Overseas Private Investment Corporation Reauthorization Act of 2008

To reauthorize the programs of the Overseas Private Investment Corporation, and for other purposes.

7/23/2007--Passed House amended. (This measure has not been amended since it was reported to the House on July 19, 2007. The summary of that version is repeated here.) Overseas Private Investment Corporation Reauthorization Act of 2007 -
(Sec. 3) Amends the Foreign Assistance more...Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.
(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise.
(Sec. 5) Requires that OPIC:
(1) support projects only in countries which have made or are making significant progress towards implementation of laws that substantially provide international worker rights (such prohibition shall not apply to humanitarian assistance); and
(2) give preference to projects in countries that have adopted and enforce laws that provide international worker rights.
(Sec. 6) Requires that OPIC project applicants:
(1) conduct and make publicly available an environmental impact assessment for any project that is likely to have significant adverse environmental impacts; and
(2) obtain broad community support for projects that are likely to have significant adverse environmental impacts.
(Sec. 8) Requires that OPIC institute a climate change mitigation action plan that includes the following:
(1) clean and efficient energy technology;
(2) environmental impact assessments; and
(3) reports to the appropriate congressional committees. Prohibits OPIC from approving any contract of insurance or reinsurance or any guaranty, or enter into any agreement to provide financing of $10 million or more for any project which significantly involves an extractive industry (as defined by this Act) without:
(1) prior congressional notification; and
(2) investor and host country agreement to implement Extractive Industries Transparency Initiative principles.
(Sec. 9) Prohibits OPIC assistance for any railway connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey.
(Sec. 10) Prohibits OPIC assistance to an applicant:
(1) that has an investment commitment valued at $20 million or more in the energy sector of a country that is a state sponsor of terrorism; or
(2) that has an outstanding loan or extension of credit (the sale of goods, other than food or medicine, on any terms other than a cash basis) to the government of a state sponsor of terrorism. Exempts from such prohibition investments, business, or projects in certain areas of Sudan, (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements. Terminates such prohibition if the President certifies to the appropriate congressional committees that a country:
(1) is no longer a state sponsor of terrorism;
(2) does not possess nuclear weapons or a significant nuclear weapons program; and
(3) is not committing genocide or ethnic cleansing.
(Sec. 11) Provides for increased project transparency. Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.
(Sec. 12) Requires that OPIC refer to the Department of Justice information concerning specified fraud or breach of contract activities.
(Sec. 13) Sets forth provisions respecting transparency and accountability of OPIC investment funds.
(Sec. 14) Authorizes OPIC programs in Iraq.
(Sec. 15) Provides that OPIC project support in the West Bank and Gaza must be in compliance with other statutory provisions respecting U.S. assistance to these areas. Prohibits OPIC project support in Gaza or the West Bank unless the Secretary of State determines that the project location is not under the effective control of Hamas or other foreign terrorist organization.
(Sec. 16) Requires that OPIC notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.
(Sec. 17) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.
(Sec. 18) Makes technical corrections.
(Sec. 19) Sets forth effective date provisions.

Sponsor

• Rep. Brad Sherman [D, CA-27]
• and 3 Co-Sponsors
  • Rep. Tom Lantos [D, CA-12]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Ileana Ros-Lehtinen [R, FL-18]
  close

Committees

• Senate Foreign Relations
• 2 more
  • House Foreign Affairs
  • House Foreign Affairs
  close

Amendments

This bill has no amendments.

Amendments to H.R.2798

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
June 20, 2007		July 23, 2007

Related Bills:

• S.2349

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In the News

February 09, 2008 Local farmers may shake up school lunches

Last month, the HR 2798 bill legally referred to as the “Enacting the local farms-healthy kids and communities act” — and commonly known as the “Farm to ...

Source: Federal Way Mirror, WA
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Blog Coverage

December 12, 2007 The Overseas Private Investment Corporation Reauthorization Act of ...

United States. Congress. House. Committee on Foreign Affairs. Subcommittee on Terrorism, Nonproliferation, and Trade.

Source: New Materials in English
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September 15, 2007 Overseas Private Investment Corporation Reauthorization Act of ...

United States. Congress. House. Committee on Foreign Affairs.

Source: New Materials in English
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July 26, 2007 US House “discourages” international oil subsidies, but falls ...

The US House of Representatives missed an important opportunity to end oil aid in a bill (HR 2798 [Acrobat pdf]) that will “re-authorize” the Overseas Private Investment Corporation (OPIC) – one of two agencies in the US government that ...

Source: Oil Change
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