[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2463 Reported in Senate (RS)]
<DOC>
Calendar No. 493
115th CONGRESS
2d Session
S. 2463
To establish the United States International Development Finance
Corporation, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 27, 2018
Mr. Corker (for himself, Mr. Coons, Mr. Isakson, Mr. Murphy, Mr. Young,
Mrs. Shaheen, Mr. Portman, Mr. Kaine, Mr. Perdue, Mr. Rubio, Mr.
Gardner, and Mr. Cardin) introduced the following bill; which was read
twice and referred to the Committee on Foreign Relations
June 27, 2018
Reported by Mr. Corker, with an amendment
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
A BILL
To establish the United States International Development Finance
Corporation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>
<DELETED> (a) Short Title.--This Act may be cited as the ``Better
Utilization of Investments Leading to Development Act of 2018'' or the
``BUILD Act of 2018''.</DELETED>
<DELETED> (b) Table of Contents.--The table of contents for this Act
is as follows:</DELETED>
<DELETED>Sec. 1. Short title; table of contents.
<DELETED>Sec. 2. Definitions.
<DELETED>TITLE I--ESTABLISHMENT
<DELETED>Sec. 101. Statement of policy.
<DELETED>Sec. 102. United States International Development Finance
Corporation.
<DELETED>Sec. 103. Management of Corporation.
<DELETED>Sec. 104. Inspector General of the Corporation.
<DELETED>TITLE II--AUTHORITIES
<DELETED>Sec. 201. Authorities relating to provision of support.
<DELETED>Sec. 202. Terms and conditions.
<DELETED>Sec. 203. Payment of losses.
<DELETED>Sec. 204. Termination.
<DELETED>TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS
<DELETED>Sec. 301. Operations.
<DELETED>Sec. 302. Corporate powers.
<DELETED>Sec. 303. Maximum contingent liability.
<DELETED>Sec. 304. Corporate funds.
<DELETED>Sec. 305. Coordination with Millennium Challenge Corporation
on constraints analysis.
<DELETED>TITLE IV--MONITORING, EVALUATION, AND REPORTING
<DELETED>Sec. 401. Establishment of risk and audit committees.
<DELETED>Sec. 402. Performance measures.
<DELETED>Sec. 403. Annual report.
<DELETED>Sec. 404. Publicly available project information.
<DELETED>Sec. 405. Audits and financial statements of the Corporation.
<DELETED>Sec. 406. Engagement with investors.
<DELETED>TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS
<DELETED>Sec. 501. Limitations and preferences.
<DELETED>Sec. 502. Additionality and avoidance of market distortion.
<DELETED>Sec. 503. Prohibition on support in sanctioned countries and
with sanctioned persons.
<DELETED>Sec. 504. Penalties for misrepresentation, fraud, and bribery.
<DELETED>Sec. 505. Market displacement by state-owned enterprises and
monopolies.
<DELETED>TITLE VI--TRANSITIONAL PROVISIONS
<DELETED>Sec. 601. Definitions.
<DELETED>Sec. 602. Reorganization plan.
<DELETED>Sec. 603. Transfer of functions.
<DELETED>Sec. 604. Termination of Overseas Private Investment
Corporation and other superceded
authorities.
<DELETED>Sec. 605. Transitional authorities.
<DELETED>Sec. 606. Savings provisions.
<DELETED>Sec. 607. Other terminations.
<DELETED>Sec. 608. Incidental transfers.
<DELETED>Sec. 609. Reference.
<DELETED>Sec. 610. Conforming amendments.
<DELETED>SEC. 2. DEFINITIONS.</DELETED>
<DELETED> In this Act:</DELETED>
<DELETED> (1) Appropriate congressional committees.--The
term ``appropriate congressional committees'' means--</DELETED>
<DELETED> (A) the Committee on Foreign Relations and
the Committee on Appropriations of the Senate;
and</DELETED>
<DELETED> (B) the Committee on Foreign Affairs and
the Committee on Appropriations of the House of
Representatives.</DELETED>
<DELETED> (2) Less developed country.--The term ``less
developed country'' means a country with a low-income economy,
lower-middle-income economy, or upper-middle-income economy, as
defined by the International Bank for Reconstruction and
Development and the International Development Association
(collectively referred to as the ``World Bank'').</DELETED>
<DELETED> (3) Predecessor authority.--The term ``predecessor
authority'' means authorities repealed by title VI.</DELETED>
<DELETED> (4) Qualifying sovereign entity.--The term
``qualifying sovereign entity'' means--</DELETED>
<DELETED> (A) any agency or instrumentality of a
foreign state (as defined in section 1603 of title 28,
United States Code); and</DELETED>
<DELETED> (B) any international financial
institution (as defined in section 1701(c) of the
International Financial Institutions Act (22 U.S.C.
262r(c))).</DELETED>
<DELETED>TITLE I--ESTABLISHMENT</DELETED>
<DELETED>SEC. 101. STATEMENT OF POLICY.</DELETED>
<DELETED> It is the policy of the United States to facilitate
market-based private sector development and economic growth in less
developed countries through the provision of credit, capital, and other
financial support--</DELETED>
<DELETED> (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;</DELETED>
<DELETED> (2) to finance development in a way that builds
and strengthens civic institutions, promotes competition,
provides for public accountability and transparency;</DELETED>
<DELETED> (3) to help private sector actors overcome
identifiable market gaps and inefficiencies without distorting
markets;</DELETED>
<DELETED> (4) to achieve clearly defined economic and social
development outcomes;</DELETED>
<DELETED> (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;</DELETED>
<DELETED> (6) to help countries currently receiving United
States assistance to graduate from their status as recipients
of assistance;</DELETED>
<DELETED> (7) to leverage the private sector and innovative
development tools as a means to lessen the reliance of the
United States on traditional forms of foreign assistance over
time; and</DELETED>
<DELETED> (8) to complement and be guided by overall United
States foreign policy and development objectives, taking into
account the policies of countries receiving support.</DELETED>
<DELETED>SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE
CORPORATION.</DELETED>
<DELETED> (a) Establishment.--There is established in the Executive
branch the United States International Development Finance Corporation
(in this Act referred to as the ``Corporation''), which shall be a
wholly owned Government corporation (as defined in section 9101 of
title 31, United States Code).</DELETED>
<DELETED> (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 of projects for which it provides
support under title II.</DELETED>
<DELETED> (c) Less Developed Economy Focus.--</DELETED>
<DELETED> (1) In general.--The Corporation shall prioritize
the provision of support under title II in countries with low-
income economies or lower-middle-income economies, as defined
by the World Bank.</DELETED>
<DELETED> (2) Support in countries with upper-middle-income
economies.--The Corporation shall restrict the provision of
support under title II in a country with an upper-middle-income
economy, as defined by the World Bank, unless--</DELETED>
<DELETED> (A) the President determines such support
furthers the national economic or foreign policy
interests of the United States; and</DELETED>
<DELETED> (B) such support is likely to be highly
developmental or provide developmental benefits to the
poorest population of that country.</DELETED>
<DELETED> (d) Authorization To Make Expenditures and Commitments.--
The Corporation may make, without regard to fiscal year limitation,
such expenditures and commitments as may be necessary using amounts
appropriated to the Corporation pursuant to section 9104 of title 31,
United States Code, and otherwise in accordance with law.</DELETED>
<DELETED> (e) Project-Specific Transaction Costs Not Administrative
Expenses.--Project-specific transaction costs, including direct and
indirect costs incurred in claims settlements, and other direct costs
associated with the provision of support to private sector entities and
qualifying sovereign entities under title II, shall not be considered
administrative expenses for the purposes of this section.</DELETED>
<DELETED>SEC. 103. MANAGEMENT OF CORPORATION.</DELETED>
<DELETED> (a) Structure of Corporation.--There shall be in the
Corporation a Board of Directors (in this Act referred to as the
``Board''), a Chief Executive Officer, a Deputy Chief Executive
Officer, a Chief Risk Officer, and such other officers as the Board may
determine.</DELETED>
<DELETED> (b) Board of Directors.--</DELETED>
<DELETED> (1) Duties.--All powers of the Corporation shall
vest in and be exercised by or under the authority of the
Board. The Board--</DELETED>
<DELETED> (A) shall perform the functions specified
to be carried out by the Board in this Act;
and</DELETED>
<DELETED> (B) may prescribe, amend, and repeal
bylaws, rules, regulations, and procedures governing
the manner in which the business of the Corporation may
be conducted and in which the powers granted to the
Corporation by law may be exercised.</DELETED>
<DELETED> (2) Membership of board.--</DELETED>
<DELETED> (A) In general.--The Board shall consist
of--</DELETED>
<DELETED> (i) the Chief Executive Officer of
the Corporation;</DELETED>
<DELETED> (ii) the officers specified in
subparagraph (B); and</DELETED>
<DELETED> (iii) four other individuals who
shall be appointed by the President, by and
with the advice and consent of the Senate, of
which--</DELETED>
<DELETED> (I) one individual should
be appointed from among a list of
individuals submitted by the majority
leader of the Senate after consultation
with the chairman of the Committee on
Foreign Relations of the
Senate;</DELETED>
<DELETED> (II) one individual should
be appointed from among a list of
individuals submitted by the minority
leader of the Senate after consultation
with the ranking member of the
Committee on Foreign Relations of the
Senate;</DELETED>
<DELETED> (III) one individual
should be appointed from among a list
of individuals submitted by the Speaker
of the House of Representatives after
consultation with the chairman of the
Committee on Foreign Affairs of the
House of Representatives; and</DELETED>
<DELETED> (IV) one individual should
be appointed from among a list of
individuals submitted by the minority
leader of the House of Representatives
after consultation with the ranking
member of the Committee on Foreign
Affairs of the House of
Representatives.</DELETED>
<DELETED> (B) Officers specified.--</DELETED>
<DELETED> (i) In general.--The officers
specified in this subparagraph are the
following:</DELETED>
<DELETED> (I) The Secretary of State
or a designee of the
Secretary.</DELETED>
<DELETED> (II) The Administrator of
the United States Agency for
International Development or a designee
of the Administrator.</DELETED>
<DELETED> (III) The Secretary of the
Treasury or a designee of the
Secretary.</DELETED>
<DELETED> (IV) The Secretary of
Commerce or a designee of the
Secretary.</DELETED>
<DELETED> (ii) Requirements for designees.--
A designee under clause (i) shall be selected
from among officers--</DELETED>
<DELETED> (I) appointed by the
President, by and with the advice and
consent of the Senate;</DELETED>
<DELETED> (II) whose duties relate
to the programs of the Corporation;
and</DELETED>
<DELETED> (III) who is designated by
and serving at the pleasure of the
President.</DELETED>
<DELETED> (C) Requirements for private sector
members.--A member of the Board described in
subparagraph (A)(iii)--</DELETED>
<DELETED> (i) may not be an officer or
employee of the United States
Government;</DELETED>
<DELETED> (ii) shall have relevant private
sector experience to carry out the purposes of
the Corporation;</DELETED>
<DELETED> (iii) shall be appointed for a
term of 3 years and may be reappointed for one
additional term;</DELETED>
<DELETED> (iv) shall serve until the
member's successor is appointed and
confirmed;</DELETED>
<DELETED> (v) shall be compensated at a rate
equivalent to that of level IV of the Executive
Schedule under section 5315 of title 5, United
States Code, when engaged in the business of
the Corporation; and</DELETED>
<DELETED> (vi) may be paid per diem in lieu
of subsistence at the applicable rate under the
Federal Travel Regulation under subtitle F of
title 41, Code of Federal Regulations, from
time to time, while away from the home or usual
place of business of the member.</DELETED>
<DELETED> (3) Chairperson.--There shall be a Chairperson of
the Board designated by the President from among the
individuals described in paragraph (2)(A).</DELETED>
<DELETED> (4) Vice chairperson.--The Administrator of the
United States Agency for International Development, or the
designee of the Administrator under paragraph (2)(B)(i)(II),
shall serve as the Vice Chairperson of the Board.</DELETED>
<DELETED> (5) Quorum.--Six members of the Board shall
constitute a quorum for the transaction of business by the
Board.</DELETED>
<DELETED> (c) Public Hearings.--</DELETED>
<DELETED> (1) Public hearings by the board.--The Board shall
hold at least one public hearing each year in order to afford
an opportunity for any person to present views with respect to
whether--</DELETED>
<DELETED> (A) the Corporation is carrying out its
activities in accordance with this Act; and</DELETED>
<DELETED> (B) any support provided by the
Corporation under title II in any country should have
been or should be extended.</DELETED>
<DELETED> (2) Additional public hearings.--In conjunction
with each meeting of the Board, the Corporation shall hold a
public hearing in order to afford an opportunity for any person
to present views regarding the activities of the Corporation.
Such views shall be made part of the record.</DELETED>
<DELETED> (d) Chief Executive Officer.--</DELETED>
<DELETED> (1) Appointment.--There shall be in the
Corporation a Chief Executive Officer, who shall be appointed
by the President, by and with the advice and consent of the
Senate, and who shall serve at the pleasure of the
President.</DELETED>
<DELETED> (2) Authorities and duties.--The Chief Executive
Officer shall be responsible for the management of the
Corporation and shall exercise the powers and discharge the
duties of the Corporation subject to the bylaws, rules,
regulations, and procedures established by the Board.</DELETED>
<DELETED> (3) Relationship to board.--The Chief Executive
Officer shall report to and be under the direct authority of
the Board.</DELETED>
<DELETED> (4) Compensation.--Section 5313 of title 5, United
States Code, is amended by adding at the end the
following:</DELETED>
<DELETED> ``Chief Executive Officer, United States
International Development Finance Corporation.''.</DELETED>
<DELETED> (e) Deputy Chief Executive Officer.--There shall be in the
Corporation a Deputy Chief Executive Officer, who shall be appointed by
the President, by and with the advice and consent of the Senate, and
who shall serve at the pleasure of the President.</DELETED>
<DELETED> (f) Chief Risk Officer.--</DELETED>
<DELETED> (1) Appointment.--Subject to the approval of the
Board, the Chief Executive Officer of the Corporation shall
appoint a Chief Risk Officer, from among individuals with
experience at a senior level in financial risk management,
who--</DELETED>
<DELETED> (A) shall have as the officer's sole
function to serve as Chief Risk Officer of the
Corporation;</DELETED>
<DELETED> (B) shall report directly to the Board;
and</DELETED>
<DELETED> (C) shall be removable only by a majority
vote of the Board.</DELETED>
<DELETED> (2) Duties.--The Chief Risk Officer shall, in
coordination with the audit committee of the Board established
under 401, develop, implement, and manage a comprehensive
process for identifying, assessing, monitoring, and limiting
risks to the Corporation, including the overall portfolio of
the Corporation.</DELETED>
<DELETED> (g) Coordination.--The Chief Executive Officer shall
consult with the Administrator of the United States Agency for
International Development and Chief Executive Officer of the Millennium
Challenge Corporation to coordinate the activities of the Corporation
with the activities of the United States Agency for International
Development and the Millennium Challenge Corporation, such as by
establishing in the Corporation a Chief Development Officer who shall
have responsibility for coordinating development finance policy and
implementation efforts of the Corporation with the United States Agency
for International Development and the Millennium Challenge Corporation
and their respective development missions.</DELETED>
<DELETED> (h) Officers and Employees.--</DELETED>
<DELETED> (1) In general.--Except as otherwise provided in
this section, officers, employees, and agents shall be selected
and appointed by the Corporation, and shall be vested with such
powers and duties as the Corporation may determine.</DELETED>
<DELETED> (2) Administratively determined employees.--
</DELETED>
<DELETED> (A) Appointment; compensation; removal.--
Of officers and employees employed by the Corporation
under paragraph (1), not to exceed 50 may be appointed,
compensated, or removed without regard to title 5,
United States Code.</DELETED>
<DELETED> (B) Reinstatement.--Under such regulations
as the President may prescribe, officers and employees
appointed to a position under subparagraph (A) may be
entitled, upon removal from such position (unless the
removal was for cause), to reinstatement to the
position occupied at the time of appointment or to a
position of comparable grade and salary.</DELETED>
<DELETED> (C) Additional positions.--Positions
authorized by subparagraph (A) shall be in addition to
those otherwise authorized by law, including positions
authorized under section 5108 of title 5, United States
Code.</DELETED>
<DELETED> (D) Rates of pay for officers and
employees.--The Corporation may set and adjust rates of
basic pay for officers and employees appointed under
subparagraph (A) without regard to the provisions of
chapter 51 or subchapter III of chapter 53 of title 5,
United States Code, relating to classification of
positions and General Schedule pay rates,
respectively.</DELETED>
<DELETED> (3) Liability of employees.--</DELETED>
<DELETED> (A) In general.--An individual who is a
member of the Board or an officer or employee of the
Corporation has no liability under this Act with
respect to any claim arising out of or resulting from
any act or omission by the individual within the scope
of the employment of the individual in connection with
any transaction by the Corporation.</DELETED>
<DELETED> (B) Rule of construction.--Subparagraph
(A) shall not be construed to limit personal liability
of an individual for criminal acts or omissions,
willful or malicious misconduct, acts or omissions for
private gain, or any other acts or omissions outside
the scope of the individual's employment.</DELETED>
<DELETED> (C) Savings provision.--This paragraph
shall not be construed--</DELETED>
<DELETED> (i) to affect--</DELETED>
<DELETED> (I) any other immunities
and protections that may be available
to an individual described in
subparagraph (A) under applicable law
with respect to a transaction described
in that subparagraph; or</DELETED>
<DELETED> (II) any other right or
remedy against the Corporation, against
the United States under applicable law,
or against any person other than an
individual described in subparagraph
(A) participating in such a
transaction; or</DELETED>
<DELETED> (ii) to limit or alter in any way
the immunities that are available under
applicable law for Federal officers and
employees not described in this
paragraph.</DELETED>
<DELETED>SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.</DELETED>
<DELETED> (a) In General.--Section 8G(a)(2) of the Inspector General
Act of 1978 (5 U.S.C. App.) is amended by inserting ``the United States
International Development Finance Corporation,'' after ``the
Smithsonian Institution,''.</DELETED>
<DELETED> (b) Oversight Independence.--Section 8G(a)(4) of the
Inspector General Act of 1978 (5 U.S.C. App.) is amended--</DELETED>
<DELETED> (1) in subparagraph (G), by striking ``; and'' and
inserting a semicolon;</DELETED>
<DELETED> (2) in subparagraph (I), by striking the semicolon
and inserting ``; and''; and</DELETED>
<DELETED> (3) by adding at the end the following:</DELETED>
<DELETED> ``(J) with respect to the United States
International Development Finance Corporation, such
term means the Board of Directors of the United States
International Development Finance
Corporation;''.</DELETED>
<DELETED>TITLE II--AUTHORITIES</DELETED>
<DELETED>SEC. 201. AUTHORITIES RELATING TO PROVISION OF
SUPPORT.</DELETED>
<DELETED> (a) Lending and Guaranties.--</DELETED>
<DELETED> (1) In general.--The Corporation may make loans or
guarantee loans upon such terms and conditions as the
Corporation may determine.</DELETED>
<DELETED> (2) Denomination.--Loans and guaranties issued
under paragraph (1) may be denominated and repayable in United
States dollars or foreign currencies.</DELETED>
<DELETED> (3) Applicability of federal credit reform act of
1990.--Loans and guaranties issued under paragraph (1) shall be
subject to the requirements of the Federal Credit Reform Act of
1990 (2 U.S.C. 661 et seq.).</DELETED>
<DELETED> (b) Equity Investments.--</DELETED>
<DELETED> (1) In general.--The Corporation may, as a
minority investor, support projects with funds or use other
mechanisms for the purpose of purchasing, and may make and fund
commitments to purchase, invest in, make pledges in respect of,
or otherwise acquire, equity or quasi-equity securities or
shares or financial interests of any entity, including as a
limited partner or other investor in investment funds, upon
such terms and conditions as the Corporation may
determine.</DELETED>
<DELETED> (2) Denomination.--Support provided under
paragraph (1) may be denominated and repayable in United States
dollars or foreign currency.</DELETED>
<DELETED> (3) Guidelines and criteria.--The Corporation
shall develop guidelines and criteria to require that the use
of the authority provided by paragraph (1) with respect to a
project has a clearly defined development rationale, taking
into account the following factors:</DELETED>
<DELETED> (A) The support for the project would be
more likely than not to substantially reduce or
overcome the effect of an identified market failure in
the country in which the project is carried
out.</DELETED>
<DELETED> (B) The project would not have proceeded
or would have been substantially delayed without the
support.</DELETED>
<DELETED> (C) The support will meaningfully
contribute to transforming local conditions to promote
the development of markets.</DELETED>
<DELETED> (D) The support can be shown to be aligned
with commercial partner incentives.</DELETED>
<DELETED> (E) The support can be shown to have
significant developmental impact and will contribute to
long-term commercial sustainability.</DELETED>
<DELETED> (4) Limitations on equity investments.--</DELETED>
<DELETED> (A) Per project limit.--The aggregate
amount of support provided under this subsection with
respect to any project shall not exceed 20 percent of
the aggregate amount of all equity investment made from
any source to the project at the time that the
Corporation approves support of the project.</DELETED>
<DELETED> (B) Total limit.--Support provided
pursuant to this subsection shall be limited to not
more than 35 percent of the Corporation's aggregate
exposure on the date that such support is
provided.</DELETED>
<DELETED> (5) Sales and liquidation of position.--The
Corporation shall seek to sell and liquidate any support for a
project provided under this subsection as soon as commercially
feasible, commensurate with other similar investors in the
project.</DELETED>
<DELETED> (c) Insurance and Reinsurance.--The Corporation may issue
insurance or reinsurance, upon such terms and conditions as the
Corporation may determine, to private sector entities and qualifying
sovereign entities assuring protection of their investments in whole or
in part against any or all political risks such as currency
inconvertibility and transfer restrictions, expropriation, war,
terrorism, and civil disturbance, breach of contract, or non-honoring
of financial obligations.</DELETED>
<DELETED> (d) Promotion of and Support for Private Investment
Opportunities.--</DELETED>
<DELETED> (1) In general.--The Corporation may initiate and
support, through financial participation, incentive grant, or
otherwise, and on such terms and conditions as the Corporation
may determine, feasibility studies for the planning,
development, and management of, and procurement for, bilateral
and multilateral development projects, including training
activities undertaken in connection with such projects, for the
purpose of promoting investment in such projects and the
identification, assessment, surveying, and promotion of private
investment opportunities, utilizing wherever feasible and
effective, the facilities of private investors.</DELETED>
<DELETED> (2) Contributions to costs.--The Corporation
shall, to the maximum extent practicable, require any person
receiving funds under the authorities of this subsection to--
</DELETED>
<DELETED> (A) share the costs of feasibility studies
and other project planning services funded under this
subsection; and</DELETED>
<DELETED> (B) reimburse the Corporation those funds
provided under this section, if the person succeeds in
project implementation.</DELETED>
<DELETED> (e) Special Projects and Programs.--The Corporation may
administer and manage special projects and programs, including programs
of financial and advisory support that provide private technical,
professional, or managerial assistance in the development of human
resources, skills, technology, capital savings, and intermediate
financial and investment institutions and cooperatives and including
the initiation of incentives, grants, and studies for renewable energy,
microenterprise households, and other small business
activities.</DELETED>
<DELETED> (f) Enterprise Funds.--</DELETED>
<DELETED> (1) In general.--The Corporation may establish and
operate enterprise funds in accordance with this
subsection.</DELETED>
<DELETED> (2) Procedures and requirements.--The provisions
of section 201 of the Support for East European Democracy
(SEED) Act of 1989 (22 U.S.C. 5421) (other than the provisions
of subsections (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j)
of that section), shall be deemed to apply with respect to any
enterprise fund established by the Corporation under this
subsection and to funds made available to any such enterprise
fund in the same manner and to the same extent as such
provisions apply with respect to enterprise funds established
pursuant to such section 201 or to funds made available to
enterprise funds established under that section.</DELETED>
<DELETED> (3) Purposes for which support may be provided.--
The Corporation, subject to the approval of the Board, may
designate private, nonprofit organizations as eligible to
receive support under this subsection for the following
purposes:</DELETED>
<DELETED> (A) To promote development of economic
freedom and private sectors, including small- and
medium-sized businesses and joint ventures with the
United States and host country participants.</DELETED>
<DELETED> (B) To facilitate access to the credit to
small- and medium-sized businesses with sound business
plans in countries where there is limited means of
accessing credit on market terms.</DELETED>
<DELETED> (C) To promote policies and practices
conducive to economic freedom and private sector
development.</DELETED>
<DELETED> (D) To attract foreign direct investment
capital to further promote private sector development
and economic freedom.</DELETED>
<DELETED> (E) To complement the work of the United
States Agency for International Development and other
donors to improve the overall business-enabling
environment, financing the creation and expansion of
the private business sector.</DELETED>
<DELETED> (F) To make financially sustainable
investments designed to generate measurable social
benefits and build technical capacity in addition to
financial returns.</DELETED>
<DELETED> (4) Operation of funds.--</DELETED>
<DELETED> (A) Expenditures.--Funds made available to
an enterprise fund shall be expended at the minimum
rate necessary to make timely payments for projects and
activities carried out under this subsection.</DELETED>
<DELETED> (B) Administrative expenses.--Not more
than 3 percent of the funds made available to an
enterprise fund may be obligated or expended for the
administrative expenses of the enterprise
fund.</DELETED>
<DELETED> (5) Board of directors.--Each enterprise fund
established under this subsection shall be governed by a Board
of Directors comprised of private citizens of the United States
or the host country, who--</DELETED>
<DELETED> (A) shall be appointed by the President
after consultation with the chairmen and ranking
members of the appropriate congressional committees;
and</DELETED>
<DELETED> (B) have pursued careers in international
business and have demonstrated expertise in
international and emerging market investment
activities.</DELETED>
<DELETED> (6) Majority member requirement.--The majority of
the members of the Board of Directors shall be United States
citizens.</DELETED>
<DELETED> (7) Reports.--Not later than one year after the
date of the establishment of an enterprise fund under this
subsection, and annually thereafter until the enterprise fund
terminates in accordance with paragraph (10), the Board of
Directors of the enterprise fund shall--</DELETED>
<DELETED> (A) submit to the appropriate
congressional committees a report--</DELETED>
<DELETED> (i) detailing the administrative
expenses of the enterprise fund during the year
preceding the submission of the
report;</DELETED>
<DELETED> (ii) describing the operations,
activities, financial condition, and
accomplishments of the enterprise fund during
that year; and</DELETED>
<DELETED> (iii) describing the results of
the audit conducted under paragraph (8) during
that year; and</DELETED>
<DELETED> (B) publish, on a publicly available
internet website of the enterprise fund, each report
required by subparagraph (A).</DELETED>
<DELETED> (8) Oversight.--</DELETED>
<DELETED> (A) Inspector general performance
audits.--</DELETED>
<DELETED> (i) In general.--The Inspector
General of the Corporation shall conduct
periodic audits of the activities of each
enterprise fund established under this
subsection.</DELETED>
<DELETED> (ii) Consideration.--In conducting
an audit under clause (i), the Inspector
General shall assess whether the activities of
the enterprise fund--</DELETED>
<DELETED> (I) support the purposes
described in paragraph (3);</DELETED>
<DELETED> (II) result in profitable
private sector investing; and</DELETED>
<DELETED> (III) generate measurable
social benefits.</DELETED>
<DELETED> (B) Recordkeeping requirements.--The
Corporation shall ensure that each enterprise fund
receiving support under this subsection--</DELETED>
<DELETED> (i) keeps separate accounts with
respect to such support; and</DELETED>
<DELETED> (ii) maintains such records as may
be reasonably necessary to facilitate effective
audits under this paragraph.</DELETED>
<DELETED> (9) Return of funds to treasury.--Any funds
resulting from any liquidation, dissolution, or winding up of
an enterprise fund, in whole or in part, shall be returned to
the Treasury of the United States.</DELETED>
<DELETED> (10) Termination.--The authority of an enterprise
fund to provide support under this subsection shall terminate
on the earlier of--</DELETED>
<DELETED> (A) the date that is 7 years after the
date of the first expenditure of amounts from the
enterprise fund; or</DELETED>
<DELETED> (B) the date on which the enterprise fund
is liquidated.</DELETED>
<DELETED> (g) Sense of Congress.--The Corporation should consider
ways to provide technical and other support to facilitate the
development of diaspora bonds and other financing mechanisms that
consolidate and leverage remittances for development
outcomes.</DELETED>
<DELETED> (h) Other Authorities.--The Corporation shall have, in
addition to other authorities provided under this section, such
authorities as are provided for under the State Department Basic
Authorities Act of 1956 (22 U.S.C. 2651a et seq.) and the Foreign
Assistance Act of 1961 (22 U.S.C. 2151 et seq.) and delegated by the
President to the Overseas Private Investment Corporation or an element
of the United States Agency for International Development specified in
section 603(a)(2) as of the day before the date of the enactment of
this Act.</DELETED>
<DELETED>SEC. 202. TERMS AND CONDITIONS.</DELETED>
<DELETED> (a) In General.--Except as provided in subsection (b),
support provided by the Corporation under this title shall be on such
terms and conditions as the Corporation may prescribe.</DELETED>
<DELETED> (b) Requirements.--The following requirements apply to
support provided by the Corporation under this title:</DELETED>
<DELETED> (1) The Corporation shall make a loan or guaranty
only if it is necessary--</DELETED>
<DELETED> (A) to alleviate a credit market
imperfection; or</DELETED>
<DELETED> (B) to achieve specified objectives of the
United States Government by providing support in the
most efficient way to meet those objectives on a
borrower-by-borrower basis.</DELETED>
<DELETED> (2) The final maturity of a loan made or
guaranteed by the Corporation shall not exceed the lesser of--
</DELETED>
<DELETED> (A) 25 years; or</DELETED>
<DELETED> (B) the useful life of any physical asset
to be financed by the loan (as determined by the
Corporation).</DELETED>
<DELETED> (3) The Corporation shall, with respect to
providing any loan guaranty to a project, require that the
parties to the loan guaranteed by the Corporation bear the risk
of loss for at least 20 percent of the guaranteed support by
the Corporation in the project.</DELETED>
<DELETED> (4) The Corporation may not guarantee a loan
unless the Corporation determines that the lender is
responsible and that adequate provision is made for servicing
the loan on reasonable terms and protecting the financial
interest of the United States.</DELETED>
<DELETED> (5) The interest rate for direct loans and
interest supplements on guaranteed loans shall be set by
reference to a benchmark interest rate (yield) on marketable
Treasury securities or other widely recognized benchmarks with
a similar maturity to the loans being made or guaranteed. The
Corporation shall establish appropriate minimum interest rates
for loans, guarantees, insurance, and other instruments as
necessary.</DELETED>
<DELETED> (6) The minimum interest rate for new loans as
established by the Corporation shall be adjusted periodically
to take account of changes in the interest rate of the
benchmark financial instrument.</DELETED>
<DELETED> (7)(A) The Corporation shall set fees or premiums
for loan guarantee or insurance coverage at levels that
minimize the cost to the Government (as defined in section 502
of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of
such coverage, while supporting achievement of the objectives
of the loan.</DELETED>
<DELETED> (B) The Corporation shall set the minimum
guarantee fee or insurance premium at a level sufficient to
cover the Corporation's costs for paying all of the estimated
costs to the Government of the expected default claims and
other obligations.</DELETED>
<DELETED> (C) The Corporation shall review fees for loan
guaranties periodically to ensure that the fees assessed on new
loan guarantees are at a level sufficient to cover the
Corporation's most recent estimates of its costs.</DELETED>
<DELETED> (8) Any loan guaranty provided by the Corporation
shall be conclusive evidence that--</DELETED>
<DELETED> (A) the guaranty has been properly
obtained;</DELETED>
<DELETED> (B) the loan qualified for the guaranty;
and</DELETED>
<DELETED> (C) but for fraud or material
misrepresentation by the holder of the guaranty, the
guaranty is presumed to be valid, legal, and
enforceable.</DELETED>
<DELETED> (9) The Corporation may not make a loan or loan
guaranty unless the Corporation determines that there is a
reasonable assurance of repayment on the loan.</DELETED>
<DELETED> (10) The Corporation shall prescribe explicit
standards for use in periodically assessing the credit risk of
new and existing direct loans or guaranteed loans.</DELETED>
<DELETED> (11) The Corporation may not make loans or loan
guaranties except to the extent that budget authority to cover
the costs of the loans or guaranties is provided in advance in
an appropriations Act, as required by section 504 of the
Federal Credit Reform Act of 1990 (2 U.S.C. 661c).</DELETED>
<DELETED>SEC. 203. PAYMENT OF LOSSES.</DELETED>
<DELETED> (a) Payments for Defaults on Guaranteed Loans.--</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (b) Limitation on Payments.--</DELETED>
<DELETED> (1) In general.--Except as provided by paragraph
(2), compensation for insurance, reinsurance, or a guaranty
issued under this title shall not exceed the dollar value of
the insurance, reinsurance, or guaranty, as of the date of its
issuance, made in the project with the approval of the
Corporation, plus interest, earnings, or profits actually
accrued on the insurance, reinsurance, or guaranty, to the
extent provided by such insurance, reinsurance, or
guaranty.</DELETED>
<DELETED> (2) Exception.--</DELETED>
<DELETED> (A) In general.--The Corporation may
provide that--</DELETED>
<DELETED> (i) appropriate adjustments in the
insured dollar value be made to reflect the
replacement cost of project assets;
and</DELETED>
<DELETED> (ii) compensation for a claim of
loss under insurance of an equity investment
under section 201(b) may be computed on the
basis of the net book value attributable to the
equity investment on the date of
loss.</DELETED>
<DELETED> (3) Additional limitation.--</DELETED>
<DELETED> (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 201 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.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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 guarantee under this title.</DELETED>
<DELETED> (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 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a)) is available.</DELETED>
<DELETED>SEC. 204. TERMINATION.</DELETED>
<DELETED> The authorities provided under this title terminate on
September 30, 2038.</DELETED>
<DELETED>TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS</DELETED>
<DELETED>SEC. 301. OPERATIONS.</DELETED>
<DELETED> (a) Bilateral Agreements.--The Corporation may provide
support under title II 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.</DELETED>
<DELETED> (b) Claims Settlement.--</DELETED>
<DELETED> (1) In general.--Claims arising as a result of
support provided under title II 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.</DELETED>
<DELETED> (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.</DELETED>
<DELETED> (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 Act.</DELETED>
<DELETED> (d) Electronic Payments and Documents.--The Corporation
shall implement policies to accept electronic documents and electronic
payments in all of its programs.</DELETED>
<DELETED>SEC. 302. CORPORATE POWERS.</DELETED>
<DELETED> (a) In General.--The Corporation--</DELETED>
<DELETED> (1) may adopt, alter, and use a seal, to include
an identifiable symbol of the United States;</DELETED>
<DELETED> (2) may make and perform such contracts, including
no-cost contracts (as defined by the Corporation), grants, and
other agreements notwithstanding division C of subtitle I of
title 41, United States Code, with any person or government
however designated and wherever situated, as may be necessary
for carrying out the functions of the Corporation;</DELETED>
<DELETED> (3) may determine and prescribe the manner in
which its obligations shall be incurred and its expenses
allowed and paid, including expenses for
representation;</DELETED>
<DELETED> (4) may lease, purchase, or otherwise acquire,
improve, and use such real property wherever situated, as may
be necessary for carrying out the functions of the
Corporation;</DELETED>
<DELETED> (5) may accept cash gifts or donations of services
or of property (real, personal, or mixed), tangible or
intangible, for the purpose of carrying out the functions of
the Corporation;</DELETED>
<DELETED> (6) may use the United States mails in the same
manner and on the same conditions as the Executive departments
(as defined in section 101 of title 5, United States
Code);</DELETED>
<DELETED> (7) may contract with individuals for personal
services, who shall not be considered Federal employees for any
provision of law administered by the Director of the Office of
Personnel Management;</DELETED>
<DELETED> (8) may hire or obtain passenger motor
vehicles;</DELETED>
<DELETED> (9) may sue and be sued in its corporate
name;</DELETED>
<DELETED> (10) may acquire, hold, or dispose of, upon such
terms and conditions as the Corporation may determine, any
property, real, personal, or mixed, tangible or intangible, or
any interest in such property, and with respect to lease of
office space for the Corporation's own use, the obligation of
amounts for such lease is limited to the current fiscal year
for which payments are due without regard to section
1341(a)(1)(B) of title 31, United States Code;</DELETED>
<DELETED> (11) may indemnify directors, officers, employees,
and agents of the Corporation for liabilities and expenses
incurred in connection with their activities on behalf of the
Corporation;</DELETED>
<DELETED> (12) notwithstanding any other provision of law,
may represent itself or contract for representation in all
legal and arbitral proceedings;</DELETED>
<DELETED> (13) may purchase, discount, rediscount, sell, and
negotiate, with or without its endorsement or guaranty, and
guarantee notes, participation certificates, and other evidence
of indebtedness;</DELETED>
<DELETED> (14) may exercise any priority of the Government
of the United States in collecting debts from bankrupt,
insolvent, or decedents' estates;</DELETED>
<DELETED> (15) may collect, notwithstanding section
3711(g)(1) of title 31, United States Code, or compromise any
obligations assigned to or held by the Corporation, including
any legal or equitable rights accruing to the
Corporation;</DELETED>
<DELETED> (16) may manage assets described in section 3(9)
of Public Law 110-343 (12 U.S.C. 5202(9)) in a manner designed
to minimize cost to the Corporation, including establishing
vehicles that are authorized to purchase, hold, and sell assets
and issue obligations;</DELETED>
<DELETED> (17) may make arrangements with foreign
governments (including agencies, instrumentalities, or
political subdivisions of such governments) or with
multilateral organizations or institutions for sharing
liabilities;</DELETED>
<DELETED> (18) may revolve funds of the Corporation through
selling direct investments of the Corporation to private
investors upon such terms and conditions as the Corporation may
determine; and</DELETED>
<DELETED> (19) shall have such other powers as may be
necessary and incident to carrying out the functions of the
Corporation.</DELETED>
<DELETED> (b) Treatment of Property.--Notwithstanding any other
provision of law relating to the acquisition, handling, or disposal of
property by the United States, the Corporation shall have the right in
its discretion to complete, recondition, reconstruct, renovate, repair,
maintain, operate, or sell any property acquired by the Corporation
pursuant to the provisions of this Act.</DELETED>
<DELETED>SEC. 303. MAXIMUM CONTINGENT LIABILITY.</DELETED>
<DELETED> (a) In General.--The maximum contingent liability of the
Corporation outstanding at any one time shall not exceed in the
aggregate the amount specified in subsection (b).</DELETED>
<DELETED> (b) Amount Specified.--</DELETED>
<DELETED> (1) Initial 5-year period.--The amount specified
in this subsection for the 5-year period beginning on the date
of the enactment of this Act, is $60,000,000,000.</DELETED>
<DELETED> (2) Subsequent 5-year periods.--Not later than 5
years after the date of the enactment of this Act, and every 5
years thereafter, the amount specified in paragraph (1) shall
be adjusted to reflect the percentage of the increase (if any)
in the average of the Consumer Price Index during the preceding
5-year period.</DELETED>
<DELETED> (3) Consumer price index defined.--In this
subsection, the term ``Consumer Price Index'' means the most
recent Consumer Price Index for All Urban Consumers published
by the Bureau of Labor Statistics of the Department of
Labor.</DELETED>
<DELETED>SEC. 304. CORPORATE FUNDS.</DELETED>
<DELETED> (a) Corporate Capital Account.--</DELETED>
<DELETED> (1) Establishment.--There is established in the
Treasury of the United States a revolving fund to be known as
the ``Corporate Capital Account'', consisting of such funds
as--</DELETED>
<DELETED> (A) are available to discharge liabilities
under predecessor authorities; and</DELETED>
<DELETED> (B) are made available to the Corporation
pursuant to subsections (d), (e), and (f), or otherwise
available pursuant to this section.</DELETED>
<DELETED> (2) Use of funds.--Amounts in the Corporate
Capital Account shall be available for discharge of liabilities
of the Corporation, until such time as all such liabilities
have been discharged or have expired or until all of the
amounts in the Account have been expended in accordance with
the provisions of this section.</DELETED>
<DELETED> (b) Transfer of Previous Fees and Revenue.--There is
hereby authorized to be transferred to the Corporation at its call, for
the purposes specified in subsection (g), all fees and other revenues
collected by the Overseas Private Investment Corporation pursuant to
the reorganization plan submitted by the President under section
602.</DELETED>
<DELETED> (c) Full Faith and Credit.--All support provided pursuant
to predecessor authorities or title II shall continue to constitute
obligations of the United States, and the full faith and credit of the
United States is hereby pledged for the full payment and performance of
such obligations.</DELETED>
<DELETED> (d) Authorization of Appropriations.--There are authorized
to be appropriated to the Corporation, to remain available until
expended, such amounts as may be necessary from time to time to
replenish or increase the Corporate Capital Account.</DELETED>
<DELETED> (e) Issuance of Obligations.--</DELETED>
<DELETED> (1) In general.--In order to discharge liabilities
of the Corporation, the Corporation may issue from time to time
for purchase by the Secretary of the Treasury notes,
debentures, bonds, or other obligations of the
Corporation.</DELETED>
<DELETED> (2) Limitation.--The aggregate amount of
obligations outstanding under paragraph (1) at any one time
shall not exceed $1,000,000,000.</DELETED>
<DELETED> (3) Repayment.--Any obligation issued under
paragraph (1) shall be repaid to the Treasury of the United
States within one year after the date of issue of the
obligation.</DELETED>
<DELETED> (4) Interest rate.--Any obligation issued under
paragraph (1) shall bear interest at a rate determined by the
Secretary, taking into consideration the current average market
yield on outstanding marketable obligations of the United
States of comparable maturities during the month preceding the
issuance of any obligation authorized by this
subsection.</DELETED>
<DELETED> (5) Purchase.--The Secretary shall purchase any
obligation of the Corporation issued under paragraph (1), and
for such purchase the Secretary may use as a public debt
transaction the proceeds of the sale of any securities issued
under chapter 31 of title 31, United States Code. The purpose
for which securities may be issued under such chapter shall
include any such purchase.</DELETED>
<DELETED> (6) Funding.--There are hereby authorized to be
appropriated to the Secretary for fiscal year 2018 and each
fiscal year thereafter such sums as may be necessary to carry
out this subsection.</DELETED>
<DELETED> (f) Fees.--</DELETED>
<DELETED> (1) In general.--Fees may be charged for providing
services and for transaction costs incurred by the Corporation
in amounts to be determined by the Corporation.</DELETED>
<DELETED> (2) Use of fees.--All fees under paragraph (1)
paid for transaction costs and other costs associated with
services provided shall be available for obligation for the
purposes for which such fees were collected.</DELETED>
<DELETED> (g) Income and Revenue in General.--In order to carry out
the purposes of the Corporation, all funds, fees, revenues, and income
transferred to or earned by the Corporation, from whatever source
derived, shall be held by the Corporation and shall be available to
carry out the purposes of the Corporation, including--</DELETED>
<DELETED> (1) payment of all expenses of the
Corporation;</DELETED>
<DELETED> (2) transfers and additions to the Corporate
Capital Account and such other funds or reserves as the
Corporation may establish, at such time and in such amounts as
the Board may determine;</DELETED>
<DELETED> (3) payment of dividends on capital stock, which
shall consist of and be paid from net earnings of the
Corporation after payments, transfers, and additions under
paragraphs (1) and (2); and</DELETED>
<DELETED> (4) transfer of such sums as may be necessary from
the Corporate Capital Account for costs (as defined in section
502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a))
of providing support under title II, including the costs of
modifying such support.</DELETED>
<DELETED> (h) Transaction Costs.--Transaction costs incurred by the
Corporation, including such costs relating to loan obligations or loan
guarantee commitments covered by the provisions of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661 et seq.), shall be held in and paid
out of the Corporate Capital Account.</DELETED>
<DELETED>SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE CORPORATION
ON CONSTRAINTS ANALYSIS.</DELETED>
<DELETED> It is the sense of Congress that the Corporation should
use the constraints analysis and other relevant data of the Millennium
Challenge Corporation to be better inform the decisions of the
Corporation with respect to providing support under title II.</DELETED>
<DELETED>TITLE IV--MONITORING, EVALUATION, AND REPORTING</DELETED>
<DELETED>SEC. 401. ESTABLISHMENT OF RISK AND AUDIT
COMMITTEES.</DELETED>
<DELETED> (a) In General.--To manage risks such as key strategic,
reputational, regulatory, operational, and financial risks the
Corporation shall establish a risk committee and an audit
committee.</DELETED>
<DELETED> (b) Duties and Responsibilities.--Subject to the direction
of the Board, the risk committee established under subsection (a) shall
have the responsibility of--</DELETED>
<DELETED> (1) carrying out independent oversight of the
Corporation;</DELETED>
<DELETED> (2) reviewing and providing guidance on the risk
governance structure of the Corporation; and</DELETED>
<DELETED> (3) developing policies for enterprise risk
management, monitoring, and management of strategic,
reputational, regulatory, operational, and financial
risks.</DELETED>
<DELETED>SEC. 402. PERFORMANCE MEASURES.</DELETED>
<DELETED> (a) In General.--The Corporation shall develop a
performance measurement system to evaluate and monitor projects
supported by the Corporation under title II and to guide future
projects of the Corporation.</DELETED>
<DELETED> (b) Considerations.--In developing the performance
measurement system required by subsection (a), the Corporation shall--
</DELETED>
<DELETED> (1) develop a successor for the development impact
measurement system used by the Overseas Private Investment
Corporation before the date of the enactment of this
Act;</DELETED>
<DELETED> (2) develop a mechanism for ensuring that support
provided by the Corporation under title II is in addition to
private investment; and</DELETED>
<DELETED> (3) develop standards for, and a method for
ensuring, appropriate financial performance of the
Corporation's portfolio.</DELETED>
<DELETED> (c) Public Availability of Certain Information.--The
Corporation shall regularly make available to the public information
about support provided by the Corporation under title II and
performance metrics about such support on a country-by-country
basis.</DELETED>
<DELETED> (d) Consultations.--In developing the performance
measurement system required by subsection (a), the Corporation shall
consult with stakeholders engaged in sustainable economic growth and
development outside the United States, including private sector
entities and nongovernmental and civil society organizations.</DELETED>
<DELETED>SEC. 403. ANNUAL REPORT.</DELETED>
<DELETED> (a) In General.--After the end of each fiscal year, the
Corporation shall submit to the appropriate congressional committees a
complete and detailed report of its operations during that fiscal year,
including an assessment of--</DELETED>
<DELETED> (1) the economic and social development impact and
benefits of projects supported by the Corporation under title
II; and</DELETED>
<DELETED> (2) the extent to which the operations of the
Corporation complement or are compatible with the development
assistance programs of the United States and qualifying
sovereign entities.</DELETED>
<DELETED> (b) Elements.--Each annual report required by subsection
(a) shall include projections of the effects of each project supported
by the Corporation under title II, including--</DELETED>
<DELETED> (1) reviews and analysis of--</DELETED>
<DELETED> (A) the desired development outcomes for
each project and whether or not the project is meeting
the associated metrics, goals, and development
objectives in the years following the conclusion of the
project; and</DELETED>
<DELETED> (B) the effect of the Corporation's
support for the project on access to capital,
specifically whether the project is addressing
identifiable market gaps or inefficiencies and what
impact, if any, such support will have on access to
credit for private sector entities in the country in
which the project is carried out;</DELETED>
<DELETED> (2) an explanation of any partnership arrangement
or cooperation with a qualifying sovereign entity in support of
each project;</DELETED>
<DELETED> (3) projections of--</DELETED>
<DELETED> (A) each project's development outcome,
and whether or not support for the project is meeting
the associated performance measures, both during the
start-up phase and over the duration of the project;
and</DELETED>
<DELETED> (B) the amount of private sector assets
brought to bear relative to the amount of support
provided by the Corporation and any other public sector
support associated with the project; and</DELETED>
<DELETED> (4) an assessment of the extent to which lessons
learned from the monitoring and evaluation activities of the
Corporation, and from annual reports from previous years
compiled by the Corporation, have been applied to
projects.</DELETED>
<DELETED>SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION.</DELETED>
<DELETED> The Corporation shall--</DELETED>
<DELETED> (1) maintain a user-friendly, publicly available,
machine-readable database with detailed country-level
information, including a description of the support provided by
the Corporation under title II; and</DELETED>
<DELETED> (2) include a clear link to information about each
project supported by the Corporation under title II on the
internet website of the Department of State,
``ForeignAssistance.gov'', or a successor website or other
online publication.</DELETED>
<DELETED>SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE
CORPORATION.</DELETED>
<DELETED> (a) Audits.--Subject to subsection (f), an independent
certified public accountant shall perform a financial and compliance
audit of the financial statements of the Corporation annually, in
accordance with generally accepted government auditing standards for a
financial and compliance audit, as issued by the Comptroller General of
the United States.</DELETED>
<DELETED> (b) Reports on Audits.--The independent certified public
accountant who conducts an audit under subsection (a) shall report the
results of the audit to the Executive Director of the Corporation and
the appropriate congressional committees.</DELETED>
<DELETED> (c) Presentation.--The financial statements of the
Corporation and the report required by subsection (b) shall be
presented in accordance with generally accepted accounting
principles.</DELETED>
<DELETED> (d) Reports to Congress.--Not later than 195 days after
the end of the last fiscal year covered by an audit conducted under
subsection (a), the Corporation shall submit to the appropriate
congressional committees a report that includes--</DELETED>
<DELETED> (1) the report required by subsection (b) with
respect to the audit; and</DELETED>
<DELETED> (2) the financial statements of the
Corporation.</DELETED>
<DELETED> (e) Review and Report by the Government Accountability
Office.--The Comptroller General may review an audit conducted under
subsection (a) and the report to the appropriate congressional
committees required by subsection (d) in the manner and at such times
as the Comptroller General considers necessary.</DELETED>
<DELETED> (f) Alternative Audits by Government Accountability
Office.--Instead of an audit conducted under subsection (a) by a
certified public accountant, the Comptroller General shall, if the
Comptroller General considers it necessary or upon the request of
Congress, audit the financial statements of the Corporation in the
manner provided under subsection (a).</DELETED>
<DELETED> (g) Availability of Information.--All books, accounts,
financial records, reports, files, workpapers, and property belonging
to or in use by the Corporation or the accountant who conducts an audit
under subsection (a) that are necessary for purposes of conducing the
audit, shall be made available to the Comptroller General and such
employees as the Comptroller General considers appropriate.</DELETED>
<DELETED>SEC. 406. ENGAGEMENT WITH INVESTORS.</DELETED>
<DELETED> (a) In General.--The Corporation shall, in cooperation
with the Administrator of the United States Agency for International
Development--</DELETED>
<DELETED> (1) develop a strategic relationship with private
sector entities focused at the nexus of business opportunities
and development priorities;</DELETED>
<DELETED> (2) engage such entities and reduce business risks
primarily through direct transaction support and facilitating
investment partnerships;</DELETED>
<DELETED> (3) develop and support tools, approaches, and
intermediaries that can mobilize private finance at scale in
the developing world;</DELETED>
<DELETED> (4) pursue projects of all sizes, especially those
that are small but designed for work in the most underdeveloped
areas, including countries with chronic suffering as a result
of extreme poverty, fragile institutions, or a history of
violence; and</DELETED>
<DELETED> (5) pursue projects consistent with the stated
goals of the Department of State and the Strategic Plan and the
Mission Country Development Cooperation Strategies of the
United States Agency for International Development.</DELETED>
<DELETED> (b) Assistance.--To achieve the goals described in
subsection (a), the Corporation shall--</DELETED>
<DELETED> (1) develop risk mitigation tools;</DELETED>
<DELETED> (2) provide transaction structuring support for
blended finance models;</DELETED>
<DELETED> (3) support intermediaries linking capital supply
and demand;</DELETED>
<DELETED> (4) coordinate with other Federal agencies to
support or accelerate transactions;</DELETED>
<DELETED> (5) convene financial, donor, and public sector
partners around opportunities for private finance within
development priorities;</DELETED>
<DELETED> (6) offer strategic planning and programming
assistance to catalyze investment into priority
sectors;</DELETED>
<DELETED> (7) provide transaction structuring
support;</DELETED>
<DELETED> (8) deliver training and knowledge management
tools for engaging private investors;</DELETED>
<DELETED> (9) partner with private sector entities that
provide access to capital and expertise; and</DELETED>
<DELETED> (10) identify and screen new investment
partners.</DELETED>
<DELETED>TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS</DELETED>
<DELETED>SEC. 501. LIMITATIONS AND PREFERENCES.</DELETED>
<DELETED> (a) Limitation on Support for Single Entity.--No entity
receiving support from the Corporation under title II may receive more
than an amount equal to 5 percent of the Corporation's maximum
contingent liability authorized under section 303.</DELETED>
<DELETED> (b) Preference for Support of Investment by United States
Investors.--</DELETED>
<DELETED> (1) In general.--The Corporation shall give
preferential consideration to projects sponsored by or
involving private sector entities that are United States
persons.</DELETED>
<DELETED> (2) United states person defined.--In this
subsection, the term ``United States person'' means--</DELETED>
<DELETED> (A) a United States citizen; or</DELETED>
<DELETED> (B) an entity significantly beneficially
owned by individuals described in subparagraph
(A).</DELETED>
<DELETED> (c) Preference for Provision of Support in Countries in
Compliance With International Trade Obligations.--</DELETED>
<DELETED> (1) Consultations with united states trade
representative.--Not less frequently than annually, the
Corporation shall consult with the United States Trade
Representative with respect to the status of countries eligible
to receive support from the Corporation under title II and the
compliance of those countries with their international trade
obligations.</DELETED>
<DELETED> (2) Preferential consideration.--The Corporation
shall give preferential consideration to providing support
under title II for projects in countries in compliance with or
making substantial progress coming into compliance with their
international trade obligations.</DELETED>
<DELETED> (d) Worker Rights.--The Corporation should support
projects under title II in countries that are taking steps to adopt and
implement laws that extend internationally recognized worker rights (as
defined in section 507 of the Trade Act of 1974 (19 U.S.C. 2467)) to
workers in that country.</DELETED>
<DELETED> (e) Environmental Impact.--The Board shall not vote in
favor of any project proposed to be supported by the Corporation under
title II that is likely to have significant adverse environmental
impacts that are sensitive, diverse, or unprecedented, unless--
</DELETED>
<DELETED> (1) before the date of the vote, an environmental
impact assessment or initial environmental audit, analyzing the
environmental impacts of the proposed project and of
alternatives to the proposed project, is completed;
and</DELETED>
<DELETED> (2) such assessment or audit has been made
available to the public of the United States, locally affected
groups in the country in which the project will be carried out,
and nongovernmental organizations in that country.</DELETED>
<DELETED>SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET
DISTORTION.</DELETED>
<DELETED> (a) In General.--Before the Corporation provides support
for a project under title II, the Corporation shall ensure that private
sector entities are afforded an opportunity to support the project
instead of the project receiving support from the
Corporation.</DELETED>
<DELETED> (b) Safeguards, Policies, and Guidelines.--The Corporation
shall develop appropriate safeguards, policies, and guidelines to
ensure that support provided by the Corporation under title II--
</DELETED>
<DELETED> (1) supplements and encourages, but does not
compete with, private sector support; and</DELETED>
<DELETED> (2) operates according to internationally
recognized best practices and standards with respect to
ensuring the avoidance of market distorting government
subsidies and the crowding out of private sector
lending.</DELETED>
<DELETED>SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED COUNTRIES AND
WITH SANCTIONED PERSONS.</DELETED>
<DELETED> (a) In General.--The Corporation is prohibited from
providing support under title II in a country the government of which
the Secretary of State has determined has repeatedly provided support
for acts of international terrorism for purposes of--</DELETED>
<DELETED> (1) section 6(j)(1)(A) of the Export
Administration Act of 1979 (50 U.S.C. 4605(j)(1)(A)) (as
continued in effect pursuant to the International Emergency
Economic Powers Act (50 U.S.C. 1701 et seq.));</DELETED>
<DELETED> (2) section 620A(a) of the Foreign Assistance Act
of 1961 (22 U.S.C. 2371(a));</DELETED>
<DELETED> (3) section 40(d) of the Arms Export Control Act
(22 U.S.C. 2780(d)); or</DELETED>
<DELETED> (4) any other provision of law.</DELETED>
<DELETED> (b) Prohibition on Support of Sanctioned Persons.--The
Corporation is prohibited from supporting a project under title II that
benefits any entity subject to sanctions imposed by the United
States.</DELETED>
<DELETED>SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, AND
BRIBERY.</DELETED>
<DELETED> Subsections (g), (l), and (n) of section 237 of the
Foreign Assistance Act of 1961 (22 U.S.C. 2197) shall apply with
respect to the Corporation to the same extent and in the same manner as
such subsections applied with respect to the Overseas Private
Investment Corporation on the day before the date of the enactment of
this Act.</DELETED>
<DELETED>SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED ENTERPRISES AND
MONOPOLIES.</DELETED>
<DELETED> (a) Policies With Respect to State-Owned Enterprises.--The
Corporation shall develop appropriate policies and guidelines to ensure
that support provided under title II to a state-owned enterprise,
sovereign wealth fund, or a parastatal entity engaged in commercial
activities or to a project in which such an entity or fund is
participating is provided under appropriate principles of competitive
neutrality.</DELETED>
<DELETED> (b) Prohibition on Support to Monopolies.--The Corporation
may not provide support under title II to private sector entities
engaged in monopolistic practices.</DELETED>
<DELETED> (c) State-Owned Enterprise Defined.--</DELETED>
<DELETED> (1) In general.--In this section, the term
``state-owned enterprise'' means any enterprise established for
a commercial or business purpose that is directly owned or
controlled by one or more governments, including any agency,
instrumentality, subdivision, or other unit of government at
any level of jurisdiction.</DELETED>
<DELETED> (2) Control; owned.--For purposes of paragraph
(1):</DELETED>
<DELETED> (A) Control.--The term ``control'', with
respect to an enterprise, means the power by any means
to control the enterprise regardless of--</DELETED>
<DELETED> (i) the level of ownership;
and</DELETED>
<DELETED> (ii) whether or not the power is
exercised.</DELETED>
<DELETED> (B) Owned.--The term ``owned'', with
respect to an enterprise, means a majority or
controlling interest, whether by value or voting
interest, of the shares of that enterprise, including
through fiduciaries, agents, or other means.</DELETED>
<DELETED>TITLE VI--TRANSITIONAL PROVISIONS</DELETED>
<DELETED>SEC. 601. DEFINITIONS.</DELETED>
<DELETED> In this title:</DELETED>
<DELETED> (1) Agency.--The term ``agency'' includes any
entity, organizational unit, program, or function.</DELETED>
<DELETED> (2) Transition period.--The term ``transition
period'' means the period--</DELETED>
<DELETED> (A) beginning on the date of the enactment
of this Act; and</DELETED>
<DELETED> (B) ending on the effective date of the
reorganization plan required by section
602(d).</DELETED>
<DELETED>SEC. 602. REORGANIZATION PLAN.</DELETED>
<DELETED> (a) Submission of Plan.--Not later than 60 days after the
date of the enactment of this Act, the President shall transmit to the
appropriate congressional committees a reorganization plan regarding
the following:</DELETED>
<DELETED> (1) The transfer of agencies, personnel, assets,
and obligations to the Corporation pursuant to this
title.</DELETED>
<DELETED> (2) Any consolidation, reorganization, or
streamlining of agencies transferred to the Corporation
pursuant to this title.</DELETED>
<DELETED> (b) Plan Elements.--The plan transmitted under subsection
(a) shall contain, consistent with this Act, such elements as the
President deems appropriate, including the following:</DELETED>
<DELETED> (1) Identification of any functions of agencies
transferred to the Corporation pursuant to this title that will
not be transferred to the Corporation under the plan.</DELETED>
<DELETED> (2) Specification of the steps to be taken to
organize the Corporation, including the delegation or
assignment of functions transferred to the Corporation among
officers of the Corporation in order to permit the Corporation
to carry out the functions transferred under the
plan.</DELETED>
<DELETED> (3) Specification of the funds available to each
agency that will be transferred to the Corporation as a result
of transfers under the plan.</DELETED>
<DELETED> (4) Specification of the proposed allocations
within the Corporation of unexpended funds transferred in
connection with transfers under the plan.</DELETED>
<DELETED> (5) Specification of any proposed disposition of
property, facilities, contracts, records, and other assets and
obligations of agencies transferred under the plan.</DELETED>
<DELETED> (c) Modification of Plan.--The President may, on the basis
of consultations with the appropriate congressional committees, modify
or revise any part of the plan until that part of the plan becomes
effective in accordance with subsection (d).</DELETED>
<DELETED> (d) Effective Date.--</DELETED>
<DELETED> (1) In general.--The reorganization plan described
in this section, including any modifications or revisions of
the plan under subsection (c), shall become effective for an
agency on the date specified in the plan (or the plan as
modified pursuant to subsection (c)), except that such date may
not be earlier than 90 days after the date the President has
transmitted the reorganization plan to the appropriate
congressional committees pursuant to subsection (a).</DELETED>
<DELETED> (2) Statutory construction.--Nothing in this
subsection may be construed to require the transfer of
functions, personnel, records, balances of appropriations, or
other assets of an agency on a single date.</DELETED>
<DELETED>SEC. 603. TRANSFER OF FUNCTIONS.</DELETED>
<DELETED> (a) In General.--Effective at the end of the transition
period, there shall be transferred to the Corporation the functions,
personnel, assets, and liabilities of--</DELETED>
<DELETED> (1) the Overseas Private Investment Corporation,
as in existence on the day before the date of the enactment of
this Act; and</DELETED>
<DELETED> (2) the following elements of the United States
Agency for International Development:</DELETED>
<DELETED> (A) The Development Credit
Authority.</DELETED>
<DELETED> (B) The enterprise funds.</DELETED>
<DELETED> (C) The Office of Private Capital and
Microenterprise.</DELETED>
<DELETED> (b) Bilateral Agreements.--Any bilateral agreement of the
United States in effect on the date of the enactment of this Act that
serves as the basis for programs of the Overseas Private Investment
Corporation shall be considered as satisfying the requirements of
section 301(a).</DELETED>
<DELETED> (c) Transition.--During the transition period, the
agencies specified in subsection (a) shall--</DELETED>
<DELETED> (1) continue to administer the assets and
obligations of those agencies; and</DELETED>
<DELETED> (2) carry out such programs and activities
authorized under this Act as may be determined by the
President.</DELETED>
<DELETED>SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVESTMENT
CORPORATION AND OTHER SUPERCEDED AUTHORITIES.</DELETED>
<DELETED> Effective at the end of the transition period--</DELETED>
<DELETED> (1) the Overseas Private Investment Corporation is
terminated; and</DELETED>
<DELETED> (2) the following provisions are
repealed:</DELETED>
<DELETED> (A) Title IV of chapter 2 of part I of the
Foreign Assistance Act of 1961 (22 U.S.C. 2191 et seq.)
(other than subsections (g), (l), and (n) of section
237 of that Act).</DELETED>
<DELETED> (B) Subtitle B of title VI of that chapter
(22 U.S.C. 2212).</DELETED>
<DELETED>SEC. 605. TRANSITIONAL AUTHORITIES.</DELETED>
<DELETED> (a) Provision of Assistance by Officials.--Until the
transfer of an agency to the Corporation under section 603, any
official having authority over or functions relating to the agency
immediately before the date of the enactment of this Act shall provide
to the Corporation such assistance, including the use of personnel and
assets, as the Corporation may request in preparing for the transfer
and integration of the agency into the Corporation.</DELETED>
<DELETED> (b) Services and Personnel.--During the transition period,
upon the request of the Corporation, the head of any executive agency
may, on a reimbursable basis, provide services or detail personnel to
assist with the transition.</DELETED>
<DELETED> (c) Acting Officials.--</DELETED>
<DELETED> (1) In general.--During the transition period,
pending the advice and consent of the Senate to the appointment
of an officer required by this Act to be appointed by and with
such advice and consent, the President may designate any
officer whose appointment was required to be made by and with
such advice and consent and who was such an officer immediately
before the date of the enactment of this Act (and who continues
in office) or immediately before such designation, to act in
such office until the same is filled as provided in this Act.
While so acting, such officers shall receive compensation at
the higher of--</DELETED>
<DELETED> (A) the rates provided by this Act for the
respective offices in which they act; or</DELETED>
<DELETED> (B) the rates provided for the offices
held at the time of designation.</DELETED>
<DELETED> (2) Rule of construction.--Nothing in this Act
shall be construed to require the advice and consent of the
Senate to the appointment by the President to a position in the
Corporation of any officer whose agency is transferred to the
Corporation pursuant to this title and whose duties following
such transfer are germane to those performed before such
transfer.</DELETED>
<DELETED> (d) Transfer of Personnel, Assets, Obligations, and
Functions.--Upon the transfer of an agency to the Corporation under
section 603--</DELETED>
<DELETED> (1) the personnel, assets, and obligations held by
or available in connection with the agency shall be transferred
to the Corporation for appropriate allocation, subject to the
approval of the Director of the Office of Management and Budget
and in accordance with section 1531(a)(2) of title 31, United
States Code; and</DELETED>
<DELETED> (2) the Corporation shall have all functions--
</DELETED>
<DELETED> (A) relating to the agency that any other
official could by law exercise in relation to the
agency immediately before such transfer; and</DELETED>
<DELETED> (B) vested in the Corporation by this Act
or other law.</DELETED>
<DELETED>SEC. 606. SAVINGS PROVISIONS.</DELETED>
<DELETED> (a) Completed Administrative Actions.--</DELETED>
<DELETED> (1) In general.--Completed administrative actions
of an agency shall not be affected by the enactment of this Act
or the transfer of such agency to the Corporation under section
603, but shall continue in effect according to their terms
until amended, modified, superseded, terminated, set aside, or
revoked in accordance with law by an officer of the United
States or a court of competent jurisdiction, or by operation of
law.</DELETED>
<DELETED> (2) Completed administrative action defined.--In
this subsection, the term ``completed administrative action''
includes orders, determinations, rules, regulations, personnel
actions, permits, agreements, grants, contracts, certificates,
licenses, registrations, and privileges.</DELETED>
<DELETED> (b) Pending Proceedings.--</DELETED>
<DELETED> (1) In general.--Pending proceedings in an agency,
including notices of proposed rulemaking, and applications for
licenses, permits, certificates, grants, and financial
assistance, shall continue notwithstanding the enactment of
this Act or the transfer of the agency to the Corporation,
unless discontinued or modified under the same terms and
conditions and to the same extent that such discontinuance
could have occurred if such enactment or transfer had not
occurred.</DELETED>
<DELETED> (2) Orders.--Orders issued in proceedings
described in paragraph (1), and appeals therefrom, and payments
made pursuant to such orders, shall issue in the same manner
and on the same terms as if this Act had not been enacted or
the agency had not been transferred, and any such orders shall
continue in effect until amended, modified, superseded,
terminated, set aside, or revoked by an officer of the United
States or a court of competent jurisdiction, or by operation of
law.</DELETED>
<DELETED> (c) Pending Civil Actions.--Pending civil actions shall
continue notwithstanding the enactment of this Act or the transfer of
an agency to the Corporation, and in such civil actions, proceedings
shall be had, appeals taken, and judgments rendered and enforced in the
same manner and with the same effect as if such enactment or transfer
had not occurred.</DELETED>
<DELETED> (d) References.--References relating to an agency that is
transferred to the Corporation under section 603 in statutes, Executive
orders, rules, regulations, directives, or delegations of authority
that precede such transfer or the date of the enactment of this Act
shall be deemed to refer, as appropriate, to the Corporation, to its
officers, employees, or agents, or to its corresponding organizational
units or functions. Statutory reporting requirements that applied in
relation to such an agency immediately before the effective date of
this Act shall continue to apply following such transfer if they refer
to the agency by name.</DELETED>
<DELETED> (e) Employment Provisions.--</DELETED>
<DELETED> (1) Regulations.--The Corporation may, in
regulations prescribed jointly with the Director of the Office
of Personnel Management, adopt the rules, procedures, terms,
and conditions, established by statute, rule, or regulation
before the date of the enactment of this Act, relating to
employment in any agency transferred to the Corporation under
section 603.</DELETED>
<DELETED> (2) Effect of transfer on conditions of
employment.--Except as otherwise provided in this Act, or under
authority granted by this Act, the transfer pursuant to this
title of personnel shall not alter the terms and conditions of
employment, including compensation, of any employee so
transferred.</DELETED>
<DELETED> (f) Statutory Reporting Requirements.--Any statutory
reporting requirement that applied to an agency transferred to the
Corporation under this title immediately before the date of the
enactment of this Act shall continue to apply following that transfer
if the statutory requirement refers to the agency by name.</DELETED>
<DELETED>SEC. 607. OTHER TERMINATIONS.</DELETED>
<DELETED> Except as otherwise provided in this Act, whenever all the
functions vested by law in any agency have been transferred pursuant to
this title, each position and office the incumbent of which was
authorized to receive compensation at the rates prescribed for an
office or position at level II, III, IV, or V of the Executive Schedule
under subchapter II of chapter 53 of title 5, United States Code, shall
terminate.</DELETED>
<DELETED>SEC. 608. INCIDENTAL TRANSFERS.</DELETED>
<DELETED> The Director of the Office of Management and Budget, in
consultation with the Corporation, is authorized and directed to make
such additional incidental dispositions of personnel, assets, and
liabilities held, used, arising from, available, or to be made
available, in connection with the functions transferred by this title,
as the Director may determine necessary to accomplish the purposes of
this Act.</DELETED>
<DELETED>SEC. 609. REFERENCE.</DELETED>
<DELETED> With respect to any function transferred under this title
(including under a reorganization plan under section 602) and exercised
on or after the date of the enactment of this Act, reference in any
other Federal law to any department, commission, or agency or any
officer or office the functions of which are so transferred shall be
deemed to refer to the Corporation or official or component of the
Corporation to which that function is so transferred.</DELETED>
<DELETED>SEC. 610. CONFORMING AMENDMENTS.</DELETED>
<DELETED> (a) Exempt Programs.--Section 255(g) of the Balanced
Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)) is
amended by striking ``Overseas Private Investment Corporation,
Noncredit Account (71-4184-0-3-151).'' and inserting ``United States
International Development Finance Corporation.''.</DELETED>
<DELETED> (b) Executive Schedule.--Title 5, United States Code, is
amended--</DELETED>
<DELETED> (1) in section 5314, by striking ``President,
Overseas Private Investment Corporation.'';</DELETED>
<DELETED> (2) in section 5315, by striking ``Executive Vice
President, Overseas Private Investment Corporation.'';
and</DELETED>
<DELETED> (3) in section 5316, by striking ``Vice
Presidents, Overseas Private Investment Corporation
(3).''.</DELETED>
<DELETED> (c) Office of International Trade of the Small Business
Administration.--Section 22 of the Small Business Act (15 U.S.C. 649)
is amended--</DELETED>
<DELETED> (1) in subsection (b), in the matter preceding
paragraph (1), by striking ``the President of the Overseas
Private Investment Corporation, Director'' and inserting ``the
Board of Directors of the United States International
Development Finance Corporation, the Director''; and</DELETED>
<DELETED> (2) by striking ``Overseas Private Investment
Corporation'' each place it appears and inserting ``United
States International Development Finance
Corporation''.</DELETED>
<DELETED> (d) United States and Foreign Commercial Service.--Section
2301 of the Export Enhancement Act of 1988 (15 U.S.C. 4721) is amended
by striking ``Overseas Private Investment Corporation'' each place it
appears and inserting ``United States International Development Finance
Corporation''.</DELETED>
<DELETED> (e) Trade Promotion Coordinating Committee.--Section
2312(d)(1)(K) of the Export Enhancement Act of 1988 (15 U.S.C.
4727(d)(1)(K)) is amended by striking ``Overseas Private Investment
Corporation'' and inserting ``United States International Development
Finance Corporation''.</DELETED>
<DELETED> (f) Interagency Trade Data Advisory Committee.--Section
5402(b) of the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C.
4902(b)) is amended by striking ``the President of the Overseas Private
Investment Corporation'' and inserting ``the Chief Executive Officer of
the United States International Development Finance
Corporation''.</DELETED>
<DELETED> (g) Misuse of Names of Federal Agencies.--Section 709 of
title 18, United States Code, is amended by striking ```Overseas
Private Investment', `Overseas Private Investment Corporation', or
`OPIC','' and inserting ```United States International Development
Finance Corporation' or `DFC'''.</DELETED>
<DELETED> (h) Engagement on Currency Exchange Rate and Economic
Policies.--Section 701(c)(1)(A) of the Trade Facilitation and Trade
Enforcement Act of 2015 (19 U.S.C. 4421(c)(1)(A)) is amended by
striking ``Overseas Private Investment Corporation'' and inserting
``United States International Development Finance
Corporation''.</DELETED>
<DELETED> (i) Internships With Institute for International Public
Policy.--Section 625 of the Higher Education Act of 1965 (20 U.S.C.
1131c(a)) is amended by striking ``Overseas Private Investment
Corporation'' and inserting ``United States International Development
Finance Corporation''.</DELETED>
<DELETED> (j) Foreign Assistance Act of 1961.--The Foreign
Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is amended--</DELETED>
<DELETED> (1) in section 449B(b)(2) (22 U.S.C. 2296b(b)(2)),
by striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''; and</DELETED>
<DELETED> (2) in section 481(e)(4)(A) (22 U.S.C.
2291(e)(4)(A)), in the matter preceding clause (i), by striking
``(including programs under title IV of chapter 2, relating to
the Overseas Private Investment Corporation)'' and inserting
``(and any support under title II of the Better Utilization of
Investments Leading to Development Act of 2018, relating to the
United States International Development Finance
Corporation)''.</DELETED>
<DELETED> (k) Electrify Africa Act of 2015.--Sections 5 and 7 of the
Electrify Africa Act of 2015 (Public Law 114-121; 22 U.S.C. 2293 note)
are amended by striking ``Overseas Private Investment Corporation''
each place it appears and inserting ``United States International
Development Finance Corporation''.</DELETED>
<DELETED> (l) Foreign Aid Transparency and Accountability Act of
2016.--Section 2(3) of the Foreign Aid Transparency and Accountability
Act of 2016 (Public Law 114-191; 22 U.S.C. 2394c note) is amended by
striking subparagraph (A) and inserting the following:</DELETED>
<DELETED> ``(A) title II of the Better Utilization
of Investments Leading to Development Act of
2018;''.</DELETED>
<DELETED> (m) Support for East European Democracy (SEED) Program.--
Section 2(c) of the Support for East European Democracy (SEED) Act of
1989 (22 U.S.C. 5401(c)) is amended by striking paragraph (12) and
inserting the following:</DELETED>
<DELETED> ``(12) United states international development
finance corporation.--Programs of the United States
International Development Finance Corporation.''.</DELETED>
<DELETED> (n) Cuban Liberty and Democratic Solidarity (LIBERTAD) Act
of 1996.--Section 202(b)(2)(B)(iv) of the Cuban Liberty and Democratic
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) is
amended by striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''.</DELETED>
<DELETED> (o) International Religious Freedom Act of 1998.--Section
405(a)(10) of the International Religious Freedom Act of 1998 (22
U.S.C. 6445(a)(10)) is amended by striking ``Overseas Private
Investment Corporation'' and inserting ``United States International
Development Finance Corporation''.</DELETED>
<DELETED> (p) Trafficking Victims Protection Act of 2000.--Section
103(8) of the Trafficking Victims Protection Act of 2000 (22 U.S.C.
7102(8)) is amended--</DELETED>
<DELETED> (1) in clause (vii), by striking the semicolon and
inserting ``; and''; and</DELETED>
<DELETED> (2) by striking clause (viii).</DELETED>
<DELETED> (q) Technology Deployment in Developing Countries.--
Section 732(b) of the Global Environmental Protection Assistance Act of
1989 (22 U.S.C. 7902(b)) is amended by striking ``Overseas Private
Investment Corporation'' and inserting ``United States International
Development Finance Corporation''.</DELETED>
<DELETED> (r) Expanded Nonmilitary Assistance for Ukraine.--Section
7(c)(3) of the Ukraine Freedom Support Act of 2014 (22 U.S.C.
8926(c)(3)) is amended--</DELETED>
<DELETED> (1) in the matter preceding subparagraph (A), by
striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''; and</DELETED>
<DELETED> (2) in subparagraph (B), by striking ``by eligible
investors (as defined in section 238 of the Foreign Assistance
Act of 1961 (22 U.S.C. 2198))''.</DELETED>
<DELETED> (s) Global Food Security Act of 2016.--Section 4(7) of the
Global Food Security Act of 2016 (22 U.S.C. 9303(7)) is amended by
striking ``Overseas Private Investment Corporation'' and inserting
``United States International Development Finance
Corporation''.</DELETED>
<DELETED> (t) Sense of Congress on European and Eurasian Energy
Security.--Section 257(c)(2)(B) of the Countering Russian Influence in
Europe and Eurasia Act of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by
striking ``Overseas Private Investment Corporation'' and inserting
``United States International Development Finance
Corporation''.</DELETED>
<DELETED> (u) Wholly Owned Government Corporation.--Section 9101(3)
of title 31, United States Code, is amended by striking ``Overseas
Private Investment Corporation'' and inserting ``United States
International Development Finance Corporation''.</DELETED>
<DELETED> (v) Energy Independence and Security Act of 2007.--Title
IX of the Energy Independence and Security Act of 2007 (42 U.S.C. 17321
et seq.) is amended--</DELETED>
<DELETED> (1) in section 914 (42 U.S.C. 17334)--</DELETED>
<DELETED> (A) in the section heading, by striking
``overseas private investment corporation'' and
inserting ``united states international development
finance corporation'';</DELETED>
<DELETED> (B) in subsection (a), in the matter
preceding paragraph (1), by striking ``Overseas Private
Investment Corporation'' and inserting ``United States
International Development Finance Corporation'';
and</DELETED>
<DELETED> (C) in subsection (b), in the matter
preceding paragraph (1), by striking ``Overseas Private
Investment Corporation shall include in its annual
report required under section 240A of the Foreign
Assistance Act of 1961 (22 U.S.C. 2200a)'' and
inserting ``United States International Development
Finance Corporation shall include in its annual report
required under section 403 of the Better Utilization of
Investments Leading to Development Act of 2018'';
and</DELETED>
<DELETED> (2) in section 916(a)(2)(I) (42 U.S.C.
17336(a)(2)(I)), by striking ``Overseas Private Investment
Corporation:'' and inserting ``United States International
Development Finance Corporation;''.</DELETED>
<DELETED> (w) Effective Date.--The amendments made by this section
shall take effect at the end of the transition period.</DELETED>
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Better Utilization
of Investments Leading to Development Act of 2018'' or the ``BUILD Act
of 2018''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
TITLE I--ESTABLISHMENT
Sec. 101. Statement of policy.
Sec. 102. United States International Development Finance Corporation.
Sec. 103. Management of Corporation.
Sec. 104. Inspector General of the Corporation.
Sec. 105. Independent accountability mechanism.
TITLE II--AUTHORITIES
Sec. 201. Authorities relating to provision of support.
Sec. 202. Terms and conditions.
Sec. 203. Payment of losses.
Sec. 204. Termination.
TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS
Sec. 301. Operations.
Sec. 302. Corporate powers.
Sec. 303. Maximum contingent liability.
Sec. 304. Corporate funds.
Sec. 305. Coordination with other development agencies.
TITLE IV--MONITORING, EVALUATION, AND REPORTING
Sec. 401. Establishment of risk and audit committees.
Sec. 402. Performance measures, evaluation, and learning.
Sec. 403. Annual report.
Sec. 404. Publicly available project information.
Sec. 405. Engagement with investors.
Sec. 406. Notifications to be provided by the Corporation.
TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS
Sec. 501. Limitations and preferences.
Sec. 502. Additionality and avoidance of market distortion.
Sec. 503. Prohibition on support in sanctioned countries and with
sanctioned persons.
Sec. 504. Applicability of certain provisions of law.
TITLE VI--TRANSITIONAL PROVISIONS
Sec. 601. Definitions.
Sec. 602. Reorganization plan.
Sec. 603. Transfer of functions.
Sec. 604. Termination of Overseas Private Investment Corporation and
other superceded authorities.
Sec. 605. Transitional authorities.
Sec. 606. Savings provisions.
Sec. 607. Other terminations.
Sec. 608. Incidental transfers.
Sec. 609. Reference.
Sec. 610. Conforming amendments.
SEC. 2. DEFINITIONS.
In this Act:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Relations and the
Committee on Appropriations of the Senate; and
(B) the Committee on Foreign Affairs and the
Committee on Appropriations of the House of
Representatives.
(2) Less developed country.--The term ``less developed
country'' means a country with a low-income economy, lower-
middle-income economy, or upper-middle-income economy, as
defined by the International Bank for Reconstruction and
Development and the International Development Association
(collectively referred to as the ``World Bank'').
(3) Predecessor authority.--The term ``predecessor
authority'' means authorities repealed by title VI.
(4) Qualifying sovereign entity.--The term ``qualifying
sovereign entity'' means--
(A) any agency or instrumentality of a foreign
state (as defined in section 1603 of title 28, United
States Code) that has a purpose that is similar to the
purpose of the Corporation as described in section
102(b); or
(B) any international financial institution (as
defined in section 1701(c) of the International
Financial Institutions Act (22 U.S.C. 262r(c))).
TITLE I--ESTABLISHMENT
SEC. 101. STATEMENT OF POLICY.
It is the policy of the United States to facilitate market-based
private sector development and 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 high standards of
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.
SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION.
(a) Establishment.--There is established in the executive branch
the United States International Development Finance Corporation (in
this Act referred to as the ``Corporation''), which shall be a wholly
owned Government corporation for purposes of chapter 91 of title 31,
United States Code, 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 title II.
(c) Less Developed Country Focus.--
(1) In general.--The Corporation shall prioritize the
provision of support under title II 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 title
II 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 likely to be highly
developmental or provide developmental benefits to the
poorest population of that country.
SEC. 103. MANAGEMENT OF CORPORATION.
(a) Structure of Corporation.--There shall be in the Corporation a
Board of Directors (in this Act referred to as the ``Board''), a Chief
Executive Officer, a Deputy Chief Executive Officer, a Chief Risk
Officer, a Chief Development Officer, and such other officers as the
Board may determine.
(b) Board of Directors.--
(1) Duties.--All powers of the Corporation shall vest in
and be exercised by or under the authority of the Board. The
Board--
(A) shall perform the functions specified to be
carried out by the Board in this Act;
(B) may prescribe, amend, and repeal bylaws, rules,
regulations, policies, and procedures governing the
manner in which the business of the Corporation may be
conducted and in which the powers granted to the
Corporation by law may be exercised; and
(C) shall develop, in consultation with
stakeholders and other interested parties, a publicly
available policy with respect to consultations,
hearings, and other forms of engagement in order to
provide for meaningful public participation in the
Board's activities.
(2) Membership of board.--
(A) In general.--The Board shall consist of--
(i) the Chief Executive Officer of the
Corporation;
(ii) the officers specified in subparagraph
(B); and
(iii) four other individuals who shall be
appointed by the President, by and with the
advice and consent of the Senate, of which--
(I) one individual should be
appointed from among a list of at least
5 individuals submitted by the majority
leader of the Senate after consultation
with the chairman of the Committee on
Foreign Relations of the Senate;
(II) one individual should be
appointed from among a list of at least
5 individuals submitted by the minority
leader of the Senate after consultation
with the ranking member of the
Committee on Foreign Relations of the
Senate;
(III) one individual should be
appointed from among a list of at least
5 individuals submitted by the Speaker
of the House of Representatives after
consultation with the chairman of the
Committee on Foreign Affairs of the
House of Representatives; and
(IV) one individual should be
appointed from among a list of at least
5 individuals submitted by the minority
leader of the House of Representatives
after consultation with the ranking
member of the Committee on Foreign
Affairs of the House of
Representatives.
(B) Officers specified.--
(i) In general.--The officers specified in
this subparagraph are the following:
(I) The Secretary of State or a
designee of the Secretary.
(II) The Administrator of the
United States Agency for International
Development or a designee of the
Administrator.
(III) The Secretary of the Treasury
or a designee of the Secretary.
(IV) The Secretary of Commerce or a
designee of the Secretary.
(ii) Requirements for designees.--A
designee under clause (i) shall be selected
from among officers--
(I) appointed by the President, by
and with the advice and consent of the
Senate;
(II) whose duties relate to the
programs of the Corporation; and
(III) who is designated by and
serving at the pleasure of the
President.
(C) Requirements for nongovernment members.--A
member of the Board described in subparagraph
(A)(iii)--
(i) may not be an officer or employee of
the United States Government;
(ii) shall have relevant experience, which
may include experience relating to the private
sector, the environment, labor organizations,
or international development, to carry out the
purpose of the Corporation;
(iii) shall be appointed for a term of 3
years and may be reappointed for one additional
term;
(iv) shall serve until the member's
successor is appointed and confirmed;
(v) shall be compensated at a rate
equivalent to that of level IV of the Executive
Schedule under section 5315 of title 5, United
States Code, when engaged in the business of
the Corporation; and
(vi) may be paid per diem in lieu of
subsistence at the applicable rate under the
Federal Travel Regulation under subtitle F of
title 41, Code of Federal Regulations, from
time to time, while away from the home or usual
place of business of the member.
(3) Chairperson.--The Secretary of State, or the designee
of the Secretary under paragraph (2)(B)(i)(I), shall serve as
the Chairperson of the Board.
(4) Vice chairperson.--The Administrator of the United
States Agency for International Development, or the designee of
the Administrator under paragraph (2)(B)(i)(II), shall serve as
the Vice Chairperson of the Board.
(5) Quorum.--Five members of the Board shall constitute a
quorum for the transaction of business by the Board.
(c) Public Hearings.--The Board shall hold at least 2 public
hearings each year in order to afford an opportunity for any person to
present views with respect to whether--
(1) the Corporation is carrying out its activities in
accordance with this Act; and
(2) any support provided by the Corporation under title II
in any country should be suspended, expanded, or extended.
(d) Chief Executive Officer.--
(1) Appointment.--There shall be in the Corporation a Chief
Executive Officer, who shall be appointed by the President, by
and with the advice and consent of the Senate, and who shall
serve at the pleasure of the President.
(2) Authorities and duties.--The Chief Executive Officer
shall be responsible for the management of the Corporation and
shall exercise the powers and discharge the duties of the
Corporation subject to the bylaws, rules, regulations, and
procedures established by the Board.
(3) Relationship to board.--The Chief Executive Officer
shall report to and be under the direct authority of the Board.
(4) Compensation.--Section 5313 of title 5, United States
Code, is amended by adding at the end the following:
``Chief Executive Officer, United States International
Development Finance Corporation.''.
(e) Deputy Chief Executive Officer.--There shall be in the
Corporation a Deputy Chief Executive Officer, who shall be appointed by
the President, by and with the advice and consent of the Senate, and
who shall serve at the pleasure of the President.
(f) Chief Risk Officer.--
(1) Appointment.--Subject to the approval of the Board, the
Chief Executive Officer of the Corporation shall appoint a
Chief Risk Officer, from among individuals with experience at a
senior level in financial risk management, who--
(A) shall report directly to the Board; and
(B) shall be removable only by a majority vote of
the Board.
(2) Duties.--The Chief Risk Officer shall, in coordination
with the audit committee of the Board established under section
401, develop, implement, and manage a comprehensive process for
identifying, assessing, monitoring, and limiting risks to the
Corporation, including the overall portfolio diversification of
the Corporation.
(g) Chief Development Officer.--
(1) Appointment.--Subject to the approval of the Board, the
Chief Executive Officer, in conjunction with the Administrator
of the United States Agency for International Development,
shall appoint a Chief Development Officer, from among
individuals with experience in development, who--
(A) shall report directly to the Board; and
(B) shall be removable only by a majority vote of
the Board.
(2) Duties.--The Chief Development Officer shall--
(A) coordinate the Corporation's development
policies and implementation efforts with the United
States Agency for International Development, the
Millennium Challenge Corporation, and other relevant
United States Government departments and agencies,
including directly liaising with missions of the United
States Agency for International Development, to ensure
that departments, agencies, and missions have training,
awareness, and access to the Corporation's tools in
relation to development policy and projects in
countries;
(B) under the guidance of the Chief Executive
Officer, manage employees of the Corporation that are
dedicated to structuring, monitoring, and evaluating
transactions and projects co-designed with the United
States Agency for International Development and other
relevant United States Government departments and
agencies;
(C) authorize and coordinate transfers of funds or
other resources to and from such agencies, departments,
or missions upon the concurrence of those institutions
in support of the Corporation's projects or activities;
(D) manage the responsibilities of the Corporation
under paragraphs (1) and (4) of subsection 402(b) and
paragraphs (1)(A) and (3)(A) of section 403(b);
(E) coordinate and implement the activities of the
Corporation under section 405; and
(F) be an ex officio member of the Development
Advisory Council established under subsection (i) and
participate in or send a representative to each meeting
of the Council.
(h) Officers and Employees.--
(1) In general.--Except as otherwise provided in this
section, officers, employees, and agents shall be selected and
appointed by the Corporation, and shall be vested with such
powers and duties as the Corporation may determine.
(2) Administratively determined employees.--
(A) Appointment; compensation; removal.--Of
officers and employees employed by the Corporation
under paragraph (1), not more than 50 may be appointed,
compensated, or removed without regard to title 5,
United States Code.
(B) Reinstatement.--Under such regulations as the
President may prescribe, officers and employees
appointed to a position under subparagraph (A) may be
entitled, upon removal from such position (unless the
removal was for cause), to reinstatement to the
position occupied at the time of appointment or to a
position of comparable grade and salary.
(C) Additional positions.--Positions authorized by
subparagraph (A) shall be in addition to those
otherwise authorized by law, including positions
authorized under section 5108 of title 5, United States
Code.
(D) Rates of pay for officers and employees.--The
Corporation may set and adjust rates of basic pay for
officers and employees appointed under subparagraph (A)
without regard to the provisions of chapter 51 or
subchapter III of chapter 53 of title 5, United States
Code, relating to classification of positions and
General Schedule pay rates, respectively.
(3) Liability of employees.--
(A) In general.--An individual who is a member of
the Board or an officer or employee of the Corporation
has no liability under this Act with respect to any
claim arising out of or resulting from any act or
omission by the individual within the scope of the
employment of the individual in connection with any
transaction by the Corporation.
(B) Rule of construction.--Subparagraph (A) shall
not be construed to limit personal liability of an
individual for criminal acts or omissions, willful or
malicious misconduct, acts or omissions for private
gain, or any other acts or omissions outside the scope
of the individual's employment.
(C) Conflicts of interest.--The Corporation shall
establish and publish procedures for avoiding conflicts
of interest on the part of officers and employees of
the Corporation and members of the Development Advisory
Council established under subsection (i).
(D) Savings provision.--This paragraph shall not be
construed--
(i) to affect--
(I) any other immunities and
protections that may be available to an
individual described in subparagraph
(A) under applicable law with respect
to a transaction described in that
subparagraph; or
(II) any other right or remedy
against the Corporation, against the
United States under applicable law, or
against any person other than an
individual described in subparagraph
(A) participating in such a
transaction; or
(ii) to limit or alter in any way the
immunities that are available under applicable
law for Federal officers and employees not
described in this paragraph.
(i) Development Advisory Council.--
(1) In general.--There is established a Development
Advisory Council (in this subsection referred to as the
``Council'') to advise the Board on development objectives of
the Corporation.
(2) Membership.--Members of the Council shall be appointed
by the Board, on the recommendation of the Chief Executive
Officer and the Chief Development Officer, and shall be
composed of not more than 9 members broadly representative of
nongovernmental organizations, think tanks, advocacy
organizations, foundations, and other institutions engaged in
international development.
(3) Functions.--The Board shall call upon members of the
Council, either collectively or individually, to advise the
Board regarding the extent to which the Corporation is meeting
its development mandate and any suggestions for improvements in
with respect to meeting that mandate, including opportunities
in countries and project development and implementation
challenges and opportunities.
(4) Federal advisory committee act.--The Council shall not
be subject to the Federal Advisory Committee Act (5 U.S.C.
App.).
SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.
(a) In General.--Section 8G(a)(2) of the Inspector General Act of
1978 (5 U.S.C. App.) is amended by inserting ``the United States
International Development Finance Corporation,'' after ``the
Smithsonian Institution,''.
(b) Oversight Independence.--Section 8G(a)(4) of the Inspector
General Act of 1978 (5 U.S.C. App.) is amended--
(1) in subparagraph (H), by striking ``; and'' and
inserting a semicolon;
(2) in subparagraph (I), by striking the semicolon and
inserting ``; and''; and
(3) by adding at the end the following:
``(J) with respect to the United States
International Development Finance Corporation, such
term means the Board of Directors of the United States
International Development Finance Corporation;''.
SEC. 105. 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.
TITLE II--AUTHORITIES
SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUPPORT.
(a) In General.--The authorities in this title should only be
exercised to--
(1) carry out of the policy of the United States in section
101 and the purpose of the Corporation in section 102;
(2) mitigate risks to United States taxpayers by sharing
risks with the private sector and qualifying sovereign entities
through co-financing and structuring of tools; and
(3) ensure that support provided under this title is
additional to private sector resources by mobilizing private
capital that would otherwise not be deployed without such
support.
(b) Lending and Guaranties.--
(1) In general.--The Corporation may make loans or
guaranties upon such terms and conditions as the Corporation
may determine.
(2) Denomination.--Loans and guaranties issued under
paragraph (1) may be denominated and repayable in United States
dollars or foreign currencies. Foreign currency denominated
loans and guaranties should only be provided if the Board
determines there is a substantive policy rationale for such
loans and guaranties.
(3) Applicability of federal credit reform act of 1990.--
Loans and guaranties issued under paragraph (1) shall be
subject to the requirements of the Federal Credit Reform Act of
1990 (2 U.S.C. 661 et seq.).
(c) Equity Investments.--
(1) In general.--The Corporation may, as a minority
investor, support projects with funds or use other mechanisms
for the purpose of purchasing, and may make and fund
commitments to purchase, invest in, make pledges in respect of,
or otherwise acquire, equity or quasi-equity securities or
shares or financial interests of any entity, including as a
limited partner or other investor in investment funds, upon
such terms and conditions as the Corporation may determine.
(2) Denomination.--Support provided under paragraph (1) may
be denominated and repayable in United States dollars or
foreign currency. Foreign currency denominated support provided
by paragraph (1) should only be provided if the Board
determines there is a substantive policy rationale for such
support.
(3) Guidelines and criteria.--The Corporation shall develop
guidelines and criteria to require that the use of the
authority provided by paragraph (1) with respect to a project
has a clearly defined development and foreign policy purpose,
taking into account the following objectives:
(A) The support for the project would be more
likely than not to substantially reduce or overcome the
effect of an identified market failure in the country
in which the project is carried out.
(B) The project would not have proceeded or would
have been substantially delayed without the support.
(C) The support would meaningfully contribute to
transforming local conditions to promote the
development of markets.
(D) The support can be shown to be aligned with
commercial partner incentives.
(E) The support can be shown to have significant
developmental impact and will contribute to long-term
commercial sustainability.
(F) The support furthers the policy of the United
States described in section 101.
(4) Limitations on equity investments.--
(A) Per project limit.--The aggregate amount of
support provided under this subsection with respect to
any project shall not exceed 30 percent of the
aggregate amount of all equity investment made to the
project at the time that the Corporation approves
support of the project.
(B) Total limit.--Support provided pursuant to this
subsection shall be limited to not more than 35 percent
of the Corporation's aggregate exposure on the date
that such support is provided.
(5) Sales and liquidation of position.--The Corporation
shall seek to sell and liquidate any support for a project
provided under this subsection as soon as commercially
feasible, commensurate with other similar investors in the
project and taking into consideration the national security
interests of the United States.
(6) Timetable.--The Corporation shall create a project-
specific timetable for support provided under paragraph (1).
(d) Insurance and Reinsurance.--The Corporation may issue insurance
or reinsurance, upon such terms and conditions as the Corporation may
determine, to private sector entities and qualifying sovereign entities
assuring protection of their investments in whole or in part against
any or all political risks such as currency inconvertibility and
transfer restrictions, expropriation, war, terrorism, civil
disturbance, breach of contract, or nonhonoring of financial
obligations.
(e) Promotion of and Support for Private Investment
Opportunities.--
(1) In general.--In order to carry out the purpose of the
Corporation described in section 102(b), the Corporation may
initiate and support, through financial participation,
incentive grant, or otherwise, and on such terms and conditions
as the Corporation may determine, feasibility studies for the
planning, development, and management of, and procurement for,
potential bilateral and multilateral development projects
eligible for support under this title, including training
activities undertaken in connection with such projects, for the
purpose of promoting investment in such projects and the
identification, assessment, surveying, and promotion of private
investment opportunities, utilizing wherever feasible and
effective, the facilities of private investors.
(2) Contributions to costs.--The Corporation shall, to the
maximum extent practicable, require any person receiving funds
under the authorities of this subsection to--
(A) share the costs of feasibility studies and
other project planning services funded under this
subsection; and
(B) reimburse the Corporation those funds provided
under this section, if the person succeeds in project
implementation.
(f) Special Projects and Programs.--The Corporation may administer
and manage special projects and programs in support of specific
transactions undertaken by the Corporation, including programs of
financial and advisory support that provide private technical,
professional, or managerial assistance in the development of human
resources, skills, technology, capital savings, or intermediate
financial and investment institutions or cooperatives, and including
the initiation of incentives, grants, or studies for renewable energy,
women's economic empowerment, microenterprise households, or other
small business activities.
(g) Enterprise Funds.--
(1) In general.--The Corporation may, following
consultation with the Secretary of State, the Administrator of
the United States Agency for International Development, and the
heads of other relevant departments or agencies, establish and
operate enterprise funds in accordance with this subsection.
(2) Private character of funds.--Nothing in this section
shall be construed to make an enterprise fund an agency or
establishment of the United States Government, or to make the
officers, employees, or members of the Board of Directors of an
enterprise fund officers or employees of the United States for
purposes of title 5, United States Code.
(3) Purposes for which support may be provided.--The
Corporation, subject to the approval of the Board, may
designate private, nonprofit organizations as eligible to
receive support under this title for the following purposes:
(A) To promote development of economic freedom and
private sectors, including small- and medium-sized
enterprises and joint ventures with the United States
and host country participants.
(B) To facilitate access to credit to small- and
medium-sized enterprises with sound business plans in
countries where there is limited means of accessing
credit on market terms.
(C) To promote policies and practices conducive to
economic freedom and private sector development.
(D) To attract foreign direct investment capital to
further promote private sector development and economic
freedom.
(E) To complement the work of the United States
Agency for International Development and other donors
to improve the overall business-enabling environment,
financing the creation and expansion of the private
business sector.
(F) To make financially sustainable investments
designed to generate measurable social benefits and
build technical capacity in addition to financial
returns.
(4) Operation of funds.--
(A) Expenditures.--Funds made available to an
enterprise fund shall be expended at the minimum rate
necessary to make timely payments for projects and
activities carried out under this subsection.
(B) Administrative expenses.--Not more than 3
percent per annum of the funds made available to an
enterprise fund may be obligated or expended for the
administrative expenses of the enterprise fund.
(5) Board of directors.--Each enterprise fund established
under this subsection should be governed by a Board of
Directors comprised of private citizens of the United States or
the host country, who--
(A) shall be appointed by the President after
consultation with the chairmen and ranking members of
the appropriate congressional committees; and
(B) have pursued careers in international business
and have demonstrated expertise in international and
emerging market investment activities.
(6) Majority member requirement.--The majority of the
members of the Board of Directors shall be United States
citizens who shall have relevant experience relating to the
purposes described in paragraph (3).
(7) Reports.--Not later than one year after the date of the
establishment of an enterprise fund under this subsection, and
annually thereafter until the enterprise fund terminates in
accordance with paragraph (10), the Board of Directors of the
enterprise fund shall--
(A) submit to the appropriate congressional
committees a report--
(i) detailing the administrative expenses
of the enterprise fund during the year
preceding the submission of the report;
(ii) describing the operations, activities,
engagement with civil society and relevant
local private sector entities, development
objectives and outcomes, financial condition,
and accomplishments of the enterprise fund
during that year;
(iii) describing the results of any audit
conducted under paragraph (8); and
(iv) describing how audits conducted under
paragraph (8) are informing the operations and
activities of the enterprise fund; and
(B) publish, on a publicly available internet
website of the enterprise fund, each report required by
subparagraph (A).
(8) Oversight.--
(A) Inspector general performance audits.--
(i) In general.--The Inspector General of
the Corporation shall conduct periodic audits
of the activities of each enterprise fund
established under this subsection.
(ii) Consideration.--In conducting an audit
under clause (i), the Inspector General shall
assess whether the activities of the enterprise
fund--
(I) support the purposes described
in paragraph (3);
(II) result in profitable private
sector investing; and
(III) generate measurable social
benefits.
(B) Recordkeeping requirements.--The Corporation
shall ensure that each enterprise fund receiving
support under this subsection--
(i) keeps separate accounts with respect to
such support; and
(ii) maintains such records as may be
reasonably necessary to facilitate effective
audits under this paragraph.
(9) Return of funds to treasury.--Any funds resulting from
any liquidation, dissolution, or winding up of an enterprise
fund, in whole or in part, shall be returned to the Treasury of
the United States.
(10) Termination.--The authority of an enterprise fund to
provide support under this subsection shall terminate on the
earlier of--
(A) the date that is 10 years after the date of the
first expenditure of amounts from the enterprise fund;
or
(B) the date on which the enterprise fund is
liquidated.
(h) Supervision of Support.--Support provided under this title
shall be subject to section 622(c) of the Foreign Assistance Act of
1961 (22 U.S.C. 2382(c)).
(i) Small Business Development.--
(1) In general.--The Corporation shall undertake, in
cooperation with appropriate departments, agencies, and
instrumentalities of the United States as well as private
entities and others, to broaden the participation of United
States small businesses and cooperatives and other small United
States investors in the development of small private enterprise
in less developed friendly countries or areas.
(2) Outreach to minority-owned and women-owned
businesses.--
(A) In general.--The Corporation shall collect data
on the involvement of minority- and women-owned
businesses in projects supported by the Corporation,
including--
(i) the amount of insurance and financing
provided by the Corporation to such businesses
in connection with projects supported by the
Corporation; and
(ii) to the extent such information is
available, the involvement of such businesses
in procurement activities conducted or
supported by the Corporation.
(B) Inclusion in annual report.--The Corporation
shall include, in its annual report submitted to
Congress under section 403, 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.
SEC. 202. TERMS AND CONDITIONS.
(a) In General.--Except as provided in subsection (b), support
provided by the Corporation under this title shall be on such terms and
conditions as the Corporation may prescribe.
(b) Requirements.--The following requirements apply to support
provided by the Corporation under this title:
(1) The Corporation shall provide support using authorities
under this title only if it is necessary--
(A) to alleviate a credit market imperfection; or
(B) to achieve specified development or foreign
policy objectives of the United States Government by
providing support in the most efficient way to meet
those objectives on a case-by-case basis.
(2) The final maturity of a loan made or guaranteed by the
Corporation shall not exceed the lesser of--
(A) 25 years; or
(B) debt servicing capabilities of the project to
be financed by the loan (as determined by the
Corporation).
(3) The Corporation shall, with respect to providing any
loan guaranty to a project, require the parties to the project
to bear the risk of loss in an amount equal to at least 20
percent of the guaranteed support by the Corporation in the
project.
(4) The Corporation may not make or guarantee a loan unless
the Corporation determines that the borrower or lender is
responsible and that adequate provision is made for servicing
the loan on reasonable terms and protecting the financial
interest of the United States.
(5) The interest rate for direct loans and interest
supplements on guaranteed loans shall be set by reference to a
benchmark interest rate (yield) on marketable Treasury
securities or other widely recognized or appropriate benchmarks
with a similar maturity to the loans being made or guaranteed,
as determined in consultation with the Director of the Office
of Management and Budget and the Secretary of the Treasury. The
Corporation shall establish appropriate minimum interest rates
for loans, guaranties, and other instruments as necessary.
(6) The minimum interest rate for new loans as established
by the Corporation shall be adjusted periodically to take
account of changes in the interest rate of the benchmark
financial instrument.
(7)(A) The Corporation shall set fees or premiums for
support provided under this title at levels that minimize the
cost to the Government while supporting achievement of the
objectives of support.
(B) The Corporation shall review fees for loan guaranties
periodically to ensure that the fees assessed on new loan
guaranties are at a level sufficient to cover the Corporation's
most recent estimates of its costs.
(8) Any loan guaranty provided by the Corporation shall be
conclusive evidence that--
(A) the guaranty has been properly obtained;
(B) the loan qualified for the guaranty; and
(C) but for fraud or material misrepresentation by
the holder of the guaranty, the guaranty is presumed to
be valid, legal, and enforceable.
(9) The Corporation shall prescribe explicit standards for
use in periodically assessing the credit risk of new and
existing direct loans or guaranteed loans.
(10) The Corporation may not make loans or loan guaranties
except to the extent that budget authority to cover the costs
of the loans or guaranties is provided in advance in an
appropriations Act, as required by section 504 of the Federal
Credit Reform Act of 1990 (2 U.S.C. 661c).
(11) The Corporation shall rely upon specific standards to
assess the developmental and strategic value of projects for
which it provides support and should only provide the minimum
level of support necessary in order to support such projects.
(12) Any loan or loan guaranty made by the Corporation
should be provided on a senior basis or pari passu with other
senior debt unless there is a substantive policy rationale to
provide such support otherwise.
SEC. 203. 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 title 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
201(c) 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 201 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 title.
(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 502 of the Federal Credit
Reform Act of 1990 (2 U.S.C. 661a)) is available.
SEC. 204. TERMINATION.
(a) In General.--The authorities provided under this title
terminate on the date that is 7 years after the date of the enactment
of this Act.
(b) Termination of Corporation.--The Corporation shall terminate on
the date on which the portfolio of the Corporation is liquidated.
TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS
SEC. 301. OPERATIONS.
(a) Bilateral Agreements.--The Corporation may provide support
under title II 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 title II 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 Act.
(d) Electronic Payments and Documents.--The Corporation shall
implement policies to accept electronic documents and electronic
payments in all of its programs.
SEC. 302. CORPORATE POWERS.
(a) In General.--The Corporation--
(1) may adopt, alter, and use a seal, to include an
identifiable symbol of the United States;
(2) may make and perform such contracts, including no-cost
contracts (as defined by the Corporation), grants, and other
agreements notwithstanding division C of subtitle I of title
41, United States Code, with any person or government however
designated and wherever situated, as may be necessary for
carrying out the functions of the Corporation;
(3) may lease, purchase, or otherwise acquire, improve, and
use such real property wherever situated, as may be necessary
for carrying out the functions of the Corporation;
(4) may accept cash gifts or donations of services or of
property (real, personal, or mixed), tangible or intangible,
for the purpose of carrying out the functions of the
Corporation;
(5) may use the United States mails in the same manner and
on the same conditions as the Executive departments (as defined
in section 101 of title 5, United States Code);
(6) may contract with individuals for personal services,
who shall not be considered Federal employees for any provision
of law administered by the Director of the Office of Personnel
Management;
(7) may hire or obtain passenger motor vehicles;
(8) may sue and be sued in its corporate name;
(9) may acquire, hold, or dispose of, upon such terms and
conditions as the Corporation may determine, any property,
real, personal, or mixed, tangible or intangible, or any
interest in such property;
(10) may lease office space for the Corporation's own use,
with the obligation of amounts for such lease limited to the
current fiscal year for which payments are due until the
expiration of the current lease under predecessor authority, as
of the day before the date of the enactment of this Act;
(11) may indemnify directors, officers, employees, and
agents of the Corporation for liabilities and expenses incurred
in connection with their activities on behalf of the
Corporation;
(12) notwithstanding any other provision of law, may
represent itself or contract for representation in any legal or
arbitral proceeding;
(13) may exercise any priority of the Government of the
United States in collecting debts from bankrupt, insolvent, or
decedents' estates;
(14) may collect, notwithstanding section 3711(g)(1) of
title 31, United States Code, or compromise any obligations
assigned to or held by the Corporation, including any legal or
equitable rights accruing to the Corporation;
(15) may make arrangements with foreign governments
(including agencies, instrumentalities, or political
subdivisions of such governments) or with multilateral
organizations or institutions for sharing liabilities;
(16) may sell direct investments of the Corporation to
private investors upon such terms and conditions as the
Corporation may determine; and
(17) shall have such other powers as may be necessary and
incident to carrying out the functions of the Corporation.
(b) Treatment of Property.--Notwithstanding any other provision of
law relating to the acquisition, handling, or disposal of property by
the United States, the Corporation shall have the right in its
discretion to complete, recondition, reconstruct, renovate, repair,
maintain, operate, or sell any property acquired by the Corporation
pursuant to the provisions of this Act.
SEC. 303. MAXIMUM CONTINGENT LIABILITY.
(a) In General.--The maximum contingent liability of the
Corporation outstanding at any one time shall not exceed in the
aggregate the amount specified in subsection (b).
(b) Amount Specified.--
(1) Initial 5-year period.--The amount specified in this
subsection for the 5-year period beginning on the date of the
enactment of this Act, is $60,000,000,000.
(2) Subsequent 5-year periods.--Not later than 5 years
after the date of the enactment of this Act, and not less
frequently than every 5 years thereafter, the amount specified
in paragraph (1) shall be adjusted to reflect the percentage of
the increase (if any) in the average of the Consumer Price
Index during the preceding 5-year period.
(3) Consumer price index defined.--In this subsection, the
term ``Consumer Price Index'' means the most recent Consumer
Price Index for All Urban Consumers published by the Bureau of
Labor Statistics of the Department of Labor.
SEC. 304. CORPORATE FUNDS.
(a) Corporate Capital Account.--There is established in the
Treasury of the United States a fund to be known as the ``Corporate
Capital Account'' to carry out the purposes of the Corporation.
(b) Funding.--The Corporate Capital Account shall consist of--
(1) fees charged and collected pursuant to subsection (c);
(2) any amounts received pursuant to subsection (e);
(3) investments and returns on such investments pursuant to
subsection (g);
(4) unexpended balances transferred to the Corporation
pursuant to subsection (i);
(5) payments received in connection with settlements of all
insurance and reinsurance claims of the Corporation; and
(6) all other collections transferred to or earned by the
Corporation, excluding the cost, as defined in section 502 of
the Federal Credit Reform Act of 1990 (2 U.S.C. 661a), of loans
and loan guaranties.
(c) Fee Authority.--Fees may be charged and collected for providing
services in amounts to be determined by the Corporation.
(d) Uses.--
(1) In general.--Subject to Acts making appropriations, the
Corporation is authorized to pay--
(A) the cost, as defined in section 502 of the
Federal Credit Reform Act of 1990, of loans and loan
guaranties;
(B) administrative expenses of the Corporation;
(C) for the cost of providing support authorized by
subsections (c), (e), (f), and (g) of section 201;
(D) project-specific transaction costs.
(2) Income and revenue.--In order to carry out the purposes
of the Corporation, all collections transferred to or earned by
the Corporation, excluding the cost, as defined in section 502
of the Federal Credit Reform Act of 1990, of loans and loan
guaranties, shall be deposited into the Corporate Capital
Account and shall be available to carry out its purpose,
including without limitation--
(A) payment of all insurance and reinsurance claims
of the Corporation;
(B) repayments to the Treasury of amounts borrowed
under subsection (e); and
(C) dividend payments to the Treasury under
subsection (f).
(e) Full Faith and Credit.--
(1) In general.--All support provided pursuant to
predecessor authorities or title II shall continue to
constitute obligations of the United States, and the full faith
and credit of the United States is hereby pledged for the full
payment and performance of such obligations.
(2) Authority to borrow.--The Corporation is authorized to
borrow from the Treasury such sums as may be necessary to
fulfill such obligations of the United States and any such
borrowing shall be at a rate determined by the Secretary of the
Treasury, taking into consideration the current average market
yields on outstanding marketable obligations of the United
States of comparable maturities, for a period jointly
determined by the Corporation and the Secretary, and subject to
such terms and conditions as the Secretary may require.
(f) Dividends.--The Board, in consultation with the Director of the
Office of Management and Budget, shall annually assess a dividend
payment to the Treasury if the Corporation's insurance portfolio is
more than 100 percent reserved.
(g) Investment Authority.--
(1) In general.--The Corporation may request the Secretary
of the Treasury to invest such portion of the Corporate Capital
Account as is not, in the Corporation's judgment, required to
meet the current needs of the Corporate Capital Account.
(2) Form of investments.--Such investments shall be made by
the Secretary of the Treasury in public debt obligations, with
maturities suitable to the needs of the Corporate Capital
Account, as determined by the Corporation, and bearing interest
at rates determined by the Secretary, taking into consideration
current market yields on outstanding marketable obligations of
the United States of comparable maturities.
(h) Collections.--Interest earnings made pursuant to subsection
(g), earnings collected related to equity investments, and amounts,
excluding fees related to insurance or reinsurance, collected pursuant
to subsection (c), shall not be collected for any fiscal year except to
the extent provided in advance in appropriations Acts.
(i) Transfer From Predecessor Agencies and Programs.--By the end of
the transition period described in title VI, the unexpended balances,
assets, and responsibilities of any agency specified in the plan
required by section 602 shall be transferred to the Corporation.
(j) Transfer of Funds.--In order to carry out this Act, funds
authorized to be appropriated to carry out the Foreign Assistance Act
of 1961 (22 U.S.C. 2151 et seq.) may be transferred to the Corporation
and funds authorized to be appropriated to the Corporation may be
transferred to the Department of State and the United States Agency for
International Development.
(k) Definition.--In this section, the term ``project-specific
transaction costs''--
(1) means those costs incurred by the Corporation for
travel, legal expenses, and direct and indirect costs incurred
in claims settlements associated with the provision of support
under title II and shall not be considered administrative
expenses for the purposes of this section; and
(2) does not include information technology (as such term
is defined in section 11101 of title 40, United States Code).
SEC. 305. 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 title II.
TITLE IV--MONITORING, EVALUATION, AND REPORTING
SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES.
(a) In General.--To assist the Board to fulfill its duties and
responsibilities under section 201(a), 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.
SEC. 402. 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 title II 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 the
date of the enactment of this Act);
(2) develop a mechanism for ensuring that support provided
by the Corporation under title II 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 403.
(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 title II 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 103(i) and other
stakeholders and interested parties engaged in sustainable economic
growth and development.
SEC. 403. ANNUAL REPORT.
(a) In General.--After the end of each fiscal year, the Corporation
shall submit to the appropriate congressional committees a complete and
detailed report of its operations during that fiscal year, including an
assessment of--
(1) the economic and social development impact, including
with respect to matters described in subsections (d), (e), and
(f) of section 501, of projects supported by the Corporation
under title II;
(2) the extent to which the operations of the Corporation
complement or are compatible with the development assistance
programs of the United States and qualifying sovereign
entities;
(3) the Corporation's institutional linkages with other
relevant United States Government department and agencies,
including efforts to strengthen such linkages; and
(4) the compliance of projects supported by the Corporation
under title II with human rights, environmental, labor, and
social policies, or other such related policies that govern the
Corporation's support for projects, promulgated or otherwise
administered by the Corporation.
(b) Elements.--Each annual report required by subsection (a) shall
include analyses of the effects of projects supported by the
Corporation under title II, including--
(1) reviews and analyses of--
(A) the desired development outcomes for projects
and whether or not the Corporation is meeting the
associated metrics, goals, and development objectives,
including, to the extent practicable, in the years
after conclusion of projects; and
(B) the effect of the Corporation's support on
access to capital and ways in which the Corporation is
addressing identifiable market gaps or inefficiencies
and what impact, if any, such support has on access to
credit for a specific project, country, or sector;
(2) an explanation of any partnership arrangement or
cooperation with a qualifying sovereign entity in support of
each project;
(3) projections of--
(A) development outcomes, and whether or not
support for projects are meeting the associated
performance measures, both during the start-up phase
and over the duration of the support, and to the extent
practicable, measures of such development outcomes
should be on a gender-disaggregated basis, such as
changes in employment, access to financial services,
enterprise development and growth, and composition of
executive boards and senior leadership of enterprises
receiving support under title II; and
(B) the value of private sector assets brought to
bear relative to the amount of support provided by the
Corporation and the value of any other public sector
support; and
(4) an assessment of the extent to which lessons learned
from the monitoring and evaluation activities of the
Corporation, and from annual reports from previous years
compiled by the Corporation, have been applied to projects.
SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION.
The Corporation shall--
(1) maintain a user-friendly, publicly available, machine-
readable database with detailed project-level information, as
appropriate and to the extent practicable, including a
description of the support provided by the Corporation under
title II, which should include, to the extent feasible, the
information included in the report to Congress under section
403; and
(2) include a clear link to information about each project
supported by the Corporation under title II on the internet
website of the Department of State, ``ForeignAssistance.gov'',
or a successor website or other online publication.
SEC. 405. ENGAGEMENT WITH INVESTORS.
(a) In General.--The Corporation, acting through the Chief
Development Officer, shall, in cooperation with the Administrator of
the United States Agency for International Development--
(1) develop a strategic relationship with private sector
entities focused at the nexus of business opportunities and
development priorities;
(2) engage such entities and reduce business risks
primarily through direct transaction support and facilitating
investment partnerships;
(3) develop and support tools, approaches, and
intermediaries that can mobilize private finance at scale in
the developing world;
(4) pursue highly developmental projects of all sizes,
especially those that are small but designed for work in the
most underdeveloped areas, including countries with chronic
suffering as a result of extreme poverty, fragile institutions,
or a history of violence; and
(5) pursue projects consistent with the policy of the
United States described in section 101 and the Joint Strategic
Plan and the Mission Country Development Cooperation Strategies
of the United States Agency for International Development.
(b) Assistance.--To achieve the goals described in subsection (a),
the Corporation shall--
(1) develop risk mitigation tools;
(2) provide transaction structuring support for blended
finance models;
(3) support intermediaries linking capital supply and
demand;
(4) coordinate with other Federal agencies to support or
accelerate transactions;
(5) convene financial, donor, civil society, and public
sector partners around opportunities for private finance within
development priorities;
(6) offer strategic planning and programming assistance to
catalyze investment into priority sectors;
(7) provide transaction structuring support;
(8) deliver training and knowledge management tools for
engaging private investors;
(9) partner with private sector entities that provide
access to capital and expertise; and
(10) identify and screen new investment partners.
(c) Technical Assistance.--The Corporation shall coordinate with
the United States Agency for International Development and other
agencies and departments, as necessary, on projects and programs
supported by the Corporation that include technical assistance.
SEC. 406. NOTIFICATIONS TO BE PROVIDED BY THE CORPORATION.
(a) In General.--Not later than 15 days prior to the Corporation
making a financial commitment associated with the provision of support
under title II in an amount in excess of $10,000,000, the Chief
Executive Officer of the Corporation shall submit to the appropriate
congressional committees a report in writing that contains the
information required by subsection (b).
(b) Information Required.--The information required by this
subsection includes--
(1) the amount of each such financial commitment;
(2) an identification of the recipient or beneficiary; and
(3) a description of the project, activity, or asset and
the development goal or purpose to be achieved by providing
support by the Corporation.
(c) Bilateral Agreements.--The Chief Executive Officer of the
Corporation shall notify the appropriate congressional committees not
later than 30 days after entering into a new bilateral agreement
described in section 301(a).
TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS
SEC. 501. LIMITATIONS AND PREFERENCES.
(a) Limitation on Support for Single Entity.--No entity receiving
support from the Corporation under title II may receive more than an
amount equal to 5 percent of the Corporation's maximum contingent
liability authorized under section 303.
(b) Preference for Support for Projects Sponsored by United States
Persons.--
(1) In general.--The Corporation should give preferential
consideration to projects sponsored by or involving private
sector entities that are United States persons.
(2) United states person defined.--In this subsection, the
term ``United States person'' means--
(A) a United States citizen; or
(B) an entity owned or controlled by an individual
or individuals described in subparagraph (A).
(c) Preference for Support in Countries in Compliance With
International Trade Obligations.--
(1) Consultations with united states trade
representative.--Not less frequently than annually, the
Corporation shall consult with the United States Trade
Representative with respect to the status of countries eligible
to receive support from the Corporation under title II and the
compliance of those countries with their international trade
obligations.
(2) Preferential consideration.--The Corporation shall give
preferential consideration to providing support under title II
for projects in countries in compliance with or making
substantial progress coming into compliance with their
international trade obligations.
(d) Worker Rights.--
(1) In general.--The Corporation shall only support
projects under title II in countries that are taking steps to
adopt and implement laws that extend internationally recognized
worker rights (as defined in section 507 of the Trade Act of
1974 (19 U.S.C. 2467)) to workers in that country, including
any designated zone in that country.
(2) Required contract language.--The Corporation shall also
include the following language, in substantially the following
form, in all contracts which the Corporation enters into with
persons receiving support under title II: ``The person
receiving support agrees not to take actions to prevent
employees of the foreign enterprise from lawfully exercising
their right of association and their right to organize and
bargain collectively. The person further agrees to observe
applicable laws relating to a minimum age for employment of
children, acceptable conditions of work with respect to minimum
wages, hours of work, and occupational health and safety, and
not to use forced labor or the worst forms of child labor (as
defined in section 507 of the Trade Act of 1974 (19 U.S.C.
2467)). The person is not responsible under this paragraph for
the actions of a foreign government.''.
(e) Environmental and Social Impact.--The Board shall not vote in
favor of any project proposed to be supported by the Corporation under
title II that is likely to have significant adverse environmental or
social impacts that are sensitive, diverse, or unprecedented, unless--
(1) at least 60 days before the date of the vote, an
environmental and social impact assessment or initial
environmental and social audit, analyzing the environmental and
social impacts of the proposed project and of alternatives to
the proposed project, is completed; and
(2) such assessment or audit has been made available to the
public of the United States, locally affected groups in the
country in which the project will be carried out, and
nongovernmental organizations in that country.
(f) Women's Economic Empowerment.--In utilizing its authorities
under title II, the Corporation should consider the impacts of its
support on women's economic opportunities and outcomes and make efforts
to mitigate gender gaps and maximize development impact by working to
improve women's economic opportunities.
(g) Preference for Provision of Support in Countries Embracing
Private Enterprise.--
(1) In general.--The Corporation should give preferential
consideration to projects for which support under title II may
be provided in countries the governments of which have
demonstrated consistent support for economic policies that
promote the development of private enterprise, both domestic
and foreign, and maintaining the conditions that enable private
enterprise to make a full contribution to the development of
such countries, including--
(A) market-based economic policies;
(B) protection of private property rights;
(C) respect for the rule of law; and
(D) systems to combat corruption and bribery.
(2) Sources of information.--The Corporation should rely on
both third-party indicators and United States Government
information, such as the Department of State's Investment
Climate Statements, the Department of Commerce's Country
Commercial Guides, or the Millennium Challenge Corporation's
Constraints Analysis, to assess whether countries meet the
conditions described in paragraph (1).
(h) Consideration of Foreign Boycott Participation.--In providing
support for projects under title II, the Corporation shall consider,
using information readily available, whether the project is sponsored
by or substantially affiliated with any person taking or knowingly
agreeing to take actions, or having taken or knowingly agreed to take
actions within the past 3 years, which demonstrate or otherwise
evidence intent to comply with, further, or support any boycott
fostered or imposed by any foreign country, or request to impose any
boycott by any foreign country, against a country which is friendly to
the United States and which is not itself the object of any form of
boycott pursuant to United States law or regulation.
(i) Ensuring Opportunities for Small Businesses in Foreign
Development.--The Corporation shall, using broad criteria, make, to the
maximum extent possible consistent with this Act, efforts--
(1) to give preferential consideration in providing support
under title II to projects sponsored by or involving small
businesses; and
(2) to ensure that the proportion of projects sponsored by
or involving United States small businesses, including women-,
minority-, and veteran-owned small businesses, is not less than
50 percent of all projects for which the Corporation provides
support and that involve United States persons.
SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET DISTORTION.
(a) In General.--Before the Corporation provides support for a
project under title II, the Corporation shall ensure that private
sector entities are afforded an opportunity to support the project.
(b) Safeguards, Policies, and Guidelines.--The Corporation shall
develop appropriate safeguards, policies, and guidelines to ensure that
support provided by the Corporation under title II--
(1) supplements and encourages, but does not compete with,
private sector support;
(2) operates according to internationally recognized best
practices and standards with respect to ensuring the avoidance
of market distorting government subsidies and the crowding out
of private sector lending; and
(3) does not have a significant adverse impact on United
States employment.
SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED COUNTRIES AND WITH
SANCTIONED PERSONS.
(a) In General.--The Corporation is prohibited from providing
support under title II in a country the government of which the
Secretary of State has determined has repeatedly provided support for
acts of international terrorism for purposes of--
(1) section 6(j)(1)(A) of the Export Administration Act of
1979 (50 U.S.C. 4605(j)(1)(A)) (as continued in effect pursuant
to the International Emergency Economic Powers Act (50 U.S.C.
1701 et seq.));
(2) section 620A(a) of the Foreign Assistance Act of 1961
(22 U.S.C. 2371(a));
(3) section 40(d) of the Arms Export Control Act (22 U.S.C.
2780(d)); or
(4) any other provision of law.
(b) Prohibition on Support of Sanctioned Persons.--The Corporation
is prohibited from all dealings related to any project under title II
prohibited under United States sanctions laws or regulations, including
dealings with persons on the list of specially designated persons and
blocked persons maintained by the Office of Foreign Assets Control of
the Department of the Treasury, except to the extent otherwise
authorized by the Secretary of the Treasury or the Secretary of State.
(c) Prohibition on Support of Activities Subject to Sanctions.--The
Corporation shall require any person receiving support under title II
to certify that the person, and any entity owned or controlled by the
person, is in compliance with all United States sanctions laws and
regulations.
SEC. 504. APPLICABILITY OF CERTAIN PROVISIONS OF LAW.
Subsections (g), (l), (m), and (n) of section 237 of the Foreign
Assistance Act of 1961 (22 U.S.C. 2197) shall apply with respect to the
Corporation to the same extent and in the same manner as such
subsections applied with respect to the Overseas Private Investment
Corporation on the day before the date of the enactment of this Act.
TITLE VI--TRANSITIONAL PROVISIONS
SEC. 601. DEFINITIONS.
In this title:
(1) Agency.--The term ``agency'' includes any entity,
organizational unit, program, or function.
(2) Transition period.--The term ``transition period''
means the period--
(A) beginning on the date of the enactment of this
Act; and
(B) ending on the effective date of the
reorganization plan required by section 602(e).
SEC. 602. REORGANIZATION PLAN.
(a) Submission of Plan.--
(1) In general.--Not later than 120 days after the date of
the enactment of this Act, the President shall transmit to the
appropriate congressional committees a reorganization plan
regarding the following:
(A) The transfer of agencies, personnel, assets,
and obligations to the Corporation pursuant to this
title.
(B) Any consolidation, reorganization, or
streamlining of agencies transferred to the Corporation
pursuant to this title.
(C) Any efficiencies or cost savings achieved as a
result of the transfer of agencies, personnel, assets,
and obligations to the Corporation pursuant to this
title, including reductions in unnecessary or
duplicative operations, assets, and personnel.
(2) Consultation.--Not later than 15 days before the date
on which the plan is transmitted pursuant to this subsection,
the President shall consult with the appropriate congressional
committees on such plan.
(b) Plan Elements.--The plan transmitted under subsection (a) shall
contain, consistent with this Act, such elements as the President deems
appropriate, including the following:
(1) Identification of any functions of agencies transferred
to the Corporation pursuant to this title that will not be
transferred to the Corporation under the plan.
(2) Specification of the steps to be taken to organize the
Corporation, including the delegation or assignment of
functions transferred to the Corporation.
(3) Specification of the funds available to each agency
that will be transferred to the Corporation as a result of
transfers under the plan.
(4) Specification of the proposed allocations within the
Corporation of unexpended funds transferred in connection with
transfers under the plan.
(5) Specification of any proposed disposition of property,
facilities, contracts, records, and other assets and
obligations of agencies transferred under the plan.
(c) Report on Coordination.--
(1) In general.--The transfer of functions authorized by
this section may occur only after the President and Chief
Executive Officer of the Overseas Private Investment
Corporation and the Administrator of the United States Agency
for International Development jointly submit to the Committee
on Foreign Affairs and Committee on Appropriations of the House
of Representatives and Committee on Foreign Relations and
Committee on Appropriations of the Senate a report in writing
that contains the information required by paragraph (2).
(2) Information required.--The information required by this
paragraph includes a description in detail of the procedures to
be followed after the transfer of functions authorized by this
section have occurred to coordinate between the Corporation and
the United States Agency for International Development in
carrying out the functions so transferred.
(d) Modification of Plan.--The President shall consult with the
appropriate congressional committees before making any material
modification or revision to the plan before the plan becomes effective
in accordance with subsection (e).
(e) Effective Date.--
(1) In general.--The reorganization plan described in this
section, including any modifications or revisions of the plan
under subsection (c), shall become effective for an agency on
the date specified in the plan (or the plan as modified
pursuant to subsection (d)), except that such date may not be
earlier than 90 days after the date the President has
transmitted the reorganization plan to the appropriate
congressional committees pursuant to subsection (a).
(2) Statutory construction.--Nothing in this subsection may
be construed to require the transfer of functions, personnel,
records, balances of appropriations, or other assets of an
agency on a single date.
SEC. 603. TRANSFER OF FUNCTIONS.
(a) In General.--Effective at the end of the transition period,
there shall be transferred to the Corporation the functions, personnel,
assets, and liabilities of--
(1) the Overseas Private Investment Corporation, as in
existence on the day before the date of the enactment of this
Act; and
(2) the following elements of the United States Agency for
International Development:
(A) The Development Credit Authority.
(B) The existing Legacy Credit portfolio under the
Urban Environment Program and any other direct loan
programs and non-Development Credit Authority guaranty
programs authorized by the Foreign Assistance Act of
1961 (22 U.S.C. 2151 et seq.) or other predecessor
Acts, as in existence on the date of the enactment of
this Act, other than any sovereign loan guaranties.
(b) Additional Transfer Authority.--Effective at the end of the
transition period, there is authorized to be transferred to the
Corporation, with the concurrence of the Administrator of the United
States Agency for International Development, the functions, personnel,
assets, and liabilities of the following elements of the United States
Agency for International Development:
(1) The Office of Private Capital and Microenterprise.
(2) The enterprise funds.
(c) Sovereign Loan Guaranty Transfer.--
(1) In general.--Effective at the end of the transition
period, there is authorized to be transferred to the
Corporation or any other appropriate department or agency of
the United States Government the loan accounts and the legal
rights and responsibilities for the sovereign loan guaranty
portfolio held by the United States Agency for International
Development as in existence on the day before the date of the
enactment of this Act.
(2) Inclusion in reorganization plan.--The President shall
include in the reorganization plan submitted under section 602
a description of the transfer authorized under paragraph (1).
(d) Bilateral Agreements.--Any bilateral agreement of the United
States in effect on the date of the enactment of this Act that serves
as the basis for programs of the Overseas Private Investment
Corporation and the Development Credit Authority shall be considered as
satisfying the requirements of section 301(a).
(e) Transition.--During the transition period, the agencies
specified in subsection (a) shall--
(1) continue to administer the assets and obligations of
those agencies; and
(2) carry out such programs and activities authorized under
this Act as may be determined by the President.
SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION AND
OTHER SUPERCEDED AUTHORITIES.
Effective at the end of the transition period--
(1) the Overseas Private Investment Corporation is
terminated; and
(2) title IV of chapter 2 of part I of the Foreign
Assistance Act of 1961 (22 U.S.C. 2191 et seq.) (other than
subsections (g), (l), (m), and (n) of section 237 of that Act)
is repealed.
SEC. 605. TRANSITIONAL AUTHORITIES.
(a) Provision of Assistance by Officials.--Until the transfer of an
agency to the Corporation under section 603, any official having
authority over, or functions relating to, the agency on the day before
the date of the enactment of this Act shall provide to the Corporation
such assistance, including the use of personnel and assets, as the
Corporation may request in preparing for the transfer and integration
of the agency into the Corporation.
(b) Services and Personnel.--During the transition period, upon the
request of the Corporation, the head of any executive agency may, on a
reimbursable or non-reimbursable basis, provide services or detail
personnel to assist with the transition.
(c) Acting Officials.--
(1) In general.--During the transition period, pending the
advice and consent of the Senate to the appointment of an
officer required by this Act to be appointed by and with such
advice and consent, the President may designate any officer
whose appointment was required to be made by and with such
advice and consent and who was such an officer before the date
of the enactment of this Act (and who continues in office) or
immediately before such designation, to act in such office
until the same is filled as provided in this Act. While so
acting, such officers shall receive compensation at the higher
of--
(A) the rates provided by this Act for the
respective offices in which they act; or
(B) the rates provided for the offices held at the
time of designation.
(2) Rule of construction.--Nothing in this Act shall be
construed to require the advice and consent of the Senate to
the appointment by the President to a position in the
Corporation of any officer whose agency is transferred to the
Corporation pursuant to this title and whose duties following
such transfer are germane to those performed before such
transfer.
(d) Transfer of Personnel, Assets, Obligations, and Functions.--
Upon the transfer of an agency to the Corporation under section 603--
(1) the personnel, assets, and obligations held by or
available in connection with the agency shall be transferred to
the Corporation for appropriate allocation, subject to the
approval of the Director of the Office of Management and Budget
and in accordance with section 1531(a)(2) of title 31, United
States Code; and
(2) the Corporation shall have all functions--
(A) relating to the agency that any other official
could by law exercise in relation to the agency
immediately before such transfer; and
(B) vested in the Corporation by this Act or other
law.
SEC. 606. SAVINGS PROVISIONS.
(a) Completed Administrative Actions.--
(1) In general.--Completed administrative actions of an
agency shall not be affected by the enactment of this Act or
the transfer of such agency to the Corporation under section
603, but shall continue in effect according to their terms
until amended, modified, superseded, terminated, set aside, or
revoked in accordance with law by an officer of the United
States or a court of competent jurisdiction, or by operation of
law.
(2) Completed administrative action defined.--In this
subsection, the term ``completed administrative action''
includes orders, determinations, rules, regulations, personnel
actions, permits, agreements, grants, contracts, certificates,
policies, licenses, registrations, and privileges.
(b) Pending Proceedings.--
(1) In general.--Pending proceedings in an agency,
including notices of proposed rulemaking, and applications for
licenses, permits, certificates, grants, and financial
assistance, shall continue notwithstanding the enactment of
this Act or the transfer of the agency to the Corporation,
unless discontinued or modified under the same terms and
conditions and to the same extent that such discontinuance
could have occurred if such enactment or transfer had not
occurred.
(2) Orders.--Orders issued in proceedings described in
paragraph (1), and appeals therefrom, and payments made
pursuant to such orders, shall issue in the same manner and on
the same terms as if this Act had not been enacted or the
agency had not been transferred, and any such orders shall
continue in effect until amended, modified, superseded,
terminated, set aside, or revoked by an officer of the United
States or a court of competent jurisdiction, or by operation of
law.
(c) Pending Civil Actions.--Pending civil actions shall continue
notwithstanding the enactment of this Act or the transfer of an agency
to the Corporation, and in such civil actions, proceedings shall be
had, appeals taken, and judgments rendered and enforced in the same
manner and with the same effect as if such enactment or transfer had
not occurred.
(d) References.--References relating to an agency that is
transferred to the Corporation under section 603 in statutes, Executive
orders, rules, regulations, directives, or delegations of authority
that precede such transfer or the date of the enactment of this Act
shall be deemed to refer, as appropriate, to the Corporation, to its
officers, employees, or agents, or to its corresponding organizational
units or functions. Statutory reporting requirements that applied in
relation to such an agency immediately before the effective date of
this Act shall continue to apply following such transfer if they refer
to the agency by name.
(e) Employment Provisions.--
(1) Regulations.--The Corporation may, in regulations
prescribed jointly with the Director of the Office of Personnel
Management, adopt the rules, procedures, terms, and conditions,
established by statute, rule, or regulation before the date of
the enactment of this Act, relating to employment in any agency
transferred to the Corporation under section 603.
(2) Effect of transfer on conditions of employment.--Except
as otherwise provided in this Act, or under authority granted
by this Act, the transfer pursuant to this title of personnel
shall not alter the terms and conditions of employment,
including compensation, of any employee so transferred.
(f) Statutory Reporting Requirements.--Any statutory reporting
requirement that applied to an agency transferred to the Corporation
under this title immediately before the date of the enactment of this
Act shall continue to apply following that transfer if the statutory
requirement refers to the agency by name.
SEC. 607. OTHER TERMINATIONS.
Except as otherwise provided in this Act, whenever all the
functions vested by law in any agency have been transferred pursuant to
this title, each position and office the incumbent of which was
authorized to receive compensation at the rates prescribed for an
office or position at level II, III, IV, or V of the Executive Schedule
under subchapter II of chapter 53 of title 5, United States Code, shall
terminate.
SEC. 608. INCIDENTAL TRANSFERS.
The Director of the Office of Management and Budget, in
consultation with the Corporation, is authorized and directed to make
such additional incidental dispositions of personnel, assets, and
liabilities held, used, arising from, available, or to be made
available, in connection with the functions transferred by this title,
as the Director may determine necessary to accomplish the purposes of
this Act.
SEC. 609. REFERENCE.
With respect to any function transferred under this title
(including under a reorganization plan under section 602) and exercised
on or after the date of the enactment of this Act, reference in any
other Federal law to any department, commission, or agency or any
officer or office the functions of which are so transferred shall be
deemed to refer to the Corporation or official or component of the
Corporation to which that function is so transferred.
SEC. 610. CONFORMING AMENDMENTS.
(a) Exempt Programs.--Section 255(g) of the Balanced Budget and
Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)) is amended by
striking ``Overseas Private Investment Corporation, Noncredit Account
(71-4184-0-3-151).'' and inserting ``United States International
Development Finance Corporation.''.
(b) Executive Schedule.--Title 5, United States Code, is amended--
(1) in section 5314, by striking ``President, Overseas
Private Investment Corporation.'';
(2) in section 5315, by striking ``Executive Vice
President, Overseas Private Investment Corporation.''; and
(3) in section 5316, by striking ``Vice Presidents,
Overseas Private Investment Corporation (3).''.
(c) Office of International Trade of the Small Business
Administration.--Section 22 of the Small Business Act (15 U.S.C. 649)
is amended--
(1) in subsection (b), in the matter preceding paragraph
(1), by striking ``the President of the Overseas Private
Investment Corporation, Director'' and inserting ``the Board of
Directors of the United States International Development
Finance Corporation, the Director''; and
(2) by striking ``Overseas Private Investment Corporation''
each place it appears and inserting ``United States
International Development Finance Corporation''.
(d) United States and Foreign Commercial Service.--Section 2301 of
the Export Enhancement Act of 1988 (15 U.S.C. 4721) is amended by
striking ``Overseas Private Investment Corporation'' each place it
appears and inserting ``United States International Development Finance
Corporation''.
(e) Trade Promotion Coordinating Committee.--Section 2312(d)(1)(K)
of the Export Enhancement Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is
amended by striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''.
(f) Interagency Trade Data Advisory Committee.--Section 5402(b) of
the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 4902(b))
is amended by striking ``the President of the Overseas Private
Investment Corporation'' and inserting ``the Chief Executive Officer of
the United States International Development Finance Corporation''.
(g) Misuse of Names of Federal Agencies.--Section 709 of title 18,
United States Code, is amended by striking ```Overseas Private
Investment', `Overseas Private Investment Corporation', or `OPIC',''
and inserting ```United States International Development Finance
Corporation' or `DFC'''.
(h) Engagement on Currency Exchange Rate and Economic Policies.--
Section 701(c)(1)(A) of the Trade Facilitation and Trade Enforcement
Act of 2015 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ``Overseas
Private Investment Corporation'' and inserting ``United States
International Development Finance Corporation''.
(i) Internships With Institute for International Public Policy.--
Section 625 of the Higher Education Act of 1965 (20 U.S.C. 1131c(a)) is
amended by striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''.
(j) Foreign Assistance Act of 1961.--The Foreign Assistance Act of
1961 (22 U.S.C. 2151 et seq.) is amended--
(1) in section 116--
(A) in subsection (a), by inserting ``, and no
support may be provided under title II of the Better
Utilization of Investments Leading to Development Act
of 2018,'' after ``this part'';
(B) in the first subsection (b)--
(i) by inserting ``or title II of the
Better Utilization of Investments Leading to
Development Act of 2018'' after ``this part'';
(ii) by inserting ``or the Chief Executive
Officer of the United States International
Development Finance Corporation, as
applicable,'' after ``this Act'';
(iii) by inserting ``or support'' after
``the assistance''; and
(iv) by inserting ``or support'' after
``such assistance'' each place it appears;
(C) in the second subsection (b), by inserting
``under this part, and no support may be provided under
title II of the Better Utilization of Investments
Leading to Development Act of 2018,'' after
``provided''; and
(D) in subsection (c), by striking ``under this
part, the Administrator'' and inserting ``under this
part, or support provided under title II of the Better
Utilization of Investments Leading to Development Act
of 2018, the Administrator, or the Chief Executive
Officer of the United States International Development
Finance Corporation, as applicable,'';
(2) in section 449B(b)(2) (22 U.S.C. 2296b(b)(2)), by
striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''; and
(3) in section 481(e)(4)(A) (22 U.S.C. 2291(e)(4)(A)), in
the matter preceding clause (i), by striking ``(including
programs under title IV of chapter 2, relating to the Overseas
Private Investment Corporation)'' and inserting ``(and any
support under title II of the Better Utilization of Investments
Leading to Development Act of 2018, relating to the United
States International Development Finance Corporation)''.
(k) Electrify Africa Act of 2015.--Sections 5 and 7 of the
Electrify Africa Act of 2015 (Public Law 114-121; 22 U.S.C. 2293 note)
are amended by striking ``Overseas Private Investment Corporation''
each place it appears and inserting ``United States International
Development Finance Corporation''.
(l) Foreign Aid Transparency and Accountability Act of 2016.--
Section 2(3) of the Foreign Aid Transparency and Accountability Act of
2016 (Public Law 114-191; 22 U.S.C. 2394c note) is amended--
(1) in subparagraph (A), by striking ``except for'' and all
that follows through ``chapter 3'' and insert ``except for
chapter 3'';
(2) in subparagraph (C), by striking ``and'' at the end;
(3) in subparagraph (D), by striking the period at the end
and inserting ``; and''; and
(4) by adding at the end the following:
``(E) the Better Utilization of Investments Leading
to Development Act of 2018.''.
(m) Support for East European Democracy (SEED) Program.--The
Support for East European Democracy (SEED) Act of 1989 (22 U.S.C. 5401
et seq.) is amended--
(1) in section 2(c) (22 U.S.C. 5401(c)), by striking
paragraph (12) and inserting the following:
``(12) United states international development finance
corporation.--Programs of the United States International
Development Finance Corporation.''; and
(2) in section 201(e) (22 U.S.C. 5421(e)), by striking
``Agency for International Development'' and inserting ``United
States International Development Finance Corporation''.
(n) Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of
1996.--Section 202(b)(2)(B)(iv) of the Cuban Liberty and Democratic
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) is
amended by striking ``Overseas Private Investment Corporation'' and
inserting ``United States International Development Finance
Corporation''.
(o) International Religious Freedom Act of 1998.--Section
405(a)(10) of the International Religious Freedom Act of 1998 (22
U.S.C. 6445(a)(10)) is amended by striking ``Overseas Private
Investment Corporation'' and inserting ``United States International
Development Finance Corporation''.
(p) Trafficking Victims Protection Act of 2000.--Section 103(8)(A)
of the Trafficking Victims Protection Act of 2000 (22 U.S.C.
7102(8)(A)) is amended in clause (viii) to read as follows:
``(viii) any support under title II of the
Better Utilization of Investments Leading to
Development Act of 2018 relating to the United
States International Development Finance
Corporation; and''.
(q) Technology Deployment in Developing Countries.--Section 732(b)
of the Global Environmental Protection Assistance Act of 1989 (22
U.S.C. 7902(b)) is amended by striking ``Overseas Private Investment
Corporation'' and inserting ``United States International Development
Finance Corporation''.
(r) Expanded Nonmilitary Assistance for Ukraine.--Section 7(c)(3)
of the Ukraine Freedom Support Act of 2014 (22 U.S.C. 8926(c)(3)) is
amended--
(1) in the paragraph heading, by striking ``Overseas
private investment corporation'' and inserting ``United states
international development finance corporation'';
(2) in the matter preceding subparagraph (A), by striking
``Overseas Private Investment Corporation'' and inserting
``United States International Development Finance
Corporation''; and
(3) in subparagraph (B), by striking ``by eligible
investors (as defined in section 238 of the Foreign Assistance
Act of 1961 (22 U.S.C. 2198))''.
(s) Global Food Security Act of 2016.--Section 4(7) of the Global
Food Security Act of 2016 (22 U.S.C. 9303(7)) is amended by striking
``Overseas Private Investment Corporation'' and inserting ``United
States International Development Finance Corporation''.
(t) Sense of Congress on European and Eurasian Energy Security.--
Section 257(c)(2)(B) of the Countering Russian Influence in Europe and
Eurasia Act of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking
``Overseas Private Investment Corporation'' and inserting ``United
States International Development Finance Corporation''.
(u) Wholly Owned Government Corporation.--Section 9101(3) of title
31, United States Code, is amended by striking ``Overseas Private
Investment Corporation'' and inserting ``United States International
Development Finance Corporation''.
(v) Energy Independence and Security Act of 2007.--Title IX of the
Energy Independence and Security Act of 2007 (42 U.S.C. 17321 et seq.)
is amended--
(1) in section 914 (42 U.S.C. 17334)--
(A) in the section heading, by striking ``overseas
private investment corporation'' and inserting ``united
states international development finance corporation'';
(B) in subsection (a), in the matter preceding
paragraph (1), by striking ``Overseas Private
Investment Corporation'' and inserting ``United States
International Development Finance Corporation''; and
(C) in subsection (b), in the matter preceding
paragraph (1), by striking ``Overseas Private
Investment Corporation shall include in its annual
report required under section 240A of the Foreign
Assistance Act of 1961 (22 U.S.C. 2200a)'' and
inserting ``United States International Development
Finance Corporation shall include in its annual report
required under section 403 of the Better Utilization of
Investments Leading to Development Act of 2018''; and
(2) in section 916(a)(2)(I) (42 U.S.C. 17336(a)(2)(I)), by
striking ``Overseas Private Investment Corporation:'' and
inserting ``United States International Development Finance
Corporation;''.
(w) Effective Date.--The amendments made by this section shall take
effect at the end of the transition period.
Calendar No. 493
115th CONGRESS
2d Session
S. 2463
_______________________________________________________________________
A BILL
To establish the United States International Development Finance
Corporation, and for other purposes.
_______________________________________________________________________
June 27, 2018
Reported with an amendment