H. R. 302—318 
interest at rates determined by the Secretary, taking into 
consideration current market yields on outstanding marketable 
obligations of the United States of comparable maturities. 
(h) COLLECTIONS.—Interest earnings made pursuant to sub-
section (g), earnings collected related to equity investments, and 
amounts, excluding fees related to insurance or reinsurance, col-
lected pursuant to subsection (c), shall not be collected for any 
fiscal year except to the extent provided in advance in appropria-
tions Acts. 
(i) TRANSFER FROM PREDECESSOR AGENCIES AND PROGRAMS.— 
By the end of the transition period described in title VI, the unex-
pended balances, assets, and responsibilities of any agency specified 
in the plan required by section 1462 shall be transferred to the 
Corporation. 
(j) TRANSFER OF FUNDS.—In order to carry out this division, 
funds authorized to be appropriated to carry out the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2151 et seq.) may be transferred 
to the Corporation and funds authorized to be appropriated to 
the Corporation may be transferred to the Department of State 
and the United States Agency for International Development. 
(k) DEFINITION.—In this section, the term ‘‘project-specific 
transaction costs’’— 
(1) means those costs incurred by the Corporation 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 
(2) does not include information technology (as such term 
is defined in section 11101 of title 40, United States Code). 
SEC. 1435. COORDINATION WITH OTHER DEVELOPMENT AGENCIES. 
It is the sense of Congress that the Corporation should use 
relevant data of the Department of State, the Millennium Challenge 
Corporation, the United States Agency for International Develop-
ment, and other departments and agencies that have development 
functions to better inform the decisions of the Corporation with 
respect to providing support under title II. 
TITLE IV—MONITORING, EVALUATION, 
AND REPORTING 
SEC. 1441. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES. 
(a) IN GENERAL.—To assist the Board to fulfill its duties and 
responsibilities under section 1421(a), the Corporation shall estab-
lish a risk committee and an audit committee. 
(b) DUTIES AND RESPONSIBILITIES OF RISK COMMITTEE.—Subject 
to the direction of the Board, the risk committee established under 
subsection (a) shall have oversight responsibility of— 
(1) formulating risk management policies of the operations 
of the Corporation; 
(2) reviewing and providing guidance on operation of the 
Corporation’s global risk management framework; 
(3) developing policies for enterprise risk management, 
monitoring, and management of strategic, reputational, regu-
latory, operational, developmental, environmental, social, and 
financial risks;
H. R. 302—319 
(4) developing the risk profile of the Corporation, including 
a risk management and compliance framework and governance 
structure to support such framework; and 
(5) developing policies and procedures for assessing, prior 
to providing, and for any period during which the Corporation 
provides, support to any foreign entities, whether such entities 
have in place sufficient enhanced due diligence policies and 
practices to prevent money laundering and corruption to ensure 
the Corporation does not provide support to persons that are— 
(A) knowingly engaging in acts of corruption; 
(B) knowingly providing material or financial support 
for terrorism, drug trafficking, or human trafficking; or 
(C) responsible for ordering or otherwise directing 
serious or gross violations of human rights. 
(c) DUTIES AND RESPONSIBILITIES OF AUDIT COMMITTEE.—Sub-
ject 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 requirements 
related to the finances of the Corporation. 
SEC. 1442. PERFORMANCE MEASURES, EVALUATION, AND LEARNING. 
(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. 
(b) CONSIDERATIONS.—In developing the performance measure-
ment system required by subsection (a), the Corporation shall— 
(1) develop a successor for the development impact 
measurement system of the Overseas Private Investment Cor-
poration (as such system was in effect on the day before the 
date of the enactment of this Act); 
(2) develop a mechanism for ensuring that support provided 
by the Corporation under title II is in addition to private 
investment; 
(3) develop standards for, and a method for ensuring, appro-
priate financial performance of the Corporation’s portfolio; and 
(4) develop standards for, and a method for ensuring, appro-
priate development performance of the Corporation’s portfolio, 
including— 
(A) measurement of the projected and ex post develop-
ment impact of a project; and 
(B) the information necessary to comply with section 
1443. 
(c) PUBLIC AVAILABILITY OF CERTAIN INFORMATION.—The Cor-
poration 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.
H. R. 302—320 
(d) CONSULTATION.—In developing the performance measure-
ment system required by subsection (a), the Corporation shall con-
sult with the Development Advisory Council established under sec-
tion 1413(i) and other stakeholders and interested parties engaged 
in sustainable economic growth and development. 
SEC. 1443. ANNUAL REPORT. 
(a) IN GENERAL.—After the end of each fiscal year, the Corpora-
tion shall submit to the appropriate congressional committees a 
complete and detailed report of its operations during that fiscal 
year, including an assessment of— 
(1) the economic and social development impact, including 
with respect to matters described in subsections (d), (e), and 
(f) of section 1451, of projects supported by the Corporation 
under title II; 
(2) the extent to which the operations of the Corporation 
complement or are compatible with the development assistance 
programs of the United States and qualifying sovereign entities; 
(3) the Corporation’s institutional linkages with other rel-
evant 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 human rights, environmental, labor, and 
social policies, or other such related policies that govern the 
Corporation’s support for projects, promulgated or otherwise 
administered by the Corporation. 
(b) ELEMENTS.—Each annual report required by subsection (a) 
shall include analyses of the effects of projects supported by the 
Corporation under title II, including— 
(1) reviews and analyses of— 
(A) the desired development outcomes for projects and 
whether or not the Corporation is meeting the associated 
metrics, goals, and development objectives, including, 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 Corporation 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 arrangement or 
cooperation with a qualifying sovereign entity in support of 
each project; 
(3) projections of— 
(A) development outcomes, and whether or not support 
for projects are meeting the associated performance meas-
ures, both during the start-up phase and over the duration 
of the support, and to the extent practicable, measures 
of such development outcomes should be on a gender- 
disaggregated basis, such as changes in employment, access 
to financial services, enterprise development and growth, 
and composition of executive boards and senior leadership 
of enterprises receiving support under title II; and 
(B) the value of private sector assets brought to bear 
relative to the amount of support provided by the Corpora-
tion and the value of any other public sector support; 
and
H. R. 302—321 
(4) an assessment of the extent to which lessons learned 
from the monitoring and evaluation activities of the Corpora-
tion, and from annual reports from previous years compiled 
by the Corporation, have been applied to projects. 
SEC. 1444. PUBLICLY AVAILABLE PROJECT INFORMATION. 
The Corporation shall— 
(1) maintain a user-friendly, publicly available, machine- 
readable database with detailed project-level information, as 
appropriate and to the extent practicable, including a descrip-
tion of the support provided by the Corporation under title 
II, including, to the extent feasible, the information included 
in the report to Congress under section 1443 and project-level 
performance metrics; and 
(2) include a clear link to information about each project 
supported by the Corporation under title II on the internet 
website of the Department of State, ‘‘ForeignAssistance.gov’’, 
or a successor website or other online publication. 
SEC. 1445. 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 International Development— 
(1) develop a strategic relationship with private sector enti-
ties focused at the nexus of business opportunities and develop-
ment priorities; 
(2) engage such entities and reduce business risks primarily 
through direct transaction support and facilitating investment 
partnerships; 
(3) develop and support tools, approaches, and inter-
mediaries that can mobilize private finance at scale in the 
developing world; 
(4) pursue highly developmental projects of all sizes, espe-
cially those that are small but designed for work in the most 
underdeveloped areas, including countries with chronic suf-
fering as a result of extreme poverty, fragile institutions, or 
a history of violence; and 
(5) pursue projects consistent with the policy of the United 
States described in section 1411 and the Joint Strategic Plan 
and the Mission Country Development 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 supply 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 private 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;