[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5105 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 631
115th CONGRESS
  2d Session
                                H. R. 5105

                          [Report No. 115-814]

   To establish the United States International Development Finance 
                  Corporation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 27, 2018

   Mr. Yoho (for himself and Mr. Smith of Washington) introduced the 
 following bill; which was referred to the Committee on Foreign Affairs

                             July 11, 2018

Additional sponsors: Mr. Royce of California, Mr. McCaul, Mr. Sherman, 
   Mr. Poe of Texas, Mr. Francis Rooney of Florida, Mr. Keating, Mr. 
Norman, Mr. Moulton, Mr. Cicilline, Mr. Budd, Mr. Kind, Mr. Gallagher, 
Mrs. Brooks of Indiana, Mr. Bera, Mr. Long, Mr. Barr, Mr. Meadows, Mr. 
  Wilson of South Carolina, Mr. Fitzpatrick, Mr. Pocan, Mr. Castro of 
Texas, Mr. Garrett, Mr. Guthrie, Mr. Larsen of Washington, Mrs. Beatty, 
   Ms. Bass, Mr. Bacon, Mr. Khanna, Mr. Norcross, Mr. Reichert, Mr. 
   Goodlatte, Ms. Moore, Mr. Cooper, Mr. Katko, Mr. Blumenauer, Mr. 
McGovern, Mrs. Comstock, Mrs. McMorris Rodgers, Mr. Webster of Florida, 
           Mr. Scalise, Mr. Kilmer, Mr. Coffman, and Mr. Heck

                             July 11, 2018

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
    [For text of introduced bill, see copy of bill as introduced on 
                           February 27, 2018]


_______________________________________________________________________

                                 A BILL


 
   To establish the United States International Development Finance 
                  Corporation, and for other purposes.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Better Utilization 
of Investments Leading to Development Act of 2018'' or the ``BUILD Act 
of 2018''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.

                         TITLE I--ESTABLISHMENT

Sec. 101. Statement of policy.
Sec. 102. United States International Development Finance Corporation.
Sec. 103. Management of Corporation.
Sec. 104. Inspector General of the Corporation.
Sec. 105. Independent accountability mechanism.

                         TITLE II--AUTHORITIES

Sec. 201. Authorities relating to provision of support.
Sec. 202. Terms and conditions.
Sec. 203. Payment of losses.
Sec. 204. Termination.

            TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

Sec. 301. Operations.
Sec. 302. Corporate powers.
Sec. 303. Maximum contingent liability.
Sec. 304. Corporate funds.
Sec. 305. Coordination with other development agencies.

            TITLE IV--MONITORING, EVALUATION, AND REPORTING

Sec. 401. Establishment of risk and audit committees.
Sec. 402. Performance measures.
Sec. 403. Annual report.
Sec. 404. Publicly available project information.
Sec. 405. Engagement with investors.
Sec. 406. Notification of support to be provided by the Corporation.

          TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

Sec. 501. Limitations and preferences.
Sec. 502. Additionality and avoidance of market distortion.
Sec. 503. Prohibition on support in sanctioned countries and with 
                            sanctioned persons.
Sec. 504. Penalties for misrepresentation, fraud, and bribery.

                   TITLE VI--TRANSITIONAL PROVISIONS

Sec. 601. Definitions.
Sec. 602. Reorganization plan.
Sec. 603. Transfer of functions.
Sec. 604. Termination of Overseas Private Investment Corporation and 
                            other superceded authorities.
Sec. 605. Transitional authorities.
Sec. 606. Savings provisions.
Sec. 607. Other terminations.
Sec. 608. Incidental transfers.
Sec. 609. Reference.
Sec. 610. Conforming amendments.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Relations and the 
                Committee on Appropriations of the Senate; and
                    (B) the Committee on Foreign Affairs and the 
                Committee on Appropriations of the House of 
                Representatives.
            (2) Less developed country.--The term ``less developed 
        country'' means a country with a low-income economy, lower-
        middle-income economy, or upper-middle-income economy, as 
        defined by the International Bank for Reconstruction and 
        Development and the International Development Association 
        (collectively referred to as the ``World Bank'').
            (3) Predecessor authority.--The term ``predecessor 
        authority'' means authorities repealed by title VI.
            (4) Qualifying sovereign entity.--The term ``qualifying 
        sovereign entity'' means--
                    (A) any agency or instrumentality of a foreign 
                state (as defined in section 1603 of title 28, United 
                States Code) that has a purpose that is similar to the 
                purpose of the Corporation as described in section 
                102(b); and
                    (B) any international financial institution (as 
                defined in section 1701(c) of the International 
                Financial Institutions Act (22 U.S.C. 262r(c))).

                         TITLE I--ESTABLISHMENT

SEC. 101. STATEMENT OF POLICY.

    It is the policy of the United States to facilitate market-based 
private sector development and economic growth in less developed 
countries through the provision of credit, capital, and other financial 
support--
            (1) to mobilize private capital in support of sustainable, 
        broad-based economic growth, poverty reduction, and development 
        through demand-driven partnerships with the private sector that 
        further the foreign policy interests of the United States;
            (2) to finance development in a way that builds and 
        strengthens civic institutions, promotes competition, provides 
        for public accountability and transparency;
            (3) to help private sector actors overcome identifiable 
        market gaps and inefficiencies without distorting markets;
            (4) to achieve clearly defined economic and social 
        development outcomes;
            (5) to coordinate with institutions with purposes similar 
        to the purposes of the Corporation to leverage resources of 
        those institutions to produce the greatest impact;
            (6) to provide countries a robust alternative to state-
        directed investments by authoritarian governments and United 
        States strategic competitors using high standards of 
        transparency, environmental and social safeguards, and which 
        take into account the debt sustainability of partner countries;
            (7) to leverage private sector capabilities and innovative 
        development tools to help countries currently receiving United 
        States assistance to transition from their status as recipients 
        of traditional forms of assistance in order to decrease their 
        reliance on such assistance over time;
            (8) to complement and be guided by overall United States 
        foreign policy, development, and national security objectives, 
        taking into account the priorities and needs of countries 
        receiving support.

SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION.

    (a) Establishment.--There is established in the Executive branch 
the United States International Development Finance Corporation (in 
this Act referred to as the ``Corporation''), which shall be a wholly 
owned Government corporation (as defined in section 9101 of title 31, 
United States Code) under the foreign policy guidance of the Secretary 
of State.
    (b) Purpose.--The purpose of the Corporation shall be to mobilize 
and facilitate the participation of private sector capital and skills 
in the economic development of less developed countries, as described 
in subsection (c), and countries in transition from nonmarket to market 
economies, in order to complement the development assistance 
objectives, and advance the foreign policy interests, of the United 
States. In carrying out its purpose, the Corporation, utilizing broad 
criteria, shall take into account in its financing operations the 
economic and financial soundness of projects for which it provides 
support under title II.
    (c) Less Developed Country Focus.--
            (1) In general.--The Corporation shall prioritize the 
        provision of support under title II in less developed countries 
        with a low-income economy or a lower-middle-income economy.
            (2) Support in upper-middle-income countries.--The 
        Corporation shall restrict the provision of support under title 
        II in a less developed country with an upper-middle-income 
        economy unless--
                    (A) the President certifies to the appropriate 
                congressional committees that such support furthers the 
                national economic or foreign policy interests of the 
                United States; and
                    (B) such support is likely to be highly 
                developmental or provide developmental benefits to the 
                poorest population of that country.

SEC. 103. MANAGEMENT OF CORPORATION.

    (a) Structure of Corporation.--There shall be in the Corporation a 
Board of Directors (in this Act referred to as the ``Board''), a Chief 
Executive Officer, a Deputy Chief Executive Officer, a Chief Risk 
Officer, Chief Development Officer, and such other officers as the 
Board may determine.
    (b) Board of Directors.--
            (1) Duties.--All powers of the Corporation shall vest in 
        and be exercised by or under the authority of the Board. The 
        Board--
                    (A) shall perform the functions specified to be 
                carried out by the Board in this Act;
                    (B) may prescribe, amend, and repeal bylaws, rules, 
                regulations, policies, and procedures governing the 
                manner in which the business of the Corporation may be 
                conducted and in which the powers granted to the 
                Corporation by law may be exercised; and
                    (C) shall develop, in consultation with 
                stakeholders and other interested parties, a publicly-
                available policy with respect to consultations, 
                hearings, and other forms of engagement in order to 
                provide for meaningful public participation in the 
                Board's activities.
            (2) Membership of board.--
                    (A) In general.--The Board shall consist of--
                            (i) the Chief Executive Officer of the 
                        Corporation;
                            (ii) the officers specified in subparagraph 
                        (B); and
                            (iii) four other individuals who shall be 
                        appointed by the President, by and with the 
                        advice and consent of the Senate, of which--
                                    (I) one individual should be 
                                appointed from among a list of at least 
                                five individuals submitted by the 
                                majority leader of the Senate after 
                                consultation with the chairman of the 
                                Committee on Foreign Relations of the 
                                Senate;
                                    (II) one individual should be 
                                appointed from among a list of at least 
                                five individuals submitted by the 
                                minority leader of the Senate after 
                                consultation with the ranking member of 
                                the Committee on Foreign Relations of 
                                the Senate;
                                    (III) one individual should be 
                                appointed from among a list of at least 
                                five individuals submitted by the 
                                Speaker of the House of Representatives 
                                after consultation with the chairman of 
                                the Committee on Foreign Affairs of the 
                                House of Representatives; and
                                    (IV) one individual should be 
                                appointed from among a list of at least 
                                five individuals submitted by the 
                                minority leader of the House of 
                                Representatives after consultation with 
                                the ranking member of the Committee on 
                                Foreign Affairs of the House of 
                                Representatives.
                    (B) Officers specified.--
                            (i) In general.--The officers specified in 
                        this subparagraph are the following:
                                    (I) The Secretary of State or a 
                                designee of the Secretary.
                                    (II) The Administrator of the 
                                United States Agency for International 
                                Development or a designee of the 
                                Administrator.
                                    (III) The Secretary of the Treasury 
                                or a designee of the Secretary.
                                    (IV) The Secretary of Commerce or a 
                                designee of the Secretary.
                            (ii) Requirements for designees.--A 
                        designee under clause (i) shall be selected 
                        from among officers--
                                    (I) appointed by the President, by 
                                and with the advice and consent of the 
                                Senate;
                                    (II) whose duties relate to the 
                                programs of the Corporation; and
                                    (III) who is designated by and 
                                serving at the pleasure of the 
                                President.
                    (C) Requirements for non-government members.--A 
                member of the Board described in subparagraph 
                (A)(iii)--
                            (i) may not be an officer or employee of 
                        the United States Government;
                            (ii) shall have relevant experience, which 
                        may include experience relating to the private 
                        sector, international environment, labor 
                        organizations, or international development, to 
                        carry out the purposes of the Corporation;
                            (iii) shall be appointed for a term of 3 
                        years and may be reappointed for one additional 
                        term;
                            (iv) shall serve until the member's 
                        successor is appointed and confirmed;
                            (v) shall be compensated at a rate 
                        equivalent to that of level IV of the Executive 
                        Schedule under section 5315 of title 5, United 
                        States Code, when engaged in the business of 
                        the Corporation; and
                            (vi) may be paid per diem in lieu of 
                        subsistence at the applicable rate under the 
                        Federal Travel Regulation under subtitle F of 
                        title 41, Code of Federal Regulations, from 
                        time to time, while away from the home or usual 
                        place of business of the member.
            (3) Chairperson.--There shall be a Chairperson of the Board 
        designated by the President from among the individuals 
        described in paragraph (2)(A).
            (4) Vice chairperson.--The Administrator of the United 
        States Agency for International Development, or the designee of 
        the Administrator under paragraph (2)(B)(i)(II), shall serve as 
        the Vice Chairperson of the Board.
            (5) Quorum.--Five members of the Board shall constitute a 
        quorum for the transaction of business by the Board.
    (c) Public Hearings.--
            (1) Public hearings by the board.--The Board shall hold at 
        least one public hearing each year in order to afford an 
        opportunity for any person to present views with respect to 
        whether--
                    (A) the Corporation is carrying out its activities 
                in accordance with this Act; and
                    (B) any support provided by the Corporation under 
                title II in any country should have been or should be 
                extended.
            (2) Additional public hearings.--In conjunction with each 
        meeting of the Board, 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. Such 
        views shall be made part of the record.
    (d) Chief Executive Officer.--
            (1) Appointment.--There shall be in the Corporation a Chief 
        Executive Officer, who shall be appointed by the President, by 
        and with the advice and consent of the Senate, and who shall 
        serve at the pleasure of the President.
            (2) Authorities and duties.--The Chief Executive Officer 
        shall be responsible for the management of the Corporation and 
        shall exercise the powers and discharge the duties of the 
        Corporation subject to the bylaws, rules, regulations, and 
        procedures established by the Board.
            (3) Relationship to board.--The Chief Executive Officer 
        shall report to and be under the direct authority of the Board.
            (4) Compensation.--Section 5313 of title 5, United States 
        Code, is amended by adding at the end the following:
            ``Chief Executive Officer, United States International 
        Development Finance Corporation.''.
    (e) Deputy Chief Executive Officer.--There shall be in the 
Corporation a Deputy Chief Executive Officer, who shall be appointed by 
the President, by and with the advice and consent of the Senate, and 
who shall serve at the pleasure of the President.
    (f) Chief Risk Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer of the Corporation shall appoint a 
        Chief Risk Officer, from among individuals with experience at a 
        senior level in financial risk management, who--
                    (A) shall report directly to the Board; and
                    (B) shall be removable only by a majority vote of 
                the Board.
            (2) Duties.--The Chief Risk Officer shall, in coordination 
        with the audit committee of the Board established under section 
        401, develop, implement, and manage a comprehensive process for 
        identifying, assessing, monitoring, and limiting risks to the 
        Corporation, including the overall portfolio diversification of 
        the Corporation.
    (g) Chief Development Officer.--
            (1) Appointment.--Subject to the approval of the Board, the 
        Chief Executive Officer, in conjunction with the Administrator 
        of the United States Agency for International Development, 
        shall appoint a Chief Development Officer, from among 
        individuals with experience in development, who--
                    (A) shall report directly to the Board; and
                    (B) shall be removable only by a majority vote of 
                the Board.
            (2) Duties.--The Chief Development Officer shall--
                    (A) coordinate the Corporation's development 
                policies and implementation efforts with the United 
                States Agency for International Development, the 
                Millennium Challenge Corporation, and other relevant 
                United State Government departments and agencies, 
                including directly liaising with missions of the United 
                States Agency for International Development, to ensure 
                that departments, agencies, and missions have training, 
                awareness, and access to the Corporation's tools in 
                relation to development policy and projects in 
                countries;
                    (B) under the guidance of the Chief Executive 
                Officer, manage employees of the Corporation that are 
                dedicated to structuring, monitoring and evaluating 
                transactions and projects co-designed with the United 
                States Agency for International Development and other 
                relevant United State Government departments and 
                agencies;
                    (C) authorize and coordinate transfers of funds or 
                other resources to and from such agencies, departments, 
                or missions upon the concurrence of those institutions 
                in support of the Corporation's projects or activities; 
                and
                    (D) coordinate and implement the activities of the 
                Corporation under section 405.
    (h) Officers and Employees.--
            (1) In general.--Except as otherwise provided in this 
        section, officers, employees, and agents shall be selected and 
        appointed by the Corporation, and shall be vested with such 
        powers and duties as the Corporation may determine.
            (2) Administratively determined employees.--
                    (A) Appointment; compensation; removal.--Of 
                officers and employees employed by the Corporation 
                under paragraph (1), not to exceed 50 may be appointed, 
                compensated, or removed without regard to title 5, 
                United States Code.
                    (B) Reinstatement.--Under such regulations as the 
                President may prescribe, officers and employees 
                appointed to a position under subparagraph (A) may be 
                entitled, upon removal from such position (unless the 
                removal was for cause), to reinstatement to the 
                position occupied at the time of appointment or to a 
                position of comparable grade and salary.
                    (C) Additional positions.--Positions authorized by 
                subparagraph (A) shall be in addition to those 
                otherwise authorized by law, including positions 
                authorized under section 5108 of title 5, United States 
                Code.
                    (D) Rates of pay for officers and employees.--The 
                Corporation may set and adjust rates of basic pay for 
                officers and employees appointed under subparagraph (A) 
                without regard to the provisions of chapter 51 or 
                subchapter III of chapter 53 of title 5, United States 
                Code, relating to classification of positions and 
                General Schedule pay rates, respectively.
            (3) Liability of employees.--
                    (A) In general.--An individual who is a member of 
                the Board or an officer or employee of the Corporation 
                has no liability under this Act with respect to any 
                claim arising out of or resulting from any act or 
                omission by the individual within the scope of the 
                employment of the individual in connection with any 
                transaction by the Corporation.
                    (B) Rule of construction.--Subparagraph (A) shall 
                not be construed to limit personal liability of an 
                individual for criminal acts or omissions, willful or 
                malicious misconduct, acts or omissions for private 
                gain, or any other acts or omissions outside the scope 
                of the individual's employment.
                    (C) Savings provision.--This paragraph shall not be 
                construed--
                            (i) to affect--
                                    (I) any other immunities and 
                                protections that may be available to an 
                                individual described in subparagraph 
                                (A) under applicable law with respect 
                                to a transaction described in that 
                                subparagraph; or
                                    (II) any other right or remedy 
                                against the Corporation, against the 
                                United States under applicable law, or 
                                against any person other than an 
                                individual described in subparagraph 
                                (A) participating in such a 
                                transaction; or
                            (ii) to limit or alter in any way the 
                        immunities that are available under applicable 
                        law for Federal officers and employees not 
                        described in this paragraph.

SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.

    The President shall appoint and maintain an Inspector General in 
the Corporation, in accordance with the Inspector General Act of 1978 
(5 U.S.C. App.).

SEC. 105. INDEPENDENT ACCOUNTABILITY MECHANISM.

    (a) In General.--The Board shall establish a transparent and 
independent accountability mechanism.
    (b) Functions.--The independent accountability mechanism 
established pursuant to subsection (a) shall--
            (1) annually evaluate and report to the Board and Congress 
        regarding compliance with environmental, social, labor, human 
        rights, and transparency standards, consistent with Corporation 
        statutory mandates;
            (2) provide a forum for resolving concerns regarding the 
        impacts of specific Corporation-supported projects with respect 
        to such standards; and
            (3) provide advice regarding Corporation projects, 
        policies, and practices.

                         TITLE II--AUTHORITIES

SEC. 201. AUTHORITIES RELATING TO PROVISION OF SUPPORT.

    (a) In General.--The authorities in this title should only be 
exercised to--
            (1) carry out of the policy of the United States in section 
        101 and the purpose of the Corporation in section 102;
            (2) mitigate risks to United States taxpayers by sharing 
        risks with the private sector and qualifying sovereign entities 
        through co-financing and structuring of tools; and
            (3) ensure that support provided under this title is 
        additional to private sector resources by mobilizing private 
        capital that would otherwise not be deployed without such 
        support.
    (b) Lending and Guaranties.--
            (1) In general.--The Corporation may make loans or 
        guaranties upon such terms and conditions as the Corporation 
        may determine.
            (2) Denomination.--Loans and guaranties issued under 
        paragraph (1) may be denominated and repayable in United States 
        dollars or foreign currencies. Foreign currency denominated 
        loans and guaranties should only be provided if the Board 
        determines there is a substantive policy rationale for such 
        loans and guaranties.
            (3) Applicability of federal credit reform act of 1990.--
        Loans and guaranties issued under paragraph (1) shall be 
        subject to the requirements of the Federal Credit Reform Act of 
        1990 (2 U.S.C. 661 et seq.).
    (c) Equity Investments.--
            (1) In general.--The Corporation may, as a minority 
        investor, support projects with funds or use other mechanisms 
        for the purpose of purchasing, and may make and fund 
        commitments to purchase, invest in, make pledges in respect of, 
        or otherwise acquire, equity or quasi-equity securities or 
        shares or financial interests of any entity, including as a 
        limited partner or other investor in investment funds, upon 
        such terms and conditions as the Corporation may determine.
            (2) Denomination.--Support provided under paragraph (1) may 
        be denominated and repayable in United States dollars or 
        foreign currency. Foreign currency denominated support provided 
        by paragraph (1) should only be provided if the Board 
        determines there is a substantive policy rationale for such 
        support.
            (3) Guidelines and criteria.--The Corporation shall develop 
        guidelines and criteria to require that the use of the 
        authority provided by paragraph (1) with respect to a project 
        has a clearly defined development and foreign policy rationale, 
        taking into account the following objectives:
                    (A) The support for the project would be more 
                likely than not to substantially reduce or overcome the 
                effect of an identified market failure in the country 
                in which the project is carried out.
                    (B) The project would not have proceeded or would 
                have been substantially delayed without the support.
                    (C) The support will meaningfully contribute to 
                transforming local conditions to promote the 
                development of markets.
                    (D) The support can be shown to be aligned with 
                commercial partner incentives.
                    (E) The support can be shown to have significant 
                developmental impact and will contribute to long-term 
                commercial sustainability.
                    (F) The support furthers the policy of the United 
                States described in section 101.
            (4) Limitations on equity investments.--
                    (A) Per project limit.--The aggregate amount of 
                support provided under this subsection with respect to 
                any project shall not exceed 30 percent of the 
                aggregate amount of all equity investment made from any 
                source to the project at the time that the Corporation 
                approves support of the project.
                    (B) Total limit.--Support provided pursuant to this 
                subsection shall be limited to not more than 35 percent 
                of the Corporation's aggregate exposure on the date 
                that such support is provided.
            (5) Sales and liquidation of position.--The Corporation 
        shall seek to sell and liquidate any support for a project 
        provided under this subsection as soon as commercially 
        feasible, commensurate with other similar investors in the 
        project and taking into consideration the national security 
        interests of the United States.
            (6) Timetable.--The Corporation shall create a project-
        specific timetable for support provided under paragraph (1).
    (d) Insurance and Reinsurance.--The Corporation may issue insurance 
or reinsurance, upon such terms and conditions as the Corporation may 
determine, to private sector entities and qualifying sovereign entities 
assuring protection of their investments in whole or in part against 
any or all political risks such as currency inconvertibility and 
transfer restrictions, expropriation, war, terrorism, and civil 
disturbance, breach of contract, or non-honoring of financial 
obligations.
    (e) Promotion of and Support for Private Investment 
Opportunities.--
            (1) In general.--In order to carry out the purposes of the 
        Corporation described in section 102(b), the Corporation may 
        initiate and support, through financial participation, 
        incentive grant, or otherwise, and on such terms and conditions 
        as the Corporation may determine, feasibility studies for the 
        planning, development, and management of, and procurement for, 
        potential bilateral and multilateral development projects 
        eligible for support under this title, including training 
        activities undertaken in connection with such projects, for the 
        purpose of promoting investment in such projects and the 
        identification, assessment, surveying, and promotion of private 
        investment opportunities, utilizing wherever feasible and 
        effective, the facilities of private investors.
            (2) Contributions to costs.--The Corporation shall, to the 
        maximum extent practicable, require any person receiving funds 
        under the authorities of this subsection to--
                    (A) share the costs of feasibility studies and 
                other project planning services funded under this 
                subsection; and
                    (B) reimburse the Corporation those funds provided 
                under this section, if the person succeeds in project 
                implementation.
    (f) Special Projects and Programs.--The Corporation may administer 
and manage special projects and programs in support of specific 
transactions undertaken by the Corporation, including programs of 
financial and advisory support that provide private technical, 
professional, or managerial assistance in the development of human 
resources, skills, technology, capital savings, and intermediate 
financial and investment institutions and cooperatives and including 
the initiation of incentives, grants, and studies for renewable energy, 
microenterprise households, women's economic empowerment, 
microenterprise households, and other small business activities.
    (g) Enterprise Funds.--
            (1) In general.--The Corporation may, following 
        consultation with the Secretary of State, the Administrator of 
        the United States Agency for International Development, and the 
        heads of other relevant departments or agencies, establish and 
        operate enterprise funds in accordance with this subsection.
            (2) Procedures and requirements.--The provisions of section 
        201 of the Support for East European Democracy (SEED) Act of 
        1989 (22 U.S.C. 5421) (other than the provisions of subsections 
        (a), (b), (c), (d)(1), (d)(3), (e), (f), and (j) of that 
        section), shall be deemed to apply with respect to any 
        enterprise fund established by the Corporation under this 
        subsection and to funds made available to any such enterprise 
        fund in the same manner and to the same extent as such 
        provisions apply with respect to enterprise funds established 
        pursuant to such section 201 or to funds made available to 
        enterprise funds established under that section.
            (3) Purposes for which support may be provided.--The 
        Corporation, subject to the approval of the Board, may 
        designate private, nonprofit organizations as eligible to 
        receive support under this subsection for the following 
        purposes:
                    (A) To promote development of economic freedom and 
                private sectors, including small- and medium-sized 
                enterprises and joint ventures with the United States 
                and host country participants.
                    (B) To facilitate access to the credit to small- 
                and medium-sized enterprises with sound business plans 
                in countries where there is limited means of accessing 
                credit on market terms.
                    (C) To promote policies and practices conducive to 
                economic freedom and private sector development.
                    (D) To attract foreign direct investment capital to 
                further promote private sector development and economic 
                freedom.
                    (E) To complement the work of the United States 
                Agency for International Development and other donors 
                to improve the overall business-enabling environment, 
                financing the creation and expansion of the private 
                business sector.
                    (F) To make financially sustainable investments 
                designed to generate measurable social benefits and 
                build technical capacity in addition to financial 
                returns.
            (4) Operation of funds.--
                    (A) Expenditures.--Funds made available to an 
                enterprise fund shall be expended at the minimum rate 
                necessary to make timely payments for projects and 
                activities carried out under this subsection.
                    (B) Administrative expenses.--Not more than 3 
                percent of the funds made available to an enterprise 
                fund may be obligated or expended for the 
                administrative expenses of the enterprise fund.
            (5) Board of directors.--Each enterprise fund established 
        under this subsection should be governed by a Board of 
        Directors comprised of private citizens of the United States or 
        the host country, who--
                    (A) shall be appointed by the President after 
                consultation with the chairmen and ranking members of 
                the appropriate congressional committees; and
                    (B) have pursued careers in international business 
                and have demonstrated expertise in international and 
                emerging market investment activities.
            (6) Majority member requirement.--The majority of the 
        members of the Board of Directors shall be United States 
        citizens who shall have relevant experience relating to the 
        purposes described in paragraph (3).
            (7) Reports.--Not later than one year after the date of the 
        establishment of an enterprise fund under this subsection, and 
        annually thereafter until the enterprise fund terminates in 
        accordance with paragraph (10), the Board of Directors of the 
        enterprise fund shall--
                    (A) submit to the appropriate congressional 
                committees a report--
                            (i) detailing the administrative expenses 
                        of the enterprise fund during the year 
                        preceding the submission of the report;
                            (ii) describing the operations, activities, 
                        engagement with civil society and relevant 
                        local private sector entities, development 
                        objectives and outcomes, financial condition, 
                        and accomplishments of the enterprise fund 
                        during that year;
                            (iii) describing the results of the audit 
                        conducted under paragraph (8) during that year; 
                        and
                            (iv) describing how audits conducted under 
                        paragraph (8) are informing the operations and 
                        activities of the enterprise fund; and
                    (B) publish, on a publicly available internet 
                website of the enterprise fund, each report required by 
                subparagraph (A).
            (8) Oversight.--
                    (A) Inspector general performance audits.--
                            (i) In general.--The Inspector General of 
                        the Corporation shall conduct periodic audits 
                        of the activities of each enterprise fund 
                        established under this subsection.
                            (ii) Consideration.--In conducting an audit 
                        under clause (i), the Inspector General shall 
                        assess whether the activities of the enterprise 
                        fund--
                                    (I) support the purposes described 
                                in paragraph (3);
                                    (II) result in profitable private 
                                sector investing; and
                                    (III) generate measurable social 
                                benefits.
                    (B) Recordkeeping requirements.--The Corporation 
                shall ensure that each enterprise fund receiving 
                support under this subsection--
                            (i) keeps separate accounts with respect to 
                        such support; and
                            (ii) maintains such records as may be 
                        reasonably necessary to facilitate effective 
                        audits under this paragraph.
            (9) Return of funds to treasury.--Any funds resulting from 
        any liquidation, dissolution, or winding up of an enterprise 
        fund, in whole or in part, shall be returned to the Treasury of 
        the United States.
            (10) Termination.--The authority of an enterprise fund to 
        provide support under this subsection shall terminate on the 
        earlier of--
                    (A) the date that is 7 years after the date of the 
                first expenditure of amounts from the enterprise fund; 
                or
                    (B) the date on which the enterprise fund is 
                liquidated.
    (h) Supervision of Support.--Support provided under this title 
shall be subject to section 622(c) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2382(c)).

SEC. 202. TERMS AND CONDITIONS.

    (a) In General.--Except as provided in subsection (b), support 
provided by the Corporation under this title shall be on such terms and 
conditions as the Corporation may prescribe.
    (b) Requirements.--The following requirements apply to support 
provided by the Corporation under this title:
            (1) The Corporation shall provide support using authorities 
        under this title only if it is necessary--
                    (A) to alleviate a credit market imperfection; or
                    (B) to achieve specified development or foreign 
                policy objectives of the United States Government by 
                providing support in the most efficient way to meet 
                those objectives on a case-by-case basis.
            (2) The final maturity of a loan made or guaranteed by the 
        Corporation shall not exceed the lesser of--
                    (A) 25 years; or
                    (B) debt servicing capabilities of the project to 
                be financed by the loan (as determined by the 
                Corporation).
            (3) The Corporation shall, with respect to providing any 
        loan guaranty to a project, require the parties to the project 
        to bear the risk of loss in an amount equal to at least 20 
        percent of the guaranteed support by the Corporation in the 
        project.
            (4) The Corporation may not make or guarantee a loan unless 
        the Corporation determines that the borrower or lender is 
        responsible and that adequate provision is made for servicing 
        the loan on reasonable terms and protecting the financial 
        interest of the United States.
            (5) The interest rate for direct loans and interest 
        supplements on guaranteed loans shall be set by reference to a 
        benchmark interest rate (yield) on marketable Treasury 
        securities or other widely recognized or appropriate benchmarks 
        with a similar maturity to the loans being made or guaranteed, 
        as determined in consultation with the Director of the Office 
        of Management and Budget and the Secretary of the Treasury. The 
        Corporation shall establish appropriate minimum interest rates 
        for loans, guaranties, and other instruments as necessary.
            (6) The minimum interest rate for new loans as established 
        by the Corporation shall be adjusted periodically to take 
        account of changes in the interest rate of the benchmark 
        financial instrument.
            (7)(A) The Corporation shall set fees or premiums for 
        support provided under this title at levels that minimize the 
        cost to the Government while supporting achievement of the 
        objectives of support.
            (B) The Corporation shall review fees for loan guaranties 
        periodically to ensure that the fees assessed on new loan 
        guaranties are at a level sufficient to cover the Corporation's 
        most recent estimates of its costs.
            (8) Any loan guaranty provided by the Corporation shall be 
        conclusive evidence that--
                    (A) the guaranty has been properly obtained;
                    (B) the loan qualified for the guaranty; and
                    (C) but for fraud or material misrepresentation by 
                the holder of the guaranty, the guaranty is presumed to 
                be valid, legal, and enforceable.
            (9) The Corporation shall prescribe explicit standards for 
        use in periodically assessing the credit risk of new and 
        existing direct loans or guaranteed loans.
            (10) The Corporation may not make loans or loan guaranties 
        except to the extent that budget authority to cover the costs 
        of the loans or guaranties is provided in advance in an 
        appropriations Act, as required by section 504 of the Federal 
        Credit Reform Act of 1990 (2 U.S.C. 661c).
            (11) The Corporation shall rely upon specific standards to 
        assess the developmental and strategic value of projects for 
        which it provides support and should only provide the minimum 
        level of support necessary in order to support such projects.
            (12) Any loan or loan guaranty made by the Corporation 
        should be provided on a senior basis or pari passu with other 
        senior debt unless there is a substantive policy rationale to 
        provide such support otherwise.

SEC. 203. PAYMENT OF LOSSES.

    (a) Payments for Defaults on Guaranteed Loans.--
            (1) In general.--If the Corporation determines that the 
        holder of a loan guaranteed by the Corporation suffers a loss 
        as a result of a default by a borrower on the loan, the 
        Corporation shall pay to the holder the percent of the loss, as 
        specified in the guaranty contract after the holder of the loan 
        has made such further collection efforts and instituted such 
        enforcement proceedings as the Corporation may require.
            (2) Subrogation.--Upon making a payment described in 
        paragraph (1), the Corporation shall ensure the Corporation 
        will be subrogated to all the rights of the recipient of the 
        payment.
            (3) Recovery efforts.--The Corporation shall pursue 
        recovery from the borrower of the amount of any payment made 
        under paragraph (1) with respect to the loan.
    (b) Limitation on Payments.--
            (1) In general.--Except as provided by paragraph (2), 
        compensation for insurance, reinsurance, or a guaranty issued 
        under this title shall not exceed the dollar value of the 
        tangible or intangible contributions or commitments made in the 
        project, plus interest, earnings, or profits actually accrued 
        on such contributions or commitments, to the extent provided by 
        such insurance, reinsurance, or guaranty.
            (2) Exception.--
                    (A) In general.--The Corporation may provide that--
                            (i) appropriate adjustments in the insured 
                        dollar value be made to reflect the replacement 
                        cost of project assets; and
                            (ii) compensation for a claim of loss under 
                        insurance of an equity investment under section 
                        201(b) may be computed on the basis of the net 
                        book value attributable to the equity 
                        investment on the date of loss.
            (3) Additional limitation.--
                    (A) In general.--Notwithstanding paragraph 
                (2)(A)(ii) and except as provided in subparagraph (B), 
                the Corporation shall limit the amount of direct 
                insurance and reinsurance issued under section 201 with 
                respect to a project so as to require that the insured 
                and its affiliates bear the risk of loss for at least 
                10 percent of the amount of the Corporation's exposure 
                to that insured and its affiliates in the project.
                    (B) Exception.--The limitation under subparagraph 
                (A) shall not apply to direct insurance or reinsurance 
                of loans provided by banks or other financial 
                institutions to unrelated parties.
    (c) Actions by Attorney General.--The Attorney General shall take 
such action as may be appropriate to enforce any right accruing to the 
United States as a result of the issuance of any loan or guaranty under 
this title.
    (d) Rule of Construction.--Nothing in this section shall be 
construed to preclude any forbearance for the benefit of a borrower 
that may be agreed upon by the parties to a loan guaranteed by the 
Corporation if budget authority for any resulting costs to the United 
States Government (as defined in section 502 of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661a)) is available.

SEC. 204. TERMINATION.

    (a) In General.--The authorities provided under this title 
terminate on the date that is 7 years after the date of the enactment 
of this Act.
    (b) Termination of Corporation.--The Corporation shall terminate on 
the date on which the portfolio of the Corporation is liquidated.

            TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

SEC. 301. OPERATIONS.

    (a) Bilateral Agreements.--The Corporation may provide support 
under title II in connection with projects in any country the 
government of which has entered into an agreement with the United 
States authorizing the Corporation to provide such support in that 
country.
    (b) Claims Settlement.--
            (1) In general.--Claims arising as a result of support 
        provided under title II or under predecessor authority may be 
        settled, and disputes arising as a result thereof may be 
        arbitrated with the consent of the parties, on such terms and 
        conditions as the Corporation may determine.
            (2) Settlements conclusive.--Payment made pursuant to any 
        settlement pursuant to paragraph (1), or as a result of an 
        arbitration award, shall be final and conclusive 
        notwithstanding any other provision of law.
    (c) Presumption of Compliance.--Each contract executed by such 
officer or officers as may be designated by the Board shall be 
conclusively presumed to be issued in compliance with the requirements 
of this Act.
    (d) Electronic Payments and Documents.--The Corporation shall 
implement policies to accept electronic documents and electronic 
payments in all of its programs.

SEC. 302. CORPORATE POWERS.

    (a) In General.--The Corporation--
            (1) may adopt, alter, and use a seal, to include an 
        identifiable symbol of the United States;
            (2) may make and perform such contracts, including no-cost 
        contracts (as defined by the Corporation), grants, and other 
        agreements notwithstanding division C of subtitle I of title 
        41, United States Code, with any person or government however 
        designated and wherever situated, as may be necessary for 
        carrying out the functions of the Corporation;
            (3) may lease, purchase, or otherwise acquire, improve, and 
        use such real property wherever situated, as may be necessary 
        for carrying out the functions of the Corporation;
            (4) may accept cash gifts or donations of services or of 
        property (real, personal, or mixed), tangible or intangible, 
        for the purpose of carrying out the functions of the 
        Corporation;
            (5) may use the United States mails in the same manner and 
        on the same conditions as the Executive departments (as defined 
        in section 101 of title 5, United States Code);
            (6) may contract with individuals for personal services, 
        who shall not be considered Federal employees for any provision 
        of law administered by the Director of the Office of Personnel 
        Management;
            (7) may hire or obtain passenger motor vehicles;
            (8) may sue and be sued in its corporate name;
            (9) may acquire, hold, or dispose of, upon such terms and 
        conditions as the Corporation may determine, any property, 
        real, personal, or mixed, tangible or intangible, or any 
        interest in such property;
            (10) may lease office space for the Corporation's own use, 
        the obligation of amounts for such lease is limited to the 
        current fiscal year for which payments are due until the 
        expiration of the current lease of the predecessor authority, 
        as of the day before the date of the enactment of this Act;
            (11) may indemnify directors, officers, employees, and 
        agents of the Corporation for liabilities and expenses incurred 
        in connection with their activities on behalf of the 
        Corporation;
            (12) notwithstanding any other provision of law, may 
        represent itself or contract for representation in all legal 
        and arbitral proceedings;
            (13) may exercise any priority of the Government of the 
        United States in collecting debts from bankrupt, insolvent, or 
        decedents' estates;
            (14) may collect, notwithstanding section 3711(g)(1) of 
        title 31, United States Code, or compromise any obligations 
        assigned to or held by the Corporation, including any legal or 
        equitable rights accruing to the Corporation;
            (15) may make arrangements with foreign governments 
        (including agencies, instrumentalities, or political 
        subdivisions of such governments) or with multilateral 
        organizations or institutions for sharing liabilities;
            (16) may sell direct investments of the Corporation to 
        private investors upon such terms and conditions as the 
        Corporation may determine; and
            (17) shall have such other powers as may be necessary and 
        incident to carrying out the functions of the Corporation.
    (b) Treatment of Property.--Notwithstanding any other provision of 
law relating to the acquisition, handling, or disposal of property by 
the United States, the Corporation shall have the right in its 
discretion to complete, recondition, reconstruct, renovate, repair, 
maintain, operate, or sell any property acquired by the Corporation 
pursuant to the provisions of this Act.

SEC. 303. MAXIMUM CONTINGENT LIABILITY.

    (a) In General.--The maximum contingent liability of the 
Corporation outstanding at any one time shall not exceed in the 
aggregate the amount specified in subsection (b).
    (b) Amount Specified.--
            (1) Initial 5-year period.--The amount specified in this 
        subsection for the 5-year period beginning on the date of the 
        enactment of this Act, is $60,000,000,000.
            (2) Subsequent 5-year periods.--Not later than 5 years 
        after the date of the enactment of this Act, and not less 
        frequently than every 5 years thereafter, the amount specified 
        in paragraph (1) shall be adjusted to reflect the percentage of 
        the increase (if any) in the average of the Consumer Price 
        Index during the preceding 5-year period.
            (3) Consumer price index defined.--In this subsection, the 
        term ``Consumer Price Index'' means the most recent Consumer 
        Price Index for All Urban Consumers published by the Bureau of 
        Labor Statistics of the Department of Labor.

SEC. 304. CORPORATE FUNDS.

    (a) Corporate Capital Account.--There is established in the 
Treasury of the United States a fund to be known as the ``Corporate 
Capital Account'' to carry out the purposes of the Corporation.
    (b) Funding.--The Corporate Capital Account shall consist of--
            (1) fees charged and collected pursuant to subsection (c);
            (2) any amounts received pursuant to subsection (e);
            (3) investments and returns on such investments pursuant to 
        subsection (g);
            (4) unexpended balances transferred to the Corporation 
        pursuant to subsection (h);
            (5) payments received in connection with settlements of all 
        insurance and reinsurance claims of the Corporation; and
            (6) all other collections transferred to or earned by the 
        Corporation, excluding the cost, as defined in section 502 of 
        the Federal Credit Reform Act of 1990, of loans and loan 
        guaranties.
    (c) Collections.--Fees may be charged and collected for providing 
services in amounts to be determined by the Corporation as provided in 
advance in appropriations Acts.
    (d) Uses.--
            (1) In general.--Subject to Acts making appropriations, the 
        Corporation is authorized to pay--
                    (A) the cost, as defined in section 502 of the 
                Federal Credit Reform Act of 1990, of loans and loan 
                guaranties;
                    (B) administrative expenses of the Corporation; and
                    (C) for the cost of providing support authorized by 
                subsections (c), (e), (f), and (g) of section 201.
            (2) Income and revenue.--In order to carry out the purposes 
        of the Corporation, all collections transferred to or earned by 
        the Corporation, excluding the cost, as defined in section 502 
        of the Federal Credit Reform Act of 1990, of loans and loan 
        guaranties, shall be deposited into the Corporate Capital 
        Account and shall be available to carry out its purpose, 
        including without limitation--
                    (A) payment of all insurance and reinsurance claims 
                of the Corporation;
                    (B) repayments to the Treasury of amounts borrowed 
                under subsection (e);
                    (C) dividend payments to the Treasury under 
                subsection (f); and
                    (D) project-specific transaction costs.
    (e) Full Faith and Credit.--
            (1) In general.--All support provided pursuant to 
        predecessor authorities or title II shall continue to 
        constitute obligations of the United States, and the full faith 
        and credit of the United States is hereby pledged for the full 
        payment and performance of such obligations.
            (2) Authority to borrow.--The Corporation is authorized to 
        borrow from the Treasury such sums as may be necessary to 
        fulfill such obligations of the United States and any such 
        borrowing shall be at a rate determined by the Secretary of the 
        Treasury, taking into consideration the current average market 
        yields on outstanding marketable obligations of the United 
        States of comparable maturities, for a period jointly 
        determined by the Corporation and the Secretary, and subject to 
        such terms and conditions as the Secretary may require.
    (f) Dividends.--The Board, in consultation with the Director of the 
Office of Management and Budget, shall annually assess a dividend 
payment to the Treasury if the Corporation's insurance portfolio is 
more than 100 percent reserved.
    (g) Investment Authority.--
            (1) In general.--The Corporation may request the Secretary 
        of the Treasury to invest such portion of the Corporate Capital 
        Account as is not, in the Corporation's judgement, required to 
        meet the current needs of the Corporate Capital Account.
            (2) Form of investments.--Such investments shall be made by 
        the Secretary of the Treasury in public debt obligations, with 
        maturities suitable to the needs of the Corporate Capital 
        Account, as determined by the Corporation, and bearing interest 
        at rates determined by the Secretary, taking into consideration 
        current market yields on outstanding marketable obligations of 
        the United States of comparable maturities.
    (h) Transfer From Predecessor Agencies and Programs.--By the date 
end of the transition period described in title VI, the unexpended 
balances, assets, and responsibilities of any agency specified in the 
plan required by section 602 shall be transferred to the Corporation.
    (i) Transfer of Funds.--In order to carry out this Act, funds 
authorized to be appropriated to carry out the Foreign Assistance Act 
of 1961 may be transferred to the Corporation and funds authorized 
appropriated to the Corporation may be transferred to the Department of 
State and the United States Agency for International Development.
    (j) Definition.--In this section, the term ``project-specific 
transaction costs''--
            (1) means those costs incurred by the Corporation for 
        travel, legal expenses, and direct and indirect costs incurred 
        in claims settlements associated with the provision of support 
        under title II and shall not be considered administrative 
        expenses for the purposes of this section; and
            (2) does not include information technology (as such term 
        is defined in section 11101 of title 40, United States Code).

SEC. 305. COORDINATION WITH OTHER DEVELOPMENT AGENCIES.

    It is the sense of Congress that the Corporation should use 
relevant data of the Department of State, Millennium Challenge 
Corporation, United States Agency for International Development, and 
other departments and agencies that have development functions to 
better inform the decisions of the Corporation with respect to 
providing support under title II.

            TITLE IV--MONITORING, EVALUATION, AND REPORTING

SEC. 401. ESTABLISHMENT OF RISK AND AUDIT COMMITTEES.

    (a) In General.--To assist the Board to fulfill its duties and 
responsibilities under section 201(a), the Corporation shall establish 
a risk committee and an audit committee.
    (b) Duties and Responsibilities of Risk Committee.--Subject to the 
direction of the Board, the risk committee established under subsection 
(a) shall have oversight responsibility of--
            (1) formulating risk management policies of the operations 
        of the Corporation;
            (2) reviewing and providing guidance on operation of the 
        Corporation's global risk management framework;
            (3) developing policies for enterprise risk management, 
        monitoring, and management of strategic, reputational, 
        regulatory, operational, developmental, environmental, social, 
        and financial risks;
            (4) developing the risk profile of the Corporation, 
        including a risk management and compliance framework and 
        governance structure to support such framework; and
            (5) developing policies and procedures for assessing, prior 
        to providing, and during any period during which the 
        Corporation provides, support to any foreign entities, whether 
        such entities have in place sufficient enhanced due diligence 
        policies and practices to prevent money laundering and 
        corruption to ensure the Corporation does not provide support 
        to persons that are--
                    (A) knowingly engaging in acts of corruption;
                    (B) knowingly providing material or financial 
                support for terrorism, drug trafficking, or human 
                trafficking; or
                    (C) responsible for ordering or otherwise directing 
                serious or gross violations of human rights.
    (c) Duties and Responsibilities of Audit Committee.--Subject to the 
direction of the Board, the audit committee established under 
subsection (a) shall have the oversight responsibility of--
            (1) the integrity of the Corporation's financial reporting 
        and systems of internal controls regarding finance and 
        accounting;
            (2) the integrity of the Corporation's financial 
        statements;
            (3) the performance of the Corporation's internal audit 
        function; and
            (4) compliance with legal and regulatory requirements 
        related to the finances of the Corporation.

SEC. 402. PERFORMANCE MEASURES.

    (a) In General.--The Corporation shall develop a performance 
measurement system to evaluate and monitor projects supported by the 
Corporation under title II and to guide future projects of the 
Corporation.
    (b) Considerations.--In developing the performance measurement 
system required by subsection (a), the Corporation shall--
            (1) develop a successor for the development impact 
        measurement system of the Overseas Private Investment 
        Corporation (as such system was in effect on the day before the 
        date of enactment of this Act);
            (2) develop a mechanism for ensuring that support provided 
        by the Corporation under title II is in addition to private 
        investment;
            (3) develop standards for, and a method for ensuring, 
        appropriate financial performance of the Corporation's 
        portfolio; and
            (4) develop standards for, and a method for ensuring, 
        appropriate development performance of the Corporation's 
        portfolio, including--
                    (A) measurement of the projected and ex post 
                development impact of a project; and
                    (B) the information necessary to comply with 
                section 403.
    (c) Public Availability of Certain Information.--The Corporation 
shall make available to the public on a regular basis information about 
support provided by the Corporation under title II and performance 
metrics about such support on a country-by-country basis.
    (d) Collaboration.--In developing the performance measurement 
system required by subsection (a), the Corporation shall consult with 
stakeholders and other interested parties engaged in sustainable 
economic growth and development.

SEC. 403. ANNUAL REPORT.

    (a) In General.--After the end of each fiscal year, the Corporation 
shall submit to the appropriate congressional committees a complete and 
detailed report of its operations during that fiscal year, including an 
assessment of--
            (1) the economic and social development impact, including 
        with respect to matters described in subsections (d) and (e) of 
        section 501, of projects supported by the Corporation under 
        title II;
            (2) the extent to which the operations of the Corporation 
        complement or are compatible with the development assistance 
        programs of the United States and qualifying sovereign 
        entities;
            (3) the Corporation's institutional linkages with other 
        relevant United States Government department and agencies, 
        including efforts to strengthen such linkages; and
            (4) the compliance of projects supported by the Corporation 
        under title II with all relevant human rights, environmental, 
        labor, and social policies, or other such related policies that 
        govern the Corporation's support for projects, promulgated or 
        otherwise administered by the Corporation.
    (b) Elements.--Each annual report required by subsection (a) shall 
include projections of the effects of projects supported by the 
Corporation under title II, including--
            (1) reviews and analysis of--
                    (A) the desired development and whether or not the 
                Corporation is meeting the associated metrics, goals, 
                and development objectives, including, to the extent 
                practicable, in the years after conclusion of projects; 
                and
                    (B) the effect of the Corporation's support on 
                access to capital and ways in which the Corporation is 
                addressing identifiable market gaps or inefficiencies 
                and what impact, if any, such support has on access to 
                credit for a specific project, country, or sector;
            (2) an explanation of any partnership arrangement or 
        cooperation with a qualifying sovereign entity in support of 
        each project;
            (3) projections of--
                    (A) development outcomes, and whether or not 
                support for projects are meeting the associated 
                performance measures, both during the start-up phase 
                and over the duration of the support, and to the extent 
                practicable, measures of such development outcomes 
                should be on a gender-disaggregated basis, such as 
                changes in employment, access to financial services, 
                enterprise development and growth, and composition of 
                executive boards and senior leadership of enterprises 
                receiving support under title II; and
                    (B) the amount of private sector assets brought to 
                bear relative to the amount of support provided by the 
                Corporation and any other public sector support; and
            (4) an assessment of the extent to which lessons learned 
        from the monitoring and evaluation activities of the 
        Corporation, and from annual reports from previous years 
        compiled by the Corporation, have been applied to projects.

SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION.

    The Corporation shall--
            (1) maintain a user-friendly, publicly available, machine-
        readable database with detailed country-level information, 
        including a description of the support provided by the 
        Corporation under title II; and
            (2) include a clear link to information about each project 
        supported by the Corporation under title II on the internet 
        website of the Department of State, ``ForeignAssistance.gov'', 
        or a successor website or other online publication.

SEC. 405. ENGAGEMENT WITH INVESTORS.

    (a) In General.--The Corporation, acting through the Chief 
Development Officer, shall, in cooperation with the Administrator of 
the United States Agency for International Development--
            (1) develop a strategic relationship with private sector 
        entities focused at the nexus of business opportunities and 
        development priorities;
            (2) engage such entities and reduce business risks 
        primarily through direct transaction support and facilitating 
        investment partnerships;
            (3) develop and support tools, approaches, and 
        intermediaries that can mobilize private finance at scale in 
        the developing world;
            (4) pursue projects of all sizes, especially those that are 
        small but designed for work in the most underdeveloped areas, 
        including countries with chronic suffering as a result of 
        extreme poverty, fragile institutions, or a history of 
        violence; and
            (5) pursue projects consistent with the policy of the 
        United States described in section 101 and the Joint Strategic 
        Plan and the Mission Country Development Cooperation Strategies 
        of the United States Agency for International Development.
    (b) Assistance.--To achieve the goals described in subsection (a), 
the Corporation shall--
            (1) develop risk mitigation tools;
            (2) provide transaction structuring support for blended 
        finance models;
            (3) support intermediaries linking capital supply and 
        demand;
            (4) coordinate with other Federal agencies to support or 
        accelerate transactions;
            (5) convene financial, donor, civil society, and public 
        sector partners around opportunities for private finance within 
        development priorities;
            (6) offer strategic planning and programming assistance to 
        catalyze investment into priority sectors;
            (7) provide transaction structuring support;
            (8) deliver training and knowledge management tools for 
        engaging private investors;
            (9) partner with private sector entities that provide 
        access to capital and expertise; and
            (10) identify and screen new investment partners.
    (c) Technical Assistance.--The Corporation shall coordinate with 
the United States Agency for International Development and other 
agencies and departments, as necessary, on projects and programs 
supported by the Corporation that include technical assistance.

SEC. 406. NOTIFICATION OF SUPPORT TO BE PROVIDED BY THE CORPORATION.

    (a) In General.--Not later than 15 days prior to the Corporation 
making a financial commitment associated with the provision of support 
under title II in an amount in excess of $10,000,000, the Chief 
Executive Officer of the Corporation shall submit to the Committee on 
Foreign Affairs and the Committee on Appropriations of the House of 
Representatives and the Committee on Foreign Relations and the 
Committee on Appropriations of the Senate a report in writing that 
contains the information required by subsection (b).
    (b) Information Required.--The information required by this 
subsection includes--
            (1) the amount of each such financial commitment;
            (2) an identification of the recipient or beneficiary; and
            (3) a description of the project, activity, or asset and 
        the development goal or purpose to be achieved by providing 
        support by the Corporation.

          TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

SEC. 501. LIMITATIONS AND PREFERENCES.

    (a) Limitation on Support for Single Entity.--No entity receiving 
support from the Corporation under title II may receive more than an 
amount equal to 5 percent of the Corporation's maximum contingent 
liability authorized under section 303.
    (b) Preference for Support for Projects Sponsored by United States 
Persons.--
            (1) In general.--The Corporation should give preferential 
        consideration to projects sponsored by or involving private 
        sector entities that are United States persons.
            (2) United states person defined.--In this subsection, the 
        term ``United States person'' means--
                    (A) a United States citizen; or
                    (B) an entity significantly beneficially owned by 
                individuals described in subparagraph (A).
    (c) Preference for Support in Countries in Compliance With 
International Trade Obligations.--
            (1) Consultations with united states trade 
        representative.--Not less frequently than annually, the 
        Corporation shall consult with the United States Trade 
        Representative with respect to the status of countries eligible 
        to receive support from the Corporation under title II and the 
        compliance of those countries with their international trade 
        obligations.
            (2) Preferential consideration.--The Corporation shall give 
        preferential consideration to providing support under title II 
        for projects in countries in compliance with or making 
        substantial progress coming into compliance with their 
        international trade obligations.
    (d) Worker Rights.--
            (1) In general.--The Corporation should support projects 
        under title II in countries that are taking steps to adopt and 
        implement laws that extend internationally recognized worker 
        rights (as defined in section 507 of the Trade Act of 1974 (19 
        U.S.C. 2467)) to workers in that country, including any 
        designated zone in that country.
            (2) Required contract language.--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 support under title II: ``The 
        investor agrees not to take actions to prevent employees of the 
        foreign enterprise from lawfully exercising their right of 
        association and their right to organize and bargain 
        collectively. The investor further agrees to observe applicable 
        laws relating to a minimum age for employment of children, 
        acceptable conditions of work with respect to minimum wages, 
        hours of work, and occupational health and safety, and not to 
        use forced labor or the worst forms of child labor (as defined 
        in section 507 of the Trade Act of 1974 (19 U.S.C. 2467(6))). 
        The investor is not responsible under this paragraph for the 
        actions of a foreign government.''.
    (e) Environmental and Social Impact.--The Board shall not vote in 
favor of any project proposed to be supported by the Corporation under 
title II that is likely to have significant adverse environmental or 
social impacts that are sensitive, diverse, or unprecedented, unless--
            (1) at least 60 days before the date of the vote, an 
        environmental and social impact assessment or initial 
        environmental and social audit, analyzing the environmental and 
        social impacts of the proposed project and of alternatives to 
        the proposed project, is completed; and
            (2) such assessment or audit has been made available to the 
        public of the United States, locally affected groups in the 
        country in which the project will be carried out, and 
        nongovernmental organizations in that country.
    (f) Women's Economic Empowerment.--In utilizing its authorities 
under title II, the Corporation should consider the impacts of its 
support on women's economic opportunities and outcomes and make efforts 
to mitigate gender gaps and maximize development impact by working to 
improve women's economic opportunities.
    (g) Preference for Provision of Support in Countries Embracing 
Private Enterprise.--
            (1) In general.--The Corporation should give preferential 
        consideration to projects for which support under title II may 
        potentially be provided in countries the governments of which 
        are making continual progress toward economic policies that 
        promote the development of private enterprise, both domestic 
        and foreign, and maintaining the conditions that enable private 
        enterprise to make its full contribution to the development of 
        such countries, including--
                    (A) market-based economies;
                    (B) protecting private property rights;
                    (C) respect for the rule of law; and
                    (D) systems to combat corruption and bribery.
            (2) Sources of information.--The Corporation should rely on 
        both third-party indicators and United States Government 
        information, such as the Department of State's Investment 
        Climate Statements, the Department of Commerce's Country 
        Commercial Guides, or the Millennium Challenge Corporation's 
        Constraints Analysis, to assess whether countries meet the 
        conditions described in paragraph (1).
    (h) Consideration of Foreign Boycott Participation.--In providing 
support under for projects under title II, the Corporation shall 
consider, using information readily available, whether the project is 
sponsored by or substantially affiliated with any person taking or 
knowingly agreeing to take actions, or having taken or knowingly agreed 
to take actions within the past three years, which demonstrate or 
otherwise evidence intent to comply with, further, or support any 
boycott fostered or imposed by any foreign country, or request to 
impose any boycott by any foreign country, against a country which is 
friendly to the United States and which is not itself the object of any 
form of boycott pursuant to United States law or regulation.

SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET DISTORTION.

    (a) In General.--Before the Corporation provides support for a 
project under title II, the Corporation shall ensure that private 
sector entities are afforded an opportunity to support the project.
    (b) Safeguards, Policies, and Guidelines.--The Corporation shall 
develop appropriate safeguards, policies, and guidelines to ensure that 
support provided by the Corporation under title II--
            (1) supplements and encourages, but does not compete with, 
        private sector support;
            (2) operates according to internationally recognized best 
        practices and standards with respect to ensuring the avoidance 
        of market distorting government subsidies and the crowding out 
        of private sector lending; and
            (3) does not have a significant adverse impact on United 
        States employment.

SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED COUNTRIES AND WITH 
              SANCTIONED PERSONS.

    (a) In General.--The Corporation is prohibited from providing 
support under title II in a country the government of which the 
Secretary of State has determined has repeatedly provided support for 
acts of international terrorism for purposes of--
            (1) section 6(j)(1)(A) of the Export Administration Act of 
        1979 (50 U.S.C. 4605(j)(1)(A)) (as continued in effect pursuant 
        to the International Emergency Economic Powers Act (50 U.S.C. 
        1701 et seq.));
            (2) section 620A(a) of the Foreign Assistance Act of 1961 
        (22 U.S.C. 2371(a));
            (3) section 40(d) of the Arms Export Control Act (22 U.S.C. 
        2780(d)); or
            (4) any other provision of law.
    (b) Prohibition on Support of Sanctioned Persons.--The Corporation 
is prohibited from supporting a project under title II that directly 
benefits any entity subject to sanctions imposed by the United States.
    (c) Prohibition on Support of Activities Subject to Sanctions.--The 
Corporation shall require any entity or party receiving support under 
title II to certify it, any entity owned or controlled by the entity or 
party, or any entity or party which owns or otherwise manages the 
entity or party receiving support, does not conduct any activities 
subject to sanctions imposed by the United States.

SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, AND BRIBERY.

    Subsections (g), (l), and (n) of section 237 of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2197) shall apply with respect to the 
Corporation to the same extent and in the same manner as such 
subsections applied with respect to the Overseas Private Investment 
Corporation on the day before the date of the enactment of this Act.

                   TITLE VI--TRANSITIONAL PROVISIONS

SEC. 601. DEFINITIONS.

    In this title:
            (1) Agency.--The term ``agency'' includes any entity, 
        organizational unit, program, or function.
            (2) Transition period.--The term ``transition period'' 
        means the period--
                    (A) beginning on the date of the enactment of this 
                Act; and
                    (B) ending on the effective date of the 
                reorganization plan required by section 602(e).

SEC. 602. REORGANIZATION PLAN.

    (a) Submission of Plan.--
            (1) In general.--Not later than 120 days after the date of 
        the enactment of this Act, the President shall transmit to the 
        appropriate congressional committees a reorganization plan 
        regarding the following:
                    (A) The transfer of agencies, personnel, assets, 
                and obligations to the Corporation pursuant to this 
                title.
                    (B) Any consolidation, reorganization, or 
                streamlining of agencies transferred to the Corporation 
                pursuant to this title.
                    (C) Any efficiencies or cost savings achieved as a 
                result of the transfer of agencies, personnel, assets, 
                and obligations to the Corporation pursuant to this 
                title, including reductions in unnecessary or 
                duplicative operations, assets, and personnel.
            (2) Consultation.--Not later than 15 days before the date 
        on which the plan is transmitted pursuant to this subsection, 
        the President shall consult with the appropriate congressional 
        committees on such plan.
    (b) Plan Elements.--The plan transmitted under subsection (a) shall 
contain, consistent with this Act, such elements as the President deems 
appropriate, including the following:
            (1) Identification of any functions of agencies transferred 
        to the Corporation pursuant to this title that will not be 
        transferred to the Corporation under the plan.
            (2) Specification of the steps to be taken to organize the 
        Corporation, including the delegation or assignment of 
        functions transferred to the Corporation among officers of the 
        Corporation in order to permit the Corporation to carry out the 
        functions transferred under the plan.
            (3) Specification of the funds available to each agency 
        that will be transferred to the Corporation as a result of 
        transfers under the plan.
            (4) Specification of the proposed allocations within the 
        Corporation of unexpended funds transferred in connection with 
        transfers under the plan.
            (5) Specification of any proposed disposition of property, 
        facilities, contracts, records, and other assets and 
        obligations of agencies transferred under the plan.
    (c) Report on Coordination.--
            (1) In general.--The transfer of functions authorized by 
        this section may occur only after the President and Chief 
        Executive Officer of the Overseas Private Investment 
        Corporation and the Administrator of the United States Agency 
        for International Development jointly submit to the Committee 
        on Foreign Affairs and Committee on Appropriations of the House 
        of Representatives and Committee on Foreign Relations and 
        Committee on Appropriations of the Senate a report in writing 
        that contains the information required by paragraph (2).
            (2) Information required.--The information required by this 
        paragraph includes a description in detail of the procedures to 
        be followed after the transfer of functions authorized by this 
        section have occurred to coordinate between the Corporation and 
        the United States Agency for International Development in 
        carrying out the functions so transferred.
    (d) Modification of Plan.--The President may, on the basis of 
consultations with the appropriate congressional committees, modify or 
revise any part of the plan until that part of the plan becomes 
effective in accordance with subsection (e).
    (e) Effective Date.--
            (1) In general.--The reorganization plan described in this 
        section, including any modifications or revisions of the plan 
        under subsection (c), shall become effective for an agency on 
        the date specified in the plan (or the plan as modified 
        pursuant to subsection (d)), except that such date may not be 
        earlier than 90 days after the date the President has 
        transmitted the reorganization plan to the appropriate 
        congressional committees pursuant to subsection (a).
            (2) Statutory construction.--Nothing in this subsection may 
        be construed to require the transfer of functions, personnel, 
        records, balances of appropriations, or other assets of an 
        agency on a single date.

SEC. 603. TRANSFER OF FUNCTIONS.

    (a) In General.--Effective at the end of the transition period, 
there shall be transferred to the Corporation the functions, personnel, 
assets, and liabilities of--
            (1) the Overseas Private Investment Corporation, as in 
        existence on the day before the date of the enactment of this 
        Act; and
            (2) the following elements of the United States Agency for 
        International Development:
                    (A) The Development Credit Authority.
                    (B) The existing Legacy Credit portfolio under the 
                Urban Environment Program and any other direct loan 
                programs and non-Development Credit Authority guaranty 
                programs authorized by the Foreign Assistance Act of 
                1961 (22 U.S.C. 2151 et seq.) or other predecessor 
                Acts, as in existence on the date of the enactment of 
                this Act, other than any sovereign loan guaranties.
    (b) Additional Transfer Authority.--Effective at the end of the 
transition period, there is authorized to be transferred to the 
Corporation the functions, personnel, assets, and liabilities of the 
following elements of the United States Agency for International 
Development:
            (1) The Office of Private Capital and Microenterprise.
            (2) The enterprise funds.
    (c) Sovereign Loan Guaranty Transfer.--
            (1) In general.--Effective at the end of the transition 
        period, there is authorized to be transferred to the 
        Corporation or any other appropriate department or agency of 
        the United States Government the loan accounts and the legal 
        rights and responsibilities for the sovereign loan guaranty 
        portfolio held by the United States Agency for International 
        Development as in existence on the day before the date of the 
        enactment of this Act.
            (2) Inclusion in reorganization plan.--The President shall 
        include in the reorganization plan submitted under section 602 
        a description of the transfer authorized under paragraph (1).
    (d) Bilateral Agreements.--Any bilateral agreement of the United 
States in effect on the date of the enactment of this Act that serves 
as the basis for programs of the Overseas Private Investment 
Corporation and the Development Credit Authority shall be considered as 
satisfying the requirements of section 301(a).
    (e) Transition.--During the transition period, the agencies 
specified in subsection (a) shall--
            (1) continue to administer the assets and obligations of 
        those agencies; and
            (2) carry out such programs and activities authorized under 
        this Act as may be determined by the President.

SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION AND 
              OTHER SUPERCEDED AUTHORITIES.

    Effective at the end of the transition period--
            (1) the Overseas Private Investment Corporation is 
        terminated; and
            (2) title IV of chapter 2 of part I of the Foreign 
        Assistance Act of 1961 (22 U.S.C. 2191 et seq.) (other tan 
        subsections (g), (l), and (n) of section 237 of that Act) is 
        repealed.

SEC. 605. TRANSITIONAL AUTHORITIES.

    (a) Provision of Assistance by Officials.--Until the transfer of an 
agency to the Corporation under section 603, any official having 
authority over or functions relating to the agency immediately before 
the date of the enactment of this Act shall provide to the Corporation 
such assistance, including the use of personnel and assets, as the 
Corporation may request in preparing for the transfer and integration 
of the agency into the Corporation.
    (b) Services and Personnel.--During the transition period, upon the 
request of the Corporation, the head of any executive agency may, on a 
reimbursable or non-reimbursable basis, provide services or detail 
personnel to assist with the transition.
    (c) Acting Officials.--
            (1) In general.--During the transition period, pending the 
        advice and consent of the Senate to the appointment of an 
        officer required by this Act to be appointed by and with such 
        advice and consent, the President may designate any officer 
        whose appointment was required to be made by and with such 
        advice and consent and who was such an officer immediately 
        before the date of the enactment of this Act (and who continues 
        in office) or immediately before such designation, to act in 
        such office until the same is filled as provided in this Act. 
        While so acting, such officers shall receive compensation at 
        the higher of--
                    (A) the rates provided by this Act for the 
                respective offices in which they act; or
                    (B) the rates provided for the offices held at the 
                time of designation.
            (2) Rule of construction.--Nothing in this Act shall be 
        construed to require the advice and consent of the Senate to 
        the appointment by the President to a position in the 
        Corporation of any officer whose agency is transferred to the 
        Corporation pursuant to this title and whose duties following 
        such transfer are germane to those performed before such 
        transfer.
    (d) Transfer of Personnel, Assets, Obligations, and Functions.--
Upon the transfer of an agency to the Corporation under section 603--
            (1) the personnel, assets, and obligations held by or 
        available in connection with the agency shall be transferred to 
        the Corporation for appropriate allocation, subject to the 
        approval of the Director of the Office of Management and Budget 
        and in accordance with section 1531(a)(2) of title 31, United 
        States Code; and
            (2) the Corporation shall have all functions--
                    (A) relating to the agency that any other official 
                could by law exercise in relation to the agency 
                immediately before such transfer; and
                    (B) vested in the Corporation by this Act or other 
                law.

SEC. 606. SAVINGS PROVISIONS.

    (a) Completed Administrative Actions.--
            (1) In general.--Completed administrative actions of an 
        agency shall not be affected by the enactment of this Act or 
        the transfer of such agency to the Corporation under section 
        603, but shall continue in effect according to their terms 
        until amended, modified, superseded, terminated, set aside, or 
        revoked in accordance with law by an officer of the United 
        States or a court of competent jurisdiction, or by operation of 
        law.
            (2) Completed administrative action defined.--In this 
        subsection, the term ``completed administrative action'' 
        includes orders, determinations, rules, regulations, personnel 
        actions, permits, agreements, grants, contracts, certificates, 
        policies, licenses, registrations, and privileges.
    (b) Pending Proceedings.--
            (1) In general.--Pending proceedings in an agency, 
        including notices of proposed rulemaking, and applications for 
        licenses, permits, certificates, grants, and financial 
        assistance, shall continue notwithstanding the enactment of 
        this Act or the transfer of the agency to the Corporation, 
        unless discontinued or modified under the same terms and 
        conditions and to the same extent that such discontinuance 
        could have occurred if such enactment or transfer had not 
        occurred.
            (2) Orders.--Orders issued in proceedings described in 
        paragraph (1), and appeals therefrom, and payments made 
        pursuant to such orders, shall issue in the same manner and on 
        the same terms as if this Act had not been enacted or the 
        agency had not been transferred, and any such orders shall 
        continue in effect until amended, modified, superseded, 
        terminated, set aside, or revoked by an officer of the United 
        States or a court of competent jurisdiction, or by operation of 
        law.
    (c) Pending Civil Actions.--Pending civil actions shall continue 
notwithstanding the enactment of this Act or the transfer of an agency 
to the Corporation, and in such civil actions, proceedings shall be 
had, appeals taken, and judgments rendered and enforced in the same 
manner and with the same effect as if such enactment or transfer had 
not occurred.
    (d) References.--References relating to an agency that is 
transferred to the Corporation under section 603 in statutes, Executive 
orders, rules, regulations, directives, or delegations of authority 
that precede such transfer or the date of the enactment of this Act 
shall be deemed to refer, as appropriate, to the Corporation, to its 
officers, employees, or agents, or to its corresponding organizational 
units or functions. Statutory reporting requirements that applied in 
relation to such an agency immediately before the effective date of 
this Act shall continue to apply following such transfer if they refer 
to the agency by name.
    (e) Employment Provisions.--
            (1) Regulations.--The Corporation may, in regulations 
        prescribed jointly with the Director of the Office of Personnel 
        Management, adopt the rules, procedures, terms, and conditions, 
        established by statute, rule, or regulation before the date of 
        the enactment of this Act, relating to employment in any agency 
        transferred to the Corporation under section 603.
            (2) Effect of transfer on conditions of employment.--Except 
        as otherwise provided in this Act, or under authority granted 
        by this Act, the transfer pursuant to this title of personnel 
        shall not alter the terms and conditions of employment, 
        including compensation, of any employee so transferred.
    (f) Statutory Reporting Requirements.--Any statutory reporting 
requirement that applied to an agency transferred to the Corporation 
under this title immediately before the date of the enactment of this 
Act shall continue to apply following that transfer if the statutory 
requirement refers to the agency by name.

SEC. 607. OTHER TERMINATIONS.

    Except as otherwise provided in this Act, whenever all the 
functions vested by law in any agency have been transferred pursuant to 
this title, each position and office the incumbent of which was 
authorized to receive compensation at the rates prescribed for an 
office or position at level II, III, IV, or V of the Executive Schedule 
under subchapter II of chapter 53 of title 5, United States Code, shall 
terminate.

SEC. 608. INCIDENTAL TRANSFERS.

    The Director of the Office of Management and Budget, in 
consultation with the Corporation, is authorized and directed to make 
such additional incidental dispositions of personnel, assets, and 
liabilities held, used, arising from, available, or to be made 
available, in connection with the functions transferred by this title, 
as the Director may determine necessary to accomplish the purposes of 
this Act.

SEC. 609. REFERENCE.

    With respect to any function transferred under this title 
(including under a reorganization plan under section 602) and exercised 
on or after the date of the enactment of this Act, reference in any 
other Federal law to any department, commission, or agency or any 
officer or office the functions of which are so transferred shall be 
deemed to refer to the Corporation or official or component of the 
Corporation to which that function is so transferred.

SEC. 610. CONFORMING AMENDMENTS.

    (a) Exempt Programs.--Section 255(g)(2) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)(2)) is amended 
by striking ``Overseas Private Investment Corporation, Noncredit 
Account (71-4184-0-3-151).'' and inserting ``United States 
International Development Finance Corporation.''.
    (b) Executive Schedule.--Title 5, United States Code, is amended--
            (1) in section 5314, by striking ``President, Overseas 
        Private Investment Corporation.'';
            (2) in section 5315, by striking ``Executive Vice 
        President, Overseas Private Investment Corporation.''; and
            (3) in section 5316, by striking ``Vice Presidents, 
        Overseas Private Investment Corporation (3).''.
    (c) Office of International Trade of the Small Business 
Administration.--Section 22 of the Small Business Act (15 U.S.C. 649) 
is amended--
            (1) in subsection (b), in the matter preceding paragraph 
        (1), by striking ``the President of the Overseas Private 
        Investment Corporation, Director'' and inserting ``the Board of 
        Directors of the United States International Development 
        Finance Corporation, the Director''; and
            (2) by striking ``Overseas Private Investment Corporation'' 
        each place it appears and inserting ``United States 
        International Development Finance Corporation''.
    (d) United States and Foreign Commercial Service.--Section 2301 of 
the Export Enhancement Act of 1988 (15 U.S.C. 4721) is amended by 
striking ``Overseas Private Investment Corporation'' each place it 
appears and inserting ``United States International Development Finance 
Corporation''.
    (e) Trade Promotion Coordinating Committee.--Section 2312(d)(1)(K) 
of the Export Enhancement Act of 1988 (15 U.S.C. 4727(d)(1)(K)) is 
amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (f) Interagency Trade Data Advisory Committee.--Section 5402(b) of 
the Omnibus Trade and Competitiveness Act of 1988 (15 U.S.C. 4902(b)) 
is amended by striking ``the President of the Overseas Private 
Investment Corporation'' and inserting ``the Chief Executive Officer of 
the United States International Development Finance Corporation''.
    (g) Misuse of Names of Federal Agencies.--Section 709 of title 18, 
United States Code, is amended by striking ```Overseas Private 
Investment', `Overseas Private Investment Corporation', or `OPIC','' 
and inserting ```United States International Development Finance 
Corporation' or `DFC'''.
    (h) Engagement on Currency Exchange Rate and Economic Policies.--
Section 701(c)(1)(A) of the Trade Facilitation and Trade Enforcement 
Act of 2015 (19 U.S.C. 4421(c)(1)(A)) is amended by striking ``Overseas 
Private Investment Corporation'' and inserting ``United States 
International Development Finance Corporation''.
    (i) Internships With Institute for International Public Policy.--
Section 625(a) of the Higher Education Act of 1965 (20 U.S.C. 1131c(a)) 
is amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (j) Foreign Assistance Act of 1961.--The Foreign Assistance Act of 
1961 (22 U.S.C. 2151 et seq.) is amended--
            (1) in section 499B(b)(2) (22 U.S.C. 2296b(b)(2)), by 
        striking ``Overseas Private Investment Corporation'' and 
        inserting ``United States International Development Finance 
        Corporation''; and
            (2) in section 481(e)(4)(A) (22 U.S.C. 2291(e)(4)(A)), in 
        the matter preceding clause (i), by striking ``(including 
        programs under title IV of chapter 2, relating to the Overseas 
        Private Investment Corporation)'' and inserting ``(and any 
        support under title II of the Better Utilization of Investments 
        Leading to Development Act of 2018, relating to the United 
        States International Development Finance Corporation)''.
    (k) Electrify Africa Act of 2015.--Sections 5 and 7 of the 
Electrify Africa Act of 2015 (Public Law 114-121; 22 U.S.C. 2293 note) 
are amended by striking ``Overseas Private Investment Corporation'' 
each place it appears and inserting ``United States International 
Development Finance Corporation''.
    (l) Foreign Aid Transparency and Accountability Act of 2016.--
Section 2(3) of the Foreign Aid Transparency and Accountability Act of 
2016 (Public Law 114-191; 22 U.S.C. 2394c note) is amended--
            (1) in subparagraph (A), by striking ``except for'' and all 
        that follows through ``chapter 3'' and inserting ``except for 
        chapter 3'';
            (2) in subparagraph (C), by striking ``and'' at the end;
            (3) in subparagraph (D), by striking the period at the end 
        and insert ``; and''; and
            (4) by adding at the end the following:
                    ``(E) the Better Utilization of Investments Leading 
                to Development Act of 2018.''.
    (m) Support for East European Democracy (SEED) Program.--The 
Support for East European Democracy (SEED) Act of 1989 (22 U.S.C. 5401 
et seq.) is amended--
            (1) in section 2(c) (22 U.S.C. 5401(c)), by striking 
        paragraph (12) and inserting the following:
            ``(12) United states international development finance 
        corporation.--Programs of the United States International 
        Development Finance Corporation.''; and
            (2) in section 201(e) (22 U.S.C. 5421(e)), by striking 
        ``Agency for International Development'' and inserting ``United 
        States International Development Finance Corporation''.
    (n) Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 
1996.--Section 202(b)(2)(B)(iv) of the Cuban Liberty and Democratic 
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)(iv)) is 
amended by striking ``Overseas Private Investment Corporation'' and 
inserting ``United States International Development Finance 
Corporation''.
    (o) International Religious Freedom Act of 1998.--Section 
405(a)(10) of the International Religious Freedom Act of 1998 (22 
U.S.C. 6445(a)(10)) is amended by striking ``Overseas Private 
Investment Corporation'' and inserting ``United States International 
Development Finance Corporation''.
    (p) Trafficking Victims Protection Act of 2000.--Section 103(8)(A) 
of the Trafficking Victims Protection Act of 2000 (22 U.S.C. 
7102(8)(A)) is amended by amending clause (viii) to read as follows:
                            ``(viii) any support under title II of the 
                        Better Utilization of Investments Leading to 
                        Development Act of 2018 relating to the United 
                        States International Development Finance 
                        Corporation; and''.
    (q) Technology Deployment in Developing Countries.--Section 732(b) 
of the Global Environmental Protection Assistance Act of 1989 (22 
U.S.C. 7902(b)) is amended by striking ``Overseas Private Investment 
Corporation'' and inserting ``United States International Development 
Finance Corporation''.
    (r) Expanded Nonmilitary Assistance for Ukraine.--Section 7(c)(3) 
of the Ukraine Freedom Support Act of 2014 (22 U.S.C. 8926(c)(3)) is 
amended--
            (1) in the matter preceding subparagraph (A), by striking 
        ``Overseas Private Investment Corporation'' and inserting 
        ``United States International Development Finance 
        Corporation''; and
            (2) in subparagraph (B), by striking ``by eligible 
        investors (as defined in section 238 of the Foreign Assistance 
        Act of 1961 (22 U.S.C. 2198))''.
    (s) Global Food Security Act of 2016.--Section 4(7) of the Global 
Food Security Act of 2016 (22 U.S.C. 9303(7)) is amended by striking 
``Overseas Private Investment Corporation'' and inserting ``United 
States International Development Finance Corporation''.
    (t) Sense of Congress on European and Eurasian Energy Security.--
Section 257(c)(2)(B) of the Countering Russian Influence in Europe and 
Eurasia Act of 2017 (22 U.S.C. 9546(c)(2)(B)) is amended by striking 
``Overseas Private Investment Corporation'' and inserting ``United 
States International Development Finance Corporation''.
    (u) Wholly Owned Government Corporation.--Section 9101(3) of title 
31, United States Code, is amended by striking ``Overseas Private 
Investment Corporation'' and inserting ``United States International 
Development Finance Corporation''.
    (v) Energy Independence and Security Act of 2007.--Title IX of the 
Energy Independence and Security Act of 2007 (42 U.S.C. 17321 et seq.) 
is amended--
            (1) in section 914 (42 U.S.C. 17334)--
                    (A) in the section heading, by striking ``overseas 
                private investment corporation'' and inserting ``united 
                states international development finance corporation'';
                    (B) in subsection (a), in the matter preceding 
                paragraph (1), by striking ``Overseas Private 
                Investment Corporation'' and inserting ``United States 
                International Development Finance Corporation''; and
                    (C) in subsection (b), in the matter preceding 
                paragraph (1), by striking ``Overseas Private 
                Investment Corporation shall include in its annual 
                report required under section 240A of the Foreign 
                Assistance Act of 1961 (22 U.S.C. 2200a)'' and 
                inserting ``United States International Development 
                Finance Corporation shall include in its annual report 
                required under section 403 of the Better Utilization of 
                Investments Leading to Development Act of 2018''; and
            (2) in section 916(a)(2)(I) (42 U.S.C. 17336(a)(2)(I)), by 
        striking ``Overseas Private Investment Corporation:'' and 
        inserting ``United States International Development Finance 
        Corporation;''.
    (w) Effective Date.--The amendments made by this section shall take 
effect at the end of the transition period.
                                                 Union Calendar No. 631

115th CONGRESS

  2d Session

                               H. R. 5105

                          [Report No. 115-814]

_______________________________________________________________________

                                 A BILL

   To establish the United States International Development Finance 
                  Corporation, and for other purposes.

_______________________________________________________________________

                             July 11, 2018

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed