[Congressional Record Volume 167, Number 198 (Monday, November 15, 2021)]
[Senate]
[Pages S8150-S8151]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4626. Mr. COONS submitted an amendment intended to be proposed to 
amendment SA 3867 submitted by Mr. Reed and intended to be proposed to 
the bill H.R. 4350, to authorize appropriations for fiscal year 2022 
for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:
        At the end of subtitle G of title XII, add the following:

     SEC. 1283. BUDGETARY TREATMENT OF EQUITY INVESTMENTS BY 
                   UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE 
                   CORPORATION.

       (a) In General.--Section 1421(c) of the Better Utilization 
     of Investments Leading to Development Act of 2018 (22 U.S.C. 
     9621(c)) is amended by adding at the end the following:
       ``(7) Present value of equity account.--There is 
     established in the Treasury an account, to be known as the 
     `Present Value of Equity Account', to carry out this 
     subsection.
       ``(8) Budgetary treatment of equity investments.--
       ``(A) Calculation of costs of support.--Subject to 
     subparagraph (B), the cost of support provided under 
     paragraph (1) shall be estimated on a present value basis, 
     excluding administrative costs and any incidental effects on 
     governmental receipts or outlays.
       ``(B) Determination of cost.--
       ``(i) In general.--The cost of support provided under 
     paragraph (1) with respect to a project shall be the net 
     present value, at the time when funds are disbursed to 
     provide the support, of the following estimated cash flows:

       ``(I) The purchase price of the support.
       ``(II) Dividends, redemptions, and other shareholder 
     distributions during the term of the support.
       ``(III) Proceeds received upon a sale, redemption, or other 
     liquidation of the support.
       ``(IV) Foreign currency fluctuations, in the case of 
     support denominated in foreign currencies.
       ``(V) Any other relevant cash flow.

       ``(ii) Changes in terms included.--The estimated cash flows 
     described in subclauses (I) through (V) of clause (i) shall 
     include the effects of changes in terms resulting from the 
     exercise of options included in the agreement to provide the 
     support.

[[Page S8151]]

       ``(iii) Discount rate.--The discount rate shall be the 
     average interest rate on marketable Treasury securities of 
     similar maturity to support provided under paragraph (1).
       ``(C) Coordination.--The Director of the Office of 
     Management and Budget shall be responsible for coordinating 
     the cost estimates required by this paragraph.
       ``(D) Transfer.--Upon approval by the Director of the 
     Office of Management and Budget, and subject to the 
     availability of appropriations, an amount equal to the cost 
     of support determined under subparagraphs (A) and (B) shall 
     be transferred from the Corporate Capital Account to the 
     Present Value of Equity Account.
       ``(E) Differential amount.--
       ``(i) Appropriation.--For any fiscal year, upon the 
     transfer of an amount pursuant to subparagraph (D), and 
     contingent upon the enactment of a limitation establishing an 
     aggregate differential amount in an appropriations Act for 
     that fiscal year, an amount equal to the differential amount 
     shall be appropriated, out of any money in the Treasury not 
     otherwise appropriated, to the Present Value of Equity 
     Account.
       ``(ii) Treatment as direct spending.--An amount 
     appropriated pursuant to clause (i) shall be recorded as 
     direct spending (as defined by section 250(c)(8) of the 
     Balanced Budget and Emergency Deficit Control Act of 1985 (2 
     U.S.C. 900(c)(8)).
       ``(iii) Budgetary effects.--The following shall apply to 
     budget enforcement under the Congressional Budget Act of 1974 
     (2 U.S.C. 601 et seq.), the Balanced Budget and Emergency 
     Deficit Control Act of 1985 (2 U.S.C. 900 et seq.), and the 
     Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 931 et seq.):

       ``(I) Future appropriations.--Any amount appropriated 
     pursuant to clause (i) shall not be recorded as budget 
     authority or outlays for purposes of any estimate under the 
     Congressional Budget Act of 1974 or the Balanced Budget and 
     Emergency Deficit Control Act of 1985.
       ``(II) Statutory paygo scorecards.--The budgetary effects 
     of any amounts appropriated pursuant to clause (i) shall not 
     be entered on either PAYGO scorecard maintained pursuant to 
     section 4(d) of the Statutory Pay As-You-Go Act of 2010 (2 
     U.S.C. 933(d)).
       ``(III) Senate paygo scorecards.--The budgetary effects of 
     any amounts appropriated pursuant to clause (i) shall not be 
     entered on any PAYGO scorecard maintained for purposes of 
     section 4106 of H. Con. Res. 71 (115th Congress).
       ``(IV) Elimination of credit for cancellation or rescission 
     of differential.--If there is enacted into law an Act that 
     rescinds or reduces an amount appropriated pursuant to clause 
     (i), the amount of any such rescission or reduction shall not 
     be--

       ``(aa) estimated as a reduction in direct spending under 
     the Congressional Budget Act of 1974 or the Balanced Budget 
     and Emergency Deficit Control Act of 1985; or
       ``(bb) entered on either PAYGO scorecard maintained 
     pursuant to section 4(d) of the Statutory Pay As-You-Go Act 
     of 2010 or any PAYGO scorecard maintained for purposes of 
     section 4106 of H. Con. Res. 71 (115th Congress).
       ``(iv) Differential amount defined.--In this subparagraph, 
     the term `differential amount' means--

       ``(I) except as provided in subclause (II), the difference 
     between the cost of support provided under paragraph (1), as 
     determined under subparagraphs (A) and (B), and the purchase 
     price of the equity investment involved; or
       ``(II) if the cost of support is determined under 
     subparagraph (B) to be zero, the purchase price of the equity 
     investment involved.

       ``(F) Purchases of equity under this section.--Purchases of 
     equity products by the Corporation under this subsection 
     shall be made at the face value of the equity purchased, by 
     combining the cost, as defined in subparagraph (B) and the 
     differential amount (as defined in subparagraph (E)(iv)).
       ``(G) Limitation.--The budgetary treatment described in 
     this paragraph applies only with respect to purchases of 
     equity made pursuant to this subsection.
       ``(H) Implementation.--The Corporation shall submit to the 
     appropriate congressional committees a notice of the 
     effective date of this paragraph.
       ``(9) Miscellaneous receipts from dividends and sales of 
     equity purchases.--Any proceeds related to the purchase or 
     sale equity investments under this subsection shall be 
     deposited into the Treasury as miscellaneous receipts.''.
       (b) Conforming Amendments.--Section 1434 of the Better 
     Utilization of Investments Leading to Development Act of 2018 
     (22 U.S.C. 9634) is amended--
       (1) in subsection (b)(6), by inserting after ``guaranties'' 
     the following: ``or any transactions and associated income 
     recorded using the budgetary treatment described in section 
     1421(c)(8)'';
       (2) in subsection (d)(2), by inserting ``and excluding 
     investments equity and related income associated with 
     purchases using the budgetary treatment described in section 
     1421(c)(8),'' after ``guaranties,''; and
       (3) in subsection (h), by striking ``earnings collected 
     related to equity investments,''.
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