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Public Law 108-158
108th Congress
An Act
To amend the Foreign Assistance Act of 1961 to reauthorize the
Overseas Private Investment Corporation, and for other purposes.
<<NOTE: Dec. 3, 2003 - [S. 1824]>>
Be it enacted by the Senate and House of <<NOTE: Overseas Private
Investment Corporation Amendments Act of 2003.>> Representatives of the
United States of America in Congress assembled,
SECTION 1. <<NOTE: 22 USC 2151 note.>> SHORT TITLE.
This Act may be cited as the ``Overseas Private Investment
Corporation Amendments Act of 2003''.
SEC. 2. ISSUING AUTHORITY.
Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C.
2195(a)(2)) is amended by striking ``November 1, 2000'' and inserting
``2007''.
SEC. 3. TECHNICAL CORRECTIONS.
(a) Administrative Costs.--Section 235(a)(1)(B) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is amended by striking
``subsidy cost'' and inserting ``subsidy and administrative costs''.
(b) Noncredit Account Revolving Fund.--Section 235(c) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(c)) is amended--
(1) in the first sentence--
(A) by striking ``an insurance and guaranty fund,
which shall have separate accounts to be known as the
Insurance Reserve and the Guaranty Reserve, which
reserves'' and inserting ``a noncredit account revolving
fund, which''; and
(B) by striking ``such reserves have'' and inserting
``of the fund has'';
(2) by striking the third sentence; and
(3) in the last sentence, by striking ``reserves'' and
inserting ``fund''.
(c) Payments To Discharge Liabilities.--Section 235(d) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is amended--
(1) in the first sentence, by striking ``Insurance Reserve,
as long as such reserve'' and inserting ``noncredit account
revolving fund, as long as such fund''; and
(2) in the second sentence, by striking ``or under similar
predecessor guaranty authority'' and all that follows through
``subsection (f) of this section'' and inserting ``or 234(c)
shall be paid in accordance with the Federal Credit Reform Act
of 1990''.
(d) Authorization of Appropriations.--Section 235(f) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195(f)) is amended--
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(1) in the first sentence, by striking ``insurance and
guaranty fund'' and inserting ``noncredit account revolving
fund''; and
(2) by striking ``Insurance Reserve'' each place it appears
and inserting ``noncredit account revolving fund''.
(e) Board of Directors.--Section 233(b) of the Foreign Assistance
Act of 1961 (22 U.S.C. 2193(b)) is amended in the second paragraph--
(1) by striking ``officials'' and inserting ``principal
officers'';
(2) by inserting ``whose duties relate to the programs of
the Corporation'' after ``Government of the United States''; and
(3) by striking ``an official'' and inserting ``one such
officer''.
SEC. 4. INVESTMENT INSURANCE.
(a) Expropriation or Confiscation.--Section 234(a)(1)(B) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is amended by
inserting ``or any political subdivision thereof'' after ``government''.
(b) Definition of Expropriation.--Section 238(b) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by inserting ``, a
political subdivision of a foreign government, or a corporation owned or
controlled by a foreign government,'' after ``government''.
SEC. 5. LOCAL CURRENCY GUARANTY.
(a) Local Currency Guaranty.--Section 234 of the Foreign Assistance
Act of 1961 (22 U.S.C. 2194) is amended by adding at the end the
following:
``(h) Local Currency Guaranties for Eligible Investors.--To issue
to--
``(1) eligible investors, or
``(2) local financial institutions, guaranties,
denominated in currencies other than United States dollars, of loans and
other investments made to projects sponsored by or significantly
involving eligible investors, assuring against loss due to such risks
and upon such terms and conditions as the Corporation may determine, for
projects that the Corporation determines to have significant
developmental effects or as the Corporation determines to be necessary
or appropriate to carry out the purposes of this title.''.
(b) Definition of Local Financial Institution.--Section 238 of the
Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended--
(1) in subsection (d), by striking ``and'' after the
semicolon;
(2) in subsection (f), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(g) the term `local financial institution'--
``(1) means any bank or financial institution that
is organized under the laws of any country or area in
which the Corporation operates; but
``(2) does not include a branch, however organized,
of a bank or other financial institution that is
organized under the laws of a country in which the
Corporation does not operate.''.
SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.
(a) In General.--Section 240 of the Foreign Assistance Act of 1961
(22 U.S.C. 2200) is amended--
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(1) in the first sentence, by striking ``The Corporation''
and inserting:
``(a) In General.--The Corporation''; and
(2) by adding at the end the following:
``(b) Outreach to Minority-Owned and Women-Owned Businesses.--The
Corporation shall collect data on the involvement of minority- and
women-owned businesses in projects supported by the Corporation,
including--
``(1) the amount of insurance and financing provided by the
Corporation to such businesses in connection with projects
supported by the Corporation; and
``(2) to the extent such information is available, the
involvement of such businesses in procurement activities
conducted or supported by the Corporation.
The Corporation shall include, in its annual report submitted to the
Congress under section 240A, 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.''.
Approved December 3, 2003.
LEGISLATIVE HISTORY--S. 1824 (H.R. 3145):
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HOUSE REPORTS: No. 108-339 accompanying H.R. 3145 (Comm. on
International Relations).
SENATE REPORTS: No. 108-194 (Comm. on Foreign Relations).
CONGRESSIONAL RECORD, Vol. 149 (2003):
Nov. 12, considered and passed Senate.
Nov. 19, considered and passed House.
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