H.R.4980 - Kick OPIC Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Murphy, Patrick J. [D-PA-8] (Introduced 03/25/2010)|
|Committees:||House - Foreign Affairs|
|Latest Action:||House - 03/25/2010 Referred to the House Committee on Foreign Affairs. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4980 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (03/25/2010)
Kick OPIC Act of 2010 - Prohibits the Overseas Private Investment Corporation (OPIC) from issuing insurance, guaranties, or reinsurance, making loan, acquiring securities, or entering into risk sharing arrangements under the Foreign Assistance Act of 1961, effective 60 days after enactment of this Act. Abolishes OPIC 180 days after enactment.
Requires the Director of the Office of Management and Budget (OMB) to perform the functions of OPIC with respect to any outstanding contracts and agreements until their expiration and to take necessary steps to wind up the affairs of OPIC. Sets forth provisions regarding the termination of OPIC authorities, the transfer of funds, and the effect on prior determinations and pending proceedings.