[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2463 Reported in Senate (RS)]

<DOC>





                                                       Calendar No. 493
115th CONGRESS
  2d Session
                                S. 2463

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2018

Mr. Corker (for himself, Mr. Coons, Mr. Isakson, Mr. Murphy, Mr. Young, 
   Mrs. Shaheen, Mr. Portman, Mr. Kaine, Mr. Perdue, Mr. Rubio, Mr. 
Gardner, and Mr. Cardin) introduced the following bill; which was read 
        twice and referred to the Committee on Foreign Relations

                             June 27, 2018

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

_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>

<DELETED>    (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''.</DELETED>
<DELETED>    (b) Table of Contents.--The table of contents for this Act 
is as follows:</DELETED>

<DELETED>Sec. 1. Short title; table of contents.
<DELETED>Sec. 2. Definitions.
                    <DELETED>TITLE I--ESTABLISHMENT

<DELETED>Sec. 101. Statement of policy.
<DELETED>Sec. 102. United States International Development Finance 
                            Corporation.
<DELETED>Sec. 103. Management of Corporation.
<DELETED>Sec. 104. Inspector General of the Corporation.
                     <DELETED>TITLE II--AUTHORITIES

<DELETED>Sec. 201. Authorities relating to provision of support.
<DELETED>Sec. 202. Terms and conditions.
<DELETED>Sec. 203. Payment of losses.
<DELETED>Sec. 204. Termination.
       <DELETED>TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS

<DELETED>Sec. 301. Operations.
<DELETED>Sec. 302. Corporate powers.
<DELETED>Sec. 303. Maximum contingent liability.
<DELETED>Sec. 304. Corporate funds.
<DELETED>Sec. 305. Coordination with Millennium Challenge Corporation 
                            on constraints analysis.
        <DELETED>TITLE IV--MONITORING, EVALUATION, AND REPORTING

<DELETED>Sec. 401. Establishment of risk and audit committees.
<DELETED>Sec. 402. Performance measures.
<DELETED>Sec. 403. Annual report.
<DELETED>Sec. 404. Publicly available project information.
<DELETED>Sec. 405. Audits and financial statements of the Corporation.
<DELETED>Sec. 406. Engagement with investors.
      <DELETED>TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS

<DELETED>Sec. 501. Limitations and preferences.
<DELETED>Sec. 502. Additionality and avoidance of market distortion.
<DELETED>Sec. 503. Prohibition on support in sanctioned countries and 
                            with sanctioned persons.
<DELETED>Sec. 504. Penalties for misrepresentation, fraud, and bribery.
<DELETED>Sec. 505. Market displacement by state-owned enterprises and 
                            monopolies.
               <DELETED>TITLE VI--TRANSITIONAL PROVISIONS

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

<DELETED>SEC. 2. DEFINITIONS.</DELETED>

<DELETED>    In this Act:</DELETED>
        <DELETED>    (1) Appropriate congressional committees.--The 
        term ``appropriate congressional committees'' means--</DELETED>
                <DELETED>    (A) the Committee on Foreign Relations and 
                the Committee on Appropriations of the Senate; 
                and</DELETED>
                <DELETED>    (B) the Committee on Foreign Affairs and 
                the Committee on Appropriations of the House of 
                Representatives.</DELETED>
        <DELETED>    (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'').</DELETED>
        <DELETED>    (3) Predecessor authority.--The term ``predecessor 
        authority'' means authorities repealed by title VI.</DELETED>
        <DELETED>    (4) Qualifying sovereign entity.--The term 
        ``qualifying sovereign entity'' means--</DELETED>
                <DELETED>    (A) any agency or instrumentality of a 
                foreign state (as defined in section 1603 of title 28, 
                United States Code); and</DELETED>
                <DELETED>    (B) any international financial 
                institution (as defined in section 1701(c) of the 
                International Financial Institutions Act (22 U.S.C. 
                262r(c))).</DELETED>

               <DELETED>TITLE I--ESTABLISHMENT</DELETED>

<DELETED>SEC. 101. STATEMENT OF POLICY.</DELETED>

<DELETED>    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--</DELETED>
        <DELETED>    (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;</DELETED>
        <DELETED>    (2) to finance development in a way that builds 
        and strengthens civic institutions, promotes competition, 
        provides for public accountability and transparency;</DELETED>
        <DELETED>    (3) to help private sector actors overcome 
        identifiable market gaps and inefficiencies without distorting 
        markets;</DELETED>
        <DELETED>    (4) to achieve clearly defined economic and social 
        development outcomes;</DELETED>
        <DELETED>    (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;</DELETED>
        <DELETED>    (6) to help countries currently receiving United 
        States assistance to graduate from their status as recipients 
        of assistance;</DELETED>
        <DELETED>    (7) to leverage the private sector and innovative 
        development tools as a means to lessen the reliance of the 
        United States on traditional forms of foreign assistance over 
        time; and</DELETED>
        <DELETED>    (8) to complement and be guided by overall United 
        States foreign policy and development objectives, taking into 
        account the policies of countries receiving support.</DELETED>

<DELETED>SEC. 102. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE 
              CORPORATION.</DELETED>

<DELETED>    (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).</DELETED>
<DELETED>    (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.</DELETED>
<DELETED>    (c) Less Developed Economy Focus.--</DELETED>
        <DELETED>    (1) In general.--The Corporation shall prioritize 
        the provision of support under title II in countries with low-
        income economies or lower-middle-income economies, as defined 
        by the World Bank.</DELETED>
        <DELETED>    (2) Support in countries with upper-middle-income 
        economies.--The Corporation shall restrict the provision of 
        support under title II in a country with an upper-middle-income 
        economy, as defined by the World Bank, unless--</DELETED>
                <DELETED>    (A) the President determines such support 
                furthers the national economic or foreign policy 
                interests of the United States; and</DELETED>
                <DELETED>    (B) such support is likely to be highly 
                developmental or provide developmental benefits to the 
                poorest population of that country.</DELETED>
<DELETED>    (d) Authorization To Make Expenditures and Commitments.--
The Corporation may make, without regard to fiscal year limitation, 
such expenditures and commitments as may be necessary using amounts 
appropriated to the Corporation pursuant to section 9104 of title 31, 
United States Code, and otherwise in accordance with law.</DELETED>
<DELETED>    (e) Project-Specific Transaction Costs Not Administrative 
Expenses.--Project-specific transaction costs, including direct and 
indirect costs incurred in claims settlements, and other direct costs 
associated with the provision of support to private sector entities and 
qualifying sovereign entities under title II, shall not be considered 
administrative expenses for the purposes of this section.</DELETED>

<DELETED>SEC. 103. MANAGEMENT OF CORPORATION.</DELETED>

<DELETED>    (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, and such other officers as the Board may 
determine.</DELETED>
<DELETED>    (b) Board of Directors.--</DELETED>
        <DELETED>    (1) Duties.--All powers of the Corporation shall 
        vest in and be exercised by or under the authority of the 
        Board. The Board--</DELETED>
                <DELETED>    (A) shall perform the functions specified 
                to be carried out by the Board in this Act; 
                and</DELETED>
                <DELETED>    (B) may prescribe, amend, and repeal 
                bylaws, rules, regulations, 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.</DELETED>
        <DELETED>    (2) Membership of board.--</DELETED>
                <DELETED>    (A) In general.--The Board shall consist 
                of--</DELETED>
                        <DELETED>    (i) the Chief Executive Officer of 
                        the Corporation;</DELETED>
                        <DELETED>    (ii) the officers specified in 
                        subparagraph (B); and</DELETED>
                        <DELETED>    (iii) four other individuals who 
                        shall be appointed by the President, by and 
                        with the advice and consent of the Senate, of 
                        which--</DELETED>
                                <DELETED>    (I) one individual should 
                                be appointed from among a list of 
                                individuals submitted by the majority 
                                leader of the Senate after consultation 
                                with the chairman of the Committee on 
                                Foreign Relations of the 
                                Senate;</DELETED>
                                <DELETED>    (II) one individual should 
                                be appointed from among a list of 
                                individuals submitted by the minority 
                                leader of the Senate after consultation 
                                with the ranking member of the 
                                Committee on Foreign Relations of the 
                                Senate;</DELETED>
                                <DELETED>    (III) one individual 
                                should be appointed from among a list 
                                of 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</DELETED>
                                <DELETED>    (IV) one individual should 
                                be appointed from among a list of 
                                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.</DELETED>
                <DELETED>    (B) Officers specified.--</DELETED>
                        <DELETED>    (i) In general.--The officers 
                        specified in this subparagraph are the 
                        following:</DELETED>
                                <DELETED>    (I) The Secretary of State 
                                or a designee of the 
                                Secretary.</DELETED>
                                <DELETED>    (II) The Administrator of 
                                the United States Agency for 
                                International Development or a designee 
                                of the Administrator.</DELETED>
                                <DELETED>    (III) The Secretary of the 
                                Treasury or a designee of the 
                                Secretary.</DELETED>
                                <DELETED>    (IV) The Secretary of 
                                Commerce or a designee of the 
                                Secretary.</DELETED>
                        <DELETED>    (ii) Requirements for designees.--
                        A designee under clause (i) shall be selected 
                        from among officers--</DELETED>
                                <DELETED>    (I) appointed by the 
                                President, by and with the advice and 
                                consent of the Senate;</DELETED>
                                <DELETED>    (II) whose duties relate 
                                to the programs of the Corporation; 
                                and</DELETED>
                                <DELETED>    (III) who is designated by 
                                and serving at the pleasure of the 
                                President.</DELETED>
                <DELETED>    (C) Requirements for private sector 
                members.--A member of the Board described in 
                subparagraph (A)(iii)--</DELETED>
                        <DELETED>    (i) may not be an officer or 
                        employee of the United States 
                        Government;</DELETED>
                        <DELETED>    (ii) shall have relevant private 
                        sector experience to carry out the purposes of 
                        the Corporation;</DELETED>
                        <DELETED>    (iii) shall be appointed for a 
                        term of 3 years and may be reappointed for one 
                        additional term;</DELETED>
                        <DELETED>    (iv) shall serve until the 
                        member's successor is appointed and 
                        confirmed;</DELETED>
                        <DELETED>    (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</DELETED>
                        <DELETED>    (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.</DELETED>
        <DELETED>    (3) Chairperson.--There shall be a Chairperson of 
        the Board designated by the President from among the 
        individuals described in paragraph (2)(A).</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (5) Quorum.--Six members of the Board shall 
        constitute a quorum for the transaction of business by the 
        Board.</DELETED>
<DELETED>    (c) Public Hearings.--</DELETED>
        <DELETED>    (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--</DELETED>
                <DELETED>    (A) the Corporation is carrying out its 
                activities in accordance with this Act; and</DELETED>
                <DELETED>    (B) any support provided by the 
                Corporation under title II in any country should have 
                been or should be extended.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (d) Chief Executive Officer.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (3) Relationship to board.--The Chief Executive 
        Officer shall report to and be under the direct authority of 
        the Board.</DELETED>
        <DELETED>    (4) Compensation.--Section 5313 of title 5, United 
        States Code, is amended by adding at the end the 
        following:</DELETED>
        <DELETED>    ``Chief Executive Officer, United States 
        International Development Finance Corporation.''.</DELETED>
<DELETED>    (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.</DELETED>
<DELETED>    (f) Chief Risk Officer.--</DELETED>
        <DELETED>    (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--</DELETED>
                <DELETED>    (A) shall have as the officer's sole 
                function to serve as Chief Risk Officer of the 
                Corporation;</DELETED>
                <DELETED>    (B) shall report directly to the Board; 
                and</DELETED>
                <DELETED>    (C) shall be removable only by a majority 
                vote of the Board.</DELETED>
        <DELETED>    (2) Duties.--The Chief Risk Officer shall, in 
        coordination with the audit committee of the Board established 
        under 401, develop, implement, and manage a comprehensive 
        process for identifying, assessing, monitoring, and limiting 
        risks to the Corporation, including the overall portfolio of 
        the Corporation.</DELETED>
<DELETED>    (g) Coordination.--The Chief Executive Officer shall 
consult with the Administrator of the United States Agency for 
International Development and Chief Executive Officer of the Millennium 
Challenge Corporation to coordinate the activities of the Corporation 
with the activities of the United States Agency for International 
Development and the Millennium Challenge Corporation, such as by 
establishing in the Corporation a Chief Development Officer who shall 
have responsibility for coordinating development finance policy and 
implementation efforts of the Corporation with the United States Agency 
for International Development and the Millennium Challenge Corporation 
and their respective development missions.</DELETED>
<DELETED>    (h) Officers and Employees.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (2) Administratively determined employees.--
        </DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
        <DELETED>    (3) Liability of employees.--</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (C) Savings provision.--This paragraph 
                shall not be construed--</DELETED>
                        <DELETED>    (i) to affect--</DELETED>
                                <DELETED>    (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</DELETED>
                                <DELETED>    (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</DELETED>
                        <DELETED>    (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.</DELETED>

<DELETED>SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.</DELETED>

<DELETED>    (a) In General.--Section 8G(a)(2) of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended by inserting ``the United States 
International Development Finance Corporation,'' after ``the 
Smithsonian Institution,''.</DELETED>
<DELETED>    (b) Oversight Independence.--Section 8G(a)(4) of the 
Inspector General Act of 1978 (5 U.S.C. App.) is amended--</DELETED>
        <DELETED>    (1) in subparagraph (G), by striking ``; and'' and 
        inserting a semicolon;</DELETED>
        <DELETED>    (2) in subparagraph (I), by striking the semicolon 
        and inserting ``; and''; and</DELETED>
        <DELETED>    (3) by adding at the end the following:</DELETED>
                <DELETED>    ``(J) with respect to the United States 
                International Development Finance Corporation, such 
                term means the Board of Directors of the United States 
                International Development Finance 
                Corporation;''.</DELETED>

                <DELETED>TITLE II--AUTHORITIES</DELETED>

<DELETED>SEC. 201. AUTHORITIES RELATING TO PROVISION OF 
              SUPPORT.</DELETED>

<DELETED>    (a) Lending and Guaranties.--</DELETED>
        <DELETED>    (1) In general.--The Corporation may make loans or 
        guarantee loans upon such terms and conditions as the 
        Corporation may determine.</DELETED>
        <DELETED>    (2) Denomination.--Loans and guaranties issued 
        under paragraph (1) may be denominated and repayable in United 
        States dollars or foreign currencies.</DELETED>
        <DELETED>    (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.).</DELETED>
<DELETED>    (b) Equity Investments.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (2) Denomination.--Support provided under 
        paragraph (1) may be denominated and repayable in United States 
        dollars or foreign currency.</DELETED>
        <DELETED>    (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 rationale, taking 
        into account the following factors:</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (B) The project would not have proceeded 
                or would have been substantially delayed without the 
                support.</DELETED>
                <DELETED>    (C) The support will meaningfully 
                contribute to transforming local conditions to promote 
                the development of markets.</DELETED>
                <DELETED>    (D) The support can be shown to be aligned 
                with commercial partner incentives.</DELETED>
                <DELETED>    (E) The support can be shown to have 
                significant developmental impact and will contribute to 
                long-term commercial sustainability.</DELETED>
        <DELETED>    (4) Limitations on equity investments.--</DELETED>
                <DELETED>    (A) Per project limit.--The aggregate 
                amount of support provided under this subsection with 
                respect to any project shall not exceed 20 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.</DELETED>
                <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (c) 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.</DELETED>
<DELETED>    (d) Promotion of and Support for Private Investment 
Opportunities.--</DELETED>
        <DELETED>    (1) In general.--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, bilateral 
        and multilateral development projects, 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.</DELETED>
        <DELETED>    (2) Contributions to costs.--The Corporation 
        shall, to the maximum extent practicable, require any person 
        receiving funds under the authorities of this subsection to--
        </DELETED>
                <DELETED>    (A) share the costs of feasibility studies 
                and other project planning services funded under this 
                subsection; and</DELETED>
                <DELETED>    (B) reimburse the Corporation those funds 
                provided under this section, if the person succeeds in 
                project implementation.</DELETED>
<DELETED>    (e) Special Projects and Programs.--The Corporation may 
administer and manage special projects and programs, 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, and other small business 
activities.</DELETED>
<DELETED>    (f) Enterprise Funds.--</DELETED>
        <DELETED>    (1) In general.--The Corporation may establish and 
        operate enterprise funds in accordance with this 
        subsection.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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:</DELETED>
                <DELETED>    (A) To promote development of economic 
                freedom and private sectors, including small- and 
                medium-sized businesses and joint ventures with the 
                United States and host country participants.</DELETED>
                <DELETED>    (B) To facilitate access to the credit to 
                small- and medium-sized businesses with sound business 
                plans in countries where there is limited means of 
                accessing credit on market terms.</DELETED>
                <DELETED>    (C) To promote policies and practices 
                conducive to economic freedom and private sector 
                development.</DELETED>
                <DELETED>    (D) To attract foreign direct investment 
                capital to further promote private sector development 
                and economic freedom.</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (F) To make financially sustainable 
                investments designed to generate measurable social 
                benefits and build technical capacity in addition to 
                financial returns.</DELETED>
        <DELETED>    (4) Operation of funds.--</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
        <DELETED>    (5) Board of directors.--Each enterprise fund 
        established under this subsection shall be governed by a Board 
        of Directors comprised of private citizens of the United States 
        or the host country, who--</DELETED>
                <DELETED>    (A) shall be appointed by the President 
                after consultation with the chairmen and ranking 
                members of the appropriate congressional committees; 
                and</DELETED>
                <DELETED>    (B) have pursued careers in international 
                business and have demonstrated expertise in 
                international and emerging market investment 
                activities.</DELETED>
        <DELETED>    (6) Majority member requirement.--The majority of 
        the members of the Board of Directors shall be United States 
        citizens.</DELETED>
        <DELETED>    (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--</DELETED>
                <DELETED>    (A) submit to the appropriate 
                congressional committees a report--</DELETED>
                        <DELETED>    (i) detailing the administrative 
                        expenses of the enterprise fund during the year 
                        preceding the submission of the 
                        report;</DELETED>
                        <DELETED>    (ii) describing the operations, 
                        activities, financial condition, and 
                        accomplishments of the enterprise fund during 
                        that year; and</DELETED>
                        <DELETED>    (iii) describing the results of 
                        the audit conducted under paragraph (8) during 
                        that year; and</DELETED>
                <DELETED>    (B) publish, on a publicly available 
                internet website of the enterprise fund, each report 
                required by subparagraph (A).</DELETED>
        <DELETED>    (8) Oversight.--</DELETED>
                <DELETED>    (A) Inspector general performance 
                audits.--</DELETED>
                        <DELETED>    (i) In general.--The Inspector 
                        General of the Corporation shall conduct 
                        periodic audits of the activities of each 
                        enterprise fund established under this 
                        subsection.</DELETED>
                        <DELETED>    (ii) Consideration.--In conducting 
                        an audit under clause (i), the Inspector 
                        General shall assess whether the activities of 
                        the enterprise fund--</DELETED>
                                <DELETED>    (I) support the purposes 
                                described in paragraph (3);</DELETED>
                                <DELETED>    (II) result in profitable 
                                private sector investing; and</DELETED>
                                <DELETED>    (III) generate measurable 
                                social benefits.</DELETED>
                <DELETED>    (B) Recordkeeping requirements.--The 
                Corporation shall ensure that each enterprise fund 
                receiving support under this subsection--</DELETED>
                        <DELETED>    (i) keeps separate accounts with 
                        respect to such support; and</DELETED>
                        <DELETED>    (ii) maintains such records as may 
                        be reasonably necessary to facilitate effective 
                        audits under this paragraph.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (10) Termination.--The authority of an enterprise 
        fund to provide support under this subsection shall terminate 
        on the earlier of--</DELETED>
                <DELETED>    (A) the date that is 7 years after the 
                date of the first expenditure of amounts from the 
                enterprise fund; or</DELETED>
                <DELETED>    (B) the date on which the enterprise fund 
                is liquidated.</DELETED>
<DELETED>    (g) Sense of Congress.--The Corporation should consider 
ways to provide technical and other support to facilitate the 
development of diaspora bonds and other financing mechanisms that 
consolidate and leverage remittances for development 
outcomes.</DELETED>
<DELETED>    (h) Other Authorities.--The Corporation shall have, in 
addition to other authorities provided under this section, such 
authorities as are provided for under the State Department Basic 
Authorities Act of 1956 (22 U.S.C. 2651a et seq.) and the Foreign 
Assistance Act of 1961 (22 U.S.C. 2151 et seq.) and delegated by the 
President to the Overseas Private Investment Corporation or an element 
of the United States Agency for International Development specified in 
section 603(a)(2) as of the day before the date of the enactment of 
this Act.</DELETED>

<DELETED>SEC. 202. TERMS AND CONDITIONS.</DELETED>

<DELETED>    (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.</DELETED>
<DELETED>    (b) Requirements.--The following requirements apply to 
support provided by the Corporation under this title:</DELETED>
        <DELETED>    (1) The Corporation shall make a loan or guaranty 
        only if it is necessary--</DELETED>
                <DELETED>    (A) to alleviate a credit market 
                imperfection; or</DELETED>
                <DELETED>    (B) to achieve specified objectives of the 
                United States Government by providing support in the 
                most efficient way to meet those objectives on a 
                borrower-by-borrower basis.</DELETED>
        <DELETED>    (2) The final maturity of a loan made or 
        guaranteed by the Corporation shall not exceed the lesser of--
        </DELETED>
                <DELETED>    (A) 25 years; or</DELETED>
                <DELETED>    (B) the useful life of any physical asset 
                to be financed by the loan (as determined by the 
                Corporation).</DELETED>
        <DELETED>    (3) The Corporation shall, with respect to 
        providing any loan guaranty to a project, require that the 
        parties to the loan guaranteed by the Corporation bear the risk 
        of loss for at least 20 percent of the guaranteed support by 
        the Corporation in the project.</DELETED>
        <DELETED>    (4) The Corporation may not guarantee a loan 
        unless the Corporation determines that the 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.</DELETED>
        <DELETED>    (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 benchmarks with 
        a similar maturity to the loans being made or guaranteed. The 
        Corporation shall establish appropriate minimum interest rates 
        for loans, guarantees, insurance, and other instruments as 
        necessary.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (7)(A) The Corporation shall set fees or premiums 
        for loan guarantee or insurance coverage at levels that 
        minimize the cost to the Government (as defined in section 502 
        of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of 
        such coverage, while supporting achievement of the objectives 
        of the loan.</DELETED>
        <DELETED>    (B) The Corporation shall set the minimum 
        guarantee fee or insurance premium at a level sufficient to 
        cover the Corporation's costs for paying all of the estimated 
        costs to the Government of the expected default claims and 
        other obligations.</DELETED>
        <DELETED>    (C) The Corporation shall review fees for loan 
        guaranties periodically to ensure that the fees assessed on new 
        loan guarantees are at a level sufficient to cover the 
        Corporation's most recent estimates of its costs.</DELETED>
        <DELETED>    (8) Any loan guaranty provided by the Corporation 
        shall be conclusive evidence that--</DELETED>
                <DELETED>    (A) the guaranty has been properly 
                obtained;</DELETED>
                <DELETED>    (B) the loan qualified for the guaranty; 
                and</DELETED>
                <DELETED>    (C) but for fraud or material 
                misrepresentation by the holder of the guaranty, the 
                guaranty is presumed to be valid, legal, and 
                enforceable.</DELETED>
        <DELETED>    (9) The Corporation may not make a loan or loan 
        guaranty unless the Corporation determines that there is a 
        reasonable assurance of repayment on the loan.</DELETED>
        <DELETED>    (10) The Corporation shall prescribe explicit 
        standards for use in periodically assessing the credit risk of 
        new and existing direct loans or guaranteed loans.</DELETED>
        <DELETED>    (11) 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).</DELETED>

<DELETED>SEC. 203. PAYMENT OF LOSSES.</DELETED>

<DELETED>    (a) Payments for Defaults on Guaranteed Loans.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (b) Limitation on Payments.--</DELETED>
        <DELETED>    (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 insurance, reinsurance, or guaranty, as of the date of its 
        issuance, made in the project with the approval of the 
        Corporation, plus interest, earnings, or profits actually 
        accrued on the insurance, reinsurance, or guaranty, to the 
        extent provided by such insurance, reinsurance, or 
        guaranty.</DELETED>
        <DELETED>    (2) Exception.--</DELETED>
                <DELETED>    (A) In general.--The Corporation may 
                provide that--</DELETED>
                        <DELETED>    (i) appropriate adjustments in the 
                        insured dollar value be made to reflect the 
                        replacement cost of project assets; 
                        and</DELETED>
                        <DELETED>    (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.</DELETED>
        <DELETED>    (3) Additional limitation.--</DELETED>
                <DELETED>    (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.</DELETED>
                <DELETED>    (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.</DELETED>
<DELETED>    (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 guarantee under this title.</DELETED>
<DELETED>    (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.</DELETED>

<DELETED>SEC. 204. TERMINATION.</DELETED>

<DELETED>    The authorities provided under this title terminate on 
September 30, 2038.</DELETED>

  <DELETED>TITLE III--ADMINISTRATIVE AND GENERAL PROVISIONS</DELETED>

<DELETED>SEC. 301. OPERATIONS.</DELETED>

<DELETED>    (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.</DELETED>
<DELETED>    (b) Claims Settlement.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (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.</DELETED>
<DELETED>    (d) Electronic Payments and Documents.--The Corporation 
shall implement policies to accept electronic documents and electronic 
payments in all of its programs.</DELETED>

<DELETED>SEC. 302. CORPORATE POWERS.</DELETED>

<DELETED>    (a) In General.--The Corporation--</DELETED>
        <DELETED>    (1) may adopt, alter, and use a seal, to include 
        an identifiable symbol of the United States;</DELETED>
        <DELETED>    (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;</DELETED>
        <DELETED>    (3) may determine and prescribe the manner in 
        which its obligations shall be incurred and its expenses 
        allowed and paid, including expenses for 
        representation;</DELETED>
        <DELETED>    (4) 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;</DELETED>
        <DELETED>    (5) 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;</DELETED>
        <DELETED>    (6) 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);</DELETED>
        <DELETED>    (7) 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;</DELETED>
        <DELETED>    (8) may hire or obtain passenger motor 
        vehicles;</DELETED>
        <DELETED>    (9) may sue and be sued in its corporate 
        name;</DELETED>
        <DELETED>    (10) 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, and with respect to lease of 
        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 without regard to section 
        1341(a)(1)(B) of title 31, United States Code;</DELETED>
        <DELETED>    (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;</DELETED>
        <DELETED>    (12) notwithstanding any other provision of law, 
        may represent itself or contract for representation in all 
        legal and arbitral proceedings;</DELETED>
        <DELETED>    (13) may purchase, discount, rediscount, sell, and 
        negotiate, with or without its endorsement or guaranty, and 
        guarantee notes, participation certificates, and other evidence 
        of indebtedness;</DELETED>
        <DELETED>    (14) may exercise any priority of the Government 
        of the United States in collecting debts from bankrupt, 
        insolvent, or decedents' estates;</DELETED>
        <DELETED>    (15) 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;</DELETED>
        <DELETED>    (16) may manage assets described in section 3(9) 
        of Public Law 110-343 (12 U.S.C. 5202(9)) in a manner designed 
        to minimize cost to the Corporation, including establishing 
        vehicles that are authorized to purchase, hold, and sell assets 
        and issue obligations;</DELETED>
        <DELETED>    (17) may make arrangements with foreign 
        governments (including agencies, instrumentalities, or 
        political subdivisions of such governments) or with 
        multilateral organizations or institutions for sharing 
        liabilities;</DELETED>
        <DELETED>    (18) may revolve funds of the Corporation through 
        selling direct investments of the Corporation to private 
        investors upon such terms and conditions as the Corporation may 
        determine; and</DELETED>
        <DELETED>    (19) shall have such other powers as may be 
        necessary and incident to carrying out the functions of the 
        Corporation.</DELETED>
<DELETED>    (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.</DELETED>

<DELETED>SEC. 303. MAXIMUM CONTINGENT LIABILITY.</DELETED>

<DELETED>    (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).</DELETED>
<DELETED>    (b) Amount Specified.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (2) Subsequent 5-year periods.--Not later than 5 
        years after the date of the enactment of this Act, and 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.</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 304. CORPORATE FUNDS.</DELETED>

<DELETED>    (a) Corporate Capital Account.--</DELETED>
        <DELETED>    (1) Establishment.--There is established in the 
        Treasury of the United States a revolving fund to be known as 
        the ``Corporate Capital Account'', consisting of such funds 
        as--</DELETED>
                <DELETED>    (A) are available to discharge liabilities 
                under predecessor authorities; and</DELETED>
                <DELETED>    (B) are made available to the Corporation 
                pursuant to subsections (d), (e), and (f), or otherwise 
                available pursuant to this section.</DELETED>
        <DELETED>    (2) Use of funds.--Amounts in the Corporate 
        Capital Account shall be available for discharge of liabilities 
        of the Corporation, until such time as all such liabilities 
        have been discharged or have expired or until all of the 
        amounts in the Account have been expended in accordance with 
        the provisions of this section.</DELETED>
<DELETED>    (b) Transfer of Previous Fees and Revenue.--There is 
hereby authorized to be transferred to the Corporation at its call, for 
the purposes specified in subsection (g), all fees and other revenues 
collected by the Overseas Private Investment Corporation pursuant to 
the reorganization plan submitted by the President under section 
602.</DELETED>
<DELETED>    (c) Full Faith and Credit.--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.</DELETED>
<DELETED>    (d) Authorization of Appropriations.--There are authorized 
to be appropriated to the Corporation, to remain available until 
expended, such amounts as may be necessary from time to time to 
replenish or increase the Corporate Capital Account.</DELETED>
<DELETED>    (e) Issuance of Obligations.--</DELETED>
        <DELETED>    (1) In general.--In order to discharge liabilities 
        of the Corporation, the Corporation may issue from time to time 
        for purchase by the Secretary of the Treasury notes, 
        debentures, bonds, or other obligations of the 
        Corporation.</DELETED>
        <DELETED>    (2) Limitation.--The aggregate amount of 
        obligations outstanding under paragraph (1) at any one time 
        shall not exceed $1,000,000,000.</DELETED>
        <DELETED>    (3) Repayment.--Any obligation issued under 
        paragraph (1) shall be repaid to the Treasury of the United 
        States within one year after the date of issue of the 
        obligation.</DELETED>
        <DELETED>    (4) Interest rate.--Any obligation issued under 
        paragraph (1) shall bear interest at a rate determined by the 
        Secretary, taking into consideration the current average market 
        yield on outstanding marketable obligations of the United 
        States of comparable maturities during the month preceding the 
        issuance of any obligation authorized by this 
        subsection.</DELETED>
        <DELETED>    (5) Purchase.--The Secretary shall purchase any 
        obligation of the Corporation issued under paragraph (1), and 
        for such purchase the Secretary may use as a public debt 
        transaction the proceeds of the sale of any securities issued 
        under chapter 31 of title 31, United States Code. The purpose 
        for which securities may be issued under such chapter shall 
        include any such purchase.</DELETED>
        <DELETED>    (6) Funding.--There are hereby authorized to be 
        appropriated to the Secretary for fiscal year 2018 and each 
        fiscal year thereafter such sums as may be necessary to carry 
        out this subsection.</DELETED>
<DELETED>    (f) Fees.--</DELETED>
        <DELETED>    (1) In general.--Fees may be charged for providing 
        services and for transaction costs incurred by the Corporation 
        in amounts to be determined by the Corporation.</DELETED>
        <DELETED>    (2) Use of fees.--All fees under paragraph (1) 
        paid for transaction costs and other costs associated with 
        services provided shall be available for obligation for the 
        purposes for which such fees were collected.</DELETED>
<DELETED>    (g) Income and Revenue in General.--In order to carry out 
the purposes of the Corporation, all funds, fees, revenues, and income 
transferred to or earned by the Corporation, from whatever source 
derived, shall be held by the Corporation and shall be available to 
carry out the purposes of the Corporation, including--</DELETED>
        <DELETED>    (1) payment of all expenses of the 
        Corporation;</DELETED>
        <DELETED>    (2) transfers and additions to the Corporate 
        Capital Account and such other funds or reserves as the 
        Corporation may establish, at such time and in such amounts as 
        the Board may determine;</DELETED>
        <DELETED>    (3) payment of dividends on capital stock, which 
        shall consist of and be paid from net earnings of the 
        Corporation after payments, transfers, and additions under 
        paragraphs (1) and (2); and</DELETED>
        <DELETED>    (4) transfer of such sums as may be necessary from 
        the Corporate Capital Account for costs (as defined in section 
        502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) 
        of providing support under title II, including the costs of 
        modifying such support.</DELETED>
<DELETED>    (h) Transaction Costs.--Transaction costs incurred by the 
Corporation, including such costs relating to loan obligations or loan 
guarantee commitments covered by the provisions of the Federal Credit 
Reform Act of 1990 (2 U.S.C. 661 et seq.), shall be held in and paid 
out of the Corporate Capital Account.</DELETED>

<DELETED>SEC. 305. COORDINATION WITH MILLENNIUM CHALLENGE CORPORATION 
              ON CONSTRAINTS ANALYSIS.</DELETED>

<DELETED>    It is the sense of Congress that the Corporation should 
use the constraints analysis and other relevant data of the Millennium 
Challenge Corporation to be better inform the decisions of the 
Corporation with respect to providing support under title II.</DELETED>

   <DELETED>TITLE IV--MONITORING, EVALUATION, AND REPORTING</DELETED>

<DELETED>SEC. 401. ESTABLISHMENT OF RISK AND AUDIT 
              COMMITTEES.</DELETED>

<DELETED>    (a) In General.--To manage risks such as key strategic, 
reputational, regulatory, operational, and financial risks the 
Corporation shall establish a risk committee and an audit 
committee.</DELETED>
<DELETED>    (b) Duties and Responsibilities.--Subject to the direction 
of the Board, the risk committee established under subsection (a) shall 
have the responsibility of--</DELETED>
        <DELETED>    (1) carrying out independent oversight of the 
        Corporation;</DELETED>
        <DELETED>    (2) reviewing and providing guidance on the risk 
        governance structure of the Corporation; and</DELETED>
        <DELETED>    (3) developing policies for enterprise risk 
        management, monitoring, and management of strategic, 
        reputational, regulatory, operational, and financial 
        risks.</DELETED>

<DELETED>SEC. 402. PERFORMANCE MEASURES.</DELETED>

<DELETED>    (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.</DELETED>
<DELETED>    (b) Considerations.--In developing the performance 
measurement system required by subsection (a), the Corporation shall--
</DELETED>
        <DELETED>    (1) develop a successor for the development impact 
        measurement system used by the Overseas Private Investment 
        Corporation before the date of the enactment of this 
        Act;</DELETED>
        <DELETED>    (2) develop a mechanism for ensuring that support 
        provided by the Corporation under title II is in addition to 
        private investment; and</DELETED>
        <DELETED>    (3) develop standards for, and a method for 
        ensuring, appropriate financial performance of the 
        Corporation's portfolio.</DELETED>
<DELETED>    (c) Public Availability of Certain Information.--The 
Corporation shall regularly make available to the public information 
about support provided by the Corporation under title II and 
performance metrics about such support on a country-by-country 
basis.</DELETED>
<DELETED>    (d) Consultations.--In developing the performance 
measurement system required by subsection (a), the Corporation shall 
consult with stakeholders engaged in sustainable economic growth and 
development outside the United States, including private sector 
entities and nongovernmental and civil society organizations.</DELETED>

<DELETED>SEC. 403. ANNUAL REPORT.</DELETED>

<DELETED>    (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--</DELETED>
        <DELETED>    (1) the economic and social development impact and 
        benefits of projects supported by the Corporation under title 
        II; and</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (b) Elements.--Each annual report required by subsection 
(a) shall include projections of the effects of each project supported 
by the Corporation under title II, including--</DELETED>
        <DELETED>    (1) reviews and analysis of--</DELETED>
                <DELETED>    (A) the desired development outcomes for 
                each project and whether or not the project is meeting 
                the associated metrics, goals, and development 
                objectives in the years following the conclusion of the 
                project; and</DELETED>
                <DELETED>    (B) the effect of the Corporation's 
                support for the project on access to capital, 
                specifically whether the project is addressing 
                identifiable market gaps or inefficiencies and what 
                impact, if any, such support will have on access to 
                credit for private sector entities in the country in 
                which the project is carried out;</DELETED>
        <DELETED>    (2) an explanation of any partnership arrangement 
        or cooperation with a qualifying sovereign entity in support of 
        each project;</DELETED>
        <DELETED>    (3) projections of--</DELETED>
                <DELETED>    (A) each project's development outcome, 
                and whether or not support for the project is meeting 
                the associated performance measures, both during the 
                start-up phase and over the duration of the project; 
                and</DELETED>
                <DELETED>    (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 associated with the project; and</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 404. PUBLICLY AVAILABLE PROJECT INFORMATION.</DELETED>

<DELETED>    The Corporation shall--</DELETED>
        <DELETED>    (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</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 405. AUDITS AND FINANCIAL STATEMENTS OF THE 
              CORPORATION.</DELETED>

<DELETED>    (a) Audits.--Subject to subsection (f), an independent 
certified public accountant shall perform a financial and compliance 
audit of the financial statements of the Corporation annually, in 
accordance with generally accepted government auditing standards for a 
financial and compliance audit, as issued by the Comptroller General of 
the United States.</DELETED>
<DELETED>    (b) Reports on Audits.--The independent certified public 
accountant who conducts an audit under subsection (a) shall report the 
results of the audit to the Executive Director of the Corporation and 
the appropriate congressional committees.</DELETED>
<DELETED>    (c) Presentation.--The financial statements of the 
Corporation and the report required by subsection (b) shall be 
presented in accordance with generally accepted accounting 
principles.</DELETED>
<DELETED>    (d) Reports to Congress.--Not later than 195 days after 
the end of the last fiscal year covered by an audit conducted under 
subsection (a), the Corporation shall submit to the appropriate 
congressional committees a report that includes--</DELETED>
        <DELETED>    (1) the report required by subsection (b) with 
        respect to the audit; and</DELETED>
        <DELETED>    (2) the financial statements of the 
        Corporation.</DELETED>
<DELETED>    (e) Review and Report by the Government Accountability 
Office.--The Comptroller General may review an audit conducted under 
subsection (a) and the report to the appropriate congressional 
committees required by subsection (d) in the manner and at such times 
as the Comptroller General considers necessary.</DELETED>
<DELETED>    (f) Alternative Audits by Government Accountability 
Office.--Instead of an audit conducted under subsection (a) by a 
certified public accountant, the Comptroller General shall, if the 
Comptroller General considers it necessary or upon the request of 
Congress, audit the financial statements of the Corporation in the 
manner provided under subsection (a).</DELETED>
<DELETED>    (g) Availability of Information.--All books, accounts, 
financial records, reports, files, workpapers, and property belonging 
to or in use by the Corporation or the accountant who conducts an audit 
under subsection (a) that are necessary for purposes of conducing the 
audit, shall be made available to the Comptroller General and such 
employees as the Comptroller General considers appropriate.</DELETED>

<DELETED>SEC. 406. ENGAGEMENT WITH INVESTORS.</DELETED>

<DELETED>    (a) In General.--The Corporation shall, in cooperation 
with the Administrator of the United States Agency for International 
Development--</DELETED>
        <DELETED>    (1) develop a strategic relationship with private 
        sector entities focused at the nexus of business opportunities 
        and development priorities;</DELETED>
        <DELETED>    (2) engage such entities and reduce business risks 
        primarily through direct transaction support and facilitating 
        investment partnerships;</DELETED>
        <DELETED>    (3) develop and support tools, approaches, and 
        intermediaries that can mobilize private finance at scale in 
        the developing world;</DELETED>
        <DELETED>    (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</DELETED>
        <DELETED>    (5) pursue projects consistent with the stated 
        goals of the Department of State and the Strategic Plan and the 
        Mission Country Development Cooperation Strategies of the 
        United States Agency for International Development.</DELETED>
<DELETED>    (b) Assistance.--To achieve the goals described in 
subsection (a), the Corporation shall--</DELETED>
        <DELETED>    (1) develop risk mitigation tools;</DELETED>
        <DELETED>    (2) provide transaction structuring support for 
        blended finance models;</DELETED>
        <DELETED>    (3) support intermediaries linking capital supply 
        and demand;</DELETED>
        <DELETED>    (4) coordinate with other Federal agencies to 
        support or accelerate transactions;</DELETED>
        <DELETED>    (5) convene financial, donor, and public sector 
        partners around opportunities for private finance within 
        development priorities;</DELETED>
        <DELETED>    (6) offer strategic planning and programming 
        assistance to catalyze investment into priority 
        sectors;</DELETED>
        <DELETED>    (7) provide transaction structuring 
        support;</DELETED>
        <DELETED>    (8) deliver training and knowledge management 
        tools for engaging private investors;</DELETED>
        <DELETED>    (9) partner with private sector entities that 
        provide access to capital and expertise; and</DELETED>
        <DELETED>    (10) identify and screen new investment 
        partners.</DELETED>

 <DELETED>TITLE V--CONDITIONS, RESTRICTIONS, AND PROHIBITIONS</DELETED>

<DELETED>SEC. 501. LIMITATIONS AND PREFERENCES.</DELETED>

<DELETED>    (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.</DELETED>
<DELETED>    (b) Preference for Support of Investment by United States 
Investors.--</DELETED>
        <DELETED>    (1) In general.--The Corporation shall give 
        preferential consideration to projects sponsored by or 
        involving private sector entities that are United States 
        persons.</DELETED>
        <DELETED>    (2) United states person defined.--In this 
        subsection, the term ``United States person'' means--</DELETED>
                <DELETED>    (A) a United States citizen; or</DELETED>
                <DELETED>    (B) an entity significantly beneficially 
                owned by individuals described in subparagraph 
                (A).</DELETED>
<DELETED>    (c) Preference for Provision of Support in Countries in 
Compliance With International Trade Obligations.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (d) Worker Rights.--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.</DELETED>
<DELETED>    (e) Environmental 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 
impacts that are sensitive, diverse, or unprecedented, unless--
</DELETED>
        <DELETED>    (1) before the date of the vote, an environmental 
        impact assessment or initial environmental audit, analyzing the 
        environmental impacts of the proposed project and of 
        alternatives to the proposed project, is completed; 
        and</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 502. ADDITIONALITY AND AVOIDANCE OF MARKET 
              DISTORTION.</DELETED>

<DELETED>    (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 
instead of the project receiving support from the 
Corporation.</DELETED>
<DELETED>    (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--
</DELETED>
        <DELETED>    (1) supplements and encourages, but does not 
        compete with, private sector support; and</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 503. PROHIBITION ON SUPPORT IN SANCTIONED COUNTRIES AND 
              WITH SANCTIONED PERSONS.</DELETED>

<DELETED>    (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--</DELETED>
        <DELETED>    (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.));</DELETED>
        <DELETED>    (2) section 620A(a) of the Foreign Assistance Act 
        of 1961 (22 U.S.C. 2371(a));</DELETED>
        <DELETED>    (3) section 40(d) of the Arms Export Control Act 
        (22 U.S.C. 2780(d)); or</DELETED>
        <DELETED>    (4) any other provision of law.</DELETED>
<DELETED>    (b) Prohibition on Support of Sanctioned Persons.--The 
Corporation is prohibited from supporting a project under title II that 
benefits any entity subject to sanctions imposed by the United 
States.</DELETED>

<DELETED>SEC. 504. PENALTIES FOR MISREPRESENTATION, FRAUD, AND 
              BRIBERY.</DELETED>

<DELETED>    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.</DELETED>

<DELETED>SEC. 505. MARKET DISPLACEMENT BY STATE-OWNED ENTERPRISES AND 
              MONOPOLIES.</DELETED>

<DELETED>    (a) Policies With Respect to State-Owned Enterprises.--The 
Corporation shall develop appropriate policies and guidelines to ensure 
that support provided under title II to a state-owned enterprise, 
sovereign wealth fund, or a parastatal entity engaged in commercial 
activities or to a project in which such an entity or fund is 
participating is provided under appropriate principles of competitive 
neutrality.</DELETED>
<DELETED>    (b) Prohibition on Support to Monopolies.--The Corporation 
may not provide support under title II to private sector entities 
engaged in monopolistic practices.</DELETED>
<DELETED>    (c) State-Owned Enterprise Defined.--</DELETED>
        <DELETED>    (1) In general.--In this section, the term 
        ``state-owned enterprise'' means any enterprise established for 
        a commercial or business purpose that is directly owned or 
        controlled by one or more governments, including any agency, 
        instrumentality, subdivision, or other unit of government at 
        any level of jurisdiction.</DELETED>
        <DELETED>    (2) Control; owned.--For purposes of paragraph 
        (1):</DELETED>
                <DELETED>    (A) Control.--The term ``control'', with 
                respect to an enterprise, means the power by any means 
                to control the enterprise regardless of--</DELETED>
                        <DELETED>    (i) the level of ownership; 
                        and</DELETED>
                        <DELETED>    (ii) whether or not the power is 
                        exercised.</DELETED>
                <DELETED>    (B) Owned.--The term ``owned'', with 
                respect to an enterprise, means a majority or 
                controlling interest, whether by value or voting 
                interest, of the shares of that enterprise, including 
                through fiduciaries, agents, or other means.</DELETED>

          <DELETED>TITLE VI--TRANSITIONAL PROVISIONS</DELETED>

<DELETED>SEC. 601. DEFINITIONS.</DELETED>

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

<DELETED>SEC. 602. REORGANIZATION PLAN.</DELETED>

<DELETED>    (a) Submission of Plan.--Not later than 60 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:</DELETED>
        <DELETED>    (1) The transfer of agencies, personnel, assets, 
        and obligations to the Corporation pursuant to this 
        title.</DELETED>
        <DELETED>    (2) Any consolidation, reorganization, or 
        streamlining of agencies transferred to the Corporation 
        pursuant to this title.</DELETED>
<DELETED>    (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:</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (3) Specification of the funds available to each 
        agency that will be transferred to the Corporation as a result 
        of transfers under the plan.</DELETED>
        <DELETED>    (4) Specification of the proposed allocations 
        within the Corporation of unexpended funds transferred in 
        connection with transfers under the plan.</DELETED>
        <DELETED>    (5) Specification of any proposed disposition of 
        property, facilities, contracts, records, and other assets and 
        obligations of agencies transferred under the plan.</DELETED>
<DELETED>    (c) 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 (d).</DELETED>
<DELETED>    (d) Effective Date.--</DELETED>
        <DELETED>    (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 (c)), 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).</DELETED>
        <DELETED>    (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.</DELETED>

<DELETED>SEC. 603. TRANSFER OF FUNCTIONS.</DELETED>

<DELETED>    (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--</DELETED>
        <DELETED>    (1) the Overseas Private Investment Corporation, 
        as in existence on the day before the date of the enactment of 
        this Act; and</DELETED>
        <DELETED>    (2) the following elements of the United States 
        Agency for International Development:</DELETED>
                <DELETED>    (A) The Development Credit 
                Authority.</DELETED>
                <DELETED>    (B) The enterprise funds.</DELETED>
                <DELETED>    (C) The Office of Private Capital and 
                Microenterprise.</DELETED>
<DELETED>    (b) 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 shall be considered as satisfying the requirements of 
section 301(a).</DELETED>
<DELETED>    (c) Transition.--During the transition period, the 
agencies specified in subsection (a) shall--</DELETED>
        <DELETED>    (1) continue to administer the assets and 
        obligations of those agencies; and</DELETED>
        <DELETED>    (2) carry out such programs and activities 
        authorized under this Act as may be determined by the 
        President.</DELETED>

<DELETED>SEC. 604. TERMINATION OF OVERSEAS PRIVATE INVESTMENT 
              CORPORATION AND OTHER SUPERCEDED AUTHORITIES.</DELETED>

<DELETED>    Effective at the end of the transition period--</DELETED>
        <DELETED>    (1) the Overseas Private Investment Corporation is 
        terminated; and</DELETED>
        <DELETED>    (2) the following provisions are 
        repealed:</DELETED>
                <DELETED>    (A) Title IV of chapter 2 of part I of the 
                Foreign Assistance Act of 1961 (22 U.S.C. 2191 et seq.) 
                (other than subsections (g), (l), and (n) of section 
                237 of that Act).</DELETED>
                <DELETED>    (B) Subtitle B of title VI of that chapter 
                (22 U.S.C. 2212).</DELETED>

<DELETED>SEC. 605. TRANSITIONAL AUTHORITIES.</DELETED>

<DELETED>    (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.</DELETED>
<DELETED>    (b) Services and Personnel.--During the transition period, 
upon the request of the Corporation, the head of any executive agency 
may, on a reimbursable basis, provide services or detail personnel to 
assist with the transition.</DELETED>
<DELETED>    (c) Acting Officials.--</DELETED>
        <DELETED>    (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--</DELETED>
                <DELETED>    (A) the rates provided by this Act for the 
                respective offices in which they act; or</DELETED>
                <DELETED>    (B) the rates provided for the offices 
                held at the time of designation.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (d) Transfer of Personnel, Assets, Obligations, and 
Functions.--Upon the transfer of an agency to the Corporation under 
section 603--</DELETED>
        <DELETED>    (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</DELETED>
        <DELETED>    (2) the Corporation shall have all functions--
        </DELETED>
                <DELETED>    (A) relating to the agency that any other 
                official could by law exercise in relation to the 
                agency immediately before such transfer; and</DELETED>
                <DELETED>    (B) vested in the Corporation by this Act 
                or other law.</DELETED>

<DELETED>SEC. 606. SAVINGS PROVISIONS.</DELETED>

<DELETED>    (a) Completed Administrative Actions.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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, 
        licenses, registrations, and privileges.</DELETED>
<DELETED>    (b) Pending Proceedings.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (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.</DELETED>
<DELETED>    (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.</DELETED>
<DELETED>    (e) Employment Provisions.--</DELETED>
        <DELETED>    (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.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (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.</DELETED>

<DELETED>SEC. 607. OTHER TERMINATIONS.</DELETED>

<DELETED>    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.</DELETED>

<DELETED>SEC. 608. INCIDENTAL TRANSFERS.</DELETED>

<DELETED>    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.</DELETED>

<DELETED>SEC. 609. REFERENCE.</DELETED>

<DELETED>    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.</DELETED>

<DELETED>SEC. 610. CONFORMING AMENDMENTS.</DELETED>

<DELETED>    (a) Exempt Programs.--Section 255(g) of the Balanced 
Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)) is 
amended by striking ``Overseas Private Investment Corporation, 
Noncredit Account (71-4184-0-3-151).'' and inserting ``United States 
International Development Finance Corporation.''.</DELETED>
<DELETED>    (b) Executive Schedule.--Title 5, United States Code, is 
amended--</DELETED>
        <DELETED>    (1) in section 5314, by striking ``President, 
        Overseas Private Investment Corporation.'';</DELETED>
        <DELETED>    (2) in section 5315, by striking ``Executive Vice 
        President, Overseas Private Investment Corporation.''; 
        and</DELETED>
        <DELETED>    (3) in section 5316, by striking ``Vice 
        Presidents, Overseas Private Investment Corporation 
        (3).''.</DELETED>
<DELETED>    (c) Office of International Trade of the Small Business 
Administration.--Section 22 of the Small Business Act (15 U.S.C. 649) 
is amended--</DELETED>
        <DELETED>    (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</DELETED>
        <DELETED>    (2) by striking ``Overseas Private Investment 
        Corporation'' each place it appears and inserting ``United 
        States International Development Finance 
        Corporation''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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'''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (i) Internships With Institute for International Public 
Policy.--Section 625 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''.</DELETED>
<DELETED>    (j) Foreign Assistance Act of 1961.--The Foreign 
Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is amended--</DELETED>
        <DELETED>    (1) in section 449B(b)(2) (22 U.S.C. 2296b(b)(2)), 
        by striking ``Overseas Private Investment Corporation'' and 
        inserting ``United States International Development Finance 
        Corporation''; and</DELETED>
        <DELETED>    (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)''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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 by 
striking subparagraph (A) and inserting the following:</DELETED>
                <DELETED>    ``(A) title II of the Better Utilization 
                of Investments Leading to Development Act of 
                2018;''.</DELETED>
<DELETED>    (m) Support for East European Democracy (SEED) Program.--
Section 2(c) of the Support for East European Democracy (SEED) Act of 
1989 (22 U.S.C. 5401(c)) is amended by striking paragraph (12) and 
inserting the following:</DELETED>
        <DELETED>    ``(12) United states international development 
        finance corporation.--Programs of the United States 
        International Development Finance Corporation.''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (p) Trafficking Victims Protection Act of 2000.--Section 
103(8) of the Trafficking Victims Protection Act of 2000 (22 U.S.C. 
7102(8)) is amended--</DELETED>
        <DELETED>    (1) in clause (vii), by striking the semicolon and 
        inserting ``; and''; and</DELETED>
        <DELETED>    (2) by striking clause (viii).</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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--</DELETED>
        <DELETED>    (1) in the matter preceding subparagraph (A), by 
        striking ``Overseas Private Investment Corporation'' and 
        inserting ``United States International Development Finance 
        Corporation''; and</DELETED>
        <DELETED>    (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))''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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''.</DELETED>
<DELETED>    (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--</DELETED>
        <DELETED>    (1) in section 914 (42 U.S.C. 17334)--</DELETED>
                <DELETED>    (A) in the section heading, by striking 
                ``overseas private investment corporation'' and 
                inserting ``united states international development 
                finance corporation'';</DELETED>
                <DELETED>    (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</DELETED>
                <DELETED>    (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</DELETED>
        <DELETED>    (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;''.</DELETED>
<DELETED>    (w) Effective Date.--The amendments made by this section 
shall take effect at the end of the transition period.</DELETED>

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, evaluation, and learning.
Sec. 403. Annual report.
Sec. 404. Publicly available project information.
Sec. 405. Engagement with investors.
Sec. 406. Notifications 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. Applicability of certain provisions of law.

                   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); or
                    (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 that builds and strengthens 
        civic institutions, promotes competition, and 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 and 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 transition from recipients 
        of bilateral development assistance toward increased self-
        reliance; and
            (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 for purposes of chapter 91 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 and development objectives 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, a 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 
                                5 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 
                                5 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 
                                5 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 
                                5 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 nongovernment 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, the environment, labor organizations, 
                        or international development, to carry out the 
                        purpose 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.--The Secretary of State, or the designee 
        of the Secretary under paragraph (2)(B)(i)(I), shall serve as 
        the Chairperson of the Board.
            (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.--The Board shall hold at least 2 public 
hearings each year in order to afford an opportunity for any person to 
present views with respect to whether--
            (1) the Corporation is carrying out its activities in 
        accordance with this Act; and
            (2) any support provided by the Corporation under title II 
        in any country should be suspended, expanded, or extended.
    (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 States 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 States 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;
                    (D) manage the responsibilities of the Corporation 
                under paragraphs (1) and (4) of subsection 402(b) and 
                paragraphs (1)(A) and (3)(A) of section 403(b);
                    (E) coordinate and implement the activities of the 
                Corporation under section 405; and
                    (F) be an ex officio member of the Development 
                Advisory Council established under subsection (i) and 
                participate in or send a representative to each meeting 
                of the Council.
    (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 more than 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) Conflicts of interest.--The Corporation shall 
                establish and publish procedures for avoiding conflicts 
                of interest on the part of officers and employees of 
                the Corporation and members of the Development Advisory 
                Council established under subsection (i).
                    (D) 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.
    (i) Development Advisory Council.--
            (1) In general.--There is established a Development 
        Advisory Council (in this subsection referred to as the 
        ``Council'') to advise the Board on development objectives of 
        the Corporation.
            (2) Membership.--Members of the Council shall be appointed 
        by the Board, on the recommendation of the Chief Executive 
        Officer and the Chief Development Officer, and shall be 
        composed of not more than 9 members broadly representative of 
        nongovernmental organizations, think tanks, advocacy 
        organizations, foundations, and other institutions engaged in 
        international development.
            (3) Functions.--The Board shall call upon members of the 
        Council, either collectively or individually, to advise the 
        Board regarding the extent to which the Corporation is meeting 
        its development mandate and any suggestions for improvements in 
        with respect to meeting that mandate, including opportunities 
        in countries and project development and implementation 
        challenges and opportunities.
            (4) Federal advisory committee act.--The Council shall not 
        be subject to the Federal Advisory Committee Act (5 U.S.C. 
        App.).

SEC. 104. INSPECTOR GENERAL OF THE CORPORATION.

    (a) In General.--Section 8G(a)(2) of the Inspector General Act of 
1978 (5 U.S.C. App.) is amended by inserting ``the United States 
International Development Finance Corporation,'' after ``the 
Smithsonian Institution,''.
    (b) Oversight Independence.--Section 8G(a)(4) of the Inspector 
General Act of 1978 (5 U.S.C. App.) is amended--
            (1) in subparagraph (H), by striking ``; and'' and 
        inserting a semicolon;
            (2) in subparagraph (I), by striking the semicolon and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                    ``(J) with respect to the United States 
                International Development Finance Corporation, such 
                term means the Board of Directors of the United States 
                International Development Finance Corporation;''.

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 purpose, 
        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 would 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 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, civil 
disturbance, breach of contract, or nonhonoring of financial 
obligations.
    (e) Promotion of and Support for Private Investment 
Opportunities.--
            (1) In general.--In order to carry out the purpose 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, or intermediate 
financial and investment institutions or cooperatives, and including 
the initiation of incentives, grants, or studies for renewable energy, 
women's economic empowerment, microenterprise households, or 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) Private character of funds.--Nothing in this section 
        shall be construed to make an enterprise fund an agency or 
        establishment of the United States Government, or to make the 
        officers, employees, or members of the Board of Directors of an 
        enterprise fund officers or employees of the United States for 
        purposes of title 5, United States Code.
            (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 title 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 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 per annum 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 any audit 
                        conducted under paragraph (8); 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 10 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)).
    (i) Small Business Development.--
            (1) In general.--The Corporation shall undertake, in 
        cooperation with appropriate departments, agencies, and 
        instrumentalities of the United States as well as private 
        entities and others, to broaden the participation of United 
        States small businesses and cooperatives and other small United 
        States investors in the development of small private enterprise 
        in less developed friendly countries or areas.
            (2) Outreach to minority-owned and women-owned 
        businesses.--
                    (A) In general.--The Corporation shall collect data 
                on the involvement of minority- and women-owned 
                businesses in projects supported by the Corporation, 
                including--
                            (i) the amount of insurance and financing 
                        provided by the Corporation to such businesses 
                        in connection with projects supported by the 
                        Corporation; and
                            (ii) to the extent such information is 
                        available, the involvement of such businesses 
                        in procurement activities conducted or 
                        supported by the Corporation.
                    (B) Inclusion in annual report.--The Corporation 
                shall include, in its annual report submitted to 
                Congress under section 403, the aggregate data 
                collected under this paragraph, in such form as to 
                quantify the effectiveness of the Corporation's 
                outreach activities to minority- and women-owned 
                businesses.

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(c) 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, 
        with the obligation of amounts for such lease limited to the 
        current fiscal year for which payments are due until the 
        expiration of the current lease under 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 any legal or 
        arbitral proceeding;
            (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 (i);
            (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 (2 U.S.C. 661a), of loans 
        and loan guaranties.
    (c) Fee Authority.--Fees may be charged and collected for providing 
services in amounts to be determined by the Corporation.
    (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;
                    (C) for the cost of providing support authorized by 
                subsections (c), (e), (f), and (g) of section 201;
                    (D) project-specific transaction costs.
            (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); and
                    (C) dividend payments to the Treasury under 
                subsection (f).
    (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 judgment, 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) Collections.--Interest earnings made pursuant to subsection 
(g), earnings collected related to equity investments, and amounts, 
excluding fees related to insurance or reinsurance, collected pursuant 
to subsection (c), shall not be collected for any fiscal year except to 
the extent provided in advance in appropriations Acts.
    (i) Transfer From Predecessor Agencies and Programs.--By the 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.
    (j) Transfer of Funds.--In order to carry out this Act, funds 
authorized to be appropriated to carry out the Foreign Assistance Act 
of 1961 (22 U.S.C. 2151 et seq.) may be transferred to the Corporation 
and funds authorized to be appropriated to the Corporation may be 
transferred to the Department of State and the United States Agency for 
International Development.
    (k) 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, the Millennium Challenge 
Corporation, the 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 for 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, EVALUATION, AND LEARNING.

    (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 the 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) Consultation.--In developing the performance measurement system 
required by subsection (a), the Corporation shall consult with the 
Development Advisory Council established under section 103(i) and other 
stakeholders and 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), (e), and 
        (f) 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 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 analyses of the effects of projects supported by the 
Corporation under title II, including--
            (1) reviews and analyses of--
                    (A) the desired development outcomes for projects 
                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 value of private sector assets brought to 
                bear relative to the amount of support provided by the 
                Corporation and the value of 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 project-level information, as 
        appropriate and to the extent practicable, including a 
        description of the support provided by the Corporation under 
        title II, which should include, to the extent feasible, the 
        information included in the report to Congress under section 
        403; 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 highly developmental 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. NOTIFICATIONS 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 appropriate 
congressional committees 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.
    (c) Bilateral Agreements.--The Chief Executive Officer of the 
Corporation shall notify the appropriate congressional committees not 
later than 30 days after entering into a new bilateral agreement 
described in section 301(a).

          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 owned or controlled by an individual 
                or 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 shall only 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 
        persons receiving support under title II: ``The person 
        receiving support 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 person 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)). The person 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 
        be provided in countries the governments of which have 
        demonstrated consistent support for economic policies that 
        promote the development of private enterprise, both domestic 
        and foreign, and maintaining the conditions that enable private 
        enterprise to make a full contribution to the development of 
        such countries, including--
                    (A) market-based economic policies;
                    (B) protection of 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 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 3 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.
    (i) Ensuring Opportunities for Small Businesses in Foreign 
Development.--The Corporation shall, using broad criteria, make, to the 
maximum extent possible consistent with this Act, efforts--
            (1) to give preferential consideration in providing support 
        under title II to projects sponsored by or involving small 
        businesses; and
            (2) to ensure that the proportion of projects sponsored by 
        or involving United States small businesses, including women-, 
        minority-, and veteran-owned small businesses, is not less than 
        50 percent of all projects for which the Corporation provides 
        support and that involve United States persons.

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 all dealings related to any project under title II 
prohibited under United States sanctions laws or regulations, including 
dealings with persons on the list of specially designated persons and 
blocked persons maintained by the Office of Foreign Assets Control of 
the Department of the Treasury, except to the extent otherwise 
authorized by the Secretary of the Treasury or the Secretary of State.
    (c) Prohibition on Support of Activities Subject to Sanctions.--The 
Corporation shall require any person receiving support under title II 
to certify that the person, and any entity owned or controlled by the 
person, is in compliance with all United States sanctions laws and 
regulations.

SEC. 504. APPLICABILITY OF CERTAIN PROVISIONS OF LAW.

    Subsections (g), (l), (m), 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.
            (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 shall consult with the 
appropriate congressional committees before making any material 
modification or revision to the plan before 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, with the concurrence of the Administrator of the United 
States Agency for International Development, 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 than 
        subsections (g), (l), (m), 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 on the day 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 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) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)) 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 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 116--
                    (A) in subsection (a), by inserting ``, and no 
                support may be provided under title II of the Better 
                Utilization of Investments Leading to Development Act 
                of 2018,'' after ``this part'';
                    (B) in the first subsection (b)--
                            (i) by inserting ``or title II of the 
                        Better Utilization of Investments Leading to 
                        Development Act of 2018'' after ``this part'';
                            (ii) by inserting ``or the Chief Executive 
                        Officer of the United States International 
                        Development Finance Corporation, as 
                        applicable,'' after ``this Act'';
                            (iii) by inserting ``or support'' after 
                        ``the assistance''; and
                            (iv) by inserting ``or support'' after 
                        ``such assistance'' each place it appears;
                    (C) in the second subsection (b), by inserting 
                ``under this part, and no support may be provided under 
                title II of the Better Utilization of Investments 
                Leading to Development Act of 2018,'' after 
                ``provided''; and
                    (D) in subsection (c), by striking ``under this 
                part, the Administrator'' and inserting ``under this 
                part, or support provided under title II of the Better 
                Utilization of Investments Leading to Development Act 
                of 2018, the Administrator, or the Chief Executive 
                Officer of the United States International Development 
                Finance Corporation, as applicable,'';
            (2) in section 449B(b)(2) (22 U.S.C. 2296b(b)(2)), by 
        striking ``Overseas Private Investment Corporation'' and 
        inserting ``United States International Development Finance 
        Corporation''; and
            (3) 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 insert ``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 inserting ``; 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 in 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 paragraph heading, by striking ``Overseas 
        private investment corporation'' and inserting ``United states 
        international development finance corporation'';
            (2) in the matter preceding subparagraph (A), by striking 
        ``Overseas Private Investment Corporation'' and inserting 
        ``United States International Development Finance 
        Corporation''; and
            (3) 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.
                                                       Calendar No. 493

115th CONGRESS

  2d Session

                                S. 2463

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             June 27, 2018

                       Reported with an amendment