[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2798 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2798

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2007

 Mr. Sherman introduced the following bill; which was referred to the 
                      Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
    To reauthorize the programs 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 ``Overseas Private Investment 
Corporation Reauthorization Act of 2007''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Since its founding in 1971, the Overseas Private 
        Investment Corporation (in this section referred to as 
        ``OPIC'') has helped to mobilize and facilitate private capital 
        investment by United States investors in developing and 
        emerging market countries in support of United States foreign 
        policy and development goals.
            (2) OPIC assistance should not, in any way, support 
        projects in countries that reject their obligations to support 
        international peace, security, and basic human rights.
            (3) OPIC assistance should not be provided to those who 
        support enemies of the United States.
            (4) OPIC assistance is a privilege and should be granted to 
        persons that, along with their affiliated companies, 
        demonstrate responsible and sustainable business practices, 
        particularly with regard to the environment, international 
        worker rights, and efforts against genocide and nuclear 
        proliferation.
            (5) Over OPIC's 35-year history, OPIC has supported 
        $177,000,000,000 in operating investments in more than 150 
        developing counties, helping to create more than 800,000 jobs 
        and some $13,000,000,000 in host-government revenues.
            (6) OPIC projects have generated $71,000,000,000 in United 
        States exports and supported more than 271,000 United States 
        jobs.
            (7) In fiscal year 2006, OPIC-assisted projects generated 
        $1,000,000,000 in United States exports, supported more 
        than2,700 United States jobs, and had a positive impact on the 
        United States balance of payments.
            (8) OPIC has increasingly benefitted small- and medium-
        sized businesses in the United States, with 87 percent of all 
        OPIC-supported projects involving such businesses in fiscal 
        year 2006.
            (9) In an era of limited Federal budgetary resources, OPIC 
        has consistently demonstrated an ability to operate on a self-
        sustaining basis to support United States companies, all at a 
        net cost of zero to the United States taxpayer.
            (10) OPIC has reserves totaling approximately 
        $5,300,000,000 and will make an estimated net budget 
        contribution to the international affairs account of some 
        $159,000,000 in fiscal year 2008.

SEC. 3. REAUTHORIZATION OF OPIC PROGRAMS.

    Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2195(a)(2)) is amended by striking ``2007'' and inserting ``September 
30, 2011'' .

SEC. 4. REQUIREMENTS REGARDING INTERNATIONAL WORKER RIGHTS.

    (a) Country Requirements.--Subsection (a) of section 231A of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2191a(a)) is amended--
            (1) by amending the subsection heading to read as follows: 
        ``International Worker Rights'';
            (2) in paragraph (4), by striking ``(4) In'' and inserting 
        ``(5) Additional determination.--In''; and
            (3) by striking paragraphs (1) through (3) and inserting 
        the following:
            ``(1) Limitation on opic activities.--(A) The Corporation 
        may insure, reinsure, guarantee, or finance a project only if 
        the country in which the project is to be undertaken has made 
        or is making significant progress towards the recognition, 
        adoption, and implementation of laws that substantially provide 
        international worker rights, including in any designated zone, 
        or special administrative region or area, in that country.
            ``(B) 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 any actions to obstruct 
        or prevent employees of the foreign enterprise from exercising 
        their international worker rights (as defined in section 238(h) 
        of the Foreign Assistance Act of 1961), and agrees to adhere to 
        the obligations regarding those international worker rights.'
            ``(2) Preference to certain countries.--To the degree 
        possible and consistent with its development objectives, the 
        Corporation shall give preferential consideration to projects 
        in countries that have adopted, maintain, and enforce laws that 
        substantially provide international worker rights.
            ``(3) Use of annual reports on international worker 
        rights.--The Corporation shall, in carrying out paragraph 
        (1)(A), use, among other sources, the reports submitted to the 
        Congress pursuant to section 504 of the Trade Act of 1974. Such 
        other sources include the observations, reports, and 
        recommendations of the International Labor Organization, and 
        other relevant organizations.
            ``(4) Inapplicability to humanitarian activities.--
        Paragraph (1) shall not prohibit the Corporation from providing 
        any insurance, reinsurance, guaranty, financing, or other 
        assistance for the provision of humanitarian assistance in a 
        country.''.
    (b) Board of Directors.--Section 233(b) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2193(b)) is amended by adding at the end the 
following: ``The selection of the small business, organized labor, and 
cooperative directors should be made, respectively, in consultation 
with relevant representative organizations.''.
    (c) Definitions.--Section 238 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2198) is amended--
            (1) in subsection (f), by striking ``and'' after the 
        semicolon;
            (2) in subsection (g), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
            ``(h) the term `international worker rights' means--
                    ``(1) internationally recognized worker rights, as 
                defined in section 507(4) of the Trade Act of 1974 (19 
                U.S.C. 2467(4); and
                    ``(2) the elimination of discrimination with 
                respect to employment and occupation.''.
    (d) General Provisions and Powers.--Section 239 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2199) is amended--
            (1) in subsection (h), by adding at the end the following: 
        ``In addition, the Corporation should consult with relevant 
        stakeholders in developing such criteria.''; and
            (2) in subsection (i), in the first sentence, by inserting 
        ``, including international worker rights,'' after 
        ``fundamental freedoms''.

SEC. 5. COMMUNITY SUPPORT.

    Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 
2191(n)) is amended by adding at the end the following:
    ``(p) Community Support.--To the maximum extent practicable, the 
Corporation shall require the applicant for a project that is subject 
to the requirements in section 231A(b) to obtain broad community 
support for the project.''.

SEC. 6. CLIMATE CHANGE MITIGATION ACTION PLAN.

    Title IV of chapter 2 of part I of the Foreign Assistance Act of 
1961 (22 U.S.C. 2291 et seq.) is amended by inserting after section 
234A the following new section:

``SEC. 234B. CLIMATE CHANGE MITIGATION.

    ``(a) Mitigation Action Plan.--The Corporation shall, not later 
than 180 days after the date of the enactment of the Overseas Private 
Investment Corporation Reauthorization Act of 2007, institute a climate 
change mitigation action plan that includes the following:
            ``(1) Clean and efficient energy technology.--
                    ``(A) Increasing assistance.--The Corporation shall 
                establish a goal of substantially increasing its 
                support of projects that use, develop, or otherwise 
                promote the use of clean energy technologies over the 
                4-year period beginning on the date of the enactment of 
                the Overseas Private Investment Corporation 
                Reauthorization Act of 2007.
                    ``(B) Preferential treatment to projects.--The 
                Corporation shall give preferential treatment to the 
                evaluation and awarding of assistance for and provide 
                greater flexibility in supporting projects that involve 
                the investment or use of clean and efficient energy 
                technologies.
            ``(2) Environmental impact assessments.--
                    ``(A) Greenhouse gas emissions.--The Corporation 
                shall, in making an environmental impact assessment for 
                a project under section 231A(b) in which assistance by 
                the Corporation would be valued at $10,000,000 or more 
                (including contingent liability), take into account the 
                degree to which the project contributes to the emission 
                of greenhouse gases.
                    ``(B) Other duties not affected.--The requirement 
                under subparagraph (A) is in addition to the any other 
                requirement, obligation, or duty that Corporation has.
            ``(3) Report to congressional committees.--The Corporation 
        shall, within 180 days after the date of the enactment of the 
        Overseas Private Investment Corporation Reauthorization Act of 
        2007, submit to the Committee on Foreign Affairs of the House 
        of Representatives and the Committee on Foreign Relations of 
        the Senate a report on the strategy developed to carry out 
        paragraph (1)(A). Thereafter, the Corporation shall include in 
        its annual report under section 240A a discussion of the 
        strategy and its implementation.
    ``(b) Extraction Investments.--
            ``(1) Prior notification to congressional committees.--The 
        Corporation may not approve any contract of insurance or 
        reinsurance, or any guaranty, or enter into any agreement to 
        provide financing for any project which significantly involves 
        an extractive industry and in which assistance by the 
        Corporation would be valued at $10,000,000 or more (including 
        contingent liability), until at least 30 days after the 
        Corporation notifies the Committee on Foreign Affairs of the 
        House of Representatives and the Committee on Foreign Relations 
        of the Senate of such contract or agreement.
            ``(2) Commitment to eiti principles.--The Corporation may 
        approve a contract of insurance or reinsurance, or any 
        guaranty, or enter into an agreement to provide financing to an 
        eligible investor for a project that significantly involves an 
        extractive industry only if--
                    ``(A) the eligible investor has agreed to implement 
                the Extractive Industries Transparency Initiative 
                principles and criteria; or
                    ``(B) the host country where the project is to be 
                carried out has committed to the Extractive Industries 
                Transparency Initiative principles and criteria.
            ``(3) Definitions.--In this subsection:
                    ``(A) Extractive industry.--The term `extractive 
                industry' refers to an enterprise engaged in the 
                exploration, development, or extraction of oil and gas 
                reserves, metal ores, gemstones, industrial minerals, 
                or coal.
                    ``(B) Extractive industries transparency initiative 
                principles and criteria.--The term `Extractive 
                Industries Transparency Initiative principles and 
                criteria' means the principles and criteria of the 
                Extractive Industries Transparency Initiative, as set 
                forth in Annex A to the Anti-Corruption Policies and 
                Strategies Handbook of the Corporation, as published in 
                September 2006.
    ``(c) Definitions.--In this section:
            ``(1) Clean and efficient energy technology.--The term 
        `clean and efficient energy technology' means an energy supply 
        or end-use technology--
                    ``(A) such as--
                            ``(i) solar technology;
                            ``(ii) wind technology;
                            ``(iii) geothermal technology;
                            ``(iv) hydroelectric technology; and
                            ``(v) carbon capture technology; and
                    ``(B) that, over its life cycle and compared to a 
                similar technology already in commercial use--
                            ``(i) is reliable, affordable, economically 
                        viable, socially acceptable, and compatible 
                        with the needs and norms of the country 
                        involved;
                            ``(ii) results in--
                                    ``(I) reduced emissions of 
                                greenhouse gases; or
                                    ``(II) increased geological 
                                sequestration; and
                            ``(iii) may--
                                    ``(I) substantially lower emissions 
                                of air pollutants; or
                                    ``(II) generate substantially 
                                smaller or less hazardous quantities of 
                                solid or liquid waste.
            ``(2) Greenhouse gas.--The term `greenhouse gas' means--
                    ``(A) carbon dioxide;
                    ``(B) methane;
                    ``(C) nitrous oxide;
                    ``(D) hydrofluorocarbons;
                    ``(E) perfluorocarbons; or
                    ``(F) sulfur hexafluoride.
    ``(d) Reporting Requirement.--The Corporation shall include in its 
annual report required under section 240A a description of its 
activities to carry out this section.''.

SEC. 7. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE CERTAIN RAILWAY 
              CONNECTIONS AND RAILWAY-RELATED CONNECTIONS.

    Section 237 of the of the Foreign Assistance Act of 1961 (22 U.S.C. 
2197) is further amended by adding at the end the following:
    ``(q) Prohibition on Assistance for Certain Railway Projects.--The 
Corporation may not provide insurance, reinsurance, a guaranty, 
financing, or other assistance to support the development or promotion 
of any railway connection or railway-related connection that does not 
traverse or connect with Armenia and does connect Azerbaijan and 
Turkey.''.

SEC. 8. INELIGIBILITY OF PERSONS DOING CERTAIN BUSINESS WITH IRAN, 
              SUDAN, OR NORTH KOREA.

    (a) In General.--Section 237 of the of the Foreign Assistance Act 
of 1961 (22 U.S.C. 2197) is further amended by adding at the end the 
following:
    ``(r) Ineligible Projects.--
            ``(1) In general.--A project will not be eligible to 
        receive support provided by the Corporation under this title if 
        either of the following applies:
                    ``(A)(i) An applicant for insurance, reinsurance, 
                financing, or other support for a project provided to 
                the Government of North Korea, Sudan, or Iran a loan, 
                or an extension of credit, that remains outstanding.
                    ``(ii) For purposes of this subparagraph, the sale 
                of goods, other than food or medicine, on any terms 
                other than a cash basis shall be considered to be an 
                extension of credit.
                    ``(B) An applicant for insurance, reinsurance, 
                financing, or other support for a project has an 
                investment commitment valued at $20,000,000 or more for 
                the energy sector.
            ``(2) Definitions.--In this subsection:
                    ``(A) Energy sector.--The term `energy sector' 
                refers to activities to develop petroleum or natural 
                gas resources.
                    ``(B) Investment commitment.--The term `investment 
                means' means any of the following activities if such 
                activity is undertaken pursuant to a commitment, or 
                pursuant to the exercise of rights under a commitment, 
                that was entered into with the Government of North 
                Korea, Sudan, or Iran or a nongovernmental entity in 
                North Korea, Sudan, or Iran:
                            ``(i) The entry into a contract that 
                        includes responsibility for the development of 
                        petroleum resources located in North Korea, 
                        Sudan, or Iran, or the entry into a contract 
                        providing for the general supervision and 
                        guarantee of another person's performance of 
                        such a contract.
                            ``(ii) The purchase of a share of 
                        ownership, including an equity interest, in 
                        that development.
                            ``(iii) The entry into a contract providing 
                        for the participation in royalties, earnings, 
                        or profits in that development, without regard 
                        to the form of the participation.
                The term `investment commitment' does not include the 
                entry into, performance, or financing of a contract 
                solely to sell or purchase goods, services, or 
                technology.
            ``(3) Certification.--
                    ``(A) By applicants.--A person or entity applying 
                for insurance, reinsurance, a guaranty, financing, or 
                other assistance under this title may not receive such 
                support unless its chief executive officer certifies to 
                the Corporation, under penalty of perjury, that the 
                person or entity and its majority-owned subsidiaries 
                have not engaged in any activity described in 
                subparagraph (A) or (B) of paragraph (1) and will not 
                do so for the duration of the project.
                    ``(B) By ultimate parent entities.--In the case of 
                an applicant that is a majority-owned entity of another 
                entity, in addition to the certification under 
                subparagraph (A), the chief executive officer of the 
                ultimate parent entity of the applicant must certify, 
                under penalty of perjury, that it and its majority-
                owned subsidiaries have not engaged in any activity 
                described in subparagraph (A) or (B) of paragraph (1) 
                and will not do so for the duration of the project.
                    ``(C) Application to straw man transactions.--In 
                any case in which--
                            ``(i) an applicant for insurance, 
                        reinsurance, financing, or other assistance 
                        under this title is providing goods and 
                        services to a project,
                            ``(ii) more than 50 percent of such goods 
                        and services are acquired from an unaffiliated 
                        entity, and
                            ``(iii) the unaffiliated entity is 
                        receiving $20,000,000 or more, or sums greater 
                        than 50 percent of the amount of the assistance 
                        provided by the Corporation for the project 
                        (including contingent liability), for such 
                        goods or services, than the chief executive 
                        officer of the unaffiliated entity must make a 
                        certification under subparagraph (A), and any 
                        ultimate parent entity must make a 
                        certification required by subparagraph (B).
                    ``(D) Definition.--For purposes of this paragraph, 
                a person is an ultimate parent of an entity if the 
                person owns directly, or through majority ownership of 
                other entities, greater than 50 percent of the equity 
                of the entity.
            ``(4) Exception.--Notwithstanding the prohibition in 
        paragraph (1), the Corporation may provide support for projects 
        in Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue 
        Nile State, Abyei, Darfur, and marginalized areas in and around 
        Khartoum, if the Corporation, with the concurrence of the 
        Secretary of State, determines that such projects will provide 
        emergency relief, promote economic self-sufficiency, or 
        implement a nonmilitary program in support of a viable peace 
        agreement in Sudan, including the Comprehensive Peace Agreement 
        for Sudan and the Darfur Peace Agreement.
            ``(5) Prospective application of subsection.--This 
        subsection shall not be applied to limit support by the 
        Corporation under this title because a project party engaged in 
        commercial activity specifically licensed by the Office of 
        Foreign Assets Control of the Department of the Treasury.''.
    (b) Termination.--
            (1) In general.--The amendment made by this section shall 
        cease to be effective--
                    (A) with respect to North Korea, 30 days after the 
                President certifies to the appropriate congressional 
                committees that North Korea does not possess nuclear 
                weapons or maintain a program to produce nuclear 
                weapons;
                    (B) with respect to Iran, 30 days after the 
                President certifies to the appropriate congressional 
                committees that Iran does not possess nuclear weapons 
                or maintain a program to produce nuclear weapons; and
                    (C) with respect to Sudan, 30 days after the 
                President certifies to the appropriate congressional 
                committees that the Government of Sudan is making a 
                good faith effort to end the humanitarian crisis in 
                Darfur and to provide for the protection of its all of 
                its citizens, including through efforts to disarm, 
                demobilize, and demilitarize the Janjaweed militia and 
                compliance with all relevant United Nations Security 
                Council Resolutions.
            (2) Definition.--In this subsection, the term ``appropriate 
        congressional committees'' means the Committee on Foreign 
        Affairs of the House of Representatives and the Committee on 
        Foreign Relations of the Senate.

SEC. 9. INCREASED TRANSPARENCY.

    (a) In General.--Section 237 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2197) is further amended by adding at the end the following 
new subsection:
    ``(s) Availability of Project Information.--Beginning 90 days after 
the date of the enactment of the Overseas Private Investment 
Corporation Reauthorization Act of 2007, the Corporation shall make 
public, and post on its Internet website, summaries of all new projects 
supported by the Corporation, and other relevant information, except 
that the Corporation shall not include any confidential business 
information in the summaries and information made available under this 
subsection.
    ``(t) Review of Methodology.--Not later than 180 days after the 
date of the enactment of the Overseas Private Investment Corporation 
Reauthorization Act of 2007, the Corporation shall publish in the 
Federal Register and periodically revise, subject to a period of public 
comment, the detailed methodology, including relevant regulations, used 
to assess and monitor the impact of projects supported by the 
Corporation on the developmental and environmental impact of, and 
international worker rights in, host countries, and on United States 
employment.
    ``(u) Public Notice Prior to Project Approval.--
            ``(1) Public notice.--The Board of Directors of the 
        Corporation may not vote in favor of any action proposed to be 
        taken by the Corporation on any Category A project until at 
        least 60 days after the Corporation--
                    ``(A) makes available for public comment a summary 
                of the project and relevant information about the 
                project; and
                    ``(B) makes the summary and information described 
                in paragraph (1) available to locally affected groups 
                in the area of impact of the proposed project, and to 
                host country nongovernmental organizations.
        The Corporation shall not include any business confidential 
        information in the summary and information made available under 
        subparagraph (A) and (B).
            ``(2) Published response.--To the extent practicable, the 
        Corporation shall publish any of its responses to the comments 
        received under paragraph (1) with respect to a category A 
        project and submit the responses to the Board not later than 7 
        days before a vote is to be taken on any action proposed by the 
        Corporation on the project.
    ``(v) Category A Project.--In this section, the term `category A 
project' means any project or other activity for which the Corporation 
proposes to provide insurance, reinsurance, financing, or other support 
under this title and which is likely to have significant adverse 
environmental impacts that are sensitive, diverse, or unprecedented.''.
    (b) Office of Accountability.--Section 237 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2197) is further amended by adding at 
the end the following new subsection:
    ``(v) Office of Accountability.--The Corporation shall maintain an 
Office of Accountability to provide problem-solving services for 
projects supported by the Corporation and to review the Corporation's 
compliance with its environmental, social, worker rights, human rights, 
and transparency policies and procedures. The Office of Accountability 
shall operate in a manner that is fair, objective and transparent.''.

SEC. 10. FRAUD AND OTHER BREACHES OF CONTRACT.

    Section 237(n) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2197(n)) is amended by adding at the end the following: ``The President 
of the Corporation shall refer to the Department of Justice for 
appropriate action information known to the Corporation concerning any 
substantial evidence of--
            ``(1) a violation of this title;
            ``(2) any material breach of contract entered into with the 
        Corporation by an eligible investor; or
            ``(3) any material false representation made by an investor 
        to the Corporation.''.

SEC. 11. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ.

    Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) 
is amended by adding at the end the following:
    ``(l) Operations in Iraq.--Notwithstanding subsections (a) and (b) 
of section 237, the Corporation is authorized to undertake in Iraq any 
program authorized by this title.''.

SEC. 12. CONSISTENCY WITH EXISTING LAW.

    Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199) 
is further amended by adding at the end the following:
    ``(m) Consistency With Other Law.--Section 620L of this Act shall 
apply to any insurance, reinsurance, guaranty, or other financing 
issued by the Corporation for projects in the West Bank and Gaza to the 
same extent as such section applies to other assistance under this Act.
    ``(n) Limitation on Assistance to Gaza and the West Bank.--The 
Corporation may not provide insurance, reinsurance, a guaranty, 
financing, or other assistance to support a project in any part of Gaza 
or the West Bank unless the Secretary of State determines that the 
location for the project is no longer under the effective control of 
Hamas or any other foreign terrorist organization designated under 
section 219 of the Immigration and Nationality Act (8 U.S.C. 1189).''.

SEC. 13. TECHNICAL CORRECTIONS.

    (a) Pilot Equity Finance Program.--Section 234 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2194) is amended--
            (1) by striking subsection (g); and
            (2) by redesignating subsection (h) as subsection (g).
    (b) Transfer Authority.--Section 235 of the Foreign Assistance Act 
of 1961 (22 U.S.C. 2195) is amended--
            (1) by striking subsection (e); and
            (2) by redesignating subsection (f) as subsection (e).
    (c) Guaranty Contract.--Section 237(j) of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2197(j)) is amended by inserting ``insurance, 
reinsurance, and'' after ``Each''.
    (d) Transfer of Predecessor Programs and Authorities.--
            (1) Transfer.--Section 239 of the Foreign Assistance Act of 
        1961 (22 U.S.C. 2199) is amended--
                    (A) by striking subsection (b); and
                    (B) by redesignating the subsections (c) through 
                (m) (as added by section 12 of this Act) as subsections 
                (b) through (l), respectively.
            (2) Conforming amendments.--(A) Section 237(m)(1) of the 
        Foreign Assistance Act of 1961 (22 U.S.C. 2197(m)(1)) is 
        amended by striking ``239(g)'' and inserting ``239(f)''.
            (B) Section 240A(a) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2200A(a)) is amended--
                    (i) in paragraph (1), by striking ``239(h)'' and 
                inserting ``239(g)''; and
                    (ii) in paragraph (2)(A), by striking ``239(i)'' 
                and inserting ``239(h)''.
            (C) Section 209(e)(16) of the Admiral James W. Nance and 
        Meg Donovan Foreign Relations Authorization Act, Fiscal Years 
        2000 and 2001 (as enacted into law by section 1000(a)(7) of 
        Public Law 106-113; 31 U.S.C. 1113 note) is amended by striking 
        ``239(c)'' and ``2199(c)'' and inserting ``239(b)'' and 
        ``2199(b)'', respectively.
    (e) Additional Clerical Amendments.--(1) Section 234(b) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2194(b)) is amended by 
striking ``235(a)(2)'' and inserting ``235(a)(1)''.
    (2) Section 236 of the Foreign Assistance Act of 1961 (22 U.S.C. 
2196) is amended--
            (A) in subsection (b), by striking ``the Direct Investment 
        Fund established pursuant to section 235,''; and
            (B) by redesignating subsections (a) through (a) as 
        paragraphs (1) through (3), respectively.

SEC. 14. EFFECTIVE DATE.

    (a) New Applications.--This Act and the amendments made by this Act 
shall apply with respect to any application for insurance, reinsurance, 
a guaranty, financing, or other support under title IV of chapter 2 of 
part I of the Foreign Assistance Act of 1961 if the application is 
received by the Overseas Private Investment Corporation on or after 
July 1, 2007, and is approved by the Corporation on or after the date 
of the enactment of this Act.
    (b) Extensions and Renewals.--This Act and the amendments made by 
this Act shall apply with respect to any extension or renewal of a 
contract or agreement for any such insurance, reinsurance, guaranty, 
financing, or support that was entered into by the Corporation before 
the date of the enactment of this Act if the extension or renewal is 
approved by the Corporation on or after such date of enactment.
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