Omnibus Corporate Welfare Reduction Act of 1997

entitled 
        ``Joint Resolution making further continuing appropriations for 
        the fiscal year 1986, and for other purposes'' (Public Law 99-
        190; 99 Stat. 1251) is repealed.
            (2) Exception.--The authority provided in the matter 
        repealed by paragraph (1) of this subsection shall be preserved 
        to the extent necessary to carry out obligations of the United 
        States with respect to clean coal technology projects selected 
        by the Secretary of Energy pursuant to the fifth general 
        request for proposals issued by the Secretary under such 
        section 101(d) (and pursuant to any such general request issued 
        before the fifth general request).
    (c) Rescission.--Any unobligated funds previously appropriated for 
the Clean Coal Technology program are rescinded.

                 TITLE IV--FOREIGN OPERATIONS PROGRAMS

SEC. 401. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION.

    (a) Termination.--
            (1) Termination of authority to make new obligations.--(A) 
        Effective 60 days after the date of the enactment of this Act, 
        the Overseas Private Investment Corporation shall not issue any 
        insurance, guaranties, or reinsurance, make any loan, or 
        acquire any securities, under section 234 of the Foreign 
        Assistance Act of 1961, enter into any agreements for any other 
        activity authorized by such section 234, or enter into risk 
        sharing arrangements authorized by section 234A of that Act.
            (B) Subparagraph (A) does not require the termination of 
        any contract or other agreement entered into before such 
        paragraph takes effect.
            (2) Termination of opic.--Effective 180 days after the date 
        of the enactment of this Act, the Overseas Private Investment 
        Corporation is abolished.
            (3) Transfer of operations to omb.--The Director of the 
        Office of Management and Budget shall, effective 180 days after 
        the date of the enactment of this Act, perform the functions of 
        the Overseas Private Investment Corporation with respect to 
        contracts and agreements described in paragraph (1)(B) until 
        the expiration of such contracts and agreements, but shall not 
        renew any such contract or agreement. The Director shall take 
        the necessary steps to wind up the affairs of the Corporation.
            (4) Repeal of authorities.--Effective 180 days after the 
        date of the enactment of this Act, title IV of chapter 2 of 
part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2191 and 
following) is repealed, but shall continue to apply with respect to 
functions performed by the Director of the Office of Management and 
Budget under paragraph (3).
            (5) Appropriations.--Funds available to the Corporation 
        shall, upon the effective date of the repeal made by paragraph 
        (4), be transferred to the Director of the Office of Management 
        and Budget for use in performing the functions of the 
        Corporation under paragraph (3). Upon the expiration of the 
        contracts and agreements with respect to which the Director is 
        exercising such functions, any unexpended balances of the funds 
        transferred under this subsection shall be deposited in the 
        Treasury as miscellaneous receipts.
    (b) Savings Provisions.--
            (1) Prior determinations not affected.--The repeal made by 
        subsection (a)(4) of the provisions of law set forth in such 
        subsection shall not affect any order, determination, 
        regulation, or contract that has been issued, made, or allowed 
        to become effective under such provisions before the effective 
        date of the repeal. All such orders, determinations, 
        regulations, and contracts shall continue in effect until 
        modified, superseded, terminated, set aside, or revoked in 
        accordance with law by the President, the Director of the 
        Office of Management and Budget, or other authorized official, 
        a court of competent jurisdiction, or by operation of law.
            (2) Pending proceedings.--(A) The repeal made by subsection 
        (a)(4) shall not affect any proceedings, including notices of 
        proposed rulemaking, pending on the effective date of the 
        repeal, before the Overseas Private Investment Corporation, 
        except that no insurance, reinsurance, guarantee, or loan may 
        be issued pursuant to any application pending on such effective 
        date. Such proceedings, to the extent that they relate to 
        functions performed by the Director of the Office of Management 
        and Budget after such repeal, shall be continued. Orders shall 
        be issued in such proceedings, appeals shall be taken 
        therefrom, and payments shall be made pursuant to such orders, 
        as if this Act had not been enacted; and orders issued in any 
        such proceedings shall continue in effect until modified, 
        terminated, superseded, or revoked by the Director, by a court 
        of competent jurisdiction, or by operation of law. Nothing in 
        this paragraph shall be deemed to prohibit the discontinuance 
        or modification of any such proceeding under the same terms and 
        conditions and to the same extent that such proceeding could 
        have been discontinued or modified if this section had not been 
        enacted.
            (B) The Director of the Office of Management and Budget is 
        authorized to issue regulations providing for the orderly 
        transfer of proceedings continued under subparagraph (A).
            (3) Actions.--Except as provided in paragraph (5)--
                    (A) the provisions of this Act shall not affect 
                suits commenced before the effective date of the repeal 
                made by subsection (a)(4); and
                    (B) in all such suits, proceedings shall be had, 
                appeals taken, and judgments rendered in the same 
                manner and effect as if this section had not been 
                enacted.
            (4) Liabilities incurred.--No suit, action, or other 
        proceeding commenced by or against any officer in the official 
        capacity of such individual as an officer of the Overseas 
        Private Investment Corporation, shall abate by reason of the 
        enactment of this section. No cause of action by or against the 
        Overseas Private Investment Corporation, or by or against any 
        officer thereof in the official capacity of such officer shall 
        abate by reason of the enactment of this section.
            (5) Parties.--If, before the effective date of the repeal 
        made by subsection (a)(4), the Overseas Private Investment 
        Corporation or an officer thereof in the official capacity of 
        such officer, is a party to a suit, then such suit shall be 
        continued with the Director of the Office of Management and 
        Budget substituted or added as a party.
            (6) Review.--Orders and actions of the Director of the 
        Office of Management and Budget in the exercise of functions of 
        the Overseas Private Investment Corporation shall be subject to 
        judicial review to the same extent and in the same manner as if 
        such orders and actions had been issued or taken by the 
        Overseas Private Investment Corporation. Any statutory 
        requirements relating to notice, hearings, action upon the 
        record, or administrative review that apply to any function of 
        the Overseas Private Investment Corporation shall apply to the 
        exercise of such function by the Director of the Office of 
        Management and Budget.
    (c) Technical and Conforming Amendments.--
            (1) Title 5, united states code.--(A) Section 5314 of title 
        5, United States Code, is amended by striking
            ``President, Overseas Private Investment Corporation.''.
            (B) Section 5315 of title 5, United States Code, is amended 
        by striking
            ``Executive Vice President, Overseas Private Investment 
        Corporation.''.
            (C) Section 5316 of title 5, United States Code, is amended 
        by striking
            ``Vice Presidents, Overseas Private Investment Corporation 
        (3).''.
            (2) Other amendments and repeals.--(A) Section 222(a) of 
        the Foreign Assistance Act of 1961 is amended by inserting 
        after ``section 238(c)'' the following: ``as in effect on the 
        day before the effective date of the repeal of that section 
        made by section 401(a)(4) of the Omnibus Corporate Welfare 
        Reduction Act of 1997''.
            (B) Section 2301(b)(9) of the Export Enhancement Act of 
        1988 (15 U.S.C. 4721(b)(9)) is amended by striking ``the 
        Overseas Private Investment Corporation,''.
            (C) Section 2312(d)(1) of the Export Enhancement Act of 
        1988 (15 U.S.C. 4727(d)(1)) is amended--
                    (i) by striking subparagraph (K); and
                    (ii) by redesignating subparagraphs (L) and (M) as 
                subparagraphs (K) and (L), respectively.
            (D) Section 5402(b) of the Omnibus Trade and 
        Competitiveness Act of 1988 (15 U.S.C. 4902(b)) is amended--
                    (i) in paragraph (12) by adding ``and'' after the 
                semicolon;
                    (ii) by striking paragraph (13); and
                    (iii) by redesignating paragraph (14) as paragraph 
                (13).
            (E) Section 624 of the Higher Education Act of 1965 (20 
        U.S.C. 1131c) is amended by striking ``the Overseas Private 
        Investment Corporation,''.
            (F) Section 481(e)(4)(A) of the Foreign Assistance Act of 
        1961 (22 U.S.C. 2291(e)(4)(A)) is amended by striking 
        ``(including programs under title IV of chapter 2, relating to 
        the Overseas Private Investment Corporation)''.
            (G)(i) Section 574 of the Foreign Operations, Export 
        Financing, and Related Programs Appropriations Act, 1996 (22 
        U.S.C. 2394 note) is amended--
                    (I) by amending subsection (b) to read as follows:
    ``(b) Countries.--The countries referred to in subsection (a) are 
countries for which in excess of $5,000,000 has been obligated during 
the previous fiscal year for assistance under sections 103 through 106, 
chapters 10 and 11 of part I, and chapter 4 of part II of the Foreign 
Assistance Act of 1961, and under the Support for East European 
Democracy Act of 1989.''; and
                    (II) in the first sentence of subsection (c) by 
                striking ``the Administrator'' and all that follows 
                through ``Corporation'' and inserting ``and the 
                Administrator of the Agency for International 
                Development''.
            (ii) The amendment made by clause (i) shall first apply to 
        the annual report required to be submitted under section 574(a) 
        of the Foreign Operations, Export Financing, and Related 
        Programs Appropriations Act, 1996 in the fiscal year following 
        the fiscal year in which no funds have been obligated by the 
        Overseas Private Investment Corporation by virtue of this 
        section.
            (H) Section 2(c)(12) of the Support for East European 
        Democracy (SEED) Act of 1989 (22 U.S.C. 5401(c)(12)) is 
        repealed.
            (I) Section 202(b)(2)(B) of the Cuban Liberty and 
        Democratic Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 
        6062(b)(2)(B)) is amended--
                    (i) by striking clause (iv); and
                    (ii) by redesignating clauses (v), (vi), and (vii) 
                as clauses (iv), (v), and (vi), respectively.
            (J) Section 9101(3) of title 31, United States Code, is 
        amended--
                    (i) by striking subparagraph (H); and
                    (ii) by redesignating subparagraphs (I) through (P) 
                as subparagraphs (G) through (O), respectively.
            (K) The following provisions of law are repealed:
                    (i) Section 5(b)(2) of the Overseas Private 
                Investment Corporation Amendments Act of 1981 (22 
                U.S.C. 2194a).
                    (ii) Section 5 of the Taiwan Relations Act (22 
                U.S.C. 3304).
                    (iii) Subsections (b), (c), and (d) of section 576 
                of the Foreign Operations, Export Financing, and 
                Related Programs Appropriations Act, 1991.
                    (iv) Subsections (b), (c), and (d) of section 597 
                of the Foreign Operations, Export Financing, and 
                Related Programs Appropriations Act, 1990.
                    (v) Sections 109 and 111 of the Overseas Private 
                Investment Corporation Amendments Act of 1988, as 
                enacted by reference in section 555 of Public Law 100-
                461.
            (3) Effective date.--The amendments and repeals made by 
        this subsection shall take effect 180 days after the date of 
        the enactment of this Act.

SEC. 402. SENSE OF THE CONGRESS THAT THE UNITED STATES SHOULD NOT 
              PARTICIPATE IN THE LATEST ROUND OF THE IMF GENERAL 
              AGREEMENTS TO BORROW.

    (a) Findings.--The Congress finds that--
            (1) the International Monetary Fund (IMF) operates outside 
        of public scrutiny, releasing almost no information to the 
        public, thereby avoiding adequate accountability for its 
        programs;
            (2) to ensure that it gets repaid, the IMF frequently 
        imposes ``conditionality'' on its loans--policy changes that 
        borrowing countries must undertake to receive a loan;
            (3) frequently, the IMF has forced developing nations to 
        enact unsound economic policies, which have led to tax 
        increases on the poor, draconian currency devaluations, and 
        resource exploitation;
            (4) the IMF will do considerable harm to developing 
        countries by continuing to make loans to their governments;
            (5) bailing out these governments only encourages them to 
        continue policies detrimental to their citizens, such as 
        destroying scarce natural resources, maintaining bloated 
        bureaucracies, operating money-losing state-sponsored 
        industries, and spending too much on their militaries; and
            (6) new IMF funding to developing countries frequently ends 
        up substituting IMF debt for reschedulable commercial bank 
        debt.
    (b) Sense of the Congress.--It is the sense of the Congress that 
the United States should not participate in the latest round of the 
General Agreements to Borrow, commonly referred to as the ``New 
Arrangements to Borrow''.

SEC. 403. SENSE OF THE CONGRESS THAT THE UNITED STATES SHOULD NOT 
              PROVIDE ADDITIONAL RESOURCES TO THE IMF ENHANCED 
              STRUCTURAL ADJUSTMENT FACILITY.

    (a) Findings.--The Congress finds that--
            (1) the Enhanced Structural Adjustment Facility (ESAF) of 
        the International Monetary Fund makes low interest loans to the 
        poorest developing countries that cannot pay their bills;
            (2) countries that borrow from the ESAF must be prepared to 
        adopt multi-year economic and structural ``reform'' programs, 
        which have frequently done the countries more harm than good; 
        and
            (3) despite 10 years of ESAF lending, poverty continues to 
        increase in many countries that are eligible for loans from the 
        ESAF.
    (b) Sense of the Congress.--It is the sense of the Congress that 
the United States should not provide additional resources to the 
Enhanced Structural Adjustment Facility.

                    TITLE V--TRANSPORTATION PROGRAMS

SEC. 501. SENSE OF CONGRESS CONCERNING HIGHWAY DEMONSTRATION PROJECTS.

    (a) Finding.--Congress finds that--
            (1) the Intermodal Surface Transportation Efficiency Act of 
        1991 (ISTEA) included a five-fold increase in demonstration 
        projects compared to the Surface Transportation and Uniform 
        Relocation Assistance Act of 1987;
            (2) highway demonstration projects provide limited economic 
        benefits; and
            (3) highway demonstration projects frequently are not 
        consistent with key transportation priorities, do not appear on 
        State or regional transportation plans, and draw funds away 
        from other major Federal-aid highway programs.
    (b) Sense of Congress.--It is therefore the sense of Congress that 
highway demonstration projects should not be required by Federal law.

SEC. 502. ELIMINATION OF APPALACHIAN DEVELOPMENT HIGHWAY SYSTEM 
              PROGRAM.

    (a) Repeal.--Section 201 of the Appalachian Regional Development 
Act of 1965 (40 U.S.C. App. 201) is repealed.
    (b) Conforming Amendments.--Section 401 of such Act (40 U.S.C. App. 
401) is amended--
            (1) by striking ``in section 201 for the Appalachian 
        Development Highway System and Local Access Roads, and''; and
            (2) by striking ``and in section 201(g) for the Appalachian 
        development highway system and local access roads,''.

Summary: TABLE OF CONTENTS: 
     Title I:  Agriculture Programs 
     Title II:  Energy and Water Programs 
     Title III:  Interior Programs 
     Title IV:  Foreign Operations Programs 
     Title V:  Transportation Programs 
Omnibus Corporate Welfare Reduction Act of 1997 - 
Title I: Agriculture Programs
 - Repeals the Rural Electrification Act of 1936 (REA), provisions of the Disaster Relief Act of 1970 relating to adjusting the repayment schedules on REA loans, and provisions of Federal law regarding:  (1) congressional policy concerning making funds available to rural electric and telephone systems; (2) congressional policy with respect to rural telephone system financing; (3) loan programs under the Rural Electrification and Telephone Revolving Fund; and (4) rural advanced telecommunications.  Rescinds related unobligated balances. 
(Sec. 102) Repeals provisions of the Agricultural Trade Act of 1978 regarding an agricultural commodity export promotion program. 
Title II:  Energy and Water Programs
 - Prohibits obligating or spending funds for the Animas-La Plata Project, Colorado and New Mexico, except regarding alternatives that would satisfy the water rights interests of the Ute Mountain Ute Indian Tribe and the Southern Ute Indian Tribe. 
(Sec. 202) Declares that the Congress is concerned about the pyroprocessing program and should not proceed with a liquid metal reactor program.  Amends provisions of the Energy Policy Act of 1992 relating to advanced nuclear reactors to remove references to liquid metal reactors. 
Title III:  Interior Programs
 - Prohibits the Department of Energy from conducting any fossil energy research and development, except as required by contracts entered into before enactment of this Act and as necessary to terminate ongoing activities.  Authorizes appropriations. 
(Sec. 302) Amends Federal law commonly known as the National Forest Roads and Trails Act to modify requirements regarding the construction of forest development roads.  Declares that it is the sense of the Congress that the full cost of forest road design, construction, and maintenance should be recovered through user fees. 
(Sec. 303) Prohibits fund obligation for the Clean Coal Technology program.  Repeals, subject to exception, related appropriations from an appropriations Act for FY 1986 and rescinds any related unobligated funds. 
Title IV:  Foreign Operations Programs
 - Abolishes the Overseas Private Investment Corporation (OPIC) and repeals related provisions. Requires that the Office of Management and Budget perform OPIC functions on certain existing contracts until their expiration. Prohibits contract renewal.  Deposits unexpended balances in the Treasury as miscellaneous receipts. 
(Sec. 402) Sets forth findings regarding the International Monetary Fund and its Enhanced Structural Adjustment Facility (ESAF).  Declares that it is the sense of the Congress that the United States should not participate in the latest round of General Agreements to Borrow (commonly referred to as the New Arrangement to Borrow) or provide additional resources to the ESAF. 
Title V:  Transportation Programs
 - Expresses the sense of the Congress that highway demonstration projects should not be required by Federal law. 
(Sec. 502) Repeals provisions of the Appalachian Regional Development Act of 1965 authorizing the Appalachian development highway system.