HR 5105 PCS 
(1) IN GENERAL.—The Corporation should give 
preferential consideration to projects for which sup-
port under title II may potentially be provided in 
countries the governments of which have dem-
onstrated consistent support for economic policies 
that promote the development of private enterprise, 
both domestic and foreign, and maintaining the con-
ditions that enable private enterprise to make its full 
contribution to the development of such countries, 
including— 
(A) market-based economic policies; 
(B) protecting private property rights; 
(C) respect for the rule of law; and 
(D) systems to combat corruption and 
bribery. 
(2) SOURCES OF INFORMATION.—The Corpora-
tion should rely on both third-party indicators and 
United States Government information, such as the 
Department of State’s Investment Climate State-
ments, the Department of Commerce’s Country 
Commercial Guides, or the Millennium Challenge 
Corporation’s Constraints Analysis, to assess wheth-
er countries meet the conditions described in para-
graph (1). 
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(h) CONSIDERATION OF FOREIGN BOYCOTT PARTICI-
PATION.—In providing support for projects under title II, 
the Corporation shall consider, using information readily 
available, whether the project is sponsored by or substan-
tially affiliated with any person taking or knowingly agree-
ing to take actions, or having taken or knowingly agreed 
to take actions within the past 3 years, which demonstrate 
or otherwise evidence intent to comply with, further, or 
support any boycott fostered or imposed by any foreign 
country, or request to impose any boycott by any foreign 
country, against a country which is friendly to the United 
States and which is not itself the object of any form of 
boycott pursuant to United States law or regulation. 
SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 
DISTORTION. 
(a) IN GENERAL.—Before the Corporation provides 
support for a project under title II, the Corporation shall 
ensure that private sector entities are afforded an oppor-
tunity to support the project. 
(b) SAFEGUARDS, POLICIES, AND GUIDELINES.—The 
Corporation shall develop appropriate safeguards, policies, 
and guidelines to ensure that support provided by the Cor-
poration under title II— 
(1) supplements and encourages, but does not 
compete with, private sector support; 
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(2) operates according to internationally recog-
nized best practices and standards with respect to 
ensuring the avoidance of market distorting govern-
ment subsidies and the crowding out of private sec-
tor lending; and 
(3) does not have a significant adverse impact 
on United States employment. 
SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED 
COUNTRIES AND WITH SANCTIONED PER-
SONS. 
(a) IN GENERAL.—The Corporation is prohibited 
from providing support under title II in a country the gov-
ernment of which the Secretary of State has determined 
has repeatedly provided support for acts of international 
terrorism for purposes of— 
(1) section 6(j)(1)(A) of the Export Administra-
tion Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as con-
tinued in effect pursuant to the International Emer-
gency Economic Powers Act (50 U.S.C. 1701 et 
seq.)); 
(2) section 620A(a) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2371(a)); 
(3) section 40(d) of the Arms Export Control 
Act (22 U.S.C. 2780(d)); or 
(4) any other provision of law. 
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(b) PROHIBITION ON SUPPORT OF SANCTIONED PER-
SONS.—The Corporation is prohibited from supporting a 
project under title II that directly benefits any entity sub-
ject to sanctions imposed by the United States. 
(c) PROHIBITION ON SUPPORT OF ACTIVITIES SUB-
JECT TO SANCTIONS.—The Corporation shall require any 
entity or party receiving support under title II to certify 
it, any entity owned or controlled by the entity or party, 
or any entity or party which owns or otherwise manages 
the entity or party receiving support, does not conduct any 
activities subject to sanctions imposed by the United 
States. 
SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, 
AND BRIBERY. 
Subsections (g), (l), and (n) of section 237 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2197) shall 
apply with respect to the Corporation to the same extent 
and in the same manner as such subsections applied with 
respect to the Overseas Private Investment Corporation 
on the day before the date of the enactment of this Act. 
TITLE VI—TRANSITIONAL 
PROVISIONS 
SEC. 601. DEFINITIONS. 
In this title: 
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(1) AGENCY.—The term ‘‘agency’’ includes any 
entity, organizational unit, program, or function. 
(2) TRANSITION
PERIOD.—The term ‘‘transi-
tion period’’ means the period— 
(A) beginning on the date of the enactment 
of this Act; and 
(B) ending on the effective date of the re-
organization plan required by section 602(e). 
SEC. 602. REORGANIZATION PLAN. 
(a) SUBMISSION OF PLAN.— 
(1) IN
GENERAL.—Not later than 120 days 
after the date of the enactment of this Act, the 
President shall transmit to the appropriate congres-
sional committees a reorganization plan regarding 
the following: 
(A) The transfer of agencies, personnel, 
assets, and obligations to the Corporation pur-
suant to this title. 
(B) Any consolidation, reorganization, or 
streamlining of agencies transferred to the Cor-
poration pursuant to this title. 
(C) Any efficiencies or cost savings 
achieved as a result of the transfer of agencies, 
personnel, assets, and obligations to the Cor-
poration pursuant to this title, including reduc-
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tions in unnecessary or duplicative operations, 
assets, and personnel. 
(2) CONSULTATION.—Not later than 15 days 
before the date on which the plan is transmitted 
pursuant to this subsection, the President shall con-
sult with the appropriate congressional committees 
on such plan. 
(b) PLAN ELEMENTS.—The plan transmitted under 
subsection (a) shall contain, consistent with this Act, such 
elements as the President deems appropriate, including 
the following: 
(1) Identification of any functions of agencies 
transferred to the Corporation pursuant to this title 
that will not be transferred to the Corporation under 
the plan. 
(2) Specification of the steps to be taken to or-
ganize the Corporation, including the delegation or 
assignment of functions transferred to the Corpora-
tion. 
(3) Specification of the funds available to each 
agency that will be transferred to the Corporation as 
a result of transfers under the plan. 
(4) Specification of the proposed allocations 
within the Corporation of unexpended funds trans-
ferred in connection with transfers under the plan. 
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(5) Specification of any proposed disposition of 
property, facilities, contracts, records, and other as-
sets and obligations of agencies transferred under 
the plan. 
(c) REPORT ON COORDINATION.— 
(1) IN
GENERAL.—The transfer of functions 
authorized by this section may occur only after the 
President and Chief Executive Officer of the Over-
seas Private Investment Corporation and the Admin-
istrator of the United States Agency for Inter-
national Development jointly submit to the Com-
mittee on Foreign Affairs and Committee on Appro-
priations of the House of Representatives and Com-
mittee on Foreign Relations and Committee on Ap-
propriations of the Senate a report in writing that 
contains the information required by paragraph (2). 
(2) INFORMATION REQUIRED.—The information 
required by this paragraph includes a description in 
detail of the procedures to be followed after the 
transfer of functions authorized by this section have 
occurred to coordinate between the Corporation and 
the United States Agency for International Develop-
ment in carrying out the functions so transferred. 
(d) MODIFICATION OF PLAN.—The President shall 
consult with the appropriate congressional committees be-
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fore making any material modification or revision to the 
plan before the plan becomes effective in accordance with 
subsection (e). 
(e) EFFECTIVE DATE.— 
(1) IN GENERAL.—The reorganization plan de-
scribed in this section, including any modifications 
or revisions of the plan under subsection (c), shall 
become effective for an agency on the date specified 
in the plan (or the plan as modified pursuant to sub-
section (d)), except that such date may not be ear-
lier than 90 days after the date the President has 
transmitted the reorganization plan to the appro-
priate congressional committees pursuant to sub-
section (a). 
(2) STATUTORY
CONSTRUCTION.—Nothing in 
this subsection may be construed to require the 
transfer of functions, personnel, records, balances of 
appropriations, or other assets of an agency on a 
single date. 
SEC. 603. TRANSFER OF FUNCTIONS. 
(a) IN GENERAL.—Effective at the end of the transi-
tion period, there shall be transferred to the Corporation 
the functions, personnel, assets, and liabilities of— 
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(1) the Overseas Private Investment Corpora-
tion, as in existence on the day before the date of 
the enactment of this Act; and 
(2) the following elements of the United States 
Agency for International Development: 
(A) The Development Credit Authority. 
(B) The existing Legacy Credit portfolio 
under the Urban Environment Program and 
any other direct loan programs and non-Devel-
opment Credit Authority guaranty programs 
authorized by the Foreign Assistance Act of 
1961 (22 U.S.C. 2151 et seq.) or other prede-
cessor Acts, as in existence on the date of the 
enactment of this Act, other than any sovereign 
loan guaranties. 
(b) ADDITIONAL TRANSFER AUTHORITY.—Effective 
at the end of the transition period, there is authorized to 
be transferred to the Corporation the functions, personnel, 
assets, and liabilities of the following elements of the 
United States Agency for International Development: 
(1) The Office of Private Capital and Microen-
terprise. 
(2) The enterprise funds. 
(c) SOVEREIGN LOAN GUARANTY TRANSFER.— 
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HR 5105 PCS 
(1) IN GENERAL.—Effective at the end of the 
transition period, there is authorized to be trans-
ferred to the Corporation or any other appropriate 
department or agency of the United States Govern-
ment the loan accounts and the legal rights and re-
sponsibilities for the sovereign loan guaranty port-
folio held by the United States Agency for Inter-
national Development as in existence on the day be-
fore the date of the enactment of this Act. 
(2) INCLUSION
IN
REORGANIZATION
PLAN.— 
The President shall include in the reorganization 
plan submitted under section 602 a description of 
the transfer authorized under paragraph (1). 
(d) BILATERAL AGREEMENTS.—Any bilateral agree-
ment of the United States in effect on the date of the 
enactment of this Act that serves as the basis for pro-
grams of the Overseas Private Investment Corporation 
and the Development Credit Authority shall be considered 
as satisfying the requirements of section 301(a). 
(e) TRANSITION.—During the transition period, the 
agencies specified in subsection (a) shall— 
(1) continue to administer the assets and obli-
gations of those agencies; and 
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(2) carry out such programs and activities au-
thorized under this Act as may be determined by the 
President. 
SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVEST-
MENT 
CORPORATION 
AND 
OTHER 
SUPERCEDED AUTHORITIES. 
Effective at the end of the transition period— 
(1) the Overseas Private Investment Corpora-
tion is terminated; and 
(2) title IV of chapter 2 of part I of the For-
eign Assistance Act of 1961 (22 U.S.C. 2191 et 
seq.) (other than subsections (g), (l), and (n) of sec-
tion 237 of that Act) is repealed. 
SEC. 605. TRANSITIONAL AUTHORITIES. 
(a) PROVISION
OF ASSISTANCE
BY OFFICIALS.— 
Until the transfer of an agency to the Corporation under 
section 603, any official having authority over or functions 
relating to the agency on the day before the date of the 
enactment of this Act shall provide to the Corporation 
such assistance, including the use of personnel and assets, 
as the Corporation may request in preparing for the trans-
fer and integration of the agency into the Corporation. 
(b) SERVICES AND PERSONNEL.—During the transi-
tion period, upon the request of the Corporation, the head 
of any executive agency may, on a reimbursable or non- 
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