dreamproit/uscode huggingface dataset:
22 U.S.C. § 5828 (FOREIGN RELATIONS AND INTERCOURSE)
§ 5828. Funding for OPIC programs
(a) Authority to make additional funds available
Funds authorized to be appropriated for fiscal year 1993 to carry out chapter 11 of part I of the Foreign Assistance Act of 1961 [22 U.S.C. 2295 et seq.] may be made available to cover costs incurred by the Overseas Private Investment Corporation in carrying out programs with respect to the independent states of the former Soviet Union under title IV of chapter 2 of part I of that Act (22 U.S.C. 2191 and following), in addition to amounts otherwise available for that purpose.
(b) Enactment of OPIC Authorization Act
The authority of subsection (a) shall cease to be effective upon the enactment of the Overseas Private Investment Corporation Act Amendments Act of 1992.
(Pub. L. 102–511, title III, § 308, Oct. 24, 1992, 106 Stat. 3335.)
heading: References in Text
text: The Foreign Assistance Act of 1961, referred to in subsec. (a), is Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424, as amended. Chapter 11 of part I of the Act is classified generally to part II (§ 2295 et seq.) of subchapter I of chapter 32 of this title. Title IV of chapter 2 of part I of the Act is classified generally to subpart IV (§ 2191 et seq.) of part II of subchapter I of chapter 32 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2151 of this title and Tables.
The Overseas Private Investment Corporation Act Amendments Act of 1992, referred to in subsec. (b), probably means the Overseas Private Investment Corporation Amendments Act of 1992, which was title I of H.R. 4996, 102d Congress, as passed by the House of Representatives. H.R. 4996 was enacted into law as Pub. L. 102–549 and title I was significantly revised and no longer contained provisions designating it as the Overseas Private Investment Corporation Amendments Act of 1992.
heading: Transfer of Functions
text: For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of this title.
22 U.S.C. § 6561 (FOREIGN RELATIONS AND INTERCOURSE)
§ 6561. Abolition of United States International Development Cooperation Agency
(a) In general
Except for the components specified in subsection (b), the United States International Development Cooperation Agency (including the Institute for Scientific and Technological Cooperation) is abolished.
(b) AID and OPIC exempted
Subsection (a) does not apply to the Agency for International Development or the Overseas Private Investment Corporation.
(Pub. L. 105–277, div. G, subdiv. A, title XIV, § 1411, Oct. 21, 1998, 112 Stat. 2681–790.)
heading: Effective Date
text: Pub. L. 105–277, div. G, subdiv. A, title XIV, § 1401, Oct. 21, 1998, 112 Stat. 2681–790, provided that:
“This title [see Tables for classification], and the amendments made by this title, shall take effect on the earlier of—
“(1) April 1, 1999; or
“(2) the date of abolition [Apr. 1, 1999] of the United States International Development Cooperation Agency pursuant to the reorganization plan described in section 1601 [22 U.S.C. 6601].”
heading: Transfer of Functions
text: For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of this title.
22 U.S.C. § 6562 (FOREIGN RELATIONS AND INTERCOURSE)
§ 6562. Transfer of functions and authorities
(a) Allocation of funds
(1) Allocation to the Secretary of State
Funds made available under the categories of assistance deemed allocated to the Director of the International Development Cooperation Agency under section 1–801 of Executive Order No. 12163 (22 U.S.C. 2381 note) as of October 1, 1997, shall be allocated to the Secretary of State on and after the effective date of this subchapter without further action by the President.
(2) Procedures for reallocations or transfers
The Secretary of State may allocate or transfer as appropriate any funds received under paragraph (1) in the same manner as previously provided for the Director of the International Development Cooperation Agency under section 1–802 of that Executive Order, as in effect on October 1, 1997.
(b) With respect to Overseas Private Investment Corporation
There are transferred to the Administrator of the Agency for International Development all functions of the Director of the United States International Development Cooperation Agency as of the day before the effective date of this subchapter with respect to the Overseas Private Investment Corporation.
(c) Other activities
The authorities and functions transferred to the United States International Development Cooperation Agency or the Director of that Agency by section 6 of Reorganization Plan Numbered 2 of 1979 shall, to the extent such authorities and functions have not been repealed, be transferred to those agencies or heads of agencies, as the case may be, in which those authorities and functions were vested by statute as of the day before the effective date of such reorganization plan.
(Pub. L. 105–277, div. G, subdiv. A, title XIV, § 1412, Oct. 21, 1998, 112 Stat. 2681–790.)
heading: References in Text
text: Executive Order No. 12163, referred to in subsec. (a), is Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, which is set out as a note under section 2381 of this title. Section 1–801 of Ex. Ord. No. 12163 was deleted in the general amendment of Part 1–8 of Ex. Ord. No. 12163 by Ex. Ord. No. 13118, § 8, Mar. 31, 1999, 64 F.R. 16597.
For the effective date of this subchapter, referred to in subsecs. (a)(1) and (b), meaning the effective date of title XIV of subdiv. A of div. G of Pub. L. 105–277, see section 1401 of Pub. L. 105–277, set out as a note under section 6561 of this title.
Reorganization Plan Numbered 2 of 1979, referred to in subsec. (c), is Reorg. Plan No. 2 of 1979, 44 F.R. 41165, 93 Stat. 1378, effective Oct. 1, 1979, pursuant to Ex. Ord. No. 12163, which was set out as a note under section 2381 of this title, prior to repeal by Pub. L. 105–277, div. G, subdiv. A, title XIV, §§ 1401, 1422(a)(1), Oct. 21, 1998, 112 Stat. 2681–790, 2681–792.
heading: Transfer of Functions
text: For transfer of functions, personnel, assets, and liabilities of the Overseas Private Investment Corporation to the United States International Development Finance Corporation and treatment of related references, see sections 9683 and 9686(d) of this title.
22 U.S.C. § 9611 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9611. Statement of policy
It is the policy of the United States to facilitate market-based private sector development and inclusive economic growth in less developed countries through the provision of credit, capital, and other financial support—
(1) to mobilize private capital in support of sustainable, broad-based economic growth, poverty reduction, and development through demand-driven partnerships with the private sector that further the foreign policy interests of the United States;
(2) to finance development that builds and strengthens civic institutions, promotes competition, and provides for public accountability and transparency;
(3) to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets;
(4) to achieve clearly defined economic and social development outcomes;
(5) to coordinate with institutions with purposes similar to the purposes of the Corporation to leverage resources of those institutions to produce the greatest impact;
(6) to provide countries a robust alternative to state-directed investments by authoritarian governments and United States strategic competitors using best practices with respect to transparency and environmental and social safeguards, and which take into account the debt sustainability of partner countries;
(7) to leverage private sector capabilities and innovative development tools to help countries transition from recipients of bilateral development assistance toward increased self-reliance; and
(8) to complement and be guided by overall United States foreign policy, development, and national security objectives, taking into account the priorities and needs of countries receiving support.
(Pub. L. 115–254, div. F, title I, § 1411, Oct. 5, 2018, 132 Stat. 3486.)
22 U.S.C. § 9612 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9612. United States International Development Finance Corporation
(a) Establishment
There is established in the executive branch the United States International Development Finance Corporation (in this chapter referred to as the “Corporation”), which shall be a wholly owned Government corporation for purposes of chapter 91 of title 31 under the foreign policy guidance of the Secretary of State.
(b) Purpose
The purpose of the Corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries, as described in subsection (c), and countries in transition from nonmarket to market economies, in order to complement the development assistance objectives, and advance the foreign policy interests, of the United States. In carrying out its purpose, the Corporation, utilizing broad criteria, shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under subchapter II of this chapter.
(c) Less developed country focus
(1) In general
The Corporation shall prioritize the provision of support under subchapter II of this chapter in less developed countries with a low-income economy or a lower-middle-income economy.
(2) Support in upper-middle-income countries
The Corporation shall restrict the provision of support under subchapter II of this chapter in a less developed country with an upper-middle-income economy unless—
(A) the President certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the United States; and
(B) such support is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of that country.
(Pub. L. 115–254, div. F, title I, § 1412, Oct. 5, 2018, 132 Stat. 3486.)
heading: References in Text
text: This chapter, referred to in subsec. (a), was in the original “this division”, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables.
22 U.S.C. § 9614 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9614. Independent accountability mechanism
(a) In general
The Board shall establish a transparent and independent accountability mechanism.
(b) Functions
The independent accountability mechanism established pursuant to subsection (a) shall—
(1) annually evaluate and report to the Board and Congress regarding compliance with environmental, social, labor, human rights, and transparency standards, consistent with Corporation statutory mandates;
(2) provide a forum for resolving concerns regarding the impacts of specific Corporation-supported projects with respect to such standards; and
(3) provide advice regarding Corporation projects, policies, and practices.
(Pub. L. 115–254, div. F, title I, § 1415, Oct. 5, 2018, 132 Stat. 3492.)
22 U.S.C. § 9623 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9623. Payment of losses
(a) Payments for defaults on guaranteed loans
(1) In general
If the Corporation determines that the holder of a loan guaranteed by the Corporation suffers a loss as a result of a default by a borrower on the loan, the Corporation shall pay to the holder the percent of the loss, as specified in the guaranty contract, after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the Corporation may require.
(2) Subrogation
Upon making a payment described in paragraph (1), the Corporation shall ensure the Corporation will be subrogated to all the rights of the recipient of the payment.
(3) Recovery efforts
The Corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph (1) with respect to the loan.
(b) Limitation on payments
(1) In general
Except as provided by paragraph (2), compensation for insurance, reinsurance, or a guaranty issued under this subchapter shall not exceed the dollar value of the tangible or intangible contributions or commitments made in the project, plus interest, earnings, or profits actually accrued on such contributions or commitments, to the extent provided by such insurance, reinsurance, or guaranty.
(2) Exception
(A) In general
The Corporation may provide that—
(i) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets; and
(ii) compensation for a claim of loss under insurance of an equity investment under section 9621 of this title may be computed on the basis of the net book value attributable to the equity investment on the date of loss.
(3) Additional limitation
(A) In general
Notwithstanding paragraph (2)(A)(ii) and except as provided in subparagraph (B), the Corporation shall limit the amount of direct insurance and reinsurance issued under section 9621 of this title with respect to a project so as to require that the insured and its affiliates bear the risk of loss for at least 10 percent of the amount of the Corporation’s exposure to that insured and its affiliates in the project.
(B) Exception
The limitation under subparagraph (A) shall not apply to direct insurance or reinsurance of loans provided by banks or other financial institutions to unrelated parties.
(c) Actions by Attorney General
The Attorney General shall take such action as may be appropriate to enforce any right accruing to the United States as a result of the issuance of any loan or guaranty under this subchapter.
(d) Rule of construction
Nothing in this section shall be construed to preclude any forbearance for the benefit of a borrower that may be agreed upon by the parties to a loan guaranteed by the Corporation if budget authority for any resulting costs to the United States Government (as defined in section 661a of title 2) is available.
(Pub. L. 115–254, div. F, title II, § 1423, Oct. 5, 2018, 132 Stat. 3498.)
heading: Termination of Section
text: For termination of section 7 years after Oct. 5, 2018, see section 9624 of this title.
22 U.S.C. § 9624 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9624. Termination
(a) In general
The authorities provided under this subchapter terminate on the date that is 7 years after October 5, 2018.
(b) Termination of Corporation
The Corporation shall terminate on the date on which the portfolio of the Corporation is liquidated.
(Pub. L. 115–254, div. F, title II, § 1424, Oct. 5, 2018, 132 Stat. 3499.)
22 U.S.C. § 9631 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9631. Operations
(a) Bilateral agreements
The Corporation may provide support under subchapter II of this chapter in connection with projects in any country the government of which has entered into an agreement with the United States authorizing the Corporation to provide such support in that country.
(b) Claims settlement
(1) In general
Claims arising as a result of support provided under subchapter II of this chapter or under predecessor authority 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.
(2) Settlements conclusive
Payment made pursuant to any settlement pursuant to paragraph (1), or as a result of an arbitration award, shall be final and conclusive notwithstanding any other provision of law.
(c) Presumption of compliance
Each 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 chapter.
(d) Electronic payments and documents
The Corporation shall implement policies to accept electronic documents and electronic payments in all of its programs.
(Pub. L. 115–254, div. F, title III, § 1431, Oct. 5, 2018, 132 Stat. 3499.)
heading: References in Text
text: This chapter, referred to in subsec. (c), was in the original “this division”, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables.
22 U.S.C. § 9633 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9633. Maximum contingent liability
The maximum contingent liability of the Corporation outstanding at any one time shall not exceed in the aggregate $60,000,000,000.
(Pub. L. 115–254, div. F, title III, § 1433, Oct. 5, 2018, 132 Stat. 3501.)
22 U.S.C. § 9635 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9635. Coordination with other development agencies
It is the sense of Congress that the Corporation should use relevant data of the Department of State, the Millennium Challenge Corporation, the United States Agency for International Development, and other departments and agencies that have development functions to better inform the decisions of the Corporation with respect to providing support under subchapter II of this chapter.
(Pub. L. 115–254, div. F, title III, § 1435, Oct. 5, 2018, 132 Stat. 3503.)
22 U.S.C. § 9651 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9651. Establishment of risk and audit committees
(a) In general
To assist the Board to fulfill its duties and responsibilities under section 9621(a) of this title, the Corporation shall establish a risk committee and an audit committee.
(b) Duties and responsibilities of risk committee
Subject to the direction of the Board, the risk committee established under subsection (a) shall have oversight responsibility of—
(1) formulating risk management policies of the operations of the Corporation;
(2) reviewing and providing guidance on operation of the Corporation’s global risk management framework;
(3) developing policies for enterprise risk management, monitoring, and management of strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks;
(4) developing the risk profile of the Corporation, including a risk management and compliance framework and governance structure to support such framework; and
(5) developing policies and procedures for assessing, prior to providing, and for any period during which the Corporation provides, support to any foreign entities, whether such entities have in place sufficient enhanced due diligence policies and practices to prevent money laundering and corruption to ensure the Corporation does not provide support to persons that are—
(A) knowingly engaging in acts of corruption;
(B) knowingly providing material or financial support for terrorism, drug trafficking, or human trafficking; or
(C) responsible for ordering or otherwise directing serious or gross violations of human rights.
(c) Duties and responsibilities of audit committee
Subject to the direction of the Board, the audit committee established under subsection (a) shall have the oversight responsibility of—
(1) the integrity of the Corporation’s financial reporting and systems of internal controls regarding finance and accounting;
(2) the integrity of the Corporation’s financial statements;
(3) the performance of the Corporation’s internal audit function; and
(4) compliance with legal and regulatory requirements related to the finances of the Corporation.
(Pub. L. 115–254, div. F, title IV, § 1441, Oct. 5, 2018, 132 Stat. 3503.)
22 U.S.C. § 9652 (FOREIGN RELATIONS AND INTERCOURSE)
§ 9652. Performance measures, evaluation, and learning
(a) In general
The Corporation shall develop a performance measurement system to evaluate and monitor projects supported by the Corporation under subchapter II of this chapter and to guide future projects of the Corporation.
(b) Considerations
In developing the performance measurement system required by subsection (a), the Corporation shall—
(1) develop a successor for the development impact measurement system of the Overseas Private Investment Corporation (as such system was in effect on the day before October 5, 2018);
(2) develop a mechanism for ensuring that support provided by the Corporation under subchapter II of this chapter is in addition to private investment;
(3) develop standards for, and a method for ensuring, appropriate financial performance of the Corporation’s portfolio; and
(4) develop standards for, and a method for ensuring, appropriate development performance of the Corporation’s portfolio, including—
(A) measurement of the projected and ex post development impact of a project; and
(B) the information necessary to comply with section 9653 of this title.
(c) Public availability of certain information
The Corporation shall make available to the public on a regular basis information about support provided by the Corporation under subchapter II of this chapter and performance metrics about such support on a country-by-country basis.
(d) Consultation
In developing the performance measurement system required by subsection (a), the Corporation shall consult with the Development Advisory Council established under section 9613(i) of this title and other stakeholders and interested parties engaged in sustainable economic growth and development.
(Pub. L. 115–254, div. F, title IV, § 1442, Oct. 5, 2018, 132 Stat. 3504.)