[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2798 Reported in Senate (RS)]






                                                       Calendar No. 593
110th CONGRESS
  2d Session
                                H. R. 2798

                          [Report No. 110-273]


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 24, 2007

Received; read twice and referred to the Committee on Foreign Relations

                             March 4, 2008

                Reported by Mr. Biden, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 AN ACT


 
    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,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Overseas Private Investment 
Corporation Reauthorization Act of 2007''.</DELETED>

<DELETED>SEC. 2. FINDINGS.</DELETED>

<DELETED>    The Congress finds the following:</DELETED>
        <DELETED>    (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 
        by United States investors in developing and emerging market 
        countries in support of United States foreign policy and 
        development goals.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (3) OPIC assistance should not be provided to 
        those who support enemies of the United States.</DELETED>
        <DELETED>    (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. Denial of OPIC assistance is not a penalty or 
        sanction.</DELETED>
        <DELETED>    (5) Over OPIC's 35-year history, OPIC has 
        supported $177,000,000,000 in operating investments in more 
        than 150 developing countries, helping to create more than 
        800,000 jobs and some $13,000,000,000 in host-government 
        revenues.</DELETED>
        <DELETED>    (6) OPIC projects have generated $71,000,000,000 
        in United States exports and supported more than 271,000 United 
        States jobs.</DELETED>
        <DELETED>    (7) Projects assisted by OPIC in fiscal year 2006 
        are projected to generate $1,000,000,000 in United States 
        exports, support more than 2,700 United States jobs, and have a 
        positive impact on the United States balance of 
        payments.</DELETED>
        <DELETED>    (8) In fiscal year 2006, 87 percent of all OPIC-
        supported projects supported small-and-medium-sized businesses 
        in the United States.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (10) OPIC has reserves totaling approximately 
        $5,300,000,000 and will make an estimated net budget 
        contribution to the international affairs account of 
        $159,000,000 in fiscal year 2008.</DELETED>

<DELETED>SEC. 3. REAUTHORIZATION OF OPIC PROGRAMS.</DELETED>

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

<DELETED>SEC. 4. PREFERENTIAL CONSIDERATION OF CERTAIN INVESTMENT 
              PROJECTS.</DELETED>

<DELETED>    Section 231(f) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2191(f)) is amended to read as follows:</DELETED>
        <DELETED>    ``(f) to give preferential consideration to 
        investment projects in less developed countries the governments 
        of which are receptive to private enterprise, domestic and 
        foreign, and to projects in countries the governments of which 
        are willing and able to maintain conditions that enable private 
        enterprise to make its full contribution to the development 
        process;''.</DELETED>

<DELETED>SEC. 5. REQUIREMENTS REGARDING INTERNATIONAL WORKER 
              RIGHTS.</DELETED>

<DELETED>    (a) Country Requirements.--Subsection (a) of section 231A 
of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(a)) is amended--
</DELETED>
        <DELETED>    (1) by amending the subsection heading to read as 
        follows: ``International Worker Rights'';</DELETED>
        <DELETED>    (2) in paragraph (4), by striking ``(4) In'' and 
        inserting ``(5) Additional determination.--In'' ; and</DELETED>
        <DELETED>    (3) by striking paragraphs (1) through (3) and 
        inserting the following:</DELETED>
        <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(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:</DELETED>
        <DELETED>    ```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.'</DELETED>
        <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(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.''.</DELETED>
<DELETED>    (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.''.</DELETED>
<DELETED>    (c) Definitions.--Section 238 of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2198) is amended--</DELETED>
        <DELETED>    (1) in subsection (f), by striking ``and'' after 
        the semicolon;</DELETED>
        <DELETED>    (2) in subsection (g), by striking the period at 
        the end and inserting ``; and''; and</DELETED>
        <DELETED>    (3) by adding at the end the following:</DELETED>
        <DELETED>    ``(h) the term `international worker rights' 
        means--</DELETED>
                <DELETED>    ``(1) internationally recognized worker 
                rights, as defined in section 507(4) of the Trade Act 
                of 1974 (19 U.S.C. 2467(4)); and</DELETED>
                <DELETED>    ``(2) the elimination of discrimination 
                with respect to employment and occupation.''.</DELETED>
<DELETED>    (d) General Provisions and Powers.--Section 239 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended--</DELETED>
        <DELETED>    (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</DELETED>
        <DELETED>    (2) in subsection (i), in the first sentence, by 
        inserting ``, including international worker rights,'' after 
        ``fundamental freedoms''.</DELETED>

<DELETED>SEC. 6. ENVIRONMENTAL ASSESSMENTS.</DELETED>

<DELETED>    Section 231A(b) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2191a(b)) is amended to read as follows:</DELETED>
<DELETED>    ``(b) Environmental Impact.--The Board of Directors of the 
Corporation shall not vote in favor of any action proposed to be taken 
by the Corporation that is likely to have significant adverse 
environmental impacts, unless for at least 60 days before the date of 
the vote--</DELETED>
        <DELETED>    ``(1) an environmental impact assessment, or 
        initial environmental audit, analyzing the environmental 
        impacts of the proposed action and of alternatives to the 
        proposed action has been completed by the project applicant and 
        made available to the Board of Directors; and</DELETED>
        <DELETED>    ``(2) such assessment or audit has been made 
        available to the public of the United States, locally affected 
        groups in the host country, and host country nongovernmental 
        organizations.''.</DELETED>

<DELETED>SEC. 7. COMMUNITY SUPPORT.</DELETED>

<DELETED>    Section 237 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2197) is amended by adding at the end the following:</DELETED>
<DELETED>    ``(p) Community Support.--To the maximum extent 
practicable, the Corporation shall require the applicant for a project 
that is subject to section 231A(b) to obtain broad community support 
for the project.''.</DELETED>

<DELETED>SEC. 8. CLIMATE CHANGE MITIGATION ACTION PLAN.</DELETED>

<DELETED>    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:</DELETED>

<DELETED>``SEC. 234B. CLIMATE CHANGE MITIGATION.</DELETED>

<DELETED>    ``(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:</DELETED>
        <DELETED>    ``(1) Clean and efficient energy technology.--
        </DELETED>
                <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(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 use, develop, or otherwise promote the 
                use of clean and efficient energy 
                technologies.</DELETED>
        <DELETED>    ``(2) Environmental impact assessments.--
        </DELETED>
                <DELETED>    ``(A) Greenhouse gas emissions.--The 
                Corporation shall, in making an environmental impact 
                assessment for a project under section 231A(b), take 
                into account the degree to which the project 
                contributes to the emission of greenhouse 
                gases.</DELETED>
                <DELETED>    ``(B) Other duties not affected.--The 
                requirement under subparagraph (A) is in addition to 
                any other requirement, obligation, or duty that the 
                Corporation has.</DELETED>
        <DELETED>    ``(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 plan developed 
        to carry out paragraph (1)(A). Thereafter, the Corporation 
        shall include in its annual report under section 240A a 
        discussion of such plan and its implementation.</DELETED>
<DELETED>    ``(b) Extraction Investments.--</DELETED>
        <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(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--
        </DELETED>
                <DELETED>    ``(A) the eligible investor has agreed to 
                implement the Extractive Industries Transparency 
                Initiative principles and criteria, or substantially 
                similar principles and criteria; or</DELETED>
                <DELETED>    ``(B) the host country where the project 
                is to be carried out has committed to the Extractive 
                Industries Transparency Initiative principles and 
                criteria, or substantially similar principles and 
                criteria.</DELETED>
        <DELETED>    ``(3) Preference for certain projects.--With 
        respect to all projects that significantly involve an 
        extractive industry, the Corporation, to the degree possible 
        and consistent with its development objectives, shall give 
        preference to a project in which both the eligible investor has 
        agreed to implement the Extractive Industries Transparency 
        Initiative principles and criteria, or substantially similar 
        principles and criteria, and the host country where the project 
        is to be carried out has committed to the Extractive Industries 
        Transparency Initiative principles and criteria, or 
        substantially similar principles and criteria.</DELETED>
        <DELETED>    ``(4) Definitions.--In this subsection:</DELETED>
                <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(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.</DELETED>
        <DELETED>    ``(5) Reporting requirement.--The Corporation 
        shall include in its annual report required under section 240A 
        a description of its activities to carry out this 
        subsection.</DELETED>
<DELETED>    ``(c) Definitions.--In this section:</DELETED>
        <DELETED>    ``(1) Clean and efficient energy technology.--The 
        term `clean and efficient energy technology' means an energy 
        supply or end-use technology--</DELETED>
                <DELETED>    ``(A) such as--</DELETED>
                        <DELETED>    ``(i) solar technology;</DELETED>
                        <DELETED>    ``(ii) wind technology;</DELETED>
                        <DELETED>    ``(iii) geothermal 
                        technology;</DELETED>
                        <DELETED>    ``(iv) hydroelectric technology; 
                        and</DELETED>
                        <DELETED>    ``(v) carbon capture technology; 
                        and</DELETED>
                <DELETED>    ``(B) that, over its life cycle and 
                compared to a similar technology already in commercial 
                use--</DELETED>
                        <DELETED>    ``(i) is reliable, affordable, 
                        economically viable, socially acceptable, and 
                        compatible with the needs and norms of the 
                        country involved;</DELETED>
                        <DELETED>    ``(ii) results in--</DELETED>
                                <DELETED>    ``(I) reduced emissions of 
                                greenhouse gases; or</DELETED>
                                <DELETED>    ``(II) increased 
                                geological sequestration; and</DELETED>
                        <DELETED>    ``(iii) may--</DELETED>
                                <DELETED>    ``(I) substantially lower 
                                emissions of air pollutants; 
                                or</DELETED>
                                <DELETED>    ``(II) generate 
                                substantially smaller and less 
                                hazardous quantities of solid or liquid 
                                waste.</DELETED>
        <DELETED>    ``(2) Greenhouse gas.--The term `greenhouse gas' 
        means--</DELETED>
                <DELETED>    ``(A) carbon dioxide;</DELETED>
                <DELETED>    ``(B) methane;</DELETED>
                <DELETED>    ``(C) nitrous oxide;</DELETED>
                <DELETED>    ``(D) hydrofluorocarbons;</DELETED>
                <DELETED>    ``(E) perfluorocarbons; or</DELETED>
                <DELETED>    ``(F) sulfur hexafluoride.''.</DELETED>

<DELETED>SEC. 9. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE 
              CERTAIN RAILWAY CONNECTIONS AND RAILWAY-RELATED 
              CONNECTIONS.</DELETED>

<DELETED>    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:</DELETED>
<DELETED>    ``(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.''.</DELETED>

<DELETED>SEC. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSINESS WITH 
              STATE SPONSORS OF TERRORISM.</DELETED>

<DELETED>    (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:</DELETED>
<DELETED>    ``(r) Ineligible Projects.--</DELETED>
        <DELETED>    ``(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:</DELETED>
                <DELETED>    ``(A)(i) An applicant for insurance, 
                reinsurance, financing, or other support for a project 
                provided to the government of a state sponsor of 
                terrorism a loan, or an extension of credit, that 
                remains outstanding.</DELETED>
                <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(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 in a country that is a state 
                sponsor of terrorism.</DELETED>
        <DELETED>    ``(2) Definitions.--In this subsection:</DELETED>
                <DELETED>    ``(A) Cash basis.--The term `cash basis' 
                refers to a sale in which the purchaser of goods or 
                services is required to make payment in full within 45 
                days after receiving the goods or services.</DELETED>
                <DELETED>    ``(B) Energy sector.--The term `energy 
                sector' refers to activities to develop or transport 
                petroleum or natural gas resources.</DELETED>
                <DELETED>    ``(C) Investment commitment.--The term 
                `investment commitment' means any of the following 
                activities if such activity is undertaken pursuant to a 
                commitment, or pursuant to the exercise of rights under 
                a commitment, that was entered into with the government 
                of a state sponsor of terrorism or a nongovernmental 
                entity in a country that is a state sponsor of 
                terrorism:</DELETED>
                        <DELETED>    ``(i) The entry into a contract 
                        that includes responsibility for the 
                        development of petroleum resources located in a 
                        country that is a state sponsor of terrorism, 
                        or the entry into a contract providing for the 
                        general supervision and guarantee of another 
                        person's performance of such a 
                        contract.</DELETED>
                        <DELETED>    ``(ii) The purchase of a share of 
                        ownership, including an equity interest, in 
                        that development.</DELETED>
                        <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(D) State sponsor of terrorism.--The 
                term `state sponsor of terrorism' means a country the 
                government of which the Secretary of State has 
                determined, for purposes of section 6(j) of the Export 
                Administration Act of 1979, section 620A of the Foreign 
                Assistance Act of 1961, section 40 of the Arms Export 
                Control Act, or any other provision of law, to be a 
                government that has repeatedly provided support for 
                acts of international terrorism.</DELETED>
        <DELETED>    ``(3) Certification.--</DELETED>
                <DELETED>    ``(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 are not engaged in any activity described 
                in subparagraph (A) or (B) of paragraph (1).</DELETED>
                <DELETED>    ``(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 are not engaged in any activity 
                described in subparagraph (A) or (B) of paragraph 
                (1).</DELETED>
                <DELETED>    ``(C) Application to straw man 
                transactions.--In any case in which--</DELETED>
                        <DELETED>    ``(i) an applicant for insurance, 
                        reinsurance, financing, or other assistance 
                        under this title is providing goods and 
                        services to a project,</DELETED>
                        <DELETED>    ``(ii) more than 50 percent of 
                        such goods and services are acquired from an 
                        unaffiliated entity, and</DELETED>
                        <DELETED>    ``(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,</DELETED>
                <DELETED>then 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).</DELETED>
                <DELETED>    ``(D) Diligent inquiry.--A certification 
                required by subparagraph (A), (B), or (C) may be made 
                to the best knowledge and belief of the certifying 
                officer if that officer states that he or she has made 
                diligent inquiry into the matter certified.</DELETED>
                <DELETED>    ``(E) Exception.--(i) A chief executive 
                officer of an applicant or other entity may provide a 
                certification required by subparagraph (A), (B), or (C) 
                with respect to the activity of a majority-owned 
                subsidiary or entity notwithstanding activity by such 
                majority-owned subsidiary or entity that would cause a 
                project to be ineligible for support under subparagraph 
                (A) or (B) of paragraph (1) if such activity is carried 
                out under a contract or other obligation of such 
                majority-owned subsidiary or entity that was entered 
                into or incurred before the acquisition of such 
                majority-owned subsidiary or entity by the applicant or 
                ultimate parent entity.</DELETED>
                <DELETED>    ``(ii) Clause (i) shall not apply if the 
                terms of such contract or other obligation are expanded 
                or extended after such acquisition.</DELETED>
                <DELETED>    ``(F) 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.</DELETED>
        <DELETED>    ``(4) Exception.--The prohibition in paragraph (1) 
        shall not--</DELETED>
                <DELETED>    ``(A) apply to a loan, extension of 
                credit, or investment commitment by an applicant, or 
                other entity covered by a certification under 
                subparagraph (A), (B), or (C) of paragraph (3), in 
                Southern Sudan, Southern Kordofan/Nuba Mountains State, 
                Blue Nile State, or Abyei, Darfur, if the Corporation, 
                with the concurrence of the Secretary of State, 
                determines that such loan, extension of credit, or 
                investment commitment 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; 
                or</DELETED>
                <DELETED>    ``(B) prohibit the Corporation from 
                providing support for projects in Southern Sudan, 
                Southern Kordofan/Nuba Mountains State, Blue Nile 
                State, and Abyei, Darfur, if the Corporation, with the 
                concurrence of the Secretary of State, determines that 
                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.</DELETED>
        <DELETED>    ``(5) Prospective application of subsection.--This 
        subsection shall not be applied to limit support by the 
        Corporation under this title because an applicant, or other 
        entity covered by a certification under subparagraph (A), (B), 
        or (C) of paragraph (3) engaged in commercial activity 
        specifically licensed by the Office of Foreign Assets Control 
        of the Department of the Treasury.''.</DELETED>
<DELETED>    (b) Termination.--</DELETED>
        <DELETED>    (1) In general.--The amendment made by this 
        section shall cease to be effective with respect to a country 
        that is a state sponsor of terrorism 30 days after the 
        President certifies to the appropriate congressional committees 
        that--</DELETED>
                <DELETED>    (A) the country has ceased providing 
                support for acts of international terrorism and no 
                longer satisfies the requirements for designation as a 
                state sponsor of terrorism;</DELETED>
                <DELETED>    (B) the country does not possess nuclear 
                weapons or a significant program to develop nuclear 
                weapons; and</DELETED>
                <DELETED>    (C) the country is not committing genocide 
                or conducting a program of ethnic cleansing against a 
                civilian population that approaches genocide.</DELETED>
        <DELETED>    (2) Definitions.--In this subsection:</DELETED>
                <DELETED>    (A) Appropriate congressional 
                committees.--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.</DELETED>
                <DELETED>    (B) State sponsor of terrorism.--The term 
                ``state sponsor of terrorism'' has the meaning given 
                that term in section 237(r)(2)(D) of the Foreign 
                Assistance Act of 1961, as added by subsection (a) of 
                this section.</DELETED>

<DELETED>SEC. 11. INCREASED TRANSPARENCY.</DELETED>

<DELETED>    (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 subsections:</DELETED>
<DELETED>    ``(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.</DELETED>
<DELETED>    ``(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 development and environment of, and 
international worker rights in, host countries, and on United States 
employment.</DELETED>
<DELETED>    ``(u) Public Notice Prior to Project Approval.--</DELETED>
        <DELETED>    ``(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--</DELETED>
                <DELETED>    ``(A) makes available for public comment a 
                summary of the project and relevant information about 
                the project; and</DELETED>
                <DELETED>    ``(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.</DELETED>
        <DELETED>The Corporation shall not include any business 
        confidential information in the summary and information made 
        available under subparagraphs (A) and (B).</DELETED>
        <DELETED>    ``(2) Published response.--To the extent 
        practicable, the Corporation shall publish 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.</DELETED>
        <DELETED>    ``(3) Definitions.--In this subsection, 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.''.</DELETED>
<DELETED>    (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:</DELETED>
<DELETED>    ``(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, to the maximum 
extent practicable. The Office of Accountability shall operate in a 
manner that is fair, objective and transparent.''.</DELETED>

<DELETED>SEC. 12. FRAUD AND OTHER BREACHES OF CONTRACT.</DELETED>

<DELETED>    Section 237(n) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2197(n)) is amended--</DELETED>
        <DELETED>    (1) by striking ``Whoever'' and 
        inserting:</DELETED>
        <DELETED>    ``(1) In general.--Whoever''; and</DELETED>
        <DELETED>    (2) by adding at the end the following:</DELETED>
        <DELETED>    ``(2) Deferrals to department of justice.--(A) 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--</DELETED>
                <DELETED>    ``(i) a violation of this title;</DELETED>
                <DELETED>    ``(ii) a material breach of contract 
                entered into with the Corporation by an eligible 
                investor; or</DELETED>
                <DELETED>    ``(iii) a material false representation 
                made by an investor to the Corporation.</DELETED>
        <DELETED>    ``(B) Subparagraph (A) does not apply if the 
        President of the Corporation concludes that the matter 
        described in clause (i), (ii), or (iii), as the case may be, of 
        subparagraph (A)--</DELETED>
                <DELETED>    ``(i) is not evidence of a possible 
                violation of criminal law; and</DELETED>
                <DELETED>    ``(ii) is not evidence that the Federal 
                Government is entitled to civil remedy or to impose a 
                civil penalty.''.</DELETED>

<DELETED>SEC. 13. TRANSPARENCY AND ACCOUNTABILITY OF INVESTMENT 
              FUNDS.</DELETED>

<DELETED>    (a) In General.--Section 239 of the Foreign Assistance Act 
of 1961 (22 U.S.C. 2199) is amended by adding at the end the 
following:</DELETED>
<DELETED>    ``(l) Transparency and Accountability of Investment 
Funds.--</DELETED>
        <DELETED>    ``(1) Competitive selection of investment fund 
        management.--With respect to any investment fund that the 
        Corporation creates on or after the date of the enactment of 
        the Overseas Private Investment Corporation Reauthorization Act 
        of 2007, the Corporation may select persons to manage the fund 
        only by contract using full and open competitive 
        procedures.</DELETED>
        <DELETED>    ``(2) Criteria for selection.--In assessing 
        proposals for investment fund management proposals, the 
        Corporation shall consider, in addition to other factors, the 
        following:</DELETED>
                <DELETED>    ``(A) The prospective fund management's 
                experience, depth, and cohesiveness.</DELETED>
                <DELETED>    ``(B) The prospective fund management's 
                track record in investing risk capital in emerging 
                markets.</DELETED>
                <DELETED>    ``(C) The prospective fund management's 
                experience, management record, and monitoring 
                capabilities in its target countries, including details 
                of local presence (directly or through local 
                alliances).</DELETED>
                <DELETED>    ``(D) The prospective fund management's 
                experience as a fiduciary in managing institutional 
                capital, meeting reporting requirements, and 
                administration.</DELETED>
                <DELETED>    ``(E) The prospective fund management's 
                record in avoiding investments in companies that would 
                be disqualified under section 237(r).</DELETED>
        <DELETED>    ``(3) Annual report.--The Corporation shall 
        include in each annual report under section 240A an analysis of 
        the investment fund portfolio of the Corporation, including the 
        following:</DELETED>
                <DELETED>    ``(A) Fund performance.--An analysis of 
                the aggregate financial performance of the investment 
                fund portfolio grouped by region and 
                maturity.</DELETED>
                <DELETED>    ``(B) Status of loan guaranties.--The 
                amount of guaranties committed by the Corporation to 
                support investment funds, including the percentage of 
                such amount that has been disbursed to the investment 
                funds.</DELETED>
                <DELETED>    ``(C) Risk ratings.--The definition of 
                risk ratings, and the current aggregate risk ratings 
                for the investment fund portfolio, including the number 
                of investment funds in each of the Corporation's rating 
                categories.</DELETED>
                <DELETED>    ``(D) Competitive selection of investment 
                fund management.--The number of proposals received and 
                evaluated for each newly established investment 
                fund.''.</DELETED>
<DELETED>    (b) GAO Audit.--Not later than 1 year after the submission 
of the first report to Congress under section 240A of the Foreign 
Assistance Act of 1961 that includes the information required by 
section 239(l)(3) of that Act (as added by subsection (a) of this 
section), the Comptroller General of the United States shall prepare 
and submit to the Committee on Foreign Affairs of the House of 
Representatives and the Committee on Foreign Relations of the Senate an 
independent assessment of the investment fund portfolio of the Overseas 
Private Investment Corporation, covering the items required to be 
addressed under such section 239(l)(3).</DELETED>

<DELETED>SEC. 14. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ.</DELETED>

<DELETED>    Section 239 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2199) is amended by adding at the end the following:</DELETED>
<DELETED>    ``(m) 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.''.</DELETED>

<DELETED>SEC. 15. CONSISTENCY WITH EXISTING LAW.</DELETED>

<DELETED>    Section 239 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2199) is further amended by adding at the end the 
following:</DELETED>
<DELETED>    ``(n) 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.</DELETED>
<DELETED>    ``(o) 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 not 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).''.</DELETED>

<DELETED>SEC. 16. CONGRESSIONAL NOTIFICATION REGARDING MAXIMUM 
              CONTINGENT LIABILITY.</DELETED>

<DELETED>    Section 239 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2199) is further amended by adding at the end the 
following:</DELETED>
<DELETED>    ``(p) Congressional Notification of Increase in Maximum 
Contingent Liability.--The Corporation shall notify the Committee on 
Foreign Affairs of the House of Representatives and the Committee on 
Foreign Relations of the Senate not later than 15 days after the date 
on which the Corporation's maximum contingent liability outstanding at 
any one time pursuant to insurance issued under section 234(a), and the 
amount of financing issued under sections 234(b) and (c), exceeds the 
previous fiscal year's maximum contingent liability by 25 
percent.''.</DELETED>

<DELETED>SEC. 17. ASSISTANCE FOR SMALL BUSINESSES AND 
              ENTITIES.</DELETED>

<DELETED>    Section 240 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2200) is amended by adding at the end the following:</DELETED>
<DELETED>    ``(c) Resources Dedicated to Small Businesses, 
Cooperatives, and Other Small United States Investors.--The Corporation 
shall ensure that adequate personnel and resources, including senior 
officers, are dedicated to assist United States small businesses, 
cooperatives, and other small United States investors in obtaining 
insurance, reinsurance, financing, and other support under this title. 
The Corporation shall include, in each annual report under section 
240A, the following information with respect to the period covered by 
the report:</DELETED>
        <DELETED>    ``(1) A description of such personnel and 
        resources.</DELETED>
        <DELETED>    ``(2) The number of small businesses, 
        cooperatives, and other small United States investors that 
        received such insurance, reinsurance, financing, and other 
        support, and the dollar value of such insurance, reinsurance, 
        financing and other support.</DELETED>
        <DELETED>    ``(3) A description of the projects for which such 
        insurance, reinsurance, financing, and other support was 
        provided.''.</DELETED>

<DELETED>SEC. 18. TECHNICAL CORRECTIONS.</DELETED>

<DELETED>    (a) Pilot Equity Finance Program.--Section 234 of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amended--</DELETED>
        <DELETED>    (1) by striking subsection (g); and</DELETED>
        <DELETED>    (2) by redesignating subsection (h) as subsection 
        (g).</DELETED>
<DELETED>    (b) Transfer Authority.--Section 235 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2195) is amended--</DELETED>
        <DELETED>    (1) by striking subsection (e); and</DELETED>
        <DELETED>    (2) by redesignating subsection (f) as subsection 
        (e).</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (d) Transfer of Predecessor Programs and Authorities.--
</DELETED>
        <DELETED>    (1) Transfer.--Section 239 of the Foreign 
        Assistance Act of 1961 (22 U.S.C. 2199), as amended by the 
        preceding provisions of this Act, is amended--</DELETED>
                <DELETED>    (A) by striking subsection (b); 
                and</DELETED>
                <DELETED>    (B) by redesignating the subsections (c) 
                through (p) as subsections (b) through (o), 
                respectively.</DELETED>
        <DELETED>    (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)''.</DELETED>
        <DELETED>    (B) Section 240A(a) of the Foreign Assistance Act 
        of 1961 (22 U.S.C. 2200A(a)) is amended--</DELETED>
                <DELETED>    (i) in paragraph (1), by striking 
                ``239(h)'' and inserting ``239(g)''; and</DELETED>
                <DELETED>    (ii) in paragraph (2)(A), by striking 
                ``239(i)'' and inserting ``239(h)''.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (e) Additional Clerical Amendments.--Section 234(b) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2194(b)) is amended by 
striking ``235(a)(2)'' and inserting ``235(a)(1)''.</DELETED>

<DELETED>SEC. 19. EFFECTIVE DATE.</DELETED>

<DELETED>    (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 the application is approved by the 
Corporation on or after the date of the enactment of this 
Act.</DELETED>
<DELETED>    (b) Extensions and Renewals.--</DELETED>
        <DELETED>    (1) In general.--Subject to paragraph (2), 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.</DELETED>
        <DELETED>    (2) Exception.--This Act and the amendments made 
        by this Act shall not apply to any extension or renewal which 
        is substantially identical to an extension or renewal formally 
        requested in a detailed writing filed with the Corporation 
        before July 1, 2007.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Overseas Private Investment 
Corporation Reauthorization Act of 2008''.

SEC. 2. REAUTHORIZATION OF OPIC PROGRAMS.

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

SEC. 3. REQUIREMENTS REGARDING INTERNATIONALLY RECOGNIZED WORKER 
              RIGHTS.

    Subsection (a) of section 231A of the Foreign Assistance Act of 
1961 (22 U.S.C. 2191a(a)) is amended to read as follows:
     ``(a) Internationally Recognized Worker Rights.--
            ``(1) In general.--The Corporation may insure, reinsure, 
        guaranty, or finance a project only if--
                    ``(A) the country in which the project is to be 
                undertaken is eligible for designation as a beneficiary 
                developing country under the Generalized System of 
                Preferences (19 U.S.C. 2461 et seq.) and has not been 
                determined to be ineligible for such designation on the 
                basis of section 502(b)(2)(G) of the Trade Act of 1974 
                (19 U.S.C. 2462(b)(2)(G)) (relating to internationally 
                recognized worker rights), or section 502(b)(2)(H) of 
                such Act (19 U.S.C. 2462(b)(2)(H) (relating to the 
                worst forms of child labor); or
                    ``(B) the country in which the project is to be 
                undertaken is not eligible for designation as a 
                beneficiary country under the Generalized System of 
                Preferences, the government of that country has taken 
                or is taking steps to afford workers in the country 
                (including any designated zone or special 
                administrative region or area in that country) 
                internationally recognized worker rights (as defined in 
                section 507(4) of the Trade Act of 1974) (19 U.S.C. 
                2467(4)).
            ``(2) Limitation inapplicable.--The limitation contained in 
        paragraph (1) shall not apply to providing assistance for 
        humanitarian services.
            ``(3) Use of reports.--The Corporation shall, in 
        implementing paragraph (1), consider--
                    ``(A) information contained in the reports required 
                by sections 116(d) and 502B(b) of this Act and the 
                report required by section 504 of the Trade Act of 1974 
                (19 U.S.C. 2464);
                    ``(B) other relevant sources of information readily 
                available to the Corporation, including observations, 
                reports, and recommendations of the International 
                Labour Organization; and
                    ``(C) information provided in the hearing required 
                under subsection (c).
            ``(4) Contract language.--The Corporation shall include the 
        following language, in substantially the following form, in all 
        contracts which the Corporation enters into with eligible 
        investors to provide support under this title:
            `The investor agrees not to take any actions to obstruct or 
        prevent employees of the foreign enterprise from exercising the 
        employees' internationally recognized worker rights (as defined 
        in section 507(4) of the Trade Act of 1974) (19 U.S.C. 2467(4)) 
        and the investor agrees to adhere to the obligations regarding 
        those rights. The investor agrees to prohibit discrimination 
        with respect to employment and occupation.'.
            ``(5) Preference to certain countries.--Consistent with its 
        development objectives, the Corporation shall give preferential 
        consideration to projects in countries that--
                    ``(A) have adopted and maintained, in the country's 
                laws and regulations, internationally recognized worker 
                rights, as well as the elimination of discrimination 
                with respect to employment and occupation; and
                    ``(B) are effectively enforcing those laws.''.

SEC. 4. PREFERENTIAL CONSIDERATION OF CERTAIN INVESTMENT PROJECTS.

    Section 231(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 
2191(f)) is amended to read as follows:
    ``(f) to the greatest degree practicable and consistent with the 
goals of the Corporation, to give preferential consideration to 
investment projects in any less developed country the government of 
which is receptive to both domestic and foreign private enterprise and 
to projects in any country the government of which is willing and able 
to maintain conditions that enable private enterprise to make a full 
contribution to the development process;''.

SEC. 5. CLIMATE CHANGE MITIGATION ACTION PLAN.

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

``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 2008, institute a climate 
change mitigation action plan that includes the following:
            ``(1) Clean 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 during the 
                10-year period beginning on the date of the enactment 
                of the Overseas Private Investment Corporation 
                Reauthorization Act of 2008.
                    ``(B) Preferential treatment to projects.--The 
                Corporation shall give preferential treatment to 
                evaluating and awarding assistance for, and provide 
                greater flexibility in supporting, projects that use, 
                develop, or otherwise promote the use of clean energy 
                technologies.
                    ``(C) Report on plan.--The Corporation shall, not 
                later than 180 days after the date of the enactment of 
                the Overseas Private Investment Corporation 
                Reauthorization Act of 2008, submit to the Committees 
                on Foreign Relations and Appropriations of the Senate 
                and the Committees on Foreign Affairs and 
                Appropriations of the House of Representatives a report 
                on the plan developed to carry out subparagraph (A). 
                Thereafter, the Corporation shall include in its annual 
                report required under section 240A a discussion of the 
                plan and its implementation.
            ``(2) Environmental impact assessments.--
                    ``(A) Greenhouse gas emissions.--The Corporation 
                shall, in making an environmental impact assessment or 
                initial environmental audit for a project under section 
                231A(b), also take into account the degree to which the 
                project contributes to the emission of greenhouse 
                gases.
                    ``(B) Other duties not affected.--The requirement 
                provided for under subparagraph (A) is in addition to 
                any other requirement, obligation, or duty of the 
                Corporation.
            ``(3) Goals for reducing greenhouse gas emissions.--
                    ``(A) In general.--The Corporation shall continue 
                to maintain--
                            ``(i) a goal for reducing direct greenhouse 
                        gas emissions associated with projects in the 
                        Corporation's portfolio on the date of the 
                        enactment of the Overseas Private Investment 
                        Corporation Reauthorization Act of 2008 by 20 
                        percent during the 10-year period beginning on 
                        such date of enactment; and
                            ``(ii) a goal for limiting annual 
                        investments in projects that have significant 
                        greenhouse gas emissions after such date of 
                        enactment in a manner that reduces greenhouse 
                        gas emissions associated with projects in the 
                        Corporation's total portfolio by 20 percent 
                        during the 10-year period beginning on such 
                        date of enactment.
                    ``(B) Special rules.--
                            ``(i) Baseline.--For purposes of 
                        determining the percentage by which greenhouse 
                        gas emissions are reduced under subparagraph 
                        (A), the Corporation shall use the aggregate 
                        estimated greenhouse gas emissions for projects 
                        in the Corporation's portfolio.
                            ``(ii) Significant greenhouse gas emissions 
                        projects.--For purposes of this paragraph, 
                        projects that have significant greenhouse gas 
                        emissions are projects that result in the 
                        emission of more than 100,000 tons of 
                        CO<INF>2</INF> equivalent each year.
                    ``(C) Reporting requirements.--The Corporation 
                shall include, in each annual report required under 
                section 240A, the following information with respect to 
                the period covered by the report:
                            ``(i) The annual greenhouse gas emissions 
                        attributable to each project in the 
                        Corporation's active portfolio that has 
                        significant greenhouse gas emissions.
                            ``(ii) The estimated greenhouse gas 
                        emissions for each new project that has 
                        significant greenhouse gas emissions for which 
                        the Corporation provided insurance, 
                        reinsurance, a guaranty, or financing, since 
                        the previous report.
                            ``(iii) The extent to which the Corporation 
                        is meeting the goals described in subparagraph 
                        (A) for reducing greenhouse gas emissions.
                            ``(iv) Each new project for which the 
                        Corporation provided insurance, reinsurance, a 
                        guaranty, or financing, that involves renewable 
                        energy and environmentally beneficial products 
                        and services, including increased clean energy 
                        technology.
    ``(b) Extraction Investments.--
            ``(1) Prior notification to congressional committees.--
                    ``(A) In general.--The Corporation shall provide 
                notice of consideration of approval of a project 
                described in subparagraph (B) to the Committees on 
                Foreign Relations and Appropriations of the Senate and 
                the Committees on Foreign Affairs and Appropriations of 
                the House of Representatives not later than 60 days 
                before approval of such project.
                    ``(B) Project described.--A project described in 
                this subparagraph is a Category A project (as defined 
                in section 237(q)(3)) relating to an extractive 
                industry project or any extractive industry project for 
                which the assistance to be provided by the Corporation 
                is valued at $10,000,000 or more (including contingent 
                liability).
            ``(2) Commitment to eiti principles.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the Corporation may approve a 
                contract of insurance, reinsurance, a guaranty, or 
                enter into an agreement to provide financing to an 
                eligible investor for a project that significantly 
                involves an extractive industry only if--
                            ``(i) the eligible investor has agreed to 
                        implement the Extractive Industries 
                        Transparency Initiative principles and 
                        criteria, or substantially similar principles 
                        and criteria related to the specific project to 
                        be carried out; and
                            ``(ii)(I) the host country where the 
                        project is to be carried out has committed to 
                        the Extractive Industries Transparency 
                        Initiative principles and criteria, or 
                        substantially similar principles and criteria; 
                        or
                            ``(II) the host country where the project 
                        is to be carried out has in place or is taking 
                        the necessary steps to establish functioning 
                        systems for--
                                    ``(aa) accurately accounting for 
                                revenues and expenditures in connection 
                                with the extraction and export of the 
                                type of natural resource to be 
                                extracted or exported;
                                    ``(bb) the independent audit of 
                                such revenues and expenditures and the 
                                widespread public dissemination of the 
                                finding of the audit; and
                                    ``(cc) verifying government 
                                receipts against company payments, 
                                including widespread dissemination of 
                                such payment information, and 
                                disclosure of such documents as host 
                                government agreements, concession 
                                agreements, and bidding documents, and 
                                allowing in any such dissemination or 
                                disclosure for the redaction of, or 
                                exceptions for, information that is 
                                commercially proprietary or that would 
                                create a competitive disadvantage.
                    ``(B) Exception.--If a host country does not meet 
                the requirements of subparagraph (A)(ii) (I) or (II), 
                the Corporation may approve a contract of insurance, 
                reinsurance, or a guaranty, or enter into an agreement 
                to provide financing for a project in the host country 
                if the Corporation determines it is in the foreign 
                policy interest of the United States for the 
                Corporation to provide support for the project in the 
                host country and the host country does not prevent an 
                eligible investor from complying with subparagraph 
                (A)(i).
            ``(3) Preference for certain projects.--With respect to all 
        projects that significantly involve an extractive industry, the 
        Corporation, to the extent practicable and consistent with the 
        Corporation's development objectives, shall give preference to 
        a project in which the eligible investor has agreed to 
        implement the Extractive Industries Transparency Initiative 
        principles and criteria, or substantially similar principles 
        and criteria, and the host country where the project is to be 
        carried out has committed to the Extractive Industries 
        Transparency Initiative principles and criteria, or 
        substantially similar principles and criteria.
            ``(4) Effect on other requirements.--Nothing in this 
        subsection shall affect the limitations and prohibitions with 
        respect to direct investments described in section 234(c).
            ``(5) Reporting requirement.--The Corporation shall include 
        in its annual report required under section 240A a description 
        of its activities to carry out this subsection.
    ``(c) Definitions.--In this section:
            ``(1) Clean energy technology.--The term `clean energy 
        technology' means an energy supply or end-use technology that, 
        compared to a similar technology already in widespread 
        commercial use in a host country, will--
                    ``(A) reduce emissions of greenhouse gases; or
                    ``(B) decrease the intensity of energy usage.
            ``(2) Greenhouse gas.--The term `greenhouse gas' means--
                    ``(A) carbon dioxide;
                    ``(B) methane;
                    ``(C) nitrous oxide;
                    ``(D) hydrofluorocarbons;
                    ``(E) perfluorocarbons; or
                    ``(F) sulfur hexafluoride.
            ``(3) Extractive industry.--The term `extractive industry' 
        refers to an enterprise engaged in the exploration, 
        development, or extraction of oil and gas reserves, metal ores, 
        gemstones, industrial minerals (except rock used for 
        construction purposes), or coal.''.

SEC. 6. INCREASED TRANSPARENCY.

    (a) In General.--Section 231A(c)(2) of the Foreign Assistance Act 
of 1961 (22 U.S.C. 2191a) is amended by replacing (c)(2) with the 
following paragraph:
    ``(2) In conjunction with each meeting of its Board of Directors, 
the Corporation shall hold a public hearing in order to afford an 
opportunity for any person to present views regarding the activities of 
the Corporation. The Corporation shall notice such a hearing at least 
20 days in advance. At least 15 days in advance of such hearing the 
Corporation shall make available a public summary of each project, 
including information related to workers rights, to be considered at 
the meeting. The Corporation shall not include any confidential 
business information in the summary made available under this 
subsection. Such views shall be made part of the record.''.
    (b) Additional Transparency.--Section 237 of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2197) is amended by adding at the end the 
following new subsections:
    ``(p) Review of Methodology.--Not later than 180 days after the 
date of the enactment of the Overseas Private Investment Corporation 
Reauthorization Act of 2008, the Corporation shall make available to 
the public the methodology, including relevant regulations, used to 
assess and monitor the impact of projects supported by the Corporation 
on employment in the United States and on the development, the 
environment, and the protection of internationally recognized worker 
rights, as well as the elimination of discrimination with respect to 
employment and occupation, in host countries.
    ``(q) Public Notice Prior to Project Approval.--
            ``(1) Public notice.--
                    ``(A) In general.--The Board of Directors of the 
                Corporation may not vote in favor of any action 
                proposed to be taken by the Corporation on a Category A 
                project before the date that is 60 days after the 
                Corporation--
                            ``(i) makes available for public comment a 
                        summary of the project and relevant information 
                        about the project; and
                            ``(ii) such summary and information 
                        described in clause (i) has been made available 
                        to groups in the area that may be impacted by 
                        the proposed project and to nongovernmental 
                        organizations in the host country.
                    ``(B) Exception.--The Corporation shall not include 
                any confidential business information in the summary 
                and information made available under clauses (i) and 
                (ii) of subparagraph (A).
            ``(2) Published response.--To the extent practicable, the 
        Corporation shall publish responses to the comments received 
        under paragraph (1)(A)(i) with respect to a Category A project 
        and submit the responses to the Board not later than 7 days 
        before a vote is to be taken on any action proposed by the 
        Corporation on the project.
            ``(3) Category a project defined.--The term `Category A 
        project' means any project or other activity for which the 
        Corporation proposes to provide insurance, reinsurance, a 
        guaranty, financing, or other assistance under this title and 
        which is likely to have a significant adverse environmental 
        impact.''.
    (c) Office of Accountability.--Section 237 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2197), as amended by subsection (b) 
of this section, is amended by adding at the end the following new 
subsection:
    ``(r) Office of Accountability.--The Corporation shall maintain an 
Office of Accountability to provide, to the maximum extent practicable, 
upon request, problem-solving services for projects supported by the 
Corporation and review of the Corporation's compliance with its 
environmental, social, internationally recognized worker rights, human 
rights, and transparency policies and procedures. The Office of 
Accountability shall operate in a manner that is fair, objective, and 
transparent.''.

SEC. 7. TRANSPARENCY AND ACCOUNTABILITY OF INVESTMENT FUNDS.

    (a) In General.--Section 239 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2199) is amended by adding at the end the following:
    ``(l) Transparency and Accountability of Investment Funds.--
            ``(1) Competitive selection of investment fund 
        management.--With respect to any investment fund that the 
        Corporation creates on or after the date of the enactment of 
        the Overseas Private Investment Corporation Reauthorization Act 
        of 2008, the Corporation may select persons to manage the fund 
        only by contract using competitive procedures that are full and 
        open.
            ``(2) Criteria for selection.--In assessing proposals for 
        investment fund management proposals, the Corporation shall 
        consider, in addition to other factors, the following:
                    ``(A) The prospective fund management's experience, 
                depth, and cohesiveness.
                    ``(B) The prospective fund management's track 
                record in investing risk capital in emerging markets.
                    ``(C) The prospective fund management's experience, 
                management record, and monitoring capabilities in the 
                countries in which the management operates, including 
                details of local presence (directly or through local 
                alliances).
                    ``(D) The prospective fund management's experience 
                as a fiduciary in managing institutional capital, 
                meeting reporting requirements, and administration.
                    ``(E) The prospective fund management's record in 
                avoiding investments in companies that would be 
                disqualified under section 239(m).
            ``(3) Annual report.--The Corporation shall include in each 
        annual report under section 240A an analysis of the investment 
        fund portfolio of the Corporation, including the following:
                    ``(A) Fund performance.--An analysis of the 
                aggregate financial performance of the investment fund 
                portfolio grouped by region and maturity.
                    ``(B) Status of loan guaranties.--The amount of 
                guaranties committed by the Corporation to support 
                investment funds, including the percentage of such 
                amount that has been disbursed to the investment funds.
                    ``(C) Risk ratings.--The definition of risk 
                ratings, and the current aggregate risk ratings for the 
                investment fund portfolio, including the number of 
                investment funds in each of the Corporation's rating 
                categories.
                    ``(D) Competitive selection of investment fund 
                management.--The number of proposals received and 
                evaluated for each newly established investment 
                fund.''.
    (b) GAO Review.--Not later than 1 year after the submission of the 
first report to Congress under section 240A of the Foreign Assistance 
Act of 1961 that includes the information required by section 239(l)(3) 
of that Act (as added by subsection (a) of this section), the 
Comptroller General of the United States shall prepare and submit to 
the Committee on Foreign Relations of the Senate and the Committee on 
Foreign Affairs of the House of Representatives an independent 
assessment of the investment fund portfolio of the Overseas Private 
Investment Corporation, covering the items required to be addressed 
under such section 239(l)(3).

SEC. 8. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE CERTAIN RAILWAY 
              CONNECTIONS AND RAILWAY-RELATED CONNECTIONS.

    Section 237 of the Foreign Assistance Act of 1961 (22 U.S.C. 2197), 
as amended by section 6, is amended by adding at the end the following:
    ``(s) Prohibition on Assistance for Certain Railway Projects.--The 
Corporation may not provide insurance, reinsurance, a guaranty, 
financing, or other assistance to support the development or promotion 
of a railway connection or railway-related connection that connects 
Azerbaijan and Turkey without connecting or traversing with Armenia.''.

SEC. 9. INELIGIBILITY OF PERSONS DOING CERTAIN BUSINESS WITH STATE 
              SPONSORS OF TERRORISM.

    (a) In General.--Section 231 of the Foreign Assistance Act of 1961 
(22 U.S.C. 2191) is amended by--
            (1) striking ``and'' at the end of division (m);
            (2) by striking the period at the end of division (n) and 
        inserting ``; and''; and
            (3) by adding at the end the following:
    ``(o) to decline to issue any contract of insurance or reinsurance, 
or any guaranty, or to enter into any agreement to provide financing or 
any other assistance for a prospective eligible investor who enters, 
directly or through an affiliate, into certain discouraged transactions 
with a state sponsor of terrorism.''.
    (b) General Provisions and Powers.--Section 239 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2199), as amended by section 7, is 
amended by adding at the end the following:
    ``(m) State Sponsor of Terrorism.--
            ``(1) In general.--In order to carry out the policy set 
        forth in section 231(o) of this Act, the Corporation shall 
        require a certification from an officer of a prospective OPIC-
        supported United States investor that the investor and all 
        affiliates of the investor are not engaged in a discouraged 
        transaction with a state sponsor of terrorism.
            ``(2) Discouraged transaction.--In this subsection, the 
        term `discouraged transaction' means any of the following 
        activities:
                    ``(A) An investment commitment of $20,000,000 or 
                more by the investor in the energy sector in a state 
                sponsor of terrorism.
                    ``(B) Any loan, or an extension of credit, to the 
                government of a state sponsor of terrorism by the 
                investor that--
                            ``(i) is outstanding on the date the 
                        Corporation enters into a contract with the 
                        investor; and
                            ``(ii) that has a value of more than 
                        $5,000,000, including the sale of goods for 
                        which payment is not required by the purchaser 
                        within 45 days.
                    ``(C) The transfer by the investor of goods that 
                are included on the United States Munitions List, 
                referred to in section 38(a)(1) of the Arms Export 
                Control Act (22 U.S.C. 2778(a)(1)) to a state sponsor 
                of terrorism within the 3-year period preceding the 
                date the Corporation enters into a contract with the 
                investor.
            ``(3) Exception.--An officer of a prospective OPIC-
        supported United States investor may provide a certification 
        under this subsection notwithstanding the fact that an 
        affiliate of the investor is engaged in a discouraged 
        transaction if the transaction is carried out under a contract 
        or other obligation of the affiliate that was entered into or 
        incurred before the acquisition of such affiliate by the 
        prospective OPIC-supported United States investor or the parent 
        company of the OPIC-supported United States investor.
            ``(4) Definitions.--In this subsection:
                    ``(A) Affiliate.--The term `affiliate' means any 
                person that is directly or indirectly controlled by, 
                under common control with, or controls a prospective 
                OPIC-supported United States investor or the parent 
                company of such investor.
                    ``(B) Investment commitment in the energy sector of 
                a state sponsor of terrorism.--The term `investment 
                commitment in the energy sector of a state sponsor of 
                terrorism' means any of the following activities if 
                such activity is undertaken pursuant to a commitment, 
                or pursuant to the exercise of rights under a 
                commitment, that was entered into with the government 
                of a state sponsor of terrorism or a nongovernmental 
                entity in a country that is a state sponsor of 
                terrorism:
                            ``(i) The entry into a contract that 
                        includes responsibility for the development or 
                        transportation of petroleum or natural gas 
                        resources located in a country that is a state 
                        sponsor of terrorism, or the entry into a 
                        contract providing for the general supervision 
                        or guaranty of another person's performance of 
                        such a contract.
                            ``(ii) The purchase of a share of 
                        ownership, including an equity interest, in the 
                        development of petroleum or natural resources 
                        described in clause (i).
                            ``(iii) The entry into a contract providing 
                        for the participation in royalties, earnings, 
                        or profits in the development of petroleum or 
                        natural resources described in clause (i), 
                        without regard to the form of the 
                        participation.
                    ``(C) State sponsor of terrorism.--The term `state 
                sponsor of terrorism' --
                            ``(i) means any country the government of 
                        which the Secretary of State has determined has 
                        repeatedly provided support for acts of 
                        international terrorism pursuant to section 
                        6(j) of the Export Administration Act of 1979, 
                        section 620A of this Act, or section 40 of the 
                        Arms Export Control Act; and
                            ``(ii) does not include Southern Sudan, 
                        Southern Kordofan/Nuba Mountains State, Blue 
                        Nile State, and Abyei, Darfur, if the 
                        Corporation, with the concurrence of the 
                        Secretary of State, determines that providing 
                        assistance for projects in such regions will 
                        provide emergency relief, promote economic 
                        self-sufficiency, or implement a nonmilitary 
                        program in support of a viable peace agreement 
                        in Sudan, such as the Comprehensive Peace 
                        Agreement for Sudan and the Darfur Peace 
                        Agreement.''.

SEC. 10. CONGRESSIONAL NOTIFICATION REGARDING MAXIMUM CONTINGENT 
              LIABILITY.

    Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), 
as amended by sections 7, and 9, is amended by adding at the end the 
following:
    ``(n) Congressional Notification of Increase in Maximum Contingent 
Liability.--The Corporation shall notify the Committee on Foreign 
Relations of the Senate and the Committee on Foreign Affairs of the 
House of Representatives not later than 15 days after the date on which 
the Corporation's maximum contingent liability outstanding at any one 
time pursuant to insurance issued under section 234(a), and the amount 
of financing issued under sections 234(b) and (c), exceeds the 
Corporation's maximum contingent liability for the preceding fiscal 
year by 25 percent or more.''.

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

    Section 239 of the Foreign Assistance Act of 1961 (22 U.S.C. 2199), 
as amended by sections 7, 9, and 10, is amended by adding at the end 
the following:
    ``(o) 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. LOW-INCOME HOUSING.

    Not later than 1 year after the date of the enactment of this Act, 
the Corporation shall submit a report to the Committee on Foreign 
Relations of the Senate and the Committee on Foreign Affairs of the 
House of Representatives, in consultation with appropriate departments, 
agencies, and instrumentalities of the United States, as well as 
private entities, on the feasibility of broadening the assistance the 
Corporation provides to projects that provide support to low-income 
home buyers. If the Corporation finds such assistance is feasible, the 
Corporation shall identify and begin to implement steps to proceed to 
provide such assistance.

SEC. 13. ASSISTANCE FOR SMALL BUSINESSES AND ENTITIES.

    Section 240 of the Foreign Assistance Act of 1961 (22 U.S.C. 2200) 
is amended by adding at the end the following:
    ``(c) Resources Dedicated to Small Businesses, Cooperatives, and 
Other Small United States Investors.--The Corporation shall ensure that 
adequate personnel and resources, including senior officers, are 
dedicated to assist United States small businesses, cooperatives, and 
other small United States investors in obtaining insurance, 
reinsurance, financing, and other assistance under this title. The 
Corporation shall include, in each annual report under section 240A, 
the following information with respect to the period covered by the 
report:
            ``(1) A description of such personnel and resources.
            ``(2) The number of United States small businesses, 
        cooperatives, and other small United States investors that 
        received insurance, reinsurance, financing, and other 
        assistance from the Corporation, and the dollar value of such 
        insurance, reinsurance, financing, and other assistance.
            ``(3) A description of the projects for which the 
        insurance, reinsurance, financing, and other assistance was 
        provided.''.

SEC. 14. 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), as amended by sections 7, 9, 10, and 11, 
        is amended--
                    (A) by striking subsection (b); and
                    (B) by redesignating subsections (c) through (o) as 
                subsections (b) through (n), 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.--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)''.
                                                       Calendar No. 593

110th CONGRESS

  2d Session

                               H. R. 2798

                          [Report No. 110-273]

_______________________________________________________________________

                                 AN ACT

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

_______________________________________________________________________

                             March 4, 2008

                       Reported with an amendment