I 111th CONGRESS 2d Session H. R. 4980 IN THE HOUSE OF REPRESENTATIVES March 25, 2010 Mr. Patrick J. Murphy of Pennsylvania (for himself and Mr. Flake) introduced the following bill; which was referred to the Committee on Foreign Affairs A BILL To terminate the authorities of the Overseas Private Investment Corporation.

1.

Short title

This Act may be cited as the Kick OPIC Act of 2010.

2.

Termination of Overseas Private Investment Corporation

(a)

Termination of Authority To Make New Obligations

(1)

Termination of authority

Effective 60 days after the date of the enactment of this Act, the Overseas Private Investment Corporation shall not issue any insurance, guaranties, or reinsurance, make any loan, or acquire any securities, under section 234 of the Foreign Assistance Act of 1961, enter into any agreements for any other activity authorized by such section 234, or enter into risk sharing arrangements authorized by section 234A of that Act. (2)

Preservation of existing contracts and agreements

Paragraph (1) does not require the termination of any contract or other agreement entered into before such paragraph takes effect. (b)

Termination of OPIC

Effective upon the expiration of the 180-day period beginning on the date of the enactment of this Act, the Overseas Private Investment Corporation is abolished. (c)

Transfer of Operations to OMB

The Director of the Office of Management and Budget shall, effective upon the expiration of the 180-day period beginning on the date of the enactment of this Act, perform the functions of the Overseas Private Investment Corporation with respect to contracts and agreements described in subsection (a)(2) until the expiration of such contracts and agreements, but shall not renew any such contract or agreement. The Director shall take the necessary steps to wind up the affairs of the Corporation. (d)

Repeal of Authorities

Effective upon the expiration of the 180-day period beginning on the date of the enactment of this Act, title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2191 and following) is repealed, but shall continue to apply with respect to functions performed by the Director of the Office of Management and Budget under subsection (c). (e)

Appropriations

Funds available to the Corporation shall, upon the effective date of the repeal made by subsection (d), be transferred to the Director of the Office of Management and Budget for use in performing the functions of the Corporation under subsection (c). Upon the expiration of the contracts and agreements with respect to which the Director is exercising such functions, any unexpended balances of the funds transferred under this subsection shall be deposited in the Treasury as miscellaneous receipts.

3.

Savings provisions

(a)

Prior Determinations Not Affected

The repeal made by section 2(d) of the provisions of law set forth in such section shall not affect any order, determination, regulation, or contract that has been issued, made, or allowed to become effective under such provisions before the effective date of the repeal. All such orders, determinations, regulations, and contracts shall continue in effect until modified, superseded, terminated, set aside, or revoked in accordance with law by the President, the Director of the Office of Management and Budget, or other authorized official, a court of competent jurisdiction, or by operation of law. (b)

Pending proceedings

(1)

Effect on pending proceedings

(A)

In general

The repeal made by section 2(d) shall not affect any proceedings, including notices of proposed rulemaking, pending on the effective date of the repeal, before the Overseas Private Investment Corporation, except that no insurance, reinsurance, guarantee, or loan may be issued pursuant to any application pending on such effective date. Such proceedings, to the extent that they relate to functions performed by the Director of the Office of Management and Budget after such repeal, shall be continued. Orders shall be issued in such proceedings, appeals shall be taken therefrom, and payments shall be made pursuant to such orders, as if this Act had not been enacted; and orders issued in any such proceedings shall continue in effect until modified, terminated, superseded, or revoked by the Director of the Office of Management and Budget, by a court of competent jurisdiction, or by operation of law. (B)

Construction

Nothing in this subsection shall be deemed to prohibit the discontinuance or modification of any proceeding described in subparagraph (A) under the same terms and conditions and to the same extent that such proceeding could have been discontinued or modified if this Act had not been enacted. (2)

Regulations for transfer of proceedings

The Director of the Office of Management and Budget is authorized to issue regulations providing for the orderly transfer of proceedings continued under paragraph (1). (c)

Actions

Except as provided in subsection (e)— (1)the provisions of this Act shall not affect suits commenced before the effective date of the repeal made by section 2(d); and (2)in all such suits, proceedings shall be had, appeals taken, and judgments rendered in the same manner and effect as if this Act had not been enacted. (d)

Liabilities Incurred

No suit, action, or other proceeding commenced by or against an individual in the official capacity of such individual as an officer of the Overseas Private Investment Corporation shall abate by reason of the enactment of this Act. No cause of action by or against the Overseas Private Investment Corporation, or by or against any officer thereof in the official capacity of such officer, shall abate by reason of the enactment of this Act. (e)

Parties

If, before the effective date of the repeal made by section 2(d), the Overseas Private Investment Corporation or an officer thereof in the official capacity of such officer, is a party to a suit, then such suit shall be continued with the Director of the Office of Management and Budget substituted or added as a party. (f)

Review

Orders and actions of the Director of the Office of Management and Budget in the exercise of functions of the Overseas Private Investment Corporation shall be subject to judicial review to the same extent and in the same manner as if such orders and actions had been issued or taken by the Overseas Private Investment Corporation. Any statutory requirements relating to notice, hearings, action upon the record, or administrative review that apply to any function of the Overseas Private Investment Corporation shall apply to the exercise of such function by the Director of the Office of Management and Budget.

4.

Technical and conforming amendments

(a)

Title 5, United States Code

(1)Section 5314 of title 5, United States Code, is amended by striking President, Overseas Private Investment Corporation. . (2)Section 5315 of title 5, United States Code, is amended by striking Executive Vice President, Overseas Private Investment Corporation. . (3)Section 5316 of title 5, United States Code, is amended by striking Vice Presidents, Overseas Private Investment Corporation (3). . (b)

Other Amendments and Repeals

(1)Section 222(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 2182) is amended by inserting after section 238(c) the following: as in effect on the day before the effective date of the repeal of that section made by section 2(d) of the OPIC Abolition Act. (2)Section 222A of the Foreign Assistance Act of 1961 (22 U.S.C. 2182a) is amended— (A)by striking subsections (f) and (g); and (B)by redesignating subsections (h) and (i) as subsections (f) and (g), respectively. (3)Section 499B(b) of the Foreign Assistance Act of 1961 (22 U.S.C. 2296b(b)) is amended— (A)by striking paragraph (2); and (B)by redesignating paragraph (3) as paragraph (2). (4)Section 2301(b)(9) of the Export Enhancement Act of 1988 (15 U.S.C. 4721(b)(9)) is amended by striking the Overseas Private Investment Corporation,. (5)Section 2312(d)(1) of the Export Enhancement Act of 1988 (15 U.S.C. 4727(d)(1)) is amended— (A)by striking subparagraph (K); and (B)by redesignating subparagraphs (L) and (M) as subparagraphs (K) and (L), respectively. (6)Section 5402(b) of the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 4902(b)) is amended— (A)in paragraph (12), by adding and after the semicolon; (B)by striking paragraph (13); and (C)by redesignating paragraph (14) as paragraph (13). (7)Section 625(a) of the Higher Education Act of 1965 (20 U.S.C. 1131c(a)) is amended by striking the Overseas Private Investment Corporation,. (8)Section 481(e)(4)(A) of the Foreign Assistance Act of 1961 (22 U.S.C. 2291(e)(4)(A)) is amended by striking (including programs under title IV of chapter 2, relating to the Overseas Private Investment Corporation). (9)Section 202(b)(2)(B) of the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)) is amended— (A)by striking clause (iv); and (B)by redesignating clauses (v), (vi), and (vii) as clauses (iv), (v), and (vi), respectively. (10)Section 103(7)(A) of the Victims of Trafficking and Violence Protection Act of 2000 (22 U.S.C. 7102(7)(A)) is amended— (A)in clause (vii), by adding and after the semicolon; (B)by striking clause (viii); and (C)by redesignating clause (ix) as clause (viii). (11)Section 405(a)(10) of the International Religious Freedom Act of 1998 (22 U.S.C. 6445(a)(10)) is amended by striking , the Overseas Private Investment Corporation,. (12)Section 732(b) of the Global Environmental Protection Assistance Act of 1989 (22 U.S.C. 7902(b)) is amended by striking the Overseas Private Investment Corporation,. (13)Section 916(a)(2) of the Energy Independence and Security Act of 2007 (42 U.S.C. 17336(a)(2)) is amended— (A)by striking subparagraph (I); and (B)by redesignating subparagraphs (J) through (M) as subparagraphs (I) through (L), respectively. (14)Section 6(d)(1) of the Belarus Democracy Act of 2004 (22 U.S.C. 5811 note) is amended by striking and the Overseas Private Investment Corporation. (15)The following provisions of law are repealed: (A)Section 5(b)(2) of the Overseas Private Investment Corporation Amendments Act of 1981 (22 U.S.C. 2194a). (B)Section 5 of the Taiwan Relations Act (22 U.S.C. 3304). (C)Section 2(c)(12) of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C. 5401(c)(12)). (D)Section 9101(3)(H) of title 31, United States Code. (E)Section 123 of the African Growth and Opportunity Act (19 U.S.C. 3733), and the item relating to that section in the table of contents of that Act. (F)Section 104 of the Africa: Seeds of Hope Act of 1998 (22 U.S.C. 2293), and the item relating to that section in the table of contents for that Act. (G)Section 914 of the Energy Independence and Security Act of 2007 (42 U.S.C. 17334), and the item relating to that section in the table of contents for that Act. (c)

Effective Date

The amendments and repeals made by this section shall take effect upon the expiration of the 180-day period beginning on the date of the enactment of this Act.