S.2349 - Overseas Private Investment Corporation Reauthorization Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Biden, Joseph R., Jr. [D-DE] (Introduced 11/14/2007)|
|Committees:||Senate - Foreign Relations|
|Latest Action:||11/14/2007 Read twice and referred to the Committee on Foreign Relations.|
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Subject — Policy Area:
- International Affairs
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Summary: S.2349 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (11/14/2007)
Overseas Private Investment Corporation Reauthorization Act of 2007 - Amends the Foreign Assistance Act of 1961 to reauthorize the Overseas Private Investment Corporation (OPIC) through September 30, 2011.
Revises international worker rights provisions.
Requires OPIC to institute a climate change mitigation action plan.
Requires, with a specified exception, prior to OPIC approval of a Category A extractive industry project (as defined by this Act) or an extractive industry project in which OPIC assistance would be valued at $10 million or more; (1) prior congressional notification; and (2) investor and host country agreement to implement Extractive Industries Transparency Initiative principles or substantially similar principles, and host country adherence to certain accounting procedures as they relate to such projects.
Provides for increased project transparency.
Authorizes OPIC programs in Iraq.
Requires OPIC to report to Congress on: (1) the feasibility of expanding OPIC assistance to low-income home buyers; and (2) OPIC resources dedicated to assist U.S. small businesses, cooperatives, and small U.S. investors.