[Congressional Record Volume 143, Number 68 (Wednesday, May 21, 1997)]
[Extensions of Remarks]
[Page E992]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 OVERSEAS PRIVATE INVESTMENT CORPORATION AMENDMENTS ACT OF 1997, H.R. 
                                  1681

                                 ______
                                 

                        HON. BENJAMIN A. GILMAN

                              of new york

                    in the house of representatives

                         Tuesday, May 20, 1997

  Mr. GILMAN. Mr. Speaker, together with the ranking minority member, 
Representative Lee Hamilton, I am introducing, by request, the 
administration's bill, the Overseas Private Investment Corporation 
Amendments Act of 1997 H.R. 1681, extending the authority of OPIC 
through the year 2000.
  Since it began operations in 1971, the Overseas Private Investment 
Corporation [OPIC], has mobilized private sector resources to assist 
developing countries and emerging democracies in the transition from 
nonmarket to market economies. In an era of declining budgetary 
resources, OPIC has consistently demonstrated an ability to operate on 
a self-sustaining basis to support United States companies in emerging 
economies in Africa, the newly independent states of the former Soviet 
Union and in Latin America and the Caribbean.
  OPIC has also played an important role in reinforcing U.S. foreign 
policy goals and in strengthening our economy by creating jobs and 
promoting exports. OPIC programs have served to rectify market 
failures, including limited market information in developing countries 
and underdeveloped capital markets, by insuring U.S. firms against 
economic and market uncertainties.
  Over the past 25 years, projects supported by OPIC have generated 
more than $52 billion in U.S. exports and created more than 225,000 
jobs. OPIC has been run on a sound financial basis with reserves 
totaling approximately $2.7 billion and with earnings reaching a record 
$209 million in 1996. In the process, it has maintained a claims 
recovery rate of 98 percent, settling close to 260 insurance claims for 
$519 million and recovering all but $11 million.
  All the 26 members of the Organization of Economic Cooperation and 
Development [OECD] have agencies similar to OPIC: the United States 
needs to compete with these and other countries that subsidize their 
exporters.
  Accordingly, I urge my colleagues to support the reauthorization of 
this small but efficient agency.

                               H.R. 1681

       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 ``Overseas Private Investment 
     Corporation Amendments Act of 1997''.

     SEC. 2. ISSUING AUTHORITY.

       (a) Maximum Contingent Liability.-- Section 235(a) of the 
     Foreign Assistance Act of 1961 (22 U.S.C. 2195(a)) is amended 
     by striking paragraph (1) and all that follows through the 
     end of subparagraph (A) of paragraph (2) and inserting the 
     following:
       ``(1) Insurance and financing.--(A) The maximum contingent 
     liability outstanding at any one time pursuant to insurance 
     issued under section 234(a). and the amount of financial 
     issued under sections 234(b) and (c), shall not exceed in the 
     aggregate $32,000,000,000.''.
       (b) Termination of Authority.--Paragraph (3) of section 
     235(a) of the Foreign Assistance Act of 1961 (22 U.S.C. 
     2195(a)(3)) is amended--
       (1) by redesignating such paragraph as paragraph (2); and
       (2) by striking ``1997 '' and inserting ``2000 ''.

       

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