[Congressional Record Volume 153, Number 118 (Monday, July 23, 2007)]
[House]
[Pages H8204-H8210]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
OVERSEAS PRIVATE INVESTMENT CORPORATION REAUTHORIZATION ACT OF 2007
Mr. SHERMAN. Mr. Speaker, I move to suspend the rules and pass the
bill (H.R. 2798) to reauthorize the programs of the Overseas Private
Investment Corporation, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 2798
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 Reauthorization Act of 2007''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Since its founding in 1971, the Overseas Private
Investment Corporation (in this section referred to as
``OPIC'') has helped to mobilize and facilitate private
capital by United States investors in developing and emerging
market countries in support of United States foreign policy
and development goals.
(2) OPIC assistance should not, in any way, support
projects in countries that reject their obligations to
support international peace, security, and basic human
rights.
(3) OPIC assistance should not be provided to those who
support enemies of the United States.
(4) OPIC assistance is a privilege and should be granted to
persons that, along with their affiliated companies,
demonstrate responsible and sustainable business practices,
particularly with regard to the environment, international
worker rights, and efforts against genocide and nuclear
proliferation. Denial of OPIC assistance is not a penalty or
sanction.
(5) Over OPIC's 35-year history, OPIC has supported
$177,000,000,000 in operating investments in more than 150
developing countries, helping to create more than 800,000
jobs and some $13,000,000,000 in host-government revenues.
(6) OPIC projects have generated $71,000,000,000 in United
States exports and supported more than 271,000 United States
jobs.
(7) Projects assisted by OPIC in fiscal year 2006 are
projected to generate $1,000,000,000 in United States
exports, support more than 2,700 United States jobs, and have
a positive impact on the United States balance of payments.
(8) In fiscal year 2006, 87 percent of all OPIC-supported
projects supported small-and-medium-sized businesses in the
United States.
(9) In an era of limited Federal budgetary resources, OPIC
has consistently demonstrated an ability to operate on a
self-sustaining basis to support United States companies, all
at a net cost of zero to the United States taxpayer.
(10) OPIC has reserves totaling approximately
$5,300,000,000 and will make an estimated net budget
contribution to the international affairs account of
$159,000,000 in fiscal year 2008.
SEC. 3. REAUTHORIZATION OF OPIC PROGRAMS.
Section 235(a)(2) of the Foreign Assistance Act of 1961 (22
U.S.C. 2195(a)(2)) is amended by striking ``September 30,
2007'' and inserting ``September 30, 2011'' .
SEC. 4. PREFERENTIAL CONSIDERATION OF CERTAIN INVESTMENT
PROJECTS.
Section 231(f) of the Foreign Assistance Act of 1961 (22
U.S.C. 2191(f)) is amended to read as follows:
``(f) to give preferential consideration to investment
projects in less developed countries the governments of which
are receptive to private enterprise, domestic and foreign,
and to projects in countries the governments of which are
willing and able to maintain conditions that enable private
enterprise to make its full contribution to the development
process;''.
[[Page H8205]]
SEC. 5. REQUIREMENTS REGARDING INTERNATIONAL WORKER RIGHTS.
(a) Country Requirements.--Subsection (a) of section 231A
of the Foreign Assistance Act of 1961 (22 U.S.C. 2191a(a)) is
amended--
(1) by amending the subsection heading to read as follows:
``International Worker Rights'';
(2) in paragraph (4), by striking ``(4) In'' and inserting
``(5) Additional determination.--In '' ; and
(3) by striking paragraphs (1) through (3) and inserting
the following:
``(1) Limitation on opic activities.--(A) The Corporation
may insure, reinsure, guarantee, or finance a project only if
the country in which the project is to be undertaken has made
or is making significant progress towards the recognition,
adoption, and implementation of laws that substantially
provide international worker rights, including in any
designated zone, or special administrative region or area, in
that country.
``(B) 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 any actions to obstruct
or prevent employees of the foreign enterprise from
exercising their international worker rights (as defined in
section 238(h) of the Foreign Assistance Act of 1961), and
agrees to adhere to the obligations regarding those
international worker rights.'
``(2) Preference to certain countries.--To the degree
possible and consistent with its development objectives, the
Corporation shall give preferential consideration to projects
in countries that have adopted, maintain, and enforce laws
that substantially provide international worker rights.
``(3) Use of annual reports on international worker
rights.--The Corporation shall, in carrying out paragraph
(1)(A), use, among other sources, the reports submitted to
the Congress pursuant to section 504 of the Trade Act of
1974. Such other sources include the observations, reports,
and recommendations of the International Labor Organization,
and other relevant organizations.
``(4) Inapplicability to humanitarian activities.--
Paragraph (1) shall not prohibit the Corporation from
providing any insurance, reinsurance, guaranty, financing, or
other assistance for the provision of humanitarian assistance
in a country.''.
(b) Board of Directors.--Section 233(b) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2193(b)) is amended by
adding at the end the following: ``The selection of the small
business, organized labor, and cooperative directors should
be made, respectively, in consultation with relevant
representative organizations.''.
(c) Definitions.--Section 238 of the Foreign Assistance Act
of 1961 (22 U.S.C. 2198) is amended--
(1) in subsection (f), by striking ``and'' after the
semicolon;
(2) in subsection (g), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(h) the term `international worker rights' means--
``(1) internationally recognized worker rights, as defined
in section 507(4) of the Trade Act of 1974 (19 U.S.C.
2467(4)); and
``(2) the elimination of discrimination with respect to
employment and occupation.''.
(d) General Provisions and Powers.--Section 239 of the
Foreign Assistance Act of 1961 (22 U.S.C. 2199) is amended--
(1) in subsection (h), by adding at the end the following:
``In addition, the Corporation should consult with relevant
stakeholders in developing such criteria.''; and
(2) in subsection (i), in the first sentence, by inserting
``, including international worker rights,'' after
``fundamental freedoms''.
SEC. 6. ENVIRONMENTAL ASSESSMENTS.
Section 231A(b) of the Foreign Assistance Act of 1961 (22
U.S.C. 2191a(b)) is amended to read as follows:
``(b) Environmental Impact.--The Board of Directors of the
Corporation shall not vote in favor of any action proposed to
be taken by the Corporation that is likely to have
significant adverse environmental impacts, unless for at
least 60 days before the date of the vote--
``(1) an environmental impact assessment, or initial
environmental audit, analyzing the environmental impacts of
the proposed action and of alternatives to the proposed
action has been completed by the project applicant and made
available to the Board of Directors; and
``(2) such assessment or audit has been made available to
the public of the United States, locally affected groups in
the host country, and host country nongovernmental
organizations.''.
SEC. 7. COMMUNITY SUPPORT.
Section 237 of the Foreign Assistance Act of 1961 (22
U.S.C. 2197) is amended by adding at the end the following:
``(p) Community Support.--To the maximum extent
practicable, the Corporation shall require the applicant for
a project that is subject to section 231A(b) to obtain broad
community support for the project.''.
SEC. 8. CLIMATE CHANGE MITIGATION ACTION PLAN.
Title IV of chapter 2 of part I of the Foreign Assistance
Act of 1961 (22 U.S.C. 2291 et seq.) is amended by inserting
after section 234A the following new section:
``SEC. 234B. CLIMATE CHANGE MITIGATION.
``(a) Mitigation Action Plan.--The Corporation shall, not
later than 180 days after the date of the enactment of the
Overseas Private Investment Corporation Reauthorization Act
of 2007, institute a climate change mitigation action plan
that includes the following:
``(1) Clean and efficient energy technology.--
``(A) Increasing assistance.--The Corporation shall
establish a goal of substantially increasing its support of
projects that use, develop, or otherwise promote the use of
clean energy technologies over the 4-year period beginning on
the date of the enactment of the Overseas Private Investment
Corporation Reauthorization Act of 2007.
``(B) Preferential treatment to projects.--The Corporation
shall give preferential treatment to the evaluation and
awarding of assistance for and provide greater flexibility in
supporting projects that use, develop, or otherwise promote
the use of clean and efficient energy technologies.
``(2) Environmental impact assessments.--
``(A) Greenhouse gas emissions.--The Corporation shall, in
making an environmental impact assessment for a project under
section 231A(b), take into account the degree to which the
project contributes to the emission of greenhouse gases.
``(B) Other duties not affected.--The requirement under
subparagraph (A) is in addition to any other requirement,
obligation, or duty that the Corporation has.
``(3) Report to congressional committees.--The Corporation
shall, within 180 days after the date of the enactment of the
Overseas Private Investment Corporation Reauthorization Act
of 2007, submit to the Committee on Foreign Affairs of the
House of Representatives and the Committee on Foreign
Relations of the Senate a report on the plan developed to
carry out paragraph (1)(A). Thereafter, the Corporation shall
include in its annual report under section 240A a discussion
of such plan and its implementation.
``(b) Extraction Investments.--
``(1) Prior notification to congressional committees.--The
Corporation may not approve any contract of insurance or
reinsurance, or any guaranty, or enter into any agreement to
provide financing for any project which significantly
involves an extractive industry and in which assistance by
the Corporation would be valued at $10,000,000 or more
(including contingent liability), until at least 30 days
after the Corporation notifies the Committee on Foreign
Affairs of the House of Representatives and the Committee on
Foreign Relations of the Senate of such contract or
agreement.
``(2) Commitment to eiti principles.--The Corporation may
approve a contract of insurance or reinsurance, or any
guaranty, or enter into an agreement to provide financing to
an eligible investor for a project that significantly
involves an extractive industry only if--
``(A) the eligible investor has agreed to implement the
Extractive Industries Transparency Initiative principles and
criteria, or substantially similar principles and criteria;
or
``(B) the host country where the project is to be carried
out has committed to the Extractive Industries Transparency
Initiative principles and criteria, or substantially similar
principles and criteria.
``(3) Preference for certain projects.--With respect to all
projects that significantly involve an extractive industry,
the Corporation, to the degree possible and consistent with
its development objectives, shall give preference to a
project in which both the eligible investor has agreed to
implement the Extractive Industries Transparency Initiative
principles and criteria, or substantially similar principles
and criteria, and the host country where the project is to be
carried out has committed to the Extractive Industries
Transparency Initiative principles and criteria, or
substantially similar principles and criteria.
``(4) Definitions.--In this subsection:
``(A) Extractive industry.--The term `extractive industry'
refers to an enterprise engaged in the exploration,
development, or extraction of oil and gas reserves, metal
ores, gemstones, industrial minerals, or coal.
``(B) Extractive industries transparency initiative
principles and criteria.--The term `Extractive Industries
Transparency Initiative principles and criteria' means the
principles and criteria of the Extractive Industries
Transparency Initiative, as set forth in Annex A to the Anti-
Corruption Policies and Strategies Handbook of the
Corporation, as published in September 2006.
``(5) Reporting requirement.--The Corporation shall include
in its annual report required under section 240A a
description of its activities to carry out this subsection.
``(c) Definitions.--In this section:
``(1) Clean and efficient energy technology.--The term
`clean and efficient energy technology' means an energy
supply or end-use technology--
``(A) such as--
``(i) solar technology;
``(ii) wind technology;
``(iii) geothermal technology;
``(iv) hydroelectric technology; and
``(v) carbon capture technology; and
``(B) that, over its life cycle and compared to a similar
technology already in commercial use--
``(i) is reliable, affordable, economically viable,
socially acceptable, and compatible
[[Page H8206]]
with the needs and norms of the country involved;
``(ii) results in--
``(I) reduced emissions of greenhouse gases; or
``(II) increased geological sequestration; and
``(iii) may--
``(I) substantially lower emissions of air pollutants; or
``(II) generate substantially smaller and less hazardous
quantities of solid or liquid waste.
``(2) Greenhouse gas.--The term `greenhouse gas' means--
``(A) carbon dioxide;
``(B) methane;
``(C) nitrous oxide;
``(D) hydrofluorocarbons;
``(E) perfluorocarbons; or
``(F) sulfur hexafluoride.''.
SEC. 9. PROHIBITION ON ASSISTANCE TO DEVELOP OR PROMOTE
CERTAIN RAILWAY CONNECTIONS AND RAILWAY-RELATED
CONNECTIONS.
Section 237 of the of the Foreign Assistance Act of 1961
(22 U.S.C. 2197) is further amended by adding at the end the
following:
``(q) Prohibition on Assistance for Certain Railway
Projects.--The Corporation may not provide insurance,
reinsurance, a guaranty, financing, or other assistance to
support the development or promotion of any railway
connection or railway-related connection that does not
traverse or connect with Armenia and does connect Azerbaijan
and Turkey.''.
SEC. 10. INELIGIBILITY OF PERSONS DOING CERTAIN BUSINESS WITH
STATE SPONSORS OF TERRORISM.
(a) In General.--Section 237 of the Foreign Assistance Act
of 1961 (22 U.S.C. 2197) is further amended by adding at the
end the following:
``(r) Ineligible Projects.--
``(1) In general.--A project will not be eligible to
receive support provided by the Corporation under this title
if either of the following applies:
``(A)(i) An applicant for insurance, reinsurance,
financing, or other support for a project provided to the
government of a state sponsor of terrorism a loan, or an
extension of credit, that remains outstanding.
``(ii) For purposes of this subparagraph, the sale of
goods, other than food or medicine, on any terms other than a
cash basis shall be considered to be an extension of credit.
``(B) An applicant for insurance, reinsurance, financing,
or other support for a project has an investment commitment
valued at $20,000,000 or more for the energy sector in a
country that is a state sponsor of terrorism.
``(2) Definitions.--In this subsection:
``(A) Cash basis.--The term `cash basis' refers to a sale
in which the purchaser of goods or services is required to
make payment in full within 45 days after receiving the goods
or services.
``(B) Energy sector.--The term `energy sector' refers to
activities to develop or transport petroleum or natural gas
resources.
``(C) Investment commitment.--The term `investment
commitment' means any of the following activities if such
activity is undertaken pursuant to a commitment, or pursuant
to the exercise of rights under a commitment, that was
entered into with the government of a state sponsor of
terrorism or a nongovernmental entity in a country that is a
state sponsor of terrorism:
``(i) The entry into a contract that includes
responsibility for the development of petroleum resources
located in a country that is a state sponsor of terrorism, or
the entry into a contract providing for the general
supervision and guarantee of another person's performance of
such a contract.
``(ii) The purchase of a share of ownership, including an
equity interest, in that development.
``(iii) The entry into a contract providing for the
participation in royalties, earnings, or profits in that
development, without regard to the form of the participation.
``(D) State sponsor of terrorism.--The term `state sponsor
of terrorism' means a country the government of which the
Secretary of State has determined, for purposes of section
6(j) of the Export Administration Act of 1979, section 620A
of the Foreign Assistance Act of 1961, section 40 of the Arms
Export Control Act, or any other provision of law, to be a
government that has repeatedly provided support for acts of
international terrorism.
``(3) Certification.--
``(A) By applicants.--A person or entity applying for
insurance, reinsurance, a guaranty, financing, or other
assistance under this title may not receive such support
unless its chief executive officer certifies to the
Corporation, under penalty of perjury, that the person or
entity and its majority-owned subsidiaries are not engaged in
any activity described in subparagraph (A) or (B) of
paragraph (1).
``(B) By ultimate parent entities.--In the case of an
applicant that is a majority-owned entity of another entity,
in addition to the certification under subparagraph (A), the
chief executive officer of the ultimate parent entity of the
applicant must certify, under penalty of perjury, that it and
its majority-owned subsidiaries are not engaged in any
activity described in subparagraph (A) or (B) of paragraph
(1).
``(C) Application to straw man transactions.--In any case
in which--
``(i) an applicant for insurance, reinsurance, financing,
or other assistance under this title is providing goods and
services to a project,
``(ii) more than 50 percent of such goods and services are
acquired from an unaffiliated entity, and
``(iii) the unaffiliated entity is receiving $20,000,000 or
more, or sums greater than 50 percent of the amount of the
assistance provided by the Corporation for the project
(including contingent liability), for such goods or services,
then the chief executive officer of the unaffiliated entity
must make a certification under subparagraph (A), and any
ultimate parent entity must make a certification required by
subparagraph (B).
``(D) Diligent inquiry.--A certification required by
subparagraph (A), (B), or (C) may be made to the best
knowledge and belief of the certifying officer if that
officer states that he or she has made diligent inquiry into
the matter certified.
``(E) Exception.--(i) A chief executive officer of an
applicant or other entity may provide a certification
required by subparagraph (A), (B), or (C) with respect to the
activity of a majority-owned subsidiary or entity
notwithstanding activity by such majority-owned subsidiary or
entity that would cause a project to be ineligible for
support under subparagraph (A) or (B) of paragraph (1) if
such activity is carried out under a contract or other
obligation of such majority-owned subsidiary or entity that
was entered into or incurred before the acquisition of such
majority-owned subsidiary or entity by the applicant or
ultimate parent entity.
``(ii) Clause (i) shall not apply if the terms of such
contract or other obligation are expanded or extended after
such acquisition.
``(F) Definition.--For purposes of this paragraph, a person
is an ultimate parent of an entity if the person owns
directly, or through majority ownership of other entities,
greater than 50 percent of the equity of the entity.
``(4) Exception.--The prohibition in paragraph (1) shall
not--
``(A) apply to a loan, extension of credit, or investment
commitment by an applicant, or other entity covered by a
certification under subparagraph (A), (B), or (C) of
paragraph (3), in Southern Sudan, Southern Kordofan/Nuba
Mountains State, Blue Nile State, or Abyei, Darfur, if the
Corporation, with the concurrence of the Secretary of State,
determines that such loan, extension of credit, or investment
commitment will provide emergency relief, promote economic
self-sufficiency, or implement a nonmilitary program in
support of a viable peace agreement in Sudan, including the
Comprehensive Peace Agreement for Sudan and the Darfur Peace
Agreement; or
``(B) prohibit the Corporation from providing support for
projects in Southern Sudan, Southern Kordofan/Nuba Mountains
State, Blue Nile State, and Abyei, Darfur, if the
Corporation, with the concurrence of the Secretary of State,
determines that such projects will provide emergency relief,
promote economic self-sufficiency, or implement a nonmilitary
program in support of a viable peace agreement in Sudan,
including the Comprehensive Peace Agreement for Sudan and the
Darfur Peace Agreement.
``(5) Prospective application of subsection.--This
subsection shall not be applied to limit support by the
Corporation under this title because an applicant, or other
entity covered by a certification under subparagraph (A),
(B), or (C) of paragraph (3) engaged in commercial activity
specifically licensed by the Office of Foreign Assets Control
of the Department of the Treasury.''.
(b) Termination.--
(1) In general.--The amendment made by this section shall
cease to be effective with respect to a country that is a
state sponsor of terrorism 30 days after the President
certifies to the appropriate congressional committees that--
(A) the country has ceased providing support for acts of
international terrorism and no longer satisfies the
requirements for designation as a state sponsor of terrorism;
(B) the country does not possess nuclear weapons or a
significant program to develop nuclear weapons; and
(C) the country is not committing genocide or conducting a
program of ethnic cleansing against a civilian population
that approaches genocide.
(2) Definitions.--In this subsection:
(A) Appropriate congressional committees.--The term
``appropriate congressional committees'' means the Committee
on Foreign Affairs of the House of Representatives and the
Committee on Foreign Relations of the Senate.
(B) State sponsor of terrorism.--The term ``state sponsor
of terrorism'' has the meaning given that term in section
237(r)(2)(D) of the Foreign Assistance Act of 1961, as added
by subsection (a) of this section.
SEC. 11. INCREASED TRANSPARENCY.
(a) In General.--Section 237 of the Foreign Assistance Act
of 1961 (22 U.S.C. 2197) is further amended by adding at the
end the following new subsections:
``(s) Availability of Project Information.--Beginning 90
days after the date of the enactment of the Overseas Private
Investment Corporation Reauthorization Act of 2007, the
Corporation shall make public, and post on its Internet
website, summaries of all new projects supported by the
Corporation, and other relevant information, except
[[Page H8207]]
that the Corporation shall not include any confidential
business information in the summaries and information made
available under this subsection.
``(t) Review of Methodology.--Not later than 180 days after
the date of the enactment of the Overseas Private Investment
Corporation Reauthorization Act of 2007, the Corporation
shall publish in the Federal Register and periodically
revise, subject to a period of public comment, the detailed
methodology, including relevant regulations, used to assess
and monitor the impact of projects supported by the
Corporation on the development and environment of, and
international worker rights in, host countries, and on United
States employment.
``(u) Public Notice Prior to Project Approval.--
``(1) Public notice.--The Board of Directors of the
Corporation may not vote in favor of any action proposed to
be taken by the Corporation on any Category A project until
at least 60 days after the Corporation--
``(A) makes available for public comment a summary of the
project and relevant information about the project; and
``(B) makes the summary and information described in
paragraph (1) available to locally affected groups in the
area of impact of the proposed project, and to host country
nongovernmental organizations.
The Corporation shall not include any business confidential
information in the summary and information made available
under subparagraphs (A) and (B).
``(2) Published response.--To the extent practicable, the
Corporation shall publish responses to the comments received
under paragraph (1) with respect to a Category A project and
submit the responses to the Board not later than 7 days
before a vote is to be taken on any action proposed by the
Corporation on the project.
``(3) Definitions.--In this subsection, the term `Category
A project' means any project or other activity for which the
Corporation proposes to provide insurance, reinsurance,
financing, or other support under this title and which is
likely to have significant adverse environmental impacts.''.
(b) Office of Accountability.--Section 237 of the Foreign
Assistance Act of 1961 (22 U.S.C. 2197) is further amended by
adding at the end the following new subsection:
``(v) Office of Accountability.--The Corporation shall
maintain an Office of Accountability to provide problem-
solving services for projects supported by the Corporation
and to review the Corporation's compliance with its
environmental, social, worker rights, human rights, and
transparency policies and procedures, to the maximum extent
practicable. The Office of Accountability shall operate in a
manner that is fair, objective and transparent.''.
SEC. 12. FRAUD AND OTHER BREACHES OF CONTRACT.
Section 237(n) of the Foreign Assistance Act of 1961 (22
U.S.C. 2197(n)) is amended--
(1) by striking ``Whoever'' and inserting:
``(1) In general.--Whoever''; and
(2) by adding at the end the following:
``(2) Deferrals to department of justice.--(A) The
President of the Corporation shall refer to the Department of
Justice for appropriate action information known to the
Corporation concerning any substantial evidence of--
``(i) a violation of this title;
``(ii) a material breach of contract entered into with the
Corporation by an eligible investor; or
``(iii) a material false representation made by an investor
to the Corporation.
``(B) Subparagraph (A) does not apply if the President of
the Corporation concludes that the matter described in clause
(i), (ii), or (iii), as the case may be, of subparagraph
(A)--
``(i) is not evidence of a possible violation of criminal
law; and
``(ii) is not evidence that the Federal Government is
entitled to civil remedy or to impose a civil penalty. ''.
SEC. 13. TRANSPARENCY AND ACCOUNTABILITY OF INVESTMENT FUNDS.
(a) In General.--Section 239 of the Foreign Assistance Act
of 1961 (22 U.S.C. 2199) is amended by adding at the end the
following:
``(l) Transparency and Accountability of Investment
Funds.--
``(1) Competitive selection of investment fund
management.--With respect to any investment fund that the
Corporation creates on or after the date of the enactment of
the Overseas Private Investment Corporation Reauthorization
Act of 2007, the Corporation may select persons to manage the
fund only by contract using full and open competitive
procedures.
``(2) Criteria for selection.--In assessing proposals for
investment fund management proposals, the Corporation shall
consider, in addition to other factors, the following:
``(A) The prospective fund management's experience, depth,
and cohesiveness.
``(B) The prospective fund management's track record in
investing risk capital in emerging markets.
``(C) The prospective fund management's experience,
management record, and monitoring capabilities in its target
countries, including details of local presence (directly or
through local alliances).
``(D) The prospective fund management's experience as a
fiduciary in managing institutional capital, meeting
reporting requirements, and administration.
``(E) The prospective fund management's record in avoiding
investments in companies that would be disqualified under
section 237(r).
``(3) Annual report.--The Corporation shall include in each
annual report under section 240A an analysis of the
investment fund portfolio of the Corporation, including the
following:
``(A) Fund performance.--An analysis of the aggregate
financial performance of the investment fund portfolio
grouped by region and maturity.
``(B) Status of loan guaranties.--The amount of guaranties
committed by the Corporation to support investment funds,
including the percentage of such amount that has been
disbursed to the investment funds.
``(C) Risk ratings.--The definition of risk ratings, and
the current aggregate risk ratings for the investment fund
portfolio, including the number of investment funds in each
of the Corporation's rating categories.
``(D) Competitive selection of investment fund
management.--The number of proposals received and evaluated
for each newly established investment fund.''.
(b) GAO Audit.--Not later than 1 year after the submission
of the first report to Congress under section 240A of the
Foreign Assistance Act of 1961 that includes the information
required by section 239(l)(3) of that Act (as added by
subsection (a) of this section), the Comptroller General of
the United States shall prepare and submit to the Committee
on Foreign Affairs of the House of Representatives and the
Committee on Foreign Relations of the Senate an independent
assessment of the investment fund portfolio of the Overseas
Private Investment Corporation, covering the items required
to be addressed under such section 239(l)(3).
SEC. 14. EXTENSION OF AUTHORITY TO OPERATE IN IRAQ.
Section 239 of the Foreign Assistance Act of 1961 (22
U.S.C. 2199) is amended by adding at the end the following:
``(m) Operations in Iraq.--Notwithstanding subsections (a)
and (b) of section 237, the Corporation is authorized to
undertake in Iraq any program authorized by this title.''.
SEC. 15. CONSISTENCY WITH EXISTING LAW.
Section 239 of the Foreign Assistance Act of 1961 (22
U.S.C. 2199) is further amended by adding at the end the
following:
``(n) Consistency With Other Law.--Section 620L of this Act
shall apply to any insurance, reinsurance, guaranty, or other
financing issued by the Corporation for projects in the West
Bank and Gaza to the same extent as such section applies to
other assistance under this Act.
``(o) Limitation on Assistance to Gaza and the West Bank.--
The Corporation may not provide insurance, reinsurance, a
guaranty, financing, or other assistance to support a project
in any part of Gaza or the West Bank unless the Secretary of
State determines that the location for the project is not
under the effective control of Hamas or any other foreign
terrorist organization designated under section 219 of the
Immigration and Nationality Act (8 U.S.C. 1189).''.
SEC. 16. CONGRESSIONAL NOTIFICATION REGARDING MAXIMUM
CONTINGENT LIABILITY.
Section 239 of the Foreign Assistance Act of 1961 (22
U.S.C. 2199) is further amended by adding at the end the
following:
``(p) Congressional Notification of Increase in Maximum
Contingent Liability.--The Corporation shall notify the
Committee on Foreign Affairs of the House of Representatives
and the Committee on Foreign Relations of the Senate not
later than 15 days after the date on which the Corporation's
maximum contingent liability outstanding at any one time
pursuant to insurance issued under section 234(a), and the
amount of financing issued under sections 234(b) and (c),
exceeds the previous fiscal year's maximum contingent
liability by 25 percent.''.
SEC. 17. ASSISTANCE FOR SMALL BUSINESSES AND ENTITIES.
Section 240 of the Foreign Assistance Act of 1961 (22
U.S.C. 2200) is amended by adding at the end the following:
``(c) Resources Dedicated to Small Businesses,
Cooperatives, and Other Small United States Investors.--The
Corporation shall ensure that adequate personnel and
resources, including senior officers, are dedicated to assist
United States small businesses, cooperatives, and other small
United States investors in obtaining insurance, reinsurance,
financing, and other support under this title. The
Corporation shall include, in each annual report under
section 240A, the following information with respect to the
period covered by the report:
``(1) A description of such personnel and resources.
``(2) The number of small businesses, cooperatives, and
other small United States investors that received such
insurance, reinsurance, financing, and other support, and the
dollar value of such insurance, reinsurance, financing and
other support.
``(3) A description of the projects for which such
insurance, reinsurance, financing, and other support was
provided.''.
SEC. 18. TECHNICAL CORRECTIONS.
(a) Pilot Equity Finance Program.--Section 234 of the
Foreign Assistance Act of 1961 (22 U.S.C. 2194) is amended--
(1) by striking subsection (g); and
(2) by redesignating subsection (h) as subsection (g).
[[Page H8208]]
(b) Transfer Authority.--Section 235 of the Foreign
Assistance Act of 1961 (22 U.S.C. 2195) is amended--
(1) by striking subsection (e); and
(2) by redesignating subsection (f) as subsection (e).
(c) Guaranty Contract.--Section 237(j) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2197(j)) is amended by
inserting ``insurance, reinsurance, and'' after ``Each''.
(d) Transfer of Predecessor Programs and Authorities.--
(1) Transfer.--Section 239 of the Foreign Assistance Act of
1961 (22 U.S.C. 2199), as amended by the preceding provisions
of this Act, is amended--
(A) by striking subsection (b); and
(B) by redesignating the subsections (c) through (p) as
subsections (b) through (o), respectively.
(2) Conforming amendments.--(A) Section 237(m)(1) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2197(m)(1)) is
amended by striking ``239(g)'' and inserting ``239(f)''.
(B) Section 240A(a) of the Foreign Assistance Act of 1961
(22 U.S.C. 2200A(a)) is amended--
(i) in paragraph (1), by striking ``239(h)'' and inserting
``239(g)''; and
(ii) in paragraph (2)(A), by striking ``239(i)'' and
inserting ``239(h)''.
(C) Section 209(e)(16) of the Admiral James W. Nance and
Meg Donovan Foreign Relations Authorization Act, Fiscal Years
2000 and 2001 (as enacted into law by section 1000(a)(7) of
Public Law 106-113; 31 U.S.C. 1113 note) is amended by
striking ``239(c)'' and ``2199(c)'' and inserting ``239(b)''
and ``2199(b)'', respectively.
(e) Additional Clerical Amendments.--Section 234(b) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2194(b)) is amended
by striking ``235(a)(2)'' and inserting ``235(a)(1)''.
SEC. 19. EFFECTIVE DATE.
(a) New Applications.--This Act and the amendments made by
this Act shall apply with respect to any application for
insurance, reinsurance, a guaranty, financing, or other
support under title IV of chapter 2 of part I of the Foreign
Assistance Act of 1961 if the application is received by the
Overseas Private Investment Corporation on or after July 1,
2007, and the application is approved by the Corporation on
or after the date of the enactment of this Act.
(b) Extensions and Renewals.--
(1) In general.--Subject to paragraph (2), this Act and the
amendments made by this Act shall apply with respect to any
extension or renewal of a contract or agreement for any such
insurance, reinsurance, guaranty, financing, or support that
was entered into by the Corporation before the date of the
enactment of this Act if the extension or renewal is approved
by the Corporation on or after such date of enactment.
(2) Exception.--This Act and the amendments made by this
Act shall not apply to any extension or renewal which is
substantially identical to an extension or renewal formally
requested in a detailed writing filed with the Corporation
before July 1, 2007.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
California (Mr. Sherman) and the gentleman from Indiana (Mr. Pence)
each will control 20 minutes.
The Chair recognizes the gentleman from California.
General Leave
Mr. SHERMAN. Mr. Speaker, I ask unanimous consent that all Members
may have 5 legislative days to revise and extend their remarks and
include extraneous material on the bill now under consideration, and on
the next three resolutions that the House will consider, H. Res. 521,
H. Res. 380, and H. Con. Res. 139.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from California?
There was no objection.
Mr. SHERMAN. Mr. Speaker, I rise in strong support of this bill, and
I yield myself such time as I may consume.
I would like to thank the many colleagues who have been involved in
crafting this legislation, including Chairman Lantos, Ranking Member
Ros-Lehtinen, Ranking Member Royce, Mr. Manzullo, Ambassador Watson and
others. Their assistance was critical in the bipartisan effort of
making the Overseas Private Investment Corporation even more effective.
As I proceed, I will point out that the Overseas Private Investment
Corporation is saddled with the most unfortunate acronym in Washington,
OPIC. Let us hope it is not confused with that other, nefarious
organization, OPEC.
OPIC's mission is ``to mobilize and facilitate the participation of
United States private capital and skills in the economic and social
development of less developed countries and areas.''
Since its creation in 1971, the Overseas Private Investment
Corporation has generated $71 billion in U.S. exports, supported over
271,000 U.S. jobs, and supported projects in over 150 developing
countries.
OPIC uses a nimble, private-sector model to accomplish its important
public-sector goals, to further development in poor countries,
including unstable countries, and to support the goals of American
foreign policy. It supports targeted investments in some of the world's
poorest countries, many of which would otherwise not benefit from
American private-sector projects because the private sector would be
otherwise unwilling to take the risks involved.
OPIC, being part of the Federal Government, is uniquely qualified to
carry out this mission. There are private sector organizations which
will sell on rare occasions expropriation insurance, but they often
refuse to sell such insurance or refuse to finance projects in
difficult and problematic countries because if expropriation did occur,
they would only have their private-sector contacts to persuade the
foreign government to relent. In the case of OPIC, it is able to rely
on the United States State Department to convince foreign countries not
to expropriate projects and assets funded by or guaranteed by the
United States agency.
OPIC has a sophisticated system that reviews applications and funds
projects in some of the places where companies are least likely to get
the very kind of insurance they are most likely to need; namely,
insurance for political risk. In fact, OPIC requires applicants for
assistance to seek insurance in the private market and certify that it
was unavailable before OPIC will offer its services.
OPIC operates at no net cost to the United States taxpayer.
Amazingly, it has turned a profit in every single year of its
operations and now has reserves of $5.3 billion on deposit in the U.S.
Treasury. Despite working in some of the least developed countries of
the world, it has amassed this $5.3 billion in reserves. If all of our
government agencies ran this way, perhaps even those on the other side
of the aisle would be more favorably disposed to Federal programs.
{time} 1300
Today's bill not only reauthorizes OPIC but improves both its
strategy and oversight to make it the most responsible investor it can
be.
With this bill, the new and improved OPIC will work in countries and
with companies, private sector companies, in a manner which provides
greater protection for international worker rights.
The new and improved OPIC will take additional steps to guarantee
that its projects do not damage the environment and, in fact, move
toward a greener economy.
The new and improved OPIC will be as transparent as possible and more
transparent than any Federal agency I am aware of.
I want to especially focus on section 10 of the bill because it
contains a provision that is unique as to bills that have come to this
floor, but which is being talked about in a wide variety of our other
bills, designed to focus on using the economic power of the United
States to deal with terrorist countries, particularly those who are
committing genocide, such as Sudan, or developing nuclear weapons, such
as Iran and North Korea.
If this bill is enacted, this provision would be the only statute
requiring a screen for companies doing business with a U.S. government
agency that requires the private sector companies to certify that
neither they nor any entity, as part of their affiliated group of
corporations, is engaging in an enterprise which is helping terrorist
states as defined in the bill.
Now, one of the toughest issues for anyone trying to use the economic
power of the United States to achieve our foreign policy objectives
must ask is, what types of investments are we trying to discourage? The
broader the definition of what we're trying to discourage, the less
focused the pressure that we put on private sector entities.
In this bill, and this is a bill that I hope will form a template for
the divestiture movement in the United States, for procurement laws
that come before this Congress, et cetera, we focus rather narrowly the
economic pressure of the United States. We tell these multinational
corporations that we're not going to bar you from dealing with OPIC if
you sell a candy bar to a private store in Tehran or you sell paper
clips to a stationery store in Khartoum.
[[Page H8209]]
Rather, you must certify that your corporation and all its affiliates
have abstained from two very important actions: first, that you have
made no loan to the terrorist government; and, second, that you are not
investing significant assets in the oil and energy sector of a
terrorist State, particularly no more than $20 million.
This builds on what used to be called the Iran-Libya Sanctions Act,
now the Iran Sanctions Act, which draws the line and finds the pressure
point for both Iran and Sudan, and probably Syria as well, in stating
that our goal is to prevent investments of more than $20 million in the
terrorist states' oil sector.
Also, OPIC would not be able to approve an application if the
applicant company has an outstanding loan or extension of credit to one
of the state sponsors of terrorist governments. Sales of goods other
than food and medicine on anything other than a cash basis would
constitute U.N. extension of credit for these purposes.
Now, section 10 of the bill would apply these prohibitions, as I've
pointed out, to foreign subsidiaries of the applicant. In order to
benefit from partnering with OPIC, the entire group of affiliated
corporations would have to make the certification.
Section 10 of the bill would require the CEOs of any applicant and
the CEO of the applicant's ultimate parent corporation to certify that
none of the affiliated groups have engaged in the prohibited
activities.
Section 10 is also narrowly targeted with regard to the geography of
the Sudan in that it does not prohibit activities in those regions of
Sudan not under the power of the Khartoum government.
For 35 years, OPIC has funded and ensured the type of infrastructure-
building that no one else would do in some countries where no private
corporation would otherwise go. OPIC has paved the way for roads and
bridges, buildings and energy facilities in countries marked by
conflict and war.
For these reasons, we should reauthorize OPIC.
Mr. Speaker, I reserve the balance of my time.
Mr. PENCE. Mr. Speaker, I yield myself such time as I may consume.
(Mr. PENCE asked and was given permission to revise and extend his
remarks.)
Mr. PENCE. Mr. Speaker, at the outset I'd like to express my
admiration to our distinguished chairman; our ranking member, Ms. Ros-
Lehtinen, as well as Mr. Sherman, for crafting this important
legislation and for bringing it to the careful thought and
consideration that colleagues and those looking on today would see
easily in evidence in the gentleman from California's remarks, and I am
grateful for his leadership.
Mr. Speaker, we all understand that from time to time the Overseas
Private Investment Corporation has been the subject of controversy. On
the other hand, it is accurate to say that it is significant that every
President since 1971 has believed that OPIC is an important tool for
advancing international development in U.S. foreign policy by
stimulating private capital investment.
In recent years, OPIC appears to have better focused its resources
and efforts, bringing economic development to underserved markets in
Central America, Africa, Afghanistan, and now in Iraq.
OPIC has also reached out to U.S. small businesses and minority- and
women-owned enterprises. For example, more than 80 percent of all OPIC
projects approved in fiscal year 2006 involved U.S. small- and medium-
sized enterprises.
OPIC has also sought to enhance transparency and fight corruption,
thereby leveling the playing field for U.S. businesses as they compete
in international markets.
It's also worth noting that OPIC is embarking on new efforts to
encourage investments that reduce greenhouse gas emissions and promote
the use of clean energy; and by charging market-based fees for its
products, OPIC continues to operate as a self-sustaining agency, which
I applaud, effectively operating at no net cost to taxpayers and
returning net income every year of operation, with reserves now
totaling more than $5 billion.
On balance, then, despite controversy, I believe OPIC continues to
serve foreign policy interests of the United States, and I urge support
of this legislation.
Mr. Speaker, I reserve the balance of my time.
Mr. SHERMAN. Mr. Speaker, I have no requests for time. Let me yield
myself just a couple of minutes and reemphasize, this is an agency that
has conducted its activities at no cost to the Federal Treasury and, in
fact, made a profit. It is appropriate that we reauthorize OPIC.
Second, this bill is, I believe, the first to come before this House
which defines what precisely it is that we want international
corporations to stop doing, and that is, investing in the oil sector of
terrorist states, and, second, making loans to terrorist states. That
is why I think that this bill may be an important template for other
legislation, and I hope it will become a guide for what we expect of
companies in procurement legislation, Ex-Im Bank, et cetera.
Mr. MANZULLO. Mr. Speaker, it's a privilege and honor for me to be
closely associated again with the effort to reauthorize the Overseas
Private Investment Corporation. Along with now Senator Bob Menendez,
former OPIC President George Munoz, and me--the 3Ms--we were able to
rescue OPIC from oblivion with a resounding vote of confidence of 357
to 71 to reauthorize OPIC in 1999. OPIC represents the best of both
worlds--the agency doesn't cost the U.S. taxpayer any money and it
creates jobs and aids in economic development both here and abroad as
evidenced by the Congressional findings section in this bill.
I also want to commend Mr. Sherman for working with the minority in a
bipartisan way in order to produce a bill that can receive overwhelming
support. The bill before us today wouldn't be the one I would have
written from scratch. However, I am pleased that as the bill has moved
through the legislation process, the majority has been sensitive to the
concern as to the practical effects of certain provisions in order to
insure that OPIC can remain open for business in various markets. I
also appreciate the willingness of the majority to continue to keep the
lines of communication open.
I also want to commend Mr. Sherman for including my suggestion in
Section 17 to make sure that OPIC will always continue to have
sufficient staff and resources to support small businesses. I also want
to thank the majority for their willingness to add in report language a
statement that the climate change initiative in Section 8 should not
take away from other environmental remediation efforts by OPIC.
=========================== NOTE ===========================
July 23, 2007 On Page H8209 the following appeared: I also want
to commend Mr. Syman for
The online version should be corrected to read: I also want to
commend Mr. Sherman for
========================= END NOTE =========================
However, I would be remiss in my duties if I didn't raise a couple of
concerns that I hope will get addressed through the rest of the
legislative process. First, I believe that the language dealing with
enhanced worker rights in Section 5 will have the counterproductive
effect of taking OPIC out of some of the most challenging markets in
the world where we have a significant foreign policy interest to see
success such as Afghanistan. In my opinion, it would be much better to
strengthen OPIC's oversight workforce to make sure that companies live
up to the agreements they sign rather than remove OPIC totally from
nations that are not making ``significant progress'' towards worker
rights. You can't positively influence a nation in this sensitive area
of internal domestic policy if you disengage from the country. A good
example is better than speaking a thousands words.
Second, as evidenced by the difficulty to clarify the direction and
intent of the language in Section 10, it's hard to narrowly target
unilateral sanctions without it either harming other U.S. national
interests or the people we are supposedly trying to help. This section
could cause big problems down the line, particularly as more and more
deals at OPIC are also co-financed or co-insured with foreign
investment insurance agencies. This will only lead to the designing out
American goods and services from a particular deal and will not produce
the desired results.
Mr. Speaker, I commend the majority for their willingness to work
together on this bill and I look forward to supporting final passage
and eventually seeing an OPIC reauthorization bill signed into law by
the President.
Ms. JACKSON-LEE of Texas. Mr. Speaker, I rise today in strong support
of H.R. 2798, the Overseas Private Investment Corporation Act of 2007.
I would like to thank my colleague Mr. Sherman for introducing this
important bipartisan legislation.
The Overseas Private Investment Corporation (OPIC) has led by example
in improving the social and economic conditions in some of the world's
poorest countries. Today's bill not only reauthorizes OPIC but it
improves upon both its strategy and oversight to make it the most
responsible investor it can be.
OPIC has, since its inception in 1971, applied a private-sector model
to a number of
[[Page H8210]]
important public-sector goals. By supporting targeted investments in a
number of the world's poorest countries, OPIC extends the benefits of
American projects to areas where a high level of risk might preclude
investment by private companies. In this way, OPIC fills an important
void left by the private financial sector. OPIC is essential and vital
to the development of many countries, providing political risk
insurance against the risks of inconvertibility, political violence,
and expropriation allowing business to invest overseas and promote
economic development in new and emerging markets.
For the past 35 years, OPIC has funded and insured the type of
infrastructure building that no private company would do in some of the
countries in which no company would otherwise go. OPIC has paved the
way for roads, bridges, buildings, and energy facilities in war-torn
and impoverished developing nations, and has accomplished all this
while turning a profit and building billions in reserves.
Remarkably, OPIC has itself turned a profit in every single year of
its operations. It currently has reserves of over $5.3 billion, despite
working in many of the world's least developed nations.
OPIC's sophisticated system involves reviewing applications and
funding projects in countries where companies are least likely to get
insurance coverage for the risk they are taking. In addition OPIC also
provides financing through direct loans and loan guaranties.
With H.R. 2798, OPIC will become a new and improved agency. We live
in a world that requires all of us to work together to fight terrorism,
hunger and poverty, and for fundamental freedom and rights of every
individual. This bill will allow OPIC to work in countries and with
companies that provide greater protection for international workers
rights.
This legislation has a number of vital safeguards, preventing funds
from being used for destructive purposes. It strictly prevents funding
for any project that damages the environment, and it ensures that it is
not funding projects in nations with the most dangerous regimes in the
world, including Iran. This bill prohibits investment in any state
sponsor of terrorism, and charges OPIC with researching the
subsidiaries of every company it funds to enforce that prohibition.
Under the provisions of this bill, OPIC will be as transparent as
possible.
I was happy to work with Congressman Sherman to include language in
the Committee Report to ensure that Iraq is not given a blank check.
Given the violent and chaotic situation in Iraq, and due to
difficulties in dealing with an unstable Iraqi government, it is
necessary to waive certain requirements normally mandatory for OPIC
involvement in a country. While I believe that OPIC investment has the
potential to be extremely valuable and beneficial for Iraqi
reconstruction, I also believe it to be necessary for Iraq to
demonstrate that it is making definitive and substantial steps toward
the benchmarks set by the United States, including achieving political
and national reconciliation.
For 35 years, OPIC has funded and insured infrastructure-building
activities that would not otherwise be undertaken by the private
sector. This legislation ensures that OPIC can continue its valuable
work, building on its legacy of constructive involvement and further
refining its strategies and oversight. I believe that OPIC deserves our
support, and I strongly support this legislation.
Mr. ROYCE. Mr. Speaker, I want to recognize Subcommittee Chairman
Sherman for his work on this legislation. He worked this bill
thoroughly, and while we disagree on OPIC's merits, he supported my
text to reform its investment funds.
OPIC's investment funds, as some may remember, have a troubled
history. In the 1990s, then-OPIC president Ruth Harkin said, ``If
you're an investor in an OPIC-supported fund, the worst you can do is
get your money back at the need of 10 years.'' That's not the free
market OPIC professes to support and not surprisingly, these funds were
subject to political cronyism.
There have been reforms to the funds of late, including competitively
selecting fund managers, but we should mandate them. My language does
this.
Fundamentally though, I remain unconvinced that OPIC is doing
something worthwhile that the private sector wouldn't do. The burden of
proof should be on OPIC, especially in times of accelerating change in
financial markets. Several companies have jumped into the political
risk insurance business, for example, offering increasingly
sophisticated products, . . . so why are we reauthorizing government-
backed OPIC to continue competing against them?
We have heard much on the floor trumpeting OPIC's supposed benefits.
However, most economists believe that subsidizing investment--which is
what OPIC does--merely shifts it around, often to lesser productive
locations and uses. The Congressional Research Service has reported,
``From the point of view of the U.S. economy as a whole, there is
little theoretical support or empirical evidence that supports claims
that subsidizing exports or overseas investment offers a positive net
gain in jobs to the U.S. economy.'' That's persuasive evidence against
OPIC's claims, and its case for reauthorization.
OPIC makes much of the fact that it returns money to the U.S.
Treasury. OK. But let's consider that this money is held against
potential liabilities stemming from OPIC's activities. And give most
anybody U.S. government-backing to trade on, and they'd turn a profit
in financial markets.
One OPIC critic gave a useful description. Investment is like a rope.
Less developed countries can only pull it in with good policies;
efforts to push in investment, which is OPIC's mandate, are bound to be
inefficient.
Mr. Speaker, these are some of the reasons I oppose this legislation
reauthorizing OPIC.
Mr. DINGELL. Mr. Speaker, I rise in support of H.R. 2798, the
``Overseas Private Investment Corporation Reauthorization Act of
2007''. Since its establishment in 1971, OPIC has offered investment
financing and political risk insurance to American businesses and
lenders, which are willing to direct private capital to developing
countries.
While OPIC has proven to be a valuable tool for U.S. foreign and
commercial policy, it is in need of some improvement. I am pleased that
H.R. 2798 establishes requirements that projects be approved only in
countries that are making progress toward adopting international labor
and environmental standards. H.R. 2798 also embraces the necessity of
promoting peace and stability in the international system by
prohibiting OPIC from participating in projects in countries that are
sponsors of terrorism, possess or have programs to develop nuclear
weapons, or commit genocide.
I would object, however, to one provision in this bill. H.R. 2798
requires OPIC to implement a climate change mitigation action plan,
which would include increased support for projects that use and develop
clean energy technologies. The bill further stipulates that OPIC submit
a report on this plan, as well as annual environmental impact
assessments of the projects that it supports, to the House Committee on
Foreign Affairs and Senate Committee on Foreign Relations. I
respectfully suggest that these reports also be submitted to the House
Committee on Energy and Commerce, not only because of the committee's
jurisdiction and expertise in policy matters related to energy and
foreign commerce, but also because this would augment Congressional
oversight of OPIC in order to ensure that its plans for environmentally
responsible development receive careful and thorough consideration. It
is my sincere hope that the Committee on Foreign Affairs will work with
the Committee on Energy and Commerce to address this concern when H.R.
2798 is considered again during conference.
I would urge that the House approve H.R. 2798 and thank my colleagues
on the Committee on Foreign Affairs for their work on this bill.
Mr. SHERMAN. Mr. Speaker, I yield back the balance of my time, and I
move that we adopt the bill.
Mr. PENCE. Mr. Speaker, I urge adoption of the bill as well, and I
yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from California (Mr. Sherman) that the House suspend the
rules and pass the bill, H.R. 2798, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
____________________