[Congressional Record (Bound Edition), Volume 153 (2007), Part 17]
[House]
[Pages 24351-24352]
[From the U.S. Government Publishing Office, www.gpo.gov]




     EXTENDING THE AUTHORITIES OF THE OVERSEAS PRIVATE INVESTMENT 
                              CORPORATION

  Mr. FALEOMAVAEGA. Mr. Speaker, I move to suspend the rules and pass 
the bill (H.R. 3527) to extend for two months the authorities of the 
Overseas Private Investment Corporation.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 3527

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

     SECTION 1. TEMPORARY EXTENSION 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 ``November 30, 2007''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
American Samoa (Mr. Faleomavaega) and the gentleman from New Jersey 
(Mr. Smith) each will control 20 minutes.
  The Chair recognizes the gentleman from American Samoa.


                             General Leave

  Mr. FALEOMAVAEGA. Mr. Speaker, I ask unanimous consent that Members 
may have 5 legislative days to revise and extend their remarks and 
include extraneous material on H.R. 3527.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from American Samoa?
  There was no objection.
  Mr. FALEOMAVAEGA. Mr. Speaker, I rise in strong support of this 
legislation and yield myself as much time as I may consume.
  This House recently approved legislation that would reauthorize the 
Overseas Private Investment Corporation for an additional 4 years. The 
bill would ensure that OPIC continues its critical mission of 
supporting private investment to accomplish important public sector 
goals in the developing world, while, at the same time, enhancing 
OPIC's transparency and accountability.

[[Page 24352]]

  The Senate is considering similar legislation, Mr. Speaker, and the 
Foreign Affairs Committee looks forward to working with that body so 
that we can send the bill to the President for his signature.
  While the Senate considers this legislation, OPIC's current authority 
expires at the end of this month. In order to provide the Senate with 
additional time to take up this legislation and ensure that the 
corporation continues its critical work, my friend and colleague, the 
good chairman of the subcommittee, Mr. Sherman from California, has 
crafted this proposed bill that provides OPIC with the authority to 
operate for an additional 2 months beyond September 30, 2007.

                              {time}  1445

  I do want to commend our distinguished chairman of the committee, Mr. 
Lantos; and our senior ranking member, Ms. Ros-Lehtinen, for their 
support and leadership in bringing this legislation to the floor. I 
recommend this legislation for passage, and I urge my colleagues to 
support this bill.
  Mr. Speaker, I reserve the balance of my time
  Mr. SMITH of New Jersey. Mr. Speaker, I yield myself such time as I 
may consume.
  I rise in support of the bill, H.R. 3527, a bill that would extend 
the authorization of the Overseas Private Investment Corporation until 
November 30 of 2007.
  Mr. Speaker, on July 23, as my good friend Mr. Faleomavaega just 
said, the House passed H.R. 2798, a bill to reauthorize OPIC through 
September 30 of 2011. That measure had previously been favorably 
reported by the House Committee on Foreign Affairs by a vote of 26-5, 
totally bipartisan. To date, however, the other body has not acted, 
requiring us to take this stop-gap measure to continue the 
authorization for this legislation. We hope they act soon on the Senate 
side so that the President can be sent a bipartisan bill that can be 
signed.
  Mr. Speaker, I yield back the balance of my time.
  Mr. FALEOMAVAEGA. Mr. Speaker, I have no further requests for time, 
and I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from American Samoa (Mr. Faleomavaega) that the House suspend 
the rules and pass the bill, H.R. 3527.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. WESTMORELAND. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this motion will be 
postponed.

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