[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4950 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4950

     To extend the authorities of the Overseas Private Investment 
                  Corporation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            August 12, 1994

  Mr. Gejdenson (for himself, Mr. Roth, Ms. Cantwell, Mr. Johnston of 
Florida, Mr. Bereuter, Mrs. Meyers of Kansas, Mr. Fingerhut, Mr. Engel, 
Mr. Wynn, Mr. Oberstar, and Mr. Schumer) introduced the following bill; 
         which was referred to the Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
     To extend the authorities of the Overseas Private Investment 
                  Corporation, 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 ``Jobs Through Trade Expansion Act of 
1994''.

            TITLE I--OVERSEAS PRIVATE INVESTMENT CORPORATION

SEC. 101. SHORT TITLE.

    This title may be cited as the ``Overseas Private Investment 
Corporation Amendments Act of 1994''.

SEC. 102. REAUTHORIZATION OF CORPORATION.

    Title IV of chapter 2 of part I of the Foreign Assistance Act of 
1961 (22 U.S.C. 2191 et seq.) is amended to read as follows:

          ``TITLE IV--OVERSEAS PRIVATE INVESTMENT CORPORATION

``SEC. 231. PURPOSE AND POLICY.

    ``(a) Purpose.--The Overseas Private Investment Corporation shall 
be an independent agency of the United States under the foreign policy 
guidance of the Secretary of State. The purpose of the Corporation is 
to promote sustainable environmentally sound economic development in 
developing countries and areas, and countries in transition from 
nonmarket to market economies, by mobilizing and facilitating the 
participation of the United States private sector.
    ``(b) Eligibility Criteria for Participating Countries and Areas.--
            ``(1) In general.--Except as provided in paragraph (3), the 
        Corporation may operate its programs in a country (or an area 
        within a country) only if--
                    ``(A) the United States maintains diplomatic 
                relations with the country;
                    ``(B) either--
                            ``(i) the country or area is a developing 
                        country or area; or
                            ``(ii) the country is in transition from a 
                        nonmarket to market economy; and
                    ``(C) programs in that country are not prohibited 
                under section 234(e)(2) (relating to human rights 
                violators).
            ``(2) Preference for certain countries.--In conducting its 
        activities, the Corporation shall--
                    ``(A) give preference to projects in countries with 
                per capita incomes of $1,230 or less in 1992 United 
                States dollars; and
                    ``(B) restrict its activities in countries with per 
                capita incomes of $5,335 or more in 1992 United States 
                dollars (other than countries designated as beneficiary 
                countries under section 212 of the Caribbean Basin 
                Economic Recovery Act).
            ``(3) Programs in ineligible countries.--(A) Except as 
        provided in subparagraph (B), if a country in which the 
        Corporation is operating its programs ceases to meet the 
        criteria set forth in paragraph (1), or if (pursuant to this or 
        any other Act) the government of that country becomes 
        ineligible for assistance, the Corporation shall cease to 
        operate its programs in such country, except that the 
        Corporation shall not be required to terminate any contract or 
        commitment entered into prior to the date on which such country 
        is determined to be ineligible for such assistance.
            ``(B) The Corporation may continue to operate its programs 
        in a country which ceases to meet the criteria set forth in 
        paragraph (1) if the President of the United States determines 
        that the operation of such programs would be in the national 
        interest of the United States.
    ``(c) Guidelines for Activities of OPIC.--In carrying out its 
purpose, the Corporation shall undertake--
            ``(1) to conduct insurance, reinsurance, and financing 
        operations on a self-sustaining basis, taking into account in 
        its financing operations the economic and financial soundness 
        of projects;
            ``(2) to broaden private participation by selling its 
        direct investments to private investors whenever it can 
        appropriately do so on satisfactory terms;
            ``(3) to conduct its insurance operations with due regard 
        to principles of risk management, including efforts to share 
        its insurance risks and reinsurance risks;
            ``(4) to consider in the conduct of its operations the 
        extent to which the governments of eligible countries are 
        receptive to private enterprise, domestic and foreign, and 
        their willingness and ability to maintain conditions which 
        enable private enterprise to make its full contribution to the 
        development process;
            ``(5) to foster private initiative and competition and 
        discourage monopolistic practices;
            ``(6) to further to the greatest degree possible, in a 
        manner consistent with its goals, the balance-of-payments and 
        employment objectives of the United States;
            ``(7) to consider in the conduct of its operations the 
        extent to which the governments of eligible countries respect 
        human rights, labor rights, and the need to support sound 
        environmental practices and policies;
            ``(8) to conduct its activities in consonance with the 
        international trade, investment, and financial policies of the 
        United States Government, and to seek to support those 
        developmental projects having positive trade benefits for the 
        United States; and
            ``(9) to advise and assist, within its field of competence, 
        interested agencies of the United States and other 
        organizations, both public and private, national and 
        international, with respect to projects and programs relating 
        to the development of private enterprise in eligible countries 
        and areas.

``SEC. 232. STOCK OF THE CORPORATION; ORGANIZATION AND MANAGEMENT.

    ``(a) Stock.--The Secretary of the Treasury shall hold the capital 
stock of the Corporation.
    ``(b) Structure of the Corporation.--The Corporation shall have a 
Board of Directors, a President, an Executive Vice President, and such 
other officers and staff as the President of the Corporation may 
determine.
    ``(c) Board of Directors.--
            ``(1) In general.--All powers of the Corporation shall vest 
        in and be exercised by or under the authority of the Board, 
        which shall consist of 15 Directors (including the Chair, the 
        Executive Vice Chair, and the Vice Chair). Eight Directors 
        shall constitute a quorum for the transaction of business.
            ``(2) Composition of the board.--
                    ``(A) Chair.--The Chair of the Board shall be the 
                President of the Corporation, ex officio.
                    ``(B) Executive vice chair.--The Executive Vice 
                Chair of the Board shall be the Administrator of the 
                Agency for International Development, ex officio.
                    ``(C) Vice chair.--The Vice Chair of the Board 
                shall be the United States Trade Representative, ex 
                officio, or, if so designated by the United States 
                Trade Representative, a Deputy United States Trade 
                Representative.
                    ``(D) Public sector directors.--(i) In addition to 
                the directors provided for in subparagraphs (A), (B), 
                and (C), four Directors who are officers or employees 
                of the Government of the United States, including an 
                officer or employee of the Department of Labor, shall 
                be designated by and shall serve at the pleasure of the 
                President of the United States.
                    ``(ii) The Directors designated under this 
                subparagraph shall receive no additional compensation 
                by virtue of their service as such a Director.
                    ``(E) Private sector directors.--(i) Eight 
                Directors who are not otherwise officers or employees 
                of the Government of the United States shall be 
                appointed by the President of the United States, by and 
                with the advice and consent of the Senate. Of these, at 
                least--
                            ``(I) two shall be experienced in small 
                        business;
                            ``(II) one shall be experienced in 
                        organized labor; and
                            ``(III) one shall be experienced in social 
                        and economic development issues.
                    ``(ii) Each Director appointed under this 
                subparagraph shall be appointed for a term of not more 
                than 3 years. The terms of not more than 3 such 
                Directors shall expire in any 1 year. Such Directors 
                shall serve until their successors are appointed and 
                qualified. Directors may be reappointed to subsequent 
                terms.
                    ``(iii) Each Director appointed under this 
                subparagraph shall be compensated at the daily 
                equivalent of the annual rate of pay in effect for 
                level IV of the Executive Schedule under section 5315 
                of title 5, United States Code, for each day (including 
                travel time) during which such Director is actually 
                engaged in the business of the Corporation, and may be 
                paid travel or transportation expenses to the extent 
                authorized for employees serving intermittently in the 
                Government service under section 5703 of title 5, 
                United States Code. Any such Director may waive any 
                such compensation.
    ``(d) Appointment of the President.--The President of the 
Corporation shall be appointed by the President of the United States, 
by and with the advice and consent of the Senate, and shall serve at 
the pleasure of the President. In making such appointment, the 
President shall take into account the private business experience of 
the appointee. The President of the Corporation shall be its Chief 
Executive Officer and shall be responsible for the operations and 
management of the Corporation, subject to bylaws and policies 
established by the Board.
    ``(e) Officers and Staff.--
            ``(1) Executive vice president.--The Executive Vice 
        President of the Corporation shall be appointed by the 
        President of the United States, by and with the advice and 
        consent of the Senate, and shall serve at the pleasure of the 
        President.
            ``(2) Other officers and staff.--(A) The Corporation may 
        appoint such other officers and such employees (including 
        attorneys) and agents as the Corporation considers appropriate.
            ``(B) The officers, employees, and agents appointed under 
        this subsection shall have such functions as the Corporation 
        may determine.
            ``(C) Of the officers, employees, and agents appointed 
        under this paragraph, 20 may be appointed without regard to the 
        provisions of title 5, United States Code, governing 
        appointments in the competitive service, may be compensated 
        without regard to the provisions of chapter 51 or subchapter 
        III of chapter 53 of such title, and shall serve at the 
        pleasure of the Corporation.
            ``(D) Under such regulations as the President of the United 
        States may prescribe, any individual appointed under 
        subparagraph (C) may be entitled, upon removal (except for 
        cause) from the position to which the appointment was made, to 
        reinstatement to the position occupied by that individual at 
        the time of appointment or to a position of comparable grade 
        and pay.

``SEC. 233. INVESTMENT INSURANCE, FINANCING, AND OTHER PROGRAMS.

    ``(a) Investment Insurance.--
            ``(1) Risks for which insurance issued.--The Corporation is 
        authorized to issue insurance, upon such terms and conditions 
        as the Corporation may determine, to eligible investors 
        assuring protection in whole or in part against any or all of 
        the following risks with respect to projects which the 
        Corporation has approved:
                    ``(A) Inability to convert into United States 
                dollars other currencies, or credits in such 
                currencies, received as earnings or profits from the 
                approved project, as repayment or return of the 
                investment in the project, in whole or in part, or as 
                compensation for the sale or disposition of all or any 
                part of the investment.
                    ``(B) Loss of investment, in whole or in part, in 
                the approved project due to expropriation or 
                confiscation by action of a foreign government.
                    ``(C) Loss due to war, revolution, insurrection, or 
                civil strife.
                    ``(D) Loss due to business interruption caused by 
                any of the risks set forth in subparagraphs (A), (B), 
                and (C).
            ``(2) Risk sharing arrangements with foreign governments 
        and multilateral organizations.--Recognizing that major private 
        investments in eligible countries or areas are often made by 
        enterprises in which there is multinational participation, 
        including significant United States private participation, the 
        Corporation may make arrangements with foreign governments 
        (including agencies, instrumentalities, and political 
        subdivisions thereof) and with multilateral organizations and 
        institutions for sharing liabilities assumed under investment 
        insurance for such investments and may, in connection with such 
        arrangements, issue insurance to investors not otherwise 
        eligible for insurance under this title, except that--
                    ``(A) liabilities assumed by the Corporation under 
                the authority of this paragraph shall be consistent 
                with the purposes of this title; and
                    ``(B) the maximum share of liabilities so assumed 
                shall not exceed the proportionate participation by 
                eligible investors in the project.
            ``(3) Maximum contingent liability with respect to single 
        investor.--Not more than 10 percent of the maximum contingent 
        liability of investment insurance which the Corporation is 
        permitted to have outstanding under section 235(a)(1) shall be 
        issued to a single investor.
    ``(b) Investment Financing.--
            ``(1) Direct lending.--(A) The Corporation is authorized to 
        make loans in United States dollars, repayable in dollars, and 
        to make loans in foreign currencies, to firms privately owned 
        or of mixed private and public ownership, upon such terms and 
        conditions as the Corporation may determine.
            ``(B) The Corporation may designate up to 25 percent of any 
        loan under this paragraph for use in the development or 
        adaptation in the United States of new technologies or new 
        products or services that are to be used in the project for 
        which the loan is made and are likely to contribute to the 
        economic or social development of less developed countries.
            ``(2) Equity investment.--(A) The Corporation is authorized 
        to purchase, invest in, or otherwise acquire equity securities 
        or securities with equity characteristics of any firm or 
        entity, upon such terms and conditions as the Corporation may 
        determine, to be funded in the same manner as direct loans 
        under the Federal Credit Reform Act of 1990 for the purpose of 
        providing capital for any project which is consistent with the 
        provisions of this title, subject to the limitations in 
        subparagraph (B).
            ``(B)(i) The aggregate amount of the Corporation's equity 
        investment under this paragraph with respect to any project 
        shall not exceed 30 percent of the aggregate amount of all 
        equity investment made with respect to such project at the time 
        that the Corporation's equity investment is made (excluding any 
        securities acquired through the enforcement of any lien, 
        pledge, or contractual arrangement as a result of a default by 
        any party under any agreement relating to the terms of the 
        Corporation's investment).
            ``(ii) The Corporation's equity investment under this 
        paragraph with respect to any project, when added to any other 
        investments made or guaranteed by the Corporation under this 
        subsection with respect to such project, shall not cause the 
        aggregate amount of all such investment to exceed, at the time 
        any such investment is made or guaranteed by the Corporation, 
        75 percent of the total investment committed to such project, 
        as determined by the Corporation. The determination of the 
        Corporation under this clause shall be conclusive for purposes 
        of the Corporation's authority to make or guarantee any such 
        investment.
            ``(C) In making investment decisions under this paragraph, 
        the Corporation shall give consideration to the extent to which 
        the Corporation's equity investment will assist in obtaining 
        the financing required for such projects.
            ``(D) Taking into consideration, among other things, the 
        Corporation's financial interests and the desirability of 
        fostering the development of local capital markets in emerging 
        democracies, economies in transformation, and less developed 
        countries, the Corporation shall endeavor to dispose of any 
        equity interest it may acquire under this paragraph within a 
        period of 10 years from the date of acquisition of such 
        interest.
            ``(3) Investment guarantees.--(A) The Corporation is 
        authorized to issue to eligible investors guarantees of loans 
        and other investments made by such investors assuring against 
        loss due to such risks and upon such terms and conditions as 
        the Corporation may determine, subject to subparagraphs (B) and 
        (C).
            ``(B) A guarantee issued under subparagraph (A) on other 
        than a loan investment may not exceed 75 percent of such 
        investment.
            ``(C) Except for loan investments for credit unions made by 
        eligible credit unions or credit union associations, the 
        aggregate amount of investment (exclusive of interest and 
        earnings) for which guarantees are issued under subparagraph 
        (A) with respect to any project shall not exceed, at the time 
        of issuance of any such guarantee, 75 percent of the total 
        investment committed to any such project as determined by the 
        Corporation. Such determination by the Corporation shall be 
        conclusive for purposes of the Corporation's authority to issue 
        any such guarantee.
    ``(c) Investment Encouragement.--The Corporation is authorized to 
initiate and support through financial participation, incentive grant, 
or otherwise, and on such terms and conditions as the Corporation may 
determine, the identification, assessment, surveying, and promotion of 
private investment opportunities, using wherever feasible and effective 
the facilities of private investors. The Corporation shall not finance 
any survey to ascertain the existence, location, extent, or quality of 
oil or gas resources.
    ``(d) Special Activities.--The Corporation is authorized to 
administer and manage special projects and programs, including programs 
of financial and advisory support, which provide private technical, 
professional, or managerial assistance in the development of human 
resources, skills, technology, capital savings, intermediate financial 
and investment institutions, and cooperatives. The funds for these 
projects and programs may, with the Corporation's concurrence, be 
transferred to it for such purposes under the authority of section 
632(a) or from other sources, public or private.
    ``(e) Other Insurance Functions.--
            ``(1) In general.--The Corporation is authorized--
                    ``(A) to make and carry out contracts of insurance 
                or reinsurance, or agreements to associate or share 
                risks, with insurance companies, financial 
                institutions, any other persons, or groups thereof; and
                    ``(B) to employ such insurance companies, financial 
                institutions, other persons, or groups, where 
                appropriate, as its agent, or to act as their agent, in 
                the issuance and servicing of insurance, the adjustment 
                of claims, the exercise of subrogation rights, the 
                ceding and accepting of reinsurance, and in any other 
                matter incident to an insurance business.
        Such agreements and contracts shall be consistent with the 
        purposes of the Corporation set forth in section 231 and shall 
        be on equitable terms.
            ``(2) Risk-sharing agreements.--The Corporation is 
        authorized to enter into pooling or other risk-sharing 
        agreements with multinational insurance or financing agencies 
        or groups of such agencies.
            ``(3) Ownership interest in risk-sharing entities.--The 
        Corporation is authorized to hold an ownership interest in any 
        association or other entity established for the purposes of 
        sharing risks under investment insurance.
            ``(4) Reinsurance of certain liabilities.--The Corporation 
        is authorized to issue, upon such terms and conditions as it 
        may determine, reinsurance of liabilities assumed by other 
        insurers or groups thereof with respect to risks referred to in 
        subsection (a)(1).
            ``(5) Limitation on reinsurance.--The amount of reinsurance 
        of liabilities under this title which the Corporation may issue 
        shall not in the aggregate exceed at any one time an amount 
        equal to the amount authorized for the maximum contingent 
        liability outstanding at any one time under section 235(a)(1). 
        All reinsurance issued by the Corporation under this subsection 
        shall require that the reinsured party retain for his or her 
        own account specified portions of liability, whether first loss 
        or otherwise.
            ``(6) Enhancing private political risk insurance 
        industry.--In order to encourage greater availability of 
        political risk insurance for eligible investors by enhancing 
        the private political risk insurance industry in the United 
        States, and to the extent consistent with this title, the 
        Corporation shall undertake programs of cooperation with such 
        industry, and in connection with such programs may engage in 
        the following activities:
                    ``(A) Utilizing its statutory authorities, 
                encourage the development of associations, pools, or 
                consortia of United States private political risk 
                insurers.
                    ``(B) Share insurance risks (through coinsurance, 
                contingent insurance, or other means) in a manner that 
                is conducive to the growth and development of the 
                private political risk insurance industry in the United 
                States.
                    ``(C) Notwithstanding section 237(e), upon the 
                expiration of insurance provided by the Corporation for 
                an investment, enter into risk-sharing agreements with 
                United States private political risk insurers to insure 
                any such investment. In cooperating in the offering of 
                insurance under this clause, the Corporation shall not 
                assume responsibility for more than 50 percent of the 
                insurance being offered in each separate transaction.

``SEC. 234. GUIDELINES AND CRITERIA FOR OPIC SUPPORT.

    ``(a) Development Guidelines.--
            ``(1) Criteria.--The Corporation, in determining whether to 
        provide insurance, reinsurance, or financing for a project 
        shall be guided by the economic, environmental, and social 
        development impact and benefits of such a project and the ways 
        in which such a project complements, or is compatible with, 
        other development assistance programs or projects of the United 
        States or other donors.
            ``(2) Development impact profile.--In order to carry out 
        the policy set forth in paragraph (1), the Corporation shall 
        prepare and maintain, for each investment project it insures, 
        reinsures, or finances, a development impact profile consisting 
        of data appropriate to measure the projected and actual effects 
        of such project on development.
    ``(b) Small Business Development.--
            ``(1) Broadened participation by small businesses.--The 
        Corporation shall undertake, in cooperation with appropriate 
        agencies of the United States Government as well as private 
        entities and others, to broaden the participation of United 
        States small business, cooperatives, and other small United 
        States investors in the development of small private enterprise 
        in eligible countries or areas.
            ``(2) Preferential consideration.--Notwithstanding the 
        requirements of section 231(c)(1), and on such terms and 
        conditions as the Corporation may determine through loans, 
        grants, or other programs authorized by section 233, the 
        Corporation shall undertake, to the maximum degree possible 
        consistent with its purposes--
                    ``(A) to give preferential consideration in its 
                investment insurance, reinsurance, and guarantee 
                activities to investment projects sponsored by or 
                involving United States small business; and
                    ``(B) to maintain the proportion of projects 
                sponsored by or significantly involving United States 
                small business at not less than 30 percent of all 
                projects insured, reinsured, or financed by the 
                Corporation.
    ``(c) Environmental Considerations.--
            ``(1) Environmental, health, or safety hazard.--The 
        Corporation shall refuse to insure, reinsure, or finance any 
        investment in connection with a project which the Corporation 
        determines will pose an unreasonable or major environmental, 
        health, or safety hazard, or will result in the significant 
        degradation of national parks or similar protected areas.
            ``(2) Resource sustainable development.--The Corporation, 
        in determining whether to provide insurance, reinsurance, or 
        financing for a project, shall ensure that the project is 
        consistent with the provisions of section 117 (as so 
        redesignated by the Special Foreign Assistance Act of 1986), 
        section 118, and section 119 of this Act relating to the 
        environment and natural resources of, and tropical forests and 
        endangered species in, developing countries, and consistent 
        with the intent of regulations issued pursuant to sections 118 
        and 119 of this Act.
            ``(3) Impact on environment and natural resources.--The 
        requirements of section 117(c) of this Act relating to 
        environmental impact statements and environmental assessments 
        shall apply to any investment which the Corporation insures, 
        reinsures, or finances under this title.
            ``(4) Notification of foreign governments.--Before finally 
        providing insurance, reinsurance, or financing under this title 
        for any environmentally sensitive investment in connection with 
        a project in a country, the Corporation shall notify 
        appropriate government officials of that country of--
                    ``(A) all guidelines and other standards adopted by 
                the International Bank for Reconstruction and 
                Development and any other international organization 
                that relate to the public health or safety or the 
                environment and are applicable to the project; and
                    ``(B) to the maximum extent practicable, any 
                restriction, under any law of the United States, that 
                relates to public health or safety or the environment 
                and would apply to the project if the project were 
                undertaken in the United States.
        The notification under the preceding sentence shall include a 
        summary of the guidelines, standards, and restrictions referred 
        to in subparagraphs (A) and (B), and may include any 
        environmental impact statement, assessment, review, or study 
        prepared with respect to the investment pursuant to paragraph 
        (3).
            ``(5) Consideration of comments received.--Before finally 
        providing insurance, reinsurance, or financing for any 
        investment subject to paragraph (4), the Corporation shall take 
        into account any comments it receives on the project involved.
    ``(d) Worker Rights.--
            ``(1) Limitation on opic activities.--The Corporation may 
        insure, reinsure, or finance a project only if the country in 
        which the project is to be undertaken is taking steps to adopt 
        and implement laws that extend internationally recognized 
        worker rights, as defined in section 502(a)(4) of the Trade Act 
        of 1974 (19 U.S.C. 2462(a)(4)), to workers in that country 
        (including any designated zone in that country). The 
        Corporation shall also include the following language, in 
        substantially the following form, in all contracts which the 
        Corporation enters into with eligible investors to provide 
        financial support under this title:
            ```The investor agrees not to take actions to prevent 
        employees of the foreign enterprise from lawfully exercising 
        their right of association and their right to organize and 
        bargain collectively. The investor further agrees to observe 
        applicable laws relating to a minimum age for employment of 
        children, acceptable conditions of work with respect to minimum 
        wages, hours of work, and occupational health and safety, and 
        not to use forced labor. The investor is not responsible under 
        this paragraph for the actions of a foreign government.'.
            ``(2) Use of annual reports on workers rights.--The 
        Corporation shall, in making its determinations under paragraph 
        (1), use the reports submitted to the Congress pursuant to 
        section 505(c) of the Trade Act of 1974 (19 U.S.C. 2465(c)).
            ``(3) Waiver.--(A) Paragraph (1) shall not prohibit the 
        Corporation from providing any insurance, reinsurance, or 
        financing with respect to a country if the President determines 
        that such activities by the Corporation would be in the 
        national economic interests of the United States. Any such 
        determination shall be reported in writing to the appropriate 
        congressional committees, together with the reasons for the 
        determination.
            ``(B) As used in subparagraph (A), the term `appropriate 
        congressional committees' means the Committee on Foreign 
        Affairs and the Committee on Appropriations of the House of the 
        Representatives and the Committee on Foreign Relations and the 
        Committee on Appropriations of the Senate.
    ``(e) Human Rights.--
            ``(1) In general.--The Corporation shall take into account 
        in the conduct of its programs in a country, in consultation 
        with the Secretary of State, all available information about 
        observance of and respect for human rights and fundamental 
        freedoms in such country and the effect the operation of such 
        programs will have on human rights and fundamental freedoms in 
        such country.
            ``(2) Human rights violators.--The provisions of section 
        116 shall apply to any insurance, reinsurance, or financing 
        provided by the Corporation for projects in a country, except 
        that in addition to the exception set forth in subsection (a) 
        of such section, the Corporation may support a project if the 
        national security interest so requires.
    ``(f) Harm to Employment in the United States.--
            ``(1) Replacement of united states production.--(A) The 
        Corporation shall refuse to insure, reinsure, or finance an 
        investment if the Corporation determines that--
                    ``(i) such investment is likely to cause the 
                investor significantly to reduce the number of the 
                investor's employees in the United States because the 
                investor is replacing his or her United States 
                production with production from such investment; and
                    ``(ii) the production from such investment involves 
                substantially the same product for substantially the 
                same market as the investor's United States production.
            ``(B) If the Corporation determines that an investment is 
        not likely to have the effects described in subparagraph (A), 
        the Corporation shall monitor conformance with the 
        representations made by the investor on which the Corporation 
        relied in making that determination.
            ``(2) Export processing zones.--The Corporation shall 
        refuse to insure, reinsure, or finance an investment for the 
        purpose of establishing or developing in a foreign country any 
        export processing zone or designated area in which the tax, 
        tariff, labor, environment, and safety laws of that country do 
        not apply, in part or in whole, to activities carried out 
        within that zone or area, unless such assistance is not likely 
        to cause a loss of jobs within the United States as determined 
        in consideration of the restrictions contained in paragraph 
        (1).
    ``(g) Performance Requirements.--The Corporation shall refuse to 
insure, reinsure, or finance an investment which is subject to 
performance requirements which would reduce substantially the positive 
trade benefits likely to accrue to the United States from the 
investment.
    ``(h) Prohibited Trade Practices.--
            ``(1) Payments to violators barred.--No payment may be made 
        under any insurance or reinsurance which is issued under this 
        title on or after April 24, 1978, for any loss occurring with 
        respect to a project, if the preponderant cause of such loss 
        was an act by the investor seeking such payment, by a person 
        possessing majority ownership and control of the investor at 
        the time of the act, or by any agent of such investor or 
        controlling person, and a court of the United States has 
        entered a final judgment that such act constituted a violation 
        of section 30A of the Securities Exchange Act of 1934 or 
        section 104 of the Foreign Corrupt Practices Act of 1977.
            ``(2) Regulations.--The Corporation shall have in effect 
        regulations setting forth appropriate conditions under which 
        any person who has been finally determined by a court of the 
        United States to have violated section 30A of the Securities 
        Exchange Act of 1934 or section 104 of the Foreign Corrupt 
        Practices Act of 1977 shall be suspended, for a period of not 
        more than 5 years, from eligibility to receive any insurance, 
        reinsurance, financing, or other financial support authorized 
        by this title, if that violation related to a project insured, 
        reinsured, financed, or otherwise supported by the Corporation 
        under this title.
    ``(i) Fraud or Misrepresentation.--No payment may be made under any 
guarantee, insurance, or reinsurance issued under this title for any 
loss arising out of fraud or misrepresentation for which the party 
seeking payment is responsible.
    ``(j) Penalties for Fraud.--Whoever knowingly makes any false 
statement or report, or willfully overvalues any land, property, or 
security, for the purpose of influencing in any way the action of the 
Corporation with respect to any insurance, reinsurance, guarantee, 
loan, equity investment, or other activity of the Corporation under 
section 233 or any change or extension of any such insurance, 
reinsurance, guarantee, loan, equity investment, or activity, by 
renewal, deferment of action or otherwise, or the acceptance, release, 
or substitution of security therefor, shall be fined not more than 
$1,000,000 or imprisoned not more than 30 years, or both.
    ``(k) Public Hearings.--The Board shall hold at least 1 public 
hearing each year in order to afford an opportunity for any person to 
present views as to whether the Corporation is carrying out its 
activities in accordance with section 231 and this section or whether 
any investment in a particular country should have been or should be 
extended insurance, reinsurance, or financing under this title.

``SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AUTHORITY, EQUITY 
              FUND, AND RESERVES.

    ``(a) Issuing Authority.--
            ``(1) Insurance.--The maximum contingent liability 
        outstanding at any one time pursuant to insurance issued under 
        section 233(a) shall not exceed in the aggregate 
        $15,000,000,000.
            ``(2) Financing.--(A) The maximum contingent liability 
        outstanding at any one time pursuant to financing issued under 
        section 233(b) shall not exceed in the aggregate 
        $14,500,000,000.
            ``(B) Subject to spending authority provided in 
        appropriations Acts pursuant to section 504(b) of the Federal 
        Credit Reform Act of 1990, the Corporation is authorized to 
        transfer such sums as are necessary from its noncredit 
        activities to pay for the subsidy cost of a program level for 
        the direct loan and guarantee programs under sections 233(b)(1) 
        and (b)(3)--
                    ``(i) $3,000,000,000 for fiscal year 1995;
                    ``(ii) $4,000,000,000 for fiscal year 1996; and
                    ``(iii) $5,000,000,000 for fiscal year 1997.
            ``(3) Termination of authority.--The authority of sections 
        233(a) and (b)(3) shall continue until September 30, 1997.
    ``(b) Creation of Fund for Acquisition of Equity.--The Corporation 
is authorized to maintain a revolving fund to be available solely for 
the purposes specified in section 233(b)(2) and to make transfers to 
the fund of a total of $45,000,000 (less amounts transferred to the 
fund before the effective date of this title) from its noncredit 
activities. The Corporation shall apply to the fund all amounts 
received by the Corporation as income on securities acquired under 
section 233(b)(2) using funds made available under this section, and 
from the proceeds on the disposition of such securities. Purchases of, 
investments in, and other acquisitions of equity from the fund are 
authorized for any fiscal year only to the extent or in such amounts as 
are provided in advance in appropriations Acts or are transferred to 
the Corporation pursuant to section 632(a).
    ``(c) Insurance Reserves.--
            ``(1) Maintenance and purposes.--The Corporation shall 
        maintain insurance reserves. Such reserves shall be available 
        for the discharge of liabilities, as provided in subsection 
        (d), until such time as all such liabilities have been 
        discharged or have expired or until all such reserves have been 
        expended in accordance with the provisions of this section.
            ``(2) Funding.--The insurance reserves shall consist of--
                    ``(A) any funds in the insurance reserves of the 
                Corporation on September 30, 1994;
                    ``(B) amounts transferred to the reserves pursuant 
                to this Act; and
                    ``(C) such sums as are appropriated pursuant to 
                subsection (e) of this section for such purposes.
    ``(d) Order of Payments To Discharge Liabilities.--Any payment made 
to discharge liabilities under investment insurance or reinsurance 
issued under section 233, or to discharge liabilities under predecessor 
guarantee authority, shall be paid first out of the insurance reserves, 
as long as such reserves remain available, and thereafter out of funds 
made available pursuant to subsection (e) of this section. Any payments 
made to discharge liabilities under guarantees issued under section 
233(b)(3) shall be paid in accordance with the Federal Credit Reform 
Act of 1990.
    ``(e) Authorization of Appropriations.--
            ``(1) Authorization.--Subject to paragraph (2), there are 
        authorized to be appropriated to the Corporation such amounts 
        as may be necessary from time to time to replenish or increase 
        the insurance reserves, to discharge the liabilities under 
        insurance or reinsurance issued by the Corporation, to 
        discharge liabilities under predecessor guarantee authority, or 
        to discharge obligations of the Corporation purchased by the 
        Secretary of the Treasury pursuant to subsection (f).
            ``(2) Limitation on appropriations.--No appropriation shall 
        be made under paragraph (1) to augment the insurance reserves 
        until the amount of funds in the insurance reserves is less 
        than $25,000,000. Any appropriations to augment the insurance 
        reserves shall then only be made either pursuant to specific 
        authorization enacted after the date of enactment of the 
        Overseas Private Investment Corporation Amendments Act of 1974, 
        or to satisfy the full faith and credit provision of section 
        237(c).
    ``(f) Issuance of Obligations.--In order to discharge liabilities 
under investment insurance or reinsurance, the Corporation is 
authorized to issue from time to time for purchase by the Secretary of 
the Treasury its notes, debentures, bonds, or other obligations. The 
aggregate amount of such obligations outstanding at any one time may 
not exceed $100,000,000. Any such obligation shall be repaid to the 
Treasury within 1 year after the date of issue of such obligation. Any 
such obligation shall bear interest at a rate determined by the 
Secretary of the Treasury, taking into consideration the current 
average market yield on outstanding marketable obligations of the 
United States of comparable maturities during the month preceding the 
issuance of any obligation authorized by this subsection. The Secretary 
of the Treasury shall purchase any obligation of the Corporation issued 
under this subsection, and for such purchase the Secretary may use as a 
public debt transaction the proceeds of the sale of any securities 
issued under chapter 31 of title 31, United States Code. The purpose 
for which securities may be issued under chapter 31 of title 31, United 
States Code, shall include any such purchase.

``SEC. 236. INCOME AND REVENUES.

    ``In order to carry out the purposes of the Corporation, all 
revenues earned by the Corporation from its noncredit activities and 
amounts transferred to the Corporation shall be held by the Corporation 
and shall be available to carry out its purposes, including without 
limitation--
            ``(1) payment of all credit and noncredit expenses of the 
        Corporation;
            ``(2) transfers and additions to the insurance reserves 
        maintained under section 235(c), and such other funds or 
        reserves as the Corporation may establish, at such time and in 
        such amounts as the Board may determine; and
            ``(3) payment of dividends, on capital stock, which shall 
        consist of and be paid from net earnings of the Corporation 
        after payments, transfers, and additions under paragraphs (1) 
        and (2).

``SEC. 237. GENERAL PROVISIONS RELATING TO INSURANCE AND FINANCING 
              PROGRAM.

    ``(a) Agreements With Countries.--Insurance, guarantees, and 
reinsurance issued under this title shall cover investment made in 
connection with projects in any eligible country or area with the 
government of which the President of the United States has agreed to 
institute a program for such insurance, guarantees, or reinsurance.
    ``(b) Protection of Interests of the Corporation.--The Corporation 
shall determine that suitable arrangements exist for protecting the 
interest of the Corporation in connection with any insurance, 
reinsurance, or guarantee issued under this title, including 
arrangements concerning ownership, use, and disposition of the 
currency, credits, assets, or investments on account of which payment 
under such insurance, guarantee, or reinsurance is to be made, and any 
right, title, claim, or cause of action existing in connection 
therewith.
    ``(c) Full Faith and Credit Pledged.--All guarantees issued under 
predecessor guarantee authority, and all insurance, reinsurance, and 
guarantees issued under this title shall constitute obligations, in 
accordance with the terms of such insurance, reinsurance, or 
guarantees, of the United States of America, and the full faith and 
credit of the United States of America is hereby pledged for the full 
payment and performance of such obligations.
    ``(d) Fees.--Fees may be charged for providing insurance, 
reinsurance, financing, and other services under this title in amounts 
to be determined by the Corporation. Fees paid for project-specific 
transaction costs and other transaction costs, including project-
related travel and expenses for legal representation, associated with 
services provided to specific investors or potential investors pursuant 
to section 233, including financing, insurance, reinsurance, missions, 
seminars, conferences, and other pre-investment services, shall be 
available for obligation for the purposes for which they were collected 
notwithstanding any other provision of law. Transaction costs relating 
to investment financing commitments entered into pursuant to section 
233(b) shall be considered cash flows from the Government resulting 
from financing commitments and shall be paid out of the appropriate 
financing account established pursuant to section 505(b) of the Federal 
Credit Reform Act of 1990.
    ``(e) Insurance, Financing, and Reinsurance Limited to 20 Years.--
No insurance, reinsurance, or guarantee of any equity investment under 
this title shall extend beyond 20 years from the date on which such 
insurance, reinsurance, or guarantee is issued.
    ``(f) Amount of Compensation Paid on Claims.--Compensation for any 
insurance, reinsurance, or guarantee issued under this title shall not 
exceed the dollar value, as of the date of the investment, of the 
investment made in the project with the approval of the Corporation 
plus interest, earnings, or profits actually accrued on such investment 
to the extent provided by such insurance, reinsurance, or guarantee, 
except that the Corporation may provide that--
            ``(1) appropriate adjustments in the insured dollar value 
        be made to reflect the replacement cost of project assets;
            ``(2) compensation for a claim of loss under insurance of 
        an equity investment may be computed on the basis of the net 
        book value attributable to such equity investment on the date 
        of loss; and
            ``(3) compensation for loss due to business interruption 
        may be computed on a basis to be determined by the Corporation 
        which reflects amounts lost.
Notwithstanding the preceding sentence, the Corporation shall limit the 
amount of direct insurance and reinsurance issued under section 233 so 
that risk of loss as to at least 10 percent of the total investment of 
the insured and its affiliates in the project is borne by the insured 
and such affiliates. This limitation shall not apply to direct 
insurance or reinsurance of loans by banks or other financial 
institutions to unrelated parties.
    ``(g) Limitation With Respect to Foreign Credit Institutions.--
Insurance, guarantees, or reinsurance of a loan or equity investment of 
an eligible investor in a foreign bank, finance company, or other 
credit institution shall extend only to such loan or equity investment 
and not to any individual loan or equity investment made by such 
foreign bank, finance company, or other credit institution.
    ``(h) Settlement and Arbitration of Claims.--Claims arising as a 
result of insurance, reinsurance, or guarantee operations under this 
title may be settled, and disputes arising as a result thereof may be 
arbitrated with the consent of the parties, on such terms and 
conditions as the Corporation may determine. Payment made pursuant to 
any such settlement, or as a result of an arbitration award, shall be 
final and conclusive notwithstanding any other provision of law.
    ``(i) Contracts Presumed To Comply With Act.--Each guarantee 
contract executed by such officer or officers as may be designated by 
the Board shall be conclusively presumed to be issued in compliance 
with the requirements of this Act.
    ``(j) Use of Local Currencies.--Direct loans or investments made in 
order to preserve the value of funds received in inconvertible foreign 
currency by the Corporation as a result of activities conducted 
pursuant to section 233(a) shall not be considered in determining 
whether the Corporation has made or has outstanding loans, guarantees, 
or investments to the extent of any limitation on obligations and 
equity investment imposed by or pursuant to this title. The provisions 
of section 504(b) of the Federal Credit Reform Act of 1990 shall not 
apply to direct loan obligations made with funds described in this 
subsection.
    ``(k) Prohibition on Noncompetitive Awarding of Insurance Contracts 
on OPIC Supported Exports.--
            ``(1) Requirement for certification.--(A) Except as 
        provided in subparagraph (C), the investor on whose behalf 
        insurance, reinsurance, guaranties, or other financing is 
        provided under this title with respect to a project shall be 
        required to certify to the Corporation that any contract for 
        the export of goods as part of that project will include a 
        clause requiring that United States insurance companies have a 
        fair and open competitive opportunity to provide insurance 
        against risk of loss of such support.
            ``(B) The investor shall be required, in every practicable 
        case, to so certify before the insurance, reinsurance, 
        guarantee, or other financing is provided. In any case in which 
        such a certification is not made in advance, the investor shall 
        include in the certification the reasons for the failure to 
        make a certification in advance.
            ``(C) Subparagraph (A) does not apply with respect to an 
        investor who does not, because of the nature of the investment, 
        have a controlling interest in fact in the project in question.
            ``(2) Reports by the united states trade representative.--
        The United States Trade Representative shall review the actions 
        of the Corporation under paragraph (1) and, after consultation 
        with representatives of United States insurance companies, 
        shall report to the Congress, with respect to such actions, in 
        the report required by section 181(b) of the Trade Act of 1974.
            ``(3) Definitions.--For purposes of this subsection--
                    ``(A) the term `United States insurance company' 
                includes--
                            ``(i) an individual, partnership, 
                        corporation, holding company, or other legal 
                        entity which is authorized, or in the case of a 
                        holding company, subsidiaries of which are 
                        authorized, by a State to engage in the 
                        business of issuing insurance contracts or 
                        reinsuring the risk underwritten by insurance 
                        companies; and
                            ``(ii) foreign operations, branches, 
                        agencies, subsidiaries, affiliates, or joint 
                        ventures of any entity described in clause (i);
                    ``(B) United States insurance companies shall be 
                considered to have had a `fair and open competitive 
                opportunity to provide insurance' if they--
                            ``(i) have received notice of the 
                        opportunity to provide insurance; and
                            ``(ii) have been evaluated on a 
                        nondiscriminatory basis; and
                    ``(C) the term `State' includes the District of 
                Columbia and any commonwealth, territory, or possession 
                of the United States.

``SEC. 238. GENERAL PROVISIONS AND POWERS.

    ``(a) Principal Office.--The Corporation shall have its principal 
office in the District of Columbia and shall be deemed, for purposes of 
venue in civil actions, to be a resident of the District of Columbia.
    ``(b) Audits.--
            ``(1) In general.--The Corporation shall be subject to the 
        applicable provisions of chapter 91 of title 31, United States 
        Code, except as otherwise provided in this title.
            ``(2) Independent audit.--An independent certified public 
        accountant shall perform a financial and compliance audit of 
        the financial statements of the Corporation each year, in 
        accordance with generally accepted Government auditing 
        standards for a financial and compliance audit, taking into 
        consideration any standards recommended by the Comptroller 
        General. The independent certified public accountant shall 
        report the results of such audit to the Board. The financial 
        statements of the Corporation shall be presented in accordance 
        with generally accepted accounting principles. These financial 
        statements and the report of the accountant shall be included 
        in a report which contains, to the extent applicable, the 
        information identified in section 9106 of title 31, United 
        States Code. The Corporation shall submit such report to the 
        Congress not later than 6\1/2\ months after the end of the last 
        fiscal year covered by the audit. The Comptroller General may 
        review the audit conducted by the accountant and the report to 
        the Congress in the manner and at such times as the Comptroller 
        General considers necessary.
            ``(3) Audit by comptroller general.--In lieu of the 
        financial and compliance audit required by paragraph (2), the 
        Comptroller General shall, if the Comptroller General considers 
        it necessary or upon the request of the Congress, audit the 
        financial statements of the Corporation in the manner provided 
        in paragraph (2).
            ``(4) Availability of information.--All books, accounts, 
        financial records, reports, files, workpapers, and property 
        belonging to or in use by the Corporation and the accountant 
        who conducts the audit under paragraph (2), which are necessary 
        for purposes of this subsection, shall be made available to the 
        representatives of the General Accounting Office designated by 
        the Comptroller General.
    ``(c) Powers.--To carry out the purposes of this title, the 
Corporation is authorized--
            ``(1) to adopt and use a corporate seal, which shall be 
        judicially noticed;
            ``(2) to sue and be sued in its corporate name;
            ``(3) to adopt, amend, and repeal bylaws governing the 
        conduct of its business and the performance of the powers and 
        duties granted to or imposed upon it by law;
            ``(4) to acquire, hold, or dispose of, upon such terms and 
        conditions as the Corporation may determine, any property, 
        real, personal, or mixed, tangible or intangible, or any 
        interest therein;
            ``(5) to invest funds derived from fees and other revenues 
        in obligations of the United States and to use the proceeds 
        therefrom, including earnings and profits, as it considers 
        appropriate;
            ``(6) to indemnify directors, officers, employees, and 
        agents of the Corporation for liabilities and expenses incurred 
        in connection with their Corporation activities;
            ``(7) to require bonds of officers, employees, and agents 
        and to pay the premiums for such bonds;
            ``(8) notwithstanding any other provision of law, to 
        represent itself or to contract for representation in all legal 
        and arbitral proceedings;
            ``(9) to enter into limited-terms contracts with nationals 
        of the United States for personal services to carry out 
        activities in the United States and abroad under section 233;
            ``(10) to purchase, discount, rediscount, sell, and 
        negotiate, with or without its endorsement or guarantee, and 
        guarantee notes, participation certificates, and other evidence 
        of indebtedness (except that the Corporation shall not issue 
        its own securities, except participation certificates for the 
        purpose of carrying out section 231(c)(3), participation 
        certificates in connection with transactions authorized by 
        section 233(b), or participation certificates as evidence of 
        indebtedness held by the Corporation in connection with 
        settlement of claims under section 237(h));
            ``(11) to make and carry out such contracts and agreements 
        as are necessary and advisable in the conduct of its business;
            ``(12) to exercise any priority of the Government of the 
        United States in collecting debts from the estates of bankrupt, 
        insolvent, or decedent parties;
            ``(13) to determine the character of and the necessity for 
        its obligations and expenditures, and the manner in which they 
        shall be incurred, allowed, and paid, subject to provisions of 
        law specifically applicable to Government corporations;
            ``(14) to collect or compromise any obligations assigned to 
        or held by the Corporation, including any legal or equitable 
        rights accruing to the Corporation; and
            ``(15) to take such actions as may be necessary or 
        appropriate to carry out the powers of the Corporation.
    ``(d) Exemption From State and Local Taxation.--The Corporation 
(including its franchise, capital, reserves, surplus, advances, 
intangible property, and income) shall be exempt from all taxation at 
any time imposed by any State, the District of Columbia, or any county, 
municipality, or local taxing authority.

``SEC. 239. ANNUAL REPORT; MAINTENANCE OF INFORMATION.

    ``(a) Annual Report.--
            ``(1) Requirement.--After the end of each fiscal year, the 
        Corporation shall submit to the Congress a complete and 
        detailed report of its operations during such fiscal year. Such 
        report shall include--
                    ``(A) an assessment, based upon the development 
                impact profiles required by section 234(a), of the 
                economic and social development impact and benefits of 
                the projects with respect to which such profiles are 
                prepared, and of the extent to which the operations of 
                the Corporation complement or are compatible with the 
                development assistance programs of the United States 
                and other donors; and
                    ``(B) a description of any project for which the 
                Corporation--
                            ``(i) refused pursuant to section 234(e) to 
                        provide insurance, reinsurance, financing, or 
                        other financial support on account of 
                        violations of human rights; or
                            ``(ii) notwithstanding such violations, 
                        provided insurance, reinsurance, financing, or 
                        financial support on the basis of a 
                        determination that the exception under section 
                        116(a) applies, or the national security so 
                        requires.
            ``(2) Projections of effects on employment.--
                    ``(A) In general.--Each annual report required by 
                paragraph (1) shall contain projections of the effects 
                on employment in the United States of all projects for 
                which, during the fiscal year covered by the report, 
                the Corporation initially issued any insurance or 
                reinsurance or provided financing. Each such report 
                shall include projections of--
                            ``(i) the amount of United States exports 
                        to be generated by those projects, both during 
                        the start-up phase and over a period of years;
                            ``(ii) the final destination of the 
                        products to be produced as a result of those 
                        projects; and
                            ``(iii) the impact such production will 
                        have on the production of similar products in 
                        the United States with regard to both domestic 
                        sales and exports.
                    ``(B) Basis for projections.--The projections 
                required by this paragraph shall be based on an 
                analysis of each of the projects described in 
                subparagraph (A).
                    ``(C) Manner of reporting effects on employment.--
                In reporting the projections on employment required by 
                this paragraph, the Corporation shall specify, with 
                respect to each project--
                            ``(i) any loss of jobs in the United States 
                        caused by the project, whether or not the 
                        project itself creates other jobs;
                            ``(ii) any jobs created by the project; and
                            ``(iii) the country in which the project is 
                        located, and the economic sector involved in 
                        the project.
                No proprietary information may be disclosed under this 
                subparagraph.
            ``(3) Protection of certain information.--Paragraph (2) 
        does not require the inclusion in any information which would 
        not be required to be made available to the public pursuant to 
        section 552 of title 5, United States Code (relating to freedom 
        of information).
    ``(b) Maintenance of Information.--The Corporation shall maintain 
as part of its records--
            ``(1) all information collected in preparing the report 
        required by section 240A(c) of the Foreign Assistance Act of 
        1961 (as in effect before the enactment of the Overseas Private 
        Investment Corporation Amendments Act of 1988), whether the 
        information was collected by the Corporation itself or by a 
        contractor; and
            ``(2) a copy of the analysis of each project analyzed in 
        preparing the projections required by subsection (a)(2) or the 
        report required by section 240A(c) of the Foreign Assistance 
        Act of 1961 (as in effect before the enactment of the Overseas 
        Private Investment Corporation Amendments Act of 1988).

``SEC. 240. DEFINITIONS.

    ``As used in this title, the following terms have the following 
meanings:
            ``(1) Board.--The term `Board' means the Board of Directors 
        of the Corporation.
            ``(2) Corporation.--The term `Corporation' means the 
        Overseas Private Investment Corporation.
            ``(3) Eligible investor.--(A) The term `eligible investor' 
        means--
                    ``(i) a United States citizen;
                    ``(ii) a corporation, partnership, or other 
                association, including a nonprofit association, which 
                is created under the laws of the United States, any 
                State, the District of Columbia, or any commonwealth, 
                territory, or possession of the United States, and 
                which is substantially beneficially owned by United 
                States citizens; and
                    ``(iii) a foreign corporation, partnership, or 
                other association which is wholly owned by one or more 
                United States citizens or corporations, partnerships, 
                or other associations described in clause (ii), except 
                that the eligibility of any such foreign corporation 
                shall be determined without regard to any shares held 
                by other than United States citizens or corporations, 
                partnerships, or other associations described in clause 
                (ii) if, in the aggregate, such shares equal less than 
                5 percent of the total issued and subscribed share 
                capital of such foreign corporation.
            ``(B) For purposes of this title--
                    ``(i) in the case of insurance or a guarantee for 
                any loan investment, a final determination of whether a 
                person is an eligible investor may be made at the time 
                the insurance or guarantee is issued; and
                    ``(ii) in the case of insurance or a guarantee for 
                any other investment, an investor must be an eligible 
                investor at the time a claim arises as well as the time 
                the insurance or guarantee is issued.
            ``(4) Expropriation.--The term `expropriation' includes any 
        abrogation, repudiation, or impairment by a foreign government 
        of its own contract with an investor with respect to a project, 
        where such abrogation, repudiation, or impairment is not caused 
        by the investor's own fault or misconduct, and materially 
        adversely affects the continued operation of the project.
            ``(5) Investment.--The term `investment' includes any 
        contribution or commitment of funds, commodities, services, 
        patents, processes, or techniques, in the form of--
                    ``(A) a loan or loans to an approved project;
                    ``(B) the purchase of a share of ownership in any 
                such project;
                    ``(C) participation in royalties, earnings, or 
                profits of any such project; or
                    ``(D) the furnishing of commodities or services 
                pursuant to a lease or other contract.
            ``(6) Noncredit activities.--The term `noncredit 
        activities' means all activities of the Corporation other than 
        its direct loan program under section 233(b)(1) and its 
        guarantee program under section 233(b)(3).
            ``(7) Predecessor guarantee authority.--The term 
        `predecessor guarantee authority' means prior guarantee 
        authorities (other than housing guarantee authorities) repealed 
        by the Foreign Assistance Act of 1969, sections 202(b) and 
        413(b) of the Mutual Security Act of 1954, and section 
        111(b)(3) of the Economic Cooperation Act of 1948, (exclusive 
        of authority relating to informational media guarantees).''.

                 TITLE II--TRADE AND DEVELOPMENT AGENCY

SEC. 201. TRADE AND DEVELOPMENT AGENCY.

    (a) Purpose.--Section 661(a) of the Foreign Assistance Act of 1961 
(22 U.S.C. 2421(a)) is amended--
            (1) in the first sentence, by inserting ``independent'' 
        before ``agency''; and
            (2) in the second sentence, by striking ``development 
        projects'' and all that follows and inserting ``developing and 
        middle-income countries in ways consistent with environmentally 
        sound and broad-based sustainable economic development.''.
    (b) Authority To Provide Assistance.--Section 661(b) of such Act 
(22 U.S.C. 2421(b)) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``, including those in which'' and 
                all that follows through ``under part I,''; and
                    (B) by inserting ``environmental assessments,'' 
                after ``engineering design,'';
            (2) in the first sentence of the matter preceding 
        subparagraph (A) of paragraph (2), by inserting ``environmental 
        assessments'' after ``to provide support for''; and
            (3) in paragraph (3)(B)--
                    (A) by striking ``Other agencies of the United 
                States Government'' and inserting ``Other members of 
                the Trade Promotion Coordinating Committee''; and
                    (B) by inserting ``Director of'' before ``the Trade 
                and Development Agency''.
    (c) Director and Personnel.--Section 661(c)(1) of such Act (22 
U.S.C. 2421(c)(1)) is amended--
            (1) by striking ``There shall be'' and inserting ``(A) 
        There shall be''; and
            (2) by adding at the end the following new subparagraph:
            ``(B) The Director shall report directly to the 
        President.''.
    (d) Annual Report.--Section 661(d) of such Act (22 U.S.C. 2421(d)) 
is amended by striking ``President'' and inserting ``Director of the 
Trade and Development Agency''.
    (e) Funding.--Section 661(f)(1) of such Act (22 U.S.C. 2421(f)(1)) 
is amended--
            (1) by striking ``There are authorized'' and inserting 
        ``(A) There are authorized'';
            (2) by inserting ``to the Trade and Development Agency'' 
        after ``to be appropriated'';
            (3) by striking ``$55,000,000'' and all that follows and 
        inserting ``$65,000,000 for fiscal year 1995, and $90,000,000 
        for fiscal year 1996.''; and
            (4) by adding at the end the following new subparagraph:
            ``(B) Amounts appropriated pursuant to the authorization of 
        appropriations under subparagraph (A) are authorized to remain 
        available until expended.''.

  TITLE III--EXPORT PROMOTION PROGRAMS WITHIN THE INTERNATIONAL TRADE 
                             ADMINISTRATION

SEC. 301. EXPORT PROMOTION AUTHORIZATION.

    Section 202 of the Export Administration Amendments Act of 1985 (15 
U.S.C. 4052) is amended to read as follows:

``SEC. 202. AUTHORIZATION OF APPROPRIATIONS.

    ``There are authorized to be appropriated to the Department of 
Commerce to carry out export promotion programs--
            ``(1) $250,000,000 for fiscal year 1995; and
            ``(2) $275,000,000 for fiscal year 1996.''.

       TITLE IV--PROMOTION OF UNITED STATES ENVIRONMENTAL EXPORTS

SEC. 401. SHORT TITLE.

    This title may be cited as the ``Environmental Export Promotion Act 
of 1994''.

SEC. 402. PROMOTION OF ENVIRONMENTAL EXPORTS.

    (a) Environmental Technologies Trade Advisory Committee.--Section 
2313 of the Export Enhancement Act of 1988 (15 U.S.C. 4728) is 
amended--
            (1) by striking subsection (d);
            (2) by redesignating subsection (c) as subsection (e); and
            (3) by inserting after subsection (b) the following:
    ``(c) Environmental Technologies Trade Advisory Committee.--
            ``(1) Establishment and purpose.--The Secretary, in 
        carrying out the duties of the chairperson of the TPCC, shall 
        establish the Environmental Technologies Trade Advisory 
        Committee (hereafter in this section referred to as the 
        `Committee'). The purpose of the Committee shall be to provide 
        advice and guidance to the Working Group in the development and 
        administration of programs to expand United States exports of 
        environmental technologies, goods, and services.
            ``(2) Membership.--The members of the Committee shall be 
        drawn from representatives of--
                    ``(A) environmental businesses, including small 
                businesses;
                    ``(B) trade associations in the environmental 
                sector;
                    ``(C) private sector organizations involved in the 
                promotion of environmental exports;
                    ``(D) States (as defined in section 2301(i)(5)) and 
                associations representing the States; and
                    ``(E) other appropriate interested members of the 
                public.
        The Secretary shall appoint as members of the Committee at 
        least 1 individual under each of subparagraphs (A) through (E).
    ``(d) Export Plans for Priority Countries.--
            ``(1) Priority country identification.--The Working Group, 
        in consultation with the Committee, shall annually assess which 
        foreign countries have markets with the greatest potential for 
        the export of United States environmental technologies, goods, 
        and services. Of these countries the Working Group shall select 
        as priority countries 5 with the greatest potential for the 
        application of United States Government export promotion 
        resources related to environmental exports.
            ``(2) Export plans.--The Working Group, in consultation 
        with the Committee, shall annually create a plan for each 
        priority country selected under paragraph (1), setting forth in 
        detail ways to increase United States environmental exports to 
        such country. Each such plan shall--
                    ``(A) identify the primary public and private 
                sector opportunities for United States exporters of 
                environmental technologies, goods, and services in the 
                priority country;
                    ``(B) analyze the financing and other requirements 
                for major projects in the priority country which will 
                use environmental technologies, goods, and services, 
                and analyze whether such projects are dependent upon 
                financial assistance from foreign countries or 
                multilateral institutions; and
                    ``(C) list specific actions to be taken by the 
                member agencies of the Working Group to increase United 
                States exports to the priority country.''.
    (b) Additional Mechanisms To Promote Environmental Exports.--
Section 2313 of the Export Enhancement Act of 1988 is further amended 
by adding at the end the following:
    ``(f) Environmental Technologies Specialists in the United States 
and Foreign Commercial Service.--
            ``(1) Assignment of environmental technologies 
        specialists.--The Secretary shall assign a specialist in 
        environmental technologies to the office of the United States 
        and Foreign Commercial Service in each of the 5 priority 
        countries selected under subsection (d)(1), and the Secretary 
        is authorized to assign such a specialist to the office of the 
        United States and Foreign Commercial Service in any country 
        that is a promising market for United States exports of 
        environmental technologies, goods, and services. Such 
        specialist may be an employee of the Department, an employee of 
        any relevant United States Government department or agency 
        assigned on a temporary or limited term basis to the Commerce 
        Department, or a representative of the private sector assigned 
        to the Department of Commerce.
            ``(2) Duties of environmental technologies specialists.--
        Each specialist assigned under paragraph (1) shall provide 
        export promotion assistance to United States environmental 
        businesses, including, but not limited to--
                    ``(A) identifying factors in the country to which 
                the specialist is assigned that affect the United 
                States share of the domestic market for environmental 
                technologies, goods, and services, including market 
                barriers, standards-setting activities, and financing 
                issues;
                    ``(B) providing assessments of assistance by 
                foreign governments that is provided to producers of 
                environmental technologies, goods, and services in such 
                countries in order to enhance exports to the country to 
                which the specialist is assigned, the effectiveness of 
                such assistance on the competitiveness of United States 
                products, and whether comparable United States 
                assistance exists;
                    ``(C) training Foreign Commercial Service Officers 
                in the country to which the specialist is assigned, 
                other countries in the region, and United States and 
                Foreign Commercial Service offices in the United 
                States, in environmental technologies and the 
                international environmental market;
                    ``(D) providing assistance in identifying potential 
                customers and market opportunities in the country to 
                which the specialist is assigned;
                    ``(E) providing assistance in obtaining necessary 
                business services in the country to which the 
                specialist is assigned;
                    ``(F) providing information on environmental 
                standards and regulations in the country to which the 
                specialist is assigned; and
                    ``(G) providing information on all United States 
                Government programs that could assist the promotion, 
                financing, and sale of United States environmental 
                technologies, goods, and services in the country to 
                which the specialist is assigned.
    ``(g) Environmental Training in One-Stop Shops.--In addition to the 
training provided under subsection (f)(2)(C), the Secretary shall 
establish a mechanism to train--
            ``(1) Commercial Service Officers assigned to the one-stop 
        shops provided for in section 2301(b)(8), and
            ``(2) Commercial Service Officers assigned to district 
        offices in districts having large numbers of environmental 
        businesses,
in environmental technologies and in the international environmental 
marketplace, and ensure that such officers receive appropriate training 
under such mechanism. Such training may be provided by officers or 
employees of the Department of Commerce, and other United States 
Government departments and agencies, with appropriate expertise in 
environmental technologies and the international environmental 
workplace, and by appropriate representatives of the private sector.
    ``(h) International Regional Environmental Initiatives.--
            ``(1) Establishment of initiatives.--The TPCC shall 
        establish one or more international regional environmental 
        initiatives the purpose of which shall be to coordinate the 
        activities of Federal departments and agencies in order to 
        build environmental partnerships between the United States and 
        the geographic region outside the United States for which such 
        initiative is established. Such partnerships shall enhance 
        environmental protection and promote sustainable development by 
        using in the region technical expertise and financial resources 
        of United States departments and agencies that provide foreign 
        assistance and by expanding United States exports of 
        environmental technologies, goods, and services to that region.
            ``(2) Activities.--In carrying out each international 
        regional environmental initiative, the TPCC shall--
                    ``(A) support, through the provision of foreign 
                assistance, the development of sound environmental 
                policies and practices in countries in the geographic 
                region for which the initiative is established, 
                including the development of environmentally sound 
                regulatory regimes and enforcement mechanisms;
                    ``(B) identify and disseminate to United States 
                environmental businesses information regarding specific 
                environmental business opportunities in that geographic 
                region;
                    ``(C) coordinate existing Federal efforts to 
                promote environmental exports to that geographic 
                region, and ensure that such efforts are fully 
                coordinated with environmental export promotion efforts 
                undertaken by the States and the private sector;
                    ``(D) increase assistance provided by the Federal 
                Government to promote exports from the United States of 
                environmental technologies, goods, and services to that 
                geographic region, such as trade missions, reverse 
                trade missions, trade fairs, and programs in the United 
                States to train foreign nationals in United States 
                environmental technologies; and
                    ``(E) increase high-level advocacy by United States 
                Government officials (including the United States 
                ambassadors to the countries in that geographic region) 
                for United States environmental businesses seeking 
                market opportunities in that geographic region.
    ``(i) Environmental Technologies Project Advocacy Calendar and 
Information Dissemination Program.--The Working Group shall maintain a 
calendar, updated at the end of each calendar quarter, of significant 
opportunities for United States environmental businesses in foreign 
markets and trade promotion events, which shall be made available to 
the public. Such calendar shall--
            ``(1) identify the 50 to 100 environmental infrastructure 
        and procurement projects in foreign markets that have the 
        greatest potential in the calendar quarter for United States 
        exports of environmental technologies, goods, and services; and
            ``(2) include trade promotion events, such as trade 
        missions and trade fairs, in the environmental sector.
The Working Group shall also provide, through the National Trade Data 
Bank and other information dissemination channels, information on 
opportunities for environmental businesses in foreign markets and 
information on Federal export promotion programs.
    ``(j) Regional Centers.--The Secretary, through the Assistant 
Secretary of Commerce and Director General of the United States and 
Foreign Commercial Service, is authorized to provide matching funds for 
the establishment in the United States of regional environmental 
business and technology cooperation centers that will draw upon the 
expertise of the private sector and institutions of higher education 
and existing Federal programs to provide export promotion assistance 
related to environmental technologies, goods, and services.
    ``(k) Definition.--For purposes of this section, the term 
`environmental business' means a business that produces environmental 
technologies, goods, or services.''.

       TITLE V--INTERNATIONAL PROTECTION OF INTELLECTUAL PROPERTY

SEC. 501. ESTABLISHMENT OF PROGRAM.

    (a) In General.--In carrying out part I of the Foreign Assistance 
Act of 1961 and other relevant foreign assistance laws, the President, 
acting through the Administrator of the United States Agency for 
International Development, shall establish a program of training and 
other technical assistance to assist foreign countries in--
            (1) developing and strengthening laws and regulations to 
        protect intellectual property; and
            (2) developing the infrastructure necessary to implement 
        and enforce such laws and regulations.
    (b) Participation of Other Agencies.--The Administrator of the 
United States Agency for International Development--
            (1) shall utilize the expertise of the Patent and Trademark 
        Office and other agencies of the United States Government in 
        designing and implementing the program of assistance provided 
        for in this section;
            (2) shall coordinate assistance under this section with 
        efforts of other agencies of the United States Government to 
        increase international protection of intellectual property, 
        including implementation of international agreements containing 
        high levels of protection of intellectual property; and
            (3) shall consult with the heads of such other agencies in 
        determining which foreign countries will receive assistance 
        under this section.
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