[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3116 Introduced in House (IH)]
2d Session
H. R. 3116
To provide for the phase-out of existing private sector development
enterprise funds for foreign countries and to prohibit the
establishment of, or the support for, new private sector development
enterprise funds, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
March 19, 1996
Mr. Traficant introduced the following bill; which was referred to the
Committee on International Relations, and in addition to the Committee
on Banking and Financial Services, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide for the phase-out of existing private sector development
enterprise funds for foreign countries and to prohibit the
establishment of, or the support for, new private sector development
enterprise funds, 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. PHASE-OUT OF EXISTING PRIVATE SECTOR DEVELOPMENT ENTERPRISE
FUNDS.
(a) In General.--Beginning 2 years after the date of the enactment
of this Act, none of the funds appropriated or otherwise available to
the United States Agency for International Development may be obligated
or expended for assistance to the following enterprise funds (or any
successor enterprise funds):
(1) The Albanian-American Enterprise Fund.
(2) The Baltic-American Enterprise Fund.
(3) The Bulgarian American Enterprise Fund.
(4) The Central Asian-American Enterprise Fund.
(5) The Czech and Slovak American Enterprise Fund.
(6) The Hungarian-American Enterprise Fund.
(7) The Polish-American Enterprise Fund.
(8) The Romanian American Enterprise Fund.
(9) The Southern Africa Regional Enterprise Fund.
(10) The U.S. Russia Investment Fund.
(11) The Western NIS Enterprise Fund.
(b) Transition.--The President (acting through the Administrator of
the United States Agency for International Development), in conjunction
with the board of directors of each enterprise fund referred to in
paragraphs (1) through (11) of subsection (a), shall, as soon as
practicable after the date of the enactment of this Act, take the
necessary steps to wind up the affairs of each such enterprise fund.
(c) Repeals.--
(1) Existing enterprise funds.--(A) The following
provisions of law are hereby repealed:
(i) Subsection (c) of section 498B of the Foreign
Assistance Act of 1961 (22 U.S.C. 2295b(c)).
(ii) Section 201 of the Support for East European
Democracy (SEED) Act of 1989 (22 U.S.C. 5421).
(B) The repeals made by subparagraph (A) shall take effect
2 years after the date of the enactment of this Act.
(2) Trans-caucasus enterprise fund.--Subsection (t) under
the heading ``Assistance for the New Independent States of the
Former Soviet Union'' of the Foreign Operation, Export
Financing, and Related Programs Appropriations Act, 1996, is
hereby repealed.
SEC. 2. PROHIBITION ON NEW PRIVATE SECTOR DEVELOPMENT ENTERPRISE FUNDS.
(a) In General.--Beginning on March 12, 1996, the President may not
provide for the establishment of, or the support for, any enterprise
fund for the purposes of promoting private sector development, or
promoting policies and practices conducive to private sector
development, in any foreign country.
(b) Definition.--For purposes of this section, the term
``enterprise fund'' means a private, nonprofit organization designated
by the President in accordance with procedures applicable to the
procedures used to designate enterprise funds under section 201 of the
Support for East European Democracy (SEED) Act of 1989 (22 U.S.C.
5421).
SEC. 3. PROHIBITION ON ASSISTANCE FOR EUROPEAN BANK FOR RECONSTRUCTION
AND DEVELOPMENT FUNDS AND OTHER INTERNATIONAL FINANCIAL
INSTITUTION FUNDS.
(a) Prohibition on United States Assistance.--Beginning 2 years
after the date of the enactment of this Act, none of the funds
appropriated or otherwise available to the United States Agency for
International Development may be obligated or expended for assistance
to any private sector development enterprise fund in which the European
Bank for Reconstruction and Development (or any other international
financial institution of which the United States is a member)
participates, or which is financed by that Bank (or international
financial institution), including the following enterprise funds (or
any successor enterprise funds):
(1) The Russia Small Business Fund.
(2) The Regional Venture Fund for the Lower Volga Region.
(3) The Slovenia Development Capital Fund.
(b) Opposition To Multilateral Assistance.--The President shall
instruct the United States Executive Director of the European Bank for
Reconstruction and Development and any other international financial
institution of which the United States is a member to use the voice and
vote of the United States to oppose the participation of that Bank or
institution in, or financing by that Bank or institution of, any
private sector development enterprise fund, including any enterprise
fund referred to in paragraphs (1) through (3) of subsection (a).
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