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H.R. 1993 (rh) To reauthorize the Overseas Private Investment Corporation and the Trade and Development Agency, and for other purposes. [Reported in House] ...


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                                                       Calendar No. 317

106th CONGRESS

  1st Session

                               H. R. 1993

_______________________________________________________________________

                                 AN ACT

  To reauthorize the Overseas Private Investment Corporation and the 
         Trade and Development Agency, and for other purposes.

_______________________________________________________________________

                            October 14, 1999

            Received; read twice and placed on the calendar
                                                       Calendar No. 317
106th CONGRESS
  1st Session
                                H. R. 1993

                   IN THE SENATE OF THE UNITED STATES

                            October 14, 1999

            Received; read twice and placed on the calendar

_______________________________________________________________________

                                 AN ACT


 
  To reauthorize the Overseas Private Investment Corporation and the 
         Trade and Development Agency, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Export Enhancement Act of 1999''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
            (1) Since it began operations in 1971, the Overseas Private 
        Investment Corporation (in this Act referred to as ``OPIC'') 
        has sold investment services and mobilized private sector 
        resources to assist developing countries and emerging 
        democracies in the transition from nonmarket to market 
        economies.
            (2) In an era of declining Federal budgetary resources, 
        OPIC has consistently demonstrated an ability to operate on a 
        self-sustaining basis to support United States companies and 
        promote economic reform in emerging economies in Africa, the 
        newly independent states of the former Soviet Union, Latin 
        America, and the Caribbean.
            (3) OPIC has played an important role in reinforcing United 
        States foreign policy goals and in strengthening the United 
        States economy by creating jobs and promoting exports.
            (4) Over the past 28 years, projects supported by OPIC have 
        generated over $58,000,000,000 in United States exports, 
        mobilized $121,000,000,000 of United States private sector 
        investment, and created more than 237,000 United States jobs.
            (5) OPIC has been run on a sound financial basis with 
        reserves totaling approximately $3,300,000,000 and with an 
        estimated net budget contribution to the international affairs 
        account of some $204,000,000 in fiscal year 2000.
            (6) OPIC has maintained a claims recovery rate of 95 
        percent, settling 254 insurance claims for $541,000,000 and 
        recovering all but $29,000,000 since 1971.
            (7) OPIC programs have served to rectify market failures, 
        including limited market information in developing countries 
        and underdeveloped capital markets, by insuring United States 
        firms against economic and market uncertainties.
            (8) The Trade and Development Agency (in this Act referred 
        to as ``TDA'') promotes United States business involvement in 
        infrastructure projects in developing and middle income 
        countries.
            (9) TDA has generated $12,300,000,000 in exports since its 
        inception, with every $1 in spending for TDA projects leading 
        to the sale of $32 in United States goods and services 
        overseas.
            (10) The United States and Foreign Commercial Service (in 
        this Act referred to as the ``Commercial Service'') plays an 
        important role in helping United States businesses identify 
        export opportunities and develop reliable sources of 
        information on commercial prospects in foreign countries.
            (11) The Congress has, on several occasions, encouraged the 
        Commercial Service to focus its resources and efforts in 
        countries or regions in Europe and Asia to promote greater 
        United States export activity in those markets.
            (12) The Congress supports the expansion of the Rural 
        Export Initiative by the International Trade Administration (in 
        this Act referred to as the ``ITA'') of the Department of 
        Commerce, particularly those elements related to the use of 
        information technology and electronic commerce techniques.
            (13) The Congress is encouraged by the success of the 
        Market Access and Compliance Unit of the ITA and supports the 
        Unit's efforts to develop mobile teams to resolve market access 
        problems and ensure compliance by United States trading 
        partners with trade agreements and commitments.
            (14) The Congress acknowledges the demands upon the Market 
        Access and Compliance Unit of the ITA and recommends that 
        priority be given to funding for this unit to ensure that 
        adequate resources are available for it to fully implement its 
        mission.

SEC. 3. POLICY RECOMMENDATIONS.

    The Congress makes the following declarations:
            (1) OPIC should set its fees at levels sufficient to cover 
        all operating costs, repay any subsidy appropriations, and set 
        aside adequate reserves against future losses.
            (2) OPIC should maintain a conservative ratio of reserves 
        to contingent liabilities and limit its obligations in any one 
        country in its worldwide finance or insurance portfolio.
            (3) Projects supported by OPIC should not displace 
        commercial finance or insurance offerings and should encourage 
        private sector financing and insurance participation.
            (4) Independent auditors should report annually to the 
        Congress on the level of OPIC's reserves in relation to its 
liabilities and provide an analysis of the trends in the levels of 
reserves and liabilities and the composition of its insurance and 
finance portfolios, including OPIC's investment funds.
            (5) OPIC should double the dollar value of its support for 
        small businesses over the next 4 years.
            (6) In administering the programs and activities of the 
        ITA, the Secretary of Commerce should give particular emphasis 
        to obtaining market access for United States firms and to 
        securing full compliance with bilateral and multilateral trade 
        agreements.
            (7) The ITA should facilitate the entrance of United States 
        businesses into the countries of sub-Saharan Africa and Latin 
        America.
            (8) The Commercial Service, within the ITA, should consider 
        expanding its presence in urban areas and in urban enterprise 
        areas.
            (9) OPIC must address concerns that it does not promptly 
        dispose of legitimate claims brought with respect to projects 
        insured or guaranteed by OPIC. The Congress understands the 
        desire of OPIC to explore all possible arrangements with 
        foreign parties. However, OPIC must be aware that private 
        parties with legitimate claims face financial obligations that 
        cannot be deferred indefinitely.

SEC. 4. OPIC ISSUING AUTHORITY.

    Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(a)(3)) is amended by striking ``1999'' and inserting ``2003''.

SEC. 5. ENVIRONMENTAL IMPACT OF OPIC PROGRAMS.

    (a) Additional Requirements.--Section 231A of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2191a) is amended--
            (1) by redesignating subsection (b) as subsection (c);
            (2) by inserting after subsection (a) the following new 
        subsection:
    ``(b) Environmental Impact.--
            ``(1) Environmental assessment or audit.--The Board of 
        Directors of the Corporation shall not vote in favor of any 
        action proposed to be taken by the Corporation that is likely 
        to have significant adverse environmental impacts that are 
        sensitive, diverse, or unprecedented, unless for at least 60 
        days before the date of the vote--
                    ``(A) an environmental impact assessment or initial 
                environmental audit, analyzing the environmental 
                impacts of the proposed action and of alternatives to 
                the proposed action has been completed by the project 
                applicant and made available to the Board of Directors; 
                and
                    ``(B) such assessment or audit has been made 
                available to the public of the United States, locally 
                affected groups in the host country, and host country 
                nongovernmental organizations.
            ``(2) Discussions with board members.--Prior to any 
        decision by the Corporation regarding insurance, reinsurance, 
        guarantees, or financing for any project, the President of the 
        Corporation or the President's designee shall meet with at 
        least one member of the public who is representative of 
        individuals who have concerns regarding any significant adverse 
        environmental impact of that project.
            ``(3) Consideration at board meetings.--In making its 
        decisions regarding insurance, reinsurance, guarantees, or 
        financing for any project, the Board of Directors shall fully 
        take into account any recommendations made by other interested 
        Federal agencies, interested members of the public, locally 
        affected groups in the host country, and host country 
        nongovernmental organizations with respect to the assessment or 
        audit described in paragraph (1) or any other matter related to 
        the environmental effects of the proposed support to be 
        provided by the Corporation for the project.''; and
            (3) in subsection (c), as so redesignated, by striking 
        ``each year'' and inserting ``every 6 months''.
    (b) Study on Process for OPIC Assistance.--The Inspector General of 
the Agency for International Development shall review OPIC's procedures 
for undertaking to conduct financing, insurance, and reinsurance 
operations in order to determine whether OPIC receives sufficient 
information from project applicants, agencies of the United States 
Government, and members of the public of the United States and other 
countries on the environmental impact of investments insured, 
reinsured, or financed by OPIC. Not later than 120 days after the date 
of the enactment of this Act, the Inspector General shall report to the 
Committee on International Relations of the House of Representatives 
and the Committee on Foreign Relations of the Senate on the results of 
its review. The report shall include--
            (1) recommendations for ways in which the views of the 
        public could be better reflected in OPIC's procedures;
            (2) recommendations for what additional information should 
        be required of project applicants; and
            (3) recommendations for environmental standards that should 
        be used by OPIC in conducting its financing, insurance, and 
        reinsurance operations.
    (c) Effective Date.--The amendments made by subsection (a) shall 
take effect 90 days after the date of the enactment of this Act.

SEC. 6. PROHIBITION ON OPIC FUNDING FOR FOREIGN MANUFACTURING 
              ENTERPRISES.

    Section 231 of the Foreign Assistance Act of 1961 (21 U.S.C. 2191) 
is amended by adding at the end the following flush sentence:
``In addition, the Corporation shall decline to issue any contract of 
insurance or reinsurance, or any guaranty, or to enter into any 
agreement to provide financing for an eligible investor's investment if 
the investment is to be made in a manufacturing enterprise in a foreign 
country, if such investment would cause a reduction in manufacturing in 
the United States.''.

SEC. 7. REVIEW OF CLAIMS PROCESSING FOR OPIC.

    The General Accounting Office is requested to provide a report not 
later than 6 months after the date of the enactment of this Act to the 
Committee on International Relations of the House of Representatives 
and the Committee on Foreign Relations of the Senate, which reviews the 
claims activity of the Overseas Private Investment Corporation. The 
report shall include--
            (1) an analysis of claims paid, settled and denied by OPIC;
            (2) the number of claims determinations made by OPIC which 
        are challenged in arbitration;
            (3) the number of OPIC's claims denials which are reversed 
        in arbitration;
            (4) the number of claims which are withdrawn; and
            (5) recommendations for ways in which the interests of OPIC 
        insureds and the public could be better served by OPIC's claims 
        procedures.

SEC. 8. RESTRICTION ON CONTACTS RELATING TO OPIC CLAIMS SETTLEMENTS.

    (a) Publication of Federal Agency Interventions.--Section 237(i) of 
the Foreign Assistance Act of 1961 (22 U.S.C. 2197(i)) is amended--
            (1) by inserting ``(1)'' after ``(i)''; and
            (2) by adding at the end the following:
    ``(2) No other department or agency of the United States, or 
officer or employee thereof, may intervene with the intent to impede or 
delay in any pending settlement determination on any claim arising as a 
result of insurance, reinsurance, or guaranty operations under this 
title or under predecessor guaranty authority unless such intervention 
is published in the Federal Register.
    ``(3) The Corporation shall report to the Congress on any 
intervention, with the intent to impede to delay a settlement 
determination by any other department or agency of the United States, 
or officer or employee thereof, regarding the timing or settlement of 
any claim arising as a result of insurance, reinsurance, or guaranty 
operations under this title or under predecessor guaranty authority. 
The report shall be submitted within 30 days after the intervention is 
made.''.

SEC. 9. TRADE AND DEVELOPMENT AGENCY.

    (a) Purpose.--Section 661(a) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2421(a)) is amended by inserting before the period at the 
end of the second sentence the following: ``, with special emphasis on 
economic sectors with significant United States export potential, such 
as energy, transportation, telecommunications, and environment''.
    (b) Contributions of Costs.--Section 661(b) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2421(b)) is amended by adding at the 
end the following:
            ``(5) Contributions to costs.--The Trade and Development 
        Agency shall, to the maximum extent practicable, require 
        corporations and other entities to--
                    ``(A) share the costs of feasibility studies and 
                other project planning services funded under this 
                section; and
                    ``(B) reimburse the Trade and Development Agency 
                those funds provided under this section, if the 
                corporation or entity concerned succeeds in project 
                implementation.''.
    (c) Funding.--Section 661(f) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2421(f)) is amended--
            (1) in paragraph (1)(A) by striking ``$77,000,000'' and all 
        that follows through ``1996'' and inserting ``$48,000,000 for 
        fiscal year 2000 and such sums as may be necessary for each 
        fiscal year thereafter''; and
            (2) in paragraph (2)(A), by striking ``in fiscal years'' 

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