foreign Relations of the Senate of such 
contract or agreement. 
‘‘(2) COMMITMENT
TO
EITI
PRINCIPLES.—The 
Corporation may approve a contract of insurance or 
reinsurance, or any guaranty, or enter into an agree-
ment to provide financing to an eligible investor for 
a project that significantly involves an extractive in-
dustry only if— 
‘‘(A) the eligible investor has agreed to im-
plement the Extractive Industries Transparency 
Initiative principles and criteria, or substan-
tially similar principles and criteria; or 
‘‘(B) the host country where the project is to 
be carried out has committed to the Extractive 
Industries Transparency Initiative principles 
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and criteria, or substantially similar principles 
and criteria. 
‘‘(3) PREFERENCE
FOR
CERTAIN
PROJECTS.— 
With respect to all projects that significantly involve 
an extractive industry, the Corporation, to the degree 
possible and consistent with its development objec-
tives, shall give preference to a project in which both 
the eligible investor has agreed to implement the Ex-
tractive Industries Transparency Initiative principles 
and criteria, or substantially similar principles and 
criteria, and the host country where the project is to 
be carried out has committed to the Extractive Indus-
tries Transparency Initiative principles and criteria, 
or substantially similar principles and criteria. 
‘‘(4) DEFINITIONS.—In this subsection: 
‘‘(A) EXTRACTIVE
INDUSTRY.—The term 
‘extractive industry’ refers to an enterprise en-
gaged in the exploration, development, or extrac-
tion of oil and gas reserves, metal ores, 
gemstones, industrial minerals, or coal. 
‘‘(B) 
EXTRACTIVE
INDUSTRIES
TRANS-
PARENCY
INITIATIVE
PRINCIPLES
AND
CRI-
TERIA.—The term ‘Extractive Industries Trans-
parency Initiative principles and criteria’ means 
the principles and criteria of the Extractive In-
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dustries Transparency Initiative, as set forth in 
Annex A to the Anti-Corruption Policies and 
Strategies Handbook of the Corporation, as pub-
lished in September 2006. 
‘‘(5) REPORTING REQUIREMENT.—The Corpora-
tion shall include in its annual report required under 
section 240A a description of its activities to carry 
out this subsection. 
‘‘(c) DEFINITIONS.—In this section: 
‘‘(1) CLEAN
AND
EFFICIENT
ENERGY
TECH-
NOLOGY.—The term ‘clean and efficient energy tech-
nology’ means an energy supply or end-use tech-
nology— 
‘‘(A) such as— 
‘‘(i) solar technology; 
‘‘(ii) wind technology; 
‘‘(iii) geothermal technology; 
‘‘(iv) hydroelectric technology; and 
‘‘(v) carbon capture technology; and 
‘‘(B) that, over its life cycle and compared 
to a similar technology already in commercial 
use— 
‘‘(i) is reliable, affordable, economically 
viable, socially acceptable, and compatible 
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with the needs and norms of the country in-
volved; 
‘‘(ii) results in— 
‘‘(I) reduced emissions of green-
house gases; or 
‘‘(II) increased geological seques-
tration; and 
‘‘(iii) may— 
‘‘(I) substantially lower emissions 
of air pollutants; or 
‘‘(II) generate substantially small-
er and less hazardous quantities of 
solid or liquid waste. 
‘‘(2) GREENHOUSE GAS.—The term ‘greenhouse 
gas’ means— 
‘‘(A) carbon dioxide; 
‘‘(B) methane; 
‘‘(C) nitrous oxide; 
‘‘(D) hydrofluorocarbons; 
‘‘(E) perfluorocarbons; or 
‘‘(F) sulfur hexafluoride.’’. 
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SEC. 9. PROHIBITION ON ASSISTANCE TO DEVELOP OR 
PROMOTE CERTAIN RAILWAY CONNECTIONS 
AND RAILWAY-RELATED CONNECTIONS. 
Section 237 of the of the Foreign Assistance Act of 
1961 (22 U.S.C. 2197) is further amended by adding at 
the end the following: 
‘‘(q) PROHIBITION
ON ASSISTANCE
FOR CERTAIN 
RAILWAY PROJECTS.—The Corporation may not provide 
insurance, reinsurance, a guaranty, financing, or other as-
sistance to support the development or promotion of any 
railway connection or railway-related connection that does 
not traverse or connect with Armenia and does connect 
Azerbaijan and Turkey.’’. 
SEC. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSI-
NESS WITH STATE SPONSORS OF TERRORISM. 
(a) IN GENERAL.—Section 237 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2197) is further amended by 
adding at the end the following: 
‘‘(r) INELIGIBLE PROJECTS.— 
‘‘(1) IN GENERAL.—A project will not be eligible 
to receive support provided by the Corporation under 
this title if either of the following applies: 
‘‘(A)(i) An applicant for insurance, reinsur-
ance, financing, or other support for a project 
provided to the government of a state sponsor of 
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terrorism a loan, or an extension of credit, that 
remains outstanding. 
‘‘(ii) For purposes of this subparagraph, the 
sale of goods, other than food or medicine, on 
any terms other than a cash basis shall be con-
sidered to be an extension of credit. 
‘‘(B) An applicant for insurance, reinsur-
ance, financing, or other support for a project 
has an investment commitment valued at 
$20,000,000 or more for the energy sector in a 
country that is a state sponsor of terrorism. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) CASH BASIS.—The term ‘cash basis’ 
refers to a sale in which the purchaser of goods 
or services is required to make payment in full 
within 45 days after receiving the goods or serv-
ices. 
‘‘(B) ENERGY SECTOR.—The term ‘energy 
sector’ refers to activities to develop or transport 
petroleum or natural gas resources. 
‘‘(C) INVESTMENT COMMITMENT.—The term 
‘investment commitment’ means any of the fol-
lowing activities if such activity is undertaken 
pursuant to a commitment, or pursuant to the 
exercise of rights under a commitment, that was 
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entered into with the government of a state spon-
sor of terrorism or a nongovernmental entity in 
a country that is a state sponsor of terrorism: 
‘‘(i) The entry into a contract that in-
cludes responsibility for the development of 
petroleum resources located in a country 
that is a state sponsor of terrorism, or the 
entry into a contract providing for the gen-
eral supervision and guarantee of another 
person’s performance of such a contract. 
‘‘(ii) The purchase of a share of owner-
ship, including an equity interest, in that 
development. 
‘‘(iii) The entry into a contract pro-
viding for the participation in royalties, 
earnings, or profits in that development, 
without regard to the form of the participa-
tion. 
‘‘(D) STATE SPONSOR OF TERRORISM.—The 
term ‘state sponsor of terrorism’ means a coun-
try the government of which the Secretary of 
State has determined, for purposes of section 6(j) 
of the Export Administration Act of 1979, sec-
tion 620A of the Foreign Assistance Act of 1961, 
section 40 of the Arms Export Control Act, or 
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any other provision of law, to be a government 
that has repeatedly provided support for acts of 
international terrorism. 
‘‘(3) CERTIFICATION.— 
‘‘(A) BY APPLICANTS.—A person or entity 
applying for insurance, reinsurance, a guaranty, 
financing, or other assistance under this title 
may not receive such support unless its chief ex-
ecutive officer certifies to the Corporation, under 
penalty of perjury, that the person or entity and 
its majority-owned subsidiaries are not engaged 
in any activity described in subparagraph (A) or 
(B) of paragraph (1). 
‘‘(B) BY ULTIMATE PARENT ENTITIES.—In 
the case of an applicant that is a majority- 
owned entity of another entity, in addition to 
the certification under subparagraph (A), the 
chief executive officer of the ultimate parent enti-
ty of the applicant must certify, under penalty 
of perjury, that it and its majority-owned sub-
sidiaries are not engaged in any activity de-
scribed in subparagraph (A) or (B) of paragraph 
(1). 
‘‘(C) APPLICATION TO STRAW MAN TRANS-
ACTIONS.—In any case in which— 
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‘‘(i) an applicant for insurance, rein-
surance, financing, or other assistance 
under this title is providing goods and serv-
ices to a project, 
‘‘(ii) more than 50 percent of such 
goods and services are acquired from an un-
affiliated entity, and 
‘‘(iii) the unaffiliated entity is receiv-
ing $20,000,000 or more, or sums greater 
than 50 percent of the amount of the assist-
ance provided by the Corporation for the 
project (including contingent liability), for 
such goods or services, 
then the chief executive officer of the unaffiliated 
entity must make a certification under subpara-
graph (A), and any ultimate parent entity must 
make a certification required by subparagraph 
(B). 
‘‘(D) DILIGENT
INQUIRY.—A certification 
required by subparagraph (A), (B), or (C) may 
be made to the best knowledge and belief of the 
certifying officer if that officer states that he or 
she has made diligent inquiry into the matter 
certified. 
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‘‘(E) EXCEPTION.—(i) A chief executive offi-
cer of an applicant or other entity may provide 
a certification required by subparagraph (A), 
(B), or (C) with respect to the activity of a ma-
jority-owned 
subsidiary 
or 
entity 
notwith-
standing activity by such majority-owned sub-
sidiary or entity that would cause a project to 
be ineligible for support under subparagraph (A) 
or (B) of paragraph (1) if such activity is car-
ried out under a contract or other obligation of 
such majority-owned subsidiary or entity that 
was entered into or incurred before the acquisi-
tion of such majority-owned subsidiary or entity 
by the applicant or ultimate parent entity. 
‘‘(ii) Clause (i) shall not apply if the terms 
of such contract or other obligation are expanded 
or extended after such acquisition. 
‘‘(F) DEFINITION.—For purposes of this 
paragraph, a person is an ultimate parent of an 
entity if the person owns directly, or through 
majority ownership of other entities, greater than 
50 percent of the equity of the entity. 
‘‘(4) EXCEPTION.—The prohibition in paragraph 
(1) shall not— 
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‘‘(A) apply to a loan, extension of credit, or 
investment commitment by an applicant, or 
other entity covered by a certification under sub-
paragraph (A), (B), or (C) of paragraph (3), in 
Southern 
Sudan, 
Southern 
Kordofan/Nuba 
Mountains State, Blue Nile State, or Abyei, 
Darfur, if the Corporation, with the concurrence 
of the Secretary of State, determines that such 
loan, extension of credit, or investment commit-
ment will provide emergency relief, promote eco-
nomic self-sufficiency, or implement a non-
military program in support of a viable peace 
agreement in Sudan, including the Comprehen-
sive Peace Agreement for Sudan and the Darfur 
Peace Agreement; or 
‘‘(B) prohibit the Corporation from pro-
viding support for projects in Southern Sudan, 
Southern Kordofan/Nuba Mountains State, Blue 
Nile State, and Abyei, Darfur, if the Corpora-
tion, with the concurrence of the Secretary of 
State, determines that such projects will provide 
emergency relief, promote economic self-suffi-
ciency, or implement a nonmilitary program in 
support of a viable peace agreement in Sudan, 
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including the Comprehensive Peace Agreement 
for Sudan and the Darfur Peace Agreement. 
‘‘(5) 
PROSPECTIVE
APPLICATION
OF
SUB-
SECTION.—This subsection shall not be applied to 
limit support by the Corporation under this title be-
cause an applicant, or other entity covered by a cer-
tification under subparagraph (A), (B), or (C) of 
paragraph (3) engaged in commercial activity specifi-
cally licensed by the Office of Foreign Assets Control 
of the Department of the Treasury.’’. 
(b) TERMINATION.— 
(1) IN GENERAL.—The amendment made by this 
section shall cease to be effective with respect to a 
country that is a state sponsor of terrorism 30 days 
after the President certifies to the appropriate con-
gressional committees that— 
(A) the country has ceased providing sup-
port for acts of international terrorism and no 
longer satisfies the requirements for designation 
as a state sponsor of terrorism; 
(B) the country does not possess nuclear 
weapons or a significant program to develop nu-
clear weapons; and 
(C) the country is not committing genocide 
or conducting a program of ethnic cleansing 
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against a civilian population that approaches 
genocide. 
(2) DEFINITIONS.—In this subsection: 
(A) APPROPRIATE CONGRESSIONAL COMMIT-
TEES.—The term ‘‘appropriate congressional 
committees’’ means the Committee on Foreign 
Affairs of the House of Representatives and the 
Committee on Foreign Relations of the Senate. 
(B) STATE SPONSOR OF TERRORISM.—The 
term ‘‘state sponsor of terrorism’’ has the mean-
ing given that term in section 237(r)(2)(D) of 
the Foreign Assistance Act of 1961, as added by 
subsection (a) of this section. 
SEC. 11. INCREASED TRANSPARENCY. 
(a) IN GENERAL.—Section 237 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2197) is further amended by 
adding at the end the following new subsections: 
‘‘(s) AVAILABILITY OF PROJECT INFORMATION.—Be-
ginning 90 days after the date of the enactment of the Over-
seas Private Investment Corporation Reauthorization Act 
of 2007, the Corporation shall make public, and post on 
its Internet website, summaries of all new projects sup-
ported by the Corporation, and other relevant information, 
except that the Corporation shall not include any confiden-
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tial business information in the summaries and informa-
tion made available under this subsection. 
‘‘(t) REVIEW OF METHODOLOGY.—Not later than 180 
days after the date of the enactment of the Overseas Private 
Investment Corporation Reauthorization Act of 2007, the 
Corporation shall publish in the Federal Register and peri-
odically revise, subject to a period of public comment, the 
detailed methodology, including relevant regulations, used 
to assess and monitor the impact of projects supported by 
the Corporation on the development and environment of, 
and international worker rights in, host countries, and on 
United States employment. 
‘‘(u) PUBLIC
NOTICE
PRIOR
TO
PROJECT
AP-
PROVAL.— 
‘‘(1) PUBLIC NOTICE.—The Board of Directors of 
the Corporation may not vote in favor of any action 
proposed to be taken by the Corporation on any Cat-
egory A project until at least 60 days after the Cor-
poration— 
‘‘(A) makes available for public comment a 
summary of the project and relevant information 
about the project; and 
‘‘(B) makes the summary and information 
described in paragraph (1) available to locally 
affected groups in the area of impact of the pro-
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posed project, and to host country nongovern-
mental organizations. 
The Corporation shall not include any business con-
fidential information in the summary and informa-
tion made available under subparagraphs (A) and 
(B). 
‘‘(2) PUBLISHED
RESPONSE.—To the extent 
practicable, the Corporation shall publish responses to 
the comments received under paragraph (1) with re-
spect to a Category A project and submit the re-
sponses to the Board not later than 7 days before a 
vote is to be taken on any action proposed by the Cor-
poration on the project. 
‘‘(3) DEFINITIONS.—In this subsection, the term 
‘Category A project’ means any project or other activ-
ity for which the Corporation proposes to provide in-
surance, reinsurance, financing, or other support 
under this title and which is likely to have significant 
adverse environmental impacts.’’. 
(b) OFFICE OF ACCOUNTABILITY.—Section 237 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2197) is further 
amended by adding at the end the following new subsection: 
‘‘(v) OFFICE OF ACCOUNTABILITY.—The Corporation 
shall maintain an Office of Accountability to provide prob-
lem-solving services for projects supported by the Corpora-
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tion and to review the Corporation’s compliance with its 
environmental, social, worker rights, human rights, and 
transparency policies and procedures, to the maximum ex-
tent practicable. The Office of Accountability shall operate 
in a manner that is fair, objective and transparent.’’. 
SEC. 12. FRAUD AND OTHER BREACHES OF CONTRACT. 
Section 237(n) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197(n)) is amended— 
(1) by striking ‘‘Whoever’’ and inserting: 
‘‘(1) IN GENERAL.—Whoever’’; and 
(2) by adding at the end the following: 
‘‘(2) DEFERRALS
TO
DEPARTMENT
OF
JUS-
TICE.—(A) The President of the Corporation shall 
refer to the Department of Justice for appropriate ac-
tion information known to the Corporation con-
cerning any substantial evidence of— 
‘‘(i) a violation of this title; 
‘‘(ii) a material breach of contract entered 
into with the Corporation by an eligible investor; 
or 
‘‘(iii) a material false representation made 
by an investor to the Corporation. 
‘‘(B) Subparagraph (A) does not apply if the 
President of the Corporation concludes that the mat-
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ter described in clause (i), (ii), or (iii), as the case 
may be, of subparagraph (A)— 
‘‘(i) is not evidence of a possible violation 
of criminal law; and 
‘‘(ii) is not evidence that the Federal Gov-
ernment is entitled to civil remedy or to impose 
a civil penalty.’’. 
SEC. 13. TRANSPARENCY AND ACCOUNTABILITY OF INVEST-
MENT FUNDS. 
(a) IN GENERAL.—Section 239 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2199) is amended by adding 
at the end the following: 
‘‘(l) TRANSPARENCY AND ACCOUNTABILITY OF INVEST-
MENT FUNDS.— 
‘‘(1) COMPETITIVE SELECTION OF INVESTMENT 
FUND MANAGEMENT.—With respect to any investment 
fund that the Corporation creates on or after the date 
of the enactment of the Overseas Private Investment 
Corporation Reauthorization Act of 2007, the Cor-
poration may select persons to manage the fund only 
by contract using full and open competitive proce-
dures. 
‘‘(2) CRITERIA
FOR
SELECTION.—In assessing 
proposals for investment fund management proposals, 
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the Corporation shall consider, in addition to other 
factors, the following: 
‘‘(A) The prospective fund management’s ex-
perience, depth, and cohesiveness. 
‘‘(B) The prospective fund management’s 
track record in investing risk capital in emerg-
ing markets. 
‘‘(C) The prospective fund management’s ex-
perience, management record, and monitoring 
capabilities in its target countries, including de-
tails of local presence (directly or through local 
alliances). 
‘‘(D) The prospective fund management’s 
experience as a fiduciary in managing institu-
tional capital, meeting reporting requirements, 
and administration. 
‘‘(E) The prospective fund management’s 
record in avoiding investments in companies 
that would be disqualified under section 237(r). 
‘‘(3) ANNUAL REPORT.—The Corporation shall 
include in each annual report under section 240A an 
analysis of the investment fund portfolio of the Cor-
poration, including the following: 
‘‘(A) FUND PERFORMANCE.—An analysis of 
the aggregate financial performance of the in-
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