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Representative to serve on the Board in place of the United States Trade Representative.242

There shall be a Chairman and a Vice Chairman of the Board, both of whom shall be designated by the President of the United States from among the Directors of the Board other than those appointed under the second sentence of the first paragraph of this subsection. 243

All Directors who are not officers of the Corporation or officials of the Government of the United States shall be compensated at a rate equivalent to that of level IV of the Executive Schedule (5 U.S.C. 5315) 244 when actually engaged in the business of the Corporation and may be paid per diem in lieu of subsistence at the applicable rate prescribed in the standardized Government travel regulations, as amended, from time to time, while away from their homes or usual places of business.

(c) PRESIDENT OF THE CORPORATION.-The President of the Corporation shall be appointed by the President of the United States, by and with the advice and consent of the Senate, and shall serve at the pleasure of the President. In making such appointment, the President shall take into account private business experience of the appointee. The President of the Corporation shall be its Chief Executive Officer and responsible for the operations and management of the Corporation, subject to bylaws and policies established by the Board.

(d) OFFICERS AND STAFF.-The Executive Vice President of the Corporation shall be appointed by the President of the United States, by and with the advice and consent of the Senate, and shall serve at the pleasure of the President. Other officers, attorneys, employees, and agents shall be selected and appointed by the Corporation, and shall be vested with such powers and duties as the Corporation may determine. Of such persons employed by the Corporation, not to exceed twenty may be appointed, compensated, or removed without regard to the civil service laws and regulations: Provided, That under such regulations as the President of the United States may prescribe, officers and employees of the United States Government who are appointed to any of the above positions may be entitled, upon removal from such position, except for cause, to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary. Such positions shall be in addition to those otherwise authorized by law, including those authorized by section 5108 of title 5 of the United States Code.

(e) 245 INVESTMENT ADVISORY COUNCIL.-The Board shall take prompt measures to increase the loan, guarantee, and insurance

242 Sec. 4(3)(B) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) inserted "The United States Trade Representative may designate a Deputy United States Trade Representative to serve on the Board in place of the United States Trade Representative.". 243 Sec. 4(4) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) added this para.

244 The current rate of compensation at level IV of the Executive Schedule is $140,300 per annum (Executive Order 13368; 70 F.R. 1147; December 30, 2004).

245 Sec. 123(c)(1) of the Trade and Development Act of 2000 (Public Law 106–200; 114 Stat. 269) added subsec. (e). Sec. 123 of that Act, furthermore, provided the following:

"SEC. 123. OVERSEAS PRIVATE INVESTMENT CORPORATION INITIATIVES.

"(a) INITIATION OF FUNDS.-It is the sense of the Congress that the Overseas Private Investment Corporation should exercise the authorities it has to initiate an equity fund or equity

programs, and financial commitments, of the Corporation in subSaharan Africa, including through the use of an investment advisory council to assist the Board in developing and implementing policies, programs, and financial instruments with respect to subSaharan Africa. In addition, the investment advisory council shall make recommendations to the Board on how the Corporation can facilitate greater support by the United States for trade and investment with and in sub-Saharan Africa. The investment advisory council shall terminate 4 years after the date of the enactment of this subsection.

Sec. 234.246 Investment Investment Insurance and Other Programs.247-The Corporation is hereby authorized to do the following:

(a) 248 INVESTMENT INSURANCE.-(1) To issue insurance, upon such terms and conditions as the Corporation may determine, to eligible investors assuring protection in whole or in part against any or all of the following risks with respect to projects which the Corporation has approved

(A) inability to convert into United States dollars other currencies, or credits in such currencies, received as earnings or profits from the approved project, as repayment or return of the investment therein, in whole or in part, or as compensation for the sale or disposition of all or any part thereof;

(B) loss of investment, in whole or in part, in the approved project due to expropriation or confiscation by action of a foreign government or any political subdivision thereof; 249

fands in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation.

b) STRUCTURE AND TYPES OF FUNDS.

1) STRUCTURE.-Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.

(2) CAPITALIZATION.-Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.

(3) INFRASTRUCTURE FUND.-One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of subSaharan Africa.

14) EMPHASIS.-The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportunities for women and maximize employment opportunities for poor individuals.

c/ OVERSEAS PRIVATE INVESTMENT CORPORATION. —

*(1) INVESTMENT ADVISORY COUNCIL.-Section 233 of the Foreign Assistance Act of 1961 is amended*

*2) REPORTS TO CONGRESS.-Within 6 months after the date of the enactment of this Act, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation shall submit to Congress a report on the steps that the Board has taken to implement section 233(e) of the Foreign Assistance Act of 1961 (as added by paragraph (1)) and any recommendations of the investment advisory council established pursuant to such section.".

24622 U.S.C. 2194. Sec. 105 of the FA Act of 1969 (Public Law 91-175) added sec. 234.

*Sec. 2(2)(A) of the OPIC Amendments Act of 1974 (Public Law 93-390) struck out "Investment Incentive Programs" and inserted in lieu thereof "Investment Insurance and Other Programs".

Sec. 5(b)(2) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1023) pronded:

2) The authority of the Overseas Private Investment Corporation to enter into contracts under section 234(a) of the Foreign Assistance Act of 1961 shall be effective for any fiscal year beginning after September 30, 1981, only to such extent or in such amounts as are provided appropriation Acts.".

49Sec. 4(a) of the Overseas Private Investment Corporation Amendments Act of 2003 (Public Law 108-158; 117 Stat. 1950) inserted "or any political subdivision thereof".

(C) loss due to war, revolution, insurrection or civil strife; and 250

(D) 251 loss due to business interruption caused by any of the risks set forth in subparagraphs (A), (B), and (C).

(2) 252 Recognizing that major private investments in less developed friendly countries or areas are often made by enterprises in which there is multinational participation, including significant United States private participation, the Corporation may make arrangements with foreign governments (including agencies, instrumentalities, or political subdivisions thereof) or with multilateral organizations and institutions for sharing liabilities assumed under investment insurance for such investments and may in connection therewith issue insurance to investors not otherwise eligible hereunder, except that liabilities assumed by the Corporation under the authority of this subsection shall be consistent with the purposes of this title and that the maximum share of liabilities so assumed shall not exceed the proportionate participation by eligible investors in the project.253

(3) Not more than 10 per centum of the maximum contingent liability 254 of investment insurance which the Corporation is permitted to have outstanding under section 235(a)(1) 255 shall be issued to a single investor.

(4) 256 Before issuing insurance for the first time for loss due to business interruption, and in each subsequent instance in which a significant expansion is proposed in the type of risk to be insured under the definition of "civil strife" or "business interruption",257 the Corporation shall, at least sixty days before such insurance is issued, submit to the Committee on Foreign Relations of the Senate

250 Sec. 4(a)(1) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022) added the reference to civil strife.

251 Sec. 6(a)(1)(D) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1671) added subpara. (D).

252 Sec. 2(2)(B) of the OPIC Amendments Act of 1974 (Public Law 93-390) amended and restated subsec. (a)(2). It formerly read as follows: "(2) Recognizing that major private investments in less developed friendly countries in areas are often made by enterprises in which there is multinational participation, including significant United States private participation, the Corporation may make such arrangements with foreign governments (including agencies, instrumentalities, or political subdivisions thereof) or with multilateral organizations for sharing liabilities assumed under investment insurance for such investments and may in connection therewith issue insurance to investors not otherwise eligible hereunder: Provided, however, That liabilities assumed by the Corporation under the authority of this subsection shall be consistent with the purposes of this title and that the maximum share of liabilities so assumed shall not exceed the proportionate participation by eligible investors in the total project financing.".

253 Sec. 4(a)(2) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022) struck out "total" and "financing", before and after "project".

Sec. 3(1) of Public Law 95-268 (92 Stat. 214) struck out: "and that the maximum share of liabilities so assumed under paragraph (1) (A) and (B) of paragraph (1)(C) shall not exceed the Corporation's proportional share of such liabilities as specified in paragraph (4) or (5) of this subsection.".

254 Sec. 3(2) of Public Law 95-268 (92 Stat. 214) struck out "total face amount" and inserted in lieu thereof "maximum contingent liability".

255 Sec. 4(a)(3) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022) struck out "authorized to issue under this subsection" and inserted in lieu thereof "permitted to have outstanding under sec. 235(a)(1)".

256 Paras. (4) through (7), which had been added by the OPIC Amendments Act of 1974 (Public Law 93-390) and had appeared at this point, were struck by sec. 3(3) of Public Law 95-268 (92 Stat. 214). This new para. (4) was added by sec. 4(a)(4) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022)

257 Sec. 6(a)(2)(A) and (B) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1671) struck out "civil strife insurance for the first time" and inserted in lieu thereof "insurance for the first time loss due to business interruption", and struck out "definition of civil strife" and inserted in lieu thereof “definition of 'civil strife' or 'business interruption".

and the Committee on Foreign Affairs 258 of the House of Repsentatives a report with respect to such insurance, including a thorough analysis of the risks to be covered, anticipated losses, and proposed rates and reserves and, in the case of insurance for loss due to business interruption, an explanation of the underwriting basis upon which the insurance is to be offered. Any such report with respect to insurance for loss due to business interruption shall be considered in accordance with the procedures applicable to reprogramming notifications pursuant to section 634A of this Act.259 b) INVESTMENT GUARANTIES.-To issue to eligible investors guaranties of loans and other investments made by such investors assuring against loss due to such risks and upon such terms and conditions as the Corporation may determine: Provided, however, That such guaranties on other than loan investments shall not exceed 75 per centum of such investment: Provided further, That except for loan investments for credit unions made by eligible credit unions or credit union associations, the aggregate amount of investment exclusive of interest and earnings) so guaranteed with respect to any project shall not exceed, at the time of issuance of any such guaranty, 75 per centum of the total investment committed to any such project as determined by the Corporation, which determination shall be conclusive for purposes of the Corporation's authority to issue any such guaranty: Provided further, That not more than 15 260 per centum of the maximum contingent liability of investment guaranties which the Corporation is permitted to have outstanding under section 235(a)(2)261 shall be issued to a single in

vestor.

(c) DIRECT INVESTMENT.-To make loans in United States dollars repayable in dollars or loans in foreign currencies (including, without regard to section 1415 of the Supplemental Appropriation Act, 1953, such foreign currencies which the Secretary of the Treasury may determine to be excess to the normal requirements of the United States and the Director of the Bureau of the Budget may allocate) to firms privately owned or of mixed private and public ownership upon such terms and conditions as the Corporation may determine.262 Loans may be made under this subsection only for

*Sec. 1(a)5) of Public Law 104-14 (109 Stat. 186) provided that references to the Committee on Foreign Affairs of the House of Representatives shall be treated as referring to the Committee on International Relations of the House of Representatives.

Sec. 6(a)(2) (C) and (D) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1671) added the text from the word "reserves" to the end of para. (4).

Sec. 7 of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1672) changed the per centum from 10 to 15.

Sec. 4(b) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022) struck out "authorized to issue under this subsection" and inserted in lieu thereof "permitted to have outstanding under section 235(a)(2)".

252 Sec. 104 of the OPIC Amendments Act of 1988, S. 2757, enacted into law by reference in the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989 Public Law 100-461; 102 Stat. 2268), struck out the following which previously appeared at this point: "The Corporation may not purchase or invest in any stock in any other corporation, except that it may (1) accept as evidence of indebtedness debt securities convertible to stock, but such debt securities shall not be converted to stock while held by the Corporation, and (2) acquire stock through the enforcement of any lien or pledge or otherwise to satisfy a previously contracted indebtedness which would otherwise be in default, or as the result of any payment under any contract of insurance or guaranty. The Corporation shall dispose of any stock it may so acquire as soon as reasonably feasible under the circumstances then pertaining.".

projects that are sponsored by or significantly involve United States small business or cooperatives. 263

The Corporation may designate up to 25 percent of any loan under this subsection for use in the development or adaptation in the United States of new technologies or new products or services that are to be used in the project for which the loan is made and are likely to contribute to the economic or social development of less developed countries.264

No loan may be made under this subsection to finance any operation for the extraction of oil or gas. The aggregate amount of loans under this subsection to finance operations for the mining or other extraction of any deposit of ore or other nonfuel minerals may not in any fiscal year exceed $4,000,000.265

(d) INVESTMENT ENCOURAGEMENT.-To initiate and support through financial participation, incentive grant, or otherwise, and on such terms and conditions as the Corporation may determine, the identification, assessment, surveying and promotion of private investment opportunities, utilizing wherever feasible and effective the facilities of private investors, except that

(1) the Corporation shall not finance any survey to ascertain the existence, location, extent, or quality of, or to determine the feasibility of undertaking operations for the extraction of, oil or gas; and

(2) expenditures financed by the Corporation during any fiscal year on surveys to ascertain the existence, location, extent, or quality of, or to determine the feasibility of undertaking operations for the extraction of nonfuel minerals may not exceed $200,000.266

(e) SPECIAL ACTIVITIES.-To administer and manage special projects and programs, including programs of financial and advisory support which provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, capital savings and intermediate financial and investment institutions and cooperatives and including the initiation of incentives, grants, and studies for renewable energy and other small business activities.267 The funds for these projects and programs may, with the Corporation's concurrence, be transferred to it for such purposes under the authority of section 632(a) or from other sources, public or private. Administrative funds may not be made available for incentives, grants, and studies for renewable energy and other small business activities.268

263 Sec. 3(4) of Public Law 95-268 (92 Stat. 214) added this sentence.

264 Sec. 103 of the OPIC Amendments Act of 1988, S. 2757, enacted into law by reference in the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989 (Public Law 100-461; 102 Stat. 2268) added this para.

265 Sec. 3(5) of Public Law 95-268 (92 Stat. 214) inserted this paragraph in lieu of the following:

"No loans shall be made under this section to finance operations for mining or other extraction of any deposit of ore, oil, gas, or other mineral.".

266 Sec. 3(6) of Public Law 95-268 (92 Stat. 214) struck out a proviso clause in subsec. (d) and added the words to this point beginning with ", except that—”.

267 Section 8(c) of the Renewable Energy and Energy Efficiency Technology Competitiveness Act of 1989 (Public Law 101-218; 103 Stat. 1868) added text to the end of the sentence from "and including".

268 Section 8(c) of the Renewable Energy and Energy Efficiency Technology Competitiveness Act of 1989 (Public Law 101-218; 103 Stat. 1868) added the last sentence.

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