[Congressional Record Volume 149, Number 164 (Wednesday, November 12, 2003)]
[Senate]
[Pages S14860-S14861]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     OVERSEAS PRIVATE INVESTMENT CORPORATION AMENDMENTS ACT OF 2003

  Mr. FRIST. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 36, S. 1824.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 1824) to amend the Foreign Assistance Act of 
     1961 to reauthorize the Overseas Private Investment 
     Corporation, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. FRIST. Mr. President, I ask unanimous consent that the bill be 
read for a third time and passed, the motion to reconsider be laid upon 
the table, and that any statements relating to the bill be printed in 
the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 1824) was read the third time and passed, as follows:

                                S. 1824

       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 2003''.

     SEC. 2. ISSUING AUTHORITY.

       Section 235(a)(2) of the Foreign Assistance Act of 1961 (22 
     U.S.C. 2195(a)(2)) is amended

[[Page S14861]]

     by striking ``November 1, 2000'' and inserting ``2007''.

     SEC. 3. TECHNICAL CORRECTIONS.

       (a) Administrative Costs.--Section 235(a)(1)(B) of the 
     Foreign Assistance Act of 1961 (22 U.S.C. 2195(a)(1)(B)) is 
     amended by striking ``subsidy cost'' and inserting ``subsidy 
     and administrative costs''.
       (b) Noncredit Account Revolving Fund.--Section 235(c) of 
     the Foreign Assistance Act of 1961 (22 U.S.C. 2195(c)) is 
     amended--
       (1) in the first sentence--
       (A) by striking ``an insurance and guaranty fund, which 
     shall have separate accounts to be known as the Insurance 
     Reserve and the Guaranty Reserve, which reserves'' and 
     inserting ``a noncredit account revolving fund, which''; and
       (B) by striking ``such reserves have'' and inserting ``of 
     the fund has'';
       (2) by striking the third sentence; and
       (3) in the last sentence, by striking ``reserves'' and 
     inserting ``fund''.
       (c) Payments To Discharge Liabilities.--Section 235(d) of 
     the Foreign Assistance Act of 1961 (22 U.S.C. 2195(d)) is 
     amended--
       (1) in the first sentence, by striking ``Insurance Reserve, 
     as long as such reserve'' and inserting ``noncredit account 
     revolving fund, as long as such fund''; and
       (2) in the second sentence, by striking ``or under similar 
     predecessor guaranty authority'' and all that follows through 
     ``subsection (f) of this section'' and inserting ``or 234(c) 
     shall be paid in accordance with the Federal Credit Reform 
     Act of 1990''.
       (d) Authorization of Appropriations.--Section 235(f) of the 
     Foreign Assistance Act of 1961 (22 U.S.C. 2195(f)) is 
     amended--
       (1) in the first sentence, by striking ``insurance and 
     guaranty fund'' and inserting ``noncredit account revolving 
     fund''; and
       (2) by striking ``Insurance Reserve'' each place it appears 
     and inserting ``noncredit account revolving fund''.
       (e) Board of Directors.--Section 233(b) of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended in the 
     second paragraph--
       (1) by striking ``officials'' and inserting ``principal 
     officers'';
       (2) by inserting ``whose duties relate to the programs of 
     the Corporation'' after ``Government of the United States''; 
     and
       (3) by striking ``an official'' and inserting ``one such 
     officer''.

     SEC. 4. INVESTMENT INSURANCE.

       (a) Expropriation or Confiscation.--Section 234(a)(1)(B) of 
     the Foreign Assistance Act of 1961 (22 U.S.C. 2194(a)(1)(B)) 
     is amended by inserting ``or any political subdivision 
     thereof'' after ``government''.
       (b) Definition of Expropriation.--Section 238(b) of the 
     Foreign Assistance Act of 1961 (22 U.S.C. 2198(b)) is amended 
     by inserting ``, a political subdivision of a foreign 
     government, or a corporation owned or controlled by a foreign 
     government,'' after ``government''.

     SEC. 5. LOCAL CURRENCY GUARANTY.

       (a) Local Currency Guaranty.--Section 234 of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2194) is amended by adding 
     at the end the following:
       ``(h) Local Currency Guaranties for Eligible Investors.--To 
     issue to--
       ``(1) eligible investors, or
       ``(2) local financial institutions, guaranties,

     denominated in currencies other than United States dollars, 
     of loans and other investments made to projects sponsored by 
     or significantly involving eligible investors, assuring 
     against loss due to such risks and upon such terms and 
     conditions as the Corporation may determine, for projects 
     that the Corporation determines to have significant 
     developmental effects or as the Corporation determines to be 
     necessary or appropriate to carry out the purposes of this 
     title.''.
       (b) Definition of Local Financial Institution.--Section 238 
     of the Foreign Assistance Act of 1961 (22 U.S.C. 2198) is 
     amended--
       (1) in subsection (d), by striking ``and'' after the 
     semicolon;
       (2) in subsection (f), by striking the period at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(g) the term `local financial institution'--
       ``(1) means any bank or financial institution that is 
     organized under the laws of any country or area in which the 
     Corporation operates; but
       ``(2) does not include a branch, however organized, of a 
     bank or other financial institution that is organized under 
     the laws of a country in which the Corporation does not 
     operate.''.

     SEC. 6. OUTREACH TO MINORITY- AND WOMEN-OWNED BUSINESSES.

       (a) In General.--Section 240 of the Foreign Assistance Act 
     of 1961 (22 U.S.C. 2200) is amended--
       (1) in the first sentence, by striking ``The Corporation'' 
     and inserting:
       ``(a) In General.--The Corporation''; and
       (2) by adding at the end the following:
       ``(b) Outreach to Minority-Owned and Women-Owned 
     Businesses.--The Corporation shall collect data on the 
     involvement of minority- and women-owned businesses in 
     projects supported by the Corporation, including--
       ``(1) the amount of insurance and financing provided by the 
     Corporation to such businesses in connection with projects 
     supported by the Corporation; and
       ``(2) to the extent such information is available, the 
     involvement of such businesses in procurement activities 
     conducted or supported by the Corporation.
     The Corporation shall include, in its annual report submitted 
     to the Congress under section 240A, the aggregate data 
     collected under this paragraph, in such form as to quantify 
     the effectiveness of the Corporation's outreach activities to 
     minority- and women-owned businesses.''.

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