II
Calendar No. 317
106TH CONGRESS
1ST SESSION
H. R. 1993
IN THE SENATE OF THE UNITED STATES
OCTOBER 14, 1999
Received; read twice and placed on the calendar
AN ACT
To reauthorize the Overseas Private Investment Corporation
and the Trade and Development Agency, and for other
purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
HR 1993 PCS
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Export Enhancement
Act of 1999’’.
SEC. 2. FINDINGS.
The Congress makes the following findings:
(1) Since it began operations in 1971, the Over-
seas Private Investment Corporation (in this Act re-
ferred to as ‘‘OPIC’’) has sold investment services
and mobilized private sector resources to assist de-
veloping countries and emerging democracies in the
transition from nonmarket to market economies.
(2) In an era of declining Federal budgetary re-
sources, OPIC has consistently demonstrated an
ability to operate on a self-sustaining basis to sup-
port United States companies and promote economic
reform in emerging economies in Africa, the newly
independent states of the former Soviet Union,
Latin America, and the Caribbean.
(3) OPIC has played an important role in rein-
forcing United States foreign policy goals and in
strengthening the United States economy by cre-
ating jobs and promoting exports.
(4) Over the past 28 years, projects supported
by OPIC have generated over $58,000,000,000 in
United States exports, mobilized $121,000,000,000
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of United States private sector investment, and cre-
ated more than 237,000 United States jobs.
(5) OPIC has been run on a sound financial
basis 
with 
reserves 
totaling 
approximately
$3,300,000,000 and with an estimated net budget
contribution to the international affairs account of
some $204,000,000 in fiscal year 2000.
(6) OPIC has maintained a claims recovery rate
of 95 percent, settling 254 insurance claims for
$541,000,000 and recovering all but $29,000,000
since 1971.
(7) OPIC programs have served to rectify mar-
ket failures, including limited market information in
developing countries and underdeveloped capital
markets, by insuring United States firms against
economic and market uncertainties.
(8) The Trade and Development Agency (in
this Act referred to as ‘‘TDA’’) promotes United
States 
business 
involvement 
in 
infrastructure
projects in developing and middle income countries.
(9) TDA has generated $12,300,000,000 in ex-
ports since its inception, with every $1 in spending
for TDA projects leading to the sale of $32 in
United States goods and services overseas.
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(10) The United States and Foreign Commer-
cial Service (in this Act referred to as the ‘‘Commer-
cial Service’’) plays an important role in helping
United States businesses identify export opportuni-
ties and develop reliable sources of information on
commercial prospects in foreign countries.
(11) The Congress has, on several occasions,
encouraged the Commercial Service to focus its re-
sources and efforts in countries or regions in Europe
and Asia to promote greater United States export
activity in those markets.
(12) The Congress supports the expansion of
the Rural Export Initiative by the International
Trade Administration (in this Act referred to as the
‘‘ITA’’) of the Department of Commerce, particu-
larly those elements related to the use of information
technology and electronic commerce techniques.
(13) The Congress is encouraged by the success
of the Market Access and Compliance Unit of the
ITA and supports the Unit’s efforts to develop mo-
bile teams to resolve market access problems and en-
sure compliance by United States trading partners
with trade agreements and commitments.
(14) The Congress acknowledges the demands
upon the Market Access and Compliance Unit of the
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ITA and recommends that priority be given to fund-
ing for this unit to ensure that adequate resources
are available for it to fully implement its mission.
SEC. 3. POLICY RECOMMENDATIONS.
The Congress makes the following declarations:
(1) OPIC should set its fees at levels sufficient
to cover all operating costs, repay any subsidy ap-
propriations, and set aside adequate reserves against
future losses.
(2) OPIC should maintain a conservative ratio
of reserves to contingent liabilities and limit its obli-
gations in any one country in its worldwide finance
or insurance portfolio.
(3) Projects supported by OPIC should not dis-
place commercial finance or insurance offerings and
should encourage private sector financing and insur-
ance participation.
(4) Independent auditors should report annually
to the Congress on the level of OPIC’s reserves in
relation to its liabilities and provide an analysis of
the trends in the levels of reserves and liabilities and
the composition of its insurance and finance port-
folios, including OPIC’s investment funds.
(5) OPIC should double the dollar value of its
support for small businesses over the next 4 years.
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(6) In administering the programs and activi-
ties of the ITA, the Secretary of Commerce should
give particular emphasis to obtaining market access
for United States firms and to securing full compli-
ance with bilateral and multilateral trade agree-
ments.
(7) The ITA should facilitate the entrance of
United States businesses into the countries of sub-
Saharan Africa and Latin America.
(8) The Commercial Service, within the ITA,
should consider expanding its presence in urban
areas and in urban enterprise areas.
(9) OPIC must address concerns that it does
not promptly dispose of legitimate claims brought
with respect to projects insured or guaranteed by
OPIC. The Congress understands the desire of
OPIC to explore all possible arrangements with for-
eign parties. However, OPIC must be aware that
private parties with legitimate claims face financial
obligations that cannot be deferred indefinitely.
SEC. 4. OPIC ISSUING AUTHORITY.
Section 235(a)(2) of the Foreign Assistance Act of
1961 (22 U.S.C. 2195(a)(3)) is amended by striking
‘‘1999’’ and inserting ‘‘2003’’.