[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1824 Enrolled Bill (ENR)]

        S.1824

                       One Hundred Eighth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
           the seventh day of January, two thousand and three


                                 An Act


 
To amend the Foreign Assistance Act of 1961 to reauthorize 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 ``Overseas Private Investment 
Corporation Amendments Act of 2003''.

SEC. 2. ISSUING AUTHORITY.

    Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(a)(2)) is amended by striking ``November 1, 2000'' and inserting 
``2007''.

SEC. 3. TECHNICAL CORRECTIONS.

    (a) Administrative Costs.--Section 235(a)(1)(B) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is amended by striking 
``subsidy cost'' and inserting ``subsidy and administrative costs''.
    (b) Noncredit Account Revolving Fund.--Section 235(c) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2195(c)) is amended--
        (1) in the first sentence--
            (A) by striking ``an insurance and guaranty fund, which 
        shall have separate accounts to be known as the Insurance 
        Reserve and the Guaranty Reserve, which reserves'' and 
        inserting ``a noncredit account revolving fund, which''; and
            (B) by striking ``such reserves have'' and inserting ``of 
        the fund has'';
        (2) by striking the third sentence; and
        (3) in the last sentence, by striking ``reserves'' and 
    inserting ``fund''.
    (c) Payments To Discharge Liabilities.--Section 235(d) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is amended--
        (1) in the first sentence, by striking ``Insurance Reserve, as 
    long as such reserve'' and inserting ``noncredit account revolving 
    fund, as long as such fund''; and
        (2) in the second sentence, by striking ``or under similar 
    predecessor guaranty authority'' and all that follows through 
    ``subsection (f) of this section'' and inserting ``or 234(c) shall 
    be paid in accordance with the Federal Credit Reform Act of 1990''.
    (d) Authorization of Appropriations.--Section 235(f) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2195(f)) is amended--
        (1) in the first sentence, by striking ``insurance and guaranty 
    fund'' and inserting ``noncredit account revolving fund''; and
        (2) by striking ``Insurance Reserve'' each place it appears and 
    inserting ``noncredit account revolving fund''.
    (e) Board of Directors.--Section 233(b) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2193(b)) is amended in the second paragraph--
        (1) by striking ``officials'' and inserting ``principal 
    officers'';
        (2) by inserting ``whose duties relate to the programs of the 
    Corporation'' after ``Government of the United States''; and
        (3) by striking ``an official'' and inserting ``one such 
    officer''.

SEC. 4. INVESTMENT INSURANCE.

    (a) Expropriation or Confiscation.--Section 234(a)(1)(B) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) is amended by 
inserting ``or any political subdivision thereof'' after 
``government''.
    (b) Definition of Expropriation.--Section 238(b) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended by inserting ``, 
a political subdivision of a foreign government, or a corporation owned 
or controlled by a foreign government,'' after ``government''.

SEC. 5. LOCAL CURRENCY GUARANTY.

    (a) Local Currency Guaranty.--Section 234 of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2194) is amended by adding at the end the 
following:
    ``(h) Local Currency Guaranties for Eligible Investors.--To issue 
to--
        ``(1) eligible investors, or
        ``(2) local financial institutions, guaranties,
denominated in currencies other than United States dollars, of loans 
and other investments made to projects sponsored by or significantly 
involving eligible investors, assuring against loss due to such risks 
and upon such terms and conditions as the Corporation may determine, 
for projects that the Corporation determines to have significant 
developmental effects or as the Corporation determines to be necessary 
or appropriate to carry out the purposes of this title.''.
    (b) Definition of Local Financial Institution.--Section 238 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2198) is amended--
        (1) in subsection (d), by striking ``and'' after the semicolon;
        (2) in subsection (f), by striking the period at the end and 
    inserting ``; and''; and
        (3) by adding at the end the following:
        ``(g) the term `local financial institution'--
            ``(1) means any bank or financial institution that is 
        organized under the laws of any country or area in which the 
        Corporation operates; but
            ``(2) does not include a branch, however organized, of a 
        bank or other financial institution that is organized under the 
        laws of a country in which the Corporation does not operate.''.
SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.
    (a) In General.--Section 240 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2200) is amended--
        (1) in the first sentence, by striking ``The Corporation'' and 
    inserting:
    ``(a) In General.--The Corporation''; and
        (2) by adding at the end the following:
    ``(b) Outreach to Minority-Owned and Women-Owned Businesses.--The 
Corporation shall collect data on the involvement of minority- and 
women-owned businesses in projects supported by the Corporation, 
including--
        ``(1) the amount of insurance and financing provided by the 
    Corporation to such businesses in connection with projects 
    supported by the Corporation; and
        ``(2) to the extent such information is available, the 
    involvement of such businesses in procurement activities conducted 
    or supported by the Corporation.
The Corporation shall include, in its annual report submitted to the 
Congress under section 240A, the aggregate data collected under this 
paragraph, in such form as to quantify the effectiveness of the 
Corporation's outreach activities to minority- and women-owned 
businesses.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.