Overseas Private Investment Corporation Reauthorization Act of 2008

Bill: 110-hr-2798
Sponsor: Rep. Sherman, Brad [D-CA-27]
Introduced: 2007-06-20 in the House
Policy area: International Affairs
Subjects: Air pollution control
Alternative energy sources
American investments
Arabs
Armed Forces and National Security
Armenia
Arms control
Arms sales
Authorization
Azerbaijan
Business ethics
Business records
Carbon cycle
Carbon dioxide
Central Asia
Civil Rights and Liberties, Minority Issues
Civil actions and liability
Climate change and greenhouse gases
Commerce
Congress and foreign policy
Congressional oversight
Congressional reporting requirements
Crime and Law Enforcement
Developing countries
East Asia
Economics and Public Finance
Employee rights
Energy
Energy efficiency
Environmental Protection
Environmental assessment
Environmental technology
Europe
Fluorocarbons
Foreign Trade and International Finance
Fraud
Gas industry
Gaza Strip
Genocide
Geothermal resources
Government Operations and Politics
Government corporations
Government paperwork
Government publicity
Hazardous wastes
Human rights
Hydroelectric power
Investment guaranty insurance
Investors
Iran
Iraq
Iraq compilation
Labor and Employment
Labor unions
Law
Methane
Middle East and North Africa
Militia movements
Mines and mineral resources
Mining engineering
Natural gas
Nitrogen oxides
North Korea
Nuclear nonproliferation
Nuclear weapons
Overseas Private Investment Corporation
Peace treaties
Petroleum
Petroleum industry
President and foreign policy
Public Lands and Natural Resources
Public corruption
Railroad engineering
Railroads
Reinsurance
Sanctions (International law)
Small business
Solar energy
Sudan
Terrorism
Transportation and Public Works
Turkey
War relief
Waste reduction
Water Resources Development
West Bank
Wind power

Summary:
action_date: 2007-06-20
text: 
Overseas Private Investment Corporation Reauthorization Act of 2007 - Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees.
 
Revises international worker rights provisions.
 
Requires OPIC to institute a climate change mitigation action plan.
 
Prohibits OPIC from approving any contract for any project which significantly involves an extractive industry (as defined by this Act) without: (1) prior congressional notification; and (2) investor and host country agreement to implement Extractive Industries Transparency Initiative principles.
 
Prohibits OPIC from providing assistance for: (1) any railway connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey; (2) a project with North Korea, Sudan, or Iran; or (3) an energy sector project of $20 million or more.
 
Provides for increased project transparency.
 
Authorizes OPIC programs in Iraq.

action_date: 2007-07-19
text: 
Overseas Private Investment Corporation Reauthorization Act of 2007 - (Sec. 3) Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.
 
(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise. 
 
(Sec. 5) Requires that OPIC: (1) support projects only in countries which have made or are making significant progress towards implementation of laws that substantially provide international worker rights (such prohibition shall not apply to humanitarian assistance); and (2) give preference to projects in countries that have adopted and enforce laws that provide international worker rights.
 
(Sec. 6) Requires that OPIC project applicants: (1) conduct and make publicly available an environmental impact assessment for any project that is likely to have significant adverse environmental impacts; and (2) obtain broad community support for projects that are likely to have significant adverse environmental impacts. 
 
(Sec. 8) Requires that OPIC institute a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reports to the appropriate congressional committees. 
 
Prohibits OPIC from approving any contract of insurance or reinsurance or any guaranty, or enter into any agreement to provide financing of $10 million or more for any project which significantly involves an extractive industry (as defined by this Act) without: (1) prior congressional notification; and (2) investor and host country agreement to implement Extractive Industries Transparency Initiative principles.
 
(Sec. 9) Prohibits OPIC assistance for any railway connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey. 
 
(Sec. 10) Prohibits OPIC assistance to an applicant: (1) that has an investment commitment valued at $20 million or more in the energy sector of a country that is a state sponsor of terrorism; or (2) that has an outstanding loan or extension of credit (the sale of goods, other than food or medicine, on any terms other than a cash basis) to the government of a state sponsor of terrorism. 
 
Exempts from such prohibition investments, business, or projects in certain areas of Sudan, (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.
 
Terminates such prohibition if the President certifies to the appropriate congressional committees that a country: (1) is no longer a state sponsor of terrorism; (2) does not possess nuclear weapons or a significant nuclear weapons program; and (3) is not committing genocide or ethnic cleansing.
 
(Sec. 11) Provides for increased project transparency. 
 
Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.
 
(Sec. 12) Requires that OPIC refer to the Department of Justice information concerning specified fraud or breach of contract activities.
 
(Sec. 13) Sets forth provisions respecting transparency and accountability of OPIC investment funds. 
 
(Sec. 14) Authorizes OPIC programs in Iraq. 
 
(Sec. 15) Provides that OPIC project support in the West Bank and Gaza must be in compliance with other statutory provisions respecting U.S. assistance to these areas. 
 
Prohibits OPIC project support in Gaza or the West Bank unless the Secretary of State determines that the project location is not under the effective control of Hamas or other foreign terrorist organization.
 
(Sec. 16) Requires that OPIC notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.
 
(Sec. 17) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.
 
(Sec. 18) Makes technical corrections.
 
(Sec. 19) Sets forth effective date provisions.

action_date: 2007-07-23
text: 

(This measure has not been amended since it was reported to the House on July 19, 2007. The summary of that version is repeated here.)

 
Overseas Private Investment Corporation Reauthorization Act of 2007 - (Sec. 3) Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.
 
(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise. 
 
(Sec. 5) Requires that OPIC: (1) support projects only in countries which have made or are making significant progress towards implementation of laws that substantially provide international worker rights (such prohibition shall not apply to humanitarian assistance); and (2) give preference to projects in countries that have adopted and enforce laws that provide international worker rights.
 
(Sec. 6) Requires that OPIC project applicants: (1) conduct and make publicly available an environmental impact assessment for any project that is likely to have significant adverse environmental impacts; and (2) obtain broad community support for projects that are likely to have significant adverse environmental impacts. 
 
(Sec. 8) Requires that OPIC institute a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reports to the appropriate congressional committees. 
 
Prohibits OPIC from approving any contract of insurance or reinsurance or any guaranty, or enter into any agreement to provide financing of $10 million or more for any project which significantly involves an extractive industry (as defined by this Act) without: (1) prior congressional notification; and (2) investor and host country agreement to implement Extractive Industries Transparency Initiative principles.
 
(Sec. 9) Prohibits OPIC assistance for any railway connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey. 
 
(Sec. 10) Prohibits OPIC assistance to an applicant: (1) that has an investment commitment valued at $20 million or more in the energy sector of a country that is a state sponsor of terrorism; or (2) that has an outstanding loan or extension of credit (the sale of goods, other than food or medicine, on any terms other than a cash basis) to the government of a state sponsor of terrorism. 
 
Exempts from such prohibition investments, business, or projects in certain areas of Sudan, (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.
 
Terminates such prohibition if the President certifies to the appropriate congressional committees that a country: (1) is no longer a state sponsor of terrorism; (2) does not possess nuclear weapons or a significant nuclear weapons program; and (3) is not committing genocide or ethnic cleansing.
 
(Sec. 11) Provides for increased project transparency. 
 
Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.
 
(Sec. 12) Requires that OPIC refer to the Department of Justice information concerning specified fraud or breach of contract activities.
 
(Sec. 13) Sets forth provisions respecting transparency and accountability of OPIC investment funds. 
 
(Sec. 14) Authorizes OPIC programs in Iraq. 
 
(Sec. 15) Provides that OPIC project support in the West Bank and Gaza must be in compliance with other statutory provisions respecting U.S. assistance to these areas. 
 
Prohibits OPIC project support in Gaza or the West Bank unless the Secretary of State determines that the project location is not under the effective control of Hamas or other foreign terrorist organization.
 
(Sec. 16) Requires that OPIC notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.
 
(Sec. 17) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.
 
(Sec. 18) Makes technical corrections.
 
(Sec. 19) Sets forth effective date provisions.

action_date: 2008-03-04
text: 
Overseas Private Investment Corporation Reauthorization Act of 2008 - (Sec. 2) Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.

(Sec. 3) States that OPIC may insure, reinsure, guaranty, or finance a project only if the country in which the project is to be undertaken: (1) is eligible for designation as a beneficiary developing country under the Generalized System of Preferences (GSP) and has not been determined to be ineligible for such designation based upon its record on worker rights or child labor; or (2) if not eligible for such GSP designation, the government has taken or is taking steps to afford workers internationally recognized worker rights.

Gives preference to projects in countries that have adopted and enforce laws that provide international worker rights.

(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise.

(Sec. 5) Requires that OPIC institute a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reports to the appropriate congressional committees. 

Directs OPIC to provide notice of consideration of approval of a project to provide financing of $10 million or more which significantly involves an extractive industry (as defined by this Act) to the appropriate congressional committees not later than 60 days before approval. 

Gives preference to projects where the investor and the host country have agreed to implement Extractive Industries Transparency Initiative principles.

(Sec. 6) Provides for increased project transparency. 

Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.

(Sec. 7) Sets forth provisions respecting transparency and accountability of OPIC investment funds. 

(Sec. 8) Prohibits OPIC assistance for any railway connection that connects Azerbaijan and Turkey without traversing or connecting with Armenia.

(Sec. 9) Prohibits OPIC assistance to an applicant who is involved in a &quot;discouraged transaction&quot; with state sponsors of terrorism. 

Defines &quot;discouraged transaction&quot; as: (1) an investment commitment of $20 million or more by the investor in the energy sector of a state sponsor of terrorism; (2) a loan or credit extension of more than $5 million to the government of a state sponsor of terrorism that is outstanding on the date OPIC enters into a contract with the investor and for which payment is not required within 45 days; and (3) the transfer by the investor of goods that are included on the U.S. Munitions List to a state sponsor of terrorism within the three-year period preceding the date OPIC enters into a contract with the investor.

Exempts from such prohibition investments, business, or projects in certain areas of Sudan (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.

(Sec. 10) Directs OPIC to notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.

(Sec. 11) Authorizes OPIC programs in Iraq. 

(Sec. 12) Directs OPIC to: (1) report to House Committee on Foreign Affairs and the Senate Committee on Foreign Relations on the feasibility of broadening OPIC assistance to projects that provide support to low-income home buyers; and (2) provide such assistance if feasible.

(Sec. 13) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.

(Sec. 14) Makes technical corrections.


Legislative actions:
action_date: 2008-03-04
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 593.
action_date: 2008-03-04
text: Committee on Foreign Relations. Reported by Senator Biden with an amendment in the nature of a substitute. With written report No. 110-273.
action_date: 2008-03-04
text: Committee on Foreign Relations. Reported by Senator Biden with an amendment in the nature of a substitute. With written report No. 110-273.
action_date: 2008-02-13
text: Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2007-07-24
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2007-07-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2007-07-23
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text as passed in House: CR H8204-8208)
action_date: 2007-07-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text as passed in House: CR H8204-8208)
action_date: 2007-07-23
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2798.
action_date: 2007-07-23
text: Considered under suspension of the rules. (consideration: CR H8204-8210)
action_date: 2007-07-23
text: Mr. Sherman moved to suspend the rules and pass the bill, as amended.
action_date: 2007-07-19
text: Placed on the Union Calendar, Calendar No. 151.
action_date: 2007-07-19
text: Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-241.
action_date: 2007-07-19
text: Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-241.
action_date: 2007-06-26
text: Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 5.
action_date: 2007-06-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-06-21
text: Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
action_date: 2007-06-21
text: Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 6 - 2 .
action_date: 2007-06-21
text: Subcommittee Consideration and Mark-up Session Held.
action_date: 2007-06-20
text: Referred to the House Committee on Foreign Affairs.
action_date: 2007-06-20
text: Introduced in House
action_date: 2007-06-20
text: Introduced in House