30A of the Securities Exchange Act of 1934 or sec-
tion 104 of the Foreign Corrupt Practices Act of
1977.
‘‘(2) REGULATIONS.—The Corporation shall
have in effect regulations setting forth appropriate
conditions under which any person who has been fi-
nally determined by a court of the United States to
have violated section 30A of the Securities Exchange
Act of 1934 or section 104 of the Foreign Corrupt
Practices Act of 1977 shall be suspended, for a pe-
riod of not more than 5 years, from eligibility to re-
ceive any insurance, reinsurance, financing, or other
financial support authorized by this title, if that vio-
lation related to a project insured, reinsured, fi-
nanced, or otherwise supported by the Corporation
under this title.
‘‘(i) FRAUD OR MISREPRESENTATION.—No payment
may be made under any guarantee, insurance, or reinsur-
ance issued under this title for any loss arising out of
fraud or misrepresentation for which the party seeking
payment is responsible.
‘‘(j) PENALTIES FOR FRAUD.—Whoever knowingly
makes any false statement or report, or willfully
overvalues any land, property, or security, for the purpose
of influencing in any way the action of the Corporation
with respect to any insurance, reinsurance, guarantee,
loan, equity investment, or other activity of the Corpora-
tion under section 233 or any change or extension of any
such insurance, reinsurance, guarantee, loan, equity in-
vestment, or activity, by renewal, deferment of action or
otherwise, or the acceptance, release, or substitution of se-
curity therefor, shall be fined not more than $1,000,000
or imprisoned not more than 30 years, or both.
‘‘(k) PUBLIC HEARINGS.—The Board shall hold at
least 1 public hearing each year in order to afford an op-
portunity for any person to present views as to whether
the Corporation is carrying out its activities in accordance
with section 231 and this section or whether any invest-
ment in a particular country should have been or should
be extended insurance, reinsurance, or financing under
this title.
‘‘SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AU-
THORITY, EQUITY FUND, AND RESERVES.
‘‘(a) ISSUING AUTHORITY.—
‘‘(1) INSURANCE.—The maximum contingent li-
ability outstanding at any one time pursuant to in-
surance issued under section 233(a) shall not exceed
in the aggregate $15,000,000,000.
‘‘(2) FINANCING.—(A) The maximum contin-
gent liability outstanding at any one time pursuant
to financing issued under section 233(b) shall not
exceed in the aggregate $14,500,000,000.
‘‘(B) Subject to spending authority provided in
appropriations Acts pursuant to section 504(b) of
the Federal Credit Reform Act of 1990, the Cor-
poration is authorized to transfer such sums as are
necessary from its noncredit activities to pay for the
subsidy cost of a program level for the direct loan
and guarantee programs under sections 233 (b)(1)
and (b)(3)—
‘‘(i) $3,000,000,000 for fiscal year 1995;
‘‘(ii) $4,000,000,000 for fiscal year 1996;
and
‘‘(iii) $5,000,000,000 for fiscal year 1997.
‘‘(3) TERMINATION OF AUTHORITY.—The au-
thority of sections 233 (a) and (b)(3) shall continue
until September 30, 1997.
‘‘(b) CREATION OF FUND FOR ACQUISITION OF EQ-
UITY.—The Corporation is authorized to maintain a re-
volving fund to be available solely for the purposes speci-
fied in section 233(b)(2) and to make transfers to the fund
of a total of $45,000,000 (less amounts transferred to the
fund before the effective date of this title) from its
noncredit activities. The Corporation shall apply to the
fund all amounts received by the Corporation as income
on securities acquired under section 233(b)(2) using funds
made available under this section, and from the proceeds
on the disposition of such securities. Purchases of, invest-
ments in, and other acquisitions of equity from the fund
are authorized for any fiscal year only to the extent or
in such amounts as are provided in advance in appropria-
tions Acts or are transferred to the Corporation pursuant
to section 632(a).
‘‘(c) INSURANCE RESERVES.—
‘‘(1) MAINTENANCE AND PURPOSES.—The Cor-
poration shall maintain insurance reserves. Such re-
serves shall be available for the discharge of liabil-
ities, as provided in subsection (d), until such time
as all such liabilities have been discharged or have
expired or until all such reserves have been expended
in accordance with the provisions of this section.
‘‘(2) FUNDING.—The insurance reserves shall
consist of—
‘‘(A) any funds in the insurance reserves of
the Corporation on September 30, 1994;
‘‘(B) amounts transferred to the reserves
pursuant to this Act; and
‘‘(C) such sums as are appropriated pursu-
ant to subsection (e) of this section for such
purposes.
‘‘(d) ORDER OF PAYMENTS TO DISCHARGE LIABIL-
ITIES.—Any payment made to discharge liabilities under
investment insurance or reinsurance issued under section
233, or to discharge liabilities under predecessor guaran-
tee authority, shall be paid first out of the insurance re-
serves, as long as such reserves remain available, and
thereafter out of funds made available pursuant to sub-
section (e) of this section. Any payments made to dis-
charge liabilities under guarantees issued under section
233(b)(3) shall be paid in accordance with the Federal
Credit Reform Act of 1990.
‘‘(e) AUTHORIZATION OF APPROPRIATIONS.—
‘‘(1) AUTHORIZATION.—Subject to paragraph
(2), there are authorized to be appropriated to the
Corporation such amounts as may be necessary from
time to time to replenish or increase the insurance
reserves, to discharge the liabilities under insurance
or reinsurance issued by the Corporation, to dis-
charge liabilities under predecessor guarantee au-
thority, or to discharge obligations of the Corpora-
tion purchased by the Secretary of the Treasury
pursuant to subsection (f).
‘‘(2) LIMITATION ON APPROPRIATIONS.—No ap-
propriation shall be made under paragraph (1) to
augment the insurance reserves until the amount of
funds in the insurance reserves is less than
$25,000,000. Any appropriations to augment the in-
surance reserves shall then only be made either pur-
suant to specific authorization enacted after the date
of enactment of the Overseas Private Investment
Corporation Amendments Act of 1974, or to satisfy
the full faith and credit provision of section 237(c).
‘‘(f) ISSUANCE OF OBLIGATIONS.—In order to dis-
charge liabilities under investment insurance or reinsur-
ance, the Corporation is authorized to issue from time to
time for purchase by the Secretary of the Treasury its
notes, debentures, bonds, or other obligations. The aggre-
gate amount of such obligations outstanding at any one
time may not exceed $100,000,000. Any such obligation
shall be repaid to the Treasury within 1 year after the
date of issue of such obligation. Any such obligation shall
bear interest at a rate determined by the Secretary of the
Treasury, taking into consideration the current average
market yield on outstanding marketable obligations of the
United States of comparable maturities during the month
preceding the issuance of any obligation authorized by this
subsection. The Secretary of the Treasury shall purchase
any obligation of the Corporation issued under this sub-
section, and for such purchase the Secretary may use as
a public debt transaction the proceeds of the sale of any
securities issued under chapter 31 of title 31, United
States Code. The purpose for which securities may be is-
sued under chapter 31 of title 31, United States Code,
shall include any such purchase.
‘‘SEC. 236. INCOME AND REVENUES.
‘‘In order to carry out the purposes of the Corpora-
tion, all revenues earned by the Corporation from its
noncredit activities and amounts transferred to the Cor-
poration shall be held by the Corporation and shall be
available to carry out its purposes, including without limi-
tation—
‘‘(1) payment of all credit and noncredit ex-
penses of the Corporation;
‘‘(2) transfers and additions to the insurance
reserves maintained under section 235(c), and such
other funds or reserves as the Corporation may es-
tablish, at such time and in such amounts as the
Board may determine; and
‘‘(3) payment of dividends, on capital stock,
which shall consist of and be paid from net earnings
of the Corporation after payments, transfers, and
additions under paragraphs (1) and (2).
‘‘SEC. 237. GENERAL PROVISIONS RELATING TO INSUR-
ANCE AND FINANCING PROGRAM.
‘‘(a) AGREEMENTS WITH COUNTRIES.—Insurance,
guarantees, and reinsurance issued under this title shall
cover investment made in connection with projects in any
eligible country or area with the government of which the
President of the United States has agreed to institute a
program for such insurance, guarantees, or reinsurance.
‘‘(b) PROTECTION OF INTERESTS OF THE CORPORA-
TION.—The Corporation shall determine that suitable ar-
rangements exist for protecting the interest of the Cor-
poration in connection with any insurance, reinsurance, or
guarantee issued under this title, including arrangements
concerning ownership, use, and disposition of the cur-
rency, credits, assets, or investments on account of which
payment under such insurance, guarantee, or reinsurance
is to be made, and any right, title, claim, or cause of action
existing in connection therewith.
‘‘(c) FULL FAITH AND CREDIT PLEDGED.—All guar-
antees issued under predecessor guarantee authority, and
all insurance, reinsurance, and guarantees issued under
this title shall constitute obligations, in accordance with
the terms of such insurance, reinsurance, or guarantees,
of the United States of America, and the full faith and
credit of the United States of America is hereby pledged
for the full payment and performance of such obligations.
‘‘(d) FEES.—Fees may be charged for providing in-
surance, reinsurance, financing, and other services under
this title in amounts to be determined by the Corporation.
Fees paid for project-specific transaction costs and other
transaction costs, including project-related travel and ex-
penses for legal representation, associated with services
provided to specific investors or potential investors pursu-
ant to section 233, including financing, insurance, reinsur-
ance, missions, seminars, conferences, and other pre-in-
vestment services, shall be available for obligation for the
purposes for which they were collected notwithstanding
any other provision of law. Transaction costs relating to
investment financing commitments entered into pursuant
to section 233(b) shall be considered cash flows from the
Government resulting from financing commitments and
shall be paid out of the appropriate financing account es-
tablished pursuant to section 505(b) of the Federal Credit
Reform Act of 1990.
‘‘(e) INSURANCE, FINANCING, AND REINSURANCE
LIMITED TO 20 YEARS.—No insurance, reinsurance, or
guarantee of any equity investment under this title shall
extend beyond 20 years from the date on which such in-
surance, reinsurance, or guarantee is issued.
‘‘(f) 
AMOUNT
OF
COMPENSATION
PAID
ON
CLAIMS.—Compensation for any insurance, reinsurance,
or guarantee issued under this title shall not exceed the
dollar value, as of the date of the investment, of the invest-
ment made in the project with the approval of the Cor-
poration plus interest, earnings, or profits actually ac-
crued on such investment to the extent provided by such
insurance, reinsurance, or guarantee, except that the Cor-
poration may provide that—
‘‘(1) appropriate adjustments in the insured
dollar value be made to reflect the replacement cost
of project assets;
‘‘(2) compensation for a claim of loss under in-
surance of an equity investment may be computed
on the basis of the net book value attributable to
such equity investment on the date of loss; and
‘‘(3) compensation for loss due to business
interruption may be computed on a basis to be de-
termined by the Corporation which reflects amounts
lost.
Notwithstanding the preceding sentence, the Corporation
shall limit the amount of direct insurance and reinsurance
issued under section 233 so that risk of loss as to at least
10 percent of the total investment of the insured and its
affiliates in the project is borne by the insured and such
affiliates. This limitation shall not apply to direct insur-
ance or reinsurance of loans by banks or other financial
institutions to unrelated parties.
‘‘(g) LIMITATION
WITH
RESPECT
TO
FOREIGN
CREDIT INSTITUTIONS.—Insurance, guarantees, or rein-
surance of a loan or equity investment of an eligible inves-
tor in a foreign bank, finance company, or other credit
institution shall extend only to such loan or equity invest-
ment and not to any individual loan or equity investment
made by such foreign bank, finance company, or other
credit institution.
‘‘(h) SETTLEMENT AND ARBITRATION OF CLAIMS.—
Claims arising as a result of insurance, reinsurance, or
guarantee operations under this title may be settled, and
disputes arising as a result thereof may be arbitrated with
the consent of the parties, on such terms and conditions
as the Corporation may determine. Payment made pursu-
ant to any such settlement, or as a result of an arbitration
award, shall be final and conclusive notwithstanding any
other provision of law.
‘‘(i) CONTRACTS PRESUMED TO COMPLY WITH
ACT.—Each guarantee contract executed by such officer
or officers as may be designated by the Board shall be
conclusively presumed to be issued in compliance with the
requirements of this Act.
‘‘(j) USE OF LOCAL CURRENCIES.—Direct loans or
investments made in order to preserve the value of funds
received in inconvertible foreign currency by the Corpora-
tion as a result of activities conducted pursuant to section
233(a) shall not be considered in determining whether the
Corporation has made or has outstanding loans, guaran-
tees, or investments to the extent of any limitation on obli-
gations and equity investment imposed by or pursuant to
this title. The provisions of section 504(b) of the Federal
Credit Reform Act of 1990 shall not apply to direct loan
obligations made with funds described in this subsection.
‘‘(k) PROHIBITION ON NONCOMPETITIVE AWARDING
OF INSURANCE CONTRACTS ON OPIC SUPPORTED EX-
PORTS.—
‘‘(1) REQUIREMENT FOR CERTIFICATION.—(A)
Except as provided in subparagraph (C), the inves-
tor on whose behalf insurance, reinsurance, guaran-
ties, or other financing is provided under this title
with respect to a project shall be required to certify
to the Corporation that any contract for the export
of goods as part of that project will include a clause
requiring that United States insurance companies
have a fair and open competitive opportunity to pro-
vide insurance against risk of loss of such support.
‘‘(B) The investor shall be required, in every
practicable case, to so certify before the insurance,
reinsurance, guarantee, or other financing is pro-
vided. In any case in which such a certification is
not made in advance, the investor shall include in
the certification the reasons for the failure to make
a certification in advance.
‘‘(C) Subparagraph (A) does not apply with re-
spect to an investor who does not, because of the na-
ture of the investment, have a controlling interest in
fact in the project in question.
‘‘(2) REPORTS BY THE UNITED STATES TRADE
REPRESENTATIVE.—The United States Trade Rep-
resentative shall review the actions of the Corpora-
tion under paragraph (1) and, after consultation
with representatives of United States insurance com-
panies, shall report to the Congress, with respect to
such actions, in the report required by section
181(b) of the Trade Act of 1974.
‘‘(3) DEFINITIONS.—For purposes of this sub-
section—
‘‘(A) the term ‘United States insurance
company’ includes—
‘‘(i) an individual, partnership, cor-
poration, holding company, or other legal
entity which is authorized, or in the case
of a holding company, subsidiaries of
which are authorized, by a State to engage
in the business of issuing insurance con-
tracts or reinsuring the risk underwritten
by insurance companies; and
‘‘(ii) foreign operations, branches,
agencies, subsidiaries, affiliates, or joint
ventures of any entity described in clause
(i);
‘‘(B) United States insurance companies
shall be considered to have had a ‘fair and open
competitive opportunity to provide insurance’ if
they—
‘‘(i) have received notice of the oppor-
tunity to provide insurance; and
‘‘(ii) have been evaluated on a non-
discriminatory basis; and
‘‘(C) the term ‘State’ includes the District
of Columbia and any commonwealth, territory,
or possession of the United States.
‘‘SEC. 238. GENERAL PROVISIONS AND POWERS.
‘‘(a) PRINCIPAL OFFICE.—The Corporation shall
have its principal office in the District of Columbia and
shall be deemed, for purposes of venue in civil actions, to
be a resident of the District of Columbia.
‘‘(b) AUDITS.—
‘‘(1) IN GENERAL.—The Corporation shall be
subject to the applicable provisions of chapter 91 of
title 31, United States Code, except as otherwise
provided in this title.
‘‘(2) INDEPENDENT
AUDIT.—An independent
certified public accountant shall perform a financial
and compliance audit of the financial statements of
the Corporation each year, in accordance with gen-
erally accepted Government auditing standards for a
financial and compliance audit, taking into consider-
ation any standards recommended by the Comptrol-
ler General. The independent certified public ac-
countant shall report the results of such audit to the
Board. The financial statements of the Corporation
shall be presented in accordance with generally ac-
cepted accounting principles. These financial state-
ments and the report of the accountant shall be in-
cluded in a report which contains, to the extent ap-
plicable, the information identified in section 9106
of title 31, United States Code. The Corporation
shall submit such report to the Congress not later
than 61⁄2 months after the end of the last fiscal year
covered by the audit. The Comptroller General may
review the audit conducted by the accountant and
the report to the Congress in the manner and at
such times as the Comptroller General considers
necessary.
‘‘(3) AUDIT BY COMPTROLLER GENERAL.—In
lieu of the financial and compliance audit required
by paragraph (2), the Comptroller General shall, if
the Comptroller General considers it necessary or
upon the request of the Congress, audit the financial
statements of the Corporation in the manner pro-
vided in paragraph (2).
‘‘(4) 
AVAILABILITY
OF
INFORMATION.—All
books, accounts, financial records, reports, files,
workpapers, and property belonging to or in use by
the Corporation and the accountant who conducts
the audit under paragraph (2), which are necessary
for purposes of this subsection, shall be made avail-
able to the representatives of the General Account-
ing Office designated by the Comptroller General.
‘‘(c) POWERS.—To carry out the purposes of this
title, the Corporation is authorized—
‘‘(1) to adopt and use a corporate seal, which
shall be judicially noticed;
‘‘(2) to sue and be sued in its corporate name;
‘‘(3) to adopt, amend, and repeal bylaws gov-
erning the conduct of its business and the perform-
ance of the powers and duties granted to or imposed
upon it by law;
‘‘(4) to acquire, hold, or dispose of, upon such
terms and conditions as the Corporation may deter-
mine, any property, real, personal, or mixed, tan-
gible or intangible, or any interest therein;
‘‘(5) to invest funds derived from fees and other
revenues in obligations of the United States and to
use the proceeds therefrom, including earnings and
profits, as it considers appropriate;
‘‘(6) to indemnify directors, officers, employees,
and agents of the Corporation for liabilities and ex-
penses incurred in connection with their Corporation
activities;
‘‘(7) to require bonds of officers, employees,
and agents and to pay the premiums for such bonds;
‘‘(8) notwithstanding any other provision of
law, to represent itself or to contract for representa-
tion in all legal and arbitral proceedings;
‘‘(9) to enter into limited-terms contracts with
nationals of the United States for personal services
to carry out activities in the United States and
abroad under section 233;
‘‘(10) to purchase, discount, rediscount, sell,
and negotiate, with or without its endorsement or
guarantee, and guarantee notes, participation certifi-
cates, and other evidence of indebtedness (except
that the Corporation shall not issue its own securi-
ties, except participation certificates for the purpose
of carrying out section 231(c)(3), participation cer-
tificates in connection with transactions authorized
by section 233(b), or participation certificates as evi-
dence of indebtedness held by the Corporation in
connection with settlement of claims under section
237(h));
‘‘(11) to make and carry out such contracts and
agreements as are necessary and advisable in the
conduct of its business;
‘‘(12) to exercise any priority of the Govern-
ment of the United States in collecting debts from
the estates of bankrupt, insolvent, or decedent par-
ties;
‘‘(13) to determine the character of and the ne-
cessity for its obligations and expenditures, and the
manner in which they shall be incurred, allowed, and
paid, subject to provisions of law specifically applica-
ble to Government corporations;
‘‘(14) to collect or compromise any obligations
assigned to or held by the Corporation, including
any legal or equitable rights accruing to the Cor-
poration; and
‘‘(15) to take such actions as may be necessary
or appropriate to carry out the powers of the Cor-
poration.
‘‘(d) 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. 239. ANNUAL REPORT; MAINTENANCE OF INFORMA-
TION.
‘‘(a) ANNUAL REPORT.—
‘‘(1) REQUIREMENT.—After the end of each fis-
cal year, the Corporation shall submit to the Con-
gress a complete and detailed report of its oper-
ations during such fiscal year. Such report shall in-
clude—
‘‘(A) an assessment, based upon the devel-
opment impact profiles required by section
234(a), of the economic and social development
impact and benefits of the projects with respect