Source: https://www.law.cornell.edu/uscode/text/22/2191?qt-us_code_tabs=3
Timestamp: 2016-02-11 22:17:42
Document Index: 78724203

Matched Legal Cases: ['§ 2191', '§\u202f231', '§\u202f105', '§\u202f2', '§\u202f2', '§\u202f2', '§\u202f3', '§\u202f555', '§\u202f101', '§\u202f105', '§\u202f105', '§\u202f2203']

22 U.S. Code § 2191 - Congressional statement of purpose; creation and functions of Corporation | US Law | LII / Legal Information Institute
Congressional statement of purpose; creation and functions of Corporation
(1) be guided by the economic and social development impact and benefits of such a proj­ect and the ways in which such a project complements, or is compatible with, other development assistance programs or projects of the United States or other donors;
(b) to utilize private credit and investment institutions and the Corporation’s guaranty authority as the principal means of mobilizing capital investment funds;
(e) to the maximum degree possible consistent with its purposes—
(k)(1) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing for an eligible investor’s proposed investment if the Corporation determines that such investment is likely to cause such investor (or the sponsor of an investment project in which such investor is involved) significantly to reduce the number of his employees in the United States production he is replacing his United States production with production from such investment which involves substantially the same product for substantially the same market as his United States production; and (2) to monitor conformance with the representations of the investor on which the Corporation relied in making the determination required by clause (1);
(l) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing for an eligible investor’s proposed investment if the Corporation determines that such investment is likely to cause a significant reduction in the number of employees in the United States;
(Pub. L. 87–195, pt. I, § 231, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 809; amended Pub. L. 93–390, § 2(1), Aug. 27, 1974, 88 Stat. 763; Pub. L. 95–268, § 2, Apr. 24, 1978, 92 Stat. 213; Pub. L. 97–65, § 2, Oct. 16, 1981, 95 Stat. 1021; Pub. L. 99–204, §§ 3, 4(a), Dec. 23, 1985, 99 Stat. 1669; Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36; Pub. L. 102–549, title I, § 101, Oct. 28, 1992, 106 Stat. 3651; Pub. L. 103–392, title I, § 105, Oct. 22, 1994, 108 Stat. 4099.)
A prior section 231 of Pub. L. 87–195, pt. 1, Sept. 4, 1961, 75 Stat. 432, related to general authority of President to participate in financing of surveys of investment opportunities in less developed friendly countries, prior to the general reorganization of this subpart by Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 807.
1994—Pub. L. 103–392 inserted “, Ireland, and Northern Ireland” after “title 19” in par. (2) of second undesignated par.
1981—Pub. L. 97–65 substituted “$680 or less in 1979 United States dollars” for “$520 or less in 1975 United States dollars” and “$2,950 or more in 1979 United States dollars” for “$1,000 or more in 1975 United States dollars” in par. (2) of undesignated paragraph covering the guidelines to be used with regard to operations in less developed countries, inserted “, and to seek to support those developmental projects having positive trade benefits for the United States” in cl. (i) of undesignated paragraph enumerating the activities of the Corporation, and, in that unnumbered paragraph, added cl. (m), relating to investments which would reduce positive trade benefits.
1978—Pub. L. 95–268 inserted undesignated par. relating to determinations by the Corporation respecting insurance, financing, or reinsurance for a project, in cl. (e) designated existing provisions as subcl. (1) and, as so designated, substituted reference to guaranty activities for reference to financing activities and reference to small businesses for reference to businesses with a net worth of not more than $2,500,000 or with total assets of not more than $7,500,000, and added subcl. (2), struck out cl. (f) relating to encouragement and support of private investments for certain less developed friendly countries, redesignated former cls. (g) to (k) as (f) to (j), respectively, struck out former cl. (l) relating to preference by the Corporation for projects in countries having a per capita income of $450 or less in 1973 United States dollars, redesignated former cl. (m) as (k), and added cl. (n) which, as added, was redesignated as (l).
Pub. L. 100–418, title II, § 2203(a), Aug. 23, 1988, 102 Stat. 1328, provided that: “The Congress reaffirms its support for the Overseas Private Investment Corporation as a United States Government agency serving important development assistance goals. In order to enhance the Corporation’s ability to meet these goals, the Overseas Private Investment Corporation should increase its loan guaranty and direct investment programs.”
Section 1. Transfer to Overseas Private Investment Corporation. All obligations, assets and related rights and responsibilities arising out of, or related to, predecessor programs and authorities similar to those provided for in sections 234(a), (b) and (d) of the Act [section 2194(a), (b) and (d) of this title] are hereby transferred to the Overseas Private Investment Corporation (hereinafter the “Corporation”).