pacted by the proposed project and to non-
governmental organizations in the host 
country. 
‘‘(B) EXCEPTION.—The Corporation shall 
not include any confidential business informa-
tion in the summary and information made 
available under clauses (i) and (ii) of subpara-
graph (A). 
‘‘(2) PUBLISHED
RESPONSE.—To the extent 
practicable, the Corporation shall publish responses to 
the comments received under paragraph (1)(A)(i) 
with respect to a Category A project and submit the 
responses to the Board not later than 7 days before 
a vote is to be taken on any action proposed by the 
Corporation on the project. 
‘‘(3) CATEGORY A PROJECT DEFINED.—The term 
‘Category A project’ means any project or other activ-
ity for which the Corporation proposes to provide in-
surance, reinsurance, a guaranty, financing, or other 
assistance under this title and which is likely to have 
a significant adverse environmental impact.’’. 
(c) OFFICE OF ACCOUNTABILITY.—Section 237 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2197), as amend-
ed by subsection (b) of this section, is amended by adding 
at the end the following new subsection: 
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‘‘(r) OFFICE OF ACCOUNTABILITY.—The Corporation 
shall maintain an Office of Accountability to provide, to 
the maximum extent practicable, upon request, problem- 
solving services for projects supported by the Corporation 
and review of the Corporation’s compliance with its envi-
ronmental, social, internationally recognized worker rights, 
human rights, and transparency policies and procedures. 
The Office of Accountability shall operate in a manner that 
is fair, objective, and transparent.’’. 
SEC. 7. 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 2008, the Cor-
poration may select persons to manage the fund only 
by contract using competitive procedures that are full 
and open. 
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‘‘(2) CRITERIA
FOR
SELECTION.—In assessing 
proposals for investment fund management proposals, 
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 the countries in which the man-
agement operates, including details of local pres-
ence (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 239(m). 
‘‘(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: 
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‘‘(A) FUND PERFORMANCE.—An analysis of 
the aggregate financial performance of the in-
vestment fund portfolio grouped by region and 
maturity. 
‘‘(B) STATUS OF LOAN GUARANTIES.—The 
amount of guaranties committed by the Corpora-
tion to support investment funds, including the 
percentage of such amount that has been dis-
bursed to the investment funds. 
‘‘(C) RISK RATINGS.—The definition of risk 
ratings, and the current aggregate risk ratings 
for the investment fund portfolio, including the 
number of investment funds in each of the Cor-
poration’s rating categories. 
‘‘(D) COMPETITIVE SELECTION OF INVEST-
MENT FUND MANAGEMENT.—The number of pro-
posals received and evaluated for each newly es-
tablished investment fund.’’. 
(b) GAO REVIEW.—Not later than 1 year after the 
submission of the first report to Congress under section 
240A of the Foreign Assistance Act of 1961 that includes 
the information required by section 239(l)(3) of that Act 
(as added by subsection (a) of this section), the Comptroller 
General of the United States shall prepare and submit to 
the Committee on Foreign Relations of the Senate and the 
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Committee on Foreign Affairs of the House of Representa-
tives an independent assessment of the investment fund 
portfolio of the Overseas Private Investment Corporation, 
covering the items required to be addressed under such sec-
tion 239(l)(3). 
SEC. 8. PROHIBITION ON ASSISTANCE TO DEVELOP OR 
PROMOTE CERTAIN RAILWAY CONNECTIONS 
AND RAILWAY-RELATED CONNECTIONS. 
Section 237 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2197), as amended by section 6, is amended by add-
ing at the end the following: 
‘‘(s) PROHIBITION ON ASSISTANCE FOR CERTAIN RAIL-
WAY PROJECTS.—The Corporation may not provide insur-
ance, reinsurance, a guaranty, financing, or other assist-
ance to support the development or promotion of a railway 
connection or railway-related connection that connects 
Azerbaijan and Turkey without connecting or traversing 
with Armenia.’’. 
SEC. 9. INELIGIBILITY OF PERSONS DOING CERTAIN BUSI-
NESS WITH STATE SPONSORS OF TERRORISM. 
(a) IN GENERAL.—Section 231 of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2191) is amended by— 
(1) striking ‘‘and’’ at the end of division (m); 
(2) by striking the period at the end of division 
(n) and inserting ‘‘; and’’; and 
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