242
and the President of the Corporation shall be consid-
ered the head of the Federal entity.
(5) SEMIANNUAL REPORT.—The semiannual re-
port required under section 5 of the Inspector Gen-
eral Act of 1978 shall include information relating
to activities of the Inspector General undertaken
pursuant to this subsection.
(e) EXEMPTION FROM STATE
AND LOCAL TAX-
ATION.—The Corporation (including its franchise, capital,
reserves, surplus, advances, intangible property, and in-
come) shall be exempt from all taxation at any time im-
posed by any State, the District of Columbia, or any coun-
ty, municipality, or local taxing authority.
SEC. 8546. ANNUAL REPORT; MAINTENANCE OF INFORMA-
TION.
(a) ANNUAL REPORT.—After the end of each fiscal
year, the President shall submit to the Congress a com-
plete and detailed report of the Corporation’s operations
during such fiscal year. Such report shall include—
(1) an assessment, based upon the development
impact profiles required by section 5105(a), of the
economic and social development impact and benefits
of the projects with respect to which such profiles
are prepared, and of the extent to which the oper-
ations of the Corporation complement or are com-
243
patible with the development assistance programs of
the United States and other donors; and
(2) a description of any project for which the
Corporation refused to provide any insurance, rein-
surance, financing, or other financial support, on ac-
count of violations of human rights referred to in
section 8543(d).
(b) PROJECTIONS OF EFFECTS ON EMPLOYMENT.—
(1) IN GENERAL.—Each annual report required
by subsection (a) shall contain projections of the ef-
fects on employment in the United States of all
projects for which, during the fiscal year covered by
the report, the Corporation initially issued any in-
surance, reinsurance, or guarantee or provided fi-
nancing. Each such report shall include projections
of—
(A) the amount of United States exports to
be generated by those projects, both during the
start-up phase and over a period of years;
(B) the final destination of the products to
be produced as a result of those projects; and
(C) the impact such production will have
on the production of similar products in the
United States with regard to both domestic
sales and exports.
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(2) INFORMATION IN AGGREGATE FORM.—The
projections required by this subsection shall be based
on an analysis of each of the projects described in
paragraph (1). Such projections may, however,
present information and analysis in aggregate form,
but only if—
(A) those projects which are projected to
have a positive effect on employment in the
United States and those projects which are pro-
jected to have a negative effect on employment
in the United States are grouped separately;
and
(B) there is set forth for each such group-
ing the key characteristics of the projects within
that grouping, including the number of projects
in each economic sector, the countries in which
the projects in each economic sector are located,
and the projected level of the impact of the
projects in each economic sector on employment
in the United States and on United States
trade.
(c) MAINTENANCE OF INFORMATION.—The Corpora-
tion shall maintain as part of its records—
(1) all information collected in preparing the re-
port required by section 240A(c) of the Foreign As-
245
sistance Act of 1961 (as in effect before the enact-
ment of the Overseas Private Investment Corpora-
tion Amendments Act of 1988), whether the infor-
mation was collected by the Corporation itself or by
a contractor; and
(2) a copy of the analysis of each project ana-
lyzed in preparing the projections required by sub-
section (b) of this section or the report required by
section 240A(c) of the Foreign Assistance Act of
1961 (as in effect before the enactment of the Over-
seas Private Investment Corporation Amendments
Act of 1988).
(d) PROTECTION OF CERTAIN INFORMATION.—Sub-
section (b) does not require the inclusion in any informa-
tion submitted pursuant to that subsection of any infor-
mation which would not be required to be made available
to the public pursuant to section 552 of title 5, United
States Code (relating to freedom of information).
SEC. 8547. DEFINITIONS.
As used in chapter 1 of title V and this subchapter,
the following terms have the following meanings:
(1) BOARD.—The term ‘‘Board’’ means the
Board of Directors of the Overseas Private Invest-
ment Corporation.
246
(2) CORPORATION.—The term ‘‘Corporation’’
means the Overseas Private Investment Corporation.
(3) ELIGIBLE INVESTOR.—(A) The term ‘‘eligi-
ble investor’’ means—
(i) a United States citizen;
(ii) a corporation, partnership, or other as-
sociation, including a nonprofit association,
which is created under the laws of the United
States, any State, the District of Columbia, or
any commonwealth, territory, or possession of
the United States, and which is substantially
beneficially owned by United States citizens;
and
(iii) a foreign corporation, partnership, or
other association which is wholly owned by one
or more United States citizens or corporations,
partnerships, or other associations described in
clause (ii), except that the eligibility of any such
foreign corporation shall be determined without
regard to any shares held by other than United
States citizens or corporations, partnerships, or
other associations described in clause (ii) if, in
the aggregate, such shares equal less than 5
percent of the total issued and subscribed share
capital of such foreign corporation.
248
(B) the purchase of a share of ownership
in any such project,
(C) participation in royalties, earnings, or
profits of any such project, and
(D) the furnishing of commodities or serv-
ices pursuant to a lease or other contract.
(6) PREDECESSOR GUARANTEE AUTHORITY.—
The term ‘‘predecessor guarantee authority’’ means
prior guarantee authorities (other than housing
guarantee authorities) repealed by the Foreign As-
sistance Act of 1969, sections 202(b) and 413(b) of
the Mutual Security Act of 1954, and section
111(b)(3) of the Economic Cooperation Act of 1948
(exclusive of authority relating to informational
media guarantees).
Subchapter E—Definitions and Miscellaneous Provisions
SEC. 8551. DEFINITIONS.
(a) For purposes of this Act, the following terms have
the following meanings:
(1) AGENCY OF THE UNITED STATES GOVERN-
MENT.—The term ‘‘agency of the United States
Government’’ includes any agency, department,
board, wholly or partly owned corporation, instru-
mentality, commission, or establishment of the Unit-
ed States Government.
249
(2) COUNTRY.—The term ‘‘country’’ includes
area.
(3) DEVELOPING COUNTRY.—The term ‘‘devel-
oping country’’ includes advanced developing coun-
try.
(4) FUNCTION.—The term ‘‘function’’ includes
any duty, obligation, power, authority, responsibility,
right, privilege, discretion, or activity.
(5) GROSS VIOLATIONS OF INTERNATIONALLY
RECOGNIZED HUMAN RIGHTS.—The term ‘‘gross vio-
lations of internationally recognized human rights’’
includes torture or cruel, inhuman, or degrading
treatment or punishment, prolonged detention with-
out charges and trial, causing the disappearance of
persons by the abduction and clandestine detention
of those persons, and other flagrant denial of the
right to life, liberty, or the security of person.
(6) INCLUDES.—The term ‘‘includes’’ means in-
cludes but is not limited to.
(7) NOTWITHSTANDING.—The terms ‘‘notwith-
standing any other provision of law’’ and ‘‘notwith-
standing any provision of this or any other Act’’
shall not apply to title 31, United States Code, the
Congressional Budget and Impoundment Control
Act of 1974, the Balanced Budget and Emergency
250
Deficit Control Act of 1985, and the Budget En-
forcement Act of 1990.
(8) OFFICER OR EMPLOYEE.—The term ‘‘offi-
cer or employee’’ means civilian personnel of the
United States Government and members of the
Armed Forces.
(9) NONNUCLEAR-WEAPON STATE.—The term
‘‘nonnuclear-weapon state’’ means any country
which is not a nuclear-weapon state, as defined in
article IX(3) of the Treaty on the Non-Proliferation
of Nuclear Weapons.
(10) UNITED
STATES.—The term ‘‘United
States’’, when used in the geographic sense, includes
the Commonwealth of Puerto Rico, the Common-
wealth of the Northern Mariana Islands, Guam,
American Samoa, the Virgin Islands, and any other
territory or possession of the United States.
(11) MAJOR ILLICIT DRUG PRODUCING COUN-
TRY.—The term ‘‘major illicit drug producing coun-
try’’ means a country producing five metric tons or
more of opium or opium derivative during a fiscal
year or producing five hundred metric tons or more
of coca or marijuana (as the case may be) during a
fiscal year.
251
(12) MAJOR
DRUG
TRANSIT
COUNTRY.—The
term ‘‘major drug transit country’’ means a coun-
try—
(A) that is a significant direct source of il-
licit narcotic or psychotropic drugs or other
controlled substances significantly affecting the
United States;
(B) through which are transported such
drugs or substances; or
(C) through which significant sums of
drug-related profits or monies are laundered
with the knowledge or complicity of the govern-
ment.
(13) NARCOTIC
AND
PSYCHOTROPIC
DRUGS
AND OTHER CONTROLLED SUBSTANCES.—The term
‘‘narcotic and psychotropic drugs and other con-
trolled substances’’ has the same meaning as is
given by any applicable international narcotics con-
trol agreement or domestic law of the country or
countries concerned.
(14) AGRICULTURE.—The term ‘‘agriculture’’
includes aquaculture and fisheries.
(15) FARMERS.—The term ‘‘farmers’’ includes
fishermen and other persons employed in cultivating
252
and harvesting food resources from salt and fresh
waters.
(16) INSTITUTION OF HIGHER EDUCATION.—
The term ‘‘institution of higher education’’ has the
same meaning that term is given by section 1201(a)
of the Higher Education Act of 1965.
(17) ARMED
FORCES.—The term ‘‘Armed
Forces’’ means the Army, Navy, Air Force, Marine
Corps, and Coast Guard of the United States.
(18) 
DEFENSE
ARTICLE
AND
RELATED
TERMS.—The terms ‘‘defense article’’, ‘‘significant
military equipment’’ and ‘‘major defense equipment’’
shall have the same meaning as in the Arms Export
Control Act. The term ‘‘defense service’’ includes
any service (including education and training), test,
inspection, repair, publication, or technical or other
assistance or defense information used for the pur-
pose of furnishing assistance administered through
the Department of Defense under this Act.
(19) EXCESS DEFENSE ARTICLES.—The term
‘‘excess defense articles’’ means the quantity of de-
fense articles owned by the United States Govern-
ment, and not procured in anticipation of defense
assistance or sales requirements, or pursuant to a
defense assistance or sales order, which is in excess
253
of the Approved Acquisition Objective of all Depart-
ment of Defense Components at the time such arti-
cles are dropped from inventory by the supplying
agency for delivery to countries or international or-
ganizations under this Act.
(20) VALUE.—The term ‘‘value’’ means—
(A) with respect to an excess defense arti-
cle, the actual value of the article plus the gross
cost incurred by the United States Government
in repairing, rehabilitating, or modifying the ar-
ticle, except that for purposes of section
8201(c) such actual value shall not be taken
into account;
(B) with respect to a nonexcess defense ar-
ticle delivered from inventory to a foreign coun-
try or international organization under this Act,
the acquisition cost to the United States Gov-
ernment, adjusted as appropriate for condition
and market value;
(C) with respect to a nonexcess defense ar-
ticle delivered from new procurement to a for-
eign country or international organization
under this Act, the contract or production costs
of such article.