Summary: S.993 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for S.993. Bill summaries are authored by CRS.

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Introduced in Senate (04/10/1981)

Overseas Private Investment Corporation Amendments Act of 1981 - Amends the Foreign Assistance Act of 1961 to direct the Overseas Private Investment Corporation (OPIC) to support developmental projects having trade benefits for the United States. Increases the maximum per capita income which qualifies a less developed country for preferential consideration for investment projects. Removes the restriction on OPIC with respect to investment projects in less developed countries that have per capita incomes of $1,000 or more in 1975 U.S. dollars.

Increases the number of members of OPIC's Board of Directors. Requires the United States Trade Representative to serve as Vice Chairman of the Board. Authorizes OPIC to insure approved projects against the risks of civil strife. Limits OPIC's share of insurance liability for multilateral investments to the proportionate participation of eligible investors in the projects (currently in total project financing).

Limits the amount of investment insurance and investment guaranties to be issued to a single investor to a certain percentage of the maximum contingent liability of such insurance and guaranties which OPIC is permitted to have outstanding.

Deletes the prohibition against OPIC entering certain direct insurance underwriting agreements with other insurance companies. Deletes the limitation on the amount of OPIC's annual reinsurance liabilities.

Extends the authority of OPIC to issue investment insurance and guaranties until September, 1985. Authorizes loans from the Direct Investment Fund to the extent amounts are appropriated.

Authorizes computation of a claim of loss under equity investment insurance on the basis of net book value attributable to such equity investment on the date of loss. Abolishes the provision which permits a State to prohibit OPIC from requiring an investor to be insured for ten percent of an investment otherwise insured by OPIC.

Authorizes OPIC to collect or compromise any obligations assigned to or held by OPIC. Abolishes the requirement that the Auditor-General of the Agency for International Development audit OPIC. Authorizes (currently directs) such Auditor-General to review, investigate, and inspect OPIC's activities.

Abolishes: (1) OPIC's Advisory Council; (2) certain limitations on OPIC's financial support for new or expanded copper exploration or extraction projects; and (3) the prohibitions on OPIC financial support for projects involving production or processing of palm oil, sugar, or citrus crops for export.