Overseas Private Investment Corporation Amendments Act of 2003
PL 108-158 (S.1824), enacted 12/03/2003

117 STAT. 1949
PUBLIC LAW 108–158—DEC. 3, 2003
Public Law 108–158
108th Congress
An Act
To amend the Foreign Assistance Act of 1961 to reauthorize the Overseas Private
Investment Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Overseas Private Investment
Corporation Amendments Act of 2003’’.
SEC. 2. ISSUING AUTHORITY.
Section 235(a)(2) of the Foreign Assistance Act of 1961 (22
U.S.C. 2195(a)(2)) is amended by striking ‘‘November 1, 2000’’ and
inserting ‘‘2007’’.
SEC. 3. TECHNICAL CORRECTIONS.
(a) ADMINISTRATIVE COSTS.—Section 235(a)(1)(B) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is amended by
striking ‘‘subsidy cost’’ and inserting ‘‘subsidy and administrative
costs’’.
(b) NONCREDIT ACCOUNT REVOLVING FUND.—Section 235(c) of
the Foreign Assistance Act of 1961 (22 U.S.C. 2195(c)) is amended—
(1) in the first sentence—
(A) by striking ‘‘an insurance and guaranty fund, which
shall have separate accounts to be known as the Insurance
Reserve and the Guaranty Reserve, which reserves’’ and
inserting ‘‘a noncredit account revolving fund, which’’; and
(B) by striking ‘‘such reserves have’’ and inserting ‘‘of
the fund has’’;
(2) by striking the third sentence; and
(3) in the last sentence, by striking ‘‘reserves’’ and inserting
‘‘fund’’.
(c) PAYMENTS TO DISCHARGE LIABILITIES.—Section 235(d) of
the Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is amended—
(1) in the first sentence, by striking ‘‘Insurance Reserve,
as long as such reserve’’ and inserting ‘‘noncredit account
revolving fund, as long as such fund’’; and
(2) in the second sentence, by striking ‘‘or under similar
predecessor guaranty authority’’ and all that follows through
‘‘subsection (f) of this section’’ and inserting ‘‘or 234(c) shall
be paid in accordance with the Federal Credit Reform Act
of 1990’’.
(d) AUTHORIZATION OF APPROPRIATIONS.—Section 235(f) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2195(f)) is amended—
22 USC 2151
note.
Overseas Private
Investment
Corporation
Amendments Act
of 2003.
Dec. 3, 2003
[S. 1824]
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117 STAT. 1950
PUBLIC LAW 108–158—DEC. 3, 2003
(1) in the first sentence, by striking ‘‘insurance and guar-
anty fund’’ and inserting ‘‘noncredit account revolving fund’’;
and
(2) by striking ‘‘Insurance Reserve’’ each place it appears
and inserting ‘‘noncredit account revolving fund’’.
(e) BOARD OF DIRECTORS.—Section 233(b) of the Foreign Assist-
ance Act of 1961 (22 U.S.C. 2193(b)) is amended in the second
paragraph—
(1) by striking ‘‘officials’’ and inserting ‘‘principal officers’’;
(2) by inserting ‘‘whose duties relate to the programs of
the Corporation’’ after ‘‘Government of the United States’’; and
(3) by striking ‘‘an official’’ and inserting ‘‘one such officer’’.
SEC. 4. INVESTMENT INSURANCE.
(a) EXPROPRIATION OR CONFISCATION.—Section 234(a)(1)(B) of
the Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is
amended by inserting ‘‘or any political subdivision thereof’’ after
‘‘government’’.
(b) DEFINITION OF EXPROPRIATION.—Section 238(b) of the For-
eign Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by
inserting ‘‘, a political subdivision of a foreign government, or a
corporation owned or controlled by a foreign government,’’ after
‘‘government’’.
SEC. 5. LOCAL CURRENCY GUARANTY.
(a) LOCAL CURRENCY GUARANTY.—Section 234 of the Foreign
Assistance Act of 1961 (22 U.S.C. 2194) is amended by adding
at the end the following:
‘‘(h) LOCAL CURRENCY GUARANTIES FOR ELIGIBLE INVESTORS.—
To issue to—
‘‘(1) eligible investors, or
‘‘(2) local financial institutions, guaranties,
denominated in currencies other than United States dollars, of
loans and other investments made to projects sponsored by or
significantly involving eligible investors, assuring against loss due
to such risks and upon such terms and conditions as the Corporation
may determine, for projects that the Corporation determines to
have significant developmental effects or as the Corporation deter-
mines to be necessary or appropriate to carry out the purposes
of this title.’’.
(b) DEFINITION OF LOCAL FINANCIAL INSTITUTION.—Section 238
of the Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended—
(1) in subsection (d), by striking ‘‘and’’ after the semicolon;
(2) in subsection (f), by striking the period at the end
and inserting ‘‘; and’’; and
(3) by adding at the end the following:
‘‘(g) the term ‘local financial institution’—
‘‘(1) means any bank or financial institution that is
organized under the laws of any country or area in which
the Corporation operates; but
‘‘(2) does not include a branch, however organized,
of a bank or other financial institution that is organized
under the laws of a country in which the Corporation
does not operate.’’.
SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.
(a) IN GENERAL.—Section 240 of the Foreign Assistance Act
of 1961 (22 U.S.C. 2200) is amended—
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117 STAT. 1951
PUBLIC LAW 108–158—DEC. 3, 2003
LEGISLATIVE HISTORY—S. 1824 (H.R. 3145):
HOUSE REPORTS: No. 108–339 accompanying H.R. 3145 (Comm. on International
Relations).
SENATE REPORTS: No. 108–194 (Comm. on Foreign Relations).
CONGRESSIONAL RECORD, Vol. 149 (2003):
Nov. 12, considered and passed Senate.
Nov. 19, considered and passed House.
(1) in the first sentence, by striking ‘‘The Corporation’’
and inserting:
‘‘(a) IN GENERAL.—The Corporation’’; and
(2) by adding at the end the following:
‘‘(b) OUTREACH
TO
MINORITY-OWNED
AND
WOMEN-OWNED
BUSINESSES.—The Corporation shall collect data on the involvement
of minority- and women-owned businesses in projects supported
by the Corporation, including—
‘‘(1) the amount of insurance and financing provided by
the Corporation to such businesses in connection with projects
supported by the Corporation; and
‘‘(2) to the extent such information is available, the involve-
ment of such businesses in procurement activities conducted
or supported by the Corporation.
The Corporation shall include, in its annual report submitted to
the Congress under section 240A, the aggregate data collected under
this paragraph, in such form as to quantify the effectiveness of
the Corporation’s outreach activities to minority- and women-owned
businesses.’’.
Approved December 3, 2003.
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