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S 705 ISRSCommentsClose CommentsPermalink

111th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

S. 705CommentsClose CommentsPermalink

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

IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink

March 25, 2009CommentsClose CommentsPermalink

Mr. KERRY (for himself, Mr. LUGAR, Mr. KAUFMAN, and Mr. MENENDEZ, Mrs. SHAHEEN, and Mrs. GILLIBRAND) introduced the following bill; which was read twice and referred to the Committee on Foreign RelationsCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

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

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

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Overseas Private Investment Corporation Reauthorization Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. REAUTHORIZATION OF OPIC PROGRAMS.

Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2195(a)(2)) is amended by striking ‘September 30, 2007’ and inserting ‘September 30, 2013’.CommentsClose CommentsPermalink

SEC. 3. CONGRESSIONAL NOTIFICATION REGARDING MAXIMUM CONTINGENT LIABILITY.

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(l) Congressional Notification of Increase in Maximum Contingent Liability- The Corporation shall notify the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives not later than 15 days after the date on which the Corporation’s maximum contingent liability outstanding at any one time pursuant to insurance issued under section 234(a), and the amount of financing issued under sections 234 234 (b) and (c), exceeds the Corporation’s maximum contingent liability for the preceding fiscal year by 25 percent or more.’.CommentsClose CommentsPermalink

SEC. 4. TRANSPARENCY AND ACCOUNTABILITY OF INVESTMENT FUNDS.

(a) In General- Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), as amended by section 3, is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(m) Transparency and Accountability of Investment Funds-CommentsClose CommentsPermalink





‘(1) COMPETITIVE SELECTION OF INVESTMENT FUND MANAGEMENT- With respect to any investment fund that the Corporation creates on or after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2009, the Corporation may select persons to manage the fund only by contract using competitive procedures that are full and open.CommentsClose CommentsPermalink





‘(2) CRITERIA FOR SELECTION- In assessing a proposal for investment fund management, the Corporation shall consider, in addition to other factors, the following:CommentsClose CommentsPermalink





‘(A) The prospective fund management’s experience, depth, and cohesiveness.CommentsClose CommentsPermalink





‘(B) The prospective fund management’s track record in investing risk capital in emerging markets.CommentsClose CommentsPermalink





‘(C) The prospective fund management’s experience, management record, and monitoring capabilities in the countries in which the management operates, including details of local presence (directly or through local alliances).CommentsClose CommentsPermalink





‘(D) The prospective fund management’s experience as a fiduciary in managing institutional capital, meeting reporting requirements, and administration.CommentsClose CommentsPermalink





‘(E) The prospective fund management’s record in avoiding investments in companies that would be disqualified under section 239(l).CommentsClose CommentsPermalink





‘(3) ANNUAL REPORT- The Corporation shall include in each annual report under section 240A an analysis of the investment fund portfolio of the Corporation, including the following:CommentsClose CommentsPermalink





‘(A) FUND PERFORMANCE- An analysis of the aggregate financial performance of the investment fund portfolio grouped by region and maturity.CommentsClose CommentsPermalink





‘(B) STATUS OF LOAN GUARANTIES- The amount of guaranties committed by the Corporation to support investment funds, including the percentage of such amount that has been disbursed to the investment funds.CommentsClose CommentsPermalink





‘(C) RISK RATINGS- The definition of risk ratings, and the current aggregate risk ratings for the investment fund portfolio, including the number of investment funds in each of the Corporation’s rating categories.CommentsClose CommentsPermalink





‘(D) COMPETITIVE SELECTION OF INVESTMENT FUND MANAGEMENT- The number of proposals received and evaluated for each newly established investment fund.’.CommentsClose CommentsPermalink





(b) GAO Review- Not later than 1 year after the submission of the first report to Congress under section 240A of the Foreign Assistance Act of 1961 that includes the information required by section 239(m)(3) of that Act (as added by subsection (a) of this section), the Comptroller General of the United States shall prepare and submit to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives an independent assessment of the investment fund portfolio of the Overseas Private Investment Corporation, covering the items required to be addressed under such section 239(m)(3).CommentsClose CommentsPermalink

SEC. 5. INCREASED TRANSPARENCY.

(a) In General- Section 231A(c)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(c)(2)) is amended to read as follows:CommentsClose CommentsPermalink





‘(2) In conjunction with each meeting of its Board of Directors, the Corporation shall hold a public hearing in order to afford an opportunity for any person to present views regarding the activities of the Corporation. The Corporation shall provide notice of the hearing at least 20 days in before the hearing. At least 15 days in before the hearing the Corporation shall make available a public summary of each project, including information related to workers rights, to be considered at the meeting. The Corporation shall not include any confidential business information in the summary made available under this subsection. Any views expressed at the hearing or in written comments shall be made part of the record.’.CommentsClose CommentsPermalink





(b) Additional Transparency- Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197) is amended by adding at the end the following new subsections:CommentsClose CommentsPermalink





‘(p) Review of Methodology- Not later than 180 days after the date of the enactment of the Overseas Private Investment Corporation Reauthorization Act of 2009, the Corporation shall make available to the public the methodology, including relevant regulations, used to assess and monitor the impact of projects supported by the Corporation--CommentsClose CommentsPermalink





‘(1) on employment in the United States;CommentsClose CommentsPermalink





‘(2) on development and the environment in host countries; andCommentsClose CommentsPermalink





‘(3) on the protection of internationally recognized worker rights, as well as the elimination of discrimination with respect to employment and occupation, in host countries.CommentsClose CommentsPermalink





‘(q) Public Notice Prior to Project Approval-CommentsClose CommentsPermalink





‘(1) PUBLIC NOTICE-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The Board of Directors of the Corporation may not vote in favor of any action proposed to be taken by the Corporation on a Category A project before the date that is 60 days after the Corporation--CommentsClose CommentsPermalink





‘(i) makes available for public comment a summary of the project and relevant information about the project; andCommentsClose CommentsPermalink





‘(ii) such summary and information described in clause (i) has been made available to groups in the area that may be impacted by the proposed project and to nongovernmental organizations in the host country.CommentsClose CommentsPermalink





‘(B) EXCEPTION- The Corporation shall not include any confidential business information in the summary and information made available under clauses (i) and (ii) of subparagraph (A).CommentsClose CommentsPermalink





‘(2) PUBLISHED RESPONSE- To the extent practicable, the Corporation shall publish responses to the comments received under paragraph (1)(A)(i) with respect to a Category A project and submit the responses to the Board not later than 7 days before a vote is to be taken on any action proposed by the Corporation on the project.CommentsClose CommentsPermalink





‘(3) CATEGORY A PROJECT DEFINED- The term ‘Category A project’ means any project or other activity for which the Corporation proposes to provide insurance, reinsurance, a guaranty, financing, or other assistance under this title and which is likely to have a significant adverse environmental impact.’.CommentsClose CommentsPermalink





(c) Office of Accountability- Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197), as amended by subsection (b) of this section, is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(r) Office of Accountability- The Corporation shall maintain an Office of Accountability to provide, to the maximum extent practicable, upon request, problem-solving services for projects supported by the Corporation and review of the Corporation’s compliance with its environmental, social, internationally recognized worker rights, human rights, and transparency policies and procedures. The Office of Accountability shall operate in a manner that is fair, objective, and transparent.’.CommentsClose CommentsPermalink

SEC. 6. EXTRACTION INVESTMENT.

Title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2191 et seq.) is amended by inserting after section 234A the following new section:CommentsClose CommentsPermalink

‘SEC. 234B. EXTRACTION INVESTMENT.

‘(a) Extraction Investments-CommentsClose CommentsPermalink





‘(1) PRIOR NOTIFICATION TO CONGRESSIONAL COMMITTEES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The Corporation shall provide notice of consideration of approval of a project described in subparagraph (B) to the Committees on Foreign Relations and Appropriations of the Senate and the Committees on Foreign Affairs and Appropriations of the House of Representatives not later than 60 days before approval of such project.CommentsClose CommentsPermalink





‘(B) PROJECT DESCRIBED- A project described in this subparagraph is a Category A project (as defined in section 237(q)(3)) relating to an extractive industry project or any extractive industry project for which the assistance to be provided by the Corporation is valued at $10,000,000 or more (including contingent liability).CommentsClose CommentsPermalink





‘(2) COMMITMENT TO EITI PRINCIPLES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- Except as provided in subparagraph (B), the Corporation may approve a contract of insurance, reinsurance, a guaranty, or enter into an agreement to provide financing to an eligible investor for a project that significantly involves an extractive industry only if--CommentsClose CommentsPermalink





‘(i) the eligible investor has agreed to implement the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria related to the specific project to be carried out; andCommentsClose CommentsPermalink





‘(ii)(I) the host country where the project is to be carried out has committed to the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria; orCommentsClose CommentsPermalink





‘(II) the host country where the project is to be carried out has in place or is taking the necessary steps to establish functioning systems for--CommentsClose CommentsPermalink





‘(aa) accurately accounting for revenues and expenditures in connection with the extraction and export of the type of natural resource to be extracted or exported;CommentsClose CommentsPermalink





‘(bb) the independent audit of such revenues and expenditures and the widespread public dissemination of the finding of the audit; andCommentsClose CommentsPermalink





‘(cc) verifying government receipts against company payments, including widespread dissemination of such payment information, and disclosure of such documents as host government agreements, concession agreements, and bidding documents, and allowing in any such dissemination or disclosure for the redaction of, or exceptions for, information that is commercially proprietary or that would create a competitive disadvantage.CommentsClose CommentsPermalink





‘(B) EXCEPTION- If a host country does not meet the requirements of subparagraph (A)(ii) (I) or (II), the Corporation may approve a contract of insurance, reinsurance, or a guaranty, or enter into an agreement to provide financing for a project in the host country if the Corporation determines it is in the foreign policy interest of the United States for the Corporation to provide support for the project in the host country and the host country does not prevent an eligible investor from complying with subparagraph (A)(i).CommentsClose CommentsPermalink





‘(3) PREFERENCE FOR CERTAIN PROJECTS- With respect to all projects that significantly involve an extractive industry, the Corporation, to the extent practicable and consistent with the Corporation’s development objectives, shall give preference to a project in which the eligible investor has agreed to implement the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria, and the host country where the project is to be carried out has committed to the Extractive Industries Transparency Initiative principles and criteria, or substantially similar principles and criteria.CommentsClose CommentsPermalink





‘(4) EFFECT ON OTHER REQUIREMENTS- Nothing in this subsection shall affect the limitations and prohibitions with respect to direct investments described in section 234(c).CommentsClose CommentsPermalink





‘(5) REPORTING REQUIREMENT- The Corporation shall include in each annual report required under section 240A a description of its activities to carry out this subsection.CommentsClose CommentsPermalink





‘(b) Extractive Industry- The term ‘extractive industry’ refers to an enterprise engaged in the exploration, development, or extraction of oil and gas reserves, metal ores, gemstones, industrial minerals (except rock used for construction purposes), or coal.’.CommentsClose CommentsPermalink

SEC. 7. ASSISTANCE FOR SMALL BUSINESSES AND ENTITIES.

Section 240 of the Foreign Assistance Act of 1961 (22 U.S.C. 2200) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(c) Resources Dedicated to Small Businesses, Cooperatives, and Other Small United States Investors- The Corporation shall ensure that adequate personnel and resources, including senior officers, are dedicated to assist United States small businesses, cooperatives, and other small United States investors in obtaining insurance, reinsurance, financing, and other assistance under this title. The Corporation shall include, in each annual report under section 240A, the following information with respect to the period covered by the report:CommentsClose CommentsPermalink





‘(1) A description of such personnel and resources.CommentsClose CommentsPermalink





‘(2) The number of United States small businesses, cooperatives, and other small United States investors that received insurance, reinsurance, financing, and other assistance from the Corporation, and the dollar value of such insurance, reinsurance, financing, and other assistance.CommentsClose CommentsPermalink





‘(3) A description of the projects for which the insurance, reinsurance, financing, and other assistance was provided.’.CommentsClose CommentsPermalink

SEC. 8. PREFERENTIAL CONSIDERATION OF CERTAIN INVESTMENT PROJECTS.

Section 231(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 2191(f)) is amended to read as follows:CommentsClose CommentsPermalink





‘(f) to the greatest degree practicable and consistent with the goals of the Corporation, to give preferential consideration to investment projects in any less developed country the government of which is receptive to both domestic and foreign private enterprise and to projects in any country the government of which is willing and able to maintain conditions that enable private enterprise to make a full contribution to the development process;’.CommentsClose CommentsPermalink

SEC. 9. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ.

Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), as amended by sections 3 and 4, is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(n) Operations in Iraq- Notwithstanding subsections (a) and (b) of section 237, the Corporation is authorized to undertake in Iraq any program authorized by this title.’.CommentsClose CommentsPermalink

SEC. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSINESS WITH STATE SPONSORS OF TERRORISM.

(a) In General- Section 231 of the Foreign Assistance Act of 1961 (22 U.S.C. 2191) is amended by--CommentsClose CommentsPermalink





(1) striking ‘and’ at the end of division (m);CommentsClose CommentsPermalink





(2) by striking the period at the end of division (n) and inserting ‘; and’; andCommentsClose CommentsPermalink





(3) by adding at the end the following:CommentsClose CommentsPermalink





‘(o) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing or any other assistance for a prospective eligible investor who enters, directly or through an affiliate, into certain discouraged transactions with a state sponsor of terrorism.’.CommentsClose CommentsPermalink





(b) General Provisions and Powers- Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), as amended by sections 3, 4, and 9, is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(o) State Sponsor of Terrorism-CommentsClose CommentsPermalink





‘(1) IN GENERAL- In order to carry out the policy set forth in section 231(o) of this Act, the Corporation shall require a certification from an officer of a prospective OPIC-supported United States investor that the investor and all affiliates of the investor are not engaged in a discouraged transaction with a state sponsor of terrorism.CommentsClose CommentsPermalink





‘(2) DISCOURAGED TRANSACTION- In this subsection, the term ‘discouraged transaction’ means any of the following activities:CommentsClose CommentsPermalink





‘(A) An investment commitment of $20,000,000 or more by the investor in the energy sector in a state sponsor of terrorism.CommentsClose CommentsPermalink





‘(B) Any loan, or an extension of credit, to the government of a state sponsor of terrorism by the investor that--CommentsClose CommentsPermalink





‘(i) is outstanding on the date the Corporation enters into a contract with the investor; andCommentsClose CommentsPermalink





‘(ii) that has a value of more than $5,000,000, including the sale of goods for which payment is not required by the purchaser within 45 days.CommentsClose CommentsPermalink





‘(C) The transfer by the investor of goods that are included on the United States Munitions List, referred to in section 38(a)(1) of the Arms Export Control Act (22 U.S.C. 2778(a)(1)) to a state sponsor of terrorism within the 3-year period preceding the date the Corporation enters into a contract with the investor.CommentsClose CommentsPermalink





‘(3) EXCEPTION- An officer of a prospective OPIC-supported United States investor may provide a certification under this subsection notwithstanding the fact that an affiliate of the investor is engaged in a discouraged transaction if the transaction is carried out under a contract or other obligation of the affiliate that was entered into or incurred before the acquisition of such affiliate by the prospective OPIC-supported United States investor or the parent company of the OPIC-supported United States investor.CommentsClose CommentsPermalink





‘(4) DEFINITIONS- In this subsection:CommentsClose CommentsPermalink





‘(A) AFFILIATE- The term ‘affiliate’ means any person that is directly or indirectly controlled by, under common control with, or controls a prospective OPIC-supported United States investor or the parent company of such investor.CommentsClose CommentsPermalink





‘(B) INVESTMENT COMMITMENT IN THE ENERGY SECTOR OF A STATE SPONSOR OF TERRORISM- The term ‘investment commitment in the energy sector of a state sponsor of terrorism’ means any of the following activities if such activity is undertaken pursuant to a commitment, or pursuant to the exercise of rights under a commitment, that was entered into with the government of a state sponsor of terrorism or a nongovernmental entity in a country that is a state sponsor of terrorism:CommentsClose CommentsPermalink





‘(i) The entry into a contract that includes responsibility for the development or transportation of petroleum or natural gas resources located in a country that is a state sponsor of terrorism, or the entry into a contract providing for the general supervision or guaranty of another person’s performance of such a contract.CommentsClose CommentsPermalink





‘(ii) The purchase of a share of ownership, including an equity interest, in the development of petroleum or natural resources described in clause (i).CommentsClose CommentsPermalink





‘(iii) The entry into a contract providing for the participation in royalties, earnings, or profits in the development of petroleum or natural resources described in clause (i), without regard to the form of the participation.CommentsClose CommentsPermalink





‘(C) STATE SPONSOR OF TERRORISM- The term ‘state sponsor of terrorism’ --CommentsClose CommentsPermalink





‘(i) means any country the government of which the Secretary of State has determined has repeatedly provided support for acts of international terrorism pursuant to section 6(j) of the Export Administration Act of 1979, section 620A of this Act, or section 40 of the Arms Export Control Act; andCommentsClose CommentsPermalink





‘(ii) does not include Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur, if the Corporation, with the concurrence of the Secretary of State, determines that providing assistance for projects in such regions will provide emergency relief, promote economic self-sufficiency, or implement a nonmilitary program in support of a viable peace agreement in Sudan, such as the Comprehensive Peace Agreement for Sudan and the Darfur Peace Agreement.’.CommentsClose CommentsPermalink

SEC. 11. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE CERTAIN RAILWAY CONNECTIONS AND RAILWAY-RELATED CONNECTIONS.

Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197), as amended by section 5, is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(s) Prohibition on Assistance for Certain Railway Projects- The Corporation may not provide insurance, reinsurance, a guaranty, financing, or other assistance to support the development or promotion of a railway connection or railway-related connection that connects Azerbaijan and Turkey without connecting or traversing with Armenia.’.CommentsClose CommentsPermalink

SEC. 12. INCREASING PROJECT REQUIREMENTS REGARDING EMPLOYMENT.

Subsection (a) of section 231A of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(a)) is amended to read as follows:CommentsClose CommentsPermalink





‘(a) Increasing Project Requirements Regarding Employment-CommentsClose CommentsPermalink





‘(1) IN GENERAL- The Corporation may insure, reinsure, guaranty, or finance a project only if--CommentsClose CommentsPermalink





‘(A) the country in which the project is to be undertaken is eligible for designation as a beneficiary developing country under the Generalized System of Preferences (19 U.S.C. 2461 et seq.) and has not been determined to be ineligible for such designation on the basis of section 502(b)(2)(G) of the Trade Act of 1974 (19 U.S.C. 2462(b)(2)(G)) (relating to internationally recognized worker rights), or section 502(b)(2)(H) of such Act (19 U.S.C. 2462(b)(2)(H) (relating to the worst forms of child labor); orCommentsClose CommentsPermalink





‘(B) the country in which the project is to be undertaken is not eligible for designation as a beneficiary country under the Generalized System of Preferences, the government of that country has taken or is taking steps to afford workers in the country (including any designated zone or special administrative region or area in that country) internationally recognized worker rights (as defined in section 507(4) of the Trade Act of 1974) (19 U.S.C. 2467(4))).CommentsClose CommentsPermalink





‘(2) LIMITATION INAPPLICABLE- The limitation contained in paragraph (1) shall not apply to providing assistance for humanitarian services.CommentsClose CommentsPermalink





‘(3) USE OF REPORTS- The Corporation shall, in implementing paragraph (1), consider--CommentsClose CommentsPermalink





‘(A) information contained in the reports required by sections 116(d) and 502B(b) of this Act and the report required by section 504 of the Trade Act of 1974 (19 U.S.C. 2464);CommentsClose CommentsPermalink





‘(B) other relevant sources of information readily available to the Corporation, including observations, reports, and recommendations of the International Labour Organization; andCommentsClose CommentsPermalink





‘(C) information provided in the hearing required under subsection (c).CommentsClose CommentsPermalink





‘(4) CONTRACT LANGUAGE- The Corporation shall include the following language, in substantially the following form, in all contracts which the Corporation enters into with eligible investors to provide support under this title:CommentsClose CommentsPermalink





‘The investor agrees not to take any actions to obstruct or prevent employees of the foreign enterprise from exercising the employees’ internationally recognized worker rights (as defined in section 507(4) of the Trade Act of 1974) (19 U.S.C. 2467(4))) and the investor agrees to adhere to the obligations regarding those rights. The investor agrees to prohibit discrimination with respect to employment and occupation.’CommentsClose CommentsPermalink





‘(5) PREFERENCE TO CERTAIN COUNTRIES- Consistent with its development objectives, the Corporation shall give preferential consideration to projects in countries that--CommentsClose CommentsPermalink





‘(A) have adopted and maintained, in the country’s laws and regulations, internationally recognized worker rights, as well as the elimination of discrimination with respect to employment and occupation; andCommentsClose CommentsPermalink





‘(B) are effectively enforcing those laws.’.CommentsClose CommentsPermalink

SEC. 13. TECHNICAL CORRECTIONS.

(a) Pilot Equity Finance Program- Section 234 of the Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amended--CommentsClose CommentsPermalink





(1) by striking subsection (g); andCommentsClose CommentsPermalink





(2) by redesignating subsection (h) as subsection (g).CommentsClose CommentsPermalink





(b) Transfer Authority- Section 235 of the Foreign Assistance Act of 1961 (22 U.S.C. 2195) is amended--CommentsClose CommentsPermalink





(1) by striking subsection (e); andCommentsClose CommentsPermalink





(2) by redesignating subsection (f) as subsection (e).CommentsClose CommentsPermalink





(c) Guaranty Contract- Section 237(j) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(j)) is amended by inserting ‘insurance, reinsurance, and’ after ‘Each’.CommentsClose CommentsPermalink





(d) Transfer of Predecessor Programs and Authorities-CommentsClose CommentsPermalink





(1) TRANSFER- Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), as amended by sections 3, 4, 9, and 10, is amended--CommentsClose CommentsPermalink





(A) by striking subsection (b); andCommentsClose CommentsPermalink





(B) by redesignating subsections (c) through (o) as subsections (b) through (n), respectively.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(A) Section 237(m)(1) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(m)(1)) is amended by striking ‘239(g)’ and inserting ‘239(f)’.CommentsClose CommentsPermalink





(B) Section 240A(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 2200a(a)) is amended--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘239(h)’ and inserting ‘239(g)’; andCommentsClose CommentsPermalink





(ii) in paragraph (2)(A), by striking ‘239(i)’ and inserting ‘239(h)’.CommentsClose CommentsPermalink





(C) Section 209(e)(16) of the Admiral James W. Nance and Meg Donovan Foreign Relations Authorization Act, Fiscal Years 2000 and 2001 (as enacted into law by section 1000(a)(7) of Public Law 106-113; 31 U.S.C. 1113 note) is amended by striking ‘239(c)’ and ‘2199(c)’ and inserting ‘239(b)’ and ‘2199(b)’, respectively.CommentsClose CommentsPermalink





(e) Additional Clerical Amendments- Section 234(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2194(b)) is amended by striking ‘235(a)(2)’ and inserting ‘235(a)(1)’.CommentsClose CommentsPermalink