[Congressional Record Volume 140, Number 131 (Monday, September 19, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 19, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                JOBS THROUGH TRADE EXPANSION ACT OF 1994

  Mr. GEJDENSON. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 4950) to extend the authorities of the Overseas Private 
Investment Corp., and for other purposes, as amended.
  The Clerk read as follows:

                               H.R. 4950

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

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Jobs Through Trade Expansion 
     Act of 1994''.
            TITLE I--OVERSEAS PRIVATE INVESTMENT CORPORATION

     SEC. 101. SHORT TITLE.

       This title may be cited as the ``Overseas Private 
     Investment Corporation Amendments Act of 1994''.

     SEC. 102. REAUTHORIZATION OF CORPORATION.

       Title IV of chapter 2 of part I of the Foreign Assistance 
     Act of 1961 (22 U.S.C. 2191 et seq.) is amended to read as 
     follows:
          ``TITLE IV--OVERSEAS PRIVATE INVESTMENT CORPORATION

     ``SEC. 231. PURPOSE AND POLICY.

       ``(a) Purpose.--The Overseas Private Investment Corporation 
     shall be an independent agency of the United States under the 
     foreign policy guidance of the Secretary of State. The 
     purpose of the Corporation is to promote sustainable 
     environmentally sound economic development in developing 
     countries and areas, and countries in transition from 
     nonmarket to market economies, by mobilizing and facilitating 
     the participation of the United States private sector.
       ``(b) Eligibility Criteria for Participating Countries and 
     Areas.--
       ``(1) In general.--Except as provided in paragraph (3), the 
     Corporation may operate its programs in a country (or an area 
     within a country) only if--
       ``(A) the United States maintains diplomatic relations with 
     the country;
       ``(B) either--
       ``(i) the country or area is a developing country or area; 
     or
       ``(ii) the country is in transition from a nonmarket to 
     market economy; and
       ``(C) programs in that country are not prohibited under 
     section 234(e)(2) (relating to human rights violators).
       ``(2) Preference for certain countries.--In conducting its 
     activities, the Corporation shall--
       ``(A) give preference to projects in countries with per 
     capita incomes of $1,230 or less in 1992 United States 
     dollars; and
       ``(B) restrict its activities in countries with per capita 
     incomes of $5,335 or more in 1992 United States dollars 
     (other than countries designated as beneficiary countries 
     under section 212 of the Caribbean Basin Economic Recovery 
     Act, the Republic of Ireland, and Northern Ireland).
       ``(3) Programs in ineligible countries.--(A) Except as 
     provided in subparagraph (B), if a country in which the 
     Corporation is operating its programs ceases to meet the 
     criteria set forth in paragraph (1), or if (pursuant to this 
     or any other Act) the government of that country becomes 
     ineligible for assistance, the Corporation shall cease to 
     operate its programs in such country, except that the 
     Corporation shall not be required to terminate any contract 
     or commitment entered into prior to the date on which such 
     country is determined to be ineligible for such assistance.
       ``(B) The Corporation may continue to operate its programs 
     in a country which ceases to meet the criteria set forth in 
     paragraph (1) if the President of the United States 
     determines that the operation of such programs would be in 
     the national interest of the United States.
       ``(c) Guidelines for Activities of OPIC.--In carrying out 
     its purpose, the Corporation shall undertake--
       ``(1) to conduct insurance, reinsurance, and financing 
     operations on a self-sustaining basis, taking into account in 
     its financing operations the economic and financial soundness 
     of projects;
       ``(2) to broaden private participation by selling its 
     direct investments to private investors whenever it can 
     appropriately do so on satisfactory terms;
       ``(3) to conduct its insurance operations with due regard 
     to principles of risk management, including efforts to share 
     its insurance risks and reinsurance risks;
       ``(4) to consider in the conduct of its operations the 
     extent to which the governments of eligible countries are 
     receptive to private enterprise, domestic and foreign, and 
     their willingness and ability to maintain conditions which 
     enable private enterprise to make its full contribution to 
     the development process;
       ``(5) to foster private initiative and competition and 
     discourage monopolistic practices;
       ``(6) to further to the greatest degree possible, in a 
     manner consistent with its goals, the balance-of-payments and 
     employment objectives of the United States;
       ``(7) to consider in the conduct of its operations the 
     extent to which the governments of eligible countries respect 
     human rights, labor rights, and the need to support sound 
     environmental practices and policies;
       ``(8) to conduct its activities in consonance with the 
     international trade, investment, and financial policies of 
     the United States Government, and to seek to support those 
     developmental projects having positive trade benefits for the 
     United States; and
       ``(9) to advise and assist, within its field of competence, 
     interested agencies of the United States and other 
     organizations, both public and private, national and 
     international, with respect to projects and programs relating 
     to the development of private enterprise in eligible 
     countries and areas.

     ``SEC. 232. STOCK OF THE CORPORATION; ORGANIZATION AND 
                   MANAGEMENT.

       ``(a) Stock.--The Secretary of the Treasury shall hold the 
     capital stock of the Corporation.
       ``(b) Structure of the Corporation.--The Corporation shall 
     have a Board of Directors, a President, an Executive Vice 
     President, and such other officers and staff as the President 
     of the Corporation may determine.
       ``(c) Board of Directors.--
       ``(1) In general.--All powers of the Corporation shall vest 
     in and be exercised by or under the authority of the Board, 
     which shall consist of 15 Directors (including the Chair, the 
     Executive Vice Chair, and the Vice Chair). Eight Directors 
     shall constitute a quorum for the transaction of business.
       ``(2) Composition of the board.--
       ``(A) Chair.--The Chair of the Board shall be the President 
     of the Corporation, ex officio.
       ``(B) Executive vice chair.--The Executive Vice Chair of 
     the Board shall be the Administrator of the Agency for 
     International Development, ex officio.
       ``(C) Vice chair.--The Vice Chair of the Board shall be the 
     United States Trade Representative, ex officio, or, if so 
     designated by the United States Trade Representative, a 
     Deputy United States Trade Representative.
       ``(D) Public sector directors.--(i) In addition to the 
     directors provided for in subparagraphs (A), (B), and (C), 
     four Directors who are officers or employees of the 
     Government of the United States, including an officer or 
     employee of the Department of Labor, shall be designated by 
     and shall serve at the pleasure of the President of the 
     United States.
       ``(ii) The Directors designated under this subparagraph 
     shall receive no additional compensation by virtue of their 
     service as such a Director.
       ``(E) Private sector directors.--(i) Eight Directors who 
     are not otherwise officers or employees of the Government of 
     the United States shall be appointed by the President of the 
     United States, by and with the advice and consent of the 
     Senate. Of these, at least--
       ``(I) two shall be experienced in small business;
       ``(II) one shall be experienced in organized labor; and
       ``(III) one shall be experienced in social and economic 
     development issues.
       ``(ii) Each Director appointed under this subparagraph 
     shall be appointed for a term of not more than 3 years. The 
     terms of not more than 3 such Directors shall expire in any 1 
     year. Such Directors shall serve until their successors are 
     appointed and qualified. Directors may be reappointed to 
     subsequent terms.
       ``(iii) Each Director appointed under this subparagraph 
     shall be compensated at the daily equivalent of the annual 
     rate of pay in effect for level IV of the Executive Schedule 
     under section 5315 of title 5, United States Code, for each 
     day (including travel time) during which such Director is 
     actually engaged in the business of the Corporation, and may 
     be paid travel or transportation expenses to the extent 
     authorized for employees serving intermittently in the 
     Government service under section 5703 of title 5, United 
     States Code. Any such Director may waive any such 
     compensation.
       ``(d) Appointment of the President.--The President of the 
     Corporation shall be appointed by the President of the United 
     States, by and with the advice and consent of the Senate, and 
     shall serve at the pleasure of the President. In making such 
     appointment, the President shall take into account the 
     private business experience of the appointee. The President 
     of the Corporation shall be its Chief Executive Officer and 
     shall be responsible for the operations and management of the 
     Corporation, subject to bylaws and policies established by 
     the Board.
       ``(e) Officers and Staff.--
       ``(1) Executive vice president.--The Executive Vice 
     President of the Corporation shall be appointed by the 
     President of the United States, by and with the advice and 
     consent of the Senate, and shall serve at the pleasure of the 
     President.
       ``(2) Other officers and staff.--(A) The Corporation may 
     appoint such other officers and such employees (including 
     attorneys) and agents as the Corporation considers 
     appropriate.
       ``(B) The officers, employees, and agents appointed under 
     this subsection shall have such functions as the Corporation 
     may determine.
       ``(C) Of the officers, employees, and agents appointed 
     under this paragraph, 20 may be appointed without regard to 
     the provisions of title 5, United States Code, governing 
     appointments in the competitive service, may be compensated 
     without regard to the provisions of chapter 51 or subchapter 
     III of chapter 53 of such title, and shall serve at the 
     pleasure of the Corporation.
       ``(D) Under such regulations as the President of the United 
     States may prescribe, any individual appointed under 
     subparagraph (C) may be entitled, upon removal (except for 
     cause) from the position to which the appointment was made, 
     to reinstatement to the position occupied by that individual 
     at the time of appointment or to a position of comparable 
     grade and pay.

     ``SEC. 233. INVESTMENT INSURANCE, FINANCING, AND OTHER 
                   PROGRAMS.

       ``(a) Investment Insurance.--
       ``(1) Risks for which insurance issued.--The Corporation is 
     authorized to issue insurance, upon such terms and conditions 
     as the Corporation may determine, to eligible investors 
     assuring protection in whole or in part against any or all of 
     the following risks with respect to projects which the 
     Corporation has approved:
       ``(A) Inability to convert into United States dollars other 
     currencies, or credits in such currencies, received as 
     earnings or profits from the approved project, as repayment 
     or return of the investment in the project, in whole or in 
     part, or as compensation for the sale or disposition of all 
     or any part of the investment.
       ``(B) Loss of investment, in whole or in part, in the 
     approved project due to expropriation or confiscation by 
     action of a foreign government.
       ``(C) Loss due to war, revolution, insurrection, or civil 
     strife.
       ``(D) Loss due to business interruption caused by any of 
     the risks set forth in subparagraphs (A), (B), and (C).
       ``(2) Risk sharing arrangements with foreign governments 
     and multilateral organizations.--Recognizing that major 
     private investments in eligible countries or areas are often 
     made by enterprises in which there is multinational 
     participation, including significant United States private 
     participation, the Corporation may make arrangements with 
     foreign governments (including agencies, instrumentalities, 
     and political subdivisions thereof) and with multilateral 
     organizations and institutions for sharing liabilities 
     assumed under investment insurance for such investments and 
     may, in connection with such arrangements, issue insurance to 
     investors not otherwise eligible for insurance under this 
     title, except that--
       ``(A) liabilities assumed by the Corporation under the 
     authority of this paragraph shall be consistent with the 
     purposes of this title; and
       ``(B) the maximum share of liabilities so assumed shall not 
     exceed the proportionate participation by eligible investors 
     in the project.
       ``(3) Maximum contingent liability with respect to single 
     investor.--Not more than 10 percent of the maximum contingent 
     liability of investment insurance which the Corporation is 
     permitted to have outstanding under section 235(a)(1) shall 
     be issued to a single investor.
       ``(b) Investment Financing.--
       ``(1) Direct lending.--(A) The Corporation is authorized to 
     make loans in United States dollars, repayable in dollars, 
     and to make loans in foreign currencies, to firms privately 
     owned or of mixed private and public ownership, upon such 
     terms and conditions as the Corporation may determine.
       ``(B) The Corporation may designate up to 25 percent of any 
     loan under this paragraph for use in the development or 
     adaptation in the United States of new technologies or new 
     products or services that are to be used in the project for 
     which the loan is made and are likely to contribute to the 
     economic or social development of less developed countries.
       ``(2) Equity investment.--(A) The Corporation is authorized 
     to purchase, invest in, or otherwise acquire equity 
     securities or securities with equity characteristics of any 
     firm or entity, upon such terms and conditions as the 
     Corporation may determine, to be funded in the same manner as 
     direct loans under the Federal Credit Reform Act of 1990 for 
     the purpose of providing capital for any project which is 
     consistent with the provisions of this title, subject to the 
     limitations in subparagraph (B).
       ``(B)(i) The aggregate amount of the Corporation's equity 
     investment under this paragraph with respect to any project 
     shall not exceed 30 percent of the aggregate amount of all 
     equity investment made with respect to such project at the 
     time that the Corporation's equity investment is made 
     (excluding any securities acquired through the enforcement of 
     any lien, pledge, or contractual arrangement as a result of a 
     default by any party under any agreement relating to the 
     terms of the Corporation's investment).
       ``(ii) The Corporation's equity investment under this 
     paragraph with respect to any project, when added to any 
     other investments made or guaranteed by the Corporation under 
     this subsection with respect to such project, shall not cause 
     the aggregate amount of all such investment to exceed, at the 
     time any such investment is made or guaranteed by the 
     Corporation, 75 percent of the total investment committed to 
     such project, as determined by the Corporation. The 
     determination of the Corporation under this clause shall be 
     conclusive for purposes of the Corporation's authority to 
     make or guarantee any such investment.
       ``(C) In making investment decisions under this paragraph, 
     the Corporation shall give consideration to the extent to 
     which the Corporation's equity investment will assist in 
     obtaining the financing required for such projects.
       ``(D) Taking into consideration, among other things, the 
     Corporation's financial interests and the desirability of 
     fostering the development of local capital markets in 
     emerging democracies, economies in transformation, and less 
     developed countries, the Corporation shall endeavor to 
     dispose of any equity interest it may acquire under this 
     paragraph within a period of 10 years from the date of 
     acquisition of such interest.
       ``(3) Investment guarantees.--(A) The Corporation is 
     authorized to issue to eligible investors guarantees of loans 
     and other investments made by such investors assuring against 
     loss due to such risks and upon such terms and conditions as 
     the Corporation may determine, subject to subparagraphs (B) 
     and (C).
       ``(B) A guarantee issued under subparagraph (A) on other 
     than a loan investment may not exceed 75 percent of such 
     investment.
       ``(C) Except for loan investments for credit unions made by 
     eligible credit unions or credit union associations, the 
     aggregate amount of investment (exclusive of interest and 
     earnings) for which guarantees are issued under subparagraph 
     (A) with respect to any project shall not exceed, at the time 
     of issuance of any such guarantee, 75 percent of the total 
     investment committed to any such project as determined by the 
     Corporation. Such determination by the Corporation shall be 
     conclusive for purposes of the Corporation's authority to 
     issue any such guarantee.
       ``(c) Investment Encouragement.--The Corporation is 
     authorized to initiate and support through financial 
     participation, incentive grant, or otherwise, and on such 
     terms and conditions as the Corporation may determine, the 
     identification, assessment, surveying, and promotion of 
     private investment opportunities, using wherever feasible and 
     effective the facilities of private investors. The 
     Corporation shall not finance any survey to ascertain the 
     existence, location, extent, or quality of oil or gas 
     resources.
       ``(d) Special Activities.--The Corporation is authorized to 
     administer and manage special projects and programs, 
     including programs of financial and advisory support, which 
     provide private technical, professional, or managerial 
     assistance in the development of human resources, skills, 
     technology, capital savings, intermediate financial and 
     investment institutions, and cooperatives. The funds for 
     these projects and programs may, with the Corporation's 
     concurrence, be transferred to it for such purposes under the 
     authority of section 632(a) or from other sources, public or 
     private.
       ``(e) Other Insurance Functions.--
       ``(1) In general.--The Corporation is authorized--
       ``(A) to make and carry out contracts of insurance or 
     reinsurance, or agreements to associate or share risks, with 
     insurance companies, financial institutions, any other 
     persons, or groups thereof; and
       ``(B) to employ such insurance companies, financial 
     institutions, other persons, or groups, where appropriate, as 
     its agent, or to act as their agent, in the issuance and 
     servicing of insurance, the adjustment of claims, the 
     exercise of subrogation rights, the ceding and accepting of 
     reinsurance, and in any other matter incident to an insurance 
     business.

     Such agreements and contracts shall be consistent with the 
     purposes of the Corporation set forth in section 231 and 
     shall be on equitable terms.
       ``(2) Risk-sharing agreements.--The Corporation is 
     authorized to enter into pooling or other risk-sharing 
     agreements with multinational insurance or financing agencies 
     or groups of such agencies.
       ``(3) Ownership interest in risk-sharing entities.--The 
     Corporation is authorized to hold an ownership interest in 
     any association or other entity established for the purposes 
     of sharing risks under investment insurance.
       ``(4) Reinsurance of certain liabilities.--The Corporation 
     is authorized to issue, upon such terms and conditions as it 
     may determine, reinsurance of liabilities assumed by other 
     insurers or groups thereof with respect to risks referred to 
     in subsection (a)(1).
       ``(5) Limitation on reinsurance.--The amount of reinsurance 
     of liabilities under this title which the Corporation may 
     issue shall not in the aggregate exceed at any one time an 
     amount equal to the amount authorized for the maximum 
     contingent liability outstanding at any one time under 
     section 235(a)(1). All reinsurance issued by the Corporation 
     under this subsection shall require that the reinsured party 
     retain for his or her own account specified portions of 
     liability, whether first loss or otherwise.
       ``(6) Enhancing private political risk insurance 
     industry.--In order to encourage greater availability of 
     political risk insurance for eligible investors by enhancing 
     the private political risk insurance industry in the United 
     States, and to the extent consistent with this title, the 
     Corporation shall undertake programs of cooperation with such 
     industry, and in connection with such programs may engage in 
     the following activities:
       ``(A) Utilizing its statutory authorities, encourage the 
     development of associations, pools, or consortia of United 
     States private political risk insurers.
       ``(B) Share insurance risks (through coinsurance, 
     contingent insurance, or other means) in a manner that is 
     conducive to the growth and development of the private 
     political risk insurance industry in the United States.
       ``(C) Notwithstanding section 237(e), upon the expiration 
     of insurance provided by the Corporation for an investment, 
     enter into risk-sharing agreements with United States private 
     political risk insurers to insure any such investment. In 
     cooperating in the offering of insurance under this clause, 
     the Corporation shall not assume responsibility for more than 
     50 percent of the insurance being offered in each separate 
     transaction.

     ``SEC. 234. GUIDELINES AND CRITERIA FOR OPIC SUPPORT.

       ``(a) Development Guidelines.--
       ``(1) Criteria.--The Corporation, in determining whether to 
     provide insurance, reinsurance, or financing for a project 
     shall be guided by the economic, environmental, and social 
     development impact and benefits of such a project and the 
     ways in which such a project complements, or is compatible 
     with, other development assistance programs or projects of 
     the United States or other donors.
       ``(2) Development impact profile.--In order to carry out 
     the policy set forth in paragraph (1), the Corporation shall 
     prepare and maintain, for each investment project it insures, 
     reinsures, or finances, a development impact profile 
     consisting of data appropriate to measure the projected and 
     actual effects of such project on development.
       ``(b) Small Business Development.--
       ``(1) Broadened participation by small businesses.--The 
     Corporation shall undertake, in cooperation with appropriate 
     agencies of the United States Government as well as private 
     entities and others, to broaden the participation of United 
     States small business, cooperatives, and other small United 
     States investors in the development of small private 
     enterprise in eligible countries or areas.
       ``(2) Preferential consideration.--Notwithstanding the 
     requirements of section 231(c)(1), and on such terms and 
     conditions as the Corporation may determine through loans, 
     grants, or other programs authorized by section 233, the 
     Corporation shall undertake, to the maximum degree possible 
     consistent with its purposes--
       ``(A) to give preferential consideration in its investment 
     insurance, reinsurance, and guarantee activities to 
     investment projects sponsored by or involving United States 
     small business; and
       ``(B) to maintain the proportion of projects sponsored by 
     or significantly involving United States small business at 
     not less than 30 percent of all projects insured, reinsured, 
     or financed by the Corporation.
       ``(c) Environmental Considerations.--
       ``(1) Environmental, health, or safety hazard.--The 
     Corporation shall refuse to insure, reinsure, or finance any 
     investment in connection with a project which the Corporation 
     determines will pose an unreasonable or major environmental, 
     health, or safety hazard, or will result in the significant 
     degradation of national parks or similar protected areas.
       ``(2) Resource sustainable development.--The Corporation, 
     in determining whether to provide insurance, reinsurance, or 
     financing for a project, shall ensure that the project is 
     consistent with the provisions of section 117 (as so 
     redesignated by the Special Foreign Assistance Act of 1986), 
     section 118, and section 119 of this Act relating to the 
     environment and natural resources of, and tropical forests 
     and endangered species in, developing countries, and 
     consistent with the intent of regulations issued pursuant to 
     sections 118 and 119 of this Act.
       ``(3) Impact on environment and natural resources.--The 
     requirements of section 117(c) of this Act relating to 
     environmental impact statements and environmental assessments 
     shall apply to any investment which the Corporation insures, 
     reinsures, or finances under this title.
       ``(4) Notification of foreign governments.--Before finally 
     providing insurance, reinsurance, or financing under this 
     title for any environmentally sensitive investment in 
     connection with a project in a country, the Corporation shall 
     notify appropriate government officials of that country of--
       ``(A) all guidelines and other standards adopted by the 
     International Bank for Reconstruction and Development and any 
     other international organization that relate to the public 
     health or safety or the environment and are applicable to the 
     project; and
       ``(B) to the maximum extent practicable, any restriction, 
     under any law of the United States, that relates to public 
     health or safety or the environment and would apply to the 
     project if the project were undertaken in the United States.

     The notification under the preceding sentence shall include a 
     summary of the guidelines, standards, and restrictions 
     referred to in subparagraphs (A) and (B), and may include any 
     environmental impact statement, assessment, review, or study 
     prepared with respect to the investment pursuant to paragraph 
     (3).
       ``(5) Consideration of comments received.--Before finally 
     providing insurance, reinsurance, or financing for any 
     investment subject to paragraph (4), the Corporation shall 
     take into account any comments it receives on the project 
     involved.
       ``(d) Worker Rights.--
       ``(1) Limitation on opic activities.--The Corporation may 
     insure, reinsure, or finance a project only if the country in 
     which the project is to be undertaken is taking steps to 
     adopt and implement laws that extend internationally 
     recognized worker rights, as defined in section 502(a)(4) of 
     the Trade Act of 1974 (19 U.S.C. 2462(a)(4)), to workers in 
     that country (including any designated zone in that country). 
     The Corporation shall also include the following language, in 
     substantially the following form, in all contracts which the 
     Corporation enters into with eligible investors to provide 
     financial support under this title:
       ```The investor agrees not to take actions to prevent 
     employees of the foreign enterprise from lawfully exercising 
     their right of association and their right to organize and 
     bargain collectively. The investor further agrees to observe 
     applicable laws relating to a minimum age for employment of 
     children, acceptable conditions of work with respect to 
     minimum wages, hours of work, and occupational health and 
     safety, and not to use forced labor. The investor is not 
     responsible under this paragraph for the actions of a foreign 
     government.'.
       ``(2) Use of annual reports on workers rights.--The 
     Corporation shall, in making its determinations under 
     paragraph (1), use the reports submitted to the Congress 
     pursuant to section 505(c) of the Trade Act of 1974 (19 
     U.S.C. 2465(c)).
       ``(3) Waiver.--(A) Paragraph (1) shall not prohibit the 
     Corporation from providing any insurance, reinsurance, or 
     financing with respect to a country if the President of the 
     United States determines that such activities by the 
     Corporation would be in the national economic interests of 
     the United States. Any such determination shall be reported 
     in writing to the appropriate congressional committees, 
     together with the reasons for the determination.
       ``(B) As used in subparagraph (A), the term `appropriate 
     congressional committees' means the Committee on Foreign 
     Affairs and the Committee on Appropriations of the House of 
     the Representatives and the Committee on Foreign Relations 
     and the Committee on Appropriations of the Senate.
       ``(e) Human Rights.--
       ``(1) In general.--The Corporation shall take into account 
     in the conduct of its programs in a country, in consultation 
     with the Secretary of State, all available information about 
     observance of and respect for human rights and fundamental 
     freedoms in such country and the effect the operation of such 
     programs will have on human rights and fundamental freedoms 
     in such country.
       ``(2) Human rights violators.--The provisions of section 
     116 shall apply to any insurance, reinsurance, or financing 
     provided by the Corporation for projects in a country, except 
     that in addition to the exception set forth in subsection (a) 
     of such section, the Corporation may support a project if the 
     national security interest so requires.
       ``(f) Harm to Employment in the United States.--
       ``(1) Replacement of united states production.--(A) The 
     Corporation shall refuse to insure, reinsure, or finance an 
     investment if the Corporation determines that--
       ``(i) such investment is likely to cause the investor 
     significantly to reduce the number of the investor's 
     employees in the United States because the investor is 
     replacing his or her United States production with production 
     from such investment; and
       ``(ii) the production from such investment involves 
     substantially the same product for substantially the same 
     market as the investor's United States production.
       ``(B) If the Corporation determines that an investment is 
     not likely to have the effects described in subparagraph (A), 
     the Corporation shall monitor conformance with the 
     representations made by the investor on which the Corporation 
     relied in making that determination.
       ``(2) Export processing zones.--The Corporation shall 
     refuse to insure, reinsure, or finance an investment for the 
     purpose of establishing or developing in a foreign country 
     any export processing zone or designated area in which the 
     tax, tariff, labor, environment, and safety laws of that 
     country do not apply, in part or in whole, to activities 
     carried out within that zone or area, unless such assistance 
     is not likely to cause a loss of jobs within the United 
     States as determined in consideration of the restrictions 
     contained in paragraph (1).
       ``(g) Performance Requirements.--The Corporation shall 
     refuse to insure, reinsure, or finance an investment which is 
     subject to performance requirements which would reduce 
     substantially the positive trade benefits likely to accrue to 
     the United States from the investment.
       ``(h) Prohibited Trade Practices.--
       ``(1) Payments to violators barred.--No payment may be made 
     under any insurance or reinsurance which is issued under this 
     title on or after April 24, 1978, for any loss occurring with 
     respect to a project, if the preponderant cause of such loss 
     was an act by the investor seeking such payment, by a person 
     possessing majority ownership and control of the investor at 
     the time of the act, or by any agent of such investor or 
     controlling person, and a court of the United States has 
     entered a final judgment that such act constituted a 
     violation of section 30A of the Securities Exchange Act of 
     1934 or section 104 of the Foreign Corrupt Practices Act of 
     1977.
       ``(2) Regulations.--The Corporation shall have in effect 
     regulations setting forth appropriate conditions under which 
     any person who has been finally determined by a court of the 
     United States to have violated section 30A of the Securities 
     Exchange Act of 1934 or section 104 of the Foreign Corrupt 
     Practices Act of 1977 shall be suspended, for a period of not 
     more than 5 years, from eligibility to receive any insurance, 
     reinsurance, financing, or other financial support authorized 
     by this title, if that violation related to a project 
     insured, reinsured, financed, or otherwise supported by the 
     Corporation under this title.
       ``(i) Fraud or Misrepresentation.--No payment may be made 
     under any guarantee, insurance, or reinsurance issued under 
     this title for any loss arising out of fraud or 
     misrepresentation for which the party seeking payment is 
     responsible.
       ``(j) Penalties for Fraud.--Whoever knowingly makes any 
     false statement or report, or willfully overvalues any land, 
     property, or security, for the purpose of influencing in any 
     way the action of the Corporation with respect to any 
     insurance, reinsurance, guarantee, loan, equity investment, 
     or other activity of the Corporation under section 233 or any 
     change or extension of any such insurance, reinsurance, 
     guarantee, loan, equity investment, or activity, by renewal, 
     deferment of action or otherwise, or the acceptance, release, 
     or substitution of security therefor, shall be fined not more 
     than $1,000,000 or imprisoned not more than 30 years, or 
     both.
       ``(k) Public Hearings.--The Board shall hold at least 1 
     public hearing each year in order to afford an opportunity 
     for any person to present views as to whether the Corporation 
     is carrying out its activities in accordance with section 231 
     and this section or whether any investment in a particular 
     country should have been or should be extended insurance, 
     reinsurance, or financing under this title.

     ``SEC. 235. ISSUING AUTHORITY, DIRECT INVESTMENT AUTHORITY, 
                   EQUITY FUND, AND RESERVES.

       ``(a) Issuing Authority.--
       ``(1) Insurance.--The maximum contingent liability 
     outstanding at any one time pursuant to insurance issued 
     under section 233(a) shall not exceed in the aggregate 
     $15,000,000,000.
       ``(2) Financing.--(A) The maximum contingent liability 
     outstanding at any one time pursuant to financing issued 
     under section 233(b) shall not exceed in the aggregate 
     $14,500,000,000.
       ``(B) Subject to spending authority provided in 
     appropriations Acts pursuant to section 504(b) of the Federal 
     Credit Reform Act of 1990, the Corporation is authorized to 
     transfer such sums as are necessary from its noncredit 
     activities to pay for the subsidy cost of a program level for 
     the direct loan and guarantee programs under sections 
     233(b)(1) and (b)(3)--
       ``(i) $3,000,000,000 for fiscal year 1995;
       ``(ii) $4,000,000,000 for fiscal year 1996; and
       ``(iii) $5,000,000,000 for fiscal year 1997.
       ``(3) Termination of authority.--The authority of sections 
     233(a) and (b)(3) shall continue until September 30, 1997.
       ``(b) Creation of Fund for Acquisition of Equity.--The 
     Corporation is authorized to maintain a revolving fund to be 
     available solely for the purposes specified in section 
     233(b)(2) and to make transfers to the fund of a total of 
     $45,000,000 (less amounts transferred to the fund before the 
     effective date of this title) from its noncredit activities. 
     The Corporation shall apply to the fund all amounts received 
     by the Corporation as income on securities acquired under 
     section 233(b)(2) using funds made available under this 
     section, and from the proceeds on the disposition of such 
     securities. Purchases of, investments in, and other 
     acquisitions of equity from the fund are authorized for any 
     fiscal year only to the extent or in such amounts as are 
     provided in advance in appropriations Acts or are transferred 
     to the Corporation pursuant to section 632(a).
       ``(c) Insurance Reserves.--
       ``(1) Maintenance and purposes.--The Corporation shall 
     maintain insurance reserves. Such reserves shall be available 
     for the discharge of liabilities, as provided in subsection 
     (d), until such time as all such liabilities have been 
     discharged or have expired or until all such reserves have 
     been expended in accordance with the provisions of this 
     section.
       ``(2) Funding.--The insurance reserves shall consist of--
       ``(A) any funds in the insurance reserves of the 
     Corporation on September 30, 1994;
       ``(B) amounts transferred to the reserves pursuant to this 
     Act; and
       ``(C) such sums as are appropriated pursuant to subsection 
     (e) of this section for such purposes.
       ``(d) Order of Payments To Discharge Liabilities.--Any 
     payment made to discharge liabilities under investment 
     insurance or reinsurance issued under section 233, or to 
     discharge liabilities under predecessor guarantee authority, 
     shall be paid first out of the insurance reserves, as long as 
     such reserves remain available, and thereafter out of funds 
     made available pursuant to subsection (e) of this section. 
     Any payments made to discharge liabilities under guarantees 
     issued under section 233(b)(3) shall be paid in accordance 
     with the Federal Credit Reform Act of 1990.
       ``(e) Authorization of Appropriations.--
       ``(1) Authorization.--Subject to paragraph (2), there are 
     authorized to be appropriated to the Corporation such amounts 
     as may be necessary from time to time to replenish or 
     increase the insurance reserves, to discharge the liabilities 
     under insurance or reinsurance issued by the Corporation, to 
     discharge liabilities under predecessor guarantee authority, 
     or to discharge obligations of the Corporation purchased by 
     the Secretary of the Treasury pursuant to subsection (f).
       ``(2) Limitation on appropriations.--No appropriation shall 
     be made under paragraph (1) to augment the insurance reserves 
     until the amount of funds in the insurance reserves is less 
     than $25,000,000. Any appropriations to augment the insurance 
     reserves shall then only be made either pursuant to specific 
     authorization enacted after the date of enactment of the 
     Overseas Private Investment Corporation Amendments Act of 
     1974, or to satisfy the full faith and credit provision of 
     section 237(c).
       ``(f) Issuance of Obligations.--In order to discharge 
     liabilities under investment insurance or reinsurance, the 
     Corporation is authorized to issue from time to time for 
     purchase by the Secretary of the Treasury its notes, 
     debentures, bonds, or other obligations. The aggregate amount 
     of such obligations outstanding at any one time may not 
     exceed $100,000,000. Any such obligation shall be repaid to 
     the Treasury within 1 year after the date of issue of such 
     obligation. Any such obligation shall bear interest at a rate 
     determined by the Secretary of the Treasury, 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. The Secretary of 
     the Treasury shall purchase any obligation of the Corporation 
     issued under this subsection, 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 chapter 31 of title 31, 
     United States Code, shall include any such purchase.

     ``SEC. 236. INCOME AND REVENUES.

       ``In order to carry out the purposes of the Corporation, 
     all revenues earned by the Corporation from its noncredit 
     activities and amounts transferred to the Corporation shall 
     be held by the Corporation and shall be available to carry 
     out its purposes, including without limitation--
       ``(1) payment of all credit and noncredit expenses of the 
     Corporation;
       ``(2) transfers and additions to the insurance reserves 
     maintained under section 235(c), and such other funds or 
     reserves as the Corporation may establish, at such time and 
     in such amounts as the Board may determine; and
       ``(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).

     ``SEC. 237. GENERAL PROVISIONS RELATING TO INSURANCE AND 
                   FINANCING PROGRAM.

       ``(a) Agreements With Countries.--Insurance, guarantees, 
     and reinsurance issued under this title shall cover 
     investment made in connection with projects in any eligible 
     country or area with the government of which the President of 
     the United States has agreed to institute a program for such 
     insurance, guarantees, or reinsurance.
       ``(b) Protection of Interests of the Corporation.--The 
     Corporation shall determine that suitable arrangements exist 
     for protecting the interest of the Corporation in connection 
     with any insurance, reinsurance, or guarantee issued under 
     this title, including arrangements concerning ownership, use, 
     and disposition of the currency, credits, assets, or 
     investments on account of which payment under such insurance, 
     guarantee, or reinsurance is to be made, and any right, 
     title, claim, or cause of action existing in connection 
     therewith.
       ``(c) Full Faith and Credit Pledged.--All guarantees issued 
     under predecessor guarantee authority, and all insurance, 
     reinsurance, and guarantees issued under this title shall 
     constitute obligations, in accordance with the terms of such 
     insurance, reinsurance, or guarantees, of the United States 
     of America, and the full faith and credit of the United 
     States of America is hereby pledged for the full payment and 
     performance of such obligations.
       ``(d) Fees.--Fees may be charged for providing insurance, 
     reinsurance, financing, and other services under this title 
     in amounts to be determined by the Corporation. Fees paid for 
     project-specific transaction costs and other transaction 
     costs, including project-related travel and expenses for 
     legal representation, associated with services provided to 
     specific investors or potential investors pursuant to section 
     233, including financing, insurance, reinsurance, missions, 
     seminars, conferences, and other pre-investment services, 
     shall be available for obligation for the purposes for which 
     they were collected notwithstanding any other provision of 
     law. Transaction costs relating to investment financing 
     commitments entered into pursuant to section 233(b) shall be 
     considered cash flows from the Government resulting from 
     financing commitments and shall be paid out of the 
     appropriate financing account established pursuant to section 
     505(b) of the Federal Credit Reform Act of 1990.
       ``(e) Insurance, Financing, and Reinsurance Limited to 20 
     Years.--No insurance, reinsurance, or guarantee of any equity 
     investment under this title shall extend beyond 20 years from 
     the date on which such insurance, reinsurance, or guarantee 
     is issued.
       ``(f) Amount of Compensation Paid on Claims.--Compensation 
     for any insurance, reinsurance, or guarantee issued under 
     this title shall not exceed the dollar value, as of the date 
     of the investment, of the investment made in the project with 
     the approval of the Corporation plus interest, earnings, or 
     profits actually accrued on such investment to the extent 
     provided by such insurance, reinsurance, or guarantee, except 
     that the Corporation may provide that--
       ``(1) appropriate adjustments in the insured dollar value 
     be made to reflect the replacement cost of project assets;
       ``(2) compensation for a claim of loss under insurance of 
     an equity investment may be computed on the basis of the net 
     book value attributable to such equity investment on the date 
     of loss; and
       ``(3) compensation for loss due to business interruption 
     may be computed on a basis to be determined by the 
     Corporation which reflects amounts lost.

     Notwithstanding the preceding sentence, the Corporation shall 
     limit the amount of direct insurance and reinsurance issued 
     under section 233 so that risk of loss as to at least 10 
     percent of the total investment of the insured and its 
     affiliates in the project is borne by the insured and such 
     affiliates. This limitation shall not apply to direct 
     insurance or reinsurance of loans by banks or other financial 
     institutions to unrelated parties.
       ``(g) Limitation With Respect to Foreign Credit 
     Institutions.--Insurance, guarantees, or reinsurance of a 
     loan or equity investment of an eligible investor in a 
     foreign bank, finance company, or other credit institution 
     shall extend only to such loan or equity investment and not 
     to any individual loan or equity investment made by such 
     foreign bank, finance company, or other credit institution.
       ``(h) Settlement and Arbitration of Claims.--Claims arising 
     as a result of insurance, reinsurance, or guarantee 
     operations under this title 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. Payment made pursuant to any such 
     settlement, or as a result of an arbitration award, shall be 
     final and conclusive notwithstanding any other provision of 
     law.
       ``(i) Contracts Presumed To Comply With Act.--Each 
     guarantee 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.
       ``(j) Use of Local Currencies.--Direct loans or investments 
     made in order to preserve the value of funds received in 
     inconvertible foreign currency by the Corporation as a result 
     of activities conducted pursuant to section 233(a) shall not 
     be considered in determining whether the Corporation has made 
     or has outstanding loans, guarantees, or investments to the 
     extent of any limitation on obligations and equity investment 
     imposed by or pursuant to this title. The provisions of 
     section 504(b) of the Federal Credit Reform Act of 1990 shall 
     not apply to direct loan obligations made with funds 
     described in this subsection.
       ``(k) Prohibition on Noncompetitive Awarding of Insurance 
     Contracts on OPIC Supported Exports.--
       ``(1) Requirement for certification.--(A) Except as 
     provided in subparagraph (C), the investor on whose behalf 
     insurance, reinsurance, guaranties, or other financing is 
     provided under this title with respect to a project shall be 
     required to certify to the Corporation that any contract for 
     the export of goods as part of that project will include a 
     clause requiring that United States insurance companies have 
     a fair and open competitive opportunity to provide insurance 
     against risk of loss of such support.
       ``(B) The investor shall be required, in every practicable 
     case, to so certify before the insurance, reinsurance, 
     guarantee, or other financing is provided. In any case in 
     which such a certification is not made in advance, the 
     investor shall include in the certification the reasons for 
     the failure to make a certification in advance.
       ``(C) Subparagraph (A) does not apply with respect to an 
     investor who does not, because of the nature of the 
     investment, have a controlling interest in fact in the 
     project in question.
       ``(2) Reports by the united states trade representative.--
     The United States Trade Representative shall review the 
     actions of the Corporation under paragraph (1) and, after 
     consultation with representatives of United States insurance 
     companies, shall report to the Congress, with respect to such 
     actions, in the report required by section 181(b) of the 
     Trade Act of 1974.
       ``(3) Definitions.--For purposes of this subsection--
       ``(A) the term `United States insurance company' includes--
       ``(i) an individual, partnership, corporation, holding 
     company, or other legal entity which is authorized, or in the 
     case of a holding company, subsidiaries of which are 
     authorized, by a State to engage in the business of issuing 
     insurance contracts or reinsuring the risk underwritten by 
     insurance companies; and
       ``(ii) foreign operations, branches, agencies, 
     subsidiaries, affiliates, or joint ventures of any entity 
     described in clause (i);
       ``(B) United States insurance companies shall be considered 
     to have had a `fair and open competitive opportunity to 
     provide insurance' if they--
       ``(i) have received notice of the opportunity to provide 
     insurance; and
       ``(ii) have been evaluated on a nondiscriminatory basis; 
     and
       ``(C) the term `State' includes the District of Columbia 
     and any commonwealth, territory, or possession of the United 
     States.

     ``SEC. 238. GENERAL PROVISIONS AND POWERS.

       ``(a) Principal Office.--The Corporation shall have its 
     principal office in the District of Columbia and shall be 
     deemed, for purposes of venue in civil actions, to be a 
     resident of the District of Columbia.
       ``(b) Audits.--
       ``(1) In general.--The Corporation shall be subject to the 
     applicable provisions of chapter 91 of title 31, United 
     States Code, except as otherwise provided in this title.
       ``(2) Independent audit.--An independent certified public 
     accountant shall perform a financial and compliance audit of 
     the financial statements of the Corporation each year, in 
     accordance with generally accepted Government auditing 
     standards for a financial and compliance audit, taking into 
     consideration any standards recommended by the Comptroller 
     General. The independent certified public accountant shall 
     report the results of such audit to the Board. The financial 
     statements of the Corporation shall be presented in 
     accordance with generally accepted accounting principles. 
     These financial statements and the report of the accountant 
     shall be included in a report which contains, to the extent 
     applicable, the information identified in section 9106 of 
     title 31, United States Code. The Corporation shall submit 
     such report to the Congress not later than 6\1/2\ months 
     after the end of the last fiscal year covered by the audit. 
     The Comptroller General may review the audit conducted by the 
     accountant and the report to the Congress in the manner and 
     at such times as the Comptroller General considers necessary.
       ``(3) Audit by comptroller general.--In lieu of the 
     financial and compliance audit required by paragraph (2), the 
     Comptroller General shall, if the Comptroller General 
     considers it necessary or upon the request of the Congress, 
     audit the financial statements of the Corporation in the 
     manner provided in paragraph (2).
       ``(4) Availability of information.--All books, accounts, 
     financial records, reports, files, workpapers, and property 
     belonging to or in use by the Corporation and the accountant 
     who conducts the audit under paragraph (2), which are 
     necessary for purposes of this subsection, shall be made 
     available to the representatives of the General Accounting 
     Office designated by the Comptroller General.
       ``(c) Powers.--To carry out the purposes of this title, the 
     Corporation is authorized--
       ``(1) to adopt and use a corporate seal, which shall be 
     judicially noticed;
       ``(2) to sue and be sued in its corporate name;
       ``(3) to adopt, amend, and repeal bylaws governing the 
     conduct of its business and the performance of the powers and 
     duties granted to or imposed upon it by law;
       ``(4) to 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 therein;
       ``(5) to invest funds derived from fees and other revenues 
     in obligations of the United States and to use the proceeds 
     therefrom, including earnings and profits, as it considers 
     appropriate;
       ``(6) to indemnify directors, officers, employees, and 
     agents of the Corporation for liabilities and expenses 
     incurred in connection with their Corporation activities;
       ``(7) to require bonds of officers, employees, and agents 
     and to pay the premiums for such bonds;
       ``(8) notwithstanding any other provision of law, to 
     represent itself or to contract for representation in all 
     legal and arbitral proceedings;
       ``(9) to enter into limited-terms contracts with nationals 
     of the United States for personal services to carry out 
     activities in the United States and abroad under section 233;
       ``(10) to purchase, discount, rediscount, sell, and 
     negotiate, with or without its endorsement or guarantee, and 
     guarantee notes, participation certificates, and other 
     evidence of indebtedness (except that the Corporation shall 
     not issue its own securities, except participation 
     certificates for the purpose of carrying out section 
     231(c)(3), participation certificates in connection with 
     transactions authorized by section 233(b), or participation 
     certificates as evidence of indebtedness held by the 
     Corporation in connection with settlement of claims under 
     section 237(h));
       ``(11) to make and carry out such contracts and agreements 
     as are necessary and advisable in the conduct of its 
     business;
       ``(12) to exercise any priority of the Government of the 
     United States in collecting debts from the estates of 
     bankrupt, insolvent, or decedent parties;
       ``(13) to determine the character of and the necessity for 
     its obligations and expenditures, and the manner in which 
     they shall be incurred, allowed, and paid, subject to 
     provisions of law specifically applicable to Government 
     corporations;
       ``(14) to collect or compromise any obligations assigned to 
     or held by the Corporation, including any legal or equitable 
     rights accruing to the Corporation; and
       ``(15) to take such actions as may be necessary or 
     appropriate to carry out the powers of the Corporation.
       ``(d) Exemption From State and Local Taxation.--The 
     Corporation (including its franchise, capital, reserves, 
     surplus, advances, intangible property, and income) shall be 
     exempt from all taxation at any time imposed by any State, 
     the District of Columbia, or any county, municipality, or 
     local taxing authority.

     ``SEC. 239. ANNUAL REPORT; MAINTENANCE OF INFORMATION.

       ``(a) Annual Report.--
       ``(1) Requirement.--After the end of each fiscal year, the 
     Corporation shall submit to the Congress a complete and 
     detailed report of its operations during such fiscal year. 
     Such report shall include--
       ``(A) an assessment, based upon the development impact 
     profiles required by section 234(a), of the economic and 
     social development impact and benefits of the projects with 
     respect to which such profiles are prepared, and of the 
     extent to which the operations of the Corporation complement 
     or are compatible with the development assistance programs of 
     the United States and other donors; and
       ``(B) a description of any project for which the 
     Corporation--
       ``(i) refused pursuant to section 234(e) to provide 
     insurance, reinsurance, financing, or other financial support 
     on account of violations of human rights; or
       ``(ii) notwithstanding such violations, provided insurance, 
     reinsurance, financing, or financial support on the basis of 
     a determination that the exception under section 116(a) 
     applies, or the national security so requires.
       ``(2) Projections of effects on employment.--
       ``(A) In general.--Each annual report required by paragraph 
     (1) shall contain projections of the effects on employment in 
     the United States of all projects for which, during the 
     fiscal year covered by the report, the Corporation initially 
     issued any insurance or reinsurance or provided financing. 
     Each such report shall include projections of--
       ``(i) the amount of United States exports to be generated 
     by those projects, both during the start-up phase and over a 
     period of years;
       ``(ii) the final destination of the products to be produced 
     as a result of those projects; and
       ``(iii) the impact such production will have on the 
     production of similar products in the United States with 
     regard to both domestic sales and exports.
       ``(B) Basis for projections.--The projections required by 
     this paragraph shall be based on an analysis of each of the 
     projects described in subparagraph (A).
       ``(C) Manner of reporting effects on employment.--In 
     reporting the projections on employment required by this 
     paragraph, the Corporation shall specify, with respect to 
     each project--
       ``(i) any loss of jobs in the United States caused by the 
     project, whether or not the project itself creates other 
     jobs;
       ``(ii) any jobs created by the project; and
       ``(iii) the country in which the project is located, and 
     the economic sector involved in the project.

     No proprietary information may be disclosed under this 
     subparagraph.
       ``(3) Protection of certain information.--Paragraph (2) 
     does not require the inclusion in any information which would 
     not be required to be made available to the public pursuant 
     to section 552 of title 5, United States Code (relating to 
     freedom of information).
       ``(b) Maintenance of Information.--The Corporation shall 
     maintain as part of its records--
       ``(1) all information collected in preparing the report 
     required by section 240A(c) of the Foreign Assistance Act of 
     1961 (as in effect before the enactment of the Overseas 
     Private Investment Corporation Amendments Act of 1988), 
     whether the information was collected by the Corporation 
     itself or by a contractor; and
       ``(2) a copy of the analysis of each project analyzed in 
     preparing the projections required by subsection (a)(2) or 
     the report required by section 240A(c) of the Foreign 
     Assistance Act of 1961 (as in effect before the enactment of 
     the Overseas Private Investment Corporation Amendments Act of 
     1988).

     ``SEC. 240. DEFINITIONS.

       ``As used in this title, the following terms have the 
     following meanings:
       ``(1) Board.--The term `Board' means the Board of Directors 
     of the Corporation.
       ``(2) Corporation.--The term `Corporation' means the 
     Overseas Private Investment Corporation.
       ``(3) Eligible investor.--(A) The term `eligible investor' 
     means--
       ``(i) a United States citizen;
       ``(ii) a corporation, partnership, or other association, 
     including a nonprofit association, which is created under the 
     laws of the United States, any State, the District of 
     Columbia, or any commonwealth, territory, or possession of 
     the United States, and which is substantially beneficially 
     owned by United States citizens; and
       ``(iii) a foreign corporation, partnership, or other 
     association which is wholly owned by one or more United 
     States citizens or corporations, partnerships, or other 
     associations described in clause (ii), except that the 
     eligibility of any such foreign corporation shall be 
     determined without regard to any shares held by other than 
     United States citizens or corporations, partnerships, or 
     other associations described in clause (ii) if, in the 
     aggregate, such shares equal less than 5 percent of the total 
     issued and subscribed share capital of such foreign 
     corporation.
       ``(B) For purposes of this title--
       ``(i) in the case of insurance or a guarantee for any loan 
     investment, a final determination of whether a person is an 
     eligible investor may be made at the time the insurance or 
     guarantee is issued; and
       ``(ii) in the case of insurance or a guarantee for any 
     other investment, an investor must be an eligible investor at 
     the time a claim arises as well as the time the insurance or 
     guarantee is issued.
       ``(4) Expropriation.--The term `expropriation' includes any 
     abrogation, repudiation, or impairment by a foreign 
     government of its own contract with an investor with respect 
     to a project, where such abrogation, repudiation, or 
     impairment is not caused by the investor's own fault or 
     misconduct, and materially adversely affects the continued 
     operation of the project.
       ``(5) Investment.--The term `investment' includes any 
     contribution or commitment of funds, commodities, services, 
     patents, processes, or techniques, in the form of--
       ``(A) a loan or loans to an approved project;
       ``(B) the purchase of a share of ownership in any such 
     project;
       ``(C) participation in royalties, earnings, or profits of 
     any such project; or
       ``(D) the furnishing of commodities or services pursuant to 
     a lease or other contract.
       ``(6) Noncredit activities.--The term `noncredit 
     activities' means all activities of the Corporation other 
     than its direct loan program under section 233(b)(1) and its 
     guarantee program under section 233(b)(3).
       ``(7) Predecessor guarantee authority.--The term 
     `predecessor guarantee authority' means prior guarantee 
     authorities (other than housing guarantee authorities) 
     repealed by the Foreign Assistance Act of 1969, sections 
     202(b) and 413(b) of the Mutual Security Act of 1954, and 
     section 111(b)(3) of the Economic Cooperation Act of 1948, 
     (exclusive of authority relating to informational media 
     guarantees).''.
                 TITLE II--TRADE AND DEVELOPMENT AGENCY

     SEC. 201. TRADE AND DEVELOPMENT AGENCY.

       (a) Purpose.--Section 661(a) of the Foreign Assistance Act 
     of 1961 (22 U.S.C. 2421(a)) is amended--
       (1) in the first sentence, by inserting ``independent'' 
     before ``agency''; and
       (2) in the second sentence, by striking ``development 
     projects'' and all that follows and inserting ``developing 
     and middle-income countries in ways consistent with 
     environmentally sound and broad-based sustainable economic 
     development.''.
       (b) Authority To Provide Assistance.--Section 661(b) of 
     such Act (22 U.S.C. 2421(b)) is amended--
       (1) in paragraph (1)--
       (A) by striking ``, including those in which'' and all that 
     follows through ``under part I,''; and
       (B) by inserting ``environmental assessments,'' after 
     ``engineering design,'';
       (2) in the first sentence of the matter preceding 
     subparagraph (A) of paragraph (2), by inserting 
     ``environmental assessments'' after ``to provide support 
     for''; and
       (3) in paragraph (3)(B)--
       (A) by striking ``Other agencies of the United States 
     Government'' and inserting ``Other members of the Trade 
     Promotion Coordinating Committee''; and
       (B) by inserting ``the Director of'' before ``the Trade and 
     Development Agency''.
       (c) Director and Personnel.--Section 661(c)(1) of such Act 
     (22 U.S.C. 2421(c)(1)) is amended--
       (1) by striking ``There shall be'' and inserting ``(A) 
     There shall be''; and
       (2) by adding at the end the following new subparagraph:
       ``(B) The Director shall report directly to the 
     President.''.
       (d) Annual Report.--Section 661(d) of such Act (22 U.S.C. 
     2421(d)) is amended by striking ``President'' and inserting 
     ``Director of the Trade and Development Agency''.
       (e) Funding.--Section 661(f)(1) of such Act (22 U.S.C. 
     2421(f)(1)) is amended--
       (1) by striking ``There are authorized'' and inserting 
     ``(A) There are authorized'';
       (2) by inserting ``to the Trade and Development Agency'' 
     after ``to be appropriated'';
       (3) by striking ``$55,000,000'' and all that follows and 
     inserting ``such sums as are necessary for fiscal years 1995 
     and 1996.''; and
       (4) by adding at the end the following new subparagraph:
       ``(B) Amounts appropriated pursuant to the authorization of 
     appropriations under subparagraph (A) are authorized to 
     remain available until expended.''.
  TITLE III--EXPORT PROMOTION PROGRAMS WITHIN THE INTERNATIONAL TRADE 
                             ADMINISTRATION

     SEC. 301. EXPORT PROMOTION AUTHORIZATION.

       Section 202 of the Export Administration Amendments Act of 
     1985 (15 U.S.C. 4052) is amended to read as follows:

     ``SEC. 202. AUTHORIZATION OF APPROPRIATIONS.

       ``There are authorized to be appropriated to the Department 
     of Commerce to carry out export promotion programs such sums 
     as are necessary for fiscal years 1995 and 1996.''
       TITLE IV--PROMOTION OF UNITED STATES ENVIRONMENTAL EXPORTS

     SEC. 401. SHORT TITLE.

       This title may be cited as the ``Environmental Export 
     Promotion Act of 1994''.

     SEC. 402. PROMOTION OF ENVIRONMENTAL EXPORTS.

       (a) Environmental Technologies Trade Advisory Committee.--
     Section 2313 of the Export Enhancement Act of 1988 (15 U.S.C. 
     4728) is amended--
       (1) by striking subsection (d);
       (2) by redesignating subsection (c) as subsection (e); and
       (3) by inserting after subsection (b) the following:
       ``(c) Environmental Technologies Trade Advisory 
     Committee.--
       ``(1) Establishment and purpose.--The Secretary, in 
     carrying out the duties of the chairperson of the TPCC, shall 
     establish the Environmental Technologies Trade Advisory 
     Committee (hereafter in this section referred to as the 
     `Committee'). The purpose of the Committee shall be to 
     provide advice and guidance to the Working Group in the 
     development and administration of programs to expand United 
     States exports of environmental technologies, goods, and 
     services.
       ``(2) Membership.--The members of the Committee shall be 
     drawn from representatives of--
       ``(A) environmental businesses, including small businesses;
       ``(B) trade associations in the environmental sector;
       ``(C) private sector organizations involved in the 
     promotion of environmental exports;
       ``(D) States (as defined in section 2301(i)(5)) and 
     associations representing the States; and
       ``(E) other appropriate interested members of the public.

     The Secretary shall appoint as members of the Committee at 
     least 1 individual under each of subparagraphs (A) through 
     (E).
       ``(d) Export Plans for Priority Countries.--
       ``(1) Priority country identification.--The Working Group, 
     in consultation with the Committee, shall annually assess 
     which foreign countries have markets with the greatest 
     potential for the export of United States environmental 
     technologies, goods, and services. Of these countries the 
     Working Group shall select as priority countries 5 with the 
     greatest potential for the application of United States 
     Government export promotion resources related to 
     environmental exports.
       ``(2) Export plans.--The Working Group, in consultation 
     with the Committee, shall annually create a plan for each 
     priority country selected under paragraph (1), setting forth 
     in detail ways to increase United States environmental 
     exports to such country. Each such plan shall--
       ``(A) identify the primary public and private sector 
     opportunities for United States exporters of environmental 
     technologies, goods, and services in the priority country;
       ``(B) analyze the financing and other requirements for 
     major projects in the priority country which will use 
     environmental technologies, goods, and services, and analyze 
     whether such projects are dependent upon financial assistance 
     from foreign countries or multilateral institutions; and
       ``(C) list specific actions to be taken by the member 
     agencies of the Working Group to increase United States 
     exports to the priority country.''.
       (b) Additional Mechanisms To Promote Environmental 
     Exports.--Section 2313 of the Export Enhancement Act of 1988 
     is further amended by adding at the end the following:
       ``(f) Environmental Technologies Specialists in the United 
     States and Foreign Commercial Service.--
       ``(1) Assignment of environmental technologies 
     specialists.--The Secretary shall assign a specialist in 
     environmental technologies to the office of the United States 
     and Foreign Commercial Service in each of the 5 priority 
     countries selected under subsection (d)(1), and the Secretary 
     is authorized to assign such a specialist to the office of 
     the United States and Foreign Commercial Service in any 
     country that is a promising market for United States exports 
     of environmental technologies, goods, and services. Such 
     specialist may be an employee of the Department, an employee 
     of any relevant United States Government department or agency 
     assigned on a temporary or limited term basis to the Commerce 
     Department, or a representative of the private sector 
     assigned to the Department of Commerce.
       ``(2) Duties of environmental technologies specialists.--
     Each specialist assigned under paragraph (1) shall provide 
     export promotion assistance to United States environmental 
     businesses, including, but not limited to--
       ``(A) identifying factors in the country to which the 
     specialist is assigned that affect the United States share of 
     the domestic market for environmental technologies, goods, 
     and services, including market barriers, standards-setting 
     activities, and financing issues;
       ``(B) providing assessments of assistance by foreign 
     governments that is provided to producers of environmental 
     technologies, goods, and services in such countries in order 
     to enhance exports to the country to which the specialist is 
     assigned, the effectiveness of such assistance on the 
     competitiveness of United States products, and whether 
     comparable United States assistance exists;
       ``(C) training Foreign Commercial Service Officers in the 
     country to which the specialist is assigned, other countries 
     in the region, and United States and Foreign Commercial 
     Service offices in the United States, in environmental 
     technologies and the international environmental market;
       ``(D) providing assistance in identifying potential 
     customers and market opportunities in the country to which 
     the specialist is assigned;
       ``(E) providing assistance in obtaining necessary business 
     services in the country to which the specialist is assigned;
       ``(F) providing information on environmental standards and 
     regulations in the country to which the specialist is 
     assigned; and
       ``(G) providing information on all United States Government 
     programs that could assist the promotion, financing, and sale 
     of United States environmental technologies, goods, and 
     services in the country to which the specialist is assigned.
       ``(g) Environmental Training in One-Stop Shops.--In 
     addition to the training provided under subsection (f)(2)(C), 
     the Secretary shall establish a mechanism to train--
       ``(1) Commercial Service Officers assigned to the one-stop 
     shops provided for in section 2301(b)(8), and
       ``(2) Commercial Service Officers assigned to district 
     offices in districts having large numbers of environmental 
     businesses,

     in environmental technologies and in the international 
     environmental marketplace, and ensure that such officers 
     receive appropriate training under such mechanism. Such 
     training may be provided by officers or employees of the 
     Department of Commerce, and other United States Government 
     departments and agencies, with appropriate expertise in 
     environmental technologies and the international 
     environmental workplace, and by appropriate representatives 
     of the private sector.
       ``(h) International Regional Environmental Initiatives.--
       ``(1) Establishment of initiatives.--The TPCC shall 
     establish one or more international regional environmental 
     initiatives the purpose of which shall be to coordinate the 
     activities of Federal departments and agencies in order to 
     build environmental partnerships between the United States 
     and the geographic region outside the United States for which 
     such initiative is established. Such partnerships shall 
     enhance environmental protection and promote sustainable 
     development by using in the region technical expertise and 
     financial resources of United States departments and agencies 
     that provide foreign assistance and by expanding United 
     States exports of environmental technologies, goods, and 
     services to that region.
       ``(2) Activities.--In carrying out each international 
     regional environmental initiative, the TPCC shall--
       ``(A) support, through the provision of foreign assistance, 
     the development of sound environmental policies and practices 
     in countries in the geographic region for which the 
     initiative is established, including the development of 
     environmentally sound regulatory regimes and enforcement 
     mechanisms;
       ``(B) identify and disseminate to United States 
     environmental businesses information regarding specific 
     environmental business opportunities in that geographic 
     region;
       ``(C) coordinate existing Federal efforts to promote 
     environmental exports to that geographic region, and ensure 
     that such efforts are fully coordinated with environmental 
     export promotion efforts undertaken by the States and the 
     private sector;
       ``(D) increase assistance provided by the Federal 
     Government to promote exports from the United States of 
     environmental technologies, goods, and services to that 
     geographic region, such as trade missions, reverse trade 
     missions, trade fairs, and programs in the United States to 
     train foreign nationals in United States environmental 
     technologies; and
       ``(E) increase high-level advocacy by United States 
     Government officials (including the United States ambassadors 
     to the countries in that geographic region) for United States 
     environmental businesses seeking market opportunities in that 
     geographic region.
       ``(i) Environmental Technologies Project Advocacy Calendar 
     and Information Dissemination Program.--The Working Group 
     shall maintain a calendar, updated at the end of each 
     calendar quarter, of significant opportunities for United 
     States environmental businesses in foreign markets and trade 
     promotion events, which shall be made available to the 
     public. Such calendar shall--
       ``(1) identify the 50 to 100 environmental infrastructure 
     and procurement projects in foreign markets that have the 
     greatest potential in the calendar quarter for United States 
     exports of environmental technologies, goods, and services; 
     and
       ``(2) include trade promotion events, such as trade 
     missions and trade fairs, in the environmental sector.

     The Working Group shall also provide, through the National 
     Trade Data Bank and other information dissemination channels, 
     information on opportunities for environmental businesses in 
     foreign markets and information on Federal export promotion 
     programs.
       ``(j) Regional Centers.--The Secretary, through the 
     Assistant Secretary of Commerce and Director General of the 
     United States and Foreign Commercial Service, is authorized 
     to provide matching funds for the establishment in the United 
     States of regional environmental business and technology 
     cooperation centers that will draw upon the expertise of the 
     private sector and institutions of higher education and 
     existing Federal programs to provide export promotion 
     assistance related to environmental technologies, goods, and 
     services.
       ``(k) Definition.--For purposes of this section, the term 
     `environmental business' means a business that produces 
     environmental technologies, goods, or services.''.
       TITLE V--INTERNATIONAL PROTECTION OF INTELLECTUAL PROPERTY

     SEC. 501. ESTABLISHMENT OF PROGRAM.

       (a) In General.--In carrying out part I of the Foreign 
     Assistance Act of 1961 and other relevant foreign assistance 
     laws, the President, acting through the Administrator of the 
     United States Agency for International Development, shall 
     establish a program of training and other technical 
     assistance to assist foreign countries in--
       (1) developing and strengthening laws and regulations to 
     protect intellectual property; and
       (2) developing the infrastructure necessary to implement 
     and enforce such laws and regulations.
       (b) Participation of Other Agencies.--The Administrator of 
     the United States Agency for International Development--
       (1) shall utilize the expertise of the Patent and Trademark 
     Office and other agencies of the United States Government in 
     designing and implementing the program of assistance provided 
     for in this section;
       (2) shall coordinate assistance under this section with 
     efforts of other agencies of the United States Government to 
     increase international protection of intellectual property, 
     including implementation of international agreements 
     containing high levels of protection of intellectual 
     property; and
       (3) shall consult with the heads of such other agencies in 
     determining which foreign countries will receive assistance 
     under this section.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Connecticut [Mr. Gejdenson] will be recognized for 20 minutes, and the 
gentleman from Wisconsin [Mr. Roth] will be recognized for 20 minutes.
  The Chair recognizes the gentleman from Connecticut [Mr. Gejdenson].
  Mr. GEJDENSON. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, the Jobs Through Trade Expansion Act of 1994 will 
improve the effectiveness of U.S. export promotion programs and create 
jobs here at home. This is a bipartisan bill, with wide support in the 
business community. Both the National Association of Manufacturers and 
the Coalition of Employment Through Exports endorse the bill.
  H.R. 4950 will significantly enhance the ability of the U.S. 
Government to provide grants, loans, loan guarantees and risk insurance 
for U.S. export projects and investment overseas as well, and provide 
specific programs for the expansion of U.S. environmental exports, an 
area where the United States is extremely competitive. It protects U.S. 
intellectual property overseas and ensures the extension of the OPIC 
programs to Northern Ireland and the Republic of Ireland, a 
particularly important act in light of the actions that were taken in 
Northern Ireland toward the end of achieving peace there.
  In addition, the bill will create at least 100,000 jobs here at home.
  Allow me to briefly explain the provisions of the bill. Title I is a 
rewrite of the authorities of the Overseas Private Investment 
Corporation. The language is similar to the legislation which passed 
the House in last year's foreign aid bill. OPIC offer U.S. investors 
assistance in finding overseas investment opportunities, insurance to 
protect these investments and loans and loan guarantees to help finance 
the projects. OPIC cannot insure or finance projects that would 
displace American workers. In fact, OPIC helped create over 24,000 jobs 
in the United States alone last year.
  In title II we extend the authority for the Trade and Development 
Agency for another 2 years. This agency simultaneously promotes 
economic development in the export of U.S. goods and services. TDA has 
estimated that for every $1 it spends, it generates $25 in U.S. goods 
and services sold overseas.
  Title III authorizes the funding of the export promotional programs 
within the International Trade Administration.
  Title IV promotes the exportation of U.S. environmental technologies. 
It is the text of H.R. 3813, which has already passed the House of 
Representatives.
  The last title involves intellectual property, and that has already 
been introduced as H.R. 4239.
  Title V requires AID in conjunction with the Commerce, Patent, and 
Trademark Office to establish a program of training and technical 
assistance. The program is aimed at countries which have expressed a 
willingness to improve their record on intellectual property protection 
but lack the expertise to do so. The loss of profit for this country 
and the loss of jobs as a result of intellectual property theft may be 
as high as 400,000 jobs, $20 billion worth of American projects knocked 
off and sold around the globe. These do not just endanger large 
international corporations but small companies in my district and 
around this country. Companies like Gerber Scientific and others have 
been victimized by foreign governments and companies infringing on 
their patents. This affects everything from manufacturing to 
pharmaceuticals and entertainment. It is an important part of the bill, 
and we want to thank our Republican colleagues, particularly Mr. Roth, 
for his support and assistance in this particular area.
  Before my friend, the gentleman from Wisconsin [Mr. Roth], speaks on 
behalf of the bill, I would like to extend sincere thanks to my fellow 
Democratic and Republican members of the committee for their support of 
this measure. In particular, I want to extend a special note of thanks 
to Chairman Hamilton, to Congressman Roth, to Congressman Gilman, and 
to Congressman Bereuter, who is continuously one of the hardest working 
members of the committee.
  Once again our committee had demonstrated a true bipartisan spirit in 
an area that is crucial to America's economy. Exports enrich our 
country, produce jobs here at home, and strengthen our position 
globally.
  Mr. Speaker, at this time, I would like to introduce into the 
Congressional Record an exchange of letters between Chairman Hamilton 
and Chairman Dingell regarding H.R. 3813. Given that the text of title 
IV of H.R. 4950 is identical to H.R. 3813, as passed by the House, the 
assurances given in these letters are valid for title IV of H.R. 4950 
as well.

                                    U.S. House of Representatives,


                             Committee on Energy and Commerce,

                                   Washington, DC, April 15, 1994.
     Hon. Lee H. Hamilton,
     Chairman, Committee on Foreign Affairs, U.S. House of 
         Representatives. Washington, DC.
       Dear Lee: Thank for your letter concerning H.R. 3813, the 
     ``Environmental Export Promotion Act of 1994,'' which was 
     ordered reported by the Committee on Foreign Affairs on March 
     16, 1994.
       As you indicated, the Committee on Energy and Commerce 
     requested sequential referral of the bill because it included 
     matters within the jurisdiction of this Committee. I 
     understand that you plan to offer an amended version when the 
     bill is considered on the suspension calendar. Those changes, 
     which have been worked out with this Committee, are welcome. 
     Accordingly, we will not insist on sequential referral. If, 
     as you note, the Senate does not accept the House bill as 
     amended and requests a conference, we understand that we 
     would be represented in that conference. I appreciate the 
     opportunity to work out these matters with you.
       With every good wish.
           Sincerely,
                                                  John D. Dingell,
                                                         Chairman.
                                  ____

                                                    U.S. Congress,


                            House Committee on Foreign Affairs

                                   Washington, DC, April 15, 1994.
     Hon. John D. Dingell,
     Chairman, Committee on Energy and Commerce, Washington, DC.
       Dear John: The Committee on Energy and Commerce has raised 
     various jurisdictional concerns regarding H.R. 3813, as 
     ordered reported by the Committee on Foreign Affairs on March 
     16, 1994.
       Pursuant to discussions between the staff of our 
     committees, the text of H.R. 3813 to be considered by the 
     House contains several changes, reflected in the attached 
     text, from the amendment in the nature of a substitute that 
     the Committee on Foreign Affairs ordered reported. If the 
     Senate approves legislation with provisions in the areas in 
     which the Committees on Energy and Commerce has raised 
     concerns, the Committee on Foreign Affairs would not object 
     to the placement of conferees from the Energy and Commerce 
     Committee on those provisions of the Senate bill.
       Thank you for your assistance in this matter.
           Sincerely,
                                                  Lee H. Hamilton,
                                                         Chairman.

                              {time}  1340

  Mr. ROTH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I thank the chairman of our committee for his kind 
remarks, and join him in thanking the other members of our subcommittee 
and of our full committee also in helping with this legislation.
  Mr. Speaker, the title of our bill says it all: the Jobs Through 
Trade Expansion Act.
  With this legislation, we will create 100 thousand new jobs for 
American workers, by expanding exports.
  That is why I have joined with our chairman, the gentleman from 
Connecticut [Mr. Gejdenson], in sponsoring this bill and bringing it to 
the House.
  Our bill expands the financing and insurance available to American 
companies from the Overseas Private Investment Corporation.
  Last year alone, OPIC generated more than $1.6 billion in American 
exports.
  In our bill, we provide a 50-percent increase in OPIC's insurance 
activities and a 300-percent increase in its trade finance 
authorization. These increases will expand the ability of American 
companies to better exploit international markets.
  Mr. Speaker, let me emphasize to my colleagues that OPIC does not 
cost the taxpayer $1. The income from OPIC's risk insurance business 
more than covers the cost of its trade financing operations. In fact, 
OPIC has long since reimbursed the Government for its initial 
capitalization. What is more, OPIC maintains nearly $2 billion in 
reserves, which would more than cover any anticipated insurance losses.

  In short, OPIC is a model of how to assist American companies while 
protecting the taxpayer.
  Let me also point out that we have included language which prohibits 
OPIC from activities which would cost American jobs. Our bill also 
expands the U.S. Trade and Development Agency. TDA plays a crucial role 
in helping American companies win contracts for large construction 
projects overseas. It does that by funding the initial engineering and 
feasibility studies for selected projects. This gives American 
companies a leg up in winning the final construction awards.
  The bottom line is that TDA generates $25 in U.S. exports for every 
dollar we invest in this agency. That is good bargain. Moreover the 
reality is that our competitors in Japan and Europe have even more 
aggressive programs than ours. Therefore, our bill is a step forward in 
meeting the competition.
  Our bill also augments the U.S. and Foreign Commercial Service. This 
is our front-line agency for helping American companies search out 
export opportunities and beat the competition to win sales overseas.
  Our bill also includes a provision to re-direct existing foreign aid 
funds toward helping U.S. exporters with intellectual property 
protection in overseas markets.
  In testimony to our subcommittee, this area was identified as a 
growing problem, not only publishing and entertainment industries, but 
also for engineering, computer and manufacturing sectors.

  Finally, Mr. Speaker, we have included the text of H.R. 3813, which 
will improve our export of environmental technology products.
  The House passed this bill in the spring, but it is blocked in the 
other body. By re-passing this bill, we expect to win final enactment 
as part of this legislation.
  Mr. Speaker, this is a Jobs bill. It helps American companies compete 
in world markets. It protects the taxpayer. This is a bill that every 
Member can support. Therefore, I urge my colleagues to join me in 
supporting the Jobs Through Trade Expansion Act.
  Mr. Speaker, I yield 5 minutes to the gentleman from New York [Mr. 
Gilman], the ranking member.
  (Mr. GILMAN asked and was given permission to revise and extend his 
remarks.)
  Mr. GILMAN. Mr. Speaker, I rise in support of H.R. 4950, the Jobs 
Through Trade Expansion Act of 1994, a bill reauthorizing the Overseas 
Private Investment Corporation [OPIC] and the Trade and Development 
Agency [TDA].
  I commend the gentleman from Connecticut [Mr. Gejdenson] the 
distinguished Chairman of our Subcommittee on Economic Policy, Trade 
and Environment the gentleman from Wisconsin, [Mr. Roth], the ranking 
minority member of that subcommittee.
  The charters of both of these trade promotion agencies expire on 
September 30, 1994, so Congress must take action over the next 2 weeks 
to continue their programs that have created more than 200,000 American 
jobs and generated over $30 billion in U.S. exports.
  This bill also authorizes the export promotion activities of the 
International Trade Administration of the Department of Commerce, 
directs the Agency for International Development to use existing funds 
to assist countries in improving their protection of Intellectual 
Property Rights, and increases promotion of U.S. environmental 
technologies and services.
  Established by Congress in the Foreign Assistance Act of 1969, OPIC 
helps to promote overseas private investment opportunities for U.S. 
investors as a means of fostering development in recipient countries.
  In light of OPIC's proven track record in promoting investment and 
economic growth in many areas of the world, I believe that the agency 
is in a unique position to foster the peace process in Northern 
Ireland.
  For the first time in 25 years we have a real opportunity for peace 
in Northern Ireland.
  The United States has an obligation to assist that peace process. In 
fact, Vice President Gore, on his recent visit to Ireland, said the 
United States gave the highest foreign policy priority to the current 
peace effort in Northern Ireland. The Vice President further indicated 
that this administration stands ready, along with the American people, 
to support the current efforts for peace.
  Shared economic growth in the North of Ireland can help foster a 
mutual feeling of security by both the diverse traditions in the 
region, and can help foster peace. Economic growth can and must be 
achieved before we can realistically see any permanent peace take long-
term hold in the North of Ireland.
  The Overseas Private Investment Corporation [OPIC] can play that 
important role in this process by creating an Irish investment fund 
that could bring new foreign investment into all of Ireland.
  Based on the successful models of OPIC-supported funds in Africa, 
Israel, and Poland, a modest government guaranteed equity fund of up to 
$60 million, starting sometime in fiscal year 1995, could leverage up 
to several hundred million dollars of new foreign investment and 
provide a tangible symbol of United States support for the cease fire 
and embryonic peace process in Northern Ireland.
  Unlike the International Fund for Ireland, this fund would require no 
annual appropriation. At no cost to the American taxpayer, it could 
make an important contribution to peace by promoting a prosperous and 
stable economy throughout Ireland at this critical moment in Irish 
history.
  Report language accompanying this bill strongly urges OPIC to 
undertake a feasibility study of an equity fund of up to $60 million 
for Ireland, which would include the Republic of Ireland and Northern 
Ireland.
  I would urge this administration to back up its statements in support 
of the Downing Street Declaration peace process in Ireland with a 
tangible pledge of United States support. An announcement that we are 
ready to explore an OPIC fund for Ireland could give added momentum to 
these important peace efforts now.
  Mr. ROTH. Mr. Speaker, I yield such time as he may consume to my 
friend, the gentleman from Nebraska [Mr. Bereuter].
  (Mr. BEREUTER asked and was given permission to revise and extend his 
remarks.)
  Mr. BEREUTER. Mr. Speaker, I rise in strong support of H.R. 4950, the 
Jobs Through Trade Expansion Act of 1994.
  I want to commend my colleague, the gentleman from Connecticut [Mr. 
Gejdenson], the subcommittee chairman, and the distinguished gentleman 
from Wisconsin [Mr. Roth], the ranking member, for their outstanding 
work, not only on this legislation, but throughout this very productive 
103d Congress, productive in terms of legislative action by this 
subcommittee.
  Mr. Speaker, this legislation reauthorizes the legislative charter of 
the Overseas Private Investment Corporation [OPIC], the Trade and 
Development Agency [TDA], and the International Trade Administration 
[ITA] of the Department of Commerce. Additionally, it promotes the 
export of environmental technologies and services and directs the 
Agency for International Development [AID] to assist developing 
countries in improving their protection of intellectual property 
rights.
  Mr. Speaker, the Members of the House should know that these export 
promotion agencies and these initiatives are absolutely critical to 
ensure the export competitiveness of U.S. manufacturing and service 
industries. For example, the Trade and Development Agency helps U.S. 
exporters compete against foreign competitors for lucrative 
infrastructure projects in developing countries by providing grants 
which hire U.S. consultants and engineers for the planning and design 
of large multilateral development bank [MDB] projects. Because U.S. 
consultants and engineers are more likely to design, for example, a 
multimillion-dollar power generation plant in China with U.S. goods and 
services in mind, these grants ultimately ensure that U.S. goods and 
services are more likely to receive the detailed design, construction, 
equipment, and maintenance and resupply business for such MDB-financed 
projects over the long term.
  Currently, Mr. Speaker, our European competitors and Japan greatly 
outspend the United States in this trust fund game to the clear 
detriment of U.S. exporters. The General Accounting Office recently 
reported that Japan, for example, currently outspends the United States 
by approximately $5 for every $1 we devote to this important purpose, 
and the United Kingdom just announced a $78 million tied-aid commitment 
just for Vietnam.
  Mr. Speaker, in the power generation market alone, investors and 
energy market analysts predict a whopping $1.8 trillion investment 
demand by the year 2010. Agencies such as the Overseas Private 
Insurance Company and the Trade and Development Agency help to ensure 
that small- and medium-sized U.S. businesses can compete for the 
billions of dollars in service and manufactured goods which will 
design, construct, and operate massive infrastructure projects in the 
developing world.
  Mr. Speaker, I am pleased to note that the State of Nebraska led all 
but one State in dramatically increasing its exports by 429 percent in 
the last 6 years. However, Nebraska's economy depends on small- and 
medium-sized businesses to maintain its rapid growth and high standard 
of living. Agencies like the Overseas Private Investment Corporation 
and the Trade and Development Agency mostly benefit these small- and 
medium-sized investors and exporters who would not be able to compete 
against foreign-subsidized competition without U.S. assistance.
  Mr. Speaker, in closing, this Member urges his colleagues to support 
the Jobs Through Trade Expansion Act of 1994. This legislation is 
necessary to ensure the competitiveness of U.S. goods and services 
through the promotion of exports and the protection of intellectual 
property rights worldwide.

                              {time}  1350

  Mr. GEJDENSON. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, before yielding back the balance of my time, again I 
thank my colleagues, the gentleman from Wisconsin [Mr. Roth], the 
gentleman from Nebraska [Mr. Bereuter], and others for helping develop 
this legislation, and I wish to say that by working with the 
administration on these kinds of programs, not only can we do good by 
helping places like Northern Ireland where, for the first time, there 
is a real hope for peace, but we can also enrich this country and 
create jobs here at home.
  Mr. Speaker, I yield back the balance of my time.
  Mr. ROTH. Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore (Mr. Fields of Louisiana). The question is on 
the motion offered by the gentleman from Connecticut [Mr. Gejdenson] 
that the House suspend the rules and pass the bill, H.R. 4950, as 
amended.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________