To terminate the authorities of the Overseas Private Investment Corporation.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Kick OPIC Act of 2010''.

SEC. 2. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION.

    (a) Termination of Authority To Make New Obligations.--
            (1) Termination of authority.--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.
            (2) Preservation of existing contracts and agreements.--
        Paragraph (1) does not require the termination of any contract 
        or other agreement entered into before such paragraph takes 
        effect.
    (b) Termination of OPIC.--Effective upon the expiration of the 180-
day period beginning on the date of the enactment of this Act, the 
Overseas Private Investment Corporation is abolished.
    (c) Transfer of Operations to OMB.--The Director of the Office of 
Management and Budget shall, effective upon the expiration of the 180-
day period beginning on 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 subsection (a)(2) 
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.
    (d) Repeal of Authorities.--Effective upon the expiration of the 
180-day period beginning on 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(22 U.S.C. 2191 and following) is repealed, but shall continue to apply 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 subsection (c).
    (e) Appropriations.--Funds available to the Corporation shall, upon 
the effective date of the repeal made by subsection (d), be transferred 
to the Director of the Office of Management and Budget for use in 
performing the functions of the Corporation under subsection (c). 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.

SEC. 3. SAVINGS PROVISIONS.

    (a) Prior Determinations Not Affected.--The repeal made by section 
2(d) of the provisions of law set forth in such section 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.
    (b) Pending Proceedings.--
            (1) Effect on pending proceedings.--
                    (A) In general.--The repeal made by section 2(d) 
                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 of the Office of 
                Management and Budget, by a court of competent 
                jurisdiction, or by operation of law.
                    (B) Construction.--Nothing in this subsection shall 
                be deemed to prohibit the discontinuance or 
                modification of any proceeding described in 
                subparagraph (A) under the same terms and conditions 
                and to the same extent that such proceeding could have 
                been discontinued or modified if this Act had not been 
                enacted.
            (2) Regulations for transfer of proceedings.--The Director 
        of the Office of Management and Budget is authorized to issue 
        regulations providing for the orderly transfer of proceedings 
        continued under paragraph (1).
    (c) Actions.--Except as provided in subsection (e)--
            (1) the provisions of this Act shall not affect suits 
        commenced before the effective date of the repeal made by 
        section 2(d); and
            (2) in all such suits, proceedings shall be had, appeals 
        taken, and judgments rendered in the same manner and effect as 
        if this Act had not been enacted.
    (d) Liabilities Incurred.--No suit, action, or other proceeding 
commenced by or against an individual 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 Act. 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 Act.
    (e) Parties.--If, before the effective date of the repeal made by 
section 2(d), 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.
    (f) 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.

SEC. 4. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Title 5, United States Code.--(1) Section 5314 of title 5, 
United States Code, is amended by striking
            ``President, Overseas Private Investment Corporation.''.
    (2) Section 5315 of title 5, United States Code, is amended by 
striking
            ``Executive Vice President, Overseas Private Investment 
        Corporation.''.
    (3) Section 5316 of title 5, United States Code, is amended by 
striking
            ``Vice Presidents, Overseas Private Investment Corporation 
        (3).''.
    (b) Other Amendments and Repeals.--(1) Section 222(a) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2182) 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 
2(d) of the OPIC Abolition Act''.
    (2) Section 222A of the Foreign Assistance Act of 1961 (22 U.S.C. 
2182a) is amended--
            (A) by striking subsections (f) and (g); and
            (B) by redesignating subsections (h) and (i) as subsections 
        (f) and (g), respectively.
    (3) Section 499B(b) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2296b(b)) is amended--
            (A) by striking paragraph (2); and
            (B) by redesignating paragraph (3) as paragraph (2).
    (4) 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,''.
    (5) Section 2312(d)(1) of the Export Enhancement Act of 1988 (15 
U.S.C. 4727(d)(1)) is amended--
            (A) by striking subparagraph (K); and
            (B) by redesignating subparagraphs (L) and (M) as 
        subparagraphs (K) and (L), respectively.
    (6) Section 5402(b) of the Omnibus Trade and Competitiveness Act of 
1988 (15 U.S.C. 4902(b)) is amended--
            (A) in paragraph (12), by adding ``and'' after the 
        semicolon;
            (B) by striking paragraph (13); and
            (C) by redesignating paragraph (14) as paragraph (13).
    (7) Section 625(a) of the Higher Education Act of 1965 (20 U.S.C. 
1131c(a)) is amended by striking ``the Overseas Private Investment 
Corporation,''.
    (8) 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)''.
    (9) 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--
            (A) by striking clause (iv); and
            (B) by redesignating clauses (v), (vi), and (vii) as 
        clauses (iv), (v), and (vi), respectively.
    (10) Section 103(7)(A) of the Victims of Trafficking and Violence 
Protection Act of 2000 (22 U.S.C. 7102(7)(A)) is amended--
            (A) in clause (vii), by adding ``and'' after the semicolon;
            (B) by striking clause (viii); and
            (C) by redesignating clause (ix) as clause (viii).
    (11) Section 405(a)(10) of the International Religious Freedom Act 
of 1998 (22 U.S.C. 6445(a)(10)) is amended by striking ``, the Overseas 
Private Investment Corporation,''.
    (12) Section 732(b) of the Global Environmental Protection 
Assistance Act of 1989 (22 U.S.C. 7902(b)) is amended by striking ``the 
Overseas Private Investment Corporation,''.
    (13) Section 916(a)(2) of the Energy Independence and Security Act 
of 2007 (42 U.S.C. 17336(a)(2)) is amended--
            (A) by striking subparagraph (I); and
            (B) by redesignating subparagraphs (J) through (M) as 
        subparagraphs (I) through (L), respectively.
    (14) Section 6(d)(1) of the Belarus Democracy Act of 2004 (22 
U.S.C. 5811 note) is amended by striking ``and the Overseas Private 
Investment Corporation''.
    (15) The following provisions of law are repealed:
            (A) Section 5(b)(2) of the Overseas Private Investment 
        Corporation Amendments Act of 1981 (22 U.S.C. 2194a).
            (B) Section 5 of the Taiwan Relations Act (22 U.S.C. 3304).
            (C) Section 2(c)(12) of the Support for East European 
        Democracy (SEED) Act of 1989 (22 U.S.C. 5401(c)(12)).
            (D) Section 9101(3)(H) of title 31, United States Code.
            (E) Section 123 of the African Growth and Opportunity Act 
        (19 U.S.C. 3733), and the item relating to that section in the 
        table of contents of that Act.
            (F) Section 104 of the Africa: Seeds of Hope Act of 1998 
        (22 U.S.C. 2293), and the item relating to that section in the 
        table of contents for that Act.
            (G) Section 914 of the Energy Independence and Security Act 
        of 2007 (42 U.S.C. 17334), and the item relating to that 
        section in the table of contents for that Act.
    (c) Effective Date.--The amendments and repeals made by this 
section shall take effect upon the expiration of the 180-day period 
beginning on the date of the enactment of this Act.

Summary: Kick OPIC Act of 2010 - Prohibits the Overseas Private Investment Corporation (OPIC) from issuing insurance, guaranties, or reinsurance, making loan, acquiring securities, or entering into risk sharing arrangements under the Foreign Assistance Act of 1961, effective 60 days after enactment of this Act. Abolishes OPIC 180 days after enactment.

Requires the Director of the Office of Management and Budget (OMB) to perform the functions of OPIC with respect to any outstanding contracts and agreements until their expiration and to take necessary steps to wind up the affairs of OPIC. Sets forth provisions regarding the termination of OPIC authorities, the transfer of funds, and the effect on prior determinations and pending proceedings.